13F-HR 1 d256198d13fhr.txt FORM 13F-HR ================================================================================ UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 13F FORM 13F COVER PAGE Report for the Calendar Year or Quarter Ended: September 30, 2011 Check here if Amendment [_]; Amendment Number: ________________________________ This Amendment (Check only one.): [_] is a restatement. [_] adds new holdings entries. Institutional Investment Manager Filing this Report: Name: Marshfield Associates Address: 21 Dupont Circle, NW Suite 500 Washington, DC 20036 Form 13F File Number: 28-03998 The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form. Person Signing this Report on Behalf of Reporting Manager: Name: Kim Vinick Title: CCO Phone: (202) 828-6200 Signature, Place, and Date of Signing: /s/ Kim Vinick Washington, DC 11/14/2011 ----------------------- ----------------------- ----------------------- [Signature] [City, State] [Date] Report Type (Check only one.): [X] 13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager are reported in this report.) [_] 13F NOTICE. (Check here if no holdings reported are in this report, and all holdings are reported by other reporting manager(s).) [_] 13F COMBINATION REPORT. (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).) List of Other Managers Reporting for this Manager: [If there are no entries in this list, omit this section.] Form 13F File Number Name 28-____________________ ________________________________________________ [Repeat as necessary.] ================================================================================ Marshfield Associates FORM 13F 30-Sep-11
Voting Authority ---------------- Value Shares/ Sh/ Put/ Invstmt Other Name of Issuer Title of class CUSIP (x$1000) Prn Amt Prn Call Dscretn Managers Sole Shared None ------------------------------ -------------- --------- -------- ------- --- ---- ------- -------- ------- ------ ------ Arch Capital Group Ltd COM G0450A105 67615 2069327 SH Sole 1917626 151701 Assured Guaranty Ltd COM G0585R106 16074 1462639 SH Sole 1329654 132985 Berkshire Hathaway Class A COM 084670108 13564 127 SH Sole 120 7 Berkshire Hathaway Class B COM 084670702 26070 366975 SH Sole 351024 15951 Brown & Brown, Inc. COM 115236101 64437 3620044 SH Sole 3375655 244389 Capital Source Inc COM 14055X102 21545 3508965 SH Sole 3213218 295747 Devon Energy Corp COM 25179M103 8702 156962 SH Sole 145895 11067 Fairfax Financial Hldgs LTD COM 303901102 126497 328836 SH Sole 309183 19653 Fastenal Co COM 311900104 32277 969851 SH Sole 890822 79029 Goldman Sachs Group Inc COM 38141G104 47242 499656 SH Sole 461935 37721 HomeFed Corp COM 43739D307 355 20878 SH Sole 20878 0 Leucadia National Corporation COM 527288104 45726 2016153 SH Sole 1860152 156001 Martin Marietta Materials COM 573284106 36871 583215 SH Sole 551358 31857 Mastercard Inc Class A COM 57636Q104 7233 22807 SH Sole 21455 1352 Mc Donald's Corporation COM 580135101 10292 117190 SH Sole 107235 9955 Moody's Corp. COM 615369105 43056 1413987 SH Sole 1303869 110118 NVR Inc. COM 62944T105 36427 60311 SH Sole 54891 5420 Strayer Education Inc COM 863236105 5469 71329 SH Sole 65559 5770 Symetra Financial Corp COM 87151Q106 7396 907481 SH Sole 872233 35248 Toll Brothers Inc COM 889478103 30946 2144577 SH Sole 1993226 151351 US Bancorp COM 902973304 38653 1641997 SH Sole 1526179 115818 Union Pacific Corporation COM 907818108 11456 140268 SH Sole 130353 9915 Verisk Analytics Inc Class A COM 92345Y106 312 8984 SH Sole 7772 1212 Visa Inc Cl A COM 92826C839 8254 96285 SH Sole 86135 10150 Vulcan Materials Co COM 929160109 30924 1122076 SH Sole 1058348 63728 Wells Fargo & Company COM 949746101 74956 3107645 SH Sole 2882860 224785 YUM! Brands Inc COM 988498101 91941 1861533 SH Sole 1754829 106704 REPORT SUMMARY 27 DATA RECORDS 904290 0 OTHER MANAGERS ON WHOSE BEHALF REPORT IS FILED