Q4 2025 · 13F-HR
MARSHFIELD ASSOCIATESholdings as filed
Filed 2026-02-17 · accession 0001172661-26-001075
$5.70B
Reported value
17
Positions
2025-12-31
Period end
The Brief · MARSHFIELD ASSOCIATES · Q4 2025
AI · grounded in 13F
MARSHFIELD ASSOCIATES increased its position in PGR by 60.11%. The fund also trimmed its holdings in ROST and CMI by 32.49% and 30.86%, respectively. Other activity included accumulations of ACGL and EXPD.
Holdings as filed
| CUSIP | Ticker | Issuer | Value | % port. | Shares | Class | Voting |
|---|---|---|---|---|---|---|---|
| 053332102 | AZO | AUTOZONE INC | $593.2M | 10.4% | 174,918 | Common | SOLE |
| 743315103 | PGR | PROGRESSIVE CORP | $575.2M | 10.1% | 2,525,734 | Common | SOLE |
| 91324P102 | UNH | UNITEDHEALTH GROUP INC | $547.5M | 9.60% | 1,658,487 | Common | SOLE |
| 778296103 | ROST | ROSS STORES INC | $489.0M | 8.57% | 2,714,339 | Common | SOLE |
| 231021106 | CMI | CUMMINS INC | $389.8M | 6.83% | 763,648 | Common | SOLE |
| 92826C839 | V | VISA INC | $360.9M | 6.33% | 1,029,034 | Common | SOLE |
| 57636Q104 | MA | MASTERCARD INCORPORATED | $357.8M | 6.27% | 626,682 | Common | SOLE |
| 67103H107 | ORLY | OREILLY AUTOMOTIVE INC | $356.3M | 6.25% | 3,906,644 | Common | SOLE |
| 25754A201 | DPZ | DOMINOS PIZZA INC | $327.2M | 5.74% | 784,992 | Common | SOLE |
| 302130109 | EXPD | EXPEDITORS INTL WASH INC | $305.8M | 5.36% | 2,052,531 | Common | SOLE |
| 615369105 | MCO | MOODYS CORP | $287.9M | 5.05% | 563,557 | Common | SOLE |
| G0450A105 | ACGL | ARCH CAP GROUP LTD | $276.9M | 4.85% | 2,887,002 | Common | SOLE |
| 62944T105 | NVR | NVR INC | $195.9M | 3.43% | 26,855 | Common | SOLE |
| 254687106 | DIS | DISNEY WALT CO | $192.9M | 3.38% | 1,695,189 | Common | SOLE |
| 872540109 | TJX | TJX COS INC NEW | $179.5M | 3.15% | 1,168,859 | Common | SOLE |
| 311900104 | FAST | FASTENAL CO | $150.5M | 2.64% | 3,749,595 | Common | SOLE |
| 86272C103 | STRA | STRATEGIC ED INC | $118.6M | 2.08% | 1,478,522 | 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.