Marshfield Associates Institutional Portfolio (13F)

CIK: 0000914976

Momentum followerQuality / disciplined sizingSector-focused

Total reported value

$5.0B

Reporting period: 2026-03-31 · Number of holdings: 17

MARSHFIELD ASSOCIATES disclosed 17 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $5.0B and a quarterly turnover rate of 14.7%.

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Personality snowflake

Concentration: 28.34
Portfolio Stability: 14.71
Momentum/Contrarian: 100
Sector conviction: 88.7
Diversification: 34
Sizing Uniformity: 95.34

Marshfield Associates's disclosed holdings carry a Herfindahl concentration index of 0.071 — mathematically equivalent to about 14 equally-sized positions, close to its 17 actual disclosed holdings. Value is spread relatively evenly across the portfolio rather than concentrated in a handful of names.

Position sizes are fairly uniform across the portfolio (a coefficient of variation of 0.47), suggesting a disciplined, rules-based approach to how much capital goes into each idea.

Recent activity leans toward adding more aggressively to already-large existing positions than to newly initiated ones (a 6.9 percentage-point tilt) — a pattern consistent with a momentum-following approach.

Recent moves

Trim CMI
-41.2%　-$148.4M
Add V
+22.0%　$18.4M
Add ACGL
+5.7%　$16.0M
Trim STRA
-46.4%　-$52.8M
Add AZO
-5.7%　-$35.8M
Trim ROST
-33.0%　-$95.0M

Holdings Map

New buyAddUnchangedTrim

Top 10 holdings by weight

Full holdings list this quarter

#	Ticker	Issuer	Asset Subclass	Weight	Weight Change	Shares Change
1	AZO	Autozone INC	Stock-Consumer Disc	11.16%	+0.76%	-5.65%
2	UNH	Unitedhealth Group INC	Stock-Healthcare	10.25%	+0.65%	+14.00%
3	PGR	Progressive CORP	Stock-Financials	9.75%	-0.33%	-2.79%
4	ROST	Ross Stores INC	Stock-Consumer Disc	7.89%	-0.68%	-32.99%
5	V	Visa Inc-class A Shares	Stock-Financials	7.60%	+1.27%	+21.96%
6	ORLY	O'reilly Automotive INC	Stock-Consumer Disc	6.50%	+0.25%	-10.06%
7	MA	Mastercard INC - A	Stock-Financials	6.01%	-0.26%	-4.23%
8	ACGL	Arch Capital Group Ltd.	Stock-Financials	5.87%	+1.02%	+5.70%
9	EXPD	Expeditors Intl Wash INC	Stock-Industrials	5.60%	+0.24%	-4.85%
10	DPZ	Domino's Pizza INC	Stock-Consumer Disc	5.43%	-0.31%	-3.80%
11	CMI	Cummins INC	Stock-Industrials	4.84%	-1.99%	-41.23%
12	MCO	Moody's CORP	Stock-Financials	4.71%	-0.34%	-4.36%
13	TJX	Tjx Companies INC	Stock-Consumer Disc	3.49%	+0.34%	-6.65%
14	NVR	Nvr INC	Stock-Consumer Disc	3.35%	-0.07%	-5.35%
15	DIS	Walt Disney Co/the	Stock-Comm Services	3.17%	-0.21%	-3.09%
16	FAST	Fastenal Co	Stock-Industrials	3.08%	+0.44%	-11.74%
17	STRA	Strategic Education INC	Stock-Other	1.32%	-0.76%	-46.37%

Portfolio Performance

Performance for Q3 2026

+3.7%

Performance Last 4 Quarters

+9.6%

Based on 82% of reported portfolio value with available pricing

Stdev: +14%
Beta: +0.63
Alpha: +3.4%
Max Drawdown: -7.7%
Annualized Perf: +15.1%
Batting Avg vs S&P: +47.2%
Sortino: +2.05
Stutzer: +0.32
Treynor: +0.24
Sterling: +0.99
Calmar: +1.96
Information Ratio: -0.27
Tracking Error: +12.3%
Stdev Down: +7.4%
Winning Months %: +61.1%
Losing Months %: +38.9%
Best 12 Months: +36.1%
Worst 12 Months: -0.8%
Efficiency Ratio: +0.43
Sharpe: +1.08
Stdev Sectors: +13.8%
Skewness: -0.02
Kurtosis: -0.68
Upside Potential: +3.76

