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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
+9.07%
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
$5.78B
AUM Growth
+$887M
(+18%)
Cap. Flow
+$451M
Cap. Flow
% of AUM
7.8%
Top 10 Holdings %
Top 10 Hldgs %
76.54%
Holding
19
New
–
Increased
14
Reduced
3
Closed
2
Top Buys
| 1 |
UnitedHealth
UNH
|
+$180M |
| 2 |
Progressive
PGR
|
+$161M |
| 3 |
Ross Stores
ROST
|
+$22.5M |
| 4 |
AutoZone
AZO
|
+$21.2M |
| 5 |
Cummins
CMI
|
+$18.6M |
Top Sells
| 1 |
Strategic Education
STRA
|
+$18.1M |
| 2 |
State Street SPDR Bloomberg 1-3 Month T-Bill ETF
BIL
|
+$12.8M |
| 3 |
Fastenal
FAST
|
+$10.2M |
| 4 |
O'Reilly Automotive
ORLY
|
+$7.79M |
| 5 |
Vanguard Short-Term Treasury ETF
VGSH
|
+$1.04M |
Sector Composition
| 1 | Consumer Discretionary | 42.29% |
| 2 | Financials | 27.1% |
| 3 | Industrials | 15.38% |
| 4 | Healthcare | 9.64% |
| 5 | Communication Services | 3.24% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
AutoZone
AZO
$49.7B
| $739M | 12.79% |
172,332
+5,293
| +3% | +$21.2M |
|
|
2
Ross Stores
ROST
$74.9B
| $613M | 10.6% |
4,020,413
+157,385
| +4% | +$22.5M |
|
|
3
UnitedHealth
UNH
$387B
| $557M | 9.64% |
1,613,248
+594,960
| +58% | +$180M |
|
|
4
Cummins
CMI
$89.5B
| $467M | 8.07% |
1,104,552
+48,493
| +5% | +$18.6M |
|
|
5
O'Reilly Automotive
ORLY
$71.3B
| $407M | 7.05% |
3,778,446
-77,511
| -2% | -$7.79M |
|
|
6
Progressive
PGR
$121B
| $390M | 6.74% |
1,577,453
+653,763
| +71% | +$161M |
|
7
Mastercard
MA
$480B
| $338M | 5.84% |
593,713
+27,271
| +5% | +$15.7M |
|
8
Visa
V
$682B
| $336M | 5.81% |
982,793
+35,616
| +4% | +$12.3M |
|
9
Domino's
DPZ
$10.7B
| $321M | 5.56% |
744,515
+28,765
| +4% | +$13.1M |
|
10
Moody's
MCO
$89.2B
| $256M | 4.43% |
537,128
+21,114
| +4% | +$10.6M |
|
11
Arch Capital
ACGL
$35.4B
| $247M | 4.28% |
2,724,635
+141,223
| +5% | +$12.7M |
|
12
Expeditors International
EXPD
$23.9B
| $238M | 4.12% |
1,942,740
+86,182
| +5% | +$10.2M |
|
13
NVR
NVR
$17.5B
| $201M | 3.48% |
25,042
+1,130
| +5% | +$8.98M |
|
14
Walt Disney
DIS
$170B
| $187M | 3.24% |
1,634,873
+60,107
| +4% | +$7.08M |
|
|
15
Fastenal
FAST
$52.2B
| $184M | 3.18% |
3,749,494
-216,631
| -5% | -$10.2M |
|
16
TJX Companies
TJX
$171B
| $162M | 2.8% |
1,118,637
+50,507
| +5% | +$6.71M |
|
|
17
Strategic Education
STRA
$1.73B
| $136M | 2.36% |
1,585,588
-224,516
| -12% | -$18.1M |
|
|
18
State Street SPDR Bloomberg 1-3 Month T-Bill ETF
BIL
$46.8B
| – | – |
-139,663
| Closed | -$12.8M |
|
|
19
Vanguard Short-Term Treasury ETF
VGSH
$29.3B
| – | – |
-17,638
| Closed | -$1.04M |
|
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Marshfield Associates's Q3 2025 Portfolio in Review
As of Q3 2025, Marshfield Associates held 19 positions worth $5.78B, up 18% from $4.89B the previous quarter. Its ten largest holdings account for 77% of the portfolio.
Marshfield Associates deployed $451M of net new capital in Q3 2025, adding to 14 existing holdings.
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 Strategic Education, an estimated $18.1M trimmed.
- Marshfield Associates added most to UnitedHealth in Q3 2025, an estimated $180M increase.
- Marshfield Associates's biggest Q3 2025 reduction was Strategic Education, cutting an estimated $18.1M.
- Marshfield Associates fully exited State Street SPDR Bloomberg 1-3 Month T-Bill ETF in Q3 2025, selling an estimated $12.8M.
- Marshfield Associates's ten largest holdings make up 77% of its $5.78B portfolio in Q3 2025.
- Marshfield Associates opened 0 new positions and closed 2 in Q3 2025.
- Marshfield Associates's portfolio value rose 18% quarter-over-quarter to $5.78B.
Based on Marshfield Associates's 13F filing for Q3 2025, filed 14 Nov 2025.