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Marshfield Associates
Marshfield Associates is a Washington, DC-based investment adviser founded in 1989. The firm manages concentrated, long-only equity portfolios on behalf of high-net-worth individuals, families, institutions, and charitable organizations. With an employee count of 26 (as of 2025), Marshfield Associates is recognized for its sector-agnostic approach and willingness to hold cash, aiming to serve clients focused on long-term wealth preservation and growth.
Investment Strategy
Marshfield Associates follows a long-only, value-oriented investment philosophy, focusing on concentrated portfolios and sector agnosticism. The firm undertakes thorough fundamental research to identify high-quality businesses trading at significant discounts to their intrinsic value. Marshfield is willing to hold substantial cash positions while waiting for attractive investment opportunities and prioritizes capital preservation as well as outperformance over the long term.
Latest 13F Filing Activity
Marshfield Associates filed their most recent 13F report on Jun 30, 2025 disclosing 19 equity positions with a total 13F market value of $5B. The fund increased holdings in Unitedhealth Group Inc., Disney Walt Co., Moodys Corp. among other positions. Marshfield Associates reduced exposure to Oreilly Automotive Inc., Autozone Inc., Progressive Corp. among others.
Top Holdings
Equity Positions (19)
| Ticker | Security | Weight | Market Value | Shares | Avg Cost | Price | Change (QoQ) |
|---|---|---|---|---|---|---|---|
A AZO | AUTOZONE INC | 12.68% | $620.1M | 167,039 | $1078.97 | $3712.23 | -$27.4M |
R ROST | ROSS STORES INC | 10.07% | $492.8M | 3,863,028 | $87.83 | $127.58 | -$6.3M |
O ORLY | OREILLY AUTOMOTIVE INC | 7.10% | $347.5M | 3,855,957 | $113.68 | $90.13 | -$64.9M |
C CMI | CUMMINS INC | 7.07% | $345.9M | 1,056,059 | $150.43 | $327.50 | +$16.6M |
V V | VISA INC | 6.87% | $336.3M | 947,177 | $126.59 | $355.05 | +$6.7M |
Industry Allocation
Investment Team (8)
| Name | Role | Location | |
|---|---|---|---|
 | Principal | Washington, DC , United States | |
C Carolyn Miller | Principal | Arlington, VA , United States | |
 | Principal | Washington, DC , United States | |
C Chris Niemczewski | Principal | Washington, DC , United States | |
 | Principal | Washington, DC , United States | |
 | Principal | Washington, DC , United States | |
 | Investment Research Team | United States | |
 | Investment Research Team | United States |
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