MARSHFIELD ASSOCIATES Long-Term Concentrated

CIK: 0000914976 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Feb 17, 2026

Total Value ($000): $5,704,794 (100.0% shares, 0.0% debt)

Holdings (17)

Increased Positions (13)

PGR PROGRESSIVE CORP 10.1%

Value ($000) $575,160 (+47.6%) Shares 2,525,734 (+60.1%) Est. Cost $177.59 Unrealized +19.6%

AZO AUTOZONE INC 10.4%

Value ($000) $593,235 (-19.8%) Shares 174,918 (+1.5%) Est. Cost $1206.28 Unrealized +213.2%

EXPD EXPEDITORS INTL WASH INC 5.4%

Value ($000) $305,848 (+28.4%) Shares 2,052,531 (+5.7%) Est. Cost $69.71 Unrealized +94.6%

ORLY OREILLY AUTOMOTIVE INC 6.2%

Value ($000) $356,325 (-12.5%) Shares 3,906,644 (+3.4%) Est. Cost $86.59 Unrealized +12.8%

MCO MOODYS CORP 5.0%

Value ($000) $287,893 (+12.5%) Shares 563,557 (+4.9%) Est. Cost $203.09 Unrealized +140.0%

ACGL ARCH CAP GROUP LTD 4.9%

Value ($000) $276,921 (+12.0%) Shares 2,887,002 (+6.0%) Est. Cost $35.25 Unrealized +159.5%

V VISA INC 6.3%

Value ($000) $360,893 (+7.6%) Shares 1,029,034 (+4.7%) Est. Cost $139.06 Unrealized +144.8%

MA MASTERCARD INCORPORATED 6.3%

Value ($000) $357,760 (+5.9%) Shares 626,682 (+5.6%) Est. Cost $192.36 Unrealized +190.6%

TJX TJX COS INC NEW 3.1%

Value ($000) $179,548 (+11.0%) Shares 1,168,859 (+4.5%) Est. Cost $68.47 Unrealized +115.7%

UNH UNITEDHEALTH GROUP INC 9.6%

Value ($000) $547,483 (-1.7%) Shares 1,658,487 (+2.8%) Est. Cost $346.65 Unrealized -2.7%

DPZ DOMINOS PIZZA INC 5.7%

Value ($000) $327,200 (+1.8%) Shares 784,992 (+5.4%) Est. Cost $373.84 Unrealized +11.1%

DIS DISNEY WALT CO 3.4%

Value ($000) $192,862 (+3.0%) Shares 1,695,189 (+3.7%) Est. Cost $85.82 Unrealized +27.6%

NVR NVR INC 3.4%

Value ($000) $195,851 (-2.7%) Shares 26,855 (+7.2%) Est. Cost $3789.34 Unrealized +97.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
PGR	PROGRESSIVE CORP	2,525,734 (+60.1%)	$575,160 (+47.6%)	10.1%	$177.59	+19.6%	COM	743315103
AZO	AUTOZONE INC	174,918 (+1.5%)	$593,235 (-19.8%)	10.4%	$1206.28	+213.2%	COM	053332102
EXPD	EXPEDITORS INTL WASH INC	2,052,531 (+5.7%)	$305,848 (+28.4%)	5.4%	$69.71	+94.6%	COM	302130109
ORLY	OREILLY AUTOMOTIVE INC	3,906,644 (+3.4%)	$356,325 (-12.5%)	6.2%	$86.59	+12.8%	COM	67103H107
MCO	MOODYS CORP	563,557 (+4.9%)	$287,893 (+12.5%)	5.0%	$203.09	+140.0%	COM	615369105
ACGL	ARCH CAP GROUP LTD	2,887,002 (+6.0%)	$276,921 (+12.0%)	4.9%	$35.25	+159.5%	ORD	G0450A105
V	VISA INC	1,029,034 (+4.7%)	$360,893 (+7.6%)	6.3%	$139.06	+144.8%	COM CL A	92826C839
MA	MASTERCARD INCORPORATED	626,682 (+5.6%)	$357,760 (+5.9%)	6.3%	$192.36	+190.6%	CL A	57636Q104
TJX	TJX COS INC NEW	1,168,859 (+4.5%)	$179,548 (+11.0%)	3.1%	$68.47	+115.7%	COM	872540109
UNH	UNITEDHEALTH GROUP INC	1,658,487 (+2.8%)	$547,483 (-1.7%)	9.6%	$346.65	-2.7%	COM	91324P102
DPZ	DOMINOS PIZZA INC	784,992 (+5.4%)	$327,200 (+1.8%)	5.7%	$373.84	+11.1%	COM	25754A201
DIS	DISNEY WALT CO	1,695,189 (+3.7%)	$192,862 (+3.0%)	3.4%	$85.82	+27.6%	COM	254687106
NVR	NVR INC	26,855 (+7.2%)	$195,851 (-2.7%)	3.4%	$3789.34	+97.3%	COM	62944T105

Decreased Positions (3)

ROST ROSS STORES INC 8.6%

Value ($000) $488,961 (-20.2%) Shares 2,714,339 (-32.5%) Est. Cost $91.09 Unrealized +82.9%

CMI CUMMINS INC 6.8%

Value ($000) $389,804 (-16.4%) Shares 763,648 (-30.9%) Est. Cost $144.11 Unrealized +223.6%

STRA STRATEGIC ED INC 2.1%

Value ($000) $118,577 (-13.1%) Shares 1,478,522 (-6.8%) Est. Cost $80.63 Unrealized -1.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ROST	ROSS STORES INC	2,714,339 (-32.5%)	$488,961 (-20.2%)	8.6%	$91.09	+82.9%	COM	778296103
CMI	CUMMINS INC	763,648 (-30.9%)	$389,804 (-16.4%)	6.8%	$144.11	+223.6%	COM	231021106
STRA	STRATEGIC ED INC	1,478,522 (-6.8%)	$118,577 (-13.1%)	2.1%	$80.63	-1.5%	COM	86272C103

Unchanged Positions (1)

FAST FASTENAL CO 2.6%

Value ($000) $150,471 Shares 3,749,595 Est. Cost $27.56 Unrealized +52.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
FAST	FASTENAL CO	3,749,595	$150,471	2.6%	$27.56	+52.5%	COM	311900104