Marshfield Associates
In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 15, 2024), Marshfield Associates reported 19 stock positions worth $4.7 billion. Its top holding was Ross Stores (ROST) at 12.5% of the portfolio, followed by AutoZone (AZO, 11.3%) and Arch Capital (ACGL, 8.0%). Compared with Q2 2024, it added to 13 and reduced 4. The biggest buy was Cummins (CMI, shares +0%) and the biggest sale NVR (NVR, shares −28%).
- Most Recent 13F
- Q2 2026
- Location
- Washington, DC
- CIK
- 0000914976
- Portfolio Value
- $4.7B (Q3 2024)
- SEC Filing
- 0000950123-24-011950 ↗ filed Nov 15, 2024
Holdings Value
Holdings 19 stocks · $4.7B
| ROST Ross Stores Inc. | 12.49% | 3,908,958 | $588.3M | Add +0.4% |
| AZO AutoZone Inc. | 11.34% | 169,586 | $534.2M | Add +0.5% |
| ACGL Arch Capital Group Ltd. | 8.01% | 3,372,737 | $377.3M | Reduce -7.7% |
| ORLY O'reilly Automotive Inc. | 7.43% | 304,133 | $350.2M | Add +0.4% |
| CMI Cummins Inc. | 7.18% | 1,044,654 | $338.2M | Add +0.2% |
| DPZ Domino's Pizza Inc. | 6.53% | 715,002 | $307.6M | Add +0.2% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 5.81% | 2,328,268 | $273.7M | Add +0.1% |
| MA Mastercard Inc. Class A | 5.78% | 551,916 | $272.5M | Add +0.6% |
| V Visa Inc. Class A | 5.44% | 931,533 | $256.1M | Add +0.6% |
| MCO Moody's Corp. | 5.15% | 511,300 | $242.7M | Reduce -1.2% |
| EXPD Expeditors Intl Wash Inc. | 5.07% | 1,818,027 | $238.9M | Add +0.4% |
| NVR NVR Inc. | 4.92% | 23,616 | $231.7M | Reduce -27.8% |
| PGR Progressive Corp. | 4.69% | 870,221 | $220.8M | Add +0.3% |
| STRA Strategic Education Inc. | 3.59% | 1,829,622 | $169.3M | Add +0.5% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 3.25% | 1,589,559 | $152.9M | Add +0.2% |
| FAST Fastenal Co. | 3.05% | 2,011,096 | $143.6M | Add +0.5% |
| BIL SS SPDR BB 1-3M T-Bill ETF | 0.24% | 122,961 | $11.3M | Reduce -1.6% |
| 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 Q2 2024 → Q3 2024
Portfolio Buys Q2 2024 → Q3 2024
| CMI Cummins Inc. | Add +0.2% | 7.18% | +0.80 |
| PGR Progressive Corp. | Add +0.3% | 4.69% | +0.70 |
| MA Mastercard Inc. Class A | Add +0.6% | 5.78% | +0.43 |
| ORLY O'reilly Automotive Inc. | Add +0.4% | 7.43% | +0.36 |
| AZO AutoZone Inc. | Add +0.5% | 11.34% | +0.28 |
| FAST Fastenal Co. | Add +0.5% | 3.05% | +0.27 |
| TJX TJX Companies Inc. | Add +0.1% | 5.81% | +0.15 |
| EXPD Expeditors Intl Wash Inc. | Add +0.4% | 5.07% | +0.07 |
| V Visa Inc. Class A | Add +0.6% | 5.44% | +0.06 |
| ROST Ross Stores Inc. | Add +0.4% | 12.49% | −0.02 |
| DIS The Walt Disney Co. | Add +0.2% | 3.25% | −0.24 |
| STRA Strategic Education Inc. | Add +0.5% | 3.59% | −0.86 |
| DPZ Domino's Pizza Inc. | Add +0.2% | 6.53% | −1.62 |
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 |