MARSHFIELD ASSOCIATES
SEC Form 13F institutional filer · CIK 0000914976
13F-HR · 16 reported holdings · 2026-03-31
Investment advisory firm.
Reported long-US-equity value
$4.93B
Top-10 concentration
77.1%
MARSHFIELD ASSOCIATES — $4.93B AUM allocation strategy
MARSHFIELD ASSOCIATES files SEC Form 13F and reports $4.93B of long US equity value across 16 reported holdings for 2026-03-31.
Its largest sector bet is Consumer Discretionary 38.3%, followed by Financials 34.4% and Industrials 13.7%.
The top 10 holdings account for 77% of reported value — a conviction-weighted book concentrated in its best ideas. The sector and industry splits below are of the same reported value. Track quarter-over-quarter adds, trims, new positions and exits below — sourced from SEC 13F filings, public domain.
MARSHFIELD ASSOCIATES — latest SEC 13F insights
Reported long-US-equity value (13F AUM)
$4.93B
total across 16 reported holdings · 2026-03-31 · excludes shorts, cash, non-US
Top-10 concentration
77% of value
higher = narrower conviction; lower = spread / hedging
Biggest adds (shares)
+$UNH +232K sh · −$35.9M+$V +226K sh · +$18.4M+$ACGL +164K sh · +$16M
Biggest trims (shares)
−$ROST −896K sh · −$95M−$FAST −440K sh · +$3.08M−$ORLY −393K sh · −$32M
Added from nil (new positions)
None this quarter
Exited to nil (held last quarter, gone now)
None this quarter
Sector allocation (share of reported value)
each slice is a share of the reported long-US-equity value — smaller sectors and the rest of the book roll into “Other holdings”
Qtr shift = share-point change vs the prior quarter's filing — first period tracked for this filer; the column fills in with the next quarterly refresh.
Industry allocation (share of reported value)
- Automotive Retail17.9%—
- Property & Casualty Insurance15.8%—
- Transaction & Payment Processing Services13.8%—
- Apparel Retail11.5%—
- Managed Health Care10.4%—
- Air Freight & Logistics5.7%—
- Restaurants5.5%—
- Construction Machinery & Heavy Transportation Equipment4.9%—
- Other holdings14.5%—
the finer GICS cut of the same book — same denominator — smaller industries roll into “Other holdings”
Qtr shift = share-point change vs the prior quarter's filing — first period tracked for this filer; the column fills in with the next quarterly refresh.
Top S&P 500 holdings
10 of 10 rows · sorted by Value ↓
| Ticker | Holding | Shares | Value | Δ QoQ | Weight |
|---|---|---|---|---|---|
| $AZO | AutoZone Inc | 165K | $557M | -9.88K | 11.3% |
| $UNH | UnitedHealth Group Incorporated | 1.89M | $512M | +232K | 10.4% |
| $PGR | Progressive Corporation | 2.46M | $487M | -70.3K | 9.9% |
| $ROST | Ross Stores Inc | 1.82M | $394M | -896K | 8.0% |
| $V | Visa Inc | 1.25M | $379M | +226K | 7.7% |
| $ORLY | O'Reilly Automotive Inc | 3.51M | $324M | -393K | 6.6% |
| $MA | Mastercard Incorporated | 600K | $300M | -26.5K | 6.1% |
| $ACGL | Arch Capital Group Ltd | 3.05M | $293M | +164K | 5.9% |
| $EXPD | Expeditors International of Washington Inc | 1.95M | $280M | -99.5K | 5.7% |
| $DPZ | Domino's Pizza Inc | 755K | $271M | -29.9K | 5.5% |
…and 6 more holdings in the full 13F filing (top positions only shown).
SEC Form 13F data sets · public domain · 45-day filing lag · >$100M AUM managers · as reported
← All 13F filers·← QuantOrb.pro
How to read Δ QoQ — the five insight categories, and the caveats
The categories. Analysts, quants and retail traders look past total portfolio value to isolate actionable signals. Five categories matter.
Conviction & concentration shifts
New positions vs complete exits — a brand-new stock signals high conviction; a full liquidation suggests a broken thesis or tax-loss harvesting. Aggressive sizing — look at share count, not dollars: a 20% share increase during a drawdown is strong dip-buying. Concentration — a narrowing top-5/10 means conviction; spreading capital across more names means hedging.
Sector & macro allocation rotations
Aggregating Δ QoQ moves across sectors shows where smart money is leaning in or sneaking out — rotating out of growth into defensives or energy, for example. The fund's total long equity exposure quarter-over-quarter is a proxy for overall institutional risk appetite.
Crowding & smart-money consensus
When several managers initiate or expand the same stock in the same quarter, that is institutional consensus. Contrarian reads: top pickers buying hard into a beaten-down name the market is selling.
Derivative & option overlays
Reported call/put changes indicate whether managers are adding downside hedges or leveraging upside exposure. Note: a long increase may be half of a market-neutral pair trade.
Who reads this
| Retail "cloners" | High-conviction ideas to replicate ~45 days after quarter-end. |
| Corporate IR | Which funds bought or dumped the stock, before the next call. |
| Quant / algo traders | Cross-sectional factor inputs: flow, momentum, ownership. |
Four caveats before you trade on it
- 45-day lag — holdings are quarter-end; positions may already be closed.
- Long-only — 13Fs miss shorts, pair trades and cash.
- No non-US / fixed income — the picture is US equities plus options.
- Corporate actions — splits and spinoffs distort raw share deltas.
Newsletter signup
Free subscription. Daily trading day morning dispatch. No spam.