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MARSHFIELD ASSOCIATES

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13F filer, CIK 914976, Washington, DC

MARSHFIELD ASSOCIATES reported $4,615,810,240 across 18 holdings for the quarter ended 2025-03-31, in a 13F-HR filed 2025-05-15. Its ten largest share positions make up 78.14% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001172661-25-002352

Period
2025-03-31
Reported value
$4.62B
Holdings
18
Top 10 weight
78.14%
New
0
Sold out
0

Largest buys vs the previous quarter

SecurityShares changeApprox. value
PGRadded+63,996$18.1M
MAadded+6,246$3.42M
Vadded+6,790$2.38M
NVRadded+256$1.85M
EXPDadded+14,127$1.7M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
TJXreduced-1,152,362-$140M
ORLYreduced-18,401-$26.4M
AZOreduced-471-$1.8M
ROSTreduced-8,430-$1.08M
ACGLreduced-3,879-$373K

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q1 2025

Share positions as resolved from 13F-HR 0001172661-25-002352, largest first. % of portfolio is the value over $4,615,810,240, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
AZOAUTOZONE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 169,586 shares; 2024Q4: 170,280 shares; 2025Q1: 169,809 shares 169,809$647M14.03%-471Timeline
ROSTROSS STORES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,908,958 shares; 2024Q4: 3,914,613 shares; 2025Q1: 3,906,183 shares 3,906,183$499M10.81%-8,430Timeline
ORLYOREILLY AUTOMOTIVE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 304,133 shares; 2024Q4: 306,318 shares; 2025Q1: 287,917 shares 287,917$412M8.94%-18,401Timeline
VVISA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 931,533 shares; 2024Q4: 933,781 shares; 2025Q1: 940,571 shares 940,571$330M7.14%+6,790Timeline
DPZDOMINOS PIZZA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 715,002 shares; 2024Q4: 715,421 shares; 2025Q1: 716,952 shares 716,952$329M7.14%+1,531Timeline
CMICUMMINS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,044,654 shares; 2024Q4: 1,046,897 shares; 2025Q1: 1,050,534 shares 1,050,534$329M7.13%+3,637Timeline
MAMASTERCARD INCORPORATEDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 551,916 shares; 2024Q4: 556,664 shares; 2025Q1: 562,910 shares 562,910$309M6.68%+6,246Timeline
PGRPROGRESSIVE CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 870,221 shares; 2024Q4: 873,246 shares; 2025Q1: 937,242 shares 937,242$265M5.75%+63,996Timeline
ACGLARCH CAP GROUP LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,372,737 shares; 2024Q4: 2,564,740 shares; 2025Q1: 2,560,861 shares 2,560,861$246M5.34%-3,879Timeline
MCOMOODYS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 511,300 shares; 2024Q4: 511,120 shares; 2025Q1: 513,899 shares 513,899$239M5.18%+2,779Timeline
EXPDEXPEDITORS INTL WASH INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,818,027 shares; 2024Q4: 1,827,619 shares; 2025Q1: 1,841,746 shares 1,841,746$221M4.8%+14,127Timeline
NVRNVR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 23,616 shares; 2024Q4: 23,582 shares; 2025Q1: 23,838 shares 23,838$173M3.74%+256Timeline
DISDISNEY WALT COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,589,559 shares; 2024Q4: 1,592,282 shares; 2025Q1: 1,599,320 shares 1,599,320$158M3.42%+7,038Timeline
STRASTRATEGIC ED INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,829,622 shares; 2024Q4: 1,836,491 shares; 2025Q1: 1,849,034 shares 1,849,034$155M3.36%+12,543Timeline
FASTFASTENAL COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,011,096 shares; 2024Q4: 1,961,647 shares; 2025Q1: 1,974,506 shares 1,974,506$153M3.32%+12,859Timeline
TJXTJX COS INC NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,328,268 shares; 2024Q4: 2,260,158 shares; 2025Q1: 1,107,796 shares 1,107,796$135M2.92%-1,152,362Timeline
BILSPDR SERIES TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 122,961 shares; 2024Q4: 133,975 shares; 2025Q1: 132,042 shares 132,042$12.1M0.26%-1,933Timeline
VGSHVANGUARD SCOTTSDALE FDSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 26,867 shares; 2024Q4: 26,867 shares; 2025Q1: 26,867 shares 26,867$1.58M0.03%0Timeline

How Q1 2025 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0001172661-25-002352 base2025-05-15acceptance time not in the bulk data set