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MARSHFIELD ASSOCIATES

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13F filer, CIK 914976, Washington, DC

MARSHFIELD ASSOCIATES reported $4,892,094,244 across 19 holdings for the quarter ended 2025-06-30, in a 13F-HR filed 2025-08-14. Its ten largest share positions make up 73.72% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001172661-25-003456

Period
2025-06-30
Reported value
$4.89B
Holdings
19
Top 10 weight
73.72%
New
1
Sold out
0

Largest buys vs the previous quarter

SecurityShares changeApprox. value
ORLYadded+3,568,040$322M
UNHnew+1,018,288$318M
FASTadded+1,991,619$83.6M
Vadded+6,606$2.35M
ACGLadded+22,551$2.05M

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
AZOreduced-2,770-$10.3M
ROSTreduced-43,155-$5.51M
TJXreduced-39,666-$4.9M
PGRreduced-13,552-$3.62M
STRAreduced-38,930-$3.31M

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, Q2 2025

Share positions as resolved from 13F-HR 0001172661-25-003456, largest first. % of portfolio is the value over $4,892,094,244, 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; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 169,586 shares; 2024Q4: 170,280 shares; 2025Q1: 169,809 shares; 2025Q2: 167,039 shares 167,039$620M12.68%-2,770Timeline
ROSTROSS STORES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,908,958 shares; 2024Q4: 3,914,613 shares; 2025Q1: 3,906,183 shares; 2025Q2: 3,863,028 shares 3,863,028$493M10.07%-43,155Timeline
ORLYOREILLY AUTOMOTIVE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 304,133 shares; 2024Q4: 306,318 shares; 2025Q1: 287,917 shares; 2025Q2: 3,855,957 shares 3,855,957$348M7.1%+3,568,040Timeline
CMICUMMINS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,044,654 shares; 2024Q4: 1,046,897 shares; 2025Q1: 1,050,534 shares; 2025Q2: 1,056,059 shares 1,056,059$346M7.07%+5,525Timeline
VVISA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 931,533 shares; 2024Q4: 933,781 shares; 2025Q1: 940,571 shares; 2025Q2: 947,177 shares 947,177$336M6.87%+6,606Timeline
DPZDOMINOS PIZZA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 715,002 shares; 2024Q4: 715,421 shares; 2025Q1: 716,952 shares; 2025Q2: 715,750 shares 715,750$323M6.59%-1,202Timeline
MAMASTERCARD INCORPORATEDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 551,916 shares; 2024Q4: 556,664 shares; 2025Q1: 562,910 shares; 2025Q2: 566,442 shares 566,442$318M6.51%+3,532Timeline
UNHUNITEDHEALTH GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 1,018,288 shares 1,018,288$318M6.49%newTimeline
MCOMOODYS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 511,300 shares; 2024Q4: 511,120 shares; 2025Q1: 513,899 shares; 2025Q2: 516,014 shares 516,014$259M5.29%+2,115Timeline
PGRPROGRESSIVE CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 870,221 shares; 2024Q4: 873,246 shares; 2025Q1: 937,242 shares; 2025Q2: 923,690 shares 923,690$246M5.04%-13,552Timeline
ACGLARCH CAP GROUP LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,372,737 shares; 2024Q4: 2,564,740 shares; 2025Q1: 2,560,861 shares; 2025Q2: 2,583,412 shares 2,583,412$235M4.81%+22,551Timeline
EXPDEXPEDITORS INTL WASH INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,818,027 shares; 2024Q4: 1,827,619 shares; 2025Q1: 1,841,746 shares; 2025Q2: 1,856,558 shares 1,856,558$212M4.34%+14,812Timeline
DISDISNEY WALT COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,589,559 shares; 2024Q4: 1,592,282 shares; 2025Q1: 1,599,320 shares; 2025Q2: 1,574,766 shares 1,574,766$195M3.99%-24,554Timeline
NVRNVR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 23,616 shares; 2024Q4: 23,582 shares; 2025Q1: 23,838 shares; 2025Q2: 23,912 shares 23,912$177M3.61%+74Timeline
FASTFASTENAL COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,011,096 shares; 2024Q4: 1,961,647 shares; 2025Q1: 1,974,506 shares; 2025Q2: 3,966,125 shares 3,966,125$167M3.41%+1,991,619Timeline
STRASTRATEGIC ED INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,829,622 shares; 2024Q4: 1,836,491 shares; 2025Q1: 1,849,034 shares; 2025Q2: 1,810,104 shares 1,810,104$154M3.15%-38,930Timeline
TJXTJX COS INC NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,328,268 shares; 2024Q4: 2,260,158 shares; 2025Q1: 1,107,796 shares; 2025Q2: 1,068,130 shares 1,068,130$132M2.7%-39,666Timeline
BILSPDR SERIES TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 122,961 shares; 2024Q4: 133,975 shares; 2025Q1: 132,042 shares; 2025Q2: 139,663 shares 139,663$12.8M0.26%+7,621Timeline
VGSHVANGUARD SCOTTSDALE FDSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 26,867 shares; 2024Q4: 26,867 shares; 2025Q1: 26,867 shares; 2025Q2: 17,638 shares 17,638$1.04M0.02%-9,229Timeline

How Q2 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 0001172661-25-003456 base2025-08-14acceptance time not in the bulk data set