Established in 1989 and based in Washington, D.C., Marshfield Associated is a value equity money manager with $3.399 billion in assets under management as of September 30, 2020. Marshfield is owned by seven principals who have an average tenure of 23 years and who invest alongside the investors in the Fund. Marshfield actively manages the Fund, determining the composition of the Fund’s portfolio. In addition to managing the Fund, it also provides advisory services to institutional and private investors in separately managed accounts with a strategy similar to that of the Fund.