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MA

Marshfield Associates Portfolio holdings

AUM $4.99B
1-Year Est. Return 1.59%
This Fund
S&P 500
This Quarter Est. Return
-2.08%
1 Year Est. Return
+1.59%
3 Year Est. Return
+54.26%
5 Year Est. Return
+96.64%
10 Year Est. Return
+533.95%
AUM
$2.29B
AUM Growth
-$144M
Cap. Flow
-$91.1M
Cap. Flow %
-3.97%
Top 10 Hldgs %
79.43%
Holding
19
New
–
Increased
4
Reduced
14
Closed
1

Top Buys

Rank Stock Value
1
PGR icon
Progressive
PGR
+$64.6M
2
STRA icon
Strategic Education
STRA
+$3.03M
3
BIL icon
State Street SPDR Bloomberg 1-3 Month T-Bill ETF
BIL
+$1M
4
VGSH icon
Vanguard Short-Term Treasury ETF
VGSH
+$375K

Top Sells

Rank Stock Value
1
MCO icon
Moody's
MCO
+$120M
2
WAT icon
Waters Corp
WAT
+$20.2M
3
GS icon
Goldman Sachs
GS
+$3.09M
4
AZO icon
AutoZone
AZO
+$2.69M
5
CMI icon
Cummins
CMI
+$2.22M

Sector Composition

Rank Sector Weight
1 Financials 44.92%
2 Consumer Discretionary 28.02%
3 Industrials 21.89%
4 Consumer Staples 4.68%
5 Healthcare 0%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
GS icon
1
Goldman Sachs
GS
$314B
$266M 11.61%
703,687
-7,922
-1% -$3.09M
AZO icon
2
AutoZone
AZO
$49.7B
$244M 10.66%
143,837
-1,678
-1% -$2.69M
ACGL icon
3
Arch Capital
ACGL
$35.4B
$219M 9.56%
5,737,455
-54,767
-0.9% -$2.17M
CMI icon
4
Cummins
CMI
$89.5B
$192M 8.4%
857,210
-9,478
-1% -$2.22M
V icon
5
Visa
V
$682B
$170M 7.4%
761,322
-7,473
-1% -$1.75M
MA icon
6
Mastercard
MA
$480B
$159M 6.96%
458,601
-2,712
-0.6% -$986K
EXPD icon
7
Expeditors International
EXPD
$23.9B
$158M 6.88%
1,323,375
-12,714
-1% -$1.59M
ORLY icon
8
O'Reilly Automotive
ORLY
$71.3B
$151M 6.58%
3,699,435
-36,825
-1% -$1.47M
ROST icon
9
Ross Stores
ROST
$74.9B
$150M 6.53%
1,373,977
-14,264
-1% -$1.71M
MCO icon
10
Moody's
MCO
$89.2B
$111M 4.85%
313,232
-319,364
-50% -$120M
STRA icon
11
Strategic Education
STRA
$1.73B
$107M 4.68%
1,521,214
+40,611
+3% +$3.03M
PGR icon
12
Progressive
PGR
$121B
$104M 4.53%
1,148,089
+678,123
+144% +$64.6M
FAST icon
13
Fastenal
FAST
$52.2B
$83.6M 3.65%
3,240,730
-23,110
-0.7% -$627K
NVR icon
14
NVR
NVR
$17.5B
$71.8M 3.13%
14,975
-102
-0.7% -$518K
UNP icon
15
Union Pacific
UNP
$179B
$67.7M 2.96%
345,496
-2,191
-0.6% -$473K
TJX icon
16
TJX Companies
TJX
$171B
$25.7M 1.12%
390,014
-3,003
-0.8% -$210K
VGSH icon
17
Vanguard Short-Term Treasury ETF
VGSH
$29.3B
$7.2M 0.31%
117,310
+6,108
+5% +$375K
BIL icon
18
State Street SPDR Bloomberg 1-3 Month T-Bill ETF
BIL
$46.8B
$4.15M 0.18%
45,366
+10,949
+32% +$1M
WAT icon
19
Waters Corp
WAT
$36.2B
– –
-58,555
Closed -$20.2M

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AM
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SGM
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CCA
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PAMP
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MOS
MGO One Seven Beachwood, Ohio $4.98B AUM 22.72% 1-Year Est. Return
BCM
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CFC
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Marshfield Associates's Q3 2021 Portfolio in Review

As of Q3 2021, Marshfield Associates held 19 positions worth $2.29B, down 5.9% from $2.44B the previous quarter. Its ten largest holdings account for 79% of the portfolio.

Marshfield Associates withdrew a net $91.1M in Q3 2021, closing 1 position and reducing 14 holdings. Its most notable exit was Waters Corp, an estimated $20.2M position sold in full.

By sector, the portfolio is most concentrated in Financials at 45% of assets, down from 46% a quarter earlier, followed by Consumer Discretionary and Industrials.

Against the trend, Marshfield Associates added an estimated $64.6M to Progressive.

  • Marshfield Associates added most to Progressive in Q3 2021, an estimated $64.6M increase.
  • Marshfield Associates's biggest Q3 2021 reduction was Moody's, cutting an estimated $120M.
  • Marshfield Associates fully exited Waters Corp in Q3 2021, selling an estimated $20.2M.
  • Marshfield Associates's ten largest holdings make up 79% of its $2.29B portfolio in Q3 2021.
  • Marshfield Associates opened 0 new positions and closed 1 in Q3 2021.
  • Marshfield Associates's portfolio value fell 5.9% quarter-over-quarter to $2.29B.

Based on Marshfield Associates's 13F filing for Q3 2021, filed 15 Nov 2021.