Marshall Investment Management, LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 9, 2026), Marshall Investment Management, LLC reported 76 stock positions worth $199.1 million. Its top holding was SPDR Gold Shares (GLD) at 9.6% of the portfolio, followed by Berkshire Hathaway Class B (BRK.B, 4.6%) and Microsoft (MSFT, 4.5%). Compared with Q3 2025, it opened 6 new positions, sold out of 5, added to 33 and reduced 34. The biggest buy was a new position in MFS Active Core Plus Bond (MFSB) and the biggest sale an exit from SS Financial Select Sector (XLF).
- Most Recent 13F
- Q2 2026
- Location
- LITTLETON, CO
- CIK
- 0002022427
- Portfolio Value
- $199.1M (Q4 2025)
- SEC Filing
- 0001420506-26-000223 ↗ filed Feb 9, 2026
Holdings Value
Holdings 76 stocks · $199.1M
| GLD SPDR Gold Shares | 9.64% | 48,412 | $19.2M | Reduce -0.1% |
| BRK.B Berkshire Hathaway Inc. Class B | 4.65% | 18,403 | $9.3M | Add +6.0% |
| MSFT Microsoft Corp. | 4.51% | 18,568 | $9.0M | Add +7.0% |
| FMDE Fidelity Enhanced Mid Cap Co. | 4.39% | 240,065 | $8.7M | Reduce -1.3% |
| MFUS PIMCO Rafi Dynamic Multi-Fac filed as PIMCO EQUITY SER | 4.37% | 153,634 | $8.7M | Reduce -3.1% |
| CGGR Cap Group Growth Equity | 4.35% | 194,848 | $8.7M | Reduce -4.1% |
| FFLG Fidelity Fndmntl L/C GRW ETF | 4.33% | 287,597 | $8.6M | Reduce -6.1% |
| AMZN Amazon.com Inc. | 3.44% | 29,679 | $6.9M | Add +10.1% |
| SPY SS SPDR S&P 500 ETF Trust-US | 2.64% | 7,703 | $5.3M | Reduce -27.2% |
| AAPL Apple Inc. | 2.59% | 18,932 | $5.1M | Add +4.6% |
| GOOG Alphabet Inc. Class C | 2.58% | 16,365 | $5.1M | Reduce -0.8% |
| JPM JPMorgan Chase & Co. | 2.50% | 15,452 | $5.0M | Add +7.6% |
| NVDA Nvidia Corp. | 2.43% | 25,891 | $4.8M | Reduce -0.3% |
| RDVY First Trust Rising Dividend | 2.34% | 66,969 | $4.7M | Reduce -3.8% |
| MFSB MFS Active Core Plus Bond | 2.22% | 175,374 | $4.4M | New |
| LLY Eli Lilly & Co. | 2.04% | 3,783 | $4.1M | Add +12.1% |
| AIRR First Trust Rba American Ind | 1.78% | 36,076 | $3.5M | Reduce -3.9% |
| CRWD CrowdStrike Holdings Inc. Class A | 1.78% | 7,558 | $3.5M | Add +6.0% |
| META Meta Platforms Inc. Class A | 1.65% | 4,975 | $3.3M | Add +13.9% |
| WMT Walmart Inc. | 1.64% | 29,303 | $3.3M | Add +10.6% |
| DUK Duke Energy Corp. | 1.45% | 24,595 | $2.9M | Add +13.3% |
| FV First Trust DW Focus 5 Fund | 1.42% | 44,964 | $2.8M | Reduce -14.8% |
| ARKW ARK Next Generation Technolo | 1.42% | 19,091 | $2.8M | Reduce -5.1% |
| FPEI First Trust Institutional PR | 1.40% | 143,914 | $2.8M | Add +2.8% |
| XAR SS SPDR S&P Aerospace Def | 1.40% | 11,551 | $2.8M | Reduce -3.7% |
| VZ Verizon Communications Inc. | 1.35% | 66,228 | $2.7M | Add +16.9% |
| FVD First Trust Value Line DVD | 1.31% | 56,735 | $2.6M | Reduce -8.1% |
| SOXQ Invesco PHLX Semiconductor | 1.31% | 46,781 | $2.6M | Reduce -17.9% |
| AMGN Amgen Inc. | 1.22% | 7,434 | $2.4M | Add +15.1% |
| LIT Global X Lithium & Battery T | 1.15% | 35,378 | $2.3M | Reduce -21.1% |
