13F-HR 1 d353440d13fhr.txt 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: March 31, 2012 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: Chief Compliance Officer Phone: (202) 828-6200 Signature, Place, and Date of Signing: /s/ Kim Vinick Washington, DC 5/14/2012 ------------------------------------- -------------- --------- [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-Mar-12
Voting Authority Title of Value Shares/ Sh/ Put/ Invstmt Other --------------------- Name of Issuer class CUSIP (x$1000) Prn Amt Prn Call Dscretn Managers Sole Shared None ------------------------------ -------- --------- -------- ------- --- ---- ------- -------- ------- ------ ------ Arch Capital Group Ltd COM G0450A105 79357 2130956 SH Sole 1986760 144196 Berkshire Hathaway Class A COM 084670108 17066 140 SH Sole 133 7 Berkshire Hathaway Class B COM 084670702 29020 357609 SH Sole 342200 15409 Brown & Brown, Inc. COM 115236101 88681 3729244 SH Sole 3496102 233142 Capital Source Inc COM 14055X102 31587 4785861 SH Sole 4452529 333332 Devon Energy Corp COM 25179M103 11946 167965 SH Sole 157044 10921 Expeditors International of Wa COM 302130109 16401 352633 SH Sole 332755 19878 Fairfax Financial Hldgs LTD COM 303901102 124380 308950 SH Sole 289825 19125 Fastenal Co COM 311900104 49422 913523 SH Sole 838521 75002 Goldman Sachs Group Inc COM 38141G104 60872 489441 SH Sole 458203 31238 HomeFed Corp COM 43739D307 432 19186 SH Sole 19186 0 Leucadia National Corporation COM 527288104 58818 2253552 SH Sole 2094689 158863 Martin Marietta Materials COM 573284106 50598 590892 SH Sole 554516 36376 Mastercard Inc Class A COM 57636Q104 9479 22541 SH Sole 21194 1347 Mc Donald's Corporation COM 580135101 10860 110703 SH Sole 101250 9453 Moody's Corp. COM 615369105 61094 1451161 SH Sole 1345385 105776 NVR Inc. COM 62944T105 41619 57300 SH Sole 52214 5086 Strayer Education Inc COM 863236105 7792 82647 SH Sole 77157 5490 Symetra Financial Corp COM 87151Q106 9874 856386 SH Sole 824286 32100 Toll Brothers Inc COM 889478103 58026 2418748 SH Sole 2262140 156608 US Bancorp COM 902973304 53960 1703299 SH Sole 1592618 110681 Union Pacific Corporation COM 907818108 18808 174986 SH Sole 164036 10950 Verisk Analytics Inc Class A COM 92345Y106 409 8716 SH Sole 7505 1211 Visa Inc Cl A COM 92826C839 10782 91376 SH Sole 81733 9643 Wells Fargo & Company COM 949746101 112017 3281102 SH Sole 3066354 214748 YUM! Brands Inc COM 988498101 106759 1499852 SH Sole 1418583 81269 REPORT SUMMARY 26 DATA RECORDS 1120058 0 OTHER MANAGERS ON WHOSE BEHALF REPORT IS FILED
Marshfield Associates FORM 13F 30-Mar-12
Voting Authority Title of Value Shares/ Sh/ Put/ Invstmt Other --------------------- Name of Issuer class CUSIP (x$1000) Prn Amt Prn Call Dscretn Managers Sole Shared None ------------------------------ -------- --------- -------- ------- --- ---- ------- -------- ------- ------ ------ Verisk Analytics Inc Class A COM 92345Y106 409 8716 SH Sole 7505 1211 HomeFed Corp COM 43739D307 432 19186 SH Sole 19186 0 Strayer Education Inc COM 863236105 7792 82647 SH Sole 77157 5490 Mastercard Inc Class A COM 57636Q104 9479 22541 SH Sole 21194 1347 Symetra Financial Corp COM 87151Q106 9874 856386 SH Sole 824286 32100 Visa Inc Cl A COM 92826C839 10782 91376 SH Sole 81733 9643 Mc Donald's Corporation COM 580135101 10860 110703 SH Sole 101250 9453 Devon Energy Corp COM 25179M103 11946 167965 SH Sole 157044 10921 Expeditors International of Wa COM 302130109 16401 352633 SH Sole 332755 19878 Berkshire Hathaway Class A COM 084670108 17066 140 SH Sole 133 7 Union Pacific Corporation COM 907818108 18808 174986 SH Sole 164036 10950 Berkshire Hathaway Class B COM 084670702 29020 357609 SH Sole 342200 15409 Capital Source Inc COM 14055X102 31587 4785861 SH Sole 4452529 333332 NVR Inc. COM 62944T105 41619 57300 SH Sole 52214 5086 Fastenal Co COM 311900104 49422 913523 SH Sole 838521 75002 Martin Marietta Materials COM 573284106 50598 590892 SH Sole 554516 36376 US Bancorp COM 902973304 53960 1703299 SH Sole 1592618 110681 Toll Brothers Inc COM 889478103 58026 2418748 SH Sole 2262140 156608 Leucadia National Corporation COM 527288104 58818 2253552 SH Sole 2094689 158863 Goldman Sachs Group Inc COM 38141G104 60872 489441 SH Sole 458203 31238 Moody's Corp. COM 615369105 61094 1451161 SH Sole 1345385 105776 Arch Capital Group Ltd COM G0450A105 79357 2130956 SH Sole 1986760 144196 Brown & Brown, Inc. COM 115236101 88681 3729244 SH Sole 3496102 233142 YUM! Brands Inc COM 988498101 106759 1499852 SH Sole 1418583 81269 Wells Fargo & Company COM 949746101 112017 3281102 SH Sole 3066354 214748 Fairfax Financial Hldgs LTD COM 303901102 124380 308950 SH Sole 289825 19125 REPORT SUMMARY 26 DATA RECORDS 1120058 0 OTHER MANAGERS ON WHOSE BEHALF REPORT IS FILED