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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
-0.33%
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
$5.7B
AUM Growth
-$74M
Cap. Flow
-$12.7M
Cap. Flow %
-0.22%
Top 10 Hldgs %
75.42%
Holding
17
New
–
Increased
14
Reduced
3
Closed
–

Top Buys

1
PGR icon
Progressive
PGR
+$214M
2
MA icon
Mastercard
MA
+$18.4M
3
DPZ icon
Domino's
DPZ
+$16.9M
4
V icon
Visa
V
+$15.8M
5
UNH icon
UnitedHealth
UNH
+$15.3M

Top Sells

1
ROST icon
Ross Stores
ROST
+$218M
2
CMI icon
Cummins
CMI
+$159M
3
STRA icon
Strategic Education
STRA
+$8.55M

Sector Composition

1 Consumer Discretionary 37.53%
2 Financials 32.58%
3 Industrials 14.83%
4 Healthcare 9.6%
5 Communication Services 3.38%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
AZO icon
1
AutoZone
AZO
$49.7B
$593M 10.4%
174,918
+2,586
+2% +$9.77M
PGR icon
2
Progressive
PGR
$121B
$575M 10.08%
2,525,734
+948,281
+60% +$214M
UNH icon
3
UnitedHealth
UNH
$387B
$547M 9.6%
1,658,487
+45,239
+3% +$15.3M
ROST icon
4
Ross Stores
ROST
$74.9B
$489M 8.57%
2,714,339
-1,306,074
-32% -$218M
CMI icon
5
Cummins
CMI
$89.5B
$390M 6.83%
763,648
-340,904
-31% -$159M
V icon
6
Visa
V
$682B
$361M 6.33%
1,029,034
+46,241
+5% +$15.8M
MA icon
7
Mastercard
MA
$480B
$358M 6.27%
626,682
+32,969
+6% +$18.4M
ORLY icon
8
O'Reilly Automotive
ORLY
$71.3B
$356M 6.25%
3,906,644
+128,198
+3% +$12.5M
DPZ icon
9
Domino's
DPZ
$10.7B
$327M 5.74%
784,992
+40,477
+5% +$16.9M
EXPD icon
10
Expeditors International
EXPD
$23.9B
$306M 5.36%
2,052,531
+109,791
+6% +$14.9M
MCO icon
11
Moody's
MCO
$89.2B
$288M 5.05%
563,557
+26,429
+5% +$12.9M
ACGL icon
12
Arch Capital
ACGL
$35.4B
$277M 4.85%
2,887,002
+162,367
+6% +$14.9M
NVR icon
13
NVR
NVR
$17.5B
$196M 3.43%
26,855
+1,813
+7% +$13.6M
DIS icon
14
Walt Disney
DIS
$170B
$193M 3.38%
1,695,189
+60,316
+4% +$6.64M
TJX icon
15
TJX Companies
TJX
$171B
$180M 3.15%
1,168,859
+50,222
+4% +$7.43M
FAST icon
16
Fastenal
FAST
$52.2B
$150M 2.64%
3,749,595
+101
+0% +$4.25K
STRA icon
17
Strategic Education
STRA
$1.73B
$119M 2.08%
1,478,522
-107,066
-7% -$8.55M

Similar funds

SNT
SIG North Trading Bala Cynwyd, Pennsylvania $4.98B AUM 36.24% 1-Year Est. Return
AM
Atreides Management Boston, Massachusetts $5B AUM 78.34% 1-Year Est. Return
SGM
Skye Global Management West Palm Beach, Florida $5B AUM 11.9% 1-Year Est. Return
CCA
Conestoga Capital Advisors Wayne, Pennsylvania $5.01B AUM 6.26% 1-Year Est. Return
PAMP
Polar Asset Management Partners Toronto, Ontario, Canada $5.01B AUM 35.27% 1-Year Est. Return
MOS
MGO One Seven Beachwood, Ohio $4.98B AUM 22.72% 1-Year Est. Return
BCM
Bridgeway Capital Management Houston, Texas $4.97B AUM 44.96% 1-Year Est. Return
CFC
Cincinnati Financial Corp Fairfield, Ohio $4.96B AUM 18.21% 1-Year Est. Return

Marshfield Associates's Q4 2025 Portfolio in Review

As of Q4 2025, Marshfield Associates held 17 positions worth $5.7B, down 1.3% from $5.78B the previous quarter. Its ten largest holdings account for 75% of the portfolio.

Trading was light in Q4 2025: portfolio turnover was 0%. Marshfield Associates opened no new positions and made no exits, leaving the 17-position portfolio largely intact.

By sector, the portfolio is most concentrated in Consumer Discretionary at 38% of assets, down from 42% a quarter earlier, followed by Financials and Industrials.

  • Marshfield Associates added most to Progressive in Q4 2025, an estimated $214M increase.
  • Marshfield Associates's biggest Q4 2025 reduction was Ross Stores, cutting an estimated $218M.
  • Marshfield Associates's ten largest holdings make up 75% of its $5.7B portfolio in Q4 2025.
  • Marshfield Associates opened 0 new positions and closed 0 in Q4 2025.
  • Marshfield Associates's portfolio value fell 1.3% quarter-over-quarter to $5.7B.

Based on Marshfield Associates's 13F filing for Q4 2025, filed 17 Feb 2026.