# Marshfield Associates

> Marshfield Associates is an SEC-registered investment advisory firm in Washington, DC, registered since 2009, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated July 10, 2026.

- CRD: 150614
- Filed as: MARSHFIELD ASSOCIATES
- Legal name: Marshfield Associates, Inc.
- Also doing business as: MARSHFIELD ASSOCIATES
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Washington, DC
- Filing period: October 2026
- Form ADV filing dated: July 10, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/150614
- AdvisorCensus page: https://advisorcensus.com/firm/marshfield-associates-washington-dc-150614

## Quick answers

**How is Marshfield Associates compensated?**
On its Form ADV (Item 5.E, October 2026), Marshfield Associates reports these compensation arrangements: a percentage of assets under its management; performance-based fees.

**Where is Marshfield Associates located?**
Marshfield Associates' principal office is in Washington, DC, according to its Form ADV.

**Is Marshfield Associates registered with the SEC or a state?**
Marshfield Associates is an SEC-registered investment advisory firm, registered since 2009. Status as filed: Approved. CRD 150614.

**How much does Marshfield Associates manage?**
Marshfield Associates reports $8,121,896,714 in regulatory assets under management in its Form ADV filing dated July 10, 2026 (100% discretionary).

**How have Marshfield Associates' assets and staff changed since 2021?**
In the Form ADV data for Marshfield Associates: Regulatory assets under management: $3,593,899,923 in the October 2021 data and $8,121,896,714 in the October 2026 data, up 126%. Total employees: 19 in October 2021 and 27 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Marshfield Associates serve?**
By number of clients on Form ADV Item 5.D: individuals (other than high net worth individuals) (3,089); high net worth individuals (857); charitable organizations (37).

**Which custodians does Marshfield Associates use?**
Marshfield Associates' most recent Form ADV filing (Schedule D, Section 5.K(3)) lists Fidelity Brokerage Services LLC, RBC Capital Markets, LLC and State Street Bank as custodians holding 10% or more of its separately managed account assets.

**Does Marshfield Associates report any disciplinary disclosures?**
Reports no disclosure items on Form ADV Item 11. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/150614

**What changed in Marshfield Associates' recent Form ADV filings?**
In the April 2026 filing data: Updated its list of owners and control persons (Schedule A).

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management
- Performance-based fees

### Custodians (Schedule D, Section 5.K(3))
- Fidelity Brokerage Services LLC
- RBC Capital Markets, LLC
- State Street Bank

Custodians holding 10% or more of the firm's separately managed account assets, as filed on Form ADV (Schedule D, Section 5.K(3)). A custodian holds client assets; it does not endorse or supervise the firm. AdvisorCensus has no relationship with any custodian.

### Regulatory assets under management (Item 5.F)
- Total: $8,121,896,714
- Discretionary: $8,112,940,375
- Non-discretionary: $8,956,339

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 3,089 | $1,264,867,134 |
| High net worth individuals | 857 | $3,429,081,211 |
| Banking or thrift institutions | 0 | $0 |
| Investment companies | 1 | $1,312,937,410 |
| Business development companies | 0 | $0 |
| Pooled investment vehicles (other than investment companies and business development companies) | 0 | $0 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 4 | $389,170,291 |
| Charitable organizations | 37 | $421,334,524 |
| State or municipal government entities (including government pension plans) | 1 | $21,555,290 |
| Other investment advisers | 0 | $0 |
| Insurance companies | 0 | $0 |
| Sovereign wealth funds and foreign official institutions | 1 | $1,194,610,844 |
| Corporations or other businesses not listed above | 6 | $88,340,010 |
| Other | 0 | $0 |

### Advisory services (Item 5.G)
- Portfolio management for individuals and/or small businesses
- Portfolio management for investment companies (and business development companies)
- Portfolio management for businesses (other than small businesses) or institutional clients

### Firm details
- Registered since: 2009 (17 years)
- Employees: 27 total, 13 performing advisory functions
- Wrap fee program participation: Yes
- States registered or notice-filed: AZ, CA, CO, CT, DC, DE, FL, GA, IA, ID, IL, IN, LA, MA, MD, ME, MI, MN, MT, NC, NH, NJ, NM, NV, NY, OH, OR, PA, RI, SC, TN, TX, UT, VA, VT, WA, WI, WV, WY
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- marshfieldfunds.com
- marshfieldinc.com
- LinkedIn @MARSHFIELD-ASSOCIATES

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $3,593,899,923 | 19 | March 31, 2021 |
| October 2022 | $4,174,772,861 | 21 | March 29, 2022 |
| October 2023 | $4,442,901,880 | 23 | May 4, 2023 |
| October 2024 | $6,401,521,223 | 24 | July 18, 2024 |
| October 2025 | $7,500,657,939 | 26 | May 27, 2025 |
| October 2026 | $8,121,896,714 | 27 | July 10, 2026 |

Regulatory assets under management: $3,593,899,923 in the October 2021 data and $8,121,896,714 in the October 2026 data, up 126%.
Total employees: 19 in October 2021 and 27 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Updated its list of owners and control persons (Schedule A).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Marshfield Associates (CRD 150614): Form ADV filing data as of October 2026.