MARSHFIELD ASSOCIATES
Long book
$4.99B
Q1 2026
Positions
17
Top-10 weight
76%
concentration
Last quarter
+11.3%
SPY +14.8%
Turnover
0%
of book per quarter
Strategy in plain words
auto-generated from filingsMARSHFIELD ASSOCIATES is a concentrated fundamental stock-picker, running a $4.99B US long book across 17 positions.
The portfolio is extremely concentrated — the top 10 positions are almost the whole book. The book barely moves quarter to quarter — a patient, low-turnover holder. Current anchor positions: AUTOZONE INC, UNITEDHEALTH GROUP INC, PROGRESSIVE CORP, ROSS STORES INC, VISA INC-CLASS A SHARES.
Over the last 9 quarters its long book ran on average 1.7pp per quarter behind the S&P 500, beating the index in 4 of 9 quarters. We rate its filings highest-signal: new buys here are worth attention.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-1.5%
Q2 2024
+6.8%
Q3 2024
+0.1%
Q4 2024
+3.3%
Q1 2025
+0.7%
Q2 2025
+8.6%
Q3 2025
-0.3%
Q4 2025
-3.8%
Q1 2026
+11.3%
Sector allocation
Consumer discretionary 38%
Financials 26%
Services media 23%
Industrials 14%
Long book by quarter
What does MARSHFIELD ASSOCIATES own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| AZO AUTOZONE INC | Consumer discretionary | 165.0K | $557.4M | 11.2% | -5.7% |
| UNH UNITEDHEALTH GROUP INC | Financials | 1.9M | $511.6M | 10.2% | +14.0% |
| PGR PROGRESSIVE CORP | Financials | 2.5M | $486.8M | 9.7% | -2.8% |
| ROST ROSS STORES INC | Consumer discretionary | 1.8M | $394.0M | 7.9% | -33.0% |
| V VISA INC-CLASS A SHARES | Services media | 1.3M | $379.3M | 7.6% | +22.0% |
| ORLY O'REILLY AUTOMOTIVE INC | Consumer discretionary | 3.5M | $324.3M | 6.5% | -10.1% |
| MA MASTERCARD INC - A | Services media | 600.2K | $299.9M | 6.0% | -4.2% |
| ACGL ARCH CAPITAL GROUP LTD | Financials | 3.1M | $292.9M | 5.9% | +5.7% |
| EXPD EXPEDITORS INTL WASH INC | Industrials | 2.0M | $279.7M | 5.6% | -4.8% |
| DPZ DOMINO'S PIZZA INC | Consumer discretionary | 755.1K | $270.9M | 5.4% | -3.8% |
| CMI CUMMINS INC | Industrials | 448.8K | $241.5M | 4.8% | -41.2% |
| MCO MOODY'S CORP | Services media | 539.0K | $235.1M | 4.7% | -4.4% |
| TJX TJX COMPANIES INC | Consumer discretionary | 1.1M | $174.3M | 3.5% | -6.6% |
| NVR NVR INC | Industrials | 25.4K | $167.5M | 3.4% | -5.3% |
| DIS WALT DISNEY CO/THE | Services media | 1.6M | $158.3M | 3.2% | -3.1% |
| FAST FASTENAL CO | Consumer discretionary | 3.3M | $153.6M | 3.1% | -11.7% |
| STRA STRATEGIC EDUCATION INC | Services media | 792.9K | $65.8M | 1.3% | -46.4% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 17 | $4.99B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 17 | $5.70B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 17 | $5.78B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 19 | $4.89B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 18 | $4.62B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 18 | $4.61B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 15, 2024 | 19 | $4.71B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 19 | $4.52B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 19 | $4.88B | canonical | SEC ↗ |
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