Marshfield Associates
In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 15, 2026), Marshfield Associates reported 17 stock positions worth $5.0 billion. Its top holding was AutoZone (AZO) at 11.2% of the portfolio, followed by Unitedhealth (UNH, 10.2%) and Progressive (PGR, 9.7%). Compared with Q4 2025, it added to 3 and reduced 14. The biggest buy was Visa Class A (V, shares +22%) and the biggest sale Cummins (CMI, shares −41%).
- Most Recent 13F
- Q2 2026
- Location
- Washington, DC
- CIK
- 0000914976
- Portfolio Value
- $5.0B (Q1 2026)
- SEC Filing
- 0001172661-26-002329 ↗ filed May 15, 2026
Holdings Value
Holdings 17 stocks · $5.0B
| AZO AutoZone Inc. | 11.16% | 165,033 | $557.4M | Reduce -5.7% |
| UNH Unitedhealth Group Inc. | 10.25% | 1,890,689 | $511.6M | Add +14.0% |
| PGR Progressive Corp. | 9.75% | 2,455,384 | $486.8M | Reduce -2.8% |
| ROST Ross Stores Inc. | 7.89% | 1,818,806 | $394.0M | Reduce -33.0% |
| V Visa Inc. Class A | 7.60% | 1,254,973 | $379.3M | Add +22.0% |
| ORLY O'reilly Automotive Inc. | 6.50% | 3,513,674 | $324.3M | Reduce -10.1% |
| MA Mastercard Inc. Class A | 6.01% | 600,154 | $299.9M | Reduce -4.2% |
| ACGL Arch Capital Group Ltd. | 5.87% | 3,051,421 | $292.9M | Add +5.7% |
| EXPD Expeditors Intl Wash Inc. | 5.60% | 1,953,005 | $279.7M | Reduce -4.8% |
| DPZ Domino's Pizza Inc. | 5.43% | 755,140 | $270.9M | Reduce -3.8% |
| CMI Cummins Inc. | 4.84% | 448,781 | $241.5M | Reduce -41.2% |
| MCO Moody's Corp. | 4.71% | 538,993 | $235.1M | Reduce -4.4% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 3.49% | 1,091,160 | $174.3M | Reduce -6.7% |
| NVR NVR Inc. | 3.35% | 25,419 | $167.5M | Reduce -5.3% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 3.17% | 1,642,724 | $158.3M | Reduce -3.1% |
| FAST Fastenal Co. | 3.08% | 3,309,287 | $153.6M | Reduce -11.7% |
| STRA Strategic Education Inc. | 1.32% | 792,930 | $65.8M | Reduce -46.4% |
Portfolio Sells Q4 2025 → Q1 2026
| CMI Cummins Inc. | Reduce -41.2% | 4.84% | −2.00 |
| STRA Strategic Education Inc. | Reduce -46.4% | 1.32% | −0.76 |
| ROST Ross Stores Inc. | Reduce -33.0% | 7.89% | −0.68 |
| MCO Moody's Corp. | Reduce -4.4% | 4.71% | −0.34 |
| PGR Progressive Corp. | Reduce -2.8% | 9.75% | −0.33 |
| DPZ Domino's Pizza Inc. | Reduce -3.8% | 5.43% | −0.31 |
| MA Mastercard Inc. Class A | Reduce -4.2% | 6.01% | −0.27 |
| DIS The Walt Disney Co. | Reduce -3.1% | 3.17% | −0.21 |
| NVR NVR Inc. | Reduce -5.3% | 3.35% | −0.08 |
| EXPD Expeditors Intl Wash Inc. | Reduce -4.8% | 5.60% | +0.24 |
| ORLY O'reilly Automotive Inc. | Reduce -10.1% | 6.50% | +0.25 |
| TJX TJX Companies Inc. | Reduce -6.7% | 3.49% | +0.34 |
| FAST Fastenal Co. | Reduce -11.7% | 3.08% | +0.44 |
| AZO AutoZone Inc. | Reduce -5.7% | 11.16% | +0.77 |
Portfolio Buys Q4 2025 → Q1 2026
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 |