Marshfield Associates
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), Marshfield Associates reported 18 stock positions worth $4.6 billion. Its top holding was Ross Stores (ROST) at 12.8% of the portfolio, followed by AutoZone (AZO, 11.8%) and Cummins (CMI, 7.9%). Compared with Q3 2024, it sold out of 1, added to 12 and reduced 5. The biggest buy was Visa Class A (V, shares +0%) and the biggest sale Arch Capital (ACGL, shares −24%).
- Most Recent 13F
- Q2 2026
- Location
- Washington, DC
- CIK
- 0000914976
- Portfolio Value
- $4.6B (Q4 2024)
- SEC Filing
- 0001172661-25-001106 ↗ filed Feb 14, 2025
Holdings Value
Holdings 18 stocks · $4.6B
| ROST Ross Stores Inc. | 12.83% | 3,914,613 | $592.2M | Add +0.1% |
| AZO AutoZone Inc. | 11.82% | 170,280 | $545.2M | Add +0.4% |
| CMI Cummins Inc. | 7.91% | 1,046,897 | $364.9M | Add +0.2% |
| ORLY O'reilly Automotive Inc. | 7.87% | 306,318 | $363.2M | Add +0.7% |
| DPZ Domino's Pizza Inc. | 6.51% | 715,421 | $300.3M | Add +0.1% |
| V Visa Inc. Class A | 6.40% | 933,781 | $295.1M | Add +0.2% |
| MA Mastercard Inc. Class A | 6.35% | 556,664 | $293.1M | Add +0.9% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 5.92% | 2,260,158 | $273.0M | Reduce -2.9% |
| MCO Moody's Corp. | 5.24% | 511,120 | $241.9M | Reduce -0.0% |
| ACGL Arch Capital Group Ltd. | 5.13% | 2,564,740 | $236.9M | Reduce -24.0% |
| PGR Progressive Corp. | 4.53% | 873,246 | $209.2M | Add +0.3% |
| EXPD Expeditors Intl Wash Inc. | 4.39% | 1,827,619 | $202.4M | Add +0.5% |
| NVR NVR Inc. | 4.18% | 23,582 | $192.9M | Reduce -0.1% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 3.84% | 1,592,282 | $177.3M | Add +0.2% |
| STRA Strategic Education Inc. | 3.72% | 1,836,491 | $171.6M | Add +0.4% |
| FAST Fastenal Co. | 3.06% | 1,961,647 | $141.1M | Reduce -2.5% |
| BIL SS SPDR BB 1-3M T-Bill ETF | 0.27% | 133,975 | $12.2M | Add +9.0% |
| VGSH Vanguard Short-Term Treasury | 0.03% | 26,867 | $1.6M | No change |
Portfolio Sells Q3 2024 → Q4 2024
Portfolio Buys Q3 2024 → Q4 2024
| V Visa Inc. Class A | Add +0.2% | 6.40% | +0.96 |
| CMI Cummins Inc. | Add +0.2% | 7.91% | +0.73 |
| DIS The Walt Disney Co. | Add +0.2% | 3.84% | +0.60 |
| MA Mastercard Inc. Class A | Add +0.9% | 6.35% | +0.57 |
| AZO AutoZone Inc. | Add +0.4% | 11.82% | +0.48 |
| ORLY O'reilly Automotive Inc. | Add +0.7% | 7.87% | +0.44 |
| ROST Ross Stores Inc. | Add +0.1% | 12.83% | +0.35 |
| STRA Strategic Education Inc. | Add +0.4% | 3.72% | +0.12 |
| BIL SS SPDR BB 1-3M T-Bill ETF | Add +9.0% | 0.27% | +0.03 |
| DPZ Domino's Pizza Inc. | Add +0.1% | 6.51% | −0.02 |
| PGR Progressive Corp. | Add +0.3% | 4.53% | −0.15 |
| EXPD Expeditors Intl Wash Inc. | Add +0.5% | 4.39% | −0.68 |
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 |