Reported value over time

Sector allocation

Sector allocation over time

Quarterly history

Period	Holdings	Total value	Stability	Top holdings
2026-03-31	17	$5.0B	15	1AZO 2UNH 3PGR Top holdings2026-03-31 1.AZO 2.UNH 3.PGR 4.ROST 5.V 6.ORLY 7.MA 8.ACGL 9.EXPD 10.DPZ
2025-12-31	17	$5.7B	15	1AZO 2PGR 3UNH Top holdings2025-12-31 1.AZO 2.PGR 3.UNH 4.ROST 5.CMI 6.V 7.MA 8.ORLY 9.DPZ 10.EXPD
2025-09-30	17	$5.8B	24	1AZO 2ROST 3UNH Top holdings2025-09-30 1.AZO 2.ROST 3.UNH 4.CMI 5.ORLY 6.PGR 7.MA 8.V 9.DPZ 10.MCO
2025-06-30	19	$4.9B	0	1AZO 2ROST 3ORLY Top holdings2025-06-30 1.AZO 2.ROST 3.ORLY 4.CMI 5.V 6.DPZ 7.MA 8.UNH 9.MCO 10.PGR
2025-03-31	18	$4.6B	100	1AZO 2ROST 3ORLY Top holdings2025-03-31 1.AZO 2.ROST 3.ORLY 4.V 5.DPZ 6.CMI 7.MA 8.PGR 9.ACGL 10.MCO
2024-12-31	18	$4.6B	0	1ROST 2AZO 3CMI Top holdings2024-12-31 1.ROST 2.AZO 3.CMI 4.ORLY 5.DPZ 6.V 7.MA 8.TJX 9.MCO 10.ACGL
2024-09-30	19	$4.7B	0	1ROST 2AZO 3ACGL Top holdings2024-09-30 1.ROST 2.AZO 3.ACGL 4.ORLY 5.CMI 6.DPZ 7.TJX 8.MA 9.V 10.MCO
2024-06-30	19	$4.5B	0	1ROST 2AZO 3ACGL Top holdings2024-06-30 1.ROST 2.AZO 3.ACGL 4.DPZ 5.ORLY 6.CMI 7.TJX 8.NVR 9.V 10.MA
2024-03-31	19	$4.9B	0	1ROST 2AZO 3ACGL Top holdings2024-03-31 1.ROST 2.AZO 3.ACGL 4.TJX 5.DPZ 6.ORLY 7.CMI 8.NVR 9.MA 10.PGR
2023-12-31	21	$4.9B	0	1ROST 2AZO 3ACGL Top holdings2023-12-31 1.ROST 2.AZO 3.ACGL 4.GS 5.TJX 6.DPZ 7.ORLY 8.DFSEUR 9.CMI 10.V
2023-09-30	22	$4.0B	0	1ACGL 2ROST 3AZO Top holdings2023-09-30 1.ACGL 2.ROST 3.AZO 4.TJX 5.GS 6.ORLY 7.DPZ 8.CMI 9.MA 10.V
2023-06-30	21	$3.8B	0	1ACGL 2ROST 3AZO Top holdings2023-06-30 1.ACGL 2.ROST 3.AZO 4.TJX 5.GS 6.ORLY 7.CMI 8.DPZ 9.EXPD 10.V
2023-03-31	20	$3.4B	0	1ACGL 2ROST 3AZO Top holdings2023-03-31 1.ACGL 2.ROST 3.AZO 4.GS 5.TJX 6.ORLY 7.CMI 8.DPZ 9.STRA 10.V
2022-12-31	17	$3.2B	0	1ROST 2ACGL 3AZO Top holdings2022-12-31 1.ROST 2.ACGL 3.AZO 4.GS 5.TJX 6.CMI 7.ORLY 8.DPZ 9.V 10.STRA
2022-09-30	17	$2.6B	0	1AZO 2ACGL 3ROST Top holdings2022-09-30 1.AZO 2.ACGL 3.ROST 4.GS 5.TJX 6.CMI 7.ORLY 8.DPZ 9.V 10.PGR
2022-06-30	17	$2.6B	0	1AZO 2ACGL 3GS Top holdings2022-06-30 1.AZO 2.ACGL 3.GS 4.ROST 5.CMI 6.TJX 7.DPZ 8.ORLY 9.V 10.STRA
2022-03-31	17	$2.5B	0	1AZO 2ACGL 3GS Top holdings2022-03-31 1.AZO 2.ACGL 3.GS 4.CMI 5.ROST 6.ORLY 7.V 8.MA 9.EXPD 10.STRA
2021-12-31	16	$2.5B	0	1AZO 2GS 3ACGL Top holdings2021-12-31 1.AZO 2.GS 3.ACGL 4.CMI 5.EXPD 6.ORLY 7.V 8.MA 9.ROST 10.MCO
2021-09-30	16	$2.3B	0	1GS 2AZO 3ACGL Top holdings2021-09-30 1.GS 2.AZO 3.ACGL 4.CMI 5.V 6.MA 7.EXPD 8.ORLY 9.ROST 10.MCO
2021-06-30	17	$2.4B	93	1GS 2MCO 3ACGL Top holdings2021-06-30 1.GS 2.MCO 3.ACGL 4.AZO 5.CMI 6.V 7.ROST 8.EXPD 9.MA 10.ORLY
2021-03-31	17	$2.1B	14	1GS 2CMI 3ACGL Top holdings2021-03-31 1.GS 2.CMI 3.ACGL 4.AZO 5.MCO 6.MA 7.ROST 8.V 9.EXPD 10.ORLY
2020-12-31	17	$2.1B	12	1DE 2ACGL 3CMI Top holdings2020-12-31 1.DE 2.ACGL 3.CMI 4.MCO 5.GS 6.AZO 7.MA 8.ROST 9.V 10.EXPD
2020-09-30	18	$2.1B	15	1MCO 2CMI 3DE Top holdings2020-09-30 1.MCO 2.CMI 3.DE 4.AZO 5.MA 6.ACGL 7.V 8.GS 9.ROST 10.EXPD
2020-06-30	18	$1.9B	19	1MCO 2AZO 3ACGL Top holdings2020-06-30 1.MCO 2.AZO 3.ACGL 4.CMI 5.CMG 6.V 7.MA 8.GS 9.DE 10.ROST
2020-03-31	18	$1.6B	25	1MCO 2ACGL 3AZO Top holdings2020-03-31 1.MCO 2.ACGL 3.AZO 4.V 5.ROST 6.CMI 7.MA 8.DE 9.GS 10.FAST
2019-12-31	17	$1.9B	19	1MCO 2ACGL 3AZO Top holdings2019-12-31 1.MCO 2.ACGL 3.AZO 4.MA 5.DE 6.V 7.FAST 8.GS 9.ORLY 10.CMI
2019-09-30	17	$1.6B	6	1MCO 2ACGL 3AZO Top holdings2019-09-30 1.MCO 2.ACGL 3.AZO 4.MA 5.DE 6.V 7.FAST 8.ORLY 9.GS 10.CMI
2019-06-30	18	$1.6B	15	1MCO 2ACGL 3AZO Top holdings2019-06-30 1.MCO 2.ACGL 3.AZO 4.MA 5.DE 6.V 7.FAST 8.CMI 9.GS 10.ORLY
2019-03-31	18	$1.6B	21	1MCO 2CMG 3ACGL Top holdings2019-03-31 1.MCO 2.CMG 3.ACGL 4.AZO 5.DE 6.MA 7.V 8.FAST 9.ORLY 10.EXPD
2018-12-31	18	$1.4B	13	1MCO 2ACGL 3DE Top holdings2018-12-31 1.MCO 2.ACGL 3.DE 4.AZO 5.CMG 6.MA 7.ORLY 8.V 9.FAST 10.EXPD
2018-09-30	18	$1.6B	18	1MCO 2ACGL 3DE Top holdings2018-09-30 1.MCO 2.ACGL 3.DE 4.CMG 5.MA 6.GS 7.AZO 8.V 9.FAST 10.EXPD
2018-06-30	19	$1.5B	10	1MCO 2ACGL 3CMG Top holdings2018-06-30 1.MCO 2.ACGL 3.CMG 4.GS 5.DE 6.MA 7.UNP 8.AZO 9.EXPD 10.V
2018-03-31	19	$1.5B	10	1MCO 2ACGL 3GS Top holdings2018-03-31 1.MCO 2.ACGL 3.GS 4.DE 5.CMI 6.MA 7.FAST 8.UNP 9.AZO 10.CMG
2017-12-31	19	$1.5B	13	1MCO 2ACGL 3GS Top holdings2017-12-31 1.MCO 2.ACGL 3.GS 4.DE 5.CMI 6.AZO 7.FAST 8.UNP 9.MA 10.EXPD
2017-09-30	19	$1.5B	13	1MCO 2ACGL 3NVR Top holdings2017-09-30 1.MCO 2.ACGL 3.NVR 4.GS 5.CMI 6.DE 7.AZO 8.UNP 9.MA 10.FAST
2017-06-30	21	$1.3B	11	1MCO 2ACGL 3GS Top holdings2017-06-30 1.MCO 2.ACGL 3.GS 4.NVR 5.DE 6.CMI 7.UNP 8.FAST 9.EXPD 10.YUM
2017-03-31	19	$1.3B	14	1MCO 2ACGL 3GS Top holdings2017-03-31 1.MCO 2.ACGL 3.GS 4.NVR 5.CMI 6.DE 7.FAST 8.UNP 9.EXPD 10.V
2016-12-31	20	$1.3B	14	1ACGL 2GS 3MCO Top holdings2016-12-31 1.ACGL 2.GS 3.MCO 4.DE 5.CMI 6.FAST 7.NVR 8.UNP 9.EXPD 10.WFC
2016-09-30	19	$1.3B	12	1MCO 2ACGL 3YUM Top holdings2016-09-30 1.MCO 2.ACGL 3.YUM 4.GS 5.CMI 6.NVR 7.WFC 8.FAST 9.DE 10.UNP
2016-06-30	22	$1.4B	11	1MCO 2ACGL 3GS Top holdings2016-06-30 1.MCO 2.ACGL 3.GS 4.WFC 5.NVR 6.FAST 7.YUM 8.CMI 9.DE 10.EXPD
2016-03-31	22	$1.4B	15	1MCO 2ACGL 3FAST Top holdings2016-03-31 1.MCO 2.ACGL 3.FAST 4.GS 5.WFC 6.NVR 7.YUM 8.CMI 9.H01531 10.DE
2015-12-31	23	$1.4B	9	1MCO 2ACGL 3WFC Top holdings2015-12-31 1.MCO 2.ACGL 3.WFC 4.GS 5.NVR 6.FAST 7.YUM 8.H01531 9.DE 10.TOL
2015-09-30	23	$1.3B	19	1ACGL 2MCO 3WFC Top holdings2015-09-30 1.ACGL 2.MCO 3.WFC 4.GS 5.NVR 6.H01531 7.YUM 8.FAST 9.DE 10.TOL
2015-06-30	23	$1.3B	12	1MCO 2ACGL 3GS Top holdings2015-06-30 1.MCO 2.ACGL 3.GS 4.WFC 5.YUM 6.H01531 7.TOL 8.NVR 9.MA 10.USB
2015-03-31	23	$1.3B	10	1WFC 2MCO 3ACGL Top holdings2015-03-31 1.WFC 2.MCO 3.ACGL 4.GS 5.H01531 6.YUM 7.TOL 8.USB 9.EXPD 10.NVR
2014-12-31	24	$1.4B	7	1WFC 2MCO 3ACGL Top holdings2014-12-31 1.WFC 2.MCO 3.ACGL 4.GS 5.H01531 6.YUM 7.TOL 8.USB 9.MA 10.NVR
2014-09-30	24	$1.3B	100	1WFC 2MCO 3ACGL Top holdings2014-09-30 1.WFC 2.MCO 3.ACGL 4.GS 5.H01531 6.YUM 7.TOL 8.USB 9.BRO 10.NVR
2014-06-30	23	$1.4B	100	19500002ACGL3615000 Top holdings2014-06-30 1.950000 2.ACGL 3.615000 4.GS 5.115000 6.988000 7.889000 8.H01531 9.903000 10.527000
2014-03-31	25	$1.4B	7	1WFC 2ACGL 3MCO Top holdings2014-03-31 1.WFC 2.ACGL 3.MCO 4.BRO 5.YUM 6.GS 7.TOL 8.H01531 9.USB 10.527288
2013-12-31	25	$1.3B	12	1WFC 2ACGL 3MCO Top holdings2013-12-31 1.WFC 2.ACGL 3.MCO 4.BRO 5.GS 6.YUM 7.TOL 8.527288 9.USB 10.NVR
2013-09-30	27	$1.3B	12	1WFC 2ACGL 3BRO Top holdings2013-09-30 1.WFC 2.ACGL 3.BRO 4.MCO 5.YUM 6.GS 7.TOL 8.527288 9.USB 10.EXPD
2013-06-30	27	$1.3B	0	1WFC 2ACGL 3BRO Top holdings2013-06-30 1.WFC 2.ACGL 3.BRO 4.YUM 5.MCO 6.GS 7.TOL 8.527288 9.FRFHF 10.USB

