2026 Q2 Portfolio Activity
In 2026 Q2, MARSHFIELD ASSOCIATES maintained a portfolio of 18 distinct positions. The most significant new addition was NIKE INC, now representing 4.18% of the total fund value. They heavily accumulated shares in ARCH CAP GROUP LTD, increasing the position by 9.2%. The fund also reduced its exposure to ROSS STORES INC by 67.2%.
Position History
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Total Positions
18
Quarter
2026 Q2
Top Holding
UNH (14.9%)
Top 10 Concentration
79.7%
Turnover Rate
23.4%
Sector HHI
0.18
Items per page:
Showing 1-18 of 18
MARSHFIELD ASSOCIATES Full Holdings List — 2026 Q2
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
UNH
UNITEDHEALTH GR...
|
Healthcare | 14.87% | 10.25% |
#1
1
Prev: #2
|
6.5 |
—
|
-364,532 | -19.3% |
P
S
|
1,526,157 | $634,316,697 |
$310.97
+27.2%
|
2025 Q2 | 13F Filing | 2026-06-30 | 2026-08-14 | ||
|
PGR
PROGRESSIVE COR...
|
Financial Services | 11.03% | 9.75% |
#2
1
Prev: #3
|
6.0 |
—
|
-302,198 | -12.3% |
P
S
|
2,153,186 | $470,363,489 | 2021 Q2 | 13F Filing | 2026-06-30 | 2026-08-14 | |||
|
AZO
AUTOZONE INC
|
Consumer Cyclical | 10.22% | 11.16% |
#3
2
Prev: #1
|
5.5 |
—
|
-28,660 | -17.4% |
P
S
|
136,373 | $435,840,725 | 2004 Q3 | 13F Filing | 2026-06-30 | 2026-08-14 | |||
|
V
VISA INC
|
Financial Services | 8.32% | 7.60% |
#4
1
Prev: #5
|
4.3 |
—
|
-220,540 | -17.6% |
P
S
|
1,034,433 | $354,903,450 | 2011 Q2 | 13F Filing | 2026-06-30 | 2026-08-14 | |||
|
ACGL
ARCH CAP GROUP ...
|
Financial Services | 7.58% | 5.87% |
#5
3
Prev: #8
|
5.5 |
—
|
279,714 | 9.2% |
P
S
|
3,331,135 | $323,319,956 | 2009 Q4 | 13F Filing | 2026-06-30 | 2026-08-14 | |||
|
MA
MASTERCARD INCO...
|
Financial Services | 6.89% | 6.01% |
#6
1
Prev: #7
|
3.3 |
—
|
-27,864 | -4.6% |
P
S
|
572,290 | $293,927,923 | 2011 Q3 | 13F Filing | 2026-06-30 | 2026-08-14 | |||
|
EXPD
EXPEDITORS INTL...
|
Industrials | 5.94% | 5.60% |
#7
2
Prev: #9
|
2.4 |
—
|
-399,041 | -20.4% |
P
S
|
1,553,964 | $253,265,083 | 2011 Q4 | 13F Filing | 2026-06-30 | 2026-08-14 | |||
|
ORLY
OREILLY AUTOMOT...
|
Consumer Cyclical | 5.92% | 6.50% |
#8
2
Prev: #6
|
2.4 |
—
|
-773,217 | -22.0% |
P
S
|
2,740,457 | $252,368,685 | 2017 Q3 | 13F Filing | 2026-06-30 | 2026-08-14 | |||
|
MCO
MOODYS CORP
|
Financial Services | 4.49% | 4.71% |
#9
3
Prev: #12
|
1.8 |
—
|
-116,187 | -21.6% |
P
S
|
422,806 | $191,497,359 | 2007 Q3 | 13F Filing | 2026-06-30 | 2026-08-14 | |||
|
DPZ
DOMINOS PIZZA I...
|
Consumer Cyclical | 4.43% | 5.43% |
#10
Prev: #10
|
2.3 |
—
|
-116,599 | -15.4% |
P
S
|
638,541 | $189,033,792 | 2022 Q1 | 13F Filing | 2026-06-30 | 2026-08-14 | |||
|
NKE
NIKE INC
|
Consumer Cyclical | 4.18% | — |
#11
Prev: #—
|
5.2 |
—
|
4,343,816 | — |
NEW
|
4,343,816 | $178,313,647 | 1999 Q1 | 13F Filing | 2026-06-30 | 2026-08-14 | |||
|
NVR
NVR INC
|
Consumer Cyclical | 3.22% | 3.35% |
#12
2
Prev: #14
|
1.3 |
—
|
-5,278 | -20.8% |
P
S
|
20,141 | $137,228,689 | 2008 Q1 | 13F Filing | 2026-06-30 | 2026-08-14 | |||
|
TJX
TJX COS INC NEW
|
Consumer Cyclical | 3.10% | 3.49% |
#13
Prev: #13
|
1.2 |
—
|
-218,390 | -20.0% |
P
S
|
872,770 | $132,224,596 | 2003 Q1 | 13F Filing | 2026-06-30 | 2026-08-14 | |||
|
ROST
ROSS STORES INC
|
Consumer Cyclical | 2.97% | 7.89% |
#14
10
Prev: #4
|
1.2 |
—
|
-1,223,102 | -67.2% |
P
S
|
595,704 | $126,795,641 | 2015 Q3 | 13F Filing | 2026-06-30 | 2026-08-14 | |||
|
DIS
DISNEY WALT CO
|
Communication Services | 2.93% | 3.17% |
#15
Prev: #15
|
1.2 |
—
|
-344,592 | -21.0% |
P
S
|
1,298,132 | $124,945,168 | 1999 Q1 | 13F Filing | 2026-06-30 | 2026-08-14 | |||
|
FAST
FASTENAL CO
|
Industrials | 2.90% | 3.08% |
#16
Prev: #16
|
1.2 |
—
|
-734,471 | -22.2% |
P
S
|
2,574,816 | $123,668,417 | 2008 Q4 | 13F Filing | 2026-06-30 | 2026-08-14 | |||
|
STRA
STRATEGIC ED IN...
|
Consumer Defensive | 1.00% | 1.32% |
#17
Prev: #17
|
0.4 |
—
|
-233,918 | -29.5% |
P
S
|
559,012 | $42,831,474 | 2011 Q2 | 13F Filing | 2026-06-30 | 2026-08-14 | |||
|
CMI
CUMMINS INC
|
Industrials | 0.00% | 4.84% |
Sold All 😨
(Was: #11) |
0.0 |
—
|
-448,781 | -100.0% |
CLOSED
|
— | $— | 2015 Q3 | 13F Filing | 2026-06-30 | 2026-08-14 |
Showing 1-18 of 18 holdings