MARSHFIELD ASSOCIATES

Long Only Manager • Value

MARSHFIELD ASSOCIATES is a Value-focused institution based in Washington, DC led by Jarron Hampton Smith, reporting $7.5B in AUM as of Q3 2025 with 42% Consumer Cyclical concentration and 77% concentrated in top 10 holdings.

COOJarron Hampton Smith

Portfolio Value: $5.8B
Positions: 17
Top Holding: AZO at 12.79%
Last Reported: Q3 2025

Address21 Dupont Circle Nw, Suite 500, Washington, DC, 20036, United States

Top Holdings

Largest long holdings in MARSHFIELD ASSOCIATES's portfolio (76.5% of total portfolio)

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Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 AutoZone AZO	Specialty Retail Consumer Cyclical	$739.3M	12.79%	+$22.7M Bought	1.03% 172.3K shares	Q2 2017 Held for 8y 5m
2 Ross Stores ROST	Apparel - Retail Consumer Cyclical	$612.7M	10.60%	+$24.0M Bought	1.24% 4.0M shares	Q3 2015 Held for 10y 2m
3 UnitedHealth Group UNH	Medical - Healthcare Plans Healthcare	$557.1M	9.64%	+$205.4M Bought	0.18% 1.6M shares	Q2 2025 Held for 5 months
4 Cummins CMI	Industrial - Machinery Industrials	$466.5M	8.07%	+$20.5M Bought	0.80% 1.1M shares	Q3 2015 Held for 10y 2m
5 O'Reilly Automotive ORLY	Specialty Retail Consumer Cyclical	$407.4M	7.05%	-$8.4M Sold	0.45% 3.8M shares	Q3 2017 Held for 8y 2m
6 Progressive PGR	Insurance - Property & Casualty Financial Services	$389.6M	6.74%	+$161.4M Bought	0.27% 1.6M shares	Q2 2021 Held for 4y 5m
7 Mastercard MA	Financial - Credit Services Financial Services	$337.7M	5.84%	+$15.5M Bought	0.07% 593.7K shares	≤ Q2 2013 Held for 12y 5m+
8 Visa V	Financial - Credit Services Financial Services	$335.5M	5.81%	+$12.2M Bought	0.05% 982.8K shares	≤ Q2 2013 Held for 12y 5m+
9 Domino's Pizza DPZ	Restaurants Consumer Cyclical	$321.4M	5.56%	+$12.4M Bought	2.19% 744.5K shares	Q1 2022 Held for 3y 8m
10 Moody's MCO	Financial - Data & Stock Exchanges Financial Services	$255.9M	4.43%	+$10.1M Bought	0.30% 537.1K shares	≤ Q2 2013 Held for 12y 5m+

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Changes

Portfolio activity, position movements, and quarter-over-quarter changes in MARSHFIELD ASSOCIATES's latest filing

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Market Value

$5.8B

Prior: $4.9B

Q/Q Change

+18.12%

+$886.7M

Net Flows % of MV

+8.28%

Turnover Ratio

5.04%

New Purchases

0 stocks

Added To

14 stocks

+$530.8M

Sold Out Of

2 stocks

$13.8M

Reduced Holdings

3 stocks

-$38.3M

Increased Positions

Position	Shares Δ	Change
1 Progressive PGR	+70.78%	923.7K → 1.6M +$161.4M
2 UnitedHealth Group UNH	+58.43%	1.0M → 1.6M +$205.4M
3 Arch Capital Group ACGL	+5.47%	2.6M → 2.7M +$12.8M
4 Mastercard MA	+4.81%	566.4K → 593.7K +$15.5M
5 TJX Companies TJX	+4.73%	1.1M → 1.1M +$7.3M

Decreased Positions

Position	Shares Δ	Change
1 SPDR Bloomberg 1-3 Month T-Bill ETF BIL	Sold	139.7K → 0 −$12.8M
2 Vanguard Short-Term Treasury VGSH	Sold	17.6K → 0 −$1.0M
3 Strategic Education, Inc. STRA	-12.4%	1.8M → 1.6M −$19.3M
4 Fastenal FAST	-5.46%	4.0M → 3.7M −$10.6M
5 O'Reilly Automotive ORLY	-2.01%	3.9M → 3.8M −$8.4M