MARSHFIELD ASSOCIATES

Marshfield Associates, Inc. ("Marshfield") is a Washington, D.C.-based registered investment adviser that has been providing professional investment advisory services to a broad range of institutional and retail clients since 1989. The firm is privately owned by seven individual principals, with Christopher Niemczewski being the only principal owning more than 25% of the firm. As of December 31, 2024, Marshfield manages approximately $7.50 billion in client assets. Of this total, $7.47 billion is managed on a discretionary basis, and $30 million is managed on a non-discretionary basis.

Marshfield's primary offering is the Core Value Equity Strategy, founded on the belief that a stock's share price, while eventually aligning with its intrinsic value, routinely over- and under-shoots this value. This creates opportunities to buy below and sell above intrinsic value, stemming from the market's tendency to misjudge short-term events and misunderstand long-term implications of factors like industry structure and corporate culture. As a long-only, value investor, Marshfield's goals are capital preservation and outperformance of the S&P 500 Index over time, achieved through a concentrated portfolio typically holding 16 to 20 individual stocks when fully invested. In addition to the Core Value Equity Strategy, Marshfield offers a Balanced Strategy for clients who request to combine their core equity holdings with an allocation to fixed income securities. Across its strategies, Marshfield focuses on identifying resilient companies with long-term competitive advantages, requiring a margin of safety for new stock purchases and implementing strict price controls for trades. This disciplined approach can result in portfolios holding significant cash when suitable opportunities are not found or price controls are not met, which Marshfield considers integral to its process, despite the potential for relative underperformance during high valuation environments. Investors should note that all investment strategies carry risk, require a long-term perspective, and do not guarantee the achievement of investment objectives.

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