Marshfield Associates (Christopher Blake) latest 13F portfolio: 17 holdings worth $5.0B as of Q1 2026.
Backtested since 2020: mirroring Marshfield Associates's reported 13F equity holdings each quarter would have returned +213.2% versus +180.1%for the S&P 500 (+20.2% annualized). See the Performance tab for the full equity curve.
Investor: Christopher Blake
Number of Assets: 17
Reporting Period: Q1 - 2026
Holdings at Report: $4,992,921,463
Return $ Since Report: +$564,583,256
Return % Since Report: +11.31%
Company | Position | Activity | Shares | Port. % | Rep. Price | Curr. Price | Rep. Value | Curr. Value | Return Value | Return % |
|---|---|---|---|---|---|---|---|---|---|---|
| Autozone Inc. (AZO) | Equity | -5.65% | 165,033 | 11.16% | $3,377.79 | $2,990.27 | $557,446,011 | $493,493,229 | -$63,952,782 | -11.47% |
| The Walt Disney Company (DIS) | Equity | -3.09% | 1,642,724 | 3.17% | $96.38 | $98.14 | $158,325,702 | $161,216,933 | +$2,891,231 | +1.83% |
| Fastenal Company (FAST) | Equity | -11.74% | 3,309,287 | 3.08% | $46.40 | $48.11 | $153,550,898 | $159,209,798 | +$5,658,900 | +3.69% |
| Strategic Education Inc. (STRA) | Equity | -46.37% | 792,930 | 1.32% | $82.96 | $83.70 | $65,781,482 | $66,368,241 | +$586,759 | +0.89% |
| UnitedHealth Group Inc. (UNH) | Equity | +14.00% | 1,890,689 | 10.25% | $270.59 | $415.36 | $511,601,644 | $785,316,583 | +$273,714,939 | +53.50% |
| Cummins Inc. (CMI) | Equity | -41.23% | 448,781 | 4.84% | $538.02 | $648.85 | $241,453,110 | $291,191,552 | +$49,738,442 | +20.60% |
| Domino's Pizza Inc. (DPZ) | Equity | -3.80% | 755,140 | 5.43% | $358.79 | $364.41 | $270,936,823 | $275,180,567 | +$4,243,744 | +1.57% |
| Expeditors International Of Washington Inc. (EXPD) | Equity | -4.85% | 1,953,005 | 5.60% | $143.23 | $170.59 | $279,728,955 | $333,163,123 | +$53,434,168 | +19.10% |
| Moody's Corp. (MCO) | Equity | -4.36% | 538,993 | 4.71% | $436.25 | $483.36 | $235,135,904 | $260,527,656 | +$25,391,752 | +10.80% |
| Arch Capital Group Ltd. (ACGL) | Equity | +5.70% | 3,051,421 | 5.87% | $95.99 | $101.12 | $292,905,894 | $308,559,692 | +$15,653,798 | +5.34% |
| Mastercard Inc. (MA) | Equity | -4.23% | 600,154 | 6.01% | $499.66 | $570.97 | $299,873,164 | $342,669,929 | +$42,796,765 | +14.27% |
| O'Reilly Automotive Inc. (ORLY) | Equity | -10.06% | 3,513,674 | 6.50% | $92.31 | $89.76 | $324,347,247 | $315,387,378 | -$8,959,869 | -2.76% |
| The Tjx Companies Inc. (TJX) | Equity | -6.65% | 1,091,160 | 3.49% | $159.70 | $157.50 | $174,258,187 | $171,857,700 | -$2,400,487 | -1.38% |
| Visa Inc. (V) | Equity | +21.96% | 1,254,973 | 7.60% | $302.24 | $365.67 | $379,302,935 | $458,905,977 | +$79,603,042 | +20.99% |
| NVR Inc. (NVR) | Equity | -5.35% | 25,419 | 3.35% | $6,589.96 | $6,204.10 | $167,510,184 | $157,702,018 | -$9,808,166 | -5.86% |
| The Progressive Corp. (PGR) | Equity | -2.79% | 2,455,384 | 9.75% | $198.24 | $210.46 | $486,755,395 | $516,760,117 | +$30,004,722 | +6.16% |
| Ross Stores Inc. (ROST) | Equity | -32.99% | 1,818,806 | 7.89% | $216.63 | $252.91 | $394,007,928 | $459,994,225 | +$65,986,297 | +16.75% |