Holding changes this quarter

Marshfield Associates's most significant position changes for 2026-03-31: Trim: Cummins INC (CMI) — shares -41.23%; Add: Visa Inc-class A Shares (V) — shares +21.96%; Add: Arch Capital Group Ltd. (ACGL) — shares +5.70%; Trim: Strategic Education INC (STRA) — shares -46.37%; Trim: Autozone INC (AZO) — shares -5.65%.

Position changes disclosed by Marshfield Associates for the quarter ending 2026-03-31, including ticker, issuer, weight change, shares change, and action
#	Ticker	Issuer	Weight Change	Shares Change	Action
1	V	Visa Inc-class A Shares	+1.3%	+21.96%	Add
2	ACGL	Arch Capital Group Ltd.	+1%	+5.70%	Add
3	AZO	Autozone INC	+0.8%	-5.65%	Trim
4	UNH	Unitedhealth Group INC	+0.7%	+14.00%	Add
5	FAST	Fastenal Co	+0.4%	-11.74%	Trim
6	TJX	Tjx Companies INC	+0.3%	-6.65%	Trim
7	ORLY	O'reilly Automotive INC	+0.3%	-10.06%	Trim
8	EXPD	Expeditors Intl Wash INC	+0.2%	-4.85%	Trim
9	NVR	Nvr INC	-0.1%	-5.35%	Trim
10	DIS	Walt Disney Co/the	-0.2%	-3.09%	Trim
11	MA	Mastercard INC - A	-0.3%	-4.23%	Trim
12	DPZ	Domino's Pizza INC	-0.3%	-3.80%	Trim
13	PGR	Progressive CORP	-0.3%	-2.79%	Trim
14	MCO	Moody's CORP	-0.3%	-4.36%	Trim
15	ROST	Ross Stores INC	-0.7%	-32.99%	Trim
16	STRA	Strategic Education INC	-0.8%	-46.37%	Trim
17	CMI	Cummins INC	-2%	-41.23%	Trim

