Filed: 8/14/2025ACC: 0001172661-25-003456
📋 What this filing means
MARSHFIELD ASSOCIATES filed this quarterly 13F‑HR report disclosing 19 equity positions with a total reported market value of $4.89B. This filing provides a transparent view of the manager's long equity holdings as of the quarter end.
19
Positions
$4.89B
Total AUM (reported)
26.67M
Total Shares
Allocation by class
COM$3.99B81.5%
COM CL A$336.30M6.9%
CL A$318.31M6.5%
ORD$235.22M4.8%
BLOOMBERG 1-3 MO$12.81M0.3%
SHORT TERM TREAS$1.04M0.0%
Portfolio Concentration
Top 3$1.46B29.9%
4–10$2.15B43.9%
11–25$1.29B26.3%
Top 3 weight
29.9%
Top 10 weight
73.7%
Voting Authority Distribution
Total shares with voting rights: 26.67M
Sole
Full voting authority
19.20M
shares
% of voting shares72.0%
Shared
Joint voting authority
0.00
shares
% of voting shares0.0%
None
No voting authority
7.47M
shares
% of voting shares28.0%
Investment Discretion (by position count)
Sole19
Shared0
Other0
Dominant voting typeSole · 72.0% of voting shares
Institutional Holdings19
Rows:
AUTOZONE INC
SOLEShares167.04K
TypeSH
Market value$620.09M
12.68%
Sole
117.14K
Shared
0.00
None
49.90K
ROSS STORES INC
SOLEShares3.86M
TypeSH
Market value$492.85M
10.07%
Sole
2.83M
Shared
0.00
None
1.04M
OREILLY AUTOMOTIVE INC
SOLEShares3.86M
TypeSH
Market value$347.54M
7.10%
Sole
2.63M
Shared
0.00
None
1.22M
CUMMINS INC
SOLEShares1.06M
TypeSH
Market value$345.86M
7.07%
Sole
747.65K
Shared
0.00
None
308.41K
VISA INC
SOLEShares947.18K
TypeSH
Market value$336.30M
6.87%
Sole
673.74K
Shared
0.00
None
273.44K
DOMINOS PIZZA INC
SOLEShares715.75K
TypeSH
Market value$322.52M
6.59%
Sole
536.36K
Shared
0.00
None
179.39K
MASTERCARD INCORPORATED
SOLEShares566.44K
TypeSH
Market value$318.31M
6.51%
Sole
384.62K
Shared
0.00
None
181.82K
UNITEDHEALTH GROUP INC
SOLEShares1.02M
TypeSH
Market value$317.68M
6.49%
Sole
764.32K
Shared
0.00
None
253.97K
MOODYS CORP
SOLEShares516.01K
TypeSH
Market value$258.83M
5.29%
Sole
377.63K
Shared
0.00
None
138.38K
PROGRESSIVE CORP
SOLEShares923.69K
TypeSH
Market value$246.50M
5.04%
Sole
683.38K
Shared
0.00
None
240.31K
ARCH CAP GROUP LTD
SOLEShares2.58M
TypeSH
Market value$235.22M
4.81%
Sole
1.92M
Shared
0.00
None
663.05K
EXPEDITORS INTL WASH INC
SOLEShares1.86M
TypeSH
Market value$212.11M
4.34%
Sole
1.35M
Shared
0.00
None
510.92K
DISNEY WALT CO
SOLEShares1.57M
TypeSH
Market value$195.29M
3.99%
Sole
1.21M
Shared
0.00
None
366.01K
NVR INC
SOLEShares23.91K
TypeSH
Market value$176.61M
3.61%
Sole
17.55K
Shared
0.00
None
6.36K
FASTENAL CO
SOLEShares3.97M
TypeSH
Market value$166.58M
3.41%
Sole
2.69M
Shared
0.00
None
1.27M
STRATEGIC ED INC
SOLEShares1.81M
TypeSH
Market value$154.09M
3.15%
Sole
1.33M
Shared
0.00
None
476.82K
TJX COS INC NEW
SOLEShares1.07M
TypeSH
Market value$131.90M
2.70%
Sole
779.65K
Shared
0.00
None
288.48K
SPDR SERIES TRUST
SOLEShares139.66K
TypeSH
Market value$12.81M
0.26%
Sole
139.66K
Shared
0.00
None
0.00
VANGUARD SCOTTSDALE FDS
SOLEShares17.64K
TypeSH
Market value$1.04M
0.02%
Sole
17.64K
Shared
0.00
None
0.00
| Issuer | Class | Shares | Type | Value / Portfolio % | Voting — Sole | Shared | None |
|---|---|---|---|---|---|---|---|
AUTOZONE INCSOLE | COM | 167.04K | SH | $620.09M 12.68% | 117.14K | 0.00 | 49.90K |
ROSS STORES INCSOLE | COM | 3.86M | SH | $492.85M 10.07% | 2.83M | 0.00 | 1.04M |
OREILLY AUTOMOTIVE INCSOLE | COM | 3.86M | SH | $347.54M 7.10% | 2.63M | 0.00 | 1.22M |
CUMMINS INCSOLE | COM | 1.06M | SH | $345.86M 7.07% | 747.65K | 0.00 | 308.41K |
VISA INCSOLE | COM CL A | 947.18K | SH | $336.30M 6.87% | 673.74K | 0.00 | 273.44K |
DOMINOS PIZZA INCSOLE | COM | 715.75K | SH | $322.52M 6.59% | 536.36K | 0.00 | 179.39K |
MASTERCARD INCORPORATEDSOLE | CL A | 566.44K | SH | $318.31M 6.51% | 384.62K | 0.00 | 181.82K |
UNITEDHEALTH GROUP INCSOLE | COM | 1.02M | SH | $317.68M 6.49% | 764.32K | 0.00 | 253.97K |
MOODYS CORPSOLE | COM | 516.01K | SH | $258.83M 5.29% | 377.63K | 0.00 | 138.38K |
PROGRESSIVE CORPSOLE | COM | 923.69K | SH | $246.50M 5.04% | 683.38K | 0.00 | 240.31K |
ARCH CAP GROUP LTDSOLE | ORD | 2.58M | SH | $235.22M 4.81% | 1.92M | 0.00 | 663.05K |
EXPEDITORS INTL WASH INCSOLE | COM | 1.86M | SH | $212.11M 4.34% | 1.35M | 0.00 | 510.92K |
DISNEY WALT COSOLE | COM | 1.57M | SH | $195.29M 3.99% | 1.21M | 0.00 | 366.01K |
NVR INCSOLE | COM | 23.91K | SH | $176.61M 3.61% | 17.55K | 0.00 | 6.36K |
FASTENAL COSOLE | COM | 3.97M | SH | $166.58M 3.41% | 2.69M | 0.00 | 1.27M |
STRATEGIC ED INCSOLE | COM | 1.81M | SH | $154.09M 3.15% | 1.33M | 0.00 | 476.82K |
TJX COS INC NEWSOLE | COM | 1.07M | SH | $131.90M 2.70% | 779.65K | 0.00 | 288.48K |
SPDR SERIES TRUSTSOLE | BLOOMBERG 1-3 MO | 139.66K | SH | $12.81M 0.26% | 139.66K | 0.00 | 0.00 |
VANGUARD SCOTTSDALE FDSSOLE | SHORT TERM TREAS | 17.64K | SH | $1.04M 0.02% | 17.64K | 0.00 | 0.00 |