MARSHFIELD ASSOCIATES

Q4 2025 13F-HR Holdings

Location
Washington, DC
Holdings as of
12/31/2025
Date filed
2/17/2026
Form type
13F-HR
Num holdings
17
Total value ($000)
$5,704,794
Net value change ($000)
-73,979 (-1.3%)
New positions
0
Sold out positions
0
Turnover %
0.0%
Sector allocation + QoQ delta (equities-only)
Prev filing: 11/14/2025 Next filing: — SEC filing

Snapshot: Change Analysis

Compared to Q3 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)
PGR 185,608 47.6%
EXPD 67,687 28.4%
MCO 31,962 12.5%
ACGL 29,715 12.0%
V 25,387 7.6%
MA 20,050 5.9%
TJX 17,860 11.0%
DPZ 5,785 1.8%
DIS 5,669 3.0%
Top Reduces (Value $000, Stocks/ETFs)
AZO -146,112 -19.8%
ROST -123,710 -20.2%
CMI -76,726 -16.4%
ORLY -51,029 -12.5%
FAST -33,404 -18.2%
STRA -17,799 -13.1%
UNH -9,572 -1.7%
NVR -5,353 -2.7%
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