Q2 2026 13F · SEC CIK 914976
Marshfield Associates
Wealth managerFiled 2026-08-14 for Q2 2026. Open the filing ↗ · All SEC filings ↗
- Reported 13F value
- $4.3B
- Reported positions
- 17
- Top holdings a year, 3 yrs
- +16.2%
- Assets under management
- $8.1B
Marshfield Associates is a wealth manager that reported 17 positions worth $4.3B in its Q2 2026 13F, filed 2026-08-14. Its largest holdings were Unitedhealth Group Inc Com (UNH, 14.9%), Progressive Corp. (PGR, 11.0%), Autozone Inc (AZO, 10.2%). A portfolio copying its top holdings returned 16.2% a year over the last 3 years, against 20.4% for the S&P 500.
Marshfield Associates holdings all 17 positions.
Weights are shares of the filer's total reported 13F value, compared with Q1 2026. Share changes may reflect splits; weight changes also reflect price moves. A 13F shows long US-listed positions only, up to 135 days after the fact.
| Stock | % of 13F value | Share change | Reported value |
|---|---|---|---|
| UNHUnitedhealth Group Inc Com | 14.9% | -19.3% | $634.3M |
| PGRProgressive Corp. | 11.0% | -12.3% | $470.4M |
| AZOAutozone Inc | 10.2% | -17.4% | $435.8M |
| VVisa Inc Com Cl A | 8.3% | -17.6% | $354.9M |
| ACGLArch Capital Group Ltd | 7.6% | +9.2% | $323.3M |
| MAMastercard Inc. | 6.9% | -4.6% | $293.9M |
| EXPDExpeditors International of Wa | 5.9% | -20.4% | $253.3M |
| ORLYO'Reilly Automotive Inc | 5.9% | -22.0% | $252.4M |
| MCOMoodys Corp | 4.5% | -21.6% | $191.5M |
| DPZDominos Pizza Inc | 4.4% | -15.4% | $189.0M |
| NKENike Inc Cl B | 4.2% | — | $178.3M |
| NVRNvr Inc | 3.2% | -20.8% | $137.2M |
| TJXTjx Cos Inc New Com | 3.1% | -20.0% | $132.2M |
| ROSTRoss Stores Inc. | 3.0% | -67.2% | $126.8M |
| DISDisney Walt Co | 2.9% | -21.0% | $124.9M |
| FASTFastenal Co | 2.9% | -22.2% | $123.7M |
| STRAStrategic Ed Inc | 1.0% | -29.5% | $42.8M |
What Marshfield Associates bought and sold in Q2 2026, against Q1 2026.
New positions
- NKE Nike Inc Cl B4.2% of 13F
Added to
- ACGL Arch Capital Group Ltd+9.2% shares
Reduced
- ROST Ross Stores Inc.-67.2% shares
- STRA Strategic Ed Inc-29.5% shares
- FAST Fastenal Co-22.2% shares
- ORLY O'Reilly Automotive Inc-22.0% shares
- MCO Moodys Corp-21.6% shares
- DIS Disney Walt Co-21.0% shares
- NVR Nvr Inc-20.8% shares
- EXPD Expeditors International of Wa-20.4% shares
Sold out
- CMI Cummins Incwas 4.8%
Share counts compared with the Q1 2026 13F; a split also changes share counts.
How the holdings did against the S&P 500.
- 1 year
- +7.7% /yr
- S&P 500 +20.1%
- 3 years
- +16.2% /yr
- S&P 500 +20.4%
- 5 years
- +12.9% /yr
- S&P 500 +11.6%
A portfolio of the filer's 20 largest 13F positions, weighted by value and rebuilt each quarter on the day the filing became public. 13Fs show long US-listed positions only, so this is an estimate of the stock picks, not the fund's reported returns.
Reported 13F value by quarter.
| Quarter | 13F value | Positions |
|---|---|---|
| Q2 2026 | $4.3B | 17 |
| Q1 2026 | $5.0B | 17 |
| Q4 2025 | $5.7B | 17 |
| Q3 2025 | $5.8B | 17 |
| Q2 2025 | $4.9B | 19 |
| Q1 2025 | $4.6B | 18 |
| Q4 2024 | $4.6B | 18 |
| Q3 2024 | $4.7B | 19 |
| Q2 2024 | $4.5B | 19 |
| Q1 2024 | $4.9B | 19 |
| Q4 2023 | $4.9B | 21 |
| Q3 2023 | $4.0B | 22 |
Questions about Marshfield Associates's portfolio
What stocks does Marshfield Associates own?
Marshfield Associates's latest 13F, for Q2 2026 and filed Aug 14, 2026, lists 17 positions worth $4.3B. The largest are Unitedhealth Group Inc Com (UNH) at 14.9%, Progressive Corp. (PGR) at 11.0%, Autozone Inc (AZO) at 10.2%, Visa Inc Com Cl A (V) at 8.3% and Arch Capital Group Ltd (ACGL) at 7.6%.
What did Marshfield Associates buy last quarter?
In Q2 2026, Marshfield Associates added a new position in Nike Inc Cl B (NKE) and Arch Capital Group Ltd (ACGL) (+9.2% shares), compared with its Q1 2026 filing.
What did Marshfield Associates sell last quarter?
In Q2 2026, Marshfield Associates sold all of Cummins Inc (CMI), Ross Stores Inc. (ROST) (-67.2% shares), Strategic Ed Inc (STRA) (-29.5% shares) and Fastenal Co (FAST) (-22.2% shares), compared with its Q1 2026 filing.
How has Marshfield Associates's portfolio performed?
A portfolio copying Marshfield Associates's 20 largest 13F holdings each quarter, from the day each filing was public, returned +16.2% a year over the last 3 years, against +20.4% for the S&P 500. Over 1 year: +7.7% against +20.1%. Over 5 years: +12.9% a year against +11.6%.
When is Marshfield Associates's next 13F filing due?
13F filings are due 45 days after each quarter ends. Marshfield Associates's filing for the quarter ending Sep 30, 2026 is due by Nov 14, 2026; this page updates the day after it is published.
How much money does Marshfield Associates manage?
Marshfield Associates reported $8.1B of regulatory assets under management on its latest SEC Form ADV. Its 13F, which covers only US-listed stocks and options, totals $4.3B.