Marshfield Concentrated Opportunity (MRFOX)

Fund Assets	1.24B
Expense Ratio	1.00%
Min. Investment	$10,000
Turnover	6.00%
Dividend (ttm)	0.22
Dividend Yield	0.62%
Dividend Growth	-30.31%
Payout Frequency	Annual
Ex-Dividend Date	Dec 15, 2025

Previous Close	35.57
YTD Return	5.69%
1-Year Return	6.60%
5-Year Return	75.71%
52-Week Low	32.67
52-Week High	36.46
Beta (5Y)	0.61
Holdings	20
Inception Date	Dec 29, 2015

About MRFOX

The Marshfield Concentrated Opportunity Fund is a U.S.-based mutual fund designed with a focus on capital preservation and long-term growth of principal. Managed by Marshfield Associates, the fund sets itself apart through a highly selective, concentrated approach—typically holding between 16 and 24 equity securities, along with a meaningful cash position that may range from 0% to 25% depending on market opportunities. Rather than adhering to sector allocation constraints or mimicking benchmark indices, the fund employs a disciplined, research-intensive process aimed at investing only in companies that demonstrate resilience, sustained profitability, and prudent management. Positions are initiated only when stock prices fall substantially below Marshfield’s estimate of intrinsic value, and holdings are maintained for the long term, often around eight years on average. The fund avoids so-called “consensus stocks” and is willing to hold cash during periods when suitable investments are scarce, emphasizing a contrarian, high-conviction philosophy. This strategy results in a portfolio often heavily weighted toward its top holdings, and its performance pattern may differ significantly from broad market indices, reflecting its distinct investment process and focus on superior long-term outcomes.

• Fund Family: Marshfield
• Category: Large Blend
• Performance Rating: Above Average
• Risk Rating: Low
• Stock Exchange: Nasdaq
• Ticker Symbol: MRFOX
• Index: S&P 500 TR

Performance

MRFOX had a total return of 6.60% in the past year, including dividends. Since the fund's inception, the average annual return has been 15.35%.

Top 10 Holdings

76.85% of assets

Name	Symbol	Weight
Goldman Sachs FS Treasury Intms Instl	FTIXX	17.22%
Vanguard Treasury Money Market Investor	VUSXX	10.17%
UnitedHealth Group Incorporated	UNH	9.79%
AutoZone, Inc.	AZO	8.02%
The Progressive Corporation	PGR	6.79%
Visa Inc.	V	5.50%
Arch Capital Group Ltd.	ACGL	5.02%
Mastercard Incorporated	MA	4.96%
O'Reilly Automotive, Inc.	ORLY	4.73%
Expeditors International of Washington, Inc.	EXPD	4.66%

Dividend History

Ex-Dividend	Amount	Pay Date
Dec 15, 2025	$0.5555	Dec 16, 2025
Dec 16, 2024	$1.4519	Dec 17, 2024
Dec 15, 2023	$0.1306	Dec 18, 2023
Dec 16, 2022	$0.0851	Dec 19, 2022
Dec 17, 2021	$1.5613	Dec 17, 2021
Dec 18, 2020	$0.5636	Dec 21, 2020

Data Sources: Tiingo, Financial Modeling Prep, and more

Historical data is provided by Tiingo. Delayed stock pricing data is provided by Financial Modeling Prep. Several fund data points are also provided by Finnhub.

Last checked:

Oct 16, 2026

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