MARSHFIELD ASSOCIATES Long-Term Concentrated

CIK: 0000914976 · Show all filings

Period: Q3 2025 (← Previous) (Next →)

Filing Date: Nov 14, 2025

Total Value ($000): $5,778,773 (100.0% shares, 0.0% debt)

Holdings (17)

AZO AUTOZONE INC 12.8%

Value ($000) $739,347 Shares 172,332 Est. Cost $1167.69 Unrealized +243.6%

ROST ROSS STORES INC 10.6%

Value ($000) $612,671 Shares 4,020,413 Est. Cost $91.09 Unrealized +56.1%

UNH UNITEDHEALTH GROUP INC 9.6%

Value ($000) $557,055 Shares 1,613,248 Est. Cost $346.91 Unrealized -13.8%

CMI CUMMINS INC 8.1%

Value ($000) $466,530 Shares 1,104,552 Est. Cost $144.11 Unrealized +164.2%

ORLY OREILLY AUTOMOTIVE INC 7.0%

Value ($000) $407,354 Shares 3,778,446 Est. Cost $86.21 Unrealized +16.6%

PGR PROGRESSIVE CORP 6.7%

Value ($000) $389,552 Shares 1,577,453 Est. Cost $156.70 Unrealized +47.9%

MA MASTERCARD INCORPORATED 5.8%

Value ($000) $337,710 Shares 593,713 Est. Cost $172.01 Unrealized +233.4%

V VISA INC 5.8%

Value ($000) $335,506 Shares 982,793 Est. Cost $129.59 Unrealized +166.3%

DPZ DOMINOS PIZZA INC 5.6%

Value ($000) $321,415 Shares 744,515 Est. Cost $371.57 Unrealized +21.3%

MCO MOODYS CORP 4.4%

Value ($000) $255,931 Shares 537,128 Est. Cost $189.11 Unrealized +165.8%

ACGL ARCH CAP GROUP LTD 4.3%

Value ($000) $247,206 Shares 2,724,635 Est. Cost $31.90 Unrealized +181.1%

EXPD EXPEDITORS INTL WASH INC 4.1%

Value ($000) $238,161 Shares 1,942,740 Est. Cost $65.99 Unrealized +79.3%

NVR NVR INC 3.5%

Value ($000) $201,204 Shares 25,042 Est. Cost $3522.40 Unrealized +125.7%

DIS DISNEY WALT CO 3.2%

Value ($000) $187,193 Shares 1,634,873 Est. Cost $84.95 Unrealized +37.7%

FAST FASTENAL CO 3.2%

Value ($000) $183,875 Shares 3,749,494 Est. Cost $27.56 Unrealized +70.3%

TJX TJX COS INC NEW 2.8%

Value ($000) $161,688 Shares 1,118,637 Est. Cost $64.91 Unrealized +103.8%

STRA STRATEGIC ED INC 2.4%

Value ($000) $136,376 Shares 1,585,588 Est. Cost $80.63 Unrealized -1.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AZO	AUTOZONE INC	172,332	$739,347	12.8%	$1167.69	+243.6%	COM	053332102
ROST	ROSS STORES INC	4,020,413	$612,671	10.6%	$91.09	+56.1%	COM	778296103
UNH	UNITEDHEALTH GROUP INC	1,613,248	$557,055	9.6%	$346.91	-13.8%	COM	91324P102
CMI	CUMMINS INC	1,104,552	$466,530	8.1%	$144.11	+164.2%	COM	231021106
ORLY	OREILLY AUTOMOTIVE INC	3,778,446	$407,354	7.0%	$86.21	+16.6%	COM	67103H107
PGR	PROGRESSIVE CORP	1,577,453	$389,552	6.7%	$156.70	+47.9%	COM	743315103
MA	MASTERCARD INCORPORATED	593,713	$337,710	5.8%	$172.01	+233.4%	CL A	57636Q104
V	VISA INC	982,793	$335,506	5.8%	$129.59	+166.3%	COM CL A	92826C839
DPZ	DOMINOS PIZZA INC	744,515	$321,415	5.6%	$371.57	+21.3%	COM	25754A201
MCO	MOODYS CORP	537,128	$255,931	4.4%	$189.11	+165.8%	COM	615369105
ACGL	ARCH CAP GROUP LTD	2,724,635	$247,206	4.3%	$31.90	+181.1%	ORD	G0450A105
EXPD	EXPEDITORS INTL WASH INC	1,942,740	$238,161	4.1%	$65.99	+79.3%	COM	302130109
NVR	NVR INC	25,042	$201,204	3.5%	$3522.40	+125.7%	COM	62944T105
DIS	DISNEY WALT CO	1,634,873	$187,193	3.2%	$84.95	+37.7%	COM	254687106
FAST	FASTENAL CO	3,749,494	$183,875	3.2%	$27.56	+70.3%	COM	311900104
TJX	TJX COS INC NEW	1,118,637	$161,688	2.8%	$64.91	+103.8%	COM	872540109
STRA	STRATEGIC ED INC	1,585,588	$136,376	2.4%	$80.63	-1.5%	COM	86272C103