Marshfield Associates, established in 1989 and based in Washington, D.C., is a long-only, value-focused investment advisory firm managing approximately $7.7 billion in assets as of March 31, 2025 . The firm is owned by eight principals with an average tenure of 25 years, each of whom invests alongside clients and may hold no other publicly traded equities . Marshfield employs a concentrated investment strategy, typically holding 16–20 stocks, and is known for its sector-agnostic approach and willingness to maintain cash reserves while seeking attractive opportunities . The firm offers separately managed accounts and the Marshfield Concentrated Opportunity Fund (MRFOX), aiming for capital preservation and long-term growth of principal . Marshfield’s investment philosophy emphasizes a disciplined, consensus-based research process, focusing on companies with resilient business models and substantial earnings power .