Marshfield Associates
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Marshfield Associates reported 19 stock positions worth $4.9 billion. Its top holding was AutoZone (AZO) at 12.7% of the portfolio, followed by Ross Stores (ROST, 10.1%) and O'reilly Automotive (ORLY, 7.1%). Compared with Q1 2025, it opened 1 new position, added to 9 and reduced 9. The biggest buy was a new position in Unitedhealth (UNH) and the biggest sale O'reilly Automotive (ORLY, shares −11%).
- Most Recent 13F
- Q2 2026
- Location
- Washington, DC
- CIK
- 0000914976
- Portfolio Value
- $4.9B (Q2 2025)
- SEC Filing
- 0001172661-25-003456 ↗ filed Aug 14, 2025
Holdings Value
Holdings 19 stocks · $4.9B
| AZO AutoZone Inc. | 12.68% | 167,039 | $620.1M | Reduce -1.6% |
| ROST Ross Stores Inc. | 10.07% | 3,863,028 | $492.8M | Reduce -1.1% |
| ORLY O'reilly Automotive Inc. | 7.10% | 3,855,957 | $347.5M | Reduce -10.7% |
| CMI Cummins Inc. | 7.07% | 1,056,059 | $345.9M | Add +0.5% |
| V Visa Inc. Class A | 6.87% | 947,177 | $336.3M | Add +0.7% |
| DPZ Domino's Pizza Inc. | 6.59% | 715,750 | $322.5M | Reduce -0.2% |
| MA Mastercard Inc. Class A | 6.51% | 566,442 | $318.3M | Add +0.6% |
| UNH Unitedhealth Group Inc. | 6.49% | 1,018,288 | $317.7M | New |
| MCO Moody's Corp. | 5.29% | 516,014 | $258.8M | Add +0.4% |
| PGR Progressive Corp. | 5.04% | 923,690 | $246.5M | Reduce -1.4% |
| ACGL Arch Capital Group Ltd. | 4.81% | 2,583,412 | $235.2M | Add +0.9% |
| EXPD Expeditors Intl Wash Inc. | 4.34% | 1,856,558 | $212.1M | Add +0.8% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 3.99% | 1,574,766 | $195.3M | Reduce -1.5% |
| NVR NVR Inc. | 3.61% | 23,912 | $176.6M | Add +0.3% |
| FAST Fastenal Co. | 3.40% | 3,966,125 | $166.6M | Add +0.4% |
| STRA Strategic Education Inc. | 3.15% | 1,810,104 | $154.1M | Reduce -2.1% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 2.70% | 1,068,130 | $131.9M | Reduce -3.6% |
| BIL SS SPDR BB 1-3M T-Bill ETF | 0.26% | 139,663 | $12.8M | Add +5.8% |
| VGSH Vanguard Short-Term Treasury | 0.02% | 17,638 | $1.0M | Reduce -34.4% |
Portfolio Sells Q1 2025 → Q2 2025
| ORLY O'reilly Automotive Inc. | Reduce -10.7% | 7.10% | −1.83 |
| AZO AutoZone Inc. | Reduce -1.6% | 12.68% | −1.35 |
| ROST Ross Stores Inc. | Reduce -1.1% | 10.07% | −0.74 |
| PGR Progressive Corp. | Reduce -1.4% | 5.04% | −0.71 |
| DPZ Domino's Pizza Inc. | Reduce -0.2% | 6.59% | −0.54 |
| TJX TJX Companies Inc. | Reduce -3.6% | 2.70% | −0.23 |
| STRA Strategic Education Inc. | Reduce -2.1% | 3.15% | −0.21 |
| VGSH Vanguard Short-Term Treasury | Reduce -34.4% | 0.02% | −0.01 |
| DIS The Walt Disney Co. | Reduce -1.5% | 3.99% | +0.57 |
Portfolio Buys Q1 2025 → Q2 2025
| UNH Unitedhealth Group Inc. | New | 6.49% | +6.49 |
| MCO Moody's Corp. | Add +0.4% | 5.29% | +0.11 |
| FAST Fastenal Co. | Add +0.4% | 3.40% | +0.09 |
| BIL SS SPDR BB 1-3M T-Bill ETF | Add +5.8% | 0.26% | −0.00 |
| CMI Cummins Inc. | Add +0.5% | 7.07% | −0.06 |
| NVR NVR Inc. | Add +0.3% | 3.61% | −0.13 |
| MA Mastercard Inc. Class A | Add +0.6% | 6.51% | −0.18 |
| V Visa Inc. Class A | Add +0.7% | 6.87% | −0.27 |
| EXPD Expeditors Intl Wash Inc. | Add +0.8% | 4.34% | −0.46 |
| ACGL Arch Capital Group Ltd. | Add +0.9% | 4.81% | −0.53 |
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 |