Quick Takeaways
- MARSHFIELD ASSOCIATES reports institutional holdings through Form 13F filings.
- Latest reported quarter: Q4 2025.
- Latest reported holdings value: $5,704,794,334.
- Info
- Portfolio
- Significant Ownership
13F Filings History of MARSHFIELD ASSOCIATES
- Latest 13F report
- Q4 2025 - 17 Feb 2026
- Value $
- $5,704,794,334
- Signature - Title
- Brian Walker - General Counsel and CCO
- Location
- Washington, DC
- Summary
- This page shows a list of all the recent 13F filings made by MARSHFIELD ASSOCIATES. Form 13F is required to be filed within 45 days of the end of a calendar quarter. MARSHFIELD ASSOCIATES reported 17 stock holdings with total value $5,704,794,334 as of Q4 2025. Top holdings included AZO, PGR, UNH, ROST, and CMI.
Follow Filing Activity
Follow MARSHFIELD ASSOCIATES and return when a new 13F portfolio filing appears.
This tracks SEC filing changes for this page using existing product update flows.
Holdings Value
What Changed
- Most recent filing was accepted on 17 Feb 2026, 16:03.
- Reported value moved from $5,778,772,605 to $5,704,794,334.
Why This Matters
- This gives a plain-language read of holdings direction before you open full quarter tables.
- Use the filing links below to verify the exact SEC source document.
Official SEC Source
Backed by Form 13F
Portfolio holdings and changes are grounded in SEC Form 13F filings.
See Original Filing| Quarter | Holdings | Value $ | Bought | Sold | Net | Top Holdings | Form Type | Filing Time |
|---|---|---|---|---|---|---|---|---|
| Q4 2025 | 17 | $5,704,794,334 | +$376,488,273 | -$417,877,384 | -$41,389,111 | AZO, PGR, UNH, ROST, CMI | 13F-HR | 17 Feb 2026, 16:03 |
| Q3 2025 | 17 | $5,778,772,605 | +$530,849,719 | -$52,138,717 | +$478,711,002 | AZO, ROST, UNH, CMI, ORLY | 13F-HR | 14 Nov 2025, 16:09 |
| Q2 2025 | 19 | $4,892,094,244 | +$735,102,275 | -$31,746,615 | +$703,355,660 | AZO, ROST, ORLY, CMI, V | 13F-HR | 14 Aug 2025, 16:03 |
| Q1 2025 | 18 | $4,615,810,240 | +$33,350,545 | -$170,142,127 | -$136,791,582 | AZO, ROST, ORLY, V, DPZ | 13F-HR | 15 May 2025, 16:17 |
| Q4 2024 | 18 | $4,614,272,062 | +$13,576,243 | -$87,137,976 | -$73,561,733 | ROST, AZO, CMI, ORLY, DPZ | 13F-HR | 14 Feb 2025, 15:35 |
| Q3 2024 | 19 | $4,711,447,632 | +$14,229,078 | -$123,738,148 | -$109,509,070 | ROST, AZO, ACGL, ORLY, CMI | 13F-HR | 15 Nov 2024, 06:06 |
| Q2 2024 | 19 | $4,523,437,709 | +$15,768,161 | -$286,407,434 | -$270,639,273 | ROST, AZO, ACGL, DPZ, ORLY | 13F-HR | 14 Aug 2024, 16:00 |
