MARSHFIELD ASSOCIATES Long-Term Concentrated

Location: Washington, DC

CIK: 0000914976 · Show all filings

Period: Q2 2026 (← Previous)

Filing Date: Aug 14, 2026

Total Value: $4.265B (100.0% shares, 0.0% debt)

Holdings (17)

New Positions (1)

NKE NIKE INC 4.2%

Value $178M Shares 4,343,816 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
NKE	NIKE INC	4,343,816	$178M	4.2%	—	—	CL B	654106103

Increased Positions (1)

ACGL ARCH CAP GROUP LTD 7.6%

Value $323M (+10.4%) Shares 3,331,135 (+9.2%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ACGL	ARCH CAP GROUP LTD	3,331,135 (+9.2%)	$323M (+10.4%)	7.6%	—	—	ORD	G0450A105

Exited Positions (1)

CMI CUMMINS INC 5.7%

Value $241M Shares 448,781 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CMI	CUMMINS INC	448,781	$241M	5.7%	—	—	—	231021106

Decreased Positions (15)

ROST ROSS STORES INC 3.0%

Value $127M (-67.8%) Shares 595,704 (-67.2%) Est. Cost — Unrealized —

UNH UNITEDHEALTH GROUP INC 14.9%

Value $634M (+24.0%) Shares 1,526,157 (-19.3%) Est. Cost — Unrealized —

AZO AUTOZONE INC 10.2%

Value $436M (-21.8%) Shares 136,373 (-17.4%) Est. Cost — Unrealized —

DPZ DOMINOS PIZZA INC 4.4%

Value $189M (-30.2%) Shares 638,541 (-15.4%) Est. Cost — Unrealized —

ORLY OREILLY AUTOMOTIVE INC 5.9%

Value $252M (-22.2%) Shares 2,740,457 (-22.0%) Est. Cost — Unrealized —

MCO MOODYS CORP 4.5%

Value $191M (-18.6%) Shares 422,806 (-21.6%) Est. Cost — Unrealized —

TJX TJX COS INC NEW 3.1%

Value $132M (-24.1%) Shares 872,770 (-20.0%) Est. Cost — Unrealized —

DIS DISNEY WALT CO 2.9%

Value $125M (-21.1%) Shares 1,298,132 (-21.0%) Est. Cost — Unrealized —

NVR NVR INC 3.2%

Value $137M (-18.1%) Shares 20,141 (-20.8%) Est. Cost — Unrealized —

FAST FASTENAL CO 2.9%

Value $124M (-19.5%) Shares 2,574,816 (-22.2%) Est. Cost — Unrealized —

EXPD EXPEDITORS INTL WASH INC 5.9%

Value $253M (-9.5%) Shares 1,553,964 (-20.4%) Est. Cost — Unrealized —

V VISA INC 8.3%

Value $355M (-6.4%) Shares 1,034,433 (-17.6%) Est. Cost — Unrealized —

STRA STRATEGIC ED INC 1.0%

Value $42.83M (-34.9%) Shares 559,012 (-29.5%) Est. Cost — Unrealized —

PGR PROGRESSIVE CORP 11.0%

Value $470M (-3.4%) Shares 2,153,186 (-12.3%) Est. Cost — Unrealized —

MA MASTERCARD INCORPORATED 6.9%

Value $294M (-2.0%) Shares 572,290 (-4.6%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ROST	ROSS STORES INC	595,704 (-67.2%)	$127M (-67.8%)	3.0%	—	—	COM	778296103
UNH	UNITEDHEALTH GROUP INC	1,526,157 (-19.3%)	$634M (+24.0%)	14.9%	—	—	COM	91324P102
AZO	AUTOZONE INC	136,373 (-17.4%)	$436M (-21.8%)	10.2%	—	—	COM	053332102
DPZ	DOMINOS PIZZA INC	638,541 (-15.4%)	$189M (-30.2%)	4.4%	—	—	COM	25754A201
ORLY	OREILLY AUTOMOTIVE INC	2,740,457 (-22.0%)	$252M (-22.2%)	5.9%	—	—	COM	67103H107
MCO	MOODYS CORP	422,806 (-21.6%)	$191M (-18.6%)	4.5%	—	—	COM	615369105
TJX	TJX COS INC NEW	872,770 (-20.0%)	$132M (-24.1%)	3.1%	—	—	COM	872540109
DIS	DISNEY WALT CO	1,298,132 (-21.0%)	$125M (-21.1%)	2.9%	—	—	COM	254687106
NVR	NVR INC	20,141 (-20.8%)	$137M (-18.1%)	3.2%	—	—	COM	62944T105
FAST	FASTENAL CO	2,574,816 (-22.2%)	$124M (-19.5%)	2.9%	—	—	COM	311900104
EXPD	EXPEDITORS INTL WASH INC	1,553,964 (-20.4%)	$253M (-9.5%)	5.9%	—	—	COM	302130109
V	VISA INC	1,034,433 (-17.6%)	$355M (-6.4%)	8.3%	—	—	COM CL A	92826C839
STRA	STRATEGIC ED INC	559,012 (-29.5%)	$42.83M (-34.9%)	1.0%	—	—	COM	86272C103
PGR	PROGRESSIVE CORP	2,153,186 (-12.3%)	$470M (-3.4%)	11.0%	—	—	COM	743315103
MA	MASTERCARD INCORPORATED	572,290 (-4.6%)	$294M (-2.0%)	6.9%	—	—	CL A	57636Q104