Marshfield Concentrated Opportunity Fund
Name
As of 04/18/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
8.1%
1 yr return
21.0%
3 Yr Avg Return
12.8%
5 Yr Avg Return
15.2%
Net Assets
$650 M
Holdings in Top 10
62.8%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 1.13%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 24.00%
Redemption Fee 2.00%
Min Investment
Standard (Taxable)
$10,000
IRA
$1,000
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 04/18/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
MRFOX - Profile
Distributions
- YTD Total Return 8.1%
- 3 Yr Annualized Total Return 12.8%
- 5 Yr Annualized Total Return 15.2%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio -0.31%
- Dividend Yield 0.4%
- Dividend Distribution Frequency Annual
Fund Details
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Legal NameMarshfield Concentrated Opportunity Fund
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Fund Family NameMarshfield
-
Inception DateDec 28, 2015
-
Shares OutstandingN/A
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Share ClassOther
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CurrencyUSD
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Domiciled CountryUS
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ManagerElise Hoffmann
Fund Description
The Fund seeks the dual goals of capital preservation and long-term growth of principal, while targeting a pattern of performance at variance with that of the market. The Fund seeks to achieve its investment objective by investing principally in a portfolio of common stocks of companies traded on United States (“U.S.”) securities exchanges or over-the-counter (“OTC”) markets that exhibit low valuations based on the Adviser’s analysis of the companies’ intrinsic value. The Fund may invest in companies of any capitalization size, including large- cap, mid-cap, and small-cap companies. The Fund will typically hold from 16 to 24 equity securities plus a cash position. The cash position will, on average, be in the range of 0-25% of the portfolio and will be an output of the Adviser’s buy and sell decisions, not a tactical maneuver.
The Adviser generally develops a list of U.S. exchange-traded and OTC companies for consideration to purchase using its proprietary screening process as described below. The Adviser performs a bottom-up analysis to identify companies that the Adviser believes are: (i) in an industry that allows the company to earn high returns on equity over time; (ii) imbued with a functional and resilient corporate culture; and (iii) trading at a price that is below the Adviser’s estimated intrinsic value of the company.
The Adviser’s screening process generally involves:
| • | Rigorous analysis that entails developing an understanding of the ecosystem in which a company operates. The Adviser seeks to review all relevant materials about a company and its industry such as journal articles and securities filings, talks with the management personnel of both the subject company and its competitors, and research the economics underlying the relevant industry or industries in order to have a deep understanding of how the company works. |
| • | Determining the value of the company, which the Adviser conducts using conservative assumptions. The Adviser stress tests its valuation based upon a series of different scenarios and sets a target price that incorporates a substantial discount between the company’s market price and the Adviser’s estimate of the company’s value (i.e. intrinsic value). |
| • | Selecting portfolio investments in companies that the Adviser believes: (i) are in an industry that allows the company to earn high returns on equity over time, (ii) pass the Adviser’s tests of corporate culture (the internal compass expressed by the company’s attitude toward customers and shareholders), industry structure (attributes like competitive rivalry and the discipline to remain focused on maintaining and exploiting advantages) and management quality (integrity, courage and resolve) and (iii) are trading at a price that is below the Adviser’s estimate intrinsic value of the company. |
| • | Continuous review of all Fund holdings with ongoing monitoring of the financial performance of each company in the portfolio as well as analysis of whether each holding is performing as the Adviser’s conceptual case suggested. |
The Adviser’s approach emphasizes the potential long-term health of a company rather than the short-term performance of the company. The Adviser normally purchases stock in a company with the intention of holding the investment for an extended period of time. However, the Adviser may sell a portfolio holding if it determines any of the following circumstances exist:
| • | The company fails to perform as anticipated; |
| • | The company’s or the relevant industry’s outlook has changed for the worse; |
| • | Systemic risk to the portfolio should be limited, as with too great an exposure to a single industry or sector of the economy; |
| • | A company’s stock becomes excessively overvalued in relationship to the Adviser’s estimate of its intrinsic value; or |
| • | The Adviser decides to readjust the size of the Fund’s investment in the company’s stock (e.g., the company’s stock comprises too great a portion of the Fund, such as if the value of the company’s stock exceeds 20% of the Fund’s portfolio). |
The Fund may hold out-of-favor stocks rather than popular ones. The Fund’s portfolio will be focused and therefore may at times hold stocks in only a few companies. While the Adviser does not intend to focus on any particular sector or industry in making investments for the Fund, at any given time the Fund may have a substantial investment in a particular sector or industry if the Adviser determines such investment to be the best available for the Fund. The Adviser is willing to hold cash and will buy stocks opportunistically when prices are attractive in the Adviser’s estimation.
