MARSHFIELD ASSOCIATES

PrivateCIK: 914976

Location

WASHINGTON, DC

Positions

$4.99B

Total AUM (reported)

25.31M

Total Shares

Allocation by class

COM$4.02B80.5%

COM CL A$379.30M7.6%

CL A$299.87M6.0%

ORD$292.91M5.9%

Portfolio Concentration

Top 3$1.56B31.2%

4–10$2.24B44.9%

11–25$1.20B24.0%

Top 3 weight

31.2%

Top 10 weight

76.0%

Voting Authority Distribution

Total shares with voting rights: 25.31M

Sole

Full voting authority

18.33M

% of voting shares72.4%

Shared

Joint voting authority

0.00

% of voting shares0.0%

None

No voting authority

6.97M

% of voting shares27.6%

Investment Discretion (by position count)

Sole17

Shared0

Other0

Dominant voting typeSole · 72.4% of voting shares

Institutional Holdings17

Rows:

AUTOZONE INC

SOLE

COM

Shares165.03K

TypeSH

Market value$557.45M

11.16%

Sole

121.86K

Shared

0.00

None

43.17K

UNITEDHEALTH GROUP INC

SOLE

COM

Shares1.89M

TypeSH

Market value$511.60M

10.25%

Sole

1.43M

Shared

0.00

None

460.41K

PROGRESSIVE CORP

SOLE

COM

Shares2.46M

TypeSH

Market value$486.76M

9.75%

Sole

1.83M

Shared

0.00

None

620.86K

ROSS STORES INC

SOLE

COM

Shares1.82M

TypeSH

Market value$394.01M

7.89%

Sole

1.32M

Shared

0.00

None

497.36K

VISA INC

SOLE

COM CL A

Shares1.25M

TypeSH

Market value$379.30M

7.60%

Sole

952.17K

Shared

0.00

None

302.80K

OREILLY AUTOMOTIVE INC

SOLE

COM

Shares3.51M

TypeSH

Market value$324.35M

6.50%

Sole

2.43M

Shared

0.00

None

1.08M

MASTERCARD INCORPORATED

SOLE

CL A

Shares600.15K

TypeSH

Market value$299.87M

6.01%

Sole

410.87K

Shared

0.00

None

189.28K

ARCH CAP GROUP LTD

SOLE

ORD

Shares3.05M

TypeSH

Market value$292.91M

5.87%

Sole

2.25M

Shared

0.00

None

797.28K

EXPEDITORS INTL WASH INC

SOLE

COM

Shares1.95M

TypeSH

Market value$279.73M

5.60%

Sole

1.41M

Shared

0.00

None

546.75K

DOMINOS PIZZA INC

SOLE

COM

Shares755.14K

TypeSH

Market value$270.94M

5.43%

Sole

549.02K

Shared

0.00

None

206.12K

CUMMINS INC

SOLE

COM

Shares448.78K

TypeSH

Market value$241.45M

4.84%

Sole

309.61K

Shared

0.00

None

139.18K

MOODYS CORP

SOLE

COM

Shares538.99K

TypeSH

Market value$235.14M

4.71%

Sole

384.67K

Shared

0.00

None

154.33K

TJX COS INC NEW

SOLE

COM

Shares1.09M

TypeSH

Market value$174.26M

3.49%

Sole

799.55K

Shared

0.00

None

291.61K

NVR INC

SOLE

COM

Shares25.42K

TypeSH

Market value$167.51M

3.35%

Sole

18.37K

Shared

0.00

None

7.05K

DISNEY WALT CO

SOLE

COM

Shares1.64M

TypeSH

Market value$158.33M

3.17%

Sole

1.23M

Shared

0.00

None

413.14K

FASTENAL CO

SOLE

COM

Shares3.31M

TypeSH

Market value$153.55M

3.08%

Sole

2.26M

Shared

0.00

None

1.05M

STRATEGIC ED INC

SOLE

COM

Shares792.93K

TypeSH

Market value$65.78M

1.32%

Sole

618.43K

Shared

0.00

None

174.50K

Issuer	Class	Shares	Type	Value / Portfolio %	Voting — Sole	None
AUTOZONE INCSOLE	COM	165.03K	SH	$557.45M 11.16%	121.86K	43.17K
UNITEDHEALTH GROUP INCSOLE	COM	1.89M	SH	$511.60M 10.25%	1.43M	460.41K
PROGRESSIVE CORPSOLE	COM	2.46M	SH	$486.76M 9.75%	1.83M	620.86K
ROSS STORES INCSOLE	COM	1.82M	SH	$394.01M 7.89%	1.32M	497.36K
VISA INCSOLE	COM CL A	1.25M	SH	$379.30M 7.60%	952.17K	302.80K
OREILLY AUTOMOTIVE INCSOLE	COM	3.51M	SH	$324.35M 6.50%	2.43M	1.08M
MASTERCARD INCORPORATEDSOLE	CL A	600.15K	SH	$299.87M 6.01%	410.87K	189.28K
ARCH CAP GROUP LTDSOLE	ORD	3.05M	SH	$292.91M 5.87%	2.25M	797.28K
EXPEDITORS INTL WASH INCSOLE	COM	1.95M	SH	$279.73M 5.60%	1.41M	546.75K
DOMINOS PIZZA INCSOLE	COM	755.14K	SH	$270.94M 5.43%	549.02K	206.12K
CUMMINS INCSOLE	COM	448.78K	SH	$241.45M 4.84%	309.61K	139.18K
MOODYS CORPSOLE	COM	538.99K	SH	$235.14M 4.71%	384.67K	154.33K
TJX COS INC NEWSOLE	COM	1.09M	SH	$174.26M 3.49%	799.55K	291.61K
NVR INCSOLE	COM	25.42K	SH	$167.51M 3.35%	18.37K	7.05K
DISNEY WALT COSOLE	COM	1.64M	SH	$158.33M 3.17%	1.23M	413.14K
FASTENAL COSOLE	COM	3.31M	SH	$153.55M 3.08%	2.26M	1.05M
STRATEGIC ED INCSOLE	COM	792.93K	SH	$65.78M 1.32%	618.43K	174.50K