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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 13F
FORM 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: March 31, 2013
Check here if Amendment [ ]; Amendment Number:
This Amendment (Check only one.): [ ] is a restatement.
[ ] adds new holdings entries.
Institutional Investment Manager Filing this Report:
Name: Marshfield Associates
Address: 21 Dupont Circle, NW
Suite 500
Washington, DC 20036
Form 13F File Number: 28-03998
The institutional investment manager filing this report and the person by whom
it is signed hereby represent that the person signing the report is authorized
to submit it, that all information contained herein is true, correct and
complete, and that it is understood that all required items, statements,
schedules, lists, and tables, are considered integral parts of this form.
Person Signing this Report on Behalf of Reporting Manager:
Name: Olayinka Odeniran
Title: CCO
Phone: (202) 828-6200
Signature, Place, and Date of Signing:
/s/ Olayinka Odeniran Washington, DC 5/8/13
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[Signature] [City, State] [Date]
Report Type (Check only one.):
[X] 13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager
are reported in this report.)
[ ] 13F NOTICE. (Check here if no holdings reported are in this report, and all
holdings are reported by other reporting manager(s).)
[ ] 13F COMBINATION REPORT. (Check here if a portion of the holdings for this
reporting manager are reported in this report and a portion are reported by
other reporting manager(s).)
List of Other Managers Reporting for this Manager:
[If there are no entries in this list, omit this section.]
Form 13F File Number Name
28-
[Repeat as necessary.]
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Marshfield Associates
FORM 13F
31-Mar-13
Voting Authority
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Value Shares/ Sh/ Put/ Invstmt Other
Name of Issuer Title of class CUSIP (x$1000) Prn Amt Prn Call Dscretn Managers Sole Shared None
-------------- -------------- ------------ -------- ------- --- ---- ------- -------- ------- ------ ------
Arch Capital Group Ltd COM G0450A105 114724 2182308 SH Sole 2064856 117452
Berkshire Hathaway Class A COM 084670108 19691 126 SH Sole 123 3
Berkshire Hathaway Class B COM 084670702 32853 315287 SH Sole 306041 9246
Brown & Brown, Inc. COM 115236101 107279 3348293 SH Sole 3187885 160408
C.H. Robinson Worldwide Inc. COM 12541W209 35012 588839 SH Sole 556337 32502
Capital Source Inc COM 14055X102 42968 4466538 SH Sole 4237681 228857
Crimson Wine Group Ltd COM 22662X100 2212 237887 SH Sole 224519 13368
Devon Energy Corp COM 25179M103 21277 377114 SH Sole 357896 19218
Expeditors International of Wa COM 302130109 38394 1074558 SH Sole 1036552 38006
Fairfax Financial Hldgs LTD COM 303901102 77426 197951 SH Sole 188545 9406
Fastenal Co COM 311900104 41095 800597 SH Sole 750985 49612
Goldman Sachs Group Inc COM 38141G104 72500 492695 SH Sole 469521 23174
HomeFed Corp COM 43739D307 544 17413 SH Sole 17413
Leucadia National Corporation COM 527288104 65163 2375607 SH Sole 2241914 133693
Martin Marietta Materials COM 573284106 53514 524546 SH Sole 499775 24771
Mastercard Inc Class A COM 57636Q104 31331 57899 SH Sole 56374 1525
Mc Donald's Corporation COM 580135101 9662 96925 SH Sole 90852 6073
Moody's Corp. COM 615369105 69555 1304478 SH Sole 1235527 68951
NVR Inc. COM 62944T105 55278 51178 SH Sole 47415 3763
Toll Brothers Inc COM 889478103 75230 2197141 SH Sole 2083848 113293
US Bancorp COM 902973304 53793 1585412 SH Sole 1508049 77363
Union Pacific Corporation COM 907818108 22828 160301 SH Sole 154006 6295
Visa Inc Cl A COM 92826C839 13731 80848 SH Sole 74132 6716
Waters Corp COM 941848103 14682 156346 SH Sole 151699 4647
Wells Fargo & Company COM 949746101 113474 3067693 SH Sole 2919392 148301
YUM! Brands Inc COM 988498101 94092 1307919 SH Sole 1239793 68126
REPORT SUMMARY 26 DATA RECORDS 1278311 0 OTHER MANAGERS ON WHOSE BEHALF REPORT IS FILED