Q3 2025 · 13F-HR
MARSHFIELD ASSOCIATESholdings as filed
Filed 2025-11-14 · accession 0001172661-25-005042
$5.78B
Reported value
17
Positions
2025-09-30
Period end
The Brief · MARSHFIELD ASSOCIATES · Q3 2025
AI · grounded in 13F
MARSHFIELD ASSOCIATES established a new position in AZO valued at $739.3M. The fund also initiated new stakes in ROST for $612.7M and UNH for $557.1M. Other new additions include CMI at $466.5M and ORLY at $407.4M. Total assets under management stand at $5.78B across 17 positions.
Holdings as filed
| CUSIP | Ticker | Issuer | Value | % port. | Shares | Class | Voting |
|---|---|---|---|---|---|---|---|
| 053332102 | AZO | AUTOZONE INC | $739.3M | 12.8% | 172,332 | Common | SOLE |
| 778296103 | ROST | ROSS STORES INC | $612.7M | 10.6% | 4,020,413 | Common | SOLE |
| 91324P102 | UNH | UNITEDHEALTH GROUP INC | $557.1M | 9.64% | 1,613,248 | Common | SOLE |
| 231021106 | CMI | CUMMINS INC | $466.5M | 8.07% | 1,104,552 | Common | SOLE |
| 67103H107 | ORLY | OREILLY AUTOMOTIVE INC | $407.4M | 7.05% | 3,778,446 | Common | SOLE |
| 743315103 | PGR | PROGRESSIVE CORP | $389.6M | 6.74% | 1,577,453 | Common | SOLE |
| 57636Q104 | MA | MASTERCARD INCORPORATED | $337.7M | 5.84% | 593,713 | Common | SOLE |
| 92826C839 | V | VISA INC | $335.5M | 5.81% | 982,793 | Common | SOLE |
| 25754A201 | DPZ | DOMINOS PIZZA INC | $321.4M | 5.56% | 744,515 | Common | SOLE |
| 615369105 | MCO | MOODYS CORP | $255.9M | 4.43% | 537,128 | Common | SOLE |
| G0450A105 | ACGL | ARCH CAP GROUP LTD | $247.2M | 4.28% | 2,724,635 | Common | SOLE |
| 302130109 | EXPD | EXPEDITORS INTL WASH INC | $238.2M | 4.12% | 1,942,740 | Common | SOLE |
| 62944T105 | NVR | NVR INC | $201.2M | 3.48% | 25,042 | Common | SOLE |
| 254687106 | DIS | DISNEY WALT CO | $187.2M | 3.24% | 1,634,873 | Common | SOLE |
| 311900104 | FAST | FASTENAL CO | $183.9M | 3.18% | 3,749,494 | Common | SOLE |
| 872540109 | TJX | TJX COS INC NEW | $161.7M | 2.80% | 1,118,637 | Common | SOLE |
| 86272C103 | STRA | STRATEGIC ED INC | $136.4M | 2.36% | 1,585,588 | Common | SOLE |
Source: SEC EDGAR · raw 13F holdings as filed. The Class column shows the option type when reported (Put/Call) or Common when the issuer's equity is held directly. 13F discloses long positions only.