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MARSHFIELD ASSOCIATES

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13F filer, CIK 914976, Washington, DC

MARSHFIELD ASSOCIATES reported $5,704,794,334 across 17 holdings for the quarter ended 2025-12-31, in a 13F-HR filed 2026-02-17. Its ten largest share positions make up 75.42% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001172661-26-001075

Period
2025-12-31
Reported value
$5.7B
Holdings
17
Top 10 weight
75.42%
New
0
Sold out
0

Largest buys vs the previous quarter

SecurityShares changeApprox. value
PGRadded+948,281$216M
MAadded+32,969$18.8M
DPZadded+40,477$16.9M
EXPDadded+109,791$16.4M
Vadded+46,241$16.2M

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
ROSTreduced-1,306,074-$235M
CMIreduced-340,904-$174M
STRAreduced-107,066-$8.59M

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, Q4 2025

Share positions as resolved from 13F-HR 0001172661-26-001075, largest first. % of portfolio is the value over $5,704,794,334, 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; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 169,586 shares; 2024Q4: 170,280 shares; 2025Q1: 169,809 shares; 2025Q2: 167,039 shares; 2025Q3: 172,332 shares; 2025Q4: 174,918 shares 174,918$593M10.4%+2,586Timeline
PGRPROGRESSIVE CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 2,525,734 shares 2,525,734$575M10.08%+948,281Timeline
UNHUNITEDHEALTH GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 1,018,288 shares; 2025Q3: 1,613,248 shares; 2025Q4: 1,658,487 shares 1,658,487$547M9.6%+45,239Timeline
ROSTROSS STORES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 2,714,339 shares 2,714,339$489M8.57%-1,306,074Timeline
CMICUMMINS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 763,648 shares 763,648$390M6.83%-340,904Timeline
VVISA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 931,533 shares; 2024Q4: 933,781 shares; 2025Q1: 940,571 shares; 2025Q2: 947,177 shares; 2025Q3: 982,793 shares; 2025Q4: 1,029,034 shares 1,029,034$361M6.33%+46,241Timeline
MAMASTERCARD INCORPORATEDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 551,916 shares; 2024Q4: 556,664 shares; 2025Q1: 562,910 shares; 2025Q2: 566,442 shares; 2025Q3: 593,713 shares; 2025Q4: 626,682 shares 626,682$358M6.27%+32,969Timeline
ORLYOREILLY AUTOMOTIVE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 3,906,644 shares 3,906,644$356M6.25%+128,198Timeline
DPZDOMINOS PIZZA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 715,002 shares; 2024Q4: 715,421 shares; 2025Q1: 716,952 shares; 2025Q2: 715,750 shares; 2025Q3: 744,515 shares; 2025Q4: 784,992 shares 784,992$327M5.74%+40,477Timeline
EXPDEXPEDITORS INTL WASH INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 2,052,531 shares 2,052,531$306M5.36%+109,791Timeline
MCOMOODYS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 511,300 shares; 2024Q4: 511,120 shares; 2025Q1: 513,899 shares; 2025Q2: 516,014 shares; 2025Q3: 537,128 shares; 2025Q4: 563,557 shares 563,557$288M5.05%+26,429Timeline
ACGLARCH CAP GROUP LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 2,887,002 shares 2,887,002$277M4.85%+162,367Timeline
NVRNVR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 23,616 shares; 2024Q4: 23,582 shares; 2025Q1: 23,838 shares; 2025Q2: 23,912 shares; 2025Q3: 25,042 shares; 2025Q4: 26,855 shares 26,855$196M3.43%+1,813Timeline
DISDISNEY WALT COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 1,695,189 shares 1,695,189$193M3.38%+60,316Timeline
TJXTJX COS INC NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 1,168,859 shares 1,168,859$180M3.15%+50,222Timeline
FASTFASTENAL COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 3,749,595 shares 3,749,595$150M2.64%+101Timeline
STRASTRATEGIC ED INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 1,478,522 shares 1,478,522$119M2.08%-107,066Timeline

How Q4 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 0001172661-26-001075 base2026-02-17acceptance time not in the bulk data set