The Fund is a “non-diversified fund,” which means that it may invest more of its assets in the securities of a single issuer or a small number of issuers than a diversified fund.
MRFOX - Performance
Return Ranking - Trailing
| Period | MRFOX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 8.1% | -16.3% | 19.3% | 40.80% |
| 1 Yr | 21.0% | -24.2% | 56.3% | 85.41% |
| 3 Yr | 12.8%* | -31.3% | 22.2% | 0.88% |
| 5 Yr | 15.2%* | -16.7% | 28.7% | 22.80% |
| 10 Yr | N/A* | -5.9% | 18.7% | N/A |
* Annualized
Return Ranking - Calendar
| Period | MRFOX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 17.1% | -74.1% | 72.4% | 90.36% |
| 2022 | 4.7% | -85.9% | 4.7% | 0.09% |
| 2021 | 10.2% | -52.4% | 60.5% | 41.95% |
| 2020 | 12.1% | -34.3% | 145.0% | 92.48% |
| 2019 | 34.4% | -21.8% | 49.4% | 8.76% |
Total Return Ranking - Trailing
| Period | MRFOX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 8.1% | -16.3% | 19.3% | 40.80% |
| 1 Yr | 21.0% | -24.2% | 56.3% | 85.41% |
| 3 Yr | 12.8%* | -31.3% | 22.2% | 0.88% |
| 5 Yr | 15.2%* | -16.7% | 28.7% | 22.80% |
| 10 Yr | N/A* | -5.9% | 18.7% | N/A |
* Annualized
Total Return Ranking - Calendar
| Period | MRFOX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 17.7% | -4.6% | 72.4% | 95.70% |
| 2022 | 5.1% | -61.7% | 5.6% | 0.17% |
| 2021 | 17.8% | -39.8% | 118.1% | 71.33% |
| 2020 | 15.2% | 2.8% | 149.2% | 97.43% |
| 2019 | 36.3% | -5.2% | 49.4% | 22.71% |
NAV & Total Return History
MRFOX - Holdings
Concentration Analysis
| MRFOX | Category Low | Category High | MRFOX % Rank | |
|---|---|---|---|---|
| Net Assets | 650 M | 242 K | 269 B | 62.54% |
| Number of Holdings | 21 | 1 | 3217 | 97.47% |
| Net Assets in Top 10 | 381 M | 104 K | 111 B | 58.87% |
| Weighting of Top 10 | 62.82% | 0.7% | 205.0% | 7.03% |
Top 10 Holdings
- Ross Stores, Inc. 9.39%
- AutoZone, Inc. 8.95%
- Arch Capital Group Ltd. 7.62%
- O'Reilly Automotive, Inc. 6.21%
- GOLDMAN SACHS FINANCIAL SQUARE TREASURY INSTRUMENT S FUND 6.12%
- TJX Companies, Inc. (The) 5.69%
- Goldman Sachs Group, Inc. (The) 5.01%
- Domino's Pizza, Inc. 4.71%
- Mastercard, Inc. Class A 4.63%
- Cummins, Inc. 4.48%
Asset Allocation
| Weighting | Return Low | Return High | MRFOX % Rank | |
|---|---|---|---|---|
| Stocks | 89.49% | 0.00% | 130.05% | 97.55% |
| Cash | 10.51% | -1.50% | 173.52% | 2.20% |
| Preferred Stocks | 0.00% | 0.00% | 7.84% | 71.71% |
| Other | 0.00% | -43.49% | 50.04% | 72.30% |
| Convertible Bonds | 0.00% | 0.00% | 1.94% | 67.94% |
| Bonds | 0.00% | 0.00% | 104.15% | 69.43% |
Stock Sector Breakdown
| Weighting | Return Low | Return High | MRFOX % Rank | |
|---|---|---|---|---|
| Financial Services | 43.06% | 0.00% | 43.06% | 0.08% |
| Consumer Cyclical | 31.30% | 0.00% | 62.57% | 1.27% |
| Industrials | 20.96% | 0.00% | 30.65% | 1.69% |
| Consumer Defense | 4.67% | 0.00% | 25.50% | 35.79% |
| Utilities | 0.00% | 0.00% | 16.07% | 77.16% |
| Technology | 0.00% | 0.00% | 65.70% | 100.00% |
| Real Estate | 0.00% | 0.00% | 16.05% | 89.42% |
| Healthcare | 0.00% | 0.00% | 39.76% | 99.41% |
| Energy | 0.00% | 0.00% | 41.09% | 84.01% |
| Communication Services | 0.00% | 0.00% | 66.40% | 99.07% |
| Basic Materials | 0.00% | 0.00% | 18.91% | 91.54% |
Stock Geographic Breakdown
| Weighting | Return Low | Return High | MRFOX % Rank | |
|---|---|---|---|---|
| US | 89.49% | 0.00% | 130.05% | 92.74% |
