MARSHFIELD ASSOCIATES

Q3 2025 13F-HR Holdings

Location
Washington, DC
Holdings as of
9/30/2025
Date filed
11/14/2025
Form type
13F-HR
Num holdings
17
Total value ($000)
$5,778,773
Net value change ($000)
+886,679 (18.1%)
New positions
0
Sold out positions
2
Turnover %
0.2%
Sector allocation + QoQ delta (equities-only)
Prev filing: 8/14/2025 Next filing: 2/17/2026 SEC filing

Snapshot: Change Analysis

Compared to Q2 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 239,380 75.4%
PGR 143,056 58.0%
CMI 120,671 34.9%
ROST 119,826 24.3%
AZO 119,258 19.2%
ORLY 59,817 17.2%
TJX 29,785 22.6%
EXPD 26,049 12.3%
NVR 24,598 13.9%
MA 19,404 6.1%
Top Reduces (Value $000, Stocks/ETFs)
STRA -17,718 -11.5%
BIL -12,811 -100.0%
DIS -8,094 -4.1%
MCO -2,896 -1.1%
DPZ -1,102 -0.3%
VGSH -1,037 -100.0%
V -789 -0.2%
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