| FTCS First Trust Capital Strength | 1.13% | 24,397 | $2.3M | Reduce -4.5% |
| NLR Vaneck Urani & Nuclr ETF-Usd | 1.06% | 17,008 | $2.1M | Reduce -8.1% |
| JNJ Johnson & Johnson | 1.02% | 9,836 | $2.0M | Add +7.5% |
| FDL First Trust Morn DVD Lead Inc. | 1.02% | 45,846 | $2.0M | Reduce -0.7% |
| PAVE Global X US Infrastructure | 0.99% | 41,383 | $2.0M | Add +2.2% |
| XSMO Invesco S&P Smallcap Momentu | 0.99% | 27,266 | $2.0M | Reduce -4.8% |
| QQEW First TR Nasdaq-100 Sel Eq | 0.94% | 13,162 | $1.9M | Reduce -18.8% |
| TDIV FT Nasdaq Tech DVD Index FD | 0.93% | 19,087 | $1.8M | Reduce -0.1% |
| CIBR First Trust Nasdaq Cybersecu | 0.91% | 25,354 | $1.8M | Add +114.7% |
| XLI SS Industrial Select Sector | 0.84% | 10,831 | $1.7M | Add +0.8% |
| SDVY First Trust Smid Cap Rising | 0.77% | 40,112 | $1.5M | Reduce -4.7% |
| VOO Vanguard S&P 500 ETF | 0.72% | 2,289 | $1.4M | Reduce -2.2% |
| FTXH First Trust Nasdaq Pharmaceu | 0.69% | 41,809 | $1.4M | New |
| GRID First TRST Nasd Class Edg Sgiif | 0.68% | 8,818 | $1.3M | New |
| EIPX FT Energy Inc. Partners Strat | 0.63% | 47,651 | $1.3M | Add +1.8% |
| XLU St Sr Utl SL SE SPDR ETF-Usd | 0.57% | 26,762 | $1.1M | Reduce -0.7% |
| ARKX ARK Space & Defense Innovati | 0.50% | 34,671 | $1.0M | Add +2.8% |
| ROBT First Trust Nasdaq Artificia | 0.49% | 18,856 | $978K | New |
| JHMM John Hancock Multi Fact Mid | 0.45% | 13,823 | $905K | Reduce -0.1% |
| TSM Taiwan Semiconductor-SP ADR | 0.39% | 2,573 | $782K | Add +10.7% |
| XME SS SPDR S&P Metals Mining | 0.35% | 6,695 | $694K | New |
| FIW First Trust Water ETF | 0.34% | 6,223 | $676K | Reduce -17.5% |
| RDVI FT Vest Rising Dividend Achi | 0.30% | 22,820 | $599K | Add +13.6% |
| MPLX MPLX LP | 0.28% | 10,528 | $562K | No change |
| JGRO JPMorgan Active Growth ETF | 0.26% | 5,507 | $511K | Add +6.6% |
| FUTY Fidelity MSCI US Utilities | 0.24% | 8,612 | $476K | Add +14.1% |
| WEC WEC Energy Group Inc. | 0.24% | 4,444 | $469K | Add +0.8% |
| FTQI First Trust Nasdaq Buywrite | 0.23% | 21,945 | $457K | Add +19.0% |
| VUG Vanguard Mrngstar GR ETF-Sui | 0.23% | 925 | $451K | Reduce -1.6% |
| SCHG Schwab US Large-Cap Growth | 0.22% | 13,659 | $446K | Reduce -1.0% |
| FTHI Fthi/First Trust Exchange-TR | 0.22% | 18,447 | $436K | Add +10.4% |
| VOOV Vanguard S&P 500 Value ETF | 0.21% | 2,033 | $416K | Reduce -15.8% |
| LMT Lockheed Martin Corp. | 0.20% | 836 | $404K | No change |
| BIV Vanguard Intermediate-Term B | 0.15% | 3,931 | $306K | New |
| V Visa Inc. Class A | 0.15% | 871 | $305K | Add +14.9% |
| CVS CVS Health Corp. | 0.15% | 3,705 | $294K | No change |
| AVGO Broadcom Inc. | 0.14% | 834 | $289K | Add +12.1% |
| HYXF iShares ESG Adv High Yield | 0.13% | 5,545 | $262K | Add +7.5% |
| EMLP First Trust North American E | 0.13% | 6,780 | $257K | Reduce -22.4% |
| PPA Invesco Aerospace & Defense | 0.13% | 1,610 | $252K | Reduce -16.7% |
