SEC Filing Analysis: MARSHALL & SULLIVAN INC /WA/

Executive Summary

• Trading Significance: Low
• Key Takeaway: MARSHALL & SULLIVAN INC /WA/ filed its quarterly Form 13F-HR, disclosing $215.7 million in assets under management across 43 positions as of September 30, 2025. The portfolio shows a strong concentration in technology and broad-market ETFs.
• Market Impact: As a routine quarterly disclosure of a medium-sized fund, this filing is unlikely to cause significant market impact on its own. It provides transparency into the firm's investment strategy.

Filer Information

Field	Value
Filer Name	MARSHALL & SULLIVAN INC /WA/
CIK	0000820123
Form Type	13F-HR
Filing Date	2025-10-15
Period of Report	2025-09-30

Portfolio Overview

Metric	Value
Total Portfolio Value	$215,682,955
Total Number of Holdings	43
Top 10 Holdings Concentration	~58%

Top Holdings Analysis

A significant portion of the portfolio is allocated to large-cap technology companies and ETFs, suggesting a strategy focused on growth and diversification.

Issuer	Value (USD)	Shares	Class of Security
ISHARES TR (RUSSELL 2000 ETF)	$27,104,602	112,021	RUSSELL 2000 ETF
MICROSOFT CORP	$17,263,602	33,331	COM
ALPHABET INC	$9,657,230	39,725	CAP STK CL A
VANGUARD INTL EQUITY INDEX F	$8,604,435	158,812	FTSE EMR MKT ETF
LAM RESEARCH CORP	$8,316,663	62,111	COM NEW
MASTERCARD INCORPORATED	$7,577,687	13,322	CL A
LINDE PLC	$7,321,175	15,413	SHS
SCHWAB CHARLES CORP	$6,966,733	72,973	COM
HOME DEPOT INC	$6,931,991	17,108	COM
BOOKING HOLDINGS INC	$6,921,865	1,282	COM

Investment Strategy Insights

Positive Market Indicators

• Diversification: The use of broad-market ETFs like the Russell 2000 and Emerging Markets ETFs indicates a commitment to diversification beyond individual stock picking.
• Blue-Chip Focus: The portfolio is anchored by established, high-quality companies such as Microsoft, Alphabet, and Apple, suggesting a preference for stable, long-term growth.
• Tech and Financials Concentration: There is a clear overweight in the technology and financial sectors, pointing to a bullish outlook on these areas of the economy.

Risk Factors

• Concentration Risk: The top 10 holdings account for over half of the portfolio's value, creating concentration risk. A downturn in the tech sector could significantly impact performance.
• Market Correlation: Heavy investment in major indices and large-cap stocks means the portfolio's performance will likely be highly correlated with the broader market.

Key Takeaways

1. Strategy: The firm employs a blended strategy, combining core holdings in market-tracking ETFs with concentrated positions in high-conviction, large-cap growth stocks.
2. Sector Bets: Technology is the dominant sector, with significant holdings in software (Microsoft, Adobe), semiconductors (Lam Research, NVIDIA), and internet services (Alphabet, Meta).
3. Value: The total reported value of $215.7M positions Marshall & Sullivan as a small-to-mid-sized institutional investor.

---

IMPORTANT DISCLAIMER: This analysis is for informational purposes only and is not intended as investment advice. The information presented is based on publicly available SEC filings and should not be construed as a recommendation to buy, sell, or hold any securities. Past performance does not guarantee future results. All investments carry risk, including the potential loss of principal. Please consult with a qualified financial advisor before making any investment decisions.

Analysis generated on 2025-10-15 | Data source: SEC EDGAR