MARSHFIELD ASSOCIATES Long-Term Concentrated

Location: Washington, DC

CIK: 0000914976 · Show all filings

Period: Q2 2025 (← Previous) (Next →)

Filing Date: Aug 14, 2025

Total Value: $4.892B (100.0% shares, 0.0% debt)

Holdings (19)

AZO AUTOZONE INC 12.7%

Value $620M Shares 167,039 Share Price $3712.24 Est. Cost/Share — Unrealized @ Report Date —

ROST ROSS STORES INC 10.1%

Value $493M Shares 3,863,028 Share Price $127.58 Est. Cost/Share — Unrealized @ Report Date —

ORLY OREILLY AUTOMOTIVE INC 7.1%

Value $348M Shares 3,855,957 Share Price $90.13 Est. Cost/Share — Unrealized @ Report Date —

CMI CUMMINS INC 7.1%

Value $346M Shares 1,056,059 Share Price $327.50 Est. Cost/Share — Unrealized @ Report Date —

V VISA INC 6.9%

Value $336M Shares 947,177 Share Price $355.05 Est. Cost/Share — Unrealized @ Report Date —

DPZ DOMINOS PIZZA INC 6.6%

Value $323M Shares 715,750 Share Price $450.60 Est. Cost/Share — Unrealized @ Report Date —

MA MASTERCARD INCORPORATED 6.5%

Value $318M Shares 566,442 Share Price $561.94 Est. Cost/Share — Unrealized @ Report Date —

UNH UNITEDHEALTH GROUP INC 6.5%

Value $318M Shares 1,018,288 Share Price $311.97 Est. Cost/Share — Unrealized @ Report Date —

MCO MOODYS CORP 5.3%

Value $259M Shares 516,014 Share Price $501.59 Est. Cost/Share — Unrealized @ Report Date —

PGR PROGRESSIVE CORP 5.0%

Value $246M Shares 923,690 Share Price $266.86 Est. Cost/Share — Unrealized @ Report Date —

ACGL ARCH CAP GROUP LTD 4.8%

Value $235M Shares 2,583,412 Share Price $91.05 Est. Cost/Share — Unrealized @ Report Date —

EXPD EXPEDITORS INTL WASH INC 4.3%

Value $212M Shares 1,856,558 Share Price $114.25 Est. Cost/Share — Unrealized @ Report Date —

DIS DISNEY WALT CO 4.0%

Value $195M Shares 1,574,766 Share Price $124.01 Est. Cost/Share — Unrealized @ Report Date —

NVR NVR INC 3.6%

Value $177M Shares 23,912 Share Price $7385.66 Est. Cost/Share — Unrealized @ Report Date —

FAST FASTENAL CO 3.4%

Value $167M Shares 3,966,125 Share Price $42.00 Est. Cost/Share — Unrealized @ Report Date —

STRA STRATEGIC ED INC 3.1%

Value $154M Shares 1,810,104 Share Price $85.13 Est. Cost/Share — Unrealized @ Report Date —

TJX TJX COS INC NEW 2.7%

Value $132M Shares 1,068,130 Share Price $123.49 Est. Cost/Share — Unrealized @ Report Date —

BIL SPDR SERIES TRUST 0.3%

Value $12.81M Shares 139,663 Share Price $91.73 Est. Cost/Share — Unrealized @ Report Date —

VGSH VANGUARD SCOTTSDALE FDS 0.0%

Value $1.037M Shares 17,638 Share Price $58.78 Est. Cost/Share — Unrealized @ Report Date —

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
AZO	AUTOZONE INC	167,039	$620M	12.7%	$3712.24	—	—	COM	053332102
ROST	ROSS STORES INC	3,863,028	$493M	10.1%	$127.58	—	—	COM	778296103
ORLY	OREILLY AUTOMOTIVE INC	3,855,957	$348M	7.1%	$90.13	—	—	COM	67103H107
CMI	CUMMINS INC	1,056,059	$346M	7.1%	$327.50	—	—	COM	231021106
V	VISA INC	947,177	$336M	6.9%	$355.05	—	—	COM CL A	92826C839
DPZ	DOMINOS PIZZA INC	715,750	$323M	6.6%	$450.60	—	—	COM	25754A201
MA	MASTERCARD INCORPORATED	566,442	$318M	6.5%	$561.94	—	—	CL A	57636Q104
UNH	UNITEDHEALTH GROUP INC	1,018,288	$318M	6.5%	$311.97	—	—	COM	91324P102
MCO	MOODYS CORP	516,014	$259M	5.3%	$501.59	—	—	COM	615369105
PGR	PROGRESSIVE CORP	923,690	$246M	5.0%	$266.86	—	—	COM	743315103
ACGL	ARCH CAP GROUP LTD	2,583,412	$235M	4.8%	$91.05	—	—	ORD	G0450A105
EXPD	EXPEDITORS INTL WASH INC	1,856,558	$212M	4.3%	$114.25	—	—	COM	302130109
DIS	DISNEY WALT CO	1,574,766	$195M	4.0%	$124.01	—	—	COM	254687106
NVR	NVR INC	23,912	$177M	3.6%	$7385.66	—	—	COM	62944T105
FAST	FASTENAL CO	3,966,125	$167M	3.4%	$42.00	—	—	COM	311900104
STRA	STRATEGIC ED INC	1,810,104	$154M	3.1%	$85.13	—	—	COM	86272C103
TJX	TJX COS INC NEW	1,068,130	$132M	2.7%	$123.49	—	—	COM	872540109
BIL	SPDR SERIES TRUST	139,663	$12.81M	0.3%	$91.73	—	—	BLOOMBERG 1-3 MO	78468R663
VGSH	VANGUARD SCOTTSDALE FDS	17,638	$1.037M	0.0%	$58.78	—	—	SHORT TERM TREAS	92206C102