MA

Marshfield Associates

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%.

Personality snowflake

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

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

#TickerIssuerAsset SubclassWeightWeight ChangeShares Change4Q Trend
1AZOAutozone INCStock-Consumer Disc11.16%+0.76%-5.65%
2UNHUnitedhealth Group INCStock-Healthcare10.25%+0.65%+14.00%
3PGRProgressive CORPStock-Financials9.75%-0.33%-2.79%
4ROSTRoss Stores INCStock-Consumer Disc7.89%-0.68%-32.99%
5VVisa Inc-class A SharesStock-Financials7.60%+1.27%+21.96%
6ORLYO'reilly Automotive INCStock-Consumer Disc6.50%+0.25%-10.06%
7MAMastercard INC - AStock-Financials6.01%-0.26%-4.23%
8ACGLArch Capital Group Ltd.Stock-Financials5.87%+1.02%+5.70%
9EXPDExpeditors Intl Wash INCStock-Industrials5.60%+0.24%-4.85%
10DPZDomino's Pizza INCStock-Consumer Disc5.43%-0.31%-3.80%
11CMICummins INCStock-Industrials4.84%-1.99%-41.23%
12MCOMoody's CORPStock-Financials4.71%-0.34%-4.36%
13TJXTjx Companies INCStock-Consumer Disc3.49%+0.34%-6.65%
14NVRNvr INCStock-Consumer Disc3.35%-0.07%-5.35%
15DISWalt Disney Co/theStock-Comm Services3.17%-0.21%-3.09%
16FASTFastenal CoStock-Industrials3.08%+0.44%-11.74%
17STRAStrategic Education INCStock-Other1.32%-0.76%-46.37%

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
#TickerIssuerWeight ChangeShares ChangeAction
1VVisa Inc-class A Shares+1.3%+21.96%Add
2ACGLArch Capital Group Ltd.+1%+5.70%Add
3AZOAutozone INC+0.8%-5.65%Trim
4UNHUnitedhealth Group INC+0.7%+14.00%Add
5FASTFastenal Co+0.4%-11.74%Trim
6TJXTjx Companies INC+0.3%-6.65%Trim
7ORLYO'reilly Automotive INC+0.3%-10.06%Trim
8EXPDExpeditors Intl Wash INC+0.2%-4.85%Trim
9NVRNvr INC-0.1%-5.35%Trim
10DISWalt Disney Co/the-0.2%-3.09%Trim
11MAMastercard INC - A-0.3%-4.23%Trim
12DPZDomino's Pizza INC-0.3%-3.80%Trim
13PGRProgressive CORP-0.3%-2.79%Trim
14MCOMoody's CORP-0.3%-4.36%Trim
15ROSTRoss Stores INC-0.7%-32.99%Trim
16STRAStrategic Education INC-0.8%-46.37%Trim
17CMICummins INC-2%-41.23%Trim

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%