MARSHFIELD ASSOCIATES — 13F Holdings & Portfolio
CIK 914976 · latest 13F-HR filed 2026-08-14
MARSHFIELD ASSOCIATES manages $4.26B in 13F-reported U.S. long-equity assets across 17 reported positions as of its 2026-06-30 13F-HR filing. Its largest disclosed positions are UNH (14.87%), PGR (11.03%), AZO (10.22%). Quarter over quarter (versus its 2026-03-31 filing) the fund opened 1 new position and exited 1; 2 existing positions rose in reported value and 12 fell.
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.
Long-equity book
Distinct positions
Filed 2026-08-14
vs 2026-03-31
Portfolio charts
Latest quarter's book, what changed, and how the portfolio has evolved across filings.
Portfolio map
Q2 26Box size = position value; colour = change in share count vs the prior quarter (green added, red trimmed, blue new). Rows split across managers or share classes are combined. Click a box for the stock.
Sector mix
% of 13F valueSectors from each company's SIC code; funds and ETFs grouped separately.
Biggest buys and sells
Q1 26 → Q2 26Estimated from the change in shares held × the quarter-end price, so price moves alone don't count as buying. New and exited positions are included.
13F assets and positions
4 quartersTotal reported 13F value (bars) and number of positions (line) each quarter. Value changes include market moves.
Top positions over time
reported valueThe eight largest current positions, valued at each quarter end.
Concentration
top 10 = 79.7%Cumulative share of the portfolio held in the largest N positions.
SUITE 400
WASHINGTON, DC 20036
| Name | Title / Status | Ownership | Type |
|---|---|---|---|
| GOLDBERG, CHAD, ANDREW Control | PRINCIPAL AND TRUSTEE OF THE CG REVOCABLE TRUST | Less than 5% | Individual |
| HOFFMANN, ELISE, JORDAN Control | PRINCIPAL AND TRUSTEE OF THE EH REVOCABLE TRUST | Less than 5% | Individual |
| NIEMCZEWSKI, CHRISTOPHER, MARTIN Control | PRINCIPAL AND TRUSTEE OF THE CN REVOCABLE TRUST | Less than 5% | Individual |
| SMITH, JARRON, HAMPTON Control | CHIEF OPERATING OFFICER | Less than 5% | Individual |
| VINICK, MELISSA Control | PRINCIPAL | 10–25% | Individual |
| WALKER, BRIAN, EDWARD Control | GENERAL COUNSEL AND CHIEF COMPLIANCE OFFICER | Less than 5% | Individual |
| BECKER, JUDITH, GOLDEN | PRINCIPAL | Less than 5% | Individual |
| BRINER, MATTHEW, NOAH | PRINCIPAL | Less than 5% | Individual |
| CHAD GOLDBERG REVOCABLE TRUST U/A DTD JANUARY 10, 2024 ("CG REVOCABLE TRUST") | SHAREHOLDER | 10–25% | Domestic Entity |
| CHRISTOPHER M. NIEMCZEWSKI REVOCABLE TRUST U/A DTD JUNE 6, 2014 ("CN REVOCABLE TRUST") | SHAREHOLDER | 50–75% | Domestic Entity |
| ELISE HOFFMANN REVOCABLE TRUST U/A DTD JUNE 6, 2014 ("EH REVOCABLE TRUST") | SHAREHOLDER | 10–25% | Domestic Entity |
| MILLER, CAROLYN, SUE | PRINCIPAL | Less than 5% | Individual |
| STOTT, WILLIAM, GILMORE | PRINCIPAL | Less than 5% | Individual |
Quarter-over-quarter changes
Changes in reported position value vs the prior 13F, so price moves count too, not just shares bought or sold.
Top Adds (vs prior quarter)
- UNITEDHEALTH GROUP INC$122.7M +24.0%
- ARCH CAP GROUP LTD$30.4M +10.4%
Top Trims
- ROSS STORES INC-$267.2M -67.8%
- AUTOZONE INC-$121.6M -21.8%
- DOMINOS PIZZA INC-$81.9M -30.2%
- OREILLY AUTOMOTIVE INC-$72.0M -22.2%
- MOODYS CORP-$43.6M -18.6%
MARSHFIELD ASSOCIATES Holdings (2026-06-30)
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 | UNITEDHEALTH GROUP INC | UNH | 91324P102 | $634.3M | 14.87% | 1,526,157 | SH |
| 2 | PROGRESSIVE CORP | PGR | 743315103 | $470.4M | 11.03% | 2,153,186 | SH |
| 3 | AUTOZONE INC | AZO | 053332102 | $435.8M | 10.22% | 136,373 | SH |
| 4 | VISA INC | V | 92826C839 | $354.9M | 8.32% | 1,034,433 | SH |
| 5 | ARCH CAP GROUP LTD | ACGL | G0450A105 | $323.3M | 7.58% | 3,331,135 | SH |
| 6 | MASTERCARD INCORPORATED | MA | 57636Q104 | $293.9M | 6.89% | 572,290 | SH |
| 7 | EXPEDITORS INTL WASH INC | EXPD | 302130109 | $253.3M | 5.94% | 1,553,964 | SH |
| 8 | OREILLY AUTOMOTIVE INC | ORLY | 67103H107 | $252.4M | 5.92% | 2,740,457 | SH |
| 9 | MOODYS CORP | MCO | 615369105 | $191.5M | 4.49% | 422,806 | SH |
| 10 | DOMINOS PIZZA INC | DPZ | 25754A201 | $189.0M | 4.43% | 638,541 | SH |
| 11 | NIKE INC | NKE | 654106103 | $178.3M | 4.18% | 4,343,816 | SH |
| 12 | NVR INC | NVR | 62944T105 | $137.2M | 3.22% | 20,141 | SH |
| 13 | TJX COS INC NEW | TJX | 872540109 | $132.2M | 3.10% | 872,770 | SH |
| 14 | ROSS STORES INC | ROST | 778296103 | $126.8M | 2.97% | 595,704 | SH |
| 15 | DISNEY WALT CO | DIS | 254687106 | $124.9M | 2.93% | 1,298,132 | SH |
| 16 | FASTENAL CO | FAST | 311900104 | $123.7M | 2.90% | 2,574,816 | SH |
| 17 | STRATEGIC ED INC | STRA | 86272C103 | $42.8M | 1.00% | 559,012 | SH |
| Period | Filed | AUM | Holdings | Accession |
|---|---|---|---|---|
| 2026-06-30 | 2026-08-14 | $4.26B | 17 | 0001172661-26-003813 |
| 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 |
SUITE 400
WASHINGTON, DC 20036