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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
-0.1%
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
$4.04B
AUM Growth
+$196M
Cap. Flow
+$214M
Cap. Flow %
5.3%
Top 10 Hldgs %
70.03%
Holding
22
New
1
Increased
17
Reduced
3
Closed
–

Top Buys

Rank Stock Value
1
DIS icon
Walt Disney
DIS
+$121M
2
DFS
Discover Financial Services
DFS
+$31M
3
AZO icon
AutoZone
AZO
+$9.91M
4
ROST icon
Ross Stores
ROST
+$9.27M
5
GS icon
Goldman Sachs
GS
+$6.68M

Top Sells

Rank Stock Value
1
ACGL icon
Arch Capital
ACGL
+$13.1M
2
VGSH icon
Vanguard Short-Term Treasury ETF
VGSH
+$615K
3
USFR icon
WisdomTree Floating Rate Treasury Fund
USFR
+$9.57K

Sector Composition

Rank Sector Weight
1 Consumer Discretionary 42.1%
2 Financials 37.46%
3 Industrials 13.66%
4 Consumer Staples 3.81%
5 Communication Services 2.83%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
ACGL icon
1
Arch Capital
ACGL
$35.4B
$451M 11.14%
5,653,238
-168,399
-3% -$13.1M
ROST icon
2
Ross Stores
ROST
$74.9B
$391M 9.67%
3,462,617
+80,869
+2% +$9.27M
AZO icon
3
AutoZone
AZO
$49.7B
$377M 9.34%
148,613
+3,948
+3% +$9.91M
TJX icon
4
TJX Companies
TJX
$171B
$280M 6.94%
3,155,153
+65,739
+2% +$5.79M
GS icon
5
Goldman Sachs
GS
$314B
$263M 6.51%
813,423
+20,006
+3% +$6.68M
ORLY icon
6
O'Reilly Automotive
ORLY
$71.3B
$240M 5.93%
3,956,010
+91,065
+2% +$5.71M
DPZ icon
7
Domino's
DPZ
$10.7B
$240M 5.93%
632,758
+10,259
+2% +$3.95M
CMI icon
8
Cummins
CMI
$89.5B
$210M 5.19%
918,230
+22,857
+3% +$5.52M
MA icon
9
Mastercard
MA
$480B
$191M 4.73%
482,760
+11,322
+2% +$4.54M
V icon
10
Visa
V
$682B
$188M 4.66%
819,051
+19,439
+2% +$4.67M
EXPD icon
11
Expeditors International
EXPD
$23.9B
$184M 4.55%
1,604,906
+34,501
+2% +$4.1M
NVR icon
12
NVR
NVR
$17.5B
$174M 4.3%
29,148
+669
+2% +$4.15M
PGR icon
13
Progressive
PGR
$121B
$159M 3.93%
1,140,129
+22,227
+2% +$2.92M
STRA icon
14
Strategic Education
STRA
$1.73B
$154M 3.81%
2,046,618
+8,485
+0.4% +$624K
MCO icon
15
Moody's
MCO
$89.2B
$145M 3.58%
458,390
+11,297
+3% +$3.84M
DFS
16
DELISTED
Discover Financial Services
DFS
$118M 2.91%
1,358,882
+312,281
+30% +$31M
DIS icon
17
Walt Disney
DIS
$170B
$115M 2.83%
+1,413,835
New +$121M
FAST icon
18
Fastenal
FAST
$52.2B
$95.4M 2.36%
3,492,382
+86,386
+3% +$2.45M
UNP icon
19
Union Pacific
UNP
$179B
$63.3M 1.57%
311,075
+8,964
+3% +$1.95M
BIL icon
20
State Street SPDR Bloomberg 1-3 Month T-Bill ETF
BIL
$46.8B
$2.95M 0.07%
32,158
– –
VGSH icon
21
Vanguard Short-Term Treasury ETF
VGSH
$29.3B
$1.9M 0.05%
33,032
-10,671
-24% -$615K
USFR icon
22
WisdomTree Floating Rate Treasury Fund
USFR
$17.9B
$329K 0.01%
6,541
-190
-3% -$9.57K

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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
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BCM
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CFC
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Marshfield Associates's Q3 2023 Portfolio in Review

As of Q3 2023, Marshfield Associates held 22 positions worth $4.04B, up 5.1% from $3.85B the previous quarter. Its ten largest holdings account for 70% of the portfolio.

Marshfield Associates deployed $214M of net new capital in Q3 2023, opening 1 new position and adding to 17 existing holdings. Its largest new stake was Walt Disney: 1,413,835 shares worth $115M.

By sector, the portfolio is most concentrated in Consumer Discretionary at 42% of assets, down from 43% a quarter earlier, followed by Financials and Industrials.

On the sell side, the largest reduction was Arch Capital, an estimated $13.1M trimmed.

  • Marshfield Associates's largest Q3 2023 buy was Walt Disney: 1,413,835 shares worth $115M.
  • Marshfield Associates added most to Discover Financial Services in Q3 2023, an estimated $31M increase.
  • Marshfield Associates's biggest Q3 2023 reduction was Arch Capital, cutting an estimated $13.1M.
  • Marshfield Associates's ten largest holdings make up 70% of its $4.04B portfolio in Q3 2023.
  • Marshfield Associates opened 1 new position and closed 0 in Q3 2023.
  • Marshfield Associates's portfolio value rose 5.1% quarter-over-quarter to $4.04B.

Based on Marshfield Associates's 13F filing for Q3 2023, filed 14 Nov 2023.