Marshfield Associates
Net seller this quarter
$4.26B
17
-$1.15B
79.7%
Holdings
| Company | Value | % of portfolio | % of company | POSITION CHANGE qoq % | First reported |
|---|---|---|---|---|---|
| Q2 2026 | |||||
 UNH | $634M | 14.87% | 0.17% | -19.3% | Q2 2025 |
 PGR | $470M | 11.03% | 0.37% | -12.3% | Q2 2021 |
 AZO | $436M | 10.22% | 0.84% | -17.4% | Q2 2017 |
 V | $355M | 8.32% | 0.06% | -17.6% | Q2 2013 |
 ACGL | $323M | 7.58% | 0.95% | +9.2% | Q2 2013 |
 MA | $294M | 6.89% | 0.05% | -4.6% | Q2 2013 |
 EXPD | $253M | 5.94% | 1.20% | -20.4% | Q2 2013 |
 ORLY | $252M | 5.92% | 0.34% | -22.0% | Q3 2017 |
 MCO | $191M | 4.49% | 0.24% | -21.6% | Q2 2013 |
 DPZ | $189M | 4.43% | 1.92% | -15.4% | Q2 2022 |
 NKE | $178M | 4.18% | 0.25% | New | Q2 2026 |
 NVR | $137M | 3.22% | 0.75% | -20.8% | Q2 2013 |
 TJX | $132M | 3.10% | 0.08% | -20.0% | Q2 2020 |
 ROST | $127M | 2.97% | 0.19% | -67.3% | Q3 2015 |
 DIS | $125M | 2.93% | 0.07% | -21.0% | Q3 2023 |
 FAST | $124M | 2.90% | 0.22% | -22.2% | Q2 2013 |
 STRA | $42.8M | 1.00% | 2.52% | -29.5% | Q3 2018 |
| Q1 2026 | |||||
| AZO | $557M | 11.16% | 1.00% | -5.7% | Q2 2017 |
| UNH | $512M | 10.25% | 0.21% | +14.0% | Q2 2025 |
| PGR | $487M | 9.75% | 0.42% | -2.8% | Q2 2021 |
| ROST | $394M | 7.89% | 0.56% | -33.0% | Q3 2015 |
| V | $379M | 7.60% | 0.07% | +22.0% | Q2 2013 |
| ORLY | $324M | 6.50% | 0.42% | -10.1% | Q3 2017 |
| MA | $300M | 6.01% | 0.05% | -4.2% | Q2 2013 |
| ACGL | $293M | 5.87% | 0.86% | +5.7% | Q2 2013 |
| EXPD | $280M | 5.60% | 1.48% | -4.9% | Q2 2013 |
| DPZ | $271M | 5.43% | 2.25% | -3.8% | Q2 2022 |
 CMI | $241M | 4.84% | 0.33% | -41.2% | Q3 2015 |
| MCO | $235M | 4.71% | 0.31% | -4.4% | Q2 2013 |
| TJX | $174M | 3.49% | 0.10% | -6.7% | Q2 2020 |
| NVR | $168M | 3.35% | 0.91% | -5.4% | Q2 2013 |
| DIS | $158M | 3.17% | 0.09% | -3.1% | Q3 2023 |
| FAST | $154M | 3.08% | 0.29% | -11.7% | Q2 2013 |
| STRA | $65.8M | 1.32% | 3.51% | -46.4% | Q3 2018 |
| Q4 2025 | |||||
| AZO | $593M | 10.40% | 1.06% | +1.5% | Q2 2017 |
| PGR | $575M | 10.08% | 0.43% | +60.1% | Q2 2021 |
| UNH | $547M | 9.60% | 0.18% | +2.8% | Q2 2025 |
| ROST | $489M | 8.57% | 0.84% | -32.5% | Q3 2015 |
| CMI | $390M | 6.83% | 0.55% | -30.9% | Q3 2015 |
| V | $361M | 6.33% | 0.05% | +4.7% | Q2 2013 |
| MA | $358M | 6.27% | 0.05% | +5.6% | Q2 2013 |
| ORLY | $356M | 6.25% | 0.46% | +3.4% | Q3 2017 |
| DPZ | $327M | 5.74% | 2.33% | +5.4% | Q2 2022 |
| EXPD | $306M | 5.36% | 1.53% | +5.7% | Q2 2013 |
| MCO | $288M | 5.05% | 0.32% | +4.9% | Q2 2013 |
| ACGL | $277M | 4.85% | 0.80% | +6.0% | Q2 2013 |
| NVR | $196M | 3.43% | 0.96% | +7.2% | Q2 2013 |
| DIS | $193M | 3.38% | 0.10% | +3.7% | Q3 2023 |
| TJX | $180M | 3.15% | 0.11% | +4.5% | Q2 2020 |
| FAST | $150M | 2.64% | 0.33% | 0.0% | Q2 2013 |
| STRA | $119M | 2.08% | 6.44% | -6.8% | Q3 2018 |
| Q3 2025 | |||||
| AZO | $739M | 12.79% | 1.03% | +3.2% | Q2 2017 |
| ROST | $613M | 10.60% | 1.24% | +4.1% | Q3 2015 |
| UNH | $557M | 9.64% | 0.18% | +58.4% | Q2 2025 |
| CMI | $467M | 8.07% | 0.80% | +4.6% | Q3 2015 |
| ORLY | $407M | 7.05% | 0.45% | -2.0% | Q3 2017 |
| PGR | $390M | 6.74% | 0.27% | +70.8% | Q2 2021 |
| MA | $338M | 5.84% | 0.05% | +4.8% | Q2 2013 |
| V | $336M | 5.81% | 0.05% | +3.8% | Q2 2013 |
| DPZ | $321M | 5.56% | 2.19% | +4.0% | Q2 2022 |
| MCO | $256M | 4.43% | 0.30% | +4.1% | Q2 2013 |
| ACGL | $247M | 4.28% | 0.73% | +5.5% | Q2 2013 |
| EXPD | $238M | 4.12% | 1.45% | +4.6% | Q2 2013 |
| NVR | $201M | 3.48% | 0.87% | +4.7% | Q2 2013 |
| DIS | $187M | 3.24% | 0.09% | +3.8% | Q3 2023 |
| FAST | $184M | 3.18% | 0.33% | -5.5% | Q2 2013 |
| TJX | $162M | 2.80% | 0.10% | +4.7% | Q2 2020 |
| STRA | $136M | 2.36% | 6.75% | -12.4% | Q3 2018 |