Data as of Q4 2025 (Dec 31, 2025)

MARSHFIELD ASSOCIATES

•CIK: 914976•Filing: Q4 2025

Marshfield Associates, managed by the seasoned duo of John Marsh and Sarah Fielding, is known for its concentrated, high-conviction equity strategy, currently holding 17 positions with a focus on healthcare and consumer staples. Recently, the fund added Pfizer (PGR) and Expeditors International (EXPD), reflecting its bullish stance on healthcare and logistics amid ongoing market volatility.

Total AUM
$5.7B
QoQ Performance
-1.3%
Positions
17
Top 10 Concentration
75.4%
Latest Filing
Q4 2025

Top Holdings Allocation

AZO
PGR
UNH
ROST
CMI
V
MA
ORLY
AZO10.4%
PGR10.1%
UNH9.6%
ROST8.6%
CMI6.8%
V6.3%
MA6.3%
ORLY6.2%

📈 Biggest Buys

PGR
PROGRESSIVE CORP
+60.1%
10.1% of portfolio
MA
MASTERCARD INCORPORATED
+5.6%
6.3% of portfolio
DPZ
DOMINOS PIZZA INC
+5.4%
5.7% of portfolio
EXPD
EXPEDITORS INTL WASH INC
+5.7%
5.4% of portfolio
V
VISA INC
+4.7%
6.3% of portfolio

📉 Biggest Sells

ROST
ROSS STORES INC
-32.5%
8.6% of portfolio
CMI
CUMMINS INC
-30.9%
6.8% of portfolio
STRA
STRATEGIC ED INC
-6.8%
2.1% of portfolio

Sector Breakdown

Other68.7%
Financial12.6%
Healthcare9.6%
Consumer5.7%
Communication3.4%

Changes from Q3 2025

↑14 increased
↓3 decreased

Historical Filings

Q4 2025Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024Q4 2023

📌 Top Holdings

AZO10.4%
AUTOZONE INC
$593.2M
PGR10.1%
PROGRESSIVE CORP
$575.2M
UNH9.6%
UNITEDHEALTH GROUP INC
$547.5M
ROST8.6%
ROSS STORES INC
$489.0M
CMI6.8%
CUMMINS INC
$389.8M

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