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 Est. Cost $1206.28 Unrealized +213.2%

PGR PROGRESSIVE CORP 10.1%

Value $575M Shares 2,525,734 Est. Cost $177.59 Unrealized +19.6%

UNH UNITEDHEALTH GROUP INC 9.6%

Value $547M Shares 1,658,487 Est. Cost $346.65 Unrealized -2.7%

ROST ROSS STORES INC 8.6%

Value $489M Shares 2,714,339 Est. Cost $91.09 Unrealized +82.9%

CMI CUMMINS INC 6.8%

Value $390M Shares 763,648 Est. Cost $144.11 Unrealized +223.6%

V VISA INC 6.3%

Value $361M Shares 1,029,034 Est. Cost $139.06 Unrealized +144.8%

MA MASTERCARD INCORPORATED 6.3%

Value $358M Shares 626,682 Est. Cost $192.36 Unrealized +190.6%

ORLY OREILLY AUTOMOTIVE INC 6.2%

Value $356M Shares 3,906,644 Est. Cost $86.59 Unrealized +12.8%

DPZ DOMINOS PIZZA INC 5.7%

Value $327M Shares 784,992 Est. Cost $373.84 Unrealized +11.1%

EXPD EXPEDITORS INTL WASH INC 5.4%

Value $306M Shares 2,052,531 Est. Cost $69.71 Unrealized +94.6%

MCO MOODYS CORP 5.0%

Value $288M Shares 563,557 Est. Cost $203.09 Unrealized +140.0%

ACGL ARCH CAP GROUP LTD 4.9%

Value $277M Shares 2,887,002 Est. Cost $35.25 Unrealized +159.5%

NVR NVR INC 3.4%

Value $196M Shares 26,855 Est. Cost $3789.34 Unrealized +97.3%

DIS DISNEY WALT CO 3.4%

Value $193M Shares 1,695,189 Est. Cost $85.82 Unrealized +27.6%

TJX TJX COS INC NEW 3.1%

Value $180M Shares 1,168,859 Est. Cost $68.47 Unrealized +115.7%

FAST FASTENAL CO 2.6%

Value $150M Shares 3,749,595 Est. Cost $27.56 Unrealized +52.5%

STRA STRATEGIC ED INC 2.1%

Value $119M Shares 1,478,522 Est. Cost $80.63 Unrealized -1.5%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
AZO	AUTOZONE INC	174,918	$593M	10.4%	$1206.28	+213.2%	COM	053332102
PGR	PROGRESSIVE CORP	2,525,734	$575M	10.1%	$177.59	+19.6%	COM	743315103
UNH	UNITEDHEALTH GROUP INC	1,658,487	$547M	9.6%	$346.65	-2.7%	COM	91324P102
ROST	ROSS STORES INC	2,714,339	$489M	8.6%	$91.09	+82.9%	COM	778296103
CMI	CUMMINS INC	763,648	$390M	6.8%	$144.11	+223.6%	COM	231021106
V	VISA INC	1,029,034	$361M	6.3%	$139.06	+144.8%	COM CL A	92826C839
MA	MASTERCARD INCORPORATED	626,682	$358M	6.3%	$192.36	+190.6%	CL A	57636Q104
ORLY	OREILLY AUTOMOTIVE INC	3,906,644	$356M	6.2%	$86.59	+12.8%	COM	67103H107
DPZ	DOMINOS PIZZA INC	784,992	$327M	5.7%	$373.84	+11.1%	COM	25754A201
EXPD	EXPEDITORS INTL WASH INC	2,052,531	$306M	5.4%	$69.71	+94.6%	COM	302130109
MCO	MOODYS CORP	563,557	$288M	5.0%	$203.09	+140.0%	COM	615369105
ACGL	ARCH CAP GROUP LTD	2,887,002	$277M	4.9%	$35.25	+159.5%	ORD	G0450A105
NVR	NVR INC	26,855	$196M	3.4%	$3789.34	+97.3%	COM	62944T105
DIS	DISNEY WALT CO	1,695,189	$193M	3.4%	$85.82	+27.6%	COM	254687106
TJX	TJX COS INC NEW	1,168,859	$180M	3.1%	$68.47	+115.7%	COM	872540109
FAST	FASTENAL CO	3,749,595	$150M	2.6%	$27.56	+52.5%	COM	311900104
STRA	STRATEGIC ED INC	1,478,522	$119M	2.1%	$80.63	-1.5%	COM	86272C103