Marshfield Associates Q2 Portfolio Update: Strategic Shifts and Holdings

As of June 30, 2026, Marshfield Associates maintained a substantial portfolio valued at approximately $4.3 billion. The investment firm recently filed its latest portfolio data, revealing notable shifts across various sectors and specific stock holdings during the second quarter.

Marshfield Associates, known for its active investment strategies, appears to have focused on certain areas while reducing exposure in others. The portfolio currently holds 17 stocks across different sectors, with the top five positions accounting for about 52% of the total value.

One clear area of increased interest was New Positions. Nike Inc (NKE) stands out as a significant addition this quarter, representing a brand-new holding acquired by Marshfield Associates. This suggests confidence in consumer cyclical stocks and indicates that NKE is now part of the portfolio's strategic allocation.

Conversely, Significant Sales were observed for several holdings during Q2 2026. Ross Stores Inc (ROST) experienced a substantial reduction, with its shares decreasing by approximately 67% from the previous quarter. This indicates a major divestment activity focused on consumer retail stocks.

The investor also saw notable reductions in existing positions beyond ROST. O'Reilly Automotive Inc (ORLY), Fastenal Co (FAST), and Expeditors International Ltd (EXPD) all reported significant decreases of over 20% in their share counts during the quarter, reflecting strategic exits or rebalancing efforts.

Furthermore, Marshfield Associates divested from Strategic Education Inc (STRA), which saw a nearly 30% reduction in its position. The firm also reduced its stake in Mastercard Incorporated (MA) by about 4.6%, and there were decreases in holdings of UnitedHealth Group Inc (UNH), Progressive Corp (PGR), AutoZone Inc (AZO), and Moody's Corporation (MCO).

Overall, the portfolio shows a mix of strategic additions like NKE alongside substantial reductions across multiple sectors including Consumer Cyclical (-67% for ROST, -29.5% for STRA) and others. These changes highlight an active management approach focused on optimizing returns based on market conditions.