Marshfield Associates
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Marshfield Associates reported 17 stock positions worth $5.8 billion. Its top holding was AutoZone (AZO) at 12.8% of the portfolio, followed by Ross Stores (ROST, 10.6%) and Unitedhealth (UNH, 9.6%). Compared with Q2 2025, it sold out of 2, added to 14 and reduced 3. The biggest buy was Unitedhealth (UNH, shares +58%) and the biggest sale Strategic Education (STRA, shares −12%).
- Most Recent 13F
- Q2 2026
- Location
- Washington, DC
- CIK
- 0000914976
- Portfolio Value
- $5.8B (Q3 2025)
- SEC Filing
- 0001172661-25-005042 ↗ filed Nov 14, 2025
Holdings Value
Holdings 17 stocks · $5.8B
| AZO AutoZone Inc. | 12.79% | 172,332 | $739.3M | Add +3.2% |
| ROST Ross Stores Inc. | 10.60% | 4,020,413 | $612.7M | Add +4.1% |
| UNH Unitedhealth Group Inc. | 9.64% | 1,613,248 | $557.1M | Add +58.4% |
| CMI Cummins Inc. | 8.07% | 1,104,552 | $466.5M | Add +4.6% |
| ORLY O'reilly Automotive Inc. | 7.05% | 3,778,446 | $407.4M | Reduce -2.0% |
| PGR Progressive Corp. | 6.74% | 1,577,453 | $389.6M | Add +70.8% |
| MA Mastercard Inc. Class A | 5.84% | 593,713 | $337.7M | Add +4.8% |
| V Visa Inc. Class A | 5.81% | 982,793 | $335.5M | Add +3.8% |
| DPZ Domino's Pizza Inc. | 5.56% | 744,515 | $321.4M | Add +4.0% |
| MCO Moody's Corp. | 4.43% | 537,128 | $255.9M | Add +4.1% |
| ACGL Arch Capital Group Ltd. | 4.28% | 2,724,635 | $247.2M | Add +5.5% |
| EXPD Expeditors Intl Wash Inc. | 4.12% | 1,942,740 | $238.2M | Add +4.6% |
| NVR NVR Inc. | 3.48% | 25,042 | $201.2M | Add +4.7% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 3.24% | 1,634,873 | $187.2M | Add +3.8% |
| FAST Fastenal Co. | 3.18% | 3,749,494 | $183.9M | Reduce -5.5% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 2.80% | 1,118,637 | $161.7M | Add +4.7% |
| STRA Strategic Education Inc. | 2.36% | 1,585,588 | $136.4M | Reduce -12.4% |
Portfolio Sells Q2 2025 → Q3 2025
Portfolio Buys Q2 2025 → Q3 2025
| UNH Unitedhealth Group Inc. | Add +58.4% | 9.64% | +3.15 |
| PGR Progressive Corp. | Add +70.8% | 6.74% | +1.70 |
| CMI Cummins Inc. | Add +4.6% | 8.07% | +1.00 |
| ROST Ross Stores Inc. | Add +4.1% | 10.60% | +0.53 |
| AZO AutoZone Inc. | Add +3.2% | 12.79% | +0.12 |
| TJX TJX Companies Inc. | Add +4.7% | 2.80% | +0.10 |
| NVR NVR Inc. | Add +4.7% | 3.48% | −0.13 |
| EXPD Expeditors Intl Wash Inc. | Add +4.6% | 4.12% | −0.21 |
| ACGL Arch Capital Group Ltd. | Add +5.5% | 4.28% | −0.53 |
| MA Mastercard Inc. Class A | Add +4.8% | 5.84% | −0.66 |
| DIS The Walt Disney Co. | Add +3.8% | 3.24% | −0.75 |
| MCO Moody's Corp. | Add +4.1% | 4.43% | −0.86 |
| DPZ Domino's Pizza Inc. | Add +4.0% | 5.56% | −1.03 |
| V Visa Inc. Class A | Add +3.8% | 5.81% | −1.07 |
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 |