Carolyn Miller

Carolyn Miller is Principal at Marshfield Associates, an investment advisory firm based in Washington, DC, with approximately $1.9 billion in assets under management. As Principal, she plays a central role in the firm’s investment process, overseeing client portfolios and contributing to strategic investment decisions. Miller is directly involved in selecting securities, monitoring portfolio companies, and maintaining the firm’s high-conviction, long-term approach to equity investing.

Her investment focus centers on U.S. equities across large-cap, mid-cap, and selected blue-chip stocks, particularly in the consumer discretionary, financial services, health care, and industrial sectors. Notable portfolio holdings under her oversight include AutoZone, Ross Stores, O'Reilly Automotive, Cummins, Visa, and UnitedHealth Group, reflecting an emphasis on established, resilient businesses with sustainable competitive advantages.

Miller joined Marshfield Associates in 1994 and has spent her entire professional career at the firm, rising to Principal and playing a key role in developing its investment philosophy and client relationships. She holds a Bachelor of Arts in International Relations from Tufts University, demonstrating a strong foundation in global affairs that informs her perspective on markets and business trends.