Skip to content
Disclosery

MARSHFIELD ASSOCIATES

Follow

13F filer, CIK 914976, Washington, DC

MARSHFIELD ASSOCIATES reported $5,778,772,605 across 17 holdings for the quarter ended 2025-09-30, in a 13F-HR filed 2025-11-14. Its ten largest share positions make up 76.54% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001172661-25-005042

Period
2025-09-30
Reported value
$5.78B
Holdings
17
Top 10 weight
76.54%
New
0
Sold out
2

Largest buys vs the previous quarter

SecurityShares changeApprox. value
UNHadded+594,960$205M
PGRadded+653,763$161M
ROSTadded+157,385$24M
AZOadded+5,293$22.7M
CMIadded+48,493$20.5M

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
STRAreduced-224,516-$19.3M
BILexited-139,663-$12.8M
FASTreduced-216,631-$10.6M
ORLYreduced-77,511-$8.36M
VGSHexited-17,638-$1.04M

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, Q3 2025

Share positions as resolved from 13F-HR 0001172661-25-005042, largest first. % of portfolio is the value over $5,778,772,605, 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; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 169,586 shares; 2024Q4: 170,280 shares; 2025Q1: 169,809 shares; 2025Q2: 167,039 shares; 2025Q3: 172,332 shares 172,332$739M12.79%+5,293Timeline
ROSTROSS STORES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 4,020,413 shares 4,020,413$613M10.6%+157,385Timeline
UNHUNITEDHEALTH GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 1,018,288 shares; 2025Q3: 1,613,248 shares 1,613,248$557M9.64%+594,960Timeline
CMICUMMINS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 1,104,552 shares 1,104,552$467M8.07%+48,493Timeline
ORLYOREILLY AUTOMOTIVE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 304,133 shares; 2024Q4: 306,318 shares; 2025Q1: 287,917 shares; 2025Q2: 3,855,957 shares; 2025Q3: 3,778,446 shares 3,778,446$407M7.05%-77,511Timeline
PGRPROGRESSIVE CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 870,221 shares; 2024Q4: 873,246 shares; 2025Q1: 937,242 shares; 2025Q2: 923,690 shares; 2025Q3: 1,577,453 shares 1,577,453$390M6.74%+653,763Timeline
MAMASTERCARD INCORPORATEDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 551,916 shares; 2024Q4: 556,664 shares; 2025Q1: 562,910 shares; 2025Q2: 566,442 shares; 2025Q3: 593,713 shares 593,713$338M5.84%+27,271Timeline
VVISA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 931,533 shares; 2024Q4: 933,781 shares; 2025Q1: 940,571 shares; 2025Q2: 947,177 shares; 2025Q3: 982,793 shares 982,793$336M5.81%+35,616Timeline
DPZDOMINOS PIZZA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 715,002 shares; 2024Q4: 715,421 shares; 2025Q1: 716,952 shares; 2025Q2: 715,750 shares; 2025Q3: 744,515 shares 744,515$321M5.56%+28,765Timeline
MCOMOODYS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 511,300 shares; 2024Q4: 511,120 shares; 2025Q1: 513,899 shares; 2025Q2: 516,014 shares; 2025Q3: 537,128 shares 537,128$256M4.43%+21,114Timeline
ACGLARCH CAP GROUP LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 2,724,635 shares 2,724,635$247M4.28%+141,223Timeline
EXPDEXPEDITORS INTL WASH INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 1,942,740 shares 1,942,740$238M4.12%+86,182Timeline
NVRNVR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 23,616 shares; 2024Q4: 23,582 shares; 2025Q1: 23,838 shares; 2025Q2: 23,912 shares; 2025Q3: 25,042 shares 25,042$201M3.48%+1,130Timeline
DISDISNEY WALT COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 1,634,873 shares 1,634,873$187M3.24%+60,107Timeline
FASTFASTENAL COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 3,749,494 shares 3,749,494$184M3.18%-216,631Timeline
TJXTJX COS INC NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 1,118,637 shares 1,118,637$162M2.8%+50,507Timeline
STRASTRATEGIC ED INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 1,585,588 shares 1,585,588$136M2.36%-224,516Timeline

Sold out in Q3 2025

Positions in the previous quarter's report that this quarter's report no longer lists.

SecurityShares beforeValue beforeType
BILSPDR SERIES TRUST139,663$12.8Mshares
VGSHVANGUARD SCOTTSDALE FDS17,638$1.04Mshares

How Q3 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 0001172661-25-005042 base2025-11-14acceptance time not in the bulk data set