Fund Evaluator:

Marshfield Concentrated Opportunity Overview

Marshfield Concentrated Opportunity (MRFOX) is an actively managed U.S. Equity Large Blend fund. Marshfield launched the fund in 2015.

The investment seeks the dual goals of capital preservation and the 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 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 is non-diversified.

About Marshfield Concentrated Opportunity (MRFOX)

There are 4 members of the management team with an average tenure of 6.34 years: Christopher Niemczewski (2015), Elise Hoffmann (2015), Chad Goldberg (2022), Judy Becker (2025). Management tenure is more important for actively managed funds than passive index funds.

The fund has 1 primary benchmark: S&P 500 (TR) (1970) index with a weighting of 100%. Marshfield Concentrated Opportunity has 19 securities in its portfolio. The top 10 holdings constitute 72.8% of the fund’s assets. The fund meets the SEC requirement of being classified as a nondiversified fund. The fund is not considered to have an ESG focus with its investment selection and management.

Marshfield Concentrated Opportunity is part of the Equity global asset class and is within the U.S. Equity fund group. Marshfield Concentrated Opportunity has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 76.4%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Marshfield Concentrated Opportunity has 23.6% of the portfolio in cash.

Assets Under Management

The fund has $1 billion in total assets, which is below the $6 billion average for the Large Blend category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.

MRFOX Performance and Fees

The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Marshfield Concentrated Opportunity expense ratio is high compared to funds in the Large Blend category. Marshfield Concentrated Opportunity has an expense ratio of 1.02%, which is 26% higher than its category average, making the fund expense ratio grade a D. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.

High portfolio turnover can translate to higher expenses and lower aftertax returns. Marshfield Concentrated Opportunity has a portfolio turnover rate of 6%, indicating that holds its assets around 0.2 years. By way of comparison, the average portfolio turnover is 48% for the Large Blend category.

Recently, in the month of July 2026, Marshfield Concentrated Opportunity returned 1.5%, which earned it a grade of B, as the Large Blend category had an average return of 0.4%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.

Marshfield Concentrated Opportunity has a trailing yield of 0.62%, which is above the 0.56% category average. The fund normally distributes its income annually and its capital gains annually.

It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.

Marshfield Concentrated Opportunity Grades

Year to date, the fund has returned 4.5%, 4.8 percentage points worse than the category, which translates into a grade of F. The fund has returned 11.1% over the past year (grade of F), 13.2% over the past three years (grade of F) and 11.4% per year over the past five years (grade of C) and 15.9% per year over the past 10 years (grade of A).

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