# MARSHFIELD ASSOCIATES: Form 13F holdings

An institutional investment manager in Washington, DC. SEC CIK 914976.

- Quarter ended: 2026-06-30
- Filed: 2026-08-14
- Reported value: $4.26bn
- Positions: 17 (17 lines in the filing's table; lines for the same security and option type are added together here)
- Compared with: the 13F for the quarter ended 2026-03-31
- Filing: https://www.sec.gov/Archives/edgar/data/914976/000117266126003813/

## Holdings

As filed, largest first. Reported value is what the manager stated at the quarter end (Jun 30, 2026), in US dollars; it is filing data, not a price. Weight is the share of the total reported value.

| Issuer | Class | Reported value | Weight | Shares | Put or call | Change on the quarter before |
| --- | --- | ---: | ---: | ---: | --- | --- |
| [UNITEDHEALTH GROUP INC (UNH)](/companies/unh.md) | COM | $634.3m | 14.9% | 1,526,157 |  | Reduced −364,532 |
| [PROGRESSIVE CORP (PGR)](/companies/pgr.md) | COM | $470.4m | 11.0% | 2,153,186 |  | Reduced −302,198 |
| [AUTOZONE INC (AZO)](/companies/azo.md) | COM | $435.8m | 10.2% | 136,373 |  | Reduced −28,660 |
| [VISA INC (V)](/companies/v.md) | COM CL A | $354.9m | 8.3% | 1,034,433 |  | Reduced −220,540 |
| ARCH CAP GROUP LTD | ORD | $323.3m | 7.6% | 3,331,135 |  | Added +279,714 |
| [MASTERCARD INCORPORATED (MA)](/companies/ma.md) | CL A | $293.9m | 6.9% | 572,290 |  | Reduced −27,864 |
| [EXPEDITORS INTL WASH INC (EXPD)](/companies/expd.md) | COM | $253.3m | 5.9% | 1,553,964 |  | Reduced −399,041 |
| [OREILLY AUTOMOTIVE INC (ORLY)](/companies/orly.md) | COM | $252.4m | 5.9% | 2,740,457 |  | Reduced −773,217 |
| [MOODYS CORP (MCO)](/companies/mco.md) | COM | $191.5m | 4.5% | 422,806 |  | Reduced −116,187 |
| [DOMINOS PIZZA INC (DPZ)](/companies/dpz.md) | COM | $189.0m | 4.4% | 638,541 |  | Reduced −116,599 |
| [NIKE INC (NKE)](/companies/nke.md) | CL B | $178.3m | 4.2% | 4,343,816 |  | New +4,343,816 |
| [NVR INC (NVR)](/companies/nvr.md) | COM | $137.2m | 3.2% | 20,141 |  | Reduced −5,278 |
| [TJX COS INC NEW (TJX)](/companies/tjx.md) | COM | $132.2m | 3.1% | 872,770 |  | Reduced −218,390 |
| [ROSS STORES INC (ROST)](/companies/rost.md) | COM | $126.8m | 3.0% | 595,704 |  | Reduced −1,223,102 |
| [DISNEY WALT CO (DIS)](/companies/dis.md) | COM | $124.9m | 2.9% | 1,298,132 |  | Reduced −344,592 |
| [FASTENAL CO (FAST)](/companies/fast.md) | COM | $123.7m | 2.9% | 2,574,816 |  | Reduced −734,471 |
| [STRATEGIC ED INC (STRA)](/companies/stra.md) | COM | $42.8m | 1.0% | 559,012 |  | Reduced −233,918 |

## Sold out

Held at the end of the quarter before and not reported this quarter.

| Issuer | Class | Reported value | Weight | Shares | Put or call | Change on the quarter before |
| --- | --- | ---: | ---: | ---: | --- | --- |
| [CUMMINS INC (CMI)](/companies/cmi.md) | COM | $0 | 0.0% | 0 |  | Sold out −448,781 |

Source: SEC EDGAR, Form 13F-HR, accession 0001172661-26-003813. Last ingested by Listed: Oct 22, 2026, 05:26 ET. No prices; not investment advice.