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MA
Marshfield Associates Portfolio holdings
AUM
$4.26B
1-Year Est. Return
12.94%
This Fund
S&P 500
This Quarter
Est. Return
+9.14%
1 Year Est. Return
+12.94%
3 Year Est. Return
+59.68%
5 Year Est. Return
+100.96%
10 Year Est. Return
+598%
AUM
$4.26B
AUM Growth
-$728M
(-15%)
Cap. Flow
-$1.05B
Cap. Flow
% of AUM
-24.69%
Top 10 Holdings %
Top 10 Hldgs %
79.69%
Holding
18
New
1
Increased
1
Reduced
15
Closed
1
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Nike
NKE
|
+$191M |
| 2 |
Arch Capital
ACGL
|
+$26.4M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Ross Stores
ROST
|
+$275M |
| 2 |
Cummins
CMI
|
+$241M |
| 3 |
UnitedHealth
UNH
|
+$135M |
| 4 |
AutoZone
AZO
|
+$95.2M |
| 5 |
Visa
V
|
+$70.8M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 38.31% |
| 2 | Consumer Discretionary | 34.04% |
| 3 | Healthcare | 14.87% |
| 4 | Industrials | 8.84% |
| 5 | Communication Services | 2.93% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
UnitedHealth
UNH
$360B
| $634M | 14.87% |
1,526,157
-364,532
| -19% | -$135M |
|
2
Progressive
PGR
$130B
| $470M | 11.03% |
2,153,186
-302,198
| -12% | -$60.9M |
|
|
3
AutoZone
AZO
$48.5B
| $436M | 10.22% |
136,373
-28,660
| -17% | -$95.2M |
|
|
4
Visa
V
$707B
| $355M | 8.32% |
1,034,433
-220,540
| -18% | -$70.8M |
|
|
5
Arch Capital
ACGL
$34.1B
| $323M | 7.58% |
3,331,135
+279,714
| +9% | +$26.4M |
|
6
Mastercard
MA
$513B
| $294M | 6.89% |
572,290
-27,864
| -5% | -$13.9M |
|
7
Expeditors International
EXPD
$24.3B
| $253M | 5.94% |
1,553,964
-399,041
| -20% | -$61.7M |
|
8
O'Reilly Automotive
ORLY
$70.7B
| $252M | 5.92% |
2,740,457
-773,217
| -22% | -$70.5M |
|
9
Moody's
MCO
$87.3B
| $191M | 4.49% |
422,806
-116,187
| -22% | -$52.2M |
|
10
Domino's
DPZ
$11.5B
| $189M | 4.43% |
638,541
-116,599
| -15% | -$38.4M |
|
|
11
Nike
NKE
$57.5B
| $178M | 4.18% |
+4,343,816
| New | +$191M |
|
12
NVR
NVR
$17B
| $137M | 3.22% |
20,141
-5,278
| -21% | -$33.5M |
|
13
TJX Companies
TJX
$145B
| $132M | 3.1% |
872,770
-218,390
| -20% | -$34.5M |
|
|
14
Ross Stores
ROST
$74B
| $127M | 2.97% |
595,704
-1,223,102
| -67% | -$275M |
|
15
Walt Disney
DIS
$185B
| $125M | 2.93% |
1,298,132
-344,592
| -21% | -$35.1M |
|
16
Fastenal
FAST
$56.5B
| $124M | 2.9% |
2,574,816
-734,471
| -22% | -$33.3M |
|
17
Strategic Education
STRA
$1.82B
| $42.8M | 1% |
559,012
-233,918
| -30% | -$18.5M |
|
|
18
Cummins
CMI
$75.1B
| – | – |
-448,781
| Closed | -$241M |
|
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Marshfield Associates's Q2 2026 Portfolio in Review
As of Q2 2026, Marshfield Associates held 18 positions worth $4.26B, down 15% from $4.99B the previous quarter. Its ten largest holdings account for 80% of the portfolio.
Marshfield Associates withdrew a net $1.05B in Q2 2026, closing 1 position and reducing 15 holdings. Its most notable exit was Cummins, an estimated $241M position sold in full.
By sector, the portfolio is most concentrated in Financials at 38% of assets, up from 34% a quarter earlier, followed by Consumer Discretionary and Healthcare.
Against the trend, Marshfield Associates opened a new position in Nike worth $178M.
- Marshfield Associates's largest Q2 2026 buy was Nike: 4,343,816 shares worth $178M.
- Marshfield Associates added most to Arch Capital in Q2 2026, an estimated $26.4M increase.
- Marshfield Associates's biggest Q2 2026 reduction was Ross Stores, cutting an estimated $275M.
- Marshfield Associates fully exited Cummins in Q2 2026, selling an estimated $241M.
- Marshfield Associates's ten largest holdings make up 80% of its $4.26B portfolio in Q2 2026.
- Marshfield Associates opened 1 new position and closed 1 in Q2 2026.
- Marshfield Associates's portfolio value fell 15% quarter-over-quarter to $4.26B.
Based on Marshfield Associates's 13F filing for Q2 2026, filed 14 Aug 2026.