Marshfield Associates portfolio
Concentrated managerInvestment firmPortfolio as of Jun 30, 2026 (Q2 2026) · filed with the SEC on Aug 14, 2026 · data updated on Nov 5, 2026 · Q2 2026 13F (filing) ↗ · all its 13F filings ↗
A 13F shows the portfolio at quarter-end and is filed up to 45 days later: these are not real-time positions and they may have changed.
Marshfield Associates reported a $4.3 bn portfolio of 17 positions to the SEC as of the end of Q2 2026. Its largest positions are UNH, PGR, AZO. During the quarter it opened Nike and exited Cummins.
Sections with a free account
What changed this quarter
18 positions with a change (1 new, 1 added to, 15 trimmed, 1 sold). 12 are listed here: those of 0.5 points of the portfolio or more (up to 12).
- Ross Stores−67%fewer sharesReduced7.9% → 3.0%
- Cummins−4.8 ppof portfolioSold out4.8% → —
- Nike+3.6 ppof portfolioNew— → 4.2%
- UnitedHealth Group−19%fewer sharesReduced10.2% → 14.9%
- AutoZone−17%fewer sharesReduced11.2% → 10.2%
- Visa−18%fewer sharesReduced7.6% → 8.3%
- O Reilly Automotive−22%fewer sharesReduced6.5% → 5.9%
- Progressive−12%fewer sharesReduced9.7% → 11.0%
- Expeditors International of Washington−20%fewer sharesReduced5.6% → 5.9%
- Moody's−22%fewer sharesReduced4.7% → 4.5%
- NVR−21%fewer sharesReduced3.4% → 3.2%
- Fastenal−22%fewer sharesReduced3.1% → 2.9%
The figure on the right: for positions added to or trimmed, the change in the number of shares (%); for new and sold ones, the points of the portfolio moved (pp). Below, the portfolio weight before → after. Traded weight: what it bought or sold, excluding price effects.
Top holdings
- UnitedHealth GroupUNH14.9%
- ProgressivePGR11.0%
- AutoZoneAZO10.2%
- VisaV8.3%
- Arch Capital GroupACGL7.6%
- MastercardMA6.9%
- Expeditors International of WashingtonEXPD5.9%
- O Reilly AutomotiveORLY5.9%
- Moody'sMCO4.5%
- Domino’s PizzaDPZ4.4%
- NikeNKE4.2%
- NVRNVR3.2%
- TJXTJX3.1%
- Ross StoresROST3.0%
- Walt DisneyDIS2.9%
“Since”: first quarter of the current run, unbroken until today. In the details, prices are the quarter-end prices of the quarters in which it added shares, per the 13F. The manager may have bought at any price within each quarter; the SEC only publishes the value at quarter end.
Portfolio by sector
- ● Financials 38%
- ● Consumer Discretionary 35%
- ● Health Care 15%
- ● Industrials 9%
- ● Communication Services 3%
How its portfolio changed (8 quarters)
Q2 2026: 17
Q2 2026: 80%
Q2 2026: 14.9%
Traded turnover: the weight it bought plus the weight it sold in the quarter, divided by two, excluding price moves. The plain “turnover” in the header does include that effect. With a free account: the full history and sectors over time.
Stakes above 5% (13D/13G)
Companies where this filer reported holding 5% or more of the shares. It is the figure from its latest filing on each one; history since December 2024.
How we classify it
Investment firm, per its Form ADV of Jul 10, 2026 (medium confidence).
The data, as reported: MARSHFIELD ASSOCIATES (CRD 150614): 5.D assets by client type: high net worth 42%, registered funds 16%, individuals 16%, sovereign funds 15% (of $8.1 bn); 5.F 5000 accounts, 0% non-discretionary; 5.D 3996 clients, 3946 individuals; no financial planning, adviser selection or non-discretionary assets: discretionary accounts
The type comes from a rule applied to that data. If it looks wrong, tell us.
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