Filing History

Period	Filed	Type	EDGAR
2026-03-31	2026-05-15	13F-HR	View on EDGAR
2025-12-31	2026-02-17	13F-HR	View on EDGAR
2025-09-30	2025-11-14	13F-HR	View on EDGAR
2025-06-30	2025-08-14	13F-HR	View on EDGAR
2025-03-31	2025-05-15	13F-HR	View on EDGAR
2024-12-31	2025-02-14	13F-HR	View on EDGAR
2024-09-30	2024-11-15	13F-HR	View on EDGAR
2024-06-30	2024-08-14	13F-HR	View on EDGAR
2024-03-31	2024-05-15	13F-HR	View on EDGAR
2023-12-31	2024-02-14	13F-HR	View on EDGAR
2023-09-30	2023-11-14	13F-HR	View on EDGAR
2023-06-30	2023-08-14	13F-HR	View on EDGAR
2023-03-31	2023-05-15	13F-HR	View on EDGAR
2022-12-31	2023-05-09	Amendment	View on EDGAR
2022-12-31	2023-02-14	13F-HR	View on EDGAR
2022-09-30	2023-05-09	Amendment	View on EDGAR
2022-09-30	2022-11-14	13F-HR	View on EDGAR
2022-06-30	2023-05-09	Amendment	View on EDGAR
2022-06-30	2022-08-12	13F-HR	View on EDGAR
2022-03-31	2023-05-09	Amendment	View on EDGAR
2022-03-31	2022-05-13	13F-HR	View on EDGAR
2021-12-31	2023-05-09	Amendment	View on EDGAR
2021-12-31	2022-02-14	13F-HR	View on EDGAR
2021-09-30	2023-05-09	Amendment	View on EDGAR
2021-09-30	2021-11-15	13F-HR	View on EDGAR
2021-06-30	2023-05-09	Amendment	View on EDGAR
2021-06-30	2021-08-16	13F-HR	View on EDGAR
2021-03-31	2023-05-09	Amendment	View on EDGAR
2021-03-31	2021-05-17	13F-HR	View on EDGAR
2020-12-31	2023-05-09	Amendment	View on EDGAR
2020-12-31	2021-02-16	13F-HR	View on EDGAR
2020-09-30	2023-05-09	Amendment	View on EDGAR
2020-09-30	2020-11-13	13F-HR	View on EDGAR
2020-06-30	2023-05-09	Amendment	View on EDGAR
2020-06-30	2020-08-14	13F-HR	View on EDGAR
2020-03-31	2023-05-09	Amendment	View on EDGAR
2020-03-31	2020-05-15	13F-HR	View on EDGAR
2019-12-31	2023-05-09	Amendment	View on EDGAR
2019-12-31	2020-02-18	13F-HR	View on EDGAR
2019-09-30	2023-05-09	Amendment	View on EDGAR
2019-09-30	2019-11-15	13F-HR	View on EDGAR
2019-06-30	2023-05-09	Amendment	View on EDGAR
2019-06-30	2019-08-15	13F-HR	View on EDGAR
2019-03-31	2023-05-09	Amendment	View on EDGAR
2019-03-31	2019-05-16	13F-HR	View on EDGAR
2018-12-31	2023-05-09	Amendment	View on EDGAR
2018-12-31	2019-02-15	13F-HR	View on EDGAR
2018-09-30	2023-05-09	Amendment	View on EDGAR
2018-09-30	2018-11-16	13F-HR	View on EDGAR
2018-06-30	2023-05-09	Amendment	View on EDGAR
2018-06-30	2018-08-15	13F-HR	View on EDGAR
2018-03-31	2023-05-09	Amendment	View on EDGAR
2018-03-31	2018-05-15	13F-HR	View on EDGAR
2017-12-31	2018-02-15	13F-HR	View on EDGAR
2017-09-30	2017-11-15	13F-HR	View on EDGAR
2017-06-30	2017-08-15	13F-HR	View on EDGAR
2017-03-31	2017-05-17	13F-HR	View on EDGAR
2016-12-31	2017-02-15	13F-HR	View on EDGAR
2016-09-30	2016-11-15	13F-HR	View on EDGAR
2016-06-30	2016-08-15	13F-HR	View on EDGAR
2016-03-31	2016-05-16	13F-HR	View on EDGAR
2015-12-31	2016-02-16	13F-HR	View on EDGAR
2015-09-30	2015-11-13	13F-HR	View on EDGAR
2015-06-30	2015-08-14	13F-HR	View on EDGAR
2015-03-31	2015-05-15	13F-HR	View on EDGAR
2014-12-31	2015-02-13	13F-HR	View on EDGAR
2014-09-30	2014-11-14	13F-HR	View on EDGAR
2014-06-30	2014-08-13	13F-HR	View on EDGAR
2014-03-31	2014-05-14	13F-HR	View on EDGAR
2013-12-31	2014-02-14	13F-HR	View on EDGAR
2013-09-30	2013-11-14	13F-HR	View on EDGAR
2013-06-30	2013-08-13	13F-HR	View on EDGAR

FAQ

What is Marshfield Associates and what type of investor is it?

Marshfield Associates is a investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-03-31), the firm manages a tracked equity portfolio valued at approximately $5.0B, spread across 17 disclosed positions.

What are Marshfield Associates's largest equity positions?

Based on the latest 13F filing, Marshfield Associates's top holdings by market value are: 1. Autozone INC (AZO) — $557.4M (11.2%) 2. Unitedhealth Group INC (UNH) — $511.6M (10.3%) 3. Progressive CORP (PGR) — $486.8M (9.8%) 4. Ross Stores INC (ROST) — $394.0M (7.9%) 5. Visa Inc-class A Shares (V) — $379.3M (7.6%)

What changes did Marshfield Associates make in its most recent portfolio filing?

In the latest reported quarter, Marshfield Associates made 17 notable position adjustments: 0 new positions were initiated, 3 existing holdings were added to, 14 positions were partially reduced, and 0 were completely exited. The largest of these moves: Trim: Cummins INC (CMI) — shares -41.23%; Add: Visa Inc-class A Shares (V) — shares +21.96%; Add: Arch Capital Group Ltd. (ACGL) — shares +5.70%; Trim: Strategic Education INC (STRA) — shares -46.37%; Trim: Autozone INC (AZO) — shares -5.65%

What sectors does Marshfield Associates focus on?

