In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 15, 2025), Marshall & Sullivan Inc. reported 43 stock positions worth $215.7 million . Its top holding was iShares Russell 2000 ETF (IWM) at 12.6% of the portfolio, followed by Microsoft (MSFT, 8.0% ) and Alphabet Class A (GOOGL, 4.5% ). Compared with Q2 2025, it sold out of 75, added to 14 and reduced 21. The biggest buy was Apple (AAPL, shares +2% ) and the biggest sale an exit from Ralliant (RAL).
Location SEATTLE, WA
CIK 0000820123
Portfolio Value $215.7M (Q3 2025) Holdings 43 stocks · $215.7M Holdings quarter Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q2 2025 IWM iShares Russell 2000 ETF 112,021 $27.1M Reduce -0.1% MSFT Microsoft Corp. 33,331 $17.3M Reduce -1.6% GOOGL Alphabet Inc. Class A 39,725 $9.7M Reduce -7.3% VWO Vanguard Ftse Emerging Marke 158,812 $8.6M Reduce -0.6% LRCX Lam Research Corp. 62,111 $8.3M Reduce -4.8% MA Mastercard Inc. Class A 13,322 $7.6M Reduce -1.3% LIN Linde PLC 15,413 $7.3M Reduce -0.9% SCHW Schwab (charles) Corp. 72,973 $7.0M Reduce -1.4% HD Home Depot Inc. 17,108 $6.9M Reduce -0.4% BKNG Booking Holdings Inc. 1,282 $6.9M Reduce -2.4% SYK Stryker Corp. 18,532 $6.9M Reduce -0.9% AMZN Amazon.com Inc. 30,911 $6.8M Reduce -1.6% AAPL Apple Inc. 25,646 $6.5M Add +1.8% RTX RTX Corp. 38,568 $6.5M Reduce -0.9% MNST Monster Beverage Corp. 86,511 $5.8M Reduce -0.7% META Meta Platforms Inc. Class A 7,842 $5.8M Reduce -3.4% EEM iShares MSCI Emerging Market 107,516 $5.7M Add +0.9% JNJ Johnson & Johnson 30,455 $5.6M Add +0.8% CCK Crown Holdings Inc. 57,456 $5.5M Add +0.5% LLY Eli Lilly & Co. 7,052 $5.4M Reduce -2.3% FISV Fiserv Inc. 37,435 $4.8M Add +0.7% DHR Danaher Corp. 23,579 $4.7M Add +1.1% PEP Pepsico Inc. 32,358 $4.5M Add +2.1% TMO Thermo Fisher Scientific Inc. 8,876 $4.3M Add +0.6% UNH Unitedhealth Group Inc. 12,229 $4.2M Add +2.5% ADBE Adobe Inc. 11,789 $4.2M Add +1.4% BDX Becton Dickinson and Co. 19,769 $3.7M Add +1.7% FTV Fortive Corp. 63,691 $3.1M Add +2.6% VB Vanguard Most SM-Cap ETF-Usd 12,076 $3.1M Add +28.3% SPY SS SPDR S&P 500 ETF Trust-US 4,502 $3.0M Reduce -1.0% PYPL PayPal Holdings Inc. 35,259 $2.4M Add +1.8% GBCI Glacier Bancorp Inc. 26,542 $1.3M No change COST Costco Wholesale Corp. 1,186 $1.1M Reduce -2.1% NKE Nike Inc. Class B 11,494 $801K No change BRK.A Berkshire Hathaway Inc. Class A 1 $754K No change GOOG Alphabet Inc. Class C 1,564 $381K Reduce -7.1% GBTC Grayscale Bitcoin Trust ETF 4,040 $363K No change TSLA Tesla Inc. 810 $360K No change GLD SPDR Gold Shares 1,000 $355K No change NVDA Nvidia Corp. 1,680 $313K No change NEE Nextera Energy Inc. 3,807 $287K No change ROK Rockwell Automation Inc. 722 $252K Reduce -24.0% SBUX Starbucks Corp. 2,959 $250K Reduce -1.8%
Portfolio Sells Q2 2025 → Q3 2025 Portfolio Sells quarter Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q2 2025 % Of Portfolio Change To Portfolio ▲ RAL Ralliant Corp. Sold out 0.00% −0.47 BKNG Booking Holdings Inc. Reduce -2.4% 3.21% −0.45 SYK Stryker Corp. Reduce -0.9% 3.18% −0.38 META Meta Platforms Inc. Class A Reduce -3.4% 2.67% −0.21 LLY Eli Lilly & Co. Reduce -2.3% 2.49% −0.21 AMZN Amazon.com Inc. Reduce -1.6% 3.15% −0.17 MA Mastercard Inc. Class A Reduce -1.3% 3.51% −0.13 LIN Linde PLC Reduce -0.9% 3.39% −0.11 MRK Merck & Co. Inc. Sold out 0.00% −0.09 MSFT Microsoft Corp. Reduce -1.6% 8.00% −0.09 JPM JPMorgan Chase & Co. Sold out 0.00% −0.08 HFWA Heritage Financial Corp. Sold out 0.00% −0.07 COST Costco Wholesale Corp. Reduce -2.1% 0.51% −0.07 GE General Electric Sold out 0.00% −0.07 ORCL Oracle Corp. Sold out 0.00% −0.06 XLF SS Financial Select Sector Sold out 0.00% −0.06 ANET Arista Networks Inc. Sold out 0.00% −0.06 WAFD Wafd Inc. Sold out 0.00% −0.05 CVX Chevron Corp. Sold out 0.00% −0.05 BA The Boeing Co. Sold out 0.00% −0.05 YUM Yum! Brands Inc. Sold out 0.00% −0.05 PG The Procter & Gamble Co. Sold out 0.00% −0.05 MCD McDonald's Corp. Sold out 0.00% −0.04 V Visa Inc. Class A Sold out 0.00% −0.04 MDY State Street SPDR S&P Midcap Sold out 0.00% −0.04 SHEL Shell PLC-ADR Sold out 0.00% −0.04 CRM Salesforce Inc. Sold out 0.00% −0.04 VLTO Veralto Corp. Sold out 0.00% −0.04 ROK Rockwell Automation Inc. Reduce -24.0% 0.12% −0.03 GEV GE Vernova Inc. Sold out 0.00% −0.03 ITOT iShares Core S&P Total U.S. Sold out 0.00% −0.03 WCN Waste Connections Inc. Sold out 0.00% −0.03 DIA SS SPDR Dow Jones Indus Avg Sold out 0.00% −0.03 VTV Vanguard Mrngstr Val ETF-Aui Sold out 0.00% −0.03 UL Unilever PLC Sold out 0.00% −0.03 BAC Bank of America Corp. Sold out 0.00% −0.03 VUG Vanguard Mrngstar GR ETF-Sui Sold out 0.00% −0.02 XEL Xcel Energy Inc. Sold out 0.00% −0.02 PCAR Paccar Inc. Sold out 0.00% −0.02 QQQ Invesco QQQ Trust Series 1 Sold out 0.00% −0.02 MD Pediatrix Medical Group Inc. Sold out 0.00% −0.02 PANW Palo Alto Networks Inc. Sold out 0.00% −0.02 ADP Automatic Data Processing Sold out 0.00% −0.02 BTC Grayscale Bitcoin Mini ETF Sold out 0.00% −0.02 IJR iShares Core S&P Small-Cap E Sold out 0.00% −0.02 DE Deere & Co. Sold out 0.00% −0.02 XOM Exxon Mobil Corp. Sold out 0.00% −0.02 YUMC Yum China Holdings Inc. Sold out 0.00% −0.02 SCHW Schwab (charles) Corp. Reduce -1.4% 3.23% −0.02 SBUX Starbucks Corp. Reduce -1.8% 0.12% −0.02
Portfolio Buys Q2 2025 → Q3 2025 Portfolio Buys quarter Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q2 2025 % Of Portfolio Change To Portfolio ▼ AAPL Apple Inc. Add +1.8% 3.03% +0.54 JNJ Johnson & Johnson Add +0.8% 2.62% +0.40 VB Vanguard Most SM-Cap ETF-Usd Add +28.3% 1.42% +0.35 TMO Thermo Fisher Scientific Inc. Add +0.6% 2.00% +0.28 EEM iShares MSCI Emerging Market Add +0.9% 2.66% +0.19 UNH Unitedhealth Group Inc. Add +2.5% 1.96% +0.17 BDX Becton Dickinson and Co. Add +1.7% 1.72% +0.11 PEP Pepsico Inc. Add +2.1% 2.11% +0.10 DHR Danaher Corp. Add +1.1% 2.17% −0.05 FTV Fortive Corp. Add +2.6% 1.45% −0.11 PYPL PayPal Holdings Inc. Add +1.8% 1.10% −0.14 ADBE Adobe Inc. Add +1.4% 1.93% −0.23 CCK Crown Holdings Inc. Add +0.5% 2.57% −0.26 FISV Fiserv Inc. Add +0.7% 2.24% −0.84
Notes & Other Activity Q2 2025 → Q3 2025 Security Class Change vs Q2 2025 Shares / Principal Value ▼ OXY.WS Occidental Petroleum-CW27 *W EXP 08/03/202 Sold out 29 $601before exit
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q3 2025 43 $215.7M IWM, MSFT, GOOGL, VWO, LRCX Q2 2025 118 $208.1M IWM, MSFT, VWO, BKNG, MA Q1 2025 42 $197.0M IWM, MSFT, FISV, MA, LIN Q4 2024 41 $204.6M IWM, MSFT, GOOGL, FISV, MA Q3 2024 40 $208.2M IWM, MSFT, LIN, VWO, FISV Q2 2024 41 $200.2M IWM, MSFT, GOOGL, LRCX, LLY Q1 2024 41 $202.1M IWM, MSFT, LIN, GOOGL, SYK