| RTX RTX Corp. | 0.12% | 1,344 | $247K | Add +0.8% |
| NUDM Nuveen ESG Intl Devel MRK Eq | 0.11% | 6,170 | $223K | Add +6.3% |
| GS Goldman Sachs Group Inc. | 0.11% | 254 | $223K | Reduce -10.9% |
| ARKK ARK Innovation ETF | 0.11% | 2,744 | $211K | Add +0.4% |
| VEA Vanguard Ftse Developed ETF | 0.10% | 3,338 | $209K | Reduce -3.1% |
| VMC Vulcan Materials Co. | 0.10% | 702 | $200K | Add +0.1% |
Portfolio Sells Q3 2025 → Q4 2025
| XLF SS Financial Select Sector | Sold out | 0.00% | −1.11 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -27.2% | 2.64% | −1.09 |
| FFLG Fidelity Fndmntl L/C GRW ETF | Reduce -6.1% | 4.33% | −0.45 |
| ARKW ARK Next Generation Technolo | Reduce -5.1% | 1.42% | −0.44 |
| CGGR Cap Group Growth Equity | Reduce -4.1% | 4.35% | −0.37 |
| MFUS PIMCO Rafi Dynamic Multi-Fac | Reduce -3.1% | 4.37% | −0.35 |
| FV First Trust DW Focus 5 Fund | Reduce -14.8% | 1.42% | −0.31 |
| QQEW First TR Nasdaq-100 Sel Eq | Reduce -18.8% | 0.94% | −0.27 |
| FMDE Fidelity Enhanced Mid Cap Co. | Reduce -1.3% | 4.39% | −0.27 |
| NLR Vaneck Urani & Nuclr ETF-Usd | Reduce -8.1% | 1.06% | −0.27 |
| KIE SS SPDR S&P Insurance ETF | Sold out | 0.00% | −0.25 |
| SOXQ Invesco PHLX Semiconductor | Reduce -17.9% | 1.31% | −0.20 |
| FVD First Trust Value Line DVD | Reduce -8.1% | 1.31% | −0.20 |
| LIT Global X Lithium & Battery T | Reduce -21.1% | 1.15% | −0.20 |
| FMB First Trust Managed Municipa | Sold out | 0.00% | −0.15 |
| RDVY First Trust Rising Dividend | Reduce -3.8% | 2.34% | −0.14 |
| NVDA Nvidia Corp. | Reduce -0.3% | 2.43% | −0.14 |
| AIRR First Trust Rba American Ind | Reduce -3.9% | 1.78% | −0.14 |
| FTCS First Trust Capital Strength | Reduce -4.5% | 1.13% | −0.13 |
| XSMO Invesco S&P Smallcap Momentu | Reduce -4.8% | 0.99% | −0.13 |
| PLTR Palantir Technologies Inc. Class A | Sold out | 0.00% | −0.12 |
| FNX First Trust Mid Cap Core Alp | Sold out | 0.00% | −0.11 |
| FIW First Trust Water ETF | Reduce -17.5% | 0.34% | −0.11 |
| XAR SS SPDR S&P Aerospace Def | Reduce -3.7% | 1.40% | −0.09 |
| SDVY First Trust Smid Cap Rising | Reduce -4.7% | 0.77% | −0.08 |
| TDIV FT Nasdaq Tech DVD Index FD | Reduce -0.1% | 0.93% | −0.07 |
| XLU St Sr Utl SL SE SPDR ETF-Usd | Reduce -0.7% | 0.57% | −0.05 |
| EMLP First Trust North American E | Reduce -22.4% | 0.13% | −0.05 |
| VOOV Vanguard S&P 500 Value ETF | Reduce -15.8% | 0.21% | −0.05 |
| FDL First Trust Morn DVD Lead Inc. | Reduce -0.7% | 1.02% | −0.04 |
| VOO Vanguard S&P 500 ETF | Reduce -2.2% | 0.72% | −0.04 |
| PPA Invesco Aerospace & Defense | Reduce -16.7% | 0.13% | −0.03 |
| JHMM John Hancock Multi Fact Mid | Reduce -0.1% | 0.45% | −0.02 |
| VUG Vanguard Mrngstar GR ETF-Sui | Reduce -1.6% | 0.23% | −0.01 |
| SCHG Schwab US Large-Cap Growth | Reduce -1.0% | 0.22% | −0.01 |
| GS Goldman Sachs Group Inc. | Reduce -10.9% | 0.11% | −0.01 |
| VEA Vanguard Ftse Developed ETF | Reduce -3.1% | 0.10% | −0.00 |