| Q1 2024 | 19 | $4,876,387,218 | +$7,198,177 | -$706,153,662 | -$698,955,485 | ROST, AZO, ACGL, TJX, DPZ | 13F-HR | 15 May 2024, 16:00 |
| Q4 2023 | 21 | $4,925,149,231 | +$588,863,865 | -$127,239,347 | +$461,624,518 | ROST, AZO, ACGL, GS, TJX | 13F-HR | 14 Feb 2024, 16:00 |
| Q3 2023 | 22 | $4,043,302,497 | +$216,137,938 | -$14,047,295 | +$202,090,643 | ACGL, ROST, AZO, TJX, GS | 13F-HR | 14 Nov 2023, 16:00 |
| Q2 2023 | 21 | $3,847,423,329 | +$302,064,523 | -$2,974,565 | +$299,089,958 | ACGL, ROST, AZO, TJX, GS | 13F-HR | 14 Aug 2023, 16:05 |
| Q1 2023 | 20 | $3,403,779,475 | +$71,287,061 | -$864,987 | +$70,422,074 | ACGL, ROST, AZO, GS, TJX | 13F-HR | 15 May 2023, 16:00 |
| Q4 2022 | 2 | $6,223,529 | $0 | $0 | $0 | VGSH, BIL | New Holdings | 09 May 2023, 07:21 |
| Q4 2022 | 19 | $3,247,790,187 | +$35,019,524 | -$8,974,101 | +$26,045,423 | ROST, ACGL, AZO, GS, TJX | 13F-HR | 14 Feb 2023, 16:00 |
| Q3 2022 | 2 | $6,468,725 | $0 | $0 | $0 | VGSH, BIL | New Holdings | 09 May 2023, 07:19 |
| Q3 2022 | 19 | $2,655,246,725 | +$67,798,072 | -$24,770,817 | +$43,027,255 | AZO, ACGL, ROST, GS, TJX | 13F-HR | 14 Nov 2022, 16:00 |
| Q2 2022 | 2 | $6,923,494 | $0 | $0 | $0 | VGSH, BIL | New Holdings | 09 May 2023, 07:18 |
| Q2 2022 | 19 | $2,646,483,494 | +$306,521,707 | -$22,368,593 | +$284,153,114 | AZO, ACGL, GS, ROST, CMI | 13F-HR | 12 Aug 2022, 16:00 |
| Q1 2022 | 2 | $8,986,861 | $0 | $0 | $0 | VGSH, BIL | New Holdings | 09 May 2023, 07:16 |
| Q1 2022 | 19 | $2,551,837,861 | +$165,576,602 | -$14,416,577 | +$151,160,025 | AZO, ACGL, GS, CMI, ROST | 13F-HR | 13 May 2022, 16:01 |
| Q4 2021 | 2 | $9,350,297 | $0 | $0 | $0 | VGSH, BIL | New Holdings | 09 May 2023, 07:06 |
| Q4 2021 | 18 | $2,523,899,297 | +$29,871,923 | -$5,810,595 | +$24,061,328 | AZO, GS, ACGL, CMI, EXPD | 13F-HR | 14 Feb 2022, 16:01 |
| Q3 2021 | 2 | $11,353,181 | $0 | $0 | $0 | VGSH, BIL | New Holdings | 09 May 2023, 07:05 |
| Q3 2021 | 18 | $2,291,225,181 | +$65,535,251 | -$152,597,768 | -$87,062,517 | GS, AZO, ACGL, CMI, V | 13F-HR | 15 Nov 2021, 16:01 |
| Q2 2021 | 2 | $9,979,262 | $0 | $0 | $0 | VGSH, BIL | New Holdings | 09 May 2023, 07:02 |
| Q2 2021 | 19 | $2,435,605,262 | +$227,894,784 | -$62,693,945 | +$165,200,839 | GS, MCO, ACGL, AZO, CMI | 13F-HR | 16 Aug 2021, 06:15 |
| Q1 2021 | 2 | $9,877,324 | $0 | $0 | $0 | VGSH, BIL | New Holdings | 09 May 2023, 07:00 |
| Q1 2021 | 19 | $2,134,647,324 | +$1,373,032 | -$241,331,619 | -$239,958,587 | GS, CMI, ACGL, AZO, MCO | 13F-HR | 17 May 2021, 16:06 |
