Marshall & Sullivan Inc.

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 11, 2025), Marshall & Sullivan Inc. reported 118 stock positions worth $208.1 million. Its top holding was iShares Russell 2000 ETF (IWM) at 11.6% of the portfolio, followed by Microsoft (MSFT, 8.1%) and Vanguard Ftse Emerging Marke (VWO, 3.8%). Compared with Q1 2025, it opened 75 new positions, added to 21 and reduced 13. The biggest buy was Lam Research (LRCX, shares +1%) and the biggest sale Fiserv (FISV, shares −1%).

Most Recent 13F
Q3 2025
Location
SEATTLE, WA
CIK
0000820123
Portfolio Value
$208.1M (Q2 2025)
SEC Filing
0001420506-25-001492 ↗ filed Jul 11, 2025

Holdings Value

0$50.0M$100.0M$150.0M$200.0M$250.0M Q1 2024: $202.1M Q1 2024 Q2 2024: $200.2M Q2 2024 Q3 2024: $208.2M Q3 2024 Q4 2024: $204.6M Q4 2024 Q1 2025: $197.0M Q1 2025 Q2 2025: $208.1M $208.1M Q2 2025 Q3 2025: $215.7M Q3 2025

Holdings 118 stocks · $208.1M
IWM iShares Russell 2000 ETF 11.63% 112,163 $24.2M Reduce -1.2%
MSFT Microsoft Corp. 8.10% 33,864 $16.8M Reduce -6.2%
VWO Vanguard Ftse Emerging Marke 3.80% 159,826 $7.9M Add +1.0%
BKNG Booking Holdings Inc. 3.66% 1,314 $7.6M Reduce -3.6%
MA Mastercard Inc. Class A 3.65% 13,497 $7.6M Reduce -1.8%
GOOGL Alphabet Inc. Class A 3.63% 42,866 $7.6M Add +0.2%
SYK Stryker Corp. 3.56% 18,707 $7.4M Reduce -1.4%
LIN Linde PLC 3.51% 15,551 $7.3M Reduce -0.8%
AMZN Amazon.com Inc. 3.31% 31,427 $6.9M Add +0.8%
SCHW Schwab (charles) Corp. 3.25% 74,042 $6.8M Reduce -1.3%
FISV Fiserv Inc. 3.08% 37,180 $6.4M Reduce -1.0%
LRCX Lam Research Corp. 3.05% 65,219 $6.3M Add +0.9%
HD Home Depot Inc. 3.03% 17,171 $6.3M Reduce -0.2%
META Meta Platforms Inc. Class A 2.88% 8,116 $6.0M Add +1.7%
CCK Crown Holdings Inc. 2.83% 57,185 $5.9M Add +0.1%
RTX RTX Corp. 2.73% 38,909 $5.7M Add +0.4%
LLY Eli Lilly & Co. 2.70% 7,214 $5.6M Reduce -11.3%
MNST Monster Beverage Corp. 2.62% 87,139 $5.5M Add +0.4%
AAPL Apple Inc. 2.48% 25,185 $5.2M Reduce -13.6%
EEM iShares MSCI Emerging Market 2.47% 106,529 $5.1M Add +3.5%
JNJ Johnson & Johnson 2.22% 30,209 $4.6M Add +0.4%
DHR Danaher Corp. 2.21% 23,322 $4.6M Add +0.8%
ADBE Adobe Inc. 2.16% 11,620 $4.5M Add +1.1%
PEP Pepsico Inc. 2.01% 31,686 $4.2M Add +1.9%
UNH Unitedhealth Group Inc. 1.79% 11,931 $3.7M Add +0.1%
