MARSHFIELD ASSOCIATES

CIK

914976

Location

Washington, DC

Portfolio Value

Mid $4,992,916,807

Diversification

Diversified

Filing Date

Global Rank

#671 / 8,586 ▼ 46

Top Industry

Auto Parts 17.7%

3Y Alpha vs SPY

-3.4%

Period ended 3 months ago

Filed May 15, 2026 · 32d

25 quarters · since Mar 2020

Clone Performance

Jun 2023–Jun 2026 · vs SPY

Hypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.

Cloned portfolio

+63.5%

SPY

+78.1%

Annualised alpha

-3.4%

Max drawdown

−12.4%

Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.

Portfolio Concentration

17 positions · as of Mar 31, 2026 · Δ vs Dec 31, 2025

Top Position

11.2%

+0.8 pts

Top 5

46.6%

+1.2 pts

Top 10

76.0%

+0.6 pts

HHI

708

Diversified+13

Portfolio Trend

25 quarters · across all stocks

Sector Breakdown

As of Mar 31, 2026

Sector	% Portfolio	Value	Positions
Consumer Cyclical	37.8%	$1,888,502,178	6
Financial Services	33.9%	$1,693,972,907	5
Industrials	13.5%	$674,732,975	3
Healthcare	10.2%	$511,601,536	1
Communication Services	3.2%	$158,325,739	1
Consumer Defensive	1.3%	$65,781,472	1

Last Quarter's Activity

Export CSV

Mar 31, 2026 vs Dec 31, 2025

Added To

Positions the filer increased

3 positions

Ticker	Company	Δ Shares	Shares	Value
UNH	Unitedhealth Group Inc	+232,202	1,890,689	$511,601,536
V	Visa Inc.	+225,939	1,254,973	$379,303,039
ACGL	Arch Capital Group Ltd.	+164,419	3,051,421	$292,905,901
No positions match the current search.

Trimmed

Positions the filer reduced

14 positions

Ticker	Company	Δ Shares	Shares	Value
ROST	Ross Stores, Inc.	−895,533	1,818,806	$394,007,943
STRA	Strategic Education, Inc.	−685,592	792,930	$65,781,472
FAST	Fastenal Co	−440,308	3,309,287	$153,550,916
ORLY	O Reilly Automotive Inc	−392,970	3,513,674	$324,347,246
CMI	Cummins Inc	−314,867	448,781	$241,453,153
EXPD	Expeditors International Of Washington Inc	−99,526	1,953,005	$279,728,906
TJX	Tjx Companies Inc /De/	−77,699	1,091,160	$174,258,252
PGR	Progressive Corp/Oh/	−70,350	2,455,384	$486,755,324
DIS	Walt Disney Co	−52,465	1,642,724	$158,325,739
DPZ	Dominos Pizza Inc	−29,852	755,140	$270,936,680
MA	Mastercard Inc	−26,528	600,154	$299,872,947
MCO	Moodys Corp /De/	−24,564	538,993	$235,135,696
AZO	Autozone Inc	−9,885	165,033	$557,445,166
NVR	Nvr Inc	−1,436	25,419	$167,506,891
No positions match the current search.

New Positions

Positions the filer opened this quarter

No qualifying positions this quarter.

Sold Out

Positions the filer fully exited

No qualifying positions this quarter.

Portfolio Positions

Compact Export CSV View 13F filing

17 positions · $4,992,916,807 total · as of Mar 31, 2026

All sectors Communication Services Consumer Cyclical Consumer Defensive Financial Services Healthcare Industrials

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
STRA	Strategic Education, Inc. Consumer Defensive	Reduced	792,930	-2,164,114	$65,781,472	−72.3%	1.32%
FAST	Fastenal Co Industrials	Reduced	3,309,287	-440,308	$153,550,916	+2.0%	3.08%
DIS	Walt Disney Co Communication Services	Reduced	1,642,724	-52,465	$158,325,739	−17.9%	3.17%
NVR	Nvr Inc Consumer Cyclical	Reduced	25,419	-1,436	$167,506,891	−14.5%	3.35%
TJX	Tjx Companies Inc /De/ Consumer Cyclical	Reduced	1,091,160	-77,699	$174,258,252	−2.9%	3.49%
MCO	Moodys Corp /De/ Financial Services	Reduced	538,993	-24,564	$235,135,696	−18.3%	4.71%
CMI	Cummins Inc Industrials	Reduced	448,781	-314,867	$241,453,153	−38.1%	4.84%
DPZ	Dominos Pizza Inc Consumer Cyclical	Reduced	755,140	-29,852	$270,936,680	−17.2%	5.43%
EXPD	Expeditors International Of Washington Inc Industrials	Reduced	1,953,005	-99,526	$279,728,906	−8.5%	5.60%
ACGL	Arch Capital Group Ltd. Financial Services	Added	3,051,421	+164,419	$292,905,901	+5.8%	5.87%
MA	Mastercard Inc Financial Services	Reduced	600,154	-26,528	$299,872,947	−16.2%	6.01%
ORLY	O Reilly Automotive Inc Consumer Cyclical	Reduced	3,513,674	-392,970	$324,347,246	−9.0%	6.50%
V	Visa Inc. Financial Services	Added	1,254,973	+225,939	$379,303,039	+5.1%	7.60%
ROST	Ross Stores, Inc. Consumer Cyclical	Reduced	1,818,806	-895,533	$394,007,943	−19.4%	7.89%
PGR	Progressive Corp/Oh/ Financial Services	Reduced	2,455,384	-70,350	$486,755,324	−15.4%	9.75%
UNH	Unitedhealth Group Inc Healthcare	Added	1,890,689	+232,202	$511,601,536	−6.6%	10.25%
AZO	Autozone Inc Consumer Cyclical	Reduced	165,033	-9,885	$557,445,166	−6.0%	11.16%