| Non US | 0.00% | 0.00% | 78.10% | 77.36% |
MRFOX - Expenses
Operational Fees
| MRFOX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 1.13% | 0.01% | 19.54% | 37.26% |
| Management Fee | 0.95% | 0.00% | 1.50% | 93.89% |
| 12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
| Administrative Fee | N/A | 0.01% | 1.02% | N/A |
Sales Fees
| MRFOX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | N/A | 2.25% | 8.50% | N/A |
| Deferred Load | N/A | 1.00% | 5.00% | N/A |
Trading Fees
| MRFOX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Max Redemption Fee | 2.00% | 1.00% | 2.00% | 29.79% |
Related Fees
Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.
| MRFOX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | 24.00% | 0.00% | 316.74% | 32.76% |
MRFOX - Distributions
Dividend Yield Analysis
| MRFOX | Category Low | Category High | MRFOX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 0.43% | 0.00% | 28.16% | 31.56% |
Dividend Distribution Analysis
| MRFOX | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Annual | Annual | SemiAnnual | Annual |
Net Income Ratio Analysis
| MRFOX | Category Low | Category High | MRFOX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | -0.31% | -6.13% | 3.48% | 49.48% |
Capital Gain Distribution Analysis
| MRFOX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Dec 18, 2023 | $0.131 | OrdinaryDividend |
| Dec 19, 2022 | $0.085 | OrdinaryDividend |
| Dec 20, 2019 | $0.259 | OrdinaryDividend |
| Dec 21, 2018 | $0.003 | OrdinaryDividend |
| Dec 20, 2017 | $0.008 | OrdinaryDividend |
MRFOX - Fund Manager Analysis
Managers
Elise Hoffmann
Start Date
Tenure
Tenure Rank
Dec 29, 2015
6.42
6.4%
Elise J. Hoffmann is a Principal of Marshfield Associates, Inc. and along with Mr. Niemczewski leads the Adviser’s research team. Ms. Hoffmann joined Marshfield Associates, Inc. in 1995 and became a Principal in 1997. Prior to joining Marshfield Associates, Inc., she worked for U.S. Congressman Ed Markey, serving seven years as Counsel to the U.S. House of Representatives’ Committee on Energy & Commerce, Subcommittee on Telecommunications and Finance, where she was responsible for developing securities legislation. Prior to that, she practiced law in the private sector at Steptoe & Johnson in Washington, D.C., where she was an associate attorney practicing corporate, securities, and tax law. Ms. Hoffmann graduated from Princeton University with an A.B. and earned a J.D. from Yale Law School.
Christopher Niemczewski
Start Date
Tenure
Tenure Rank
Dec 29, 2015
6.42
6.4%
Christopher M. Niemczewski, Managing Principal M.B.A., Columbia University Graduate School of Business 1977 B.A., Swarthmore College 1974 Chris Niemczewski founded Marshfield in 1989. While at Columbia, he was exposed to the Graham and Dodd school of security analysis and investing, an approach that has influenced his thirty-six years in the investment field. In addition to formulating and guiding Marshfield’s core investment philosophy and discipline, he conducts research and focuses on long-term strategic firm planning. From 1981 to 1989 he was President of Justin Asset Management. Chris is a member of the Board of Managers of Swarthmore College where he serves as Chair of the Investment Committee.
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.04 | 54.45 | 8.21 | 3.08 |