Marshfield Associates
In its 13F for Q2 2026 (holdings as of June 30, 2026, filed August 14, 2026), Marshfield Associates reported 17 stock positions worth $4.3 billion. Its top holding was Unitedhealth (UNH) at 14.9% of the portfolio, followed by Progressive (PGR, 11.0%) and AutoZone (AZO, 10.2%). Compared with Q1 2026, it opened 1 new position, sold out of 1, added to 1 and reduced 15. The biggest buy was a new position in Nike Class B (NKE) and the biggest sale Ross Stores (ROST, shares −67%).
- Most Recent 13F
- Q2 2026
- Location
- Washington, DC
- CIK
- 0000914976
- Portfolio Value
- $4.3B (Q2 2026)
- SEC Filing
- 0001172661-26-003813 ↗ filed Aug 14, 2026
Holdings Value
Holdings 17 stocks · $4.3B
| UNH Unitedhealth Group Inc. | 14.87% | 1,526,157 | $634.3M | Reduce -19.3% |
| PGR Progressive Corp. | 11.03% | 2,153,186 | $470.4M | Reduce -12.3% |
| AZO AutoZone Inc. | 10.22% | 136,373 | $435.8M | Reduce -17.4% |
| V Visa Inc. Class A | 8.32% | 1,034,433 | $354.9M | Reduce -17.6% |
| ACGL Arch Capital Group Ltd. | 7.58% | 3,331,135 | $323.3M | Add +9.2% |
| MA Mastercard Inc. Class A | 6.89% | 572,290 | $293.9M | Reduce -4.6% |
| EXPD Expeditors Intl Wash Inc. | 5.94% | 1,553,964 | $253.3M | Reduce -20.4% |
| ORLY O'reilly Automotive Inc. | 5.92% | 2,740,457 | $252.4M | Reduce -22.0% |
| MCO Moody's Corp. | 4.49% | 422,806 | $191.5M | Reduce -21.6% |
| DPZ Domino's Pizza Inc. | 4.43% | 638,541 | $189.0M | Reduce -15.4% |
| NKE Nike Inc. Class B | 4.18% | 4,343,816 | $178.3M | New |
| NVR NVR Inc. | 3.22% | 20,141 | $137.2M | Reduce -20.8% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 3.10% | 872,770 | $132.2M | Reduce -20.0% |
| ROST Ross Stores Inc. | 2.97% | 595,704 | $126.8M | Reduce -67.3% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 2.93% | 1,298,132 | $124.9M | Reduce -21.0% |
| FAST Fastenal Co. | 2.90% | 2,574,816 | $123.7M | Reduce -22.2% |
| STRA Strategic Education Inc. | 1.00% | 559,012 | $42.8M | Reduce -29.5% |
Portfolio Sells Q1 2026 → Q2 2026
| ROST Ross Stores Inc. | Reduce -67.3% | 2.97% | −4.92 |
| CMI Cummins Inc. | Sold out | 0.00% | −4.84 |
| DPZ Domino's Pizza Inc. | Reduce -15.4% | 4.43% | −0.99 |
| AZO AutoZone Inc. | Reduce -17.4% | 10.22% | −0.95 |
| ORLY O'reilly Automotive Inc. | Reduce -22.0% | 5.92% | −0.58 |
| TJX TJX Companies Inc. | Reduce -20.0% | 3.10% | −0.39 |
| STRA Strategic Education Inc. | Reduce -29.5% | 1.00% | −0.31 |
| DIS The Walt Disney Co. | Reduce -21.0% | 2.93% | −0.24 |
| MCO Moody's Corp. | Reduce -21.6% | 4.49% | −0.22 |
| FAST Fastenal Co. | Reduce -22.2% | 2.90% | −0.18 |
| NVR NVR Inc. | Reduce -20.8% | 3.22% | −0.14 |
| EXPD Expeditors Intl Wash Inc. | Reduce -20.4% | 5.94% | +0.34 |
| V Visa Inc. Class A | Reduce -17.6% | 8.32% | +0.72 |
| MA Mastercard Inc. Class A | Reduce -4.6% | 6.89% | +0.89 |
| PGR Progressive Corp. | Reduce -12.3% | 11.03% | +1.28 |
| UNH Unitedhealth Group Inc. | Reduce -19.3% | 14.87% | +4.63 |
Portfolio Buys Q1 2026 → Q2 2026
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 17 | $4.3B | UNH, PGR, AZO, V, ACGL |
| Q1 2026 | 17 | $5.0B | AZO, UNH, PGR, ROST, V |
| Q4 2025 | 17 | $5.7B | AZO, PGR, UNH, ROST, CMI |
| Q3 2025 | 17 | $5.8B | AZO, ROST, UNH, CMI, ORLY |
| Q2 2025 | 19 | $4.9B | AZO, ROST, ORLY, CMI, V |
| Q1 2025 | 18 | $4.6B | AZO, ROST, ORLY, V, DPZ |
| Q4 2024 | 18 | $4.6B | ROST, AZO, CMI, ORLY, DPZ |
| Q3 2024 | 19 | $4.7B | ROST, AZO, ACGL, ORLY, CMI |
| Q2 2024 | 19 | $4.5B | ROST, AZO, ACGL, DPZ, ORLY |
| Q1 2024 | 19 | $4.9B | ROST, AZO, ACGL, TJX, DPZ |