Marshfield Associates is concentrated in the following sectors based on its current disclosed equity portfolio: • Consumer Discretionary: 38.3% • Financials: 34.4% • Industrials: 13.7% • Health Care: 10.4% • Communication Services: 3.2%

Peer Institutions

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Portfolio Stability81.1

Sector conviction100.0

AUM within 0.2% of this institution

View detail

Skye Global Management LP

CIK 0001675884

Total reported value

$5.0B

47 stks

2026-03-31

Concentration74.3

Portfolio Stability21.9

Sector conviction88.7

AUM within 0.2% of this institution

View detail

Similar Holdings Style

Institutions with overlapping top holdings

Covey Capital Advisors, LLC

CIK 0001568891

Total reported value

$92.9M

42 stks

2025-06-30

Stale — no recent filing

Concentration20.4

Portfolio Stability0.0

Sector conviction100.0

2 of the top 5 holdings overlap, including Visa Inc-class A Shares

View detail

KG Funds Management LLC

CIK 0001666370

Total reported value

$385.3M

8 stks

2017-12-31

Stale — no recent filing

Concentration57.7

Portfolio Stability49.5

Sector conviction100.0

2 of the top 5 holdings overlap, including Visa Inc-class A Shares

View detail

Red Cedar Capital, LLC

CIK 0001729867

Total reported value

$157.7M

191 stks

2022-12-31

Stale — no recent filing

Concentration17.1

Portfolio Stability0.0

Sector conviction62.7

2 of the top 5 holdings overlap, including Autozone INC

View detail

Marshfield Associates Institutional Portfolio (13F)

CIK: 0000914976

Momentum followerQuality / disciplined sizingSector-focused

Total reported value

$5.0B

Reporting period: 2026-03-31 · Number of holdings: 17

MARSHFIELD ASSOCIATES disclosed 17 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $5.0B and a quarterly turnover rate of 14.7%.

Browse other institutions with $1B to $10B AUM Browse other institutions starting with "M"

Personality snowflake

Concentration: 28.34
Portfolio Stability: 14.71
Momentum/Contrarian: 100
Sector conviction: 88.7
Diversification: 34
Sizing Uniformity: 95.34

Position sizes are fairly uniform across the portfolio (a coefficient of variation of 0.47), suggesting a disciplined, rules-based approach to how much capital goes into each idea.

Recent moves

Trim CMI
-41.2%　-$148.4M
Add V
+22.0%　$18.4M
Add ACGL
+5.7%　$16.0M
Trim STRA
-46.4%　-$52.8M
Add AZO
-5.7%　-$35.8M
Trim ROST
-33.0%　-$95.0M

Holdings Map

New buyAddUnchangedTrim

Top 10 holdings by weight

Full holdings list this quarter

#	Ticker	Issuer	Asset Subclass	Weight	Weight Change	Shares Change
1	AZO	Autozone INC	Stock-Consumer Disc	11.16%	+0.76%	-5.65%
2	UNH	Unitedhealth Group INC	Stock-Healthcare	10.25%	+0.65%	+14.00%
3	PGR	Progressive CORP	Stock-Financials	9.75%	-0.33%	-2.79%
4	ROST	Ross Stores INC	Stock-Consumer Disc	7.89%	-0.68%	-32.99%
5	V	Visa Inc-class A Shares	Stock-Financials	7.60%	+1.27%	+21.96%
6	ORLY	O'reilly Automotive INC	Stock-Consumer Disc	6.50%	+0.25%	-10.06%
7	MA	Mastercard INC - A	Stock-Financials	6.01%	-0.26%	-4.23%
8	ACGL	Arch Capital Group Ltd.	Stock-Financials	5.87%	+1.02%	+5.70%
9	EXPD	Expeditors Intl Wash INC	Stock-Industrials	5.60%	+0.24%	-4.85%
10	DPZ	Domino's Pizza INC	Stock-Consumer Disc	5.43%	-0.31%	-3.80%
11	CMI	Cummins INC	Stock-Industrials	4.84%	-1.99%	-41.23%
12	MCO	Moody's CORP	Stock-Financials	4.71%	-0.34%	-4.36%
13	TJX	Tjx Companies INC	Stock-Consumer Disc	3.49%	+0.34%	-6.65%
14	NVR	Nvr INC	Stock-Consumer Disc	3.35%	-0.07%	-5.35%
15	DIS	Walt Disney Co/the	Stock-Comm Services	3.17%	-0.21%	-3.09%
16	FAST	Fastenal Co	Stock-Industrials	3.08%	+0.44%	-11.74%
17	STRA	Strategic Education INC	Stock-Other	1.32%	-0.76%	-46.37%

Portfolio Performance

Performance for Q3 2026

+3.7%

Performance Last 4 Quarters

+9.6%

Based on 82% of reported portfolio value with available pricing

Stdev: +14%
Beta: +0.63
Alpha: +3.4%
Max Drawdown: -7.7%
Annualized Perf: +15.1%
Batting Avg vs S&P: +47.2%
Sortino: +2.05
Stutzer: +0.32
Treynor: +0.24
Sterling: +0.99
Calmar: +1.96
Information Ratio: -0.27
Tracking Error: +12.3%
Stdev Down: +7.4%
Winning Months %: +61.1%
Losing Months %: +38.9%
Best 12 Months: +36.1%
Worst 12 Months: -0.8%
Efficiency Ratio: +0.43
Sharpe: +1.08
Stdev Sectors: +13.8%
Skewness: -0.02
Kurtosis: -0.68
Upside Potential: +3.76

