MARSHFIELD ASSOCIATES — 13F Holdings & Portfolio
CIK 914976 · latest 13F-HR filed 2026-05-15
MARSHFIELD ASSOCIATES manages $4.99B in 13F-reported U.S. long-equity assets across 17 reported positions as of its 2026-03-31 13F-HR filing. Its largest disclosed positions are AZO (11.16%), UNH (10.25%), PGR (9.75%). Quarter over quarter (versus its 2025-12-31 filing) the fund opened 0 new positions, exited 0, added to 2, and trimmed 13.
AUM is the long-equity portion reported on Form 13F-HR. Excludes short positions, cash, foreign holdings, and non-13F assets. For informational purposes only — not investment advice.
$4.99B
Long-equity book
17
Distinct positions
2026-03-31
Filed 2026-05-15
+0 / −0 / ↑2 / ↓13
vs 2025-12-31
| Name | Title / Status | Ownership | Type |
|---|
Top Trims
- CUMMINS INC-$148.4M -38.1%
- ROSS STORES INC-$95.0M -19.4%
- PROGRESSIVE CORP-$88.4M -15.4%
- MASTERCARD INCORPORATED-$57.9M -16.2%
- DOMINOS PIZZA INC-$56.3M -17.2%
Rows tagged Call or Put are options positions, not stock. Per SEC Form 13F-HR, Value shows the notional value of the underlying (shares covered × underlying price), not the option premium. Shares is the number of underlying shares covered (divide by 100 for contract count).
| # | Issuer | Symbol | CUSIP | Value | Weight | Shares | Type |
|---|---|---|---|---|---|---|---|
| 1 | AUTOZONE INC | AZO | 053332102 | $557.4M | 11.16% | 165,033 | SH |
| 2 | UNITEDHEALTH GROUP INC | UNH | 91324P102 | $511.6M | 10.25% | 1,890,689 | SH |
| 3 | PROGRESSIVE CORP | PGR | 743315103 | $486.8M | 9.75% | 2,455,384 | SH |
| 4 | ROSS STORES INC | ROST | 778296103 | $394.0M | 7.89% | 1,818,806 | SH |
| 5 | VISA INC | V | 92826C839 | $379.3M | 7.60% | 1,254,973 | SH |
| 6 | OREILLY AUTOMOTIVE INC | ORLY | 67103H107 | $324.3M | 6.50% | 3,513,674 | SH |
| 7 | MASTERCARD INCORPORATED | MA | 57636Q104 | $299.9M | 6.01% | 600,154 | SH |
| 8 | ARCH CAP GROUP LTD | ACGL | G0450A105 | $292.9M | 5.87% | 3,051,421 | SH |
| 9 | EXPEDITORS INTL WASH INC | EXPD | 302130109 | $279.7M | 5.60% | 1,953,005 | SH |
| 10 | DOMINOS PIZZA INC | DPZ | 25754A201 | $270.9M | 5.43% | 755,140 | SH |
| 11 | CUMMINS INC | CMI | 231021106 | $241.5M | 4.84% | 448,781 | SH |
| 12 | MOODYS CORP | MCO | 615369105 | $235.1M | 4.71% | 538,993 | SH |
| 13 | TJX COS INC NEW | TJX | 872540109 | $174.3M | 3.49% | 1,091,160 | SH |
| 14 | NVR INC | NVR | 62944T105 | $167.5M | 3.35% | 25,419 | SH |
| 15 | DISNEY WALT CO | DIS | 254687106 | $158.3M | 3.17% | 1,642,724 | SH |
| 16 | FASTENAL CO | FAST | 311900104 | $153.6M | 3.08% | 3,309,287 | SH |
| 17 | STRATEGIC ED INC | STRA | 86272C103 | $65.8M | 1.32% | 792,930 | SH |
| Period | Filed | AUM | Holdings | Accession |
|---|---|---|---|---|
| 2026-03-31 | 2026-05-15 | $4.99B | 17 | 0001172661-26-002329 |
| 2025-12-31 | 2026-02-17 | $5.70B | 17 | 0001172661-26-001075 |
| 2025-09-30 | 2025-11-14 | $5.78B | 17 | 0001172661-25-005042 |