# EDGAR Filing Document

**Accession Number:** 0000914976
**File Stem:** 0001172661-25-003775
**Filing Date:** 2025-8
**Character Count:** 16057
**Document Hash:** 3b90161b803e334348188d50a208f6e8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001172661-25-003775.hdr.sgml**: 20250826

**ACCESSION NUMBER**: 0001172661-25-003775

**CONFORMED SUBMISSION TYPE**: N-PX

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250826

**EFFECTIVENESS DATE**: 20250826

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MARSHFIELD ASSOCIATES
- **CENTRAL INDEX KEY:** 0000914976

**ORGANIZATION NAME:**
- **EIN:** 521670976
- **STATE OF INCORPORATION:** DC
- **FISCAL YEAR END:** 1231
- **LEGAL ENTITY IDENTIFIER:** 254900J8EVGU4V81HV54

**FILING VALUES:**
- **FORM TYPE:** N-PX
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-03998
- **FILM NUMBER:** 251253923

**BUSINESS ADDRESS:**
- **STREET 1:** 1330 CONNECTICUT AVENUE NW
- **STREET 2:** SUITE 400
- **CITY:** WASHINGTON
- **STATE:** DC
- **ZIP:** 20036
- **BUSINESS PHONE:** 202-828-6200

**MAIL ADDRESS:**
- **STREET 1:** 1330 CONNECTICUT AVENUE NW
- **STREET 2:** SUITE 400
- **CITY:** WASHINGTON
- **STATE:** DC
- **ZIP:** 20036

## FORM N-PX
### ANNUAL REPORT OF PROXY VOTING RECORD

## N-PX: Filer Information

**Filer CIK:** 0000914976

**Date of Report:** 06/30/2025

**Are you a Registered Management Investment Company or an Institutional Manager?:** Institutional Manager

**Is this a LIVE or TEST Filing?:** LIVE

**Is this an electronic copy of an official filing submitted in paper format?:** [ ]

### Submission Contact Information
_Not provided in this filing._

### Notification Information
**Notify via Filing Website only?:** [ ]

## N-PX: Cover Page

**Name of reporting person:** MARSHFIELD ASSOCIATES

**Address:** 1330 Connecticut Avenue NW, WASHINGTON, DC 20036

**Telephone number:** 202-828-6212

**Name of agent for service:** —

**Agent Address:** —, —, — —

**Reporting Period:** Report for the year ended 06/30/2025

**SEC File Number:** 028-03998

**CRD Number (if any):** —

**Other SEC File Number (if any):** —

**LEI (if any):** —

**Report Type (check only one):**

Institutional Manager.

- [x] Institutional Manager Voting Report

- [ ] Institutional Manager Notice Report

- [ ] Institutional Manager Combination Report

Registered Management Investment Company.