TMO Thermo Fisher Scientific Inc. 1.72% 8,820 $3.6M Add +2.0%
BDX Becton Dickinson and Co. 1.61% 19,437 $3.3M Add +2.3%
FTV Fortive Corp. 1.55% 62,061 $3.2M Add +3.6%
SPY SS SPDR S&P 500 ETF Trust-US 1.35% 4,547 $2.8M Reduce -0.6%
PYPL PayPal Holdings Inc. 1.24% 34,637 $2.6M Add +7.6%
VB Vanguard Most SM-Cap ETF-Usd 1.07% 9,411 $2.2M Add +91.6%
COST Costco Wholesale Corp. 0.58% 1,212 $1.2M Add +0.2%
GBCI Glacier Bancorp Inc. 0.55% 26,542 $1.1M No change
RAL Ralliant Corp. 0.47% 20,368 $988K Add +2.1%
NKE Nike Inc. Class B 0.39% 11,494 $817K No change
BRK.A Berkshire Hathaway Inc. Class A 0.35% 1 $729K No change
GBTC Grayscale Bitcoin Trust ETF 0.16% 4,040 $343K No change
ROK Rockwell Automation Inc. 0.15% 950 $316K No change
GLD SPDR Gold Shares 0.15% 1,000 $305K No change
GOOG Alphabet Inc. Class C 0.14% 1,684 $299K No change
SBUX Starbucks Corp. 0.13% 3,014 $276K Reduce -69.2%
NVDA Nvidia Corp. 0.13% 1,680 $265K New
NEE Nextera Energy Inc. 0.13% 3,807 $264K No change
TSLA Tesla Inc. 0.12% 810 $257K New
MRK Merck & Co. Inc. 0.09% 2,450 $194K No change
JPM JPMorgan Chase & Co. 0.08% 599 $174K New
HFWA Heritage Financial Corp. 0.07% 6,144 $146K New
GE General Electric filed as GE AEROSPACE 0.07% 534 $137K New
ORCL Oracle Corp. 0.06% 600 $131K New
XLF SS Financial Select Sector 0.06% 2,400 $126K New
ANET Arista Networks Inc. 0.06% 1,200 $123K New
WAFD Wafd Inc. 0.05% 3,873 $113K New
CVX Chevron Corp. 0.05% 769 $110K New
BA The Boeing Co. 0.05% 518 $109K New
YUM Yum! Brands Inc. 0.05% 712 $106K New
PG The Procter & Gamble Co. 0.05% 659 $105K New
MCD McDonald's Corp. 0.04% 307 $90K New
V Visa Inc. Class A 0.04% 251 $89K New
MDY State Street SPDR S&P Midcap 0.04% 157 $89K New
SHEL Shell PLC-ADR 0.04% 1,200 $84K New
CRM Salesforce Inc. 0.04% 275 $75K New
VLTO Veralto Corp. 0.04% 737 $74K New
GEV GE Vernova Inc. 0.03% 133 $70K New
ITOT iShares Core S&P Total U.S. 0.03% 520 $70K New
WCN Waste Connections Inc. 0.03% 375 $70K New
DIA SS SPDR Dow Jones Indus Avg filed as SPDR DOW JONES INDL AVERAGE 0.03% 153 $67K New
VTV Vanguard Mrngstr Val ETF-Aui 0.03% 317 $56K New
UL Unilever PLC 0.03% 900 $55K New
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.03% 1,133 $54K New
VUG Vanguard Mrngstar GR ETF-Sui 0.02% 114 $50K New
XEL Xcel Energy Inc. 0.02% 642 $44K New
