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MARSHFIELD ASSOCIATES

Q3 2025 · Filed 2025-11-14
Market Value
$5.8B
+18.1%
Holdings
19
New Purchases
0
Added To
14
Closed
2
Reduced
3
Top 10 Concentration
76.5%
Turnover
10.5%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
UNH 9.64% 6.49% +3.15% $557M
PGR 6.74% 5.04% +1.70% $390M
CMI 8.07% 7.07% +1.00% $467M
ROST 10.60% 10.07% +0.53% $613M
AZO 12.79% 12.68% +0.12% $739M
TJX 2.80% 2.70% +0.10% $162M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
V 5.81% 6.87% -1.07% $336M
DPZ 5.56% 6.59% -1.03% $321M
MCO 4.43% 5.29% -0.86% $256M
STRA 2.36% 3.15% -0.79% $136M
DIS 3.24% 3.99% -0.75% $187M
MA 5.84% 6.51% -0.66% $338M
ACGL 4.28% 4.81% -0.53% $247M
BIL 0.00% 0.26% -0.26% $0
FAST 3.18% 3.41% -0.22% $184M
EXPD 4.12% 4.34% -0.21% $238M
NVR 3.48% 3.61% -0.13% $201M
ORLY 7.05% 7.10% -0.05% $407M
VGSH 0.00% 0.02% -0.02% $0

Sector Allocation Over Time

Market Cap Concentration

TierHoldingsValueWeight
Mega Cap 3 $1.2B 21.3%
Large Cap 15 $4.4B 76.4%
Small Cap 1 $136M 2.4%

Portfolio Analytics

Avg Market Cap
$130.7B
Median Market Cap
$75.9B
Avg P/E
24.1
Median P/E
28.3
Avg Dividend Yield
0.01%
Avg Beta
0.73
# Stocks
17
# ETFs / Funds
2

Top Holdings (19 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 AZO 12.79% 172,332 $739M $4,290.25 $119M +5,293 +3.2%
2 ROST 10.60% 4,020,413 $613M $152.39 $120M +157,385 +4.1%
3 UNH 9.64% 1,613,248 $557M $345.30 $239M +594,960 +58.4%
4 CMI 8.07% 1,104,552 $467M $422.37 $121M +48,493 +4.6%
5 ORLY 7.05% 3,778,446 $407M $107.81 $60M -77,511 -2.0%
6 PGR 6.74% 1,577,453 $390M $246.95 $143M +653,763 +70.8%
7 MA 5.84% 593,713 $338M $568.81 $19M +27,271 +4.8%
8 V 5.81% 982,793 $336M $341.38 -$789K +35,616 +3.8%
9 DPZ 5.56% 744,515 $321M $431.71 -$1M +28,765 +4.0%
10 MCO 4.43% 537,128 $256M $476.48 -$3M +21,114 +4.1%
11 ACGL 4.28% 2,724,635 $247M $90.73 $12M +141,223 +5.5%
12 EXPD 4.12% 1,942,740 $238M $122.59 $26M +86,182 +4.6%
13 NVR 3.48% 25,042 $201M $8,034.66 $25M +1,130 +4.7%
14 DIS 3.24% 1,634,873 $187M $114.50 -$8M +60,107 +3.8%
15 FAST 3.18% 3,749,494 $184M $49.04 $17M -216,631 -5.5%
16 TJX 2.80% 1,118,637 $162M $144.54 $30M +50,507 +4.7%
17 STRA 2.36% 1,585,588 $136M $86.01 -$18M -224,516 -12.4%
18 BIL —% -$13M -139,663 -100.0% SOLD
19 VGSH —% -$1M -17,638 -100.0% SOLD

Sold Out Positions

SymbolValue% Port
VGSH —%
BIL —%
View SEC EDGAR Filings for MARSHFIELD ASSOCIATES →

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For informational purposes only. Not investment advice. Data sourced from SEC filings. Privacy Terms