MARSHFIELD ASSOCIATES

Q2 2025 13F-HR Holdings

Location
Washington, DC
Holdings as of
6/30/2025
Date filed
8/14/2025
Form type
13F-HR
Num holdings
19
Total value ($000)
$4,892,094
Net value change ($000)
+276,284 (6.0%)
New positions
1
Sold out positions
0
Turnover %
6.5%
Sector allocation + QoQ delta (equities-only)
Prev filing: 5/15/2025 Next filing: 11/14/2025 SEC filing

Snapshot: Change Analysis

Compared to Q1 2025
Methodology: sector metrics are equities-only; instrument mix chart is ex-options; options exposure is shown separately. Why this matters.
Top Adds (Value $000, Stocks/ETFs)
UNH 317,675 NEW
DIS 37,434 23.7%
MCO 19,509 8.2%
CMI 16,580 5.0%
FAST 13,454 8.8%
MA 9,764 3.2%
V 6,663 2.0%
NVR 3,914 2.3%
BIL 699 5.8%
Top Reduces (Value $000, Stocks/ETFs)
ORLY -64,927 -15.7%
AZO -27,357 -4.2%
PGR -18,753 -7.1%
ACGL -11,084 -4.5%
EXPD -9,358 -4.2%
DPZ -6,887 -2.1%
ROST -6,326 -1.3%
TJX -3,027 -2.2%
STRA -1,151 -0.7%
VGSH -540 -34.2%
Instrument mix + QoQ Δ (ex-options)
How this table is calculated: SEC VALUE ($000) is used as reported. For derivatives (PUT/CALL/WARRANT/RIGHT), SEC value represents reported underlying exposure, not premium cash paid/received. Column % is bucket-based: non-options share is calculated inside non-option total, options share is calculated inside options total. Details.
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Instrument:
Issuer Name Ticker Sector Industry Class History Value ($000) % Shares Shares Δ Shares Δ% Value Δ ($000) Value Δ% Principal Option Type