Filed: 2/17/2026ACC: 0001172661-26-001075
📋 What this filing means
MARSHFIELD ASSOCIATES filed this quarterly 13F‑HR report disclosing 17 equity positions with a total reported market value of $5.70B. This filing provides a transparent view of the manager's long equity holdings as of the quarter end.
17
Positions
$5.70B
Total AUM (reported)
27.81M
Total Shares
Allocation by class
COM$4.71B82.5%
COM CL A$360.89M6.3%
CL A$357.76M6.3%
ORD$276.92M4.9%
Portfolio Concentration
Top 3$1.72B30.1%
4–10$2.59B45.3%
11–25$1.40B24.6%
Top 3 weight
30.1%
Top 10 weight
75.4%
Voting Authority Distribution
Total shares with voting rights: 27.81M
Sole
Full voting authority
19.08M
shares
% of voting shares68.6%
Shared
Joint voting authority
0.00
shares
% of voting shares0.0%
None
No voting authority
8.72M
shares
% of voting shares31.4%
Investment Discretion (by position count)
Sole17
Shared0
Other0
Dominant voting typeSole · 68.6% of voting shares
Institutional Holdings17
Rows:
AUTOZONE INC
SOLEShares174.92K
TypeSH
Market value$593.24M
10.40%
Sole
123.84K
Shared
0.00
None
51.08K
PROGRESSIVE CORP
SOLEShares2.53M
TypeSH
Market value$575.16M
10.08%
Sole
1.85M
Shared
0.00
None
675.22K
UNITEDHEALTH GROUP INC
SOLEShares1.66M
TypeSH
Market value$547.48M
9.60%
Sole
1.21M
Shared
0.00
None
448.52K
ROSS STORES INC
SOLEShares2.71M
TypeSH
Market value$488.96M
8.57%
Sole
1.83M
Shared
0.00
None
883.49K
CUMMINS INC
SOLEShares763.65K
TypeSH
Market value$389.80M
6.83%
Sole
494.79K
Shared
0.00
None
268.86K
VISA INC
SOLEShares1.03M
TypeSH
Market value$360.89M
6.33%
Sole
715.89K
Shared
0.00
None
313.14K
MASTERCARD INCORPORATED
SOLEShares626.68K
TypeSH
Market value$357.76M
6.27%
Sole
415.40K
Shared
0.00
None
211.28K
OREILLY AUTOMOTIVE INC
SOLEShares3.91M
TypeSH
Market value$356.32M
6.25%
Sole
2.48M
Shared
0.00
None
1.43M
DOMINOS PIZZA INC
SOLEShares784.99K
TypeSH
Market value$327.20M
5.74%
Sole
561.70K
Shared
0.00
None
223.29K
EXPEDITORS INTL WASH INC
SOLEShares2.05M
TypeSH
Market value$305.85M
5.36%
Sole
1.44M
Shared
0.00
None
617.38K
MOODYS CORP
SOLEShares563.56K
TypeSH
Market value$287.89M
5.05%
Sole
398.05K
Shared
0.00
None
165.50K
ARCH CAP GROUP LTD
SOLEShares2.89M
TypeSH
Market value$276.92M
4.85%
Sole
2.08M
Shared
0.00
None
803.56K
NVR INC
SOLEShares26.86K
TypeSH
Market value$195.85M
3.43%
Sole
18.70K
Shared
0.00
None
8.15K
DISNEY WALT CO
SOLEShares1.70M
TypeSH
Market value$192.86M
3.38%
Sole
1.26M
Shared
0.00
None
439.21K
TJX COS INC NEW
SOLEShares1.17M
TypeSH
Market value$179.55M
3.15%
Sole
818.22K
Shared
0.00
None
350.64K
FASTENAL CO
SOLEShares3.75M
TypeSH
Market value$150.47M
2.64%
Sole
2.30M
Shared
0.00
None
1.45M
STRATEGIC ED INC
SOLEShares1.48M
TypeSH
Market value$118.58M
2.08%
Sole
1.10M
Shared
0.00
None
382K
| Issuer | Class | Shares | Type | Value / Portfolio % | Voting — Sole | Shared | None |
|---|---|---|---|---|---|---|---|
AUTOZONE INCSOLE | COM | 174.92K | SH | $593.24M 10.40% | 123.84K | 0.00 | 51.08K |
PROGRESSIVE CORPSOLE | COM | 2.53M | SH | $575.16M 10.08% | 1.85M | 0.00 | 675.22K |
UNITEDHEALTH GROUP INCSOLE | COM | 1.66M | SH | $547.48M 9.60% | 1.21M | 0.00 | 448.52K |
ROSS STORES INCSOLE | COM | 2.71M | SH | $488.96M 8.57% | 1.83M | 0.00 | 883.49K |
CUMMINS INCSOLE | COM | 763.65K | SH | $389.80M 6.83% | 494.79K | 0.00 | 268.86K |
VISA INCSOLE | COM CL A | 1.03M | SH | $360.89M 6.33% | 715.89K | 0.00 | 313.14K |
MASTERCARD INCORPORATEDSOLE | CL A | 626.68K | SH | $357.76M 6.27% | 415.40K | 0.00 | 211.28K |
OREILLY AUTOMOTIVE INCSOLE | COM | 3.91M | SH | $356.32M 6.25% | 2.48M | 0.00 | 1.43M |
DOMINOS PIZZA INCSOLE | COM | 784.99K | SH | $327.20M 5.74% | 561.70K | 0.00 | 223.29K |
EXPEDITORS INTL WASH INCSOLE | COM | 2.05M | SH | $305.85M 5.36% | 1.44M | 0.00 | 617.38K |
MOODYS CORPSOLE | COM | 563.56K | SH | $287.89M 5.05% | 398.05K | 0.00 | 165.50K |
ARCH CAP GROUP LTDSOLE | ORD | 2.89M | SH | $276.92M 4.85% | 2.08M | 0.00 | 803.56K |
NVR INCSOLE | COM | 26.86K | SH | $195.85M 3.43% | 18.70K | 0.00 | 8.15K |
DISNEY WALT COSOLE | COM | 1.70M | SH | $192.86M 3.38% | 1.26M | 0.00 | 439.21K |
TJX COS INC NEWSOLE | COM | 1.17M | SH | $179.55M 3.15% | 818.22K | 0.00 | 350.64K |
FASTENAL COSOLE | COM | 3.75M | SH | $150.47M 2.64% | 2.30M | 0.00 | 1.45M |
STRATEGIC ED INCSOLE | COM | 1.48M | SH | $118.58M 2.08% | 1.10M | 0.00 | 382K |