MARSHFIELD ASSOCIATES

Consequently, the portfolio has become extremely concentrated. The number of holdings was reduced to just 8 securities, resulting in an average position size of roughly 31.8%. This indicates a shift toward a "high-conviction" strategy where capital is deployed only into the firm's best ideas, rather than maintaining a diversified basket of stocks. The portfolio is currently heavily skewed toward large-cap, high-quality U.S. equities.

2. Key Holdings

The portfolio is dominated by a select group of "Compounder" stocks—companies with strong cash flows, wide economic moats, and histories of capital appreciation.