Reported value over time

Sector allocation

Sector allocation over time

Quarterly history

Period	Holdings	Total value	Stability	Top holdings
2026-03-31	17	$5.0B	15	1AZO 2UNH 3PGR Top holdings2026-03-31 1.AZO 2.UNH 3.PGR 4.ROST 5.V 6.ORLY 7.MA 8.ACGL 9.EXPD 10.DPZ
2025-12-31	17	$5.7B	15	1AZO 2PGR 3UNH Top holdings2025-12-31 1.AZO 2.PGR 3.UNH 4.ROST 5.CMI 6.V 7.MA 8.ORLY 9.DPZ 10.EXPD
2025-09-30	17	$5.8B	24	1AZO 2ROST 3UNH Top holdings2025-09-30 1.AZO 2.ROST 3.UNH 4.CMI 5.ORLY 6.PGR 7.MA 8.V 9.DPZ 10.MCO
2025-06-30	19	$4.9B	0	1AZO 2ROST 3ORLY Top holdings2025-06-30 1.AZO 2.ROST 3.ORLY 4.CMI 5.V 6.DPZ 7.MA 8.UNH 9.MCO 10.PGR
2025-03-31	18	$4.6B	100	1AZO 2ROST 3ORLY Top holdings2025-03-31 1.AZO 2.ROST 3.ORLY 4.V 5.DPZ 6.CMI 7.MA 8.PGR 9.ACGL 10.MCO
2024-12-31	18	$4.6B	0	1ROST 2AZO 3CMI Top holdings2024-12-31 1.ROST 2.AZO 3.CMI 4.ORLY 5.DPZ 6.V 7.MA 8.TJX 9.MCO 10.ACGL
2024-09-30	19	$4.7B	0	1ROST 2AZO 3ACGL Top holdings2024-09-30 1.ROST 2.AZO 3.ACGL 4.ORLY 5.CMI 6.DPZ 7.TJX 8.MA 9.V 10.MCO
2024-06-30	19	$4.5B	0	1ROST 2AZO 3ACGL Top holdings2024-06-30 1.ROST 2.AZO 3.ACGL 4.DPZ 5.ORLY 6.CMI 7.TJX 8.NVR 9.V 10.MA
2024-03-31	19	$4.9B	0	1ROST 2AZO 3ACGL Top holdings2024-03-31 1.ROST 2.AZO 3.ACGL 4.TJX 5.DPZ 6.ORLY 7.CMI 8.NVR 9.MA 10.PGR
2023-12-31	21	$4.9B	0	1ROST 2AZO 3ACGL Top holdings2023-12-31 1.ROST 2.AZO 3.ACGL 4.GS 5.TJX 6.DPZ 7.ORLY 8.DFSEUR 9.CMI 10.V
2023-09-30	22	$4.0B	0	1ACGL 2ROST 3AZO Top holdings2023-09-30 1.ACGL 2.ROST 3.AZO 4.TJX 5.GS 6.ORLY 7.DPZ 8.CMI 9.MA 10.V
2023-06-30	21	$3.8B	0	1ACGL 2ROST 3AZO Top holdings2023-06-30 1.ACGL 2.ROST 3.AZO 4.TJX 5.GS 6.ORLY 7.CMI 8.DPZ 9.EXPD 10.V
2023-03-31	20	$3.4B	0	1ACGL 2ROST 3AZO Top holdings2023-03-31 1.ACGL 2.ROST 3.AZO 4.GS 5.TJX 6.ORLY 7.CMI 8.DPZ 9.STRA 10.V
2022-12-31	17	$3.2B	0	1ROST 2ACGL 3AZO Top holdings2022-12-31 1.ROST 2.ACGL 3.AZO 4.GS 5.TJX 6.CMI 7.ORLY 8.DPZ 9.V 10.STRA
2022-09-30	17	$2.6B	0	1AZO 2ACGL 3ROST Top holdings2022-09-30 1.AZO 2.ACGL 3.ROST 4.GS 5.TJX 6.CMI 7.ORLY 8.DPZ 9.V 10.PGR
2022-06-30	17	$2.6B	0	1AZO 2ACGL 3GS Top holdings2022-06-30 1.AZO 2.ACGL 3.GS 4.ROST 5.CMI 6.TJX 7.DPZ 8.ORLY 9.V 10.STRA
2022-03-31	17	$2.5B	0	1AZO 2ACGL 3GS Top holdings2022-03-31 1.AZO 2.ACGL 3.GS 4.CMI 5.ROST 6.ORLY 7.V 8.MA 9.EXPD 10.STRA
2021-12-31	16	$2.5B	0	1AZO 2GS 3ACGL Top holdings2021-12-31 1.AZO 2.GS 3.ACGL 4.CMI 5.EXPD 6.ORLY 7.V 8.MA 9.ROST 10.MCO
2021-09-30	16	$2.3B	0	1GS 2AZO 3ACGL Top holdings2021-09-30 1.GS 2.AZO 3.ACGL 4.CMI 5.V 6.MA 7.EXPD 8.ORLY 9.ROST 10.MCO
2021-06-30	17	$2.4B	93	1GS 2MCO 3ACGL Top holdings2021-06-30 1.GS 2.MCO 3.ACGL 4.AZO 5.CMI 6.V 7.ROST 8.EXPD 9.MA 10.ORLY
2021-03-31	17	$2.1B	14	1GS 2CMI 3ACGL Top holdings2021-03-31 1.GS 2.CMI 3.ACGL 4.AZO 5.MCO 6.MA 7.ROST 8.V 9.EXPD 10.ORLY
2020-12-31	17	$2.1B	12	1DE 2ACGL 3CMI Top holdings2020-12-31 1.DE 2.ACGL 3.CMI 4.MCO 5.GS 6.AZO 7.MA 8.ROST 9.V 10.EXPD
2020-09-30	18	$2.1B	15	1MCO 2CMI 3DE Top holdings2020-09-30 1.MCO 2.CMI 3.DE 4.AZO 5.MA 6.ACGL 7.V 8.GS 9.ROST 10.EXPD
2020-06-30	18	$1.9B	19	1MCO 2AZO 3ACGL Top holdings2020-06-30 1.MCO 2.AZO 3.ACGL 4.CMI 5.CMG 6.V 7.MA 8.GS 9.DE 10.ROST
2020-03-31	18	$1.6B	25	1MCO 2ACGL 3AZO Top holdings2020-03-31 1.MCO 2.ACGL 3.AZO 4.V 5.ROST 6.CMI 7.MA 8.DE 9.GS 10.FAST
2019-12-31	17	$1.9B	19	1MCO 2ACGL 3AZO Top holdings2019-12-31 1.MCO 2.ACGL 3.AZO 4.MA 5.DE 6.V 7.FAST 8.GS 9.ORLY 10.CMI
