MARSHFIELD ASSOCIATES

All Holdings — 2025 Q4

Portfolio Concentration Analytics: 7.6
Risk-based ENB:
Total Positions
17
Quarter
2025 Q4
Top Holding
AZO (10.4%)
Top 10 Concentration
75.4%
Turnover Rate
23.4%
Sector HHI
0.18
Items per page:
1-17 of 17
Stock History Sector / Type Port % Prev % Rank / Prev Conviction Change % Change Influence Shares Mkt Value Avg Cost Price Held 1st Owned Source Source Date Date Reported
AZO
AUTOZONE INC
Consumer Cyclical 10.40% 12.79% #1
Prev: #1
6.2 2,586 1.5%
P
S
174,918 $593,235,245 2004 Q3 13F Filing 2025-12-31 2026-02-14 (Est.)
PGR
PROGRESSIVE COR...
Financial Services 10.08% 6.74% #2 4
Prev: #6
6.2 948,281 60.1%
P
S
2,525,734 $575,160,243 2021 Q2 13F Filing 2025-12-31 2026-02-14 (Est.)
UNH
UNITEDHEALTH GR...
Healthcare 9.60% 9.64% #3
Prev: #3
5.8 45,239 2.8%
P
S
1,658,487 $547,483,256 2025 Q2 13F Filing 2025-12-31 2026-02-14 (Est.)
ROST
ROSS STORES INC
Consumer Cyclical 8.57% 10.60% #4 2
Prev: #2
3.5 -1,306,074 -32.5%
P
S
2,714,339 $488,960,950 2015 Q3 13F Filing 2025-12-31 2026-02-14 (Est.)
CMI
CUMMINS INC
Industrials 6.83% 8.07% #5 1
Prev: #4
2.8 -340,904 -30.9%
P
S
763,648 $389,804,368 2015 Q3 13F Filing 2025-12-31 2026-02-14 (Est.)
V
VISA INC
Financial Services 6.33% 5.81% #6 2
Prev: #8
4.5 46,241 4.7%
P
S
1,029,034 $360,892,682 2011 Q2 13F Filing 2025-12-31 2026-02-14 (Est.)
MA
MASTERCARD INCO...
Financial Services 6.27% 5.84% #7
Prev: #7
4.5 32,969 5.6%
P
S
626,682 $357,760,397 2011 Q3 13F Filing 2025-12-31 2026-02-14 (Est.)
ORLY
OREILLY AUTOMOT...
Consumer Cyclical 6.25% 7.05% #8 3
Prev: #5
4.5 128,198 3.4%
P
S
3,906,644 $356,324,999 2017 Q3 13F Filing 2025-12-31 2026-02-14 (Est.)
DPZ
DOMINOS PIZZA I...
Consumer Cyclical 5.74% 5.56% #9
Prev: #9
4.3 40,477 5.4%
P
S
784,992 $327,200,257 2022 Q1 13F Filing 2025-12-31 2026-02-14 (Est.)
EXPD
EXPEDITORS INTL...
Industrials 5.36% 4.12% #10 2
Prev: #12
4.2 109,791 5.7%
P
S
2,052,531 $305,847,695 2011 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
MCO
MOODYS CORP
Financial Services 5.05% 4.43% #11 1
Prev: #10
4.0 26,429 4.9%
P
S
563,557 $287,893,248 2007 Q3 13F Filing 2025-12-31 2026-02-14 (Est.)
ACGL
ARCH CAP GROUP ...
Financial Services 4.85% 4.28% #12 1
Prev: #11
4.0 162,367 6.0%
P
S
2,887,002 $276,921,224 2009 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
NVR
NVR INC
Consumer Cyclical 3.43% 3.48% #13
Prev: #13
3.4 1,813 7.2%
P
S
26,855 $195,850,985 2008 Q1 13F Filing 2025-12-31 2026-02-14 (Est.)
DIS
DISNEY WALT CO
Communication Services 3.38% 3.24% #14
Prev: #14
3.4 60,316 3.7%
P
S
1,695,189 $192,861,609 1999 Q1 13F Filing 2025-12-31 2026-02-14 (Est.)
TJX
TJX COS INC NEW
Consumer Cyclical 3.15% 2.80% #15 1
Prev: #16
3.3 50,222 4.5%
P
S
1,168,859 $179,548,454 2003 Q1 13F Filing 2025-12-31 2026-02-14 (Est.)
FAST
FASTENAL CO
Industrials 2.64% 3.18% #16 1
Prev: #15
3.1 101 0.0%
P
S
3,749,595 $150,471,253 2008 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
STRA
STRATEGIC ED IN...
Consumer Defensive 2.08% 2.36% #17
Prev: #17
0.9 -107,066 -6.8%
P
S
1,478,522 $118,577,469 2011 Q2 13F Filing 2025-12-31 2026-02-14 (Est.)
Showing 1-17 of 17 holdings

Unlock Full MARSHFIELD ASSOCIATES Analysis

PRO subscribers get access to all historical quarters, Excel/CSV exports, Portfolio Concentration Analytics (PCA), and Risk-Based ENB.

Full Historical Quarters
Excel & CSV Export
PCA & Risk-Based ENB
Auto Cost Basis
Position Change Alerts
Price-Held Analytics