1y return+11.6%S&P 500 +20.9%
3y return+52.6%S&P 500 +68.5%
5y return+83.5%S&P 500 +74.5%
10y return+457.0%S&P 500 +256.5%
These returns are for its stock picks as disclosed on Form 13F: last quarter's holdings, valued at this quarter's prices. They miss trades within each quarter, short positions, options, bonds, cash and fees, so they aren't the returns its clients got.
$100 invested in its stock picks
Since June 30, 2016: $557 against $357 in the S&P 500.2
Marshfield AssociatesS&P 500 (SPY)
Top holdings
At the end of June 30, 2026. Change is in shares since the quarter before.2
| Stock | Value | Share of portfolio | Change |
|---|---|---|---|
| UNHUnitedhealth Group Inc | $634.3M | 14.9% | −19.3% |
| PGRProgressive Corp | $470.4M | 11.0% | −12.3% |
| AZOAutozone Inc | $435.8M | 10.2% | −17.4% |
| VVisa Inc | $354.9M | 8.3% | −17.6% |
| Arch Cap Group LtdCUSIP G0450A105 | $323.3M | 7.6% | +9.2% |
| MAMastercard Incorporated | $293.9M | 6.9% | −4.6% |
| EXPDExpeditors Intl Wash Inc | $253.3M | 5.9% | −20.4% |
| ORLYOreilly Automotive Inc | $252.4M | 5.9% | −22.0% |
| MCOMoodys Corp | $191.5M | 4.5% | −21.6% |
| DPZDominos Pizza Inc | $189.0M | 4.4% | −15.4% |
| NKENike Inc | $178.3M | 4.2% | New |
| NVRNvr Inc | $137.2M | 3.2% | −20.8% |
| TJXTjx Cos Inc New | $132.2M | 3.1% | −20.0% |
| ROSTRoss Stores Inc | $126.8M | 3.0% | −67.2% |
| DISDisney Walt Co | $124.9M | 2.9% | −21.0% |
| FASTFastenal Co | $123.7M | 2.9% | −22.2% |
| STRAStrategic Ed Inc | $42.8M | 1.0% | −29.5% |
Best picks still held
How each current holding has done since the quarter it first appeared in its filings (up to six years back).
| Stock | Held since | Return since | Now worth |
|---|---|---|---|
| Arch Cap Group LtdCUSIP G0450A105 | June 30, 2020 | +238.8% | $323.3M |
| ORLYOreilly Automotive Inc | June 30, 2020 | +227.6% | $252.4M |
| TJXTjx Cos Inc New | June 30, 2020 | +199.6% | $132.2M |
| AZOAutozone Inc | June 30, 2020 | +183.3% | $435.8M |
| ROSTRoss Stores Inc | June 30, 2020 | +149.7% | $126.8M |
| FASTFastenal Co | June 30, 2020 | +124.2% | $123.7M |
| PGRProgressive Corp | June 30, 2021 | +122.4% | $470.4M |
| EXPDExpeditors Intl Wash Inc | June 30, 2020 | +114.3% | $253.3M |
| NVRNvr Inc | June 30, 2020 | +109.1% | $137.2M |
| VVisa Inc | June 30, 2020 | +77.6% | $354.9M |
Sold off last quarter
- CMICummins Inc was $241.5M
Quarter by quarter
| Quarter | Its picks | S&P 500 |
|---|---|---|
| June 30, 2026 | +8.5% | +14.8% |
| March 31, 2026 | −4.5% | −4.6% |
| December 31, 2025 | −0.6% | +2.4% |
| September 30, 2025 | +8.3% | +7.8% |
| June 30, 2025 | +0.4% | +10.5% |
| March 31, 2025 | +3.0% | −4.6% |
| December 31, 2024 | −0.5% | +2.1% |
| September 30, 2024 | +6.6% | +5.4% |
| June 30, 2024 | −1.7% | +4.0% |
| March 31, 2024 | +14.7% | +10.0% |
| December 31, 2023 | +10.7% | +11.2% |
| September 30, 2023 | −0.2% | −3.6% |
| June 30, 2023 | +4.2% | +8.3% |
| March 31, 2023 | +2.6% | +7.0% |
| December 31, 2022 | +21.3% | +7.1% |
| September 30, 2022 | −1.3% | −5.3% |
| June 30, 2022 | −7.4% | −16.5% |
| March 31, 2022 | −4.9% | −4.9% |
| December 31, 2021 | +9.1% | +10.7% |
| September 30, 2021 | −2.3% | +0.3% |
Sources
Every number on this page points here. Each one links to the public record.
- 1SEC EDGAR: Marshfield Associates Form 13F filingshttps://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=914976&type=13F-HR&dateb=&owner=include&count=40CIK 914976
- 2SEC: 13F for the quarter ended June 30, 2026https://www.sec.gov/Archives/edgar/data/914976/000117266126003813/Filed August 14, 2026 · accession 0001172661-26-003813