Marshfield Associates
In its 13F for Q2 2024 (holdings as of June 30, 2024, filed August 14, 2024), Marshfield Associates reported 19 stock positions worth $4.5 billion. Its top holding was Ross Stores (ROST) at 12.5% of the portfolio, followed by AutoZone (AZO, 11.1%) and Arch Capital (ACGL, 8.1%). Compared with Q1 2024, it added to 14 and reduced 3. The biggest buy was Domino's Pizza (DPZ, shares +0%) and the biggest sale TJX Companies (TJX, shares −34%).
- Most Recent 13F
- Q2 2026
- Location
- Washington, DC
- CIK
- 0000914976
- Portfolio Value
- $4.5B (Q2 2024)
- SEC Filing
- 0000950123-24-008731 ↗ filed Aug 14, 2024
Holdings Value
Holdings 19 stocks · $4.5B
| ROST Ross Stores Inc. | 12.51% | 3,894,765 | $566.0M | Add +0.2% |
| AZO AutoZone Inc. | 11.06% | 168,790 | $500.3M | Add +0.2% |
| ACGL Arch Capital Group Ltd. | 8.15% | 3,652,723 | $368.5M | Reduce -15.6% |
| DPZ Domino's Pizza Inc. | 8.14% | 713,481 | $368.4M | Add +0.3% |
| ORLY O'reilly Automotive Inc. | 7.07% | 302,886 | $319.9M | Add +0.6% |
| CMI Cummins Inc. | 6.38% | 1,042,498 | $288.7M | Add +0.3% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 5.66% | 2,325,853 | $256.1M | Reduce -34.4% |
| NVR NVR Inc. | 5.49% | 32,719 | $248.3M | Add +0.3% |
| V Visa Inc. Class A | 5.37% | 925,954 | $243.0M | Add +0.3% |
| MA Mastercard Inc. Class A | 5.35% | 548,746 | $242.1M | Add +0.2% |
| EXPD Expeditors Intl Wash Inc. | 5.00% | 1,811,149 | $226.0M | Add +0.3% |
| MCO Moody's Corp. | 4.82% | 517,434 | $217.8M | Add +0.5% |
| STRA Strategic Education Inc. | 4.45% | 1,820,621 | $201.5M | Add +0.5% |
| PGR Progressive Corp. | 3.98% | 867,472 | $180.2M | Reduce -31.9% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 3.48% | 1,586,892 | $157.6M | Add +0.4% |
| FAST Fastenal Co. | 2.78% | 2,000,973 | $125.7M | Add +0.6% |
| BIL SS SPDR BB 1-3M T-Bill ETF | 0.25% | 124,980 | $11.5M | Add +53.2% |
| VGSH Vanguard Short-Term Treasury | 0.03% | 26,867 | $1.6M | No change |
| USFR Wisdomtree Floating Rate Tre | 0.01% | 7,406 | $373K | No change |
Portfolio Sells Q1 2024 → Q2 2024
Portfolio Buys Q1 2024 → Q2 2024
| DPZ Domino's Pizza Inc. | Add +0.3% | 8.14% | +0.90 |
| ROST Ross Stores Inc. | Add +0.2% | 12.51% | +0.81 |
| MCO Moody's Corp. | Add +0.5% | 4.82% | +0.66 |
| STRA Strategic Education Inc. | Add +0.5% | 4.45% | +0.59 |
| EXPD Expeditors Intl Wash Inc. | Add +0.3% | 5.00% | +0.50 |
| AZO AutoZone Inc. | Add +0.2% | 11.06% | +0.17 |
| CMI Cummins Inc. | Add +0.3% | 6.38% | +0.10 |
| BIL SS SPDR BB 1-3M T-Bill ETF | Add +53.2% | 0.25% | +0.10 |
| ORLY O'reilly Automotive Inc. | Add +0.6% | 7.07% | +0.10 |
| V Visa Inc. Class A | Add +0.3% | 5.37% | +0.09 |
| NVR NVR Inc. | Add +0.3% | 5.49% | +0.07 |
| MA Mastercard Inc. Class A | Add +0.2% | 5.35% | −0.06 |
| FAST Fastenal Co. | Add +0.6% | 2.78% | −0.37 |
| DIS The Walt Disney Co. | Add +0.4% | 3.48% | −0.48 |
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 |