MARSHFIELD ASSOCIATES

CIK 0000914976 · Q1 2026

13F Equity AUM

$5.0B

-12.5% QoQ

Positions

0 QoQ

AUM Rank

#1,015

Top 8%

Skill Alpha (FF)

+5.5%/yr

Alpha Generator

Rank #581 · Top 7%

vs S&P -3.5%/yr (unadj.)

Quarters Tracked

~13 years

Portfolio Concentration

Top 5: 46.6%Top 10: 76.0%Top 20: 100.0%

AZO11.2%

UNH10.3%

PGR9.8%

ROST7.9%

V7.6%

ORLY6.5%

MA6.0%

ACGL5.9%

EXPD5.6%

DPZ5.4%

Others (7)24.0%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Consumer Cyclical37.8%

Financial Services29.2%

Industrials13.5%

Healthcare10.3%

Consumer Discretionary4.7%

Communication Services3.2%

Other1.3%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 17Median: 5.60%Avg: 5.88%

0–0.5%

0(0.0%)

0.5–1%

0(0.0%)

1–3%

1(1.3%)

3–5%

6(22.6%)

5%+

10(76.0%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 17Unique: 0vs 20 funds

0.2%Low

Fund positions

7,299

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

Most Similar Funds

Top 9 benchmark funds with highest portfolio overlap (Jaccard similarity)

BlackRock, Inc.

0.4%

VANGUARD CAPITAL MANAGEMENT LLC

0.5%

STATE STREET CORP

0.5%

VANGUARD PORTFOLIO MANAGEMENT LLC

0.6%

FMR LLC

0.6%

MORGAN STANLEY

0.3%

GEODE CAPITAL MANAGEMENT, LLC

0.5%

JPMORGAN CHASE & CO

0.4%

BANK OF AMERICA CORP /DE/

0.4%

Jaccard similarity per fund: shared CUSIPs / (fund A + fund B − shared). Higher values indicate more similar portfolios.

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Position Changes This Quarter

New0Increased3Decreased14Exited0

Increased

UNH10.3%

+232K(+14%)

V7.6%

+226K(+22%)

ACGL5.9%

+164K(+6%)

Decreased

ROST7.9%

-895,533(-33%)

STRA1.3%

-685,592(-46%)

FAST3.1%

-440,308(-12%)

ORLY6.5%

-392,970(-10%)

CMI4.8%

-314,867(-41%)

EXPD5.6%

-99,526(-5%)

TJX3.5%

-77,699(-7%)

PGR9.8%

-70,350(-3%)

DIS3.2%

-52,465(-3%)

DPZ5.4%

-29,852(-4%)

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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