Marshfield Associates Portfolio holdings
Marshfield Associates is a long-only value investor that holds a concentrated portfolio of roughly 16 to 20 stocks and is willing to sit on cash. The firm was established in 1989 and is owned by its principals, with Christopher Niemczewski as managing principal. Its clients include pension plans, foundations, charitable organizations and high net worth individuals, served through individually managed portfolios and a mutual fund. That fund, the Marshfield Concentrated Opportunity Fund, follows the same approach as the firm's core stock strategy.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Chipotle Mexican Grill
CMG
|
+$40.2M |
| 2 |
Strategic Education
STRA
|
+$11.7M |
| 3 |
CPLA
Capella Education Company
CPLA
|
+$2.93M |
| 4 |
Expeditors International
EXPD
|
+$2.27M |
| 5 |
Goldman Sachs
GS
|
+$2.19M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Toll Brothers
TOL
|
+$40.2M |
| 2 |
Jefferies Financial Group
JEF
|
+$17.8M |
| 3 |
Allied World Assurance Co Hld Lt
AWH
|
+$1.44M |
| 4 |
Yum! Brands
YUM
|
+$464K |
| 5 |
Wells Fargo
WFC
|
+$406K |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 48.26% |
| 2 | Industrials | 27.48% |
| 3 | Consumer Discretionary | 19.88% |
| 4 | Consumer Staples | 2.91% |
| 5 | Healthcare | 1.42% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
Moody's
MCO
$87.6B
| $132M | 9.43% |
1,406,986
+8,349
| +0.6% | +$807K |
2014 Q3
7 quarters
|
|
2
Arch Capital
ACGL
$35.7B
| $126M | 9% |
5,240,724
-9,408
| -0.2% | -$222K |
2013 Q2
12 quarters
|
|
|
3
Goldman Sachs
GS
$264B
| $89.8M | 6.43% |
604,379
+14,018
| +2% | +$2.19M |
2013 Q2
12 quarters
|
|
|
4
Wells Fargo
WFC
$258B
| $89.2M | 6.38% |
1,885,193
-8,330
| -0.4% | -$406K |
2014 Q3
7 quarters
|
|
5
NVR
NVR
$15.5B
| $88.9M | 6.36% |
49,920
-177
| -0.4% | -$303K |
2013 Q2
12 quarters
|
|
6
Fastenal
FAST
$63.3B
| $86.4M | 6.18% |
7,788,108
+49,712
| +0.6% | +$568K |
2014 Q3
7 quarters
|
|
|
7
Yum! Brands
YUM
$43.3B
| $85.2M | 6.1% |
1,429,348
-7,879
| -0.5% | -$464K |
2014 Q3
7 quarters
|
|
8
Cummins
CMI
$61.9B
| $80.3M | 5.74% |
713,726
+2,085
| +0.3% | +$236K |
2015 Q3
3 quarters
|
|
9
Deere & Co
DE
$182B
| $75.5M | 5.4% |
931,520
+13,246
| +1% | +$1.09M |
2014 Q3
7 quarters
|
|
|
10
Expeditors International
EXPD
$25.2B
| $72.3M | 5.17% |
1,473,529
+46,771
| +3% | +$2.27M |
2014 Q3
7 quarters
|
|
|
11
DELISTED
Allied World Assurance Co Hld Lt
AWH
| $70.9M | 5.07% |
2,017,768
-40,122
| -2% | -$1.44M |
2013 Q2
12 quarters
|
|
12
Union Pacific
UNP
$180B
| $69.6M | 4.98% |
798,166
-2,686
| -0.3% | -$227K |
2014 Q3
7 quarters
|
|
13
Mastercard
MA
$576B
| $57.5M | 4.11% |
652,761
-4,029
| -0.6% | -$385K |
2013 Q2
12 quarters
|
|
14
Visa
V
$794B
| $56.5M | 4.04% |
761,945
-3,783
| -0.5% | -$296K |
2013 Q2
12 quarters
|
|
15
Ross Stores
ROST
$74B
| $53.9M | 3.85% |
950,371
+33,017
| +4% | +$1.83M |
2015 Q3
3 quarters
|
|
16
US Bancorp
USB
$95B
| $52.9M | 3.79% |
1,312,253
-3,939
| -0.3% | -$164K |
2014 Q3
7 quarters
|
|
|
17
Chipotle Mexican Grill
CMG
$44.6B
| $38M | 2.72% |
4,716,150
+4,625,950
| +5,129% | +$40.2M |
2016 Q1
1 quarter
|
|
|
18
Strategic Education
STRA
$1.2B
| $37.8M | 2.7% |
768,865
+247,365
| +47% | +$11.7M |
2014 Q3
7 quarters
|
|
19
Waters Corp
WAT
$90.5B
| $19.8M | 1.42% |
141,030
-662
| -0.5% | -$89.6K |
2014 Q3
7 quarters
|
|
|
20
Toll Brothers
TOL
$13.6B
| $11.9M | 0.85% |
441,259
-1,431,713
| -76% | -$40.2M |
2014 Q3
7 quarters
|
|
|
CPLA
21
DELISTED
Capella Education Company
CPLA
| $2.96M | 0.21% |
+56,202
| New | +$2.93M |
2016 Q2
0 quarters
|
|
|
22
Jefferies Financial Group
JEF
$10.5B
| – | – |
-1,228,724
| Closed | -$17.8M | – |
|
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Marshfield Associates's Q2 2016 Portfolio in Review
As of Q2 2016, Marshfield Associates held 23 positions worth $1.4B, down 0.92% from $1.41B the previous quarter. Its ten largest holdings account for 66% of the portfolio.
Marshfield Associates's Q2 2016 filing shows 1 new, 9 increased, 12 reduced and 1 closed positions. Its largest new stake was Capella Education Company: 56,202 shares worth $2.96M. The largest sale was Toll Brothers, an estimated $40.2M.
By sector, the portfolio is most concentrated in Financials at 48% of assets, down from 50% a quarter earlier, followed by Industrials and Consumer Discretionary.
- Marshfield Associates's largest Q2 2016 buy was Capella Education Company: 56,202 shares worth $2.96M.
- Marshfield Associates added most to Chipotle Mexican Grill in Q2 2016, an estimated $40.2M increase.
- Marshfield Associates's biggest Q2 2016 reduction was Toll Brothers, cutting an estimated $40.2M.
- Marshfield Associates fully exited Jefferies Financial Group in Q2 2016, selling an estimated $17.8M.
- Marshfield Associates's ten largest holdings make up 66% of its $1.4B portfolio in Q2 2016.
- Marshfield Associates opened 1 new position and closed 1 in Q2 2016.
- Marshfield Associates's portfolio value fell 0.92% quarter-over-quarter to $1.4B.
Based on Marshfield Associates's 13F filing for Q2 2016, filed 15 Aug 2016.