Marshfield Associates
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Marshfield Associates reported 18 stock positions worth $4.6 billion. Its top holding was AutoZone (AZO) at 14.0% of the portfolio, followed by Ross Stores (ROST, 10.8%) and O'reilly Automotive (ORLY, 8.9%). Compared with Q4 2024, it added to 11 and reduced 6. The biggest buy was Progressive (PGR, shares +7%) and the biggest sale TJX Companies (TJX, shares −51%).
- Most Recent 13F
- Q2 2026
- Location
- Washington, DC
- CIK
- 0000914976
- Portfolio Value
- $4.6B (Q1 2025)
- SEC Filing
- 0001172661-25-002352 ↗ filed May 15, 2025
Holdings Value
Holdings 18 stocks · $4.6B
| AZO AutoZone Inc. | 14.03% | 169,809 | $647.4M | Reduce -0.3% |
| ROST Ross Stores Inc. | 10.81% | 3,906,183 | $499.2M | Reduce -0.2% |
| ORLY O'reilly Automotive Inc. | 8.94% | 287,917 | $412.5M | Reduce -6.0% |
| V Visa Inc. Class A | 7.14% | 940,571 | $329.6M | Add +0.7% |
| DPZ Domino's Pizza Inc. | 7.14% | 716,952 | $329.4M | Add +0.2% |
| CMI Cummins Inc. | 7.13% | 1,050,534 | $329.3M | Add +0.3% |
| MA Mastercard Inc. Class A | 6.68% | 562,910 | $308.5M | Add +1.1% |
| PGR Progressive Corp. | 5.75% | 937,242 | $265.2M | Add +7.3% |
| ACGL Arch Capital Group Ltd. | 5.34% | 2,560,861 | $246.3M | Reduce -0.1% |
| MCO Moody's Corp. | 5.18% | 513,899 | $239.3M | Add +0.5% |
| EXPD Expeditors Intl Wash Inc. | 4.80% | 1,841,746 | $221.5M | Add +0.8% |
| NVR NVR Inc. | 3.74% | 23,838 | $172.7M | Add +1.1% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 3.42% | 1,599,320 | $157.9M | Add +0.4% |
| STRA Strategic Education Inc. | 3.36% | 1,849,034 | $155.2M | Add +0.7% |
| FAST Fastenal Co. | 3.32% | 1,974,506 | $153.1M | Add +0.7% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 2.92% | 1,107,796 | $134.9M | Reduce -51.0% |
| BIL SS SPDR BB 1-3M T-Bill ETF | 0.26% | 132,042 | $12.1M | Reduce -1.4% |
| VGSH Vanguard Short-Term Treasury | 0.03% | 26,867 | $1.6M | No change |
Portfolio Sells Q4 2024 → Q1 2025
| TJX TJX Companies Inc. | Reduce -51.0% | 2.92% | −2.99 |
| ROST Ross Stores Inc. | Reduce -0.2% | 10.81% | −2.02 |
| BIL SS SPDR BB 1-3M T-Bill ETF | Reduce -1.4% | 0.26% | −0.00 |
| ACGL Arch Capital Group Ltd. | Reduce -0.1% | 5.34% | +0.20 |
| ORLY O'reilly Automotive Inc. | Reduce -6.0% | 8.94% | +1.06 |
| AZO AutoZone Inc. | Reduce -0.3% | 14.03% | +2.21 |
Portfolio Buys Q4 2024 → Q1 2025
| PGR Progressive Corp. | Add +7.3% | 5.75% | +1.21 |
| V Visa Inc. Class A | Add +0.7% | 7.14% | +0.75 |
| DPZ Domino's Pizza Inc. | Add +0.2% | 7.14% | +0.63 |
| EXPD Expeditors Intl Wash Inc. | Add +0.8% | 4.80% | +0.41 |
| MA Mastercard Inc. Class A | Add +1.1% | 6.68% | +0.33 |
| FAST Fastenal Co. | Add +0.7% | 3.32% | +0.26 |
| MCO Moody's Corp. | Add +0.5% | 5.18% | −0.06 |
| STRA Strategic Education Inc. | Add +0.7% | 3.36% | −0.35 |
| DIS The Walt Disney Co. | Add +0.4% | 3.42% | −0.42 |
| NVR NVR Inc. | Add +1.1% | 3.74% | −0.44 |
| CMI Cummins Inc. | Add +0.3% | 7.13% | −0.78 |
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 |