2026 Q1 Portfolio Activity
In 2026 Q1, MARSHFIELD ASSOCIATES maintained a portfolio of 17 distinct positions. They heavily accumulated shares in VISA INC, increasing the position by 22.0%. The fund also reduced its exposure to CUMMINS INC by 41.2%.
Position History
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Total Positions
17
Quarter
2026 Q1
Top Holding
AZO (11.2%)
Top 10 Concentration
76.0%
Turnover Rate
23.4%
Sector HHI
0.18
Items per page:
Showing 1-17 of 17
MARSHFIELD ASSOCIATES Full Holdings List — 2026 Q1
| 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 | 11.16% | 10.40% |
#1
Prev: #1
|
6.5 |
—
|
-9,885 | -5.7% |
P
S
|
165,033 | $557,446,011 | 2004 Q3 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
UNH
UNITEDHEALTH GR...
|
Healthcare | 10.25% | 9.60% |
#2
1
Prev: #3
|
7.5 |
—
|
232,202 | 14.0% |
P
S
|
1,890,689 | $511,601,644 | 2025 Q2 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
PGR
PROGRESSIVE COR...
|
Financial Services | 9.75% | 10.08% |
#3
1
Prev: #2
|
5.4 |
—
|
-70,350 | -2.8% |
P
S
|
2,455,384 | $486,755,395 | 2021 Q2 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
ROST
ROSS STORES INC
|
Consumer Cyclical | 7.89% | 8.57% |
#4
Prev: #4
|
3.7 |
—
|
-895,533 | -33.0% |
P
S
|
1,818,806 | $394,007,928 | 2015 Q3 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
V
VISA INC
|
Financial Services | 7.60% | 6.33% |
#5
1
Prev: #6
|
6.0 |
—
|
225,939 | 22.0% |
P
S
|
1,254,973 | $379,302,935 | 2011 Q2 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
ORLY
OREILLY AUTOMOT...
|
Consumer Cyclical | 6.50% | 6.25% |
#6
2
Prev: #8
|
3.1 |
—
|
-392,970 | -10.1% |
P
S
|
3,513,674 | $324,347,247 | 2017 Q3 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
MA
MASTERCARD INCO...
|
Financial Services | 6.01% | 6.27% |
#7
Prev: #7
|
2.9 |
—
|
-26,528 | -4.2% |
P
S
|
600,154 | $299,873,164 | 2011 Q3 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
ACGL
ARCH CAP GROUP ...
|
Financial Services | 5.87% | 4.85% |
#8
4
Prev: #12
|
4.3 |
—
|
164,419 | 5.7% |
P
S
|
3,051,421 | $292,905,894 | 2009 Q4 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
EXPD
EXPEDITORS INTL...
|
Industrials | 5.60% | 5.36% |
#9
1
Prev: #10
|
2.7 |
—
|
-99,526 | -4.8% |
P
S
|
1,953,005 | $279,728,955 | 2011 Q4 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
DPZ
DOMINOS PIZZA I...
|
Consumer Cyclical | 5.43% | 5.74% |
#10
1
Prev: #9
|
2.7 |
—
|
-29,852 | -3.8% |
P
S
|
755,140 | $270,936,823 | 2022 Q1 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
CMI
CUMMINS INC
|
Industrials | 4.84% | 6.83% |
#11
6
Prev: #5
|
1.9 |
—
|
-314,867 | -41.2% |
P
S
|
448,781 | $241,453,110 | 2015 Q3 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
MCO
MOODYS CORP
|
Financial Services | 4.71% | 5.05% |
#12
1
Prev: #11
|
2.4 |
—
|
-24,564 | -4.4% |
P
S
|
538,993 | $235,135,904 | 2007 Q3 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
TJX
TJX COS INC NEW
|
Consumer Cyclical | 3.49% | 3.15% |
#13
2
Prev: #15
|
1.9 |
—
|
-77,699 | -6.6% |
P
S
|
1,091,160 | $174,258,187 | 2003 Q1 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
NVR
NVR INC
|
Consumer Cyclical | 3.35% | 3.43% |
#14
1
Prev: #13
|
1.8 |
—
|
-1,436 | -5.3% |
P
S
|
25,419 | $167,510,184 | 2008 Q1 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
DIS
DISNEY WALT CO
|
Communication Services | 3.17% | 3.38% |
#15
1
Prev: #14
|
1.8 |
—
|
-52,465 | -3.1% |
P
S
|
1,642,724 | $158,325,702 | 1999 Q1 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
FAST
FASTENAL CO
|
Industrials | 3.08% | 2.64% |
#16
Prev: #16
|
1.7 |
—
|
-440,308 | -11.7% |
P
S
|
3,309,287 | $153,550,898 | 2008 Q4 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
STRA
STRATEGIC ED IN...
|
Consumer Defensive | 1.32% | 2.08% |
#17
Prev: #17
|
0.5 |
—
|
-685,592 | -46.4% |
P
S
|
792,930 | $65,781,482 | 2011 Q2 | 13F Filing | 2026-03-31 | 2026-05-15 |
Showing 1-17 of 17 holdings