MRFOX Performance — Marshfield Concentrated Opportunity Fund
Data updated: 2026-07-30
MRFOX returned −0.90% year to date and +4.87% over one year to May 2026. Annualised returns are +14.39% over 3 years and +10.91% over 5 years. The fund trailed its US Mid-Cap Value category average: $100 invested three years ago grew to $150, against $154 for the category, and to $105 over one year, against $121. Volatility over the past three years was 11.22% a year. In the 12 months to May 2026 the fund took in a net $9.0M, and assets reached $1.25B.
MRFOX Growth of $100
What $100 invested in Marshfield Concentrated Opportunity Fund grew to, compounded from monthly returns reported on SEC Form N-PORT, against the US Mid-Cap Value category average over the same months.
| Period | MRFOX | Category average |
|---|---|---|
| 1 year (Jun 2025 – May 2026) | $105 | $121 |
| 3 years (Jun 2023 – May 2026) | $150 | $154 |
| 5 years (Jun 2021 – May 2026) | $168 | $148 |
| Since data start (Mar 2020 – May 2026) | $217 | $217 |
MRFOX Trailing Returns
Total returns to May 2026, from SEC N-PORT.
| Period | Total return |
|---|---|
| YTD | −0.90% |
| 1 year | +4.87% |
| 3 years (annualised) | +14.39% |
| 5 years (annualised) | +10.91% |
MRFOX Annual Returns
Calendar-year total returns of Marshfield Concentrated Opportunity Fund, compounded from monthly SEC N-PORT returns. Partial years show the months covered.
| Year | Total return |
|---|---|
| 2026 (Jan–May) | −0.90% |
| 2025 | +10.04% |
| 2024 | +17.12% |
| 2023 | +17.68% |
| 2022 | +5.06% |
| 2021 | +17.82% |
| 2020 (Mar–Dec) | +16.51% |
MRFOX Monthly Returns
Monthly total returns as reported on SEC Form N-PORT.
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | +1.0% | +0.1% | −4.0% | +5.6% | −3.3% | — | — | — | — | — | — | — |
| 2025 | +2.9% | +1.3% | −1.4% | −0.3% | +1.4% | −1.1% | +0.6% | +5.7% | +1.2% | −4.5% | +5.0% | −0.7% |
| 2024 | +3.0% | +5.8% | +3.3% | −3.9% | +1.3% | +1.5% | +1.1% | +3.0% | +1.0% | −2.5% | +6.8% | −3.8% |
| 2023 | +3.5% | −1.7% | +0.7% | +2.8% | −4.8% | +6.3% | +2.4% | −0.3% | −2.3% | −0.1% | +7.0% | +3.3% |
| 2022 | −2.8% | −3.2% | +2.4% | −3.8% | +2.3% | −4.3% | +5.3% | −1.2% | −4.8% | +12.1% | +7.5% | −2.9% |
| 2021 | −3.5% | +6.0% | +4.8% | +3.1% | +0.3% | +1.1% | +1.9% | −0.4% | −2.9% | +3.5% | −2.8% | +6.1% |
| 2020 | — | — | −0.1% | +0.1% | +0.1% | −0.2% | +4.7% | +4.3% | −1.4% | −3.5% | +7.8% | +4.1% |
MRFOX Risk
Risk measures from monthly returns over Jun 2023 – May 2026.
- 3-year volatility (annualised): 11.22%
- 3-year Sharpe ratio: 0.88 (vs 4.5% risk-free rate)
- Best month: +6.97% (Nov 2023)
- Worst month: −4.54% (Oct 2025)
MRFOX Fund Flows
Monthly money in and out of Marshfield Concentrated Opportunity Fund, from SEC Form N-PORT.
- 12-month net flow: $9.0M
- 12-month gross sales (incl. reinvestments): $295.0M
- Sales ÷ redemptions: 1.03×
| Month | Sales | Redemptions | Net flow |
|---|---|---|---|
| May 2026 | $26.7M | $47.9M | −$21.2M |
| Apr 2026 | $17.9M | $28.5M | −$10.5M |
| Mar 2026 | $18.3M | $23.7M | −$5.5M |
| Feb 2026 | $22.8M | $41.2M | −$18.4M |
| Jan 2026 | $22.1M | $20.3M | $1.8M |
| Dec 2025 | $47.0M | $19.9M | $27.1M |
| Nov 2025 | $19.6M | $22.7M | −$3.1M |
| Oct 2025 | $29.5M | $15.6M | $13.9M |
| Sep 2025 | $20.9M | $11.7M | $9.2M |
| Aug 2025 | $17.6M | $16.4M | $1.1M |
| Jul 2025 | $21.8M | $21.2M | $657K |
| Jun 2025 | $30.8M | $17.0M | $13.9M |
MRFOX Assets Under Management
Net assets of Marshfield Concentrated Opportunity Fund by report date, from SEC N-PORT filings.
| Report date | Net assets |
|---|---|
| 2026-05-31 | $1.25B |
| 2026-02-28 | $1.31B |
| 2025-11-30 | $1.32B |
| 2025-08-31 | $1.28B |
| 2025-05-31 | $1.20B |
| 2025-02-28 | $1.11B |
| 2024-11-30 | $1.05B |
| 2024-08-31 | $955.96M |
| 2024-05-31 | $866.60M |
| 2024-02-29 | $762.45M |
| 2023-11-30 | $607.20M |
| 2023-08-31 | $533.04M |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.