Marshfield Associates
Christopher Niemczewski
Period
Q2 2026
Portfolio Date
Jun 30, 2026
Stocks Held
17
Market Value
$4.3B
Holdings Value Trend
Q3 2024
Q4 2024
Q1 2025
Q2 2025
Q3 2025
Q4 2025
Q1 2026
Q2 2026
Top 5 Holdings
1
U
$UNH
UnitedHealth Group Incorporated
14.9%
% of Portfolio
Decreased 19.28%
2P
$PGR
The Progressive Corporation
11.0%
% of Portfolio
Decreased 12.31%
3A
$AZO
AutoZone, Inc.
10.2%
% of Portfolio
Decreased 17.37%
4V
$V
Visa Inc.
8.3%
% of Portfolio
Decreased 17.57%
5A
$ACGL
Arch Capital Group Ltd.
7.6%
% of Portfolio
Increased 9.17%
Historical Positions
| Symbol | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 |
|---|---|---|---|---|
| UNH | 14.9% | 10.3% | 9.6% | 9.6% |
| PGR | 11.0% | 9.8% | 10.1% | 6.7% |
| AZO | 10.2% | 11.2% | 10.4% | 12.8% |
| V | 8.3% | 7.6% | 6.3% | 5.8% |
| ACGL | 7.6% | 5.9% | - | - |
| MA | 6.9% | 6.0% | 6.3% | 5.8% |
| EXPD | 5.9% | 5.6% | 5.4% | - |
| ORLY | 5.9% | 6.5% | 6.3% | 7.0% |
| MCO | 4.5% | - | - | 4.4% |
| DPZ | 4.4% | 5.4% | 5.7% | 5.6% |
Post-Filing Contributors
Price change since reported price, ranked by portfolio contribution
CMI+557.97%
DPZ+15.47%
MA+11.73%
ROST+7.58%
EXPD+14.37%
Post-Filing Detractors
Price change since reported price, ranked by portfolio contribution
AZO-7.45%
UNH-7.41%
PGR+0.87%
NVR-7.54%
Sector Analysis
Others0.0%
Financials38.3%
Healthcare14.9%
Industrials8.8%
Consumer Staples1.0%
Communication Services2.9%
Consumer Discretionary34.0%
Trading Summary
All Holdings
1
U
$UNH
14.9%
Decreased 19.28%
2P
$PGR
11.0%
Decreased 12.31%
3A
$AZO
10.2%
Decreased 17.37%
4V
$V
8.3%
Decreased 17.57%
5A
$ACGL
7.6%
Increased 9.17%
6M
$MA
6.9%
Decreased 4.64%
7E
$EXPD
5.9%
Decreased 20.43%
8O
$ORLY
5.9%
Decreased 22.01%
9M
$MCO
4.5%
Decreased 21.56%
10D
$DPZ
4.4%
Decreased 15.44%
11N
$NKE
4.2%
New
12N
$NVR
3.2%
Decreased 20.76%
13T
$TJX
3.1%
Decreased 20.01%
14R
$ROST
3.0%
Decreased 67.25%
15D
$DIS
2.9%
Decreased 20.98%
16F
$FAST
2.9%
Decreased 22.19%
17S
$STRA
1.0%
Decreased 29.50%