2019-09-30	17	$1.6B	6	1MCO 2ACGL 3AZO Top holdings2019-09-30 1.MCO 2.ACGL 3.AZO 4.MA 5.DE 6.V 7.FAST 8.ORLY 9.GS 10.CMI
2019-06-30	18	$1.6B	15	1MCO 2ACGL 3AZO Top holdings2019-06-30 1.MCO 2.ACGL 3.AZO 4.MA 5.DE 6.V 7.FAST 8.CMI 9.GS 10.ORLY
2019-03-31	18	$1.6B	21	1MCO 2CMG 3ACGL Top holdings2019-03-31 1.MCO 2.CMG 3.ACGL 4.AZO 5.DE 6.MA 7.V 8.FAST 9.ORLY 10.EXPD
2018-12-31	18	$1.4B	13	1MCO 2ACGL 3DE Top holdings2018-12-31 1.MCO 2.ACGL 3.DE 4.AZO 5.CMG 6.MA 7.ORLY 8.V 9.FAST 10.EXPD
2018-09-30	18	$1.6B	18	1MCO 2ACGL 3DE Top holdings2018-09-30 1.MCO 2.ACGL 3.DE 4.CMG 5.MA 6.GS 7.AZO 8.V 9.FAST 10.EXPD
2018-06-30	19	$1.5B	10	1MCO 2ACGL 3CMG Top holdings2018-06-30 1.MCO 2.ACGL 3.CMG 4.GS 5.DE 6.MA 7.UNP 8.AZO 9.EXPD 10.V
2018-03-31	19	$1.5B	10	1MCO 2ACGL 3GS Top holdings2018-03-31 1.MCO 2.ACGL 3.GS 4.DE 5.CMI 6.MA 7.FAST 8.UNP 9.AZO 10.CMG
2017-12-31	19	$1.5B	13	1MCO 2ACGL 3GS Top holdings2017-12-31 1.MCO 2.ACGL 3.GS 4.DE 5.CMI 6.AZO 7.FAST 8.UNP 9.MA 10.EXPD
2017-09-30	19	$1.5B	13	1MCO 2ACGL 3NVR Top holdings2017-09-30 1.MCO 2.ACGL 3.NVR 4.GS 5.CMI 6.DE 7.AZO 8.UNP 9.MA 10.FAST
2017-06-30	21	$1.3B	11	1MCO 2ACGL 3GS Top holdings2017-06-30 1.MCO 2.ACGL 3.GS 4.NVR 5.DE 6.CMI 7.UNP 8.FAST 9.EXPD 10.YUM
2017-03-31	19	$1.3B	14	1MCO 2ACGL 3GS Top holdings2017-03-31 1.MCO 2.ACGL 3.GS 4.NVR 5.CMI 6.DE 7.FAST 8.UNP 9.EXPD 10.V
2016-12-31	20	$1.3B	14	1ACGL 2GS 3MCO Top holdings2016-12-31 1.ACGL 2.GS 3.MCO 4.DE 5.CMI 6.FAST 7.NVR 8.UNP 9.EXPD 10.WFC
2016-09-30	19	$1.3B	12	1MCO 2ACGL 3YUM Top holdings2016-09-30 1.MCO 2.ACGL 3.YUM 4.GS 5.CMI 6.NVR 7.WFC 8.FAST 9.DE 10.UNP
2016-06-30	22	$1.4B	11	1MCO 2ACGL 3GS Top holdings2016-06-30 1.MCO 2.ACGL 3.GS 4.WFC 5.NVR 6.FAST 7.YUM 8.CMI 9.DE 10.EXPD
2016-03-31	22	$1.4B	15	1MCO 2ACGL 3FAST Top holdings2016-03-31 1.MCO 2.ACGL 3.FAST 4.GS 5.WFC 6.NVR 7.YUM 8.CMI 9.H01531 10.DE
2015-12-31	23	$1.4B	9	1MCO 2ACGL 3WFC Top holdings2015-12-31 1.MCO 2.ACGL 3.WFC 4.GS 5.NVR 6.FAST 7.YUM 8.H01531 9.DE 10.TOL
2015-09-30	23	$1.3B	19	1ACGL 2MCO 3WFC Top holdings2015-09-30 1.ACGL 2.MCO 3.WFC 4.GS 5.NVR 6.H01531 7.YUM 8.FAST 9.DE 10.TOL
2015-06-30	23	$1.3B	12	1MCO 2ACGL 3GS Top holdings2015-06-30 1.MCO 2.ACGL 3.GS 4.WFC 5.YUM 6.H01531 7.TOL 8.NVR 9.MA 10.USB
2015-03-31	23	$1.3B	10	1WFC 2MCO 3ACGL Top holdings2015-03-31 1.WFC 2.MCO 3.ACGL 4.GS 5.H01531 6.YUM 7.TOL 8.USB 9.EXPD 10.NVR
2014-12-31	24	$1.4B	7	1WFC 2MCO 3ACGL Top holdings2014-12-31 1.WFC 2.MCO 3.ACGL 4.GS 5.H01531 6.YUM 7.TOL 8.USB 9.MA 10.NVR
2014-09-30	24	$1.3B	100	1WFC 2MCO 3ACGL Top holdings2014-09-30 1.WFC 2.MCO 3.ACGL 4.GS 5.H01531 6.YUM 7.TOL 8.USB 9.BRO 10.NVR
2014-06-30	23	$1.4B	100	19500002ACGL3615000 Top holdings2014-06-30 1.950000 2.ACGL 3.615000 4.GS 5.115000 6.988000 7.889000 8.H01531 9.903000 10.527000
2014-03-31	25	$1.4B	7	1WFC 2ACGL 3MCO Top holdings2014-03-31 1.WFC 2.ACGL 3.MCO 4.BRO 5.YUM 6.GS 7.TOL 8.H01531 9.USB 10.527288
2013-12-31	25	$1.3B	12	1WFC 2ACGL 3MCO Top holdings2013-12-31 1.WFC 2.ACGL 3.MCO 4.BRO 5.GS 6.YUM 7.TOL 8.527288 9.USB 10.NVR
2013-09-30	27	$1.3B	12	1WFC 2ACGL 3BRO Top holdings2013-09-30 1.WFC 2.ACGL 3.BRO 4.MCO 5.YUM 6.GS 7.TOL 8.527288 9.USB 10.EXPD
2013-06-30	27	$1.3B	0	1WFC 2ACGL 3BRO Top holdings2013-06-30 1.WFC 2.ACGL 3.BRO 4.YUM 5.MCO 6.GS 7.TOL 8.527288 9.FRFHF 10.USB

