Marshfield Associates reported 17 positions worth $4.26B for the quarter ended Jun 30, 2026, down 14.6% on the prior quarter. It opened 1 new position, added to 1, trimmed 15 and exited 1. Its largest holding is Unitedhealth Group Inc at 14.9% of the portfolio.
Reported 13F market value at each quarter end. A change mixes trading with price moves in the positions held.
Dollar value of shares bought and sold each quarter, at that quarter’s price. It counts trading only, not price changes.
How many positions were opened, added to, trimmed or closed each quarter.
Share of reported value in each sector at every quarter end.
| Holding | Change | Change % | Trade Value | Weight |
|---|---|---|---|---|
| ROST Ross Stores, Inc. | -1.22M | -67.2% | $260.34M | 3.31% |
| CMI Cummins Inc | -448.8K | -100.0% | $241.45M | Exited |
| UNH Unitedhealth Group Inc | -364.5K | -19.3% | $151.51M | 16.57% |
| V Visa Inc. | -220.5K | -17.6% | $75.67M | 9.27% |
| ORLY O Reilly Automotive Inc | -773.2K | -22.0% | $71.21M | 6.59% |
| PGR Progressive Corp | -302.2K | -12.3% | $66.02M | 12.28% |
| EXPD Expeditors International Of Washington Inc | -399.0K | -20.4% | $65.04M | 6.61% |
| MCO Moodys Corp | -116.2K | -21.6% | $52.62M | 5% |
| NVR Nvr Inc | -5,278 | -20.8% | $35.96M | 3.58% |
| FAST Fastenal Co | -734.5K | -22.2% | $35.28M | 3.23% |
| Holding | Shares | Trade Value | Weight |
|---|---|---|---|
| NKE NIKE, Inc. | +4.34M | $178.31M | 4.66% |
| Holding | Shares Sold | Trade Value | Prior Weight |
|---|---|---|---|
| CMI Cummins Inc | -448.8K | $241.45M | 4.84% |
| # | Activity | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| 1 | UNH Unitedhealth Group Inc | Healthcare | 1.53M | $634.32M | 16.57% | -364.5K | -19.3% | Reduced | 0.17% |
| 2 | PGR Progressive Corp | Financial Services | 2.15M | $470.36M | 12.28% | -302.2K | -12.3% | Reduced | 0.37% |
| 3 | V Visa Inc. | Financial Services | 1.03M | $354.90M | 9.27% | -220.5K | -17.6% | Reduced | 0.06% |
| 4 | ACGL Arch Capital Group Ltd. | Financial Services | 3.33M | $323.32M | 8.44% | +279.7K | +9.2% | Added | 0.97% |
| 5 | MA Mastercard Inc | Financial Services | 572.3K | $293.93M | 7.68% | -27.9K | -4.6% | Reduced | 0.06% |
| 6 | EXPD Expeditors International Of Washington Inc | Industrials | 1.55M | $253.27M | 6.61% | -399.0K | -20.4% | Reduced | 1.19% |
| 7 | ORLY O Reilly Automotive Inc | Consumer Discretionary | 2.74M | $252.37M | 6.59% | -773.2K | -22.0% | Reduced | 0.33% |
| 8 | MCO Moodys Corp | Financial Services | 422.8K | $191.50M | 5% | -116.2K | -21.6% | Reduced | 0.24% |
| 9 | DPZ Dominos Pizza Inc | Consumer Discretionary | 638.5K | $189.03M | 4.94% | -116.6K | -15.4% | Reduced | 1.92% |
| 10 | NKE NIKE, Inc. | Consumer Discretionary | 4.34M | $178.31M | 4.66% | +4.34M | – | New | 0.36% |
| 11 | NVR Nvr Inc | Consumer Discretionary | 20.1K | $137.23M | 3.58% | -5,278 | -20.8% | Reduced | 0.75% |
| 12 | TJX Tjx Companies Inc | Consumer Discretionary | 872.8K | $132.22M | 3.45% | -218.4K | -20.0% | Reduced | 0.08% |
| 13 | ROST Ross Stores, Inc. | Consumer Discretionary | 595.7K | $126.80M | 3.31% | -1.22M | -67.2% | Reduced | 0.19% |
| 14 | DIS Walt Disney Co | Communication Services | 1.30M | $124.95M | 3.26% | -344.6K | -21.0% | Reduced | 0.07% |
| 15 | FAST Fastenal Co | Industrials | 2.57M | $123.67M | 3.23% | -734.5K | -22.2% | Reduced | 0.22% |
Tip. Select a row to see that position’s full history at Marshfield Associates.
As of its Q2 2026 13F filing, Marshfield Associates’s five largest positions were Unitedhealth Group Inc (UNH) at 14.9%, Progressive Corp (PGR) at 11.0%, Autozone Inc (AZO) at 10.2%, Visa Inc. (V) at 8.3%, Arch Capital Group Ltd. (ACGL) at 7.6% of the reported portfolio.
Marshfield Associates reported a 13F portfolio worth $4.26B across 17 positions for Q2 2026. That is down 14.6% from the previous quarter.
Its largest purchases by value were NIKE, Inc. ($178.31M), Arch Capital Group Ltd. ($27.15M). It opened 1 new positions.
Its largest sales by value were Ross Stores, Inc. ($260.34M), Cummins Inc ($241.45M), Unitedhealth Group Inc ($151.51M). It exited 1 positions entirely.
From the Form 13F-HR reports Marshfield Associates files with the SEC each quarter, within 45 days of quarter end. A 13F lists long positions in US-listed equities and options; it excludes short positions, cash, bonds and most non-US holdings.
13F data reflects long positions in US-listed equities and options as reported to the SEC up to 45 days after quarter end. It excludes short positions, cash, bonds and most non-US securities, so it is not a complete picture of a manager’s assets.