MARSHFIELD ASSOCIATES Long-Term Concentrated

Location: Washington, DC

CIK: 0000914976 · Show all filings

Period: Q4 2025 (← Previous) (Next →)

Filing Date: Feb 17, 2026

Total Value: $5.705B (100.0% shares, 0.0% debt)

Holdings (17)

AZO AUTOZONE INC 10.4%

Value $593M Shares 174,918 Share Price $3391.50 Est. Cost/Share — Unrealized @ Report Date —

PGR PROGRESSIVE CORP 10.1%

Value $575M Shares 2,525,734 Share Price $227.72 Est. Cost/Share — Unrealized @ Report Date —

UNH UNITEDHEALTH GROUP INC 9.6%

Value $547M Shares 1,658,487 Share Price $330.11 Est. Cost/Share — Unrealized @ Report Date —

ROST ROSS STORES INC 8.6%

Value $489M Shares 2,714,339 Share Price $180.14 Est. Cost/Share — Unrealized @ Report Date —

CMI CUMMINS INC 6.8%

Value $390M Shares 763,648 Share Price $510.45 Est. Cost/Share — Unrealized @ Report Date —

V VISA INC 6.3%

Value $361M Shares 1,029,034 Share Price $350.71 Est. Cost/Share — Unrealized @ Report Date —

MA MASTERCARD INCORPORATED 6.3%

Value $358M Shares 626,682 Share Price $570.88 Est. Cost/Share — Unrealized @ Report Date —

ORLY OREILLY AUTOMOTIVE INC 6.2%

Value $356M Shares 3,906,644 Share Price $91.21 Est. Cost/Share — Unrealized @ Report Date —

DPZ DOMINOS PIZZA INC 5.7%

Value $327M Shares 784,992 Share Price $416.82 Est. Cost/Share — Unrealized @ Report Date —

EXPD EXPEDITORS INTL WASH INC 5.4%

Value $306M Shares 2,052,531 Share Price $149.01 Est. Cost/Share — Unrealized @ Report Date —

MCO MOODYS CORP 5.0%

Value $288M Shares 563,557 Share Price $510.85 Est. Cost/Share — Unrealized @ Report Date —

ACGL ARCH CAP GROUP LTD 4.9%

Value $277M Shares 2,887,002 Share Price $95.92 Est. Cost/Share — Unrealized @ Report Date —

NVR NVR INC 3.4%

Value $196M Shares 26,855 Share Price $7292.91 Est. Cost/Share — Unrealized @ Report Date —

DIS DISNEY WALT CO 3.4%

Value $193M Shares 1,695,189 Share Price $113.77 Est. Cost/Share — Unrealized @ Report Date —

TJX TJX COS INC NEW 3.1%

Value $180M Shares 1,168,859 Share Price $153.61 Est. Cost/Share — Unrealized @ Report Date —

FAST FASTENAL CO 2.6%

Value $150M Shares 3,749,595 Share Price $40.13 Est. Cost/Share — Unrealized @ Report Date —

STRA STRATEGIC ED INC 2.1%

Value $119M Shares 1,478,522 Share Price $80.20 Est. Cost/Share — Unrealized @ Report Date —

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
AZO	AUTOZONE INC	174,918	$593M	10.4%	$3391.50	—	—	COM	053332102
PGR	PROGRESSIVE CORP	2,525,734	$575M	10.1%	$227.72	—	—	COM	743315103
UNH	UNITEDHEALTH GROUP INC	1,658,487	$547M	9.6%	$330.11	—	—	COM	91324P102
ROST	ROSS STORES INC	2,714,339	$489M	8.6%	$180.14	—	—	COM	778296103
CMI	CUMMINS INC	763,648	$390M	6.8%	$510.45	—	—	COM	231021106
V	VISA INC	1,029,034	$361M	6.3%	$350.71	—	—	COM CL A	92826C839
MA	MASTERCARD INCORPORATED	626,682	$358M	6.3%	$570.88	—	—	CL A	57636Q104
ORLY	OREILLY AUTOMOTIVE INC	3,906,644	$356M	6.2%	$91.21	—	—	COM	67103H107
DPZ	DOMINOS PIZZA INC	784,992	$327M	5.7%	$416.82	—	—	COM	25754A201
EXPD	EXPEDITORS INTL WASH INC	2,052,531	$306M	5.4%	$149.01	—	—	COM	302130109
MCO	MOODYS CORP	563,557	$288M	5.0%	$510.85	—	—	COM	615369105
ACGL	ARCH CAP GROUP LTD	2,887,002	$277M	4.9%	$95.92	—	—	ORD	G0450A105
NVR	NVR INC	26,855	$196M	3.4%	$7292.91	—	—	COM	62944T105
DIS	DISNEY WALT CO	1,695,189	$193M	3.4%	$113.77	—	—	COM	254687106
TJX	TJX COS INC NEW	1,168,859	$180M	3.1%	$153.61	—	—	COM	872540109
FAST	FASTENAL CO	3,749,595	$150M	2.6%	$40.13	—	—	COM	311900104
STRA	STRATEGIC ED INC	1,478,522	$119M	2.1%	$80.20	—	—	COM	86272C103