Holding changes this quarter

Position changes disclosed by Marshfield Associates for the quarter ending 2026-03-31, including ticker, issuer, weight change, shares change, and action
#	Ticker	Issuer	Weight Change	Shares Change	Action
1	V	Visa Inc-class A Shares	+1.3%	+21.96%	Add
2	ACGL	Arch Capital Group Ltd.	+1%	+5.70%	Add
3	AZO	Autozone INC	+0.8%	-5.65%	Trim
4	UNH	Unitedhealth Group INC	+0.7%	+14.00%	Add
5	FAST	Fastenal Co	+0.4%	-11.74%	Trim
6	TJX	Tjx Companies INC	+0.3%	-6.65%	Trim
7	ORLY	O'reilly Automotive INC	+0.3%	-10.06%	Trim
8	EXPD	Expeditors Intl Wash INC	+0.2%	-4.85%	Trim
9	NVR	Nvr INC	-0.1%	-5.35%	Trim
10	DIS	Walt Disney Co/the	-0.2%	-3.09%	Trim
11	MA	Mastercard INC - A	-0.3%	-4.23%	Trim
12	DPZ	Domino's Pizza INC	-0.3%	-3.80%	Trim
13	PGR	Progressive CORP	-0.3%	-2.79%	Trim
14	MCO	Moody's CORP	-0.3%	-4.36%	Trim
15	ROST	Ross Stores INC	-0.7%	-32.99%	Trim
16	STRA	Strategic Education INC	-0.8%	-46.37%	Trim
17	CMI	Cummins INC	-2%	-41.23%	Trim

Filing History

Period	Filed	Type	EDGAR
2026-03-31	2026-05-15	13F-HR	View on EDGAR
2025-12-31	2026-02-17	13F-HR	View on EDGAR
2025-09-30	2025-11-14	13F-HR	View on EDGAR
2025-06-30	2025-08-14	13F-HR	View on EDGAR
2025-03-31	2025-05-15	13F-HR	View on EDGAR
2024-12-31	2025-02-14	13F-HR	View on EDGAR
2024-09-30	2024-11-15	13F-HR	View on EDGAR
2024-06-30	2024-08-14	13F-HR	View on EDGAR
2024-03-31	2024-05-15	13F-HR	View on EDGAR
2023-12-31	2024-02-14	13F-HR	View on EDGAR
2023-09-30	2023-11-14	13F-HR	View on EDGAR
2023-06-30	2023-08-14	13F-HR	View on EDGAR
2023-03-31	2023-05-15	13F-HR	View on EDGAR
2022-12-31	2023-05-09	Amendment	View on EDGAR
2022-12-31	2023-02-14	13F-HR	View on EDGAR
2022-09-30	2023-05-09	Amendment	View on EDGAR
2022-09-30	2022-11-14	13F-HR	View on EDGAR
2022-06-30	2023-05-09	Amendment	View on EDGAR
2022-06-30	2022-08-12	13F-HR	View on EDGAR
2022-03-31	2023-05-09	Amendment	View on EDGAR
2022-03-31	2022-05-13	13F-HR	View on EDGAR
2021-12-31	2023-05-09	Amendment	View on EDGAR
2021-12-31	2022-02-14	13F-HR	View on EDGAR
2021-09-30	2023-05-09	Amendment	View on EDGAR
2021-09-30	2021-11-15	13F-HR	View on EDGAR
2021-06-30	2023-05-09	Amendment	View on EDGAR
2021-06-30	2021-08-16	13F-HR	View on EDGAR
2021-03-31	2023-05-09	Amendment	View on EDGAR
2021-03-31	2021-05-17	13F-HR	View on EDGAR
2020-12-31	2023-05-09	Amendment	View on EDGAR
2020-12-31	2021-02-16	13F-HR	View on EDGAR
2020-09-30	2023-05-09	Amendment	View on EDGAR
2020-09-30	2020-11-13	13F-HR	View on EDGAR
2020-06-30	2023-05-09	Amendment	View on EDGAR
2020-06-30	2020-08-14	13F-HR	View on EDGAR
2020-03-31	2023-05-09	Amendment	View on EDGAR
2020-03-31	2020-05-15	13F-HR	View on EDGAR
2019-12-31	2023-05-09	Amendment	View on EDGAR
2019-12-31	2020-02-18	13F-HR	View on EDGAR
2019-09-30	2023-05-09	Amendment	View on EDGAR
2019-09-30	2019-11-15	13F-HR	View on EDGAR
2019-06-30	2023-05-09	Amendment	View on EDGAR
2019-06-30	2019-08-15	13F-HR	View on EDGAR
2019-03-31	2023-05-09	Amendment	View on EDGAR
2019-03-31	2019-05-16	13F-HR	View on EDGAR
2018-12-31	2023-05-09	Amendment	View on EDGAR
2018-12-31	2019-02-15	13F-HR	View on EDGAR
2018-09-30	2023-05-09	Amendment	View on EDGAR
2018-09-30	2018-11-16	13F-HR	View on EDGAR
2018-06-30	2023-05-09	Amendment	View on EDGAR
2018-06-30	2018-08-15	13F-HR	View on EDGAR
2018-03-31	2023-05-09	Amendment	View on EDGAR
2018-03-31	2018-05-15	13F-HR	View on EDGAR
2017-12-31	2018-02-15	13F-HR	View on EDGAR
2017-09-30	2017-11-15	13F-HR	View on EDGAR
2017-06-30	2017-08-15	13F-HR	View on EDGAR
2017-03-31	2017-05-17	13F-HR	View on EDGAR
2016-12-31	2017-02-15	13F-HR	View on EDGAR
2016-09-30	2016-11-15	13F-HR	View on EDGAR
2016-06-30	2016-08-15	13F-HR	View on EDGAR
2016-03-31	2016-05-16	13F-HR	View on EDGAR
2015-12-31	2016-02-16	13F-HR	View on EDGAR
2015-09-30	2015-11-13	13F-HR	View on EDGAR
2015-06-30	2015-08-14	13F-HR	View on EDGAR
2015-03-31	2015-05-15	13F-HR	View on EDGAR
2014-12-31	2015-02-13	13F-HR	View on EDGAR
2014-09-30	2014-11-14	13F-HR	View on EDGAR
2014-06-30	2014-08-13	13F-HR	View on EDGAR
2014-03-31	2014-05-14	13F-HR	View on EDGAR
2013-12-31	2014-02-14	13F-HR	View on EDGAR
2013-09-30	2013-11-14	13F-HR	View on EDGAR
2013-06-30	2013-08-13	13F-HR	View on EDGAR