MARSHFIELD ASSOCIATES Long-Term Concentrated

Location: Washington, DC

CIK: 0000914976 · Show all filings

Period: Q3 2025 (← Previous) (Next →)

Filing Date: Nov 14, 2025

Total Value: $5.779B (100.0% shares, 0.0% debt)

Holdings (17)

AZO AUTOZONE INC 12.8%

Value $739M Shares 172,332 Share Price $4290.25 Est. Cost/Share — Unrealized @ Report Date —

ROST ROSS STORES INC 10.6%

Value $613M Shares 4,020,413 Share Price $152.39 Est. Cost/Share — Unrealized @ Report Date —

UNH UNITEDHEALTH GROUP INC 9.6%

Value $557M Shares 1,613,248 Share Price $345.30 Est. Cost/Share — Unrealized @ Report Date —

CMI CUMMINS INC 8.1%

Value $467M Shares 1,104,552 Share Price $422.37 Est. Cost/Share — Unrealized @ Report Date —

ORLY OREILLY AUTOMOTIVE INC 7.0%

Value $407M Shares 3,778,446 Share Price $107.81 Est. Cost/Share — Unrealized @ Report Date —

PGR PROGRESSIVE CORP 6.7%

Value $390M Shares 1,577,453 Share Price $246.95 Est. Cost/Share — Unrealized @ Report Date —

MA MASTERCARD INCORPORATED 5.8%

Value $338M Shares 593,713 Share Price $568.81 Est. Cost/Share — Unrealized @ Report Date —

V VISA INC 5.8%

Value $336M Shares 982,793 Share Price $341.38 Est. Cost/Share — Unrealized @ Report Date —

DPZ DOMINOS PIZZA INC 5.6%

Value $321M Shares 744,515 Share Price $431.71 Est. Cost/Share — Unrealized @ Report Date —

MCO MOODYS CORP 4.4%

Value $256M Shares 537,128 Share Price $476.48 Est. Cost/Share — Unrealized @ Report Date —

ACGL ARCH CAP GROUP LTD 4.3%

Value $247M Shares 2,724,635 Share Price $90.73 Est. Cost/Share — Unrealized @ Report Date —

EXPD EXPEDITORS INTL WASH INC 4.1%

Value $238M Shares 1,942,740 Share Price $122.59 Est. Cost/Share — Unrealized @ Report Date —

NVR NVR INC 3.5%

Value $201M Shares 25,042 Share Price $8034.66 Est. Cost/Share — Unrealized @ Report Date —

DIS DISNEY WALT CO 3.2%

Value $187M Shares 1,634,873 Share Price $114.50 Est. Cost/Share — Unrealized @ Report Date —

FAST FASTENAL CO 3.2%

Value $184M Shares 3,749,494 Share Price $49.04 Est. Cost/Share — Unrealized @ Report Date —

TJX TJX COS INC NEW 2.8%

Value $162M Shares 1,118,637 Share Price $144.54 Est. Cost/Share — Unrealized @ Report Date —

STRA STRATEGIC ED INC 2.4%

Value $136M Shares 1,585,588 Share Price $86.01 Est. Cost/Share — Unrealized @ Report Date —

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
AZO	AUTOZONE INC	172,332	$739M	12.8%	$4290.25	—	—	COM	053332102
ROST	ROSS STORES INC	4,020,413	$613M	10.6%	$152.39	—	—	COM	778296103
UNH	UNITEDHEALTH GROUP INC	1,613,248	$557M	9.6%	$345.30	—	—	COM	91324P102
CMI	CUMMINS INC	1,104,552	$467M	8.1%	$422.37	—	—	COM	231021106
ORLY	OREILLY AUTOMOTIVE INC	3,778,446	$407M	7.0%	$107.81	—	—	COM	67103H107
PGR	PROGRESSIVE CORP	1,577,453	$390M	6.7%	$246.95	—	—	COM	743315103
MA	MASTERCARD INCORPORATED	593,713	$338M	5.8%	$568.81	—	—	CL A	57636Q104
V	VISA INC	982,793	$336M	5.8%	$341.38	—	—	COM CL A	92826C839
DPZ	DOMINOS PIZZA INC	744,515	$321M	5.6%	$431.71	—	—	COM	25754A201
MCO	MOODYS CORP	537,128	$256M	4.4%	$476.48	—	—	COM	615369105
ACGL	ARCH CAP GROUP LTD	2,724,635	$247M	4.3%	$90.73	—	—	ORD	G0450A105
EXPD	EXPEDITORS INTL WASH INC	1,942,740	$238M	4.1%	$122.59	—	—	COM	302130109
NVR	NVR INC	25,042	$201M	3.5%	$8034.66	—	—	COM	62944T105
DIS	DISNEY WALT CO	1,634,873	$187M	3.2%	$114.50	—	—	COM	254687106
FAST	FASTENAL CO	3,749,494	$184M	3.2%	$49.04	—	—	COM	311900104
TJX	TJX COS INC NEW	1,118,637	$162M	2.8%	$144.54	—	—	COM	872540109
STRA	STRATEGIC ED INC	1,585,588	$136M	2.4%	$86.01	—	—	COM	86272C103