MARSHFIELD ASSOCIATES
Portfolio value QoQ: -14.6% 13F does not disclose cash
Based on 13F long-equity holdings only (cash, bonds, shorts not disclosed)
Turnover Q2 2026: 4.44% Est. buys $205,462,687 · sells $1,279,684,129
Median holding: 6.0 quarters Tracked Q1 2025–Q2 2026 · 85.0% still held
Performance vs S&P 500
Annualized: +11.5% · S&P 500: +28.7%
Approximates a buy-and-hold portfolio built from quarterly SEC 13F snapshots. Excludes cash, short positions, options/derivatives, and non-13(f) securities — reflects the disclosed long-equity book only, not total fund AUM. SEC filing lag is up to 45 days; this is not a real-time-copyable timing.
Sector breakdown
Full portfolio 17 positions
| Type | Streak | 8Q trend | |||||
|---|---|---|---|---|---|---|---|
| UNH | $634,316,697 | 14.87% | 1,526,157 | $122,715,053 | Down ×1 | ||
| PGR | $470,363,489 | 11.03% | 2,153,186 | $-16,391,906 | Down ×2 | ||
| AZO | $435,840,725 | 10.22% | 136,373 | $-121,605,286 | Down ×2 | ||
| V | $354,903,450 | 8.32% | 1,034,433 | $-24,399,485 | Down ×1 | ||
| ACGL | $323,319,956 | 7.58% | 3,331,135 | $30,414,062 | Up ×5 | ||
| MA | $293,927,923 | 6.89% | 572,290 | $-5,945,241 | Down ×2 | ||
| EXPD | $253,265,083 | 5.94% | 1,553,964 | $-26,463,872 | Down ×2 | ||
| ORLY | $252,368,685 | 5.92% | 2,740,457 | $-71,978,562 | Down ×2 | ||
| MCO | $191,497,359 | 4.49% | 422,806 | $-43,638,545 | Down ×2 | ||
| DPZ | $189,033,792 | 4.43% | 638,541 | $-81,903,031 | Down ×2 | ||
| NKE | $178,313,647 | 4.18% | 4,343,816 | Up ×1 | |||
| NVR | $137,228,689 | 3.22% | 20,141 | $-30,281,495 | Down ×2 | ||
| TJX | $132,224,596 | 3.10% | 872,770 | $-42,033,591 | Down ×2 | ||
| ROST | $126,795,641 | 2.97% | 595,704 | $-267,212,287 | Down ×3 | ||
| DIS | $124,945,168 | 2.93% | 1,298,132 | $-33,380,534 | Down ×2 | ||
| FAST | $123,668,417 | 2.90% | 2,574,816 | $-29,882,481 | Down ×2 | ||
| STRA | $42,831,474 | 1.00% | 559,012 | $-22,950,008 | Down ×5 | ||
| No matches | |||||||
Conviction holdings
Positions increased for 3+ consecutive quarters.
Share counts are as reported in 13F filings (not split-adjusted)
| Security | Value | % of portfolio | Streak |
|---|---|---|---|
| ACGL | $323,319,956 | 7.58% | up ×5 |
Biggest new bets
New positions opened this quarter, largest first.
| Security | Value | Shares | % of portfolio |
|---|---|---|---|
| NKE | $178,313,647 | 4,343,816 | 4.18% |
Top movers (QoQ)
Exited positions
Includes corporate events (mergers, delistings) — not all exits are sells
Closed positions reflect 13F reporting changes; for index managers these are often mechanical (delisting, M&A, index rebalancing), not active decisions.