Marshfield Associates
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Marshfield Associates reported 17 stock positions worth $5.7 billion. Its top holding was AutoZone (AZO) at 10.4% of the portfolio, followed by Progressive (PGR, 10.1%) and Unitedhealth (UNH, 9.6%). Compared with Q3 2025, it added to 14 and reduced 3. The biggest buy was Progressive (PGR, shares +60%) and the biggest sale Ross Stores (ROST, shares −32%).
- Most Recent 13F
- Q2 2026
- Location
- Washington, DC
- CIK
- 0000914976
- Portfolio Value
- $5.7B (Q4 2025)
- SEC Filing
- 0001172661-26-001075 ↗ filed Feb 17, 2026
Holdings Value
Holdings 17 stocks · $5.7B
| AZO AutoZone Inc. | 10.40% | 174,918 | $593.2M | Add +1.5% |
| PGR Progressive Corp. | 10.08% | 2,525,734 | $575.2M | Add +60.1% |
| UNH Unitedhealth Group Inc. | 9.60% | 1,658,487 | $547.5M | Add +2.8% |
| ROST Ross Stores Inc. | 8.57% | 2,714,339 | $489.0M | Reduce -32.5% |
| CMI Cummins Inc. | 6.83% | 763,648 | $389.8M | Reduce -30.9% |
| V Visa Inc. Class A | 6.33% | 1,029,034 | $360.9M | Add +4.7% |
| MA Mastercard Inc. Class A | 6.27% | 626,682 | $357.8M | Add +5.5% |
| ORLY O'reilly Automotive Inc. | 6.25% | 3,906,644 | $356.3M | Add +3.4% |
| DPZ Domino's Pizza Inc. | 5.74% | 784,992 | $327.2M | Add +5.4% |
| EXPD Expeditors Intl Wash Inc. | 5.36% | 2,052,531 | $305.8M | Add +5.7% |
| MCO Moody's Corp. | 5.05% | 563,557 | $287.9M | Add +4.9% |
| ACGL Arch Capital Group Ltd. | 4.85% | 2,887,002 | $276.9M | Add +6.0% |
| NVR NVR Inc. | 3.43% | 26,855 | $195.9M | Add +7.2% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 3.38% | 1,695,189 | $192.9M | Add +3.7% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 3.15% | 1,168,859 | $179.5M | Add +4.5% |
| FAST Fastenal Co. | 2.64% | 3,749,595 | $150.5M | Add +0.0% |
| STRA Strategic Education Inc. | 2.08% | 1,478,522 | $118.6M | Reduce -6.8% |
Portfolio Sells Q3 2025 → Q4 2025
Portfolio Buys Q3 2025 → Q4 2025
| PGR Progressive Corp. | Add +60.1% | 10.08% | +3.34 |
| EXPD Expeditors Intl Wash Inc. | Add +5.7% | 5.36% | +1.24 |
| MCO Moody's Corp. | Add +4.9% | 5.05% | +0.62 |
| ACGL Arch Capital Group Ltd. | Add +6.0% | 4.85% | +0.58 |
| V Visa Inc. Class A | Add +4.7% | 6.33% | +0.52 |
| MA Mastercard Inc. Class A | Add +5.5% | 6.27% | +0.43 |
| TJX TJX Companies Inc. | Add +4.5% | 3.15% | +0.35 |
| DPZ Domino's Pizza Inc. | Add +5.4% | 5.74% | +0.17 |
| DIS The Walt Disney Co. | Add +3.7% | 3.38% | +0.14 |
| UNH Unitedhealth Group Inc. | Add +2.8% | 9.60% | −0.04 |
| NVR NVR Inc. | Add +7.2% | 3.43% | −0.05 |
| FAST Fastenal Co. | Add +0.0% | 2.64% | −0.54 |
| ORLY O'reilly Automotive Inc. | Add +3.4% | 6.25% | −0.80 |
| AZO AutoZone Inc. | Add +1.5% | 10.40% | −2.40 |
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 |