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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
-1.83%
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
$4.89B
AUM Growth
+$276M
(+6%)
Cap. Flow
+$328M
Cap. Flow
% of AUM
6.7%
Top 10 Holdings %
Top 10 Hldgs %
73.72%
Holding
19
New
1
Increased
9
Reduced
9
Closed
–
Top Buys
| 1 |
UnitedHealth
UNH
|
+$389M |
| 2 |
Visa
V
|
+$2.3M |
| 3 |
Arch Capital
ACGL
|
+$2.08M |
| 4 |
Mastercard
MA
|
+$1.95M |
| 5 |
Cummins
CMI
|
+$1.71M |
Top Sells
| 1 |
O'Reilly Automotive
ORLY
|
+$42.2M |
| 2 |
AutoZone
AZO
|
+$10.2M |
| 3 |
Ross Stores
ROST
|
+$5.99M |
| 4 |
TJX Companies
TJX
|
+$5.03M |
| 5 |
Progressive
PGR
|
+$3.71M |
Sector Composition
| 1 | Consumer Discretionary | 42.75% |
| 2 | Financials | 28.52% |
| 3 | Industrials | 14.81% |
| 4 | Healthcare | 6.49% |
| 5 | Communication Services | 3.99% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
AutoZone
AZO
$49.7B
| $620M | 12.68% |
167,039
-2,770
| -2% | -$10.2M |
|
|
2
Ross Stores
ROST
$74.9B
| $493M | 10.07% |
3,863,028
-43,155
| -1% | -$5.99M |
|
|
3
O'Reilly Automotive
ORLY
$71.3B
| $348M | 7.1% |
3,855,957
-462,798
| -11% | -$42.2M |
|
|
4
Cummins
CMI
$89.5B
| $346M | 7.07% |
1,056,059
+5,525
| +0.5% | +$1.71M |
|
|
5
Visa
V
$682B
| $336M | 6.87% |
947,177
+6,606
| +0.7% | +$2.3M |
|
6
Domino's
DPZ
$10.7B
| $323M | 6.59% |
715,750
-1,202
| -0.2% | -$564K |
|
|
7
Mastercard
MA
$480B
| $318M | 6.51% |
566,442
+3,532
| +0.6% | +$1.95M |
|
|
8
UnitedHealth
UNH
$387B
| $318M | 6.49% |
+1,018,288
| New | +$389M |
|
9
Moody's
MCO
$89.2B
| $259M | 5.29% |
516,014
+2,115
| +0.4% | +$980K |
|
|
10
Progressive
PGR
$121B
| $246M | 5.04% |
923,690
-13,552
| -1% | -$3.71M |
|
|
11
Arch Capital
ACGL
$35.4B
| $235M | 4.81% |
2,583,412
+22,551
| +0.9% | +$2.08M |
|
12
Expeditors International
EXPD
$23.9B
| $212M | 4.34% |
1,856,558
+14,812
| +0.8% | +$1.66M |
|
13
Walt Disney
DIS
$170B
| $195M | 3.99% |
1,574,766
-24,554
| -2% | -$2.55M |
|
14
NVR
NVR
$17.5B
| $177M | 3.61% |
23,912
+74
| +0.3% | +$530K |
|
15
Fastenal
FAST
$52.2B
| $167M | 3.41% |
3,966,125
+17,113
| +0.4% | +$694K |
|
16
Strategic Education
STRA
$1.73B
| $154M | 3.15% |
1,810,104
-38,930
| -2% | -$3.31M |
|
|
17
TJX Companies
TJX
$171B
| $132M | 2.7% |
1,068,130
-39,666
| -4% | -$5.03M |
|
18
State Street SPDR Bloomberg 1-3 Month T-Bill ETF
BIL
$46.8B
| $12.8M | 0.26% |
139,663
+7,621
| +6% | +$698K |
|
19
Vanguard Short-Term Treasury ETF
VGSH
$29.3B
| $1.04M | 0.02% |
17,638
-9,229
| -34% | -$541K |
|
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Marshfield Associates's Q2 2025 Portfolio in Review
As of Q2 2025, Marshfield Associates held 19 positions worth $4.89B, up 6% from $4.62B the previous quarter. Its ten largest holdings account for 74% of the portfolio.
Marshfield Associates deployed $328M of net new capital in Q2 2025, opening 1 new position and adding to 9 existing holdings. Its largest new stake was UnitedHealth: 1,018,288 shares worth $318M.
By sector, the portfolio is most concentrated in Consumer Discretionary at 43% of assets, down from 48% a quarter earlier, followed by Financials and Industrials.
On the sell side, the largest reduction was O'Reilly Automotive, an estimated $42.2M trimmed.
- Marshfield Associates's largest Q2 2025 buy was UnitedHealth: 1,018,288 shares worth $318M.
- Marshfield Associates added most to Visa in Q2 2025, an estimated $2.3M increase.
- Marshfield Associates's biggest Q2 2025 reduction was O'Reilly Automotive, cutting an estimated $42.2M.
- Marshfield Associates's ten largest holdings make up 74% of its $4.89B portfolio in Q2 2025.
- Marshfield Associates opened 1 new position and closed 0 in Q2 2025.
- Marshfield Associates's portfolio value rose 6% quarter-over-quarter to $4.89B.
Based on Marshfield Associates's 13F filing for Q2 2025, filed 14 Aug 2025.