Marshfield Associates
In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 15, 2024), Marshfield Associates reported 19 stock positions worth $4.9 billion. Its top holding was Ross Stores (ROST) at 11.7% of the portfolio, followed by AutoZone (AZO, 10.9%) and Arch Capital (ACGL, 8.2%). Compared with Q4 2023, it sold out of 2, added to 6 and reduced 11. The biggest buy was Domino's Pizza (DPZ, shares +0%) and the biggest sale an exit from Goldman Sachs (GS).
- Most Recent 13F
- Q2 2026
- Location
- Washington, DC
- CIK
- 0000914976
- Portfolio Value
- $4.9B (Q1 2024)
- SEC Filing
- 0000950123-24-005605 ↗ filed May 15, 2024
Holdings Value
Holdings 19 stocks · $4.9B
| ROST Ross Stores Inc. | 11.70% | 3,887,862 | $570.6M | Add +0.0% |
| AZO AutoZone Inc. | 10.89% | 168,452 | $530.9M | Reduce -0.3% |
| ACGL Arch Capital Group Ltd. | 8.21% | 4,328,577 | $400.1M | Reduce -14.0% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 7.37% | 3,542,584 | $359.3M | Add +0.1% |
| DPZ Domino's Pizza Inc. | 7.25% | 711,210 | $353.4M | Add +0.4% |
| ORLY O'reilly Automotive Inc. | 6.97% | 301,168 | $340.0M | Reduce -0.2% |
| CMI Cummins Inc. | 6.28% | 1,039,422 | $306.3M | Reduce -0.1% |
| NVR NVR Inc. | 5.42% | 32,623 | $264.2M | Reduce -0.1% |
| MA Mastercard Inc. Class A | 5.41% | 547,810 | $263.8M | Reduce -0.7% |
| PGR Progressive Corp. | 5.40% | 1,273,126 | $263.3M | Reduce -0.2% |
| V Visa Inc. Class A | 5.28% | 923,129 | $257.6M | Reduce -0.4% |
| EXPD Expeditors Intl Wash Inc. | 4.50% | 1,805,437 | $219.5M | Reduce -0.1% |
| MCO Moody's Corp. | 4.15% | 514,922 | $202.4M | Add +0.0% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 3.97% | 1,581,096 | $193.5M | Add +0.4% |
| STRA Strategic Education Inc. | 3.87% | 1,811,450 | $188.6M | Reduce -2.5% |
| FAST Fastenal Co. | 3.15% | 1,989,855 | $153.5M | Reduce -0.3% |
| BIL SS SPDR BB 1-3M T-Bill ETF | 0.15% | 81,590 | $7.5M | Add +153.7% |
| VGSH Vanguard Short-Term Treasury | 0.03% | 26,867 | $1.6M | No change |
| USFR Wisdomtree Floating Rate Tre | 0.01% | 7,406 | $372K | No change |
Portfolio Sells Q4 2023 → Q1 2024
| GS Goldman Sachs Group Inc. | Sold out | 0.00% | −7.13 |
| DFS Discover Financial Services | Sold out | 0.00% | −5.65 |
| EXPD Expeditors Intl Wash Inc. | Reduce -0.1% | 4.50% | −0.17 |
| STRA Strategic Education Inc. | Reduce -2.5% | 3.87% | +0.38 |
| V Visa Inc. Class A | Reduce -0.4% | 5.28% | +0.39 |
| FAST Fastenal Co. | Reduce -0.3% | 3.15% | +0.52 |
| ACGL Arch Capital Group Ltd. | Reduce -14.0% | 8.21% | +0.62 |
| MA Mastercard Inc. Class A | Reduce -0.7% | 5.41% | +0.63 |
| NVR NVR Inc. | Reduce -0.1% | 5.42% | +0.78 |
| ORLY O'reilly Automotive Inc. | Reduce -0.2% | 6.97% | +1.15 |
| CMI Cummins Inc. | Reduce -0.1% | 6.28% | +1.22 |
| PGR Progressive Corp. | Reduce -0.2% | 5.40% | +1.27 |
| AZO AutoZone Inc. | Reduce -0.3% | 10.89% | +2.02 |
Portfolio Buys Q4 2023 → Q1 2024
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 |