- [ ] Fund Voting Report

- [ ] Fund Notice Report

**Do you wish to provide explanatory information pursuant to Special Instruction B.4?:**

- [x] No

- [ ] Yes

**Additional information:** —

## N-PX: Summary - Included Managers

**Number of Included Institutional Managers:** 0

**Included Institutional Managers:** —

## FORM N-PX PROXY VOTING RECORD

| NAME OF ISSUER                               | CUSIP     | MEETING DATE   | VOTE DESCRIPTION                                                                                               | VOTE CATEGORY                |   SHARES VOTED |   SHARES ON LOAN | HOW VOTED   |   SHARES VOTED FOR OR AGAINST MANAGEMENT | FOR OR AGAINST MANAGEMENT   | OTHER INFO   |
|:---|:---|:---|:---|:---|---:|---:|:---|---:|:---|:---|
| Arch Capital Group Ltd.                      | G0450A105 | 05/07/2025     | Advisory vote to approve named executive officer compensation.                                                 | SECTION 14A SAY-ON-PAY VOTES |          15711 |                0 | AGAINST     |                                    15711 | FOR                         |  |
| Arch Capital Group Ltd.                      | G0450A105 | 05/07/2025     | Advisory vote to approve named executive officer compensation.                                                 | SECTION 14A SAY-ON-PAY VOTES |        1136434 |                0 | FOR         |                                  1136434 | FOR                         |  |
| Arch Capital Group Ltd.                      | G0450A105 | 05/07/2025     | Advisory vote to approve named executive officer compensation.                                                 | SECTION 14A SAY-ON-PAY VOTES |         276312 |                0 | ABSTAIN     |                                   276312 | FOR                         |  |
| AutoZone, Inc.                               | 053332102 | 12/18/2024     | Advisory Vote to Ratify Named Executive Officers' Compensation                                                 | SECTION 14A SAY-ON-PAY VOTES |          46264 |                0 | FOR         |                                    46264 | FOR                         |  |
| AutoZone, Inc.                               | 053332102 | 12/18/2024     | Advisory Vote to Ratify Named Executive Officers' Compensation                                                 | SECTION 14A SAY-ON-PAY VOTES |          41692 |                0 | ABSTAIN     |                                    41692 | FOR                         |  |
| Cummins Inc.                                 | 231021106 | 05/13/2025     | Advisory vote to approve the compensation of our named executive officers as disclosed in the proxy statement. | SECTION 14A SAY-ON-PAY VOTES |         508252 |                0 | FOR         |                                   508252 | FOR                         |  |
| Cummins Inc.                                 | 231021106 | 05/13/2025     | Advisory vote to approve the compensation of our named executive officers as disclosed in the proxy statement. | SECTION 14A SAY-ON-PAY VOTES |          50881 |                0 | ABSTAIN     |                                    50881 | FOR                         |  |
| Domino's Pizza, Inc.                         | 25754A201 | 04/23/2025     | Advisory vote to approve the compensation of the named executive officers of the Company.                      | SECTION 14A SAY-ON-PAY VOTES |         372164 |                0 | FOR         |                                   372164 | FOR                         |  |
| Domino's Pizza, Inc.                         | 25754A201 | 04/23/2025     | Advisory vote to approve the compensation of the named executive officers of the Company.                      | SECTION 14A SAY-ON-PAY VOTES |          54705 |                0 | ABSTAIN     |                                    54705 | FOR                         |  |
| Expeditors International of Washington, Inc. | 302130109 | 05/06/2025     | Advisory Vote to Approve Named Executive Officer Compensation.                                                 | SECTION 14A SAY-ON-PAY VOTES |         910408 |                0 | FOR         |                                   910408 | FOR                         |  |
| Expeditors International of Washington, Inc. | 302130109 | 05/06/2025     | Advisory Vote to Approve Named Executive Officer Compensation.                                                 | SECTION 14A SAY-ON-PAY VOTES |         115844 |                0 | ABSTAIN     |                                   115844 | FOR                         |  |
| Fastenal Company                             | 311900104 | 04/24/2025     | Approval, by non-binding vote, of executive compensation.                                                      | SECTION 14A SAY-ON-PAY VOTES |          13828 |                0 | AGAINST     |                                    13828 | FOR                         |  |
| Fastenal Company                             | 311900104 | 04/24/2025     | Approval, by non-binding vote, of executive compensation.                                                      | SECTION 14A SAY-ON-PAY VOTES |         864456 |                0 | FOR         |                                   864456 | FOR                         |  |
| Fastenal Company                             | 311900104 | 04/24/2025     | Approval, by non-binding vote, of executive compensation.                                                      | SECTION 14A SAY-ON-PAY VOTES |          85469 |                0 | ABSTAIN     |                                    85469 | FOR                         |  |
| Mastercard Incorporated                      | 57636Q104 | 06/24/2025     | Advisory approval of Mastercard's executive compensation                                                       | SECTION 14A SAY-ON-PAY VOTES |         250598 |                0 | FOR         |                                   250598 | FOR                         |  |
| Mastercard Incorporated                      | 57636Q104 | 06/24/2025     | Advisory approval of Mastercard's executive compensation                                                       | SECTION 14A SAY-ON-PAY VOTES |          18418 |                0 | ABSTAIN     |                                    18418 | FOR                         |  |
| Moody's Corporation                          | 615369105 | 04/15/2025     | Advisory resolution approving executive compensation.                                                          | SECTION 14A SAY-ON-PAY VOTES |           3967 |                0 | AGAINST     |                                     3967 | FOR                         |  |
| Moody's Corporation                          | 615369105 | 04/15/2025     | Advisory resolution approving executive compensation.                                                          | SECTION 14A SAY-ON-PAY VOTES |         263636 |                0 | FOR         |                                   263636 | FOR                         |  |