| Q4 2020 | 2 | $8,517,860 | $0 | $0 | $0 | VGSH, BIL | New Holdings | 09 May 2023, 06:58 |
| Q4 2020 | 19 | $2,145,906,860 | +$1,229,003 | -$156,492,591 | -$155,263,588 | DE, ACGL, CMI, MCO, GS | 13F-HR | 16 Feb 2021, 08:30 |
| Q3 2020 | 2 | $7,333,821 | $0 | $0 | $0 | VGSH, BIL | New Holdings | 09 May 2023, 06:54 |
| Q3 2020 | 20 | $2,081,879,821 | +$60,692,312 | -$113,006,938 | -$52,314,626 | MCO, CMI, DE, AZO, MA | 13F-HR | 13 Nov 2020, 14:08 |
| Q2 2020 | 2 | $3,521,978 | $0 | $0 | $0 | VGSH, BIL | New Holdings | 09 May 2023, 06:50 |
| Q2 2020 | 20 | $1,927,794,978 | +$8,992,435 | -$74,460,079 | -$65,467,644 | MCO, AZO, ACGL, CMI, CMG | 13F-HR | 14 Aug 2020, 11:24 |
| Q1 2020 | 2 | $3,597,335 | $0 | $0 | $0 | VGSH, BIL | New Holdings | 09 May 2023, 06:45 |
| Q1 2020 | 20 | $1,623,323,335 | +$213,442,401 | -$82,068,158 | +$131,374,243 | MCO, ACGL, AZO, V, ROST | 13F-HR | 15 May 2020, 16:01 |
| Q4 2019 | 2 | $4,396,789 | $0 | $0 | $0 | VGSH, BIL | New Holdings | 09 May 2023, 06:42 |
| Q4 2019 | 19 | $1,917,829,789 | +$190,750,240 | -$379,093 | +$190,371,147 | MCO, ACGL, AZO, MA, DE | 13F-HR | 18 Feb 2020, 09:15 |
| Q3 2019 | 2 | $4,783,812 | $0 | $0 | $0 | VGSH, BIL | New Holdings | 09 May 2023, 06:38 |
| Q3 2019 | 19 | $1,591,455,812 | +$1,284,623 | -$13,773,579 | -$12,488,956 | MCO, ACGL, AZO, MA, DE | 13F-HR | 15 Nov 2019, 16:50 |
| Q2 2019 | 2 | $4,783,976 | $0 | $0 | $0 | VGSH, BIL | New Holdings | 09 May 2023, 06:35 |
| Q2 2019 | 20 | $1,565,060,976 | +$46,055,187 | -$196,422,644 | -$150,367,457 | MCO, ACGL, AZO, MA, DE | 13F-HR | 15 Aug 2019, 16:00 |
| Q1 2019 | 1 | $3,447,988 | $0 | $0 | $0 | VGSH | New Holdings | 09 May 2023, 06:30 |
| Q1 2019 | 19 | $1,635,173,988 | +$1,005,963 | -$47,827,951 | -$46,821,988 | MCO, CMG, ACGL, AZO, DE | 13F-HR | 16 May 2019, 14:58 |
| Q4 2018 | 1 | $2,595,982 | $0 | $0 | $0 | VGSH | New Holdings | 09 May 2023, 06:21 |
| Q4 2018 | 19 | $1,384,274,982 | +$994,003 | -$28,694,035 | -$27,700,032 | MCO, ACGL, DE, AZO, CMG | 13F-HR | 15 Feb 2019, 15:14 |
| Q3 2018 | 1 | $2,579,573 | $0 | $0 | $0 | VGSH | New Holdings | 09 May 2023, 06:19 |
| Q3 2018 | 19 | $1,559,407,573 | +$70,450,000 | -$146,441,519 | -$75,991,519 | MCO, ACGL, DE, CMG, MA | 13F-HR | 16 Nov 2018, 11:37 |
| Q2 2018 | 1 | $2,587,346 | $0 | $0 | $0 | VGSH | New Holdings | 09 May 2023, 06:17 |
| Q2 2018 | 20 | $1,506,016,346 | +$84,450,011 | -$19,979,114 | +$64,470,897 | MCO, ACGL, CMG, GS, DE | 13F-HR | 15 Aug 2018, 16:00 |
