Instuitional Investor - Marshfield Associates

13F Holdings

Filing Period:

No.	Security	Ticker	Shares	Value	% Port
1.	Unitedhealth Group Inc	UNH	1,526,157	$634,316,697	14.87%
2.	Progressive Corp	PGR	2,153,186	$470,363,489	11.03%
3.	Autozone Inc	AZO	136,373	$435,840,725	10.22%
4.	Visa Inc.	V	1,034,433	$354,903,450	8.32%
5.	Arch Capital Group Ltd.	ACGL	3,331,135	$323,319,956	7.58%