Marshfield Associates
Washington, DC
$4.3bn in 17 US stocks at the end of 30 June 2026. The top 10 are 79.7% of the money. It changed about 13.7% of the portfolio this quarter.
Value
$4.3bn
Stocks
17
Top 10 share
79.7%
Turnover
13.7%
What changed this quarter
New
Bought for the first time this quarter.
- NikeNKE4.2% of the fund
Added
Bought more of a stock they already held.
- Arch Capital GroupACGL7.6% of the fund+9%
Cut
Sold some of their stake.
- UnitedHealth GroupUNH14.9% of the fund-19%
- ProgressivePGR11.0% of the fund-12%
- AutozoneAZO10.2% of the fund-17%
- VisaV8.3% of the fund-18%
- MastercardMA6.9% of the fund-5%
- Expeditors International of WashingtonEXPD5.9% of the fund-20%
- O'Reilly AutomotiveORLY5.9% of the fund-22%
- Moody'sMCO4.5% of the fund-22%
- Dominos PizzaDPZ4.4% of the fund-15%
- NVRNVR3.2% of the fund-21%
- TJX CompaniesTJX3.1% of the fund-20%
- Ross StoresROST3.0% of the fund-67%
- Walt DisneyDIS2.9% of the fund-21%
- FastenalFAST2.9% of the fund-22%
- Strategic EducationSTRA1.0% of the fund-30%
Sold out
Sold their entire stake.
- CumminsCMI-100%
Holdings
| Company | Share of fund | Value | Shares | Change |
|---|---|---|---|---|
| UnitedHealth GroupUNH | 14.9% | $634m | 1,526,157 | -19% |
| ProgressivePGR | 11.0% | $470m | 2,153,186 | -12% |
| AutozoneAZO | 10.2% | $436m | 136,373 | -17% |
| VisaV | 8.3% | $355m | 1,034,433 | -18% |
| Arch Capital GroupACGL | 7.6% | $323m | 3,331,135 | +9% |
| MastercardMA | 6.9% | $294m | 572,290 | -5% |
| Expeditors International of WashingtonEXPD | 5.9% | $253m | 1,553,964 | -20% |
| O'Reilly AutomotiveORLY | 5.9% | $252m | 2,740,457 | -22% |
| Moody'sMCO | 4.5% | $191m | 422,806 | -22% |
| Dominos PizzaDPZ | 4.4% | $189m | 638,541 | -15% |
| NikeNKE | 4.2% | $178m | 4,343,816 | New |
| NVRNVR | 3.2% | $137m | 20,141 | -21% |
| TJX CompaniesTJX | 3.1% | $132m | 872,770 | -20% |
| Ross StoresROST | 3.0% | $127m | 595,704 | -67% |
| Walt DisneyDIS | 2.9% | $125m | 1,298,132 | -21% |
| FastenalFAST | 2.9% | $124m | 2,574,816 | -22% |
| Strategic EducationSTRA | 1.0% | $43m | 559,012 | -30% |
Over time and by industry
Value over time
Jun '25
Dec '25
Jun '26
Value is down 12.8% since 30 June 2025.
Where the money is
Financial services38.3%
Retail & consumer35.0%
Health care14.9%
Industrials8.8%
Media & telecom2.9%
From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.