Marshfield Associates
Marshfield Associates reported 17 US-listed holdings worth $4.26 billion in its 13F for the quarter ended 30 June 2026, filed 14 August 2026. Its largest: UnitedHealth Group Inc. (14.9%), Progressive Corp. (11.0%) and Autozone Inc. (10.2%). Against the quarter before, it opened 1 position, added to 1, trimmed 15 and sold out of 1.
Reported holdings$4.26B-14.6% on Q1 2026
Positions17as many as Q1 2026
The largest ten79.7%of its reported holdings
Latest 13FQ2 2026filed 14 August 2026
OpenedAdded toTrimmed
The 14 largest of its 17 positions, each sized by its share of the reported holdings, coloured by the change in shares against Q1 2026.
What the fund reported holding at each quarter's end; hover a bar for the number of positions
What it did on the quarter
Opened 1Added 1Trimmed 15Sold out 1
Its positions against its 13F for the quarter to 31 March 2026; a change under 0.1% of a position counts as held
Opened 1
- Nike, Inc. NKE$178.3 million
Added to 1
- Arch Capital Group Ltd. ACGL+279,714 shares · +9%
Trimmed 15
- ROSS Stores, Inc. ROST-1.2 million shares · -67%
- UnitedHealth Group Inc. UNH-364,532 shares · -19%
- Autozone Inc. AZO-28,660 shares · -17%
- Visa Inc. V-220,540 shares · -18%
- O'Reilly Automotive, Inc. ORLY-773,217 shares · -22%
- Progressive Corp. PGR-302,198 shares · -12%
- Expeditors International of Washington Inc. EXPD-399,041 shares · -20%
- Moody's Corp. MCO-116,187 shares · -22%
and 7 more in the table below
Sold out of 1
- Cummins Inc. CMI$241.5 million last quarter
What it holds
| Company | Shares | Value | Of its book | Change in shares |
|---|---|---|---|---|
| UnitedHealth Group Inc. UNH | 1,526,157 | $634.3 million | 14.87% | -364,532 |
| Progressive Corp. PGR | 2,153,186 | $470.4 million | 11.03% | -302,198 |
| Autozone Inc. AZO | 136,373 | $435.8 million | 10.22% | -28,660 |
| Visa Inc. V | 1,034,433 | $354.9 million | 8.32% | -220,540 |
| Arch Capital Group Ltd. ACGL | 3,331,135 | $323.3 million | 7.58% | +279,714 |
| Mastercard Inc. MA | 572,290 | $293.9 million | 6.89% | -27,864 |
| Expeditors International of Washington Inc. EXPD | 1,553,964 | $253.3 million | 5.94% | -399,041 |
| O'Reilly Automotive, Inc. ORLY | 2,740,457 | $252.4 million | 5.92% | -773,217 |
| Moody's Corp. MCO | 422,806 | $191.5 million | 4.49% | -116,187 |
| Domino's Pizza, Inc. DPZ | 638,541 | $189.0 million | 4.43% | -116,599 |
| Nike, Inc. NKE | 4,343,816 | $178.3 million | 4.18% | new |
| NVR Inc. NVR | 20,141 | $137.2 million | 3.22% | -5,278 |
| TJX Companies Inc. TJX | 872,770 | $132.2 million | 3.10% | -218,390 |
| ROSS Stores, Inc. ROST | 595,704 | $126.8 million | 2.97% | -1,223,102 |
| Walt Disney Co. DIS | 1,298,132 | $124.9 million | 2.93% | -344,592 |
| Fastenal Co. FAST | 2,574,816 | $123.7 million | 2.90% | -734,471 |
| Strategic Education, Inc. STRA | 559,012 | $42.8 million | 1.00% | -233,918 |
Every US-listed position in the fund's 13F for the quarter ended 30 June 2026, by the value it reported.