Filed: 11/14/2025ACC: 0001172661-25-005042
📋 What this filing means
MARSHFIELD ASSOCIATES filed this quarterly 13F‑HR report disclosing 17 equity positions with a total reported market value of $5.78B. This filing provides a transparent view of the manager's long equity holdings as of the quarter end.
17
Positions
$5.78B
Total AUM (reported)
27.91M
Total Shares
Allocation by class
COM$4.86B84.1%
CL A$337.71M5.8%
COM CL A$335.51M5.8%
ORD$247.21M4.3%
Portfolio Concentration
Top 3$1.91B33.0%
4–10$2.51B43.5%
11–25$1.36B23.5%
Top 3 weight
33.0%
Top 10 weight
76.5%
Voting Authority Distribution
Total shares with voting rights: 27.91M
Sole
Full voting authority
20.40M
shares
% of voting shares73.1%
Shared
Joint voting authority
0.00
shares
% of voting shares0.0%
None
No voting authority
7.50M
shares
% of voting shares26.9%
Investment Discretion (by position count)
Sole17
Shared0
Other0
Dominant voting typeSole · 73.1% of voting shares
Institutional Holdings17
Rows:
AUTOZONE INC
SOLEShares172.33K
TypeSH
Market value$739.35M
12.79%
Sole
124.79K
Shared
0.00
None
47.54K
ROSS STORES INC
SOLEShares4.02M
TypeSH
Market value$612.67M
10.60%
Sole
2.98M
Shared
0.00
None
1.04M
UNITEDHEALTH GROUP INC
SOLEShares1.61M
TypeSH
Market value$557.05M
9.64%
Sole
1.22M
Shared
0.00
None
397.44K
CUMMINS INC
SOLEShares1.10M
TypeSH
Market value$466.53M
8.07%
Sole
797.94K
Shared
0.00
None
306.62K
OREILLY AUTOMOTIVE INC
SOLEShares3.78M
TypeSH
Market value$407.35M
7.05%
Sole
2.67M
Shared
0.00
None
1.11M
PROGRESSIVE CORP
SOLEShares1.58M
TypeSH
Market value$389.55M
6.74%
Sole
1.19M
Shared
0.00
None
384.35K
MASTERCARD INCORPORATED
SOLEShares593.71K
TypeSH
Market value$337.71M
5.84%
Sole
413.59K
Shared
0.00
None
180.12K
VISA INC
SOLEShares982.79K
TypeSH
Market value$335.51M
5.81%
Sole
714K
Shared
0.00
None
268.79K
DOMINOS PIZZA INC
SOLEShares744.51K
TypeSH
Market value$321.41M
5.56%
Sole
564.86K
Shared
0.00
None
179.66K
MOODYS CORP
SOLEShares537.13K
TypeSH
Market value$255.93M
4.43%
Sole
398.53K
Shared
0.00
None
138.59K
ARCH CAP GROUP LTD
SOLEShares2.72M
TypeSH
Market value$247.21M
4.28%
Sole
2.06M
Shared
0.00
None
665.87K
EXPEDITORS INTL WASH INC
SOLEShares1.94M
TypeSH
Market value$238.16M
4.12%
Sole
1.43M
Shared
0.00
None
512.12K
NVR INC
SOLEShares25.04K
TypeSH
Market value$201.20M
3.48%
Sole
18.67K
Shared
0.00
None
6.37K
DISNEY WALT CO
SOLEShares1.63M
TypeSH
Market value$187.19M
3.24%
Sole
1.27M
Shared
0.00
None
365.78K
FASTENAL CO
SOLEShares3.75M
TypeSH
Market value$183.88M
3.18%
Sole
2.55M
Shared
0.00
None
1.19M
TJX COS INC NEW
SOLEShares1.12M
TypeSH
Market value$161.69M
2.80%
Sole
829.75K
Shared
0.00
None
288.89K
STRATEGIC ED INC
SOLEShares1.59M
TypeSH
Market value$136.38M
2.36%
Sole
1.16M
Shared
0.00
None
421.02K
| Issuer | Class | Shares | Type | Value / Portfolio % | Voting — Sole | Shared | None |
|---|---|---|---|---|---|---|---|
AUTOZONE INCSOLE | COM | 172.33K | SH | $739.35M 12.79% | 124.79K | 0.00 | 47.54K |
ROSS STORES INCSOLE | COM | 4.02M | SH | $612.67M 10.60% | 2.98M | 0.00 | 1.04M |
UNITEDHEALTH GROUP INCSOLE | COM | 1.61M | SH | $557.05M 9.64% | 1.22M | 0.00 | 397.44K |
CUMMINS INCSOLE | COM | 1.10M | SH | $466.53M 8.07% | 797.94K | 0.00 | 306.62K |
OREILLY AUTOMOTIVE INCSOLE | COM | 3.78M | SH | $407.35M 7.05% | 2.67M | 0.00 | 1.11M |
PROGRESSIVE CORPSOLE | COM | 1.58M | SH | $389.55M 6.74% | 1.19M | 0.00 | 384.35K |
MASTERCARD INCORPORATEDSOLE | CL A | 593.71K | SH | $337.71M 5.84% | 413.59K | 0.00 | 180.12K |
VISA INCSOLE | COM CL A | 982.79K | SH | $335.51M 5.81% | 714K | 0.00 | 268.79K |
DOMINOS PIZZA INCSOLE | COM | 744.51K | SH | $321.41M 5.56% | 564.86K | 0.00 | 179.66K |
MOODYS CORPSOLE | COM | 537.13K | SH | $255.93M 4.43% | 398.53K | 0.00 | 138.59K |
ARCH CAP GROUP LTDSOLE | ORD | 2.72M | SH | $247.21M 4.28% | 2.06M | 0.00 | 665.87K |
EXPEDITORS INTL WASH INCSOLE | COM | 1.94M | SH | $238.16M 4.12% | 1.43M | 0.00 | 512.12K |
NVR INCSOLE | COM | 25.04K | SH | $201.20M 3.48% | 18.67K | 0.00 | 6.37K |
DISNEY WALT COSOLE | COM | 1.63M | SH | $187.19M 3.24% | 1.27M | 0.00 | 365.78K |
FASTENAL COSOLE | COM | 3.75M | SH | $183.88M 3.18% | 2.55M | 0.00 | 1.19M |
TJX COS INC NEWSOLE | COM | 1.12M | SH | $161.69M 2.80% | 829.75K | 0.00 | 288.89K |
STRATEGIC ED INCSOLE | COM | 1.59M | SH | $136.38M 2.36% | 1.16M | 0.00 | 421.02K |