| Q1 2018 | 1 | $3,192,927 | $0 | $0 | $0 | VGSH | New Holdings | 09 May 2023, 06:16 |
| Q1 2018 | 20 | $1,491,110,927 | +$24,525,355 | -$70,706,989 | -$46,181,634 | MCO, ACGL, GS, DE, CMI | 13F-HR | 15 May 2018, 16:00 |
| Q4 2017 | 19 | $1,530,066,000 | $0 | -$122,352,496 | -$122,352,496 | MCO, ACGL, GS, DE, CMI | 13F-HR | 15 Feb 2018, 15:07 |
| Q3 2017 | 19 | $1,507,280,000 | +$109,507,127 | -$24,017,014 | +$85,490,113 | MCO, ACGL, NVR, GS, CMI | 13F-HR | 15 Nov 2017, 16:00 |
| Q2 2017 | 19 | $1,338,916,000 | +$42,754,226 | -$29,756,942 | +$12,997,284 | MCO, ACGL, GS, NVR, DE | 13F-HR | 15 Aug 2017, 16:00 |
| Q1 2017 | 19 | $1,281,668,000 | +$3,563,274 | -$132,813,230 | -$129,249,956 | MCO, ACGL, GS, NVR, CMI | 13F-HR | 17 May 2017, 14:19 |
| Q4 2016 | 20 | $1,309,615,000 | +$24,065,977 | -$60,761,111 | -$36,695,134 | ACGL, GS, MCO, DE, CMI | 13F-HR | 15 Feb 2017, 16:54 |
| Q3 2016 | 19 | $1,254,015,000 | $0 | -$230,760,771 | -$230,760,771 | MCO, ACGL, YUM, GS, CMI | 13F-HR | 15 Nov 2016, 16:01 |
| Q2 2016 | 22 | $1,397,641,000 | +$61,264,509 | -$60,837,496 | +$427,013 | MCO, ACGL, GS, WFC, NVR | 13F-HR | 15 Aug 2016, 16:00 |
| Q1 2016 | 22 | $1,410,554,000 | +$93,674,750 | -$44,576,375 | +$49,098,375 | MCO, ACGL, FAST, GS, WFC | 13F-HR | 16 May 2016, 16:00 |
| Q4 2015 | 23 | $1,360,039,000 | +$58,849,363 | -$9,025,994 | +$49,823,369 | MCO, ACGL, WFC, GS, NVR | 13F-HR | 16 Feb 2016, 15:44 |
| Q3 2015 | 23 | $1,296,854,000 | +$128,572,535 | -$36,870,507 | +$91,702,028 | ACGL, MCO, WFC, GS, NVR | 13F-HR | 13 Nov 2015, 17:00 |
| Q2 2015 | 23 | $1,278,140,000 | +$17,624,853 | -$118,486,181 | -$100,861,328 | MCO, ACGL, GS, WFC, YUM | 13F-HR | 14 Aug 2015, 15:00 |
| Q1 2015 | 23 | $1,327,573,000 | +$58,357,607 | -$85,336,023 | -$26,978,416 | WFC, MCO, ACGL, GS, AWHHF | 13F-HR | 15 May 2015, 15:54 |
| Q4 2014 | 24 | $1,364,371,000 | +$23,437,878 | -$23,363,233 | +$74,645 | WFC, MCO, ACGL, GS, AWHHF | 13F-HR | 13 Feb 2015, 12:07 |
| Q3 2014 | 24 | $1,293,599,000 | +$823,885,992 | -$890,778,408 | -$66,892,416 | WFC, MCO, ACGL, GS, AWHHF | 13F-HR | 14 Nov 2014, 12:14 |
| Q2 2014 | 23 | $1,361,855,000 | +$925,935,558 | -$891,693,156 | +$34,242,402 | Wells Fargo & Company, ACGL, Moody's Corp., GS, Brown & Brown, Inc. | 13F-HR | 13 Aug 2014, 15:57 |
| Q1 2014 | 25 | $1,360,976,000 | +$72,208,632 | -$29,549,995 | +$42,658,637 | WFC, ACGL, MCO, BRO, YUM | 13F-HR | 14 May 2014, 15:50 |
| Q4 2013 | 25 | $1,341,129,000 | $0 | $0 | $0 | WFC, ACGL, MCO, BRO, GS | 13F-HR | 14 Feb 2014, 15:35 |