| Moody's Corporation                          | 615369105 | 04/15/2025     | Advisory resolution approving executive compensation.                                                          | SECTION 14A SAY-ON-PAY VOTES |          25717 |                0 | ABSTAIN     |                                    25717 | FOR                         |  |
| NVR, Inc.                                    | 62944T105 | 05/06/2025     | Advisory vote to approve compensation paid to certain executive officers.                                      | SECTION 14A SAY-ON-PAY VOTES |          11982 |                0 | FOR         |                                    11982 | FOR                         |  |
| NVR, Inc.                                    | 62944T105 | 05/06/2025     | Advisory vote to approve compensation paid to certain executive officers.                                      | SECTION 14A SAY-ON-PAY VOTES |           1695 |                0 | ABSTAIN     |                                     1695 | FOR                         |  |
| O'Reilly Automotive, Inc.                    | 67103H107 | 05/15/2025     | Advisory vote to approve executive compensation.                                                               | SECTION 14A SAY-ON-PAY VOTES |         141423 |                0 | FOR         |                                   141423 | FOR                         |  |
| O'Reilly Automotive, Inc.                    | 67103H107 | 05/15/2025     | Advisory vote to approve executive compensation.                                                               | SECTION 14A SAY-ON-PAY VOTES |           1029 |                0 | ABSTAIN     |                                     1029 | FOR                         |  |
| Ross Stores, Inc.                            | 778296103 | 05/21/2025     | Advisory vote to approve the resolution on the compensation of the named executive officers.                   | SECTION 14A SAY-ON-PAY VOTES |          22334 |                0 | AGAINST     |                                    22334 | FOR                         |  |
| Ross Stores, Inc.                            | 778296103 | 05/21/2025     | Advisory vote to approve the resolution on the compensation of the named executive officers.                   | SECTION 14A SAY-ON-PAY VOTES |        1871582 |                0 | FOR         |                                  1871582 | FOR                         |  |
| Ross Stores, Inc.                            | 778296103 | 05/21/2025     | Advisory vote to approve the resolution on the compensation of the named executive officers.                   | SECTION 14A SAY-ON-PAY VOTES |         302676 |                0 | ABSTAIN     |                                   302676 | FOR                         |  |
| Strategic Education, Inc.                    | 86272C103 | 04/23/2025     | To Approve, On An Advisory Basis, The Compensation Of The Named Executive Officers.                            | SECTION 14A SAY-ON-PAY VOTES |          10839 |                0 | AGAINST     |                                    10839 | FOR                         |  |
| Strategic Education, Inc.                    | 86272C103 | 04/23/2025     | To Approve, On An Advisory Basis, The Compensation Of The Named Executive Officers.                            | SECTION 14A SAY-ON-PAY VOTES |         913753 |                0 | FOR         |                                   913753 | FOR                         |  |
| Strategic Education, Inc.                    | 86272C103 | 04/23/2025     | To Approve, On An Advisory Basis, The Compensation Of The Named Executive Officers.                            | SECTION 14A SAY-ON-PAY VOTES |         135370 |                0 | ABSTAIN     |                                   135370 | FOR                         |  |
| The Progressive Corporation                  | 743315103 | 05/09/2025     | Cast an advisory vote to approve our executive compensation program.                                           | SECTION 14A SAY-ON-PAY VOTES |         482459 |                0 | FOR         |                                   482459 | FOR                         |  |
| The Progressive Corporation                  | 743315103 | 05/09/2025     | Cast an advisory vote to approve our executive compensation program.                                           | SECTION 14A SAY-ON-PAY VOTES |          65950 |                0 | ABSTAIN     |                                    65950 | FOR                         |  |
| The TJX Companies, Inc.                      | 872540109 | 06/10/2025     | Advisory approval of TJX's executive compensation (the say-on-pay vote)                                        | SECTION 14A SAY-ON-PAY VOTES |         529779 |                0 | FOR         |                                   529779 | FOR                         |  |
| The TJX Companies, Inc.                      | 872540109 | 06/10/2025     | Advisory approval of TJX's executive compensation (the say-on-pay vote)                                        | SECTION 14A SAY-ON-PAY VOTES |          97659 |                0 | ABSTAIN     |                                    97659 | FOR                         |  |
| The Walt Disney Company                      | 254687106 | 03/20/2025     | Consideration of an advisory vote to approve executive compensation.                                           | SECTION 14A SAY-ON-PAY VOTES |         829941 |                0 | FOR         |                                   829941 | FOR                         |  |
| The Walt Disney Company                      | 254687106 | 03/20/2025     | Consideration of an advisory vote to approve executive compensation.                                           | SECTION 14A SAY-ON-PAY VOTES |         151370 |                0 | ABSTAIN     |                                   151370 | FOR                         |  |
| Visa Inc.                                    | 92826C839 | 01/28/2025     | To approve, on an advisory basis, the compensation paid to our named executive officers.                       | SECTION 14A SAY-ON-PAY VOTES |         459548 |                0 | FOR         |                                   459548 | FOR                         |  |
| Visa Inc.                                    | 92826C839 | 01/28/2025     | To approve, on an advisory basis, the compensation paid to our named executive officers.                       | SECTION 14A SAY-ON-PAY VOTES |          47346 |                0 | ABSTAIN     |                                    47346 | FOR                         |  |

## N-PX: Signature Block

**Reporting Person:** MARSHFIELD ASSOCIATES

**By (Signature):** Brian Walker

**By (Printed Signature):** Brian Walker

**By (Title):** Chief Compliance Officer

**Date:** 08/26/2025