| GOOG Alphabet Inc. Class C | Reduce -0.8% | 2.58% | +0.45 |
| GLD SPDR Gold Shares | Reduce -0.1% | 9.64% | +0.52 |
Portfolio Buys Q3 2025 → Q4 2025
| MFSB MFS Active Core Plus Bond | New | 2.22% | +2.22 |
| FTXH First Trust Nasdaq Pharmaceu | New | 0.69% | +0.69 |
| LLY Eli Lilly & Co. | Add +12.1% | 2.04% | +0.68 |
| GRID First TRST Nasd Class Edg Sgiif | New | 0.68% | +0.68 |
| ROBT First Trust Nasdaq Artificia | New | 0.49% | +0.49 |
| CIBR First Trust Nasdaq Cybersecu | Add +114.7% | 0.91% | +0.43 |
| XME SS SPDR S&P Metals Mining | New | 0.35% | +0.35 |
| AMZN Amazon.com Inc. | Add +10.1% | 3.44% | +0.31 |
| AMGN Amgen Inc. | Add +15.1% | 1.22% | +0.26 |
| WMT Walmart Inc. | Add +10.6% | 1.64% | +0.19 |
| BIV Vanguard Intermediate-Term B | New | 0.15% | +0.15 |
| AAPL Apple Inc. | Add +4.6% | 2.59% | +0.15 |
| JNJ Johnson & Johnson | Add +7.5% | 1.02% | +0.12 |
| JPM JPMorgan Chase & Co. | Add +7.6% | 2.50% | +0.10 |
| TSM Taiwan Semiconductor-SP ADR | Add +10.7% | 0.39% | +0.05 |
| VZ Verizon Communications Inc. | Add +16.9% | 1.35% | +0.04 |
| FTQI First Trust Nasdaq Buywrite | Add +19.0% | 0.23% | +0.03 |
| DUK Duke Energy Corp. | Add +13.3% | 1.45% | +0.03 |
| RDVI FT Vest Rising Dividend Achi | Add +13.6% | 0.30% | +0.03 |
| BRK.B Berkshire Hathaway Inc. Class B | Add +6.0% | 4.65% | +0.03 |
| V Visa Inc. Class A | Add +14.9% | 0.15% | +0.02 |
| AVGO Broadcom Inc. | Add +12.1% | 0.14% | +0.02 |
| FUTY Fidelity MSCI US Utilities | Add +14.1% | 0.24% | +0.01 |
| FTHI Fthi/First Trust Exchange-TR | Add +10.4% | 0.22% | +0.01 |
| RTX RTX Corp. | Add +0.8% | 0.12% | +0.01 |
| HYXF iShares ESG Adv High Yield | Add +7.5% | 0.13% | +0.00 |
| JGRO JPMorgan Active Growth ETF | Add +6.6% | 0.26% | +0.00 |
| NUDM Nuveen ESG Intl Devel MRK Eq | Add +6.3% | 0.11% | −0.00 |
| ARKX ARK Space & Defense Innovati | Add +2.8% | 0.50% | −0.01 |
| VMC Vulcan Materials Co. | Add +0.1% | 0.10% | −0.01 |
| EIPX FT Energy Inc. Partners Strat | Add +1.8% | 0.63% | −0.02 |
| ARKK ARK Innovation ETF | Add +0.4% | 0.11% | −0.02 |
| PAVE Global X US Infrastructure | Add +2.2% | 0.99% | −0.03 |
| FPEI First Trust Institutional PR | Add +2.8% | 1.40% | −0.03 |
| WEC WEC Energy Group Inc. | Add +0.8% | 0.24% | −0.03 |
| XLI SS Industrial Select Sector | Add +0.8% | 0.84% | −0.03 |
| META Meta Platforms Inc. Class A | Add +13.9% | 1.65% | −0.05 |
| CRWD CrowdStrike Holdings Inc. Class A | Add +6.0% | 1.78% | −0.07 |
| MSFT Microsoft Corp. | Add +7.0% | 4.51% | −0.25 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 497 | $240.8M | GLD, MFUS, XMHQ, BRK.B, MSFT |
| Q1 2026 | 274 | $208.5M | GLD, MFUS, RPV, BRK.B, MSFT |
| Q4 2025 | 76 | $199.1M | GLD, BRK.B, MSFT, FMDE, MFUS |
| Q3 2025 | 75 | $188.9M | GLD, FFLG, MSFT, CGGR, MFUS |
| Q2 2025 | 27 | $21.0M | FV, MSFT, ARKW, FVD, SPY |
| Q1 2025 | 248 | $161.0M | GLD, BRK.B, RDVY, FVD, SPY |
| Q4 2024 | 135 | $169.7M | SPYV, BRK.B, MSFT, RDVY, AIRR |