# MARSHFIELD ASSOCIATES

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 914976. Source: https://holderbook.com/funds/914976-marshfield-associates/

- Reported value: $4.3B
- Positions: 17
- Weight of the ten largest: 79.7%
- Filed: 2026-08-14

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| UNITEDHEALTH GROUP INC | [UNH](https://holderbook.com/stocks/UNH/) | $634.3M | 1,526,157 | 14.9% | 5 |
| PROGRESSIVE CORP | [PGR](https://holderbook.com/stocks/PGR/) | $470.4M | 2,153,186 | 11.0% | 21 |
| AUTOZONE INC | [AZO](https://holderbook.com/stocks/AZO/) | $435.8M | 136,373 | 10.2% | 31 |
| VISA INC | [V](https://holderbook.com/stocks/V/) | $354.9M | 1,034,433 | 8.3% | 31 |
| ARCH CAP GROUP LTD | [ACGL](https://holderbook.com/stocks/ACGL/) | $323.3M | 3,331,135 | 7.6% | 31 |
| MASTERCARD INCORPORATED | [MA](https://holderbook.com/stocks/MA/) | $293.9M | 572,290 | 6.9% | 31 |
| EXPEDITORS INTL WASH INC | [EXPD](https://holderbook.com/stocks/EXPD/) | $253.3M | 1,553,964 | 5.9% | 31 |
| OREILLY AUTOMOTIVE INC | [ORLY](https://holderbook.com/stocks/ORLY/) | $252.4M | 2,740,457 | 5.9% | 31 |
| MOODYS CORP | [MCO](https://holderbook.com/stocks/MCO/) | $191.5M | 422,806 | 4.5% | 31 |
| DOMINOS PIZZA INC | [DPZ](https://holderbook.com/stocks/DPZ/) | $189.0M | 638,541 | 4.4% | 18 |
| NIKE INC | [NKE](https://holderbook.com/stocks/NKE/) | $178.3M | 4,343,816 | 4.2% | 1 |
| NVR INC | [NVR](https://holderbook.com/stocks/NVR/) | $137.2M | 20,141 | 3.2% | 31 |
| TJX COS INC NEW | [TJX](https://holderbook.com/stocks/TJX/) | $132.2M | 872,770 | 3.1% | 26 |
| ROSS STORES INC | [ROST](https://holderbook.com/stocks/ROST/) | $126.8M | 595,704 | 3.0% | 31 |
| DISNEY WALT CO | [DIS](https://holderbook.com/stocks/DIS/) | $124.9M | 1,298,132 | 2.9% | 12 |
| FASTENAL CO | [FAST](https://holderbook.com/stocks/FAST/) | $123.7M | 2,574,816 | 2.9% | 31 |
| STRATEGIC ED INC | [STRA](https://holderbook.com/stocks/STRA/) | $42.8M | 559,012 | 1.0% | 31 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | +8.5% | +14.8% | -6.3% | 100% |
| Q1 2026 | -4.5% | -4.6% | +0.1% | 100% |
| Q4 2025 | -0.6% | +2.4% | -2.9% | 100% |
| Q3 2025 | +8.3% | +7.8% | +0.5% | 100% |
| Q2 2025 | +0.4% | +10.5% | -10.0% | 100% |
| Q1 2025 | +3.0% | -4.6% | +7.6% | 100% |
| Q4 2024 | -0.5% | +2.1% | -2.6% | 100% |
| Q3 2024 | +6.6% | +5.4% | +1.1% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $4.3B | 17 |
| Q1 2026 | $5.0B | 17 |
| Q4 2025 | $5.7B | 17 |
| Q3 2025 | $5.8B | 17 |
| Q2 2025 | $4.9B | 19 |
| Q1 2025 | $4.6B | 18 |
| Q4 2024 | $4.6B | 18 |
| Q3 2024 | $4.7B | 19 |
| Q2 2024 | $4.5B | 19 |
| Q1 2024 | $4.9B | 19 |
| Q4 2023 | $4.9B | 21 |
| Q3 2023 | $4.0B | 22 |