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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
+12.06%
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
$4.93B
AUM Growth
+$882M
Cap. Flow
+$407M
Cap. Flow %
8.26%
Top 10 Hldgs %
68.61%
Holding
22
New
–
Increased
17
Reduced
3
Closed
1

Top Buys

Rank Stock Value
1
DFS
Discover Financial Services
DFS
+$103M
2
ROST icon
Ross Stores
ROST
+$52.8M
3
AZO icon
AutoZone
AZO
+$52.7M
4
ORLY icon
O'Reilly Automotive
ORLY
+$36M
5
TJX icon
TJX Companies
TJX
+$34.6M

Top Sells

Rank Stock Value
1
UNP icon
Union Pacific
UNP
+$63.3M
2
ACGL icon
Arch Capital
ACGL
+$50.7M
3
STRA icon
Strategic Education
STRA
+$16.4M
4
VGSH icon
Vanguard Short-Term Treasury ETF
VGSH
+$356K

Sector Composition

Rank Sector Weight
1 Consumer Discretionary 42.92%
2 Financials 38.25%
3 Industrials 12.36%
4 Consumer Staples 3.48%
5 Communication Services 2.89%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
ROST icon
1
Ross Stores
ROST
$74.9B
$538M 10.92%
3,886,202
+423,585
+12% +$52.8M
AZO icon
2
AutoZone
AZO
$49.7B
$437M 8.87%
168,929
+20,316
+14% +$52.7M
ACGL icon
3
Arch Capital
ACGL
$35.4B
$374M 7.59%
5,033,207
-620,031
-11% -$50.7M
GS icon
4
Goldman Sachs
GS
$314B
$351M 7.13%
909,651
+96,228
+12% +$32.1M
TJX icon
5
TJX Companies
TJX
$171B
$332M 6.74%
3,540,306
+385,153
+12% +$34.6M
DPZ icon
6
Domino's
DPZ
$10.7B
$292M 5.93%
708,456
+75,698
+12% +$28.4M
ORLY icon
7
O'Reilly Automotive
ORLY
$71.3B
$287M 5.82%
4,526,130
+570,120
+14% +$36M
DFS
8
DELISTED
Discover Financial Services
DFS
$278M 5.65%
2,476,618
+1,117,736
+82% +$103M
CMI icon
9
Cummins
CMI
$89.5B
$249M 5.06%
1,040,791
+122,561
+13% +$27.9M
V icon
10
Visa
V
$682B
$241M 4.9%
926,429
+107,378
+13% +$26.5M
MA icon
11
Mastercard
MA
$480B
$235M 4.78%
551,760
+69,000
+14% +$27.7M
EXPD icon
12
Expeditors International
EXPD
$23.9B
$230M 4.67%
1,807,685
+202,779
+13% +$23.9M
NVR icon
13
NVR
NVR
$17.5B
$229M 4.64%
32,659
+3,511
+12% +$21.7M
PGR icon
14
Progressive
PGR
$121B
$203M 4.13%
1,275,614
+135,485
+12% +$21.2M
MCO icon
15
Moody's
MCO
$89.2B
$201M 4.08%
514,846
+56,456
+12% +$19.6M
STRA icon
16
Strategic Education
STRA
$1.73B
$172M 3.48%
1,857,315
-189,303
-9% -$16.4M
DIS icon
17
Walt Disney
DIS
$170B
$142M 2.89%
1,574,661
+160,826
+11% +$14.2M
FAST icon
18
Fastenal
FAST
$52.2B
$129M 2.63%
3,992,598
+500,216
+14% +$15.1M
BIL icon
19
State Street SPDR Bloomberg 1-3 Month T-Bill ETF
BIL
$46.8B
$2.94M 0.06%
32,158
– –
VGSH icon
20
Vanguard Short-Term Treasury ETF
VGSH
$29.3B
$1.57M 0.03%
26,867
-6,165
-19% -$356K
USFR icon
21
WisdomTree Floating Rate Treasury Fund
USFR
$17.9B
$372K 0.01%
7,406
+865
+13% +$43.6K
UNP icon
22
Union Pacific
UNP
$179B
– –
-311,075
Closed -$63.3M

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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 Q4 2023 Portfolio in Review

As of Q4 2023, Marshfield Associates held 22 positions worth $4.93B, up 22% from $4.04B the previous quarter. Its ten largest holdings account for 69% of the portfolio.

Marshfield Associates deployed $407M of net new capital in Q4 2023, adding to 17 existing holdings.

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

On the sell side, the largest reduction was Arch Capital, an estimated $50.7M trimmed.

  • Marshfield Associates added most to Discover Financial Services in Q4 2023, an estimated $103M increase.
  • Marshfield Associates's biggest Q4 2023 reduction was Arch Capital, cutting an estimated $50.7M.
  • Marshfield Associates fully exited Union Pacific in Q4 2023, selling an estimated $63.3M.
  • Marshfield Associates's ten largest holdings make up 69% of its $4.93B portfolio in Q4 2023.
  • Marshfield Associates opened 0 new positions and closed 1 in Q4 2023.
  • Marshfield Associates's portfolio value rose 22% quarter-over-quarter to $4.93B.

Based on Marshfield Associates's 13F filing for Q4 2023, filed 14 Feb 2024.