PCAR Paccar Inc. 0.02% 450 $43K New
MD Pediatrix Medical Group Inc. 0.02% 2,891 $41K New
QQQ Invesco QQQ Trust Series 1 0.02% 75 $41K New
PANW Palo Alto Networks Inc. 0.02% 198 $41K New
ADP Automatic Data Processing 0.02% 126 $39K New
BTC Grayscale Bitcoin Mini ETF 0.02% 808 $39K New
IJR iShares Core S&P Small-Cap E 0.02% 351 $38K New
DE Deere & Co. 0.02% 75 $38K New
XOM Exxon Mobil Corp. 0.02% 350 $38K New
YUMC Yum China Holdings Inc. 0.02% 800 $36K New
PEG Public Service Enterprise GP 0.02% 394 $33K New
IWN iShares Russell 2000 Value E 0.01% 176 $28K New
ABBV Abbvie Inc. 0.01% 133 $25K New
PSA Public Storage 0.01% 84 $25K New
AMT American Tower Corp. 0.01% 100 $22K New
IVV iShares Core S&P 500 ETF 0.01% 33 $20K New
SPYG SS SPDR P S&P 500 Growth ETF 0.01% 208 $20K New
FAST Fastenal Co. 0.01% 400 $17K New
IWO iShares Russell 2000 Growth 0.01% 56 $16K New
NUV Nuveen Municipal Value 0.01% 1,840 $16K New
VLO Valero Energy Corp. 0.01% 100 $13K New
GEHC GE Healthcare Technology 0.01% 178 $13K New
IJH iShares Core S&P Midcap ETF 0.01% 200 $12K New
ITW Illinois Tool Works 0.01% 50 $12K New
IWB iShares Russell 1000 ETF 0.00% 29 $10K New
OXY Occidental Petroleum Corp. 0.00% 229 $10K New
EFG iShares MSCI Eafe Growth ETF 0.00% 85 $10K New
QUAL iShares MSCI USA Quality Fac 0.00% 51 $9K New
RYN Rayonier Inc. 0.00% 420 $9K New
COP Conocophillips 0.00% 100 $9K New
IEFA iShares Core MSCI Eafe ETF 0.00% 105 $9K New
SCHF Schwab Intl Equity ETF 0.00% 392 $9K New
OII Oceaneering Intl Inc. 0.00% 400 $8K New
SPYV SS SPDR P S&P 500 Value ETF 0.00% 157 $8K New
GNRC Generac Holdings Inc. 0.00% 53 $8K New
MNKD Mannkind Corp. 0.00% 2,000 $7K New
PSX Phillips 66 0.00% 50 $6K New
WKC World Kinect Corp. 0.00% 200 $6K New
PII Polaris Inc. 0.00% 100 $4K New
KVYO Klaviyo Inc. Class A 0.00% 111 $4K New
NEUE Neuehealth Inc. 0.00% 375 $3K New
BHP BHP Group Ltd.-Spon ADR 0.00% 51 $2K New
NOV Nov Inc. 0.00% 144 $2K New
RYAM Rayonier Advanced Materials 0.00% 134 $516 New
PDS Precision Drilling Corp. 0.00% 10 $473 New
EMBC Embecta Corp. 0.00% 16 $342 New
WAB Wabtec Corp. 0.00% 1 $210 New
Other holdings (1): bonds, preferreds, convertibles and warrants · $601 (not counted above)
SecurityClassShares / PrincipalValueChange
OXY.WS Occidental Petroleum-CW27 *W EXP 08/03/202 29$601New

Total filed on the 13F, all lines: $208.1M.

Portfolio Sells Q1 2025 → Q2 2025
FISV Fiserv Inc. Reduce -1.0% 3.08% −1.13
AAPL Apple Inc. Reduce -13.6% 2.48% −0.80
LLY Eli Lilly & Co. Reduce -11.3% 2.70% −0.71
SBUX Starbucks Corp. Reduce -69.2% 0.13% −0.35
LIN Linde PLC Reduce -0.8% 3.51% −0.20
MA Mastercard Inc. Class A Reduce -1.8% 3.65% −0.18
HD Home Depot Inc. Reduce -0.2% 3.03% −0.18
SYK Stryker Corp. Reduce -1.4% 3.56% −0.03
SPY SS SPDR S&P 500 ETF Trust-US Reduce -0.6% 1.35% +0.05
IWM iShares Russell 2000 ETF Reduce -1.2% 11.63% +0.14
SCHW Schwab (charles) Corp. Reduce -1.3% 3.25% +0.27
BKNG Booking Holdings Inc. Reduce -3.6% 3.66% +0.47
MSFT Microsoft Corp. Reduce -6.2% 8.10% +1.22

Portfolio Buys Q1 2025 → Q2 2025
LRCX Lam Research Corp. Add +0.9% 3.05% +0.67
META Meta Platforms Inc. Class A Add +1.7% 2.88% +0.55
VB Vanguard Most SM-Cap ETF-Usd Add +91.6% 1.07% +0.52
AMZN Amazon.com Inc. Add +0.8% 3.31% +0.30
GOOGL Alphabet Inc. Class A Add +0.2% 3.63% +0.27
CCK Crown Holdings Inc. Add +0.1% 2.83% +0.24
EEM iShares MSCI Emerging Market Add +3.5% 2.47% +0.19
PYPL PayPal Holdings Inc. Add +7.6% 1.24% +0.17
VWO Vanguard Ftse Emerging Marke Add +1.0% 3.80% +0.16
NVDA Nvidia Corp. New 0.13% +0.13
RTX RTX Corp. Add +0.4% 2.73% +0.13
TSLA Tesla Inc. New 0.12% +0.12
JPM JPMorgan Chase & Co. New 0.08% +0.08
HFWA Heritage Financial Corp. New 0.07% +0.07
GE General Electric New 0.07% +0.07
ORCL Oracle Corp. New 0.06% +0.06
XLF SS Financial Select Sector New 0.06% +0.06
ANET Arista Networks Inc. New 0.06% +0.06
WAFD Wafd Inc. New 0.05% +0.05
CVX Chevron Corp. New 0.05% +0.05
BA The Boeing Co. New 0.05% +0.05
YUM Yum! Brands Inc. New 0.05% +0.05
PG The Procter & Gamble Co. New 0.05% +0.05
MNST Monster Beverage Corp. Add +0.4% 2.62% +0.05
MCD McDonald's Corp. New 0.04% +0.04
V Visa Inc. Class A New 0.04% +0.04
MDY State Street SPDR S&P Midcap New 0.04% +0.04
SHEL Shell PLC-ADR New 0.04% +0.04
CRM Salesforce Inc. New 0.04% +0.04
VLTO Veralto Corp. New 0.04% +0.04
GEV GE Vernova Inc. New 0.03% +0.03
ITOT iShares Core S&P Total U.S. New 0.03% +0.03
WCN Waste Connections Inc. New 0.03% +0.03
DIA SS SPDR Dow Jones Indus Avg New 0.03% +0.03
VTV Vanguard Mrngstr Val ETF-Aui New 0.03% +0.03
UL Unilever PLC New 0.03% +0.03
BAC Bank of America Corp. New 0.03% +0.03
VUG Vanguard Mrngstar GR ETF-Sui New 0.02% +0.02
XEL Xcel Energy Inc. New 0.02% +0.02
PCAR Paccar Inc. New 0.02% +0.02
QQQ Invesco QQQ Trust Series 1 New 0.02% +0.02
MD Pediatrix Medical Group Inc. New 0.02% +0.02
PANW Palo Alto Networks Inc. New 0.02% +0.02
ADP Automatic Data Processing New 0.02% +0.02
BTC Grayscale Bitcoin Mini ETF New 0.02% +0.02
IJR iShares Core S&P Small-Cap E New 0.02% +0.02
DE Deere & Co. New 0.02% +0.02
XOM Exxon Mobil Corp. New 0.02% +0.02
YUMC Yum China Holdings Inc. New 0.02% +0.02
PEG Public Service Enterprise GP New 0.02% +0.02

Notes & Other Activity Q1 2025 → Q2 2025
OXY.WS Occidental Petroleum-CW27 *W EXP 08/03/202 New 29 $601

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q3 2025 43$215.7MIWM, MSFT, GOOGL, VWO, LRCX
Q2 2025 118$208.1MIWM, MSFT, VWO, BKNG, MA
Q1 2025 42$197.0MIWM, MSFT, FISV, MA, LIN
Q4 2024 41$204.6MIWM, MSFT, GOOGL, FISV, MA
Q3 2024 40$208.2MIWM, MSFT, LIN, VWO, FISV
Q2 2024 41$200.2MIWM, MSFT, GOOGL, LRCX, LLY
Q1 2024 41$202.1MIWM, MSFT, LIN, GOOGL, SYK