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Livermore
Livermore
ZHEN

Marshall & Sullivan Inc

SEC CIK
0000820123
Latest filing
Oct 15, 2025

The latest 13F from Marshall & Sullivan Inc covers Q3 2025 (filed Oct 15, 2025): 43 long positions worth $215.7M. The top 10 holdings make up 49.5% of the portfolio, and the largest is iShares Russell 2000 ETF at 12.6%. Livermore has 19 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q3 2025

Share counts compared with Q2 2025: how many positions were new, added to, reduced or sold out, and the biggest buys and sells. Dollar amounts are estimated at the quarter-end prices implied by the filing.

Full comparison
New
0
Added
14
Est. +$1.47M
Reduced
21
Est. −$2.78M
Sold out
76
Est. −$4.40M

Top 5 holdings

Share of this quarter's portfolio value

  1. iShares Russell 2000 ETF464287655
    12.6%$27.1M
  2. MSFTMicrosoft Corp
    8.0%$17.3MHistory
  3. GOOGLAlphabet Inc.
    4.5%$9.66MHistory
  4. Vanguard Ftse Emerging Markets ETF922042858
    4.0%$8.60M
  5. LRCXLam Research Corp
    3.9%$8.32MHistory

Biggest buys

New and added positions, by estimated amount bought

  1. Vanguard Morningstar Small-Cap ETF922908751
    +$677.7KAdded
  2. AAPLApple Inc.
    +$117.4KAddedHistory
  3. UNHUnitedHealth Group Inc
    +$102.9KAddedHistory
  4. PEPPepsiCo Inc
    +$94.4KAddedHistory
  5. FTVFortive Corp
    +$79.9KAddedHistory

Largest weight increases

New and added positions, by percentage points of the portfolio gained

  1. AAPLApple Inc.
    +0.54 pp2.5% → 3.0%History
  2. JNJJohnson & Johnson
    +0.40 pp2.2% → 2.6%History
  3. Vanguard Morningstar Small-Cap ETF922908751
    +0.35 pp1.1% → 1.4%
  4. TMOThermo Fisher Scientific Inc.
    +0.28 pp1.7% → 2.0%History
  5. iShares Tr464287234
    +0.19 pp2.5% → 2.7%

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. RALRalliant Corp
    −$987.6KSold outHistory
  2. GOOGLAlphabet Inc.
    −$763.6KReducedHistory
  3. LRCXLam Research Corp
    −$416.2KReducedHistory
  4. MSFTMicrosoft Corp
    −$276.1KReducedHistory
  5. METAMeta Platforms, Inc.
    −$201.2KReducedHistory

Largest weight decreases

Reduced and sold-out positions, by percentage points of the portfolio lost

  1. RALRalliant Corp
    −0.47 pp0.5% → 0.0%History
  2. BKNGBooking Holdings Inc.
    −0.45 pp3.7% → 3.2%History
  3. SYKStryker Corp
    −0.38 pp3.6% → 3.2%History
  4. METAMeta Platforms, Inc.
    −0.21 pp2.9% → 2.7%History
  5. LLYEli Lilly & Co
    −0.21 pp2.7% → 2.5%History

Metrics

13F metrics for Q3 2025, computed only from the numbers in the filings. Definitions below.

Portfolio value
$215.7M
+$7.62M (+3.7%) vs. prior quarter
Positions
43
−76 vs. prior quarter
Top 10 concentration
49.5%
Top 10 as share of value
Turnover
0.7%
Q3 2025, one quarter
Average holding period
17.5 quarters
Weighted by value

How these are calculated

  • Portfolio value: the market value of all long positions in the 13F, as reported at quarter end, excluding options.
  • Top 10 concentration: the combined value of the 10 largest positions as a share of portfolio value.
  • Turnover: the smaller of this quarter's estimated purchases and estimated sales, divided by the average of this and last quarter's portfolio value. Estimates multiply the change in shares by the quarter-end price implied by the filing (market value divided by shares); new positions use this quarter's value and sold-out positions last quarter's. Only positions reported in shares count, and it is not calculated when the previous quarter was not filed.
  • Average holding period: how many consecutive quarters each current position has been held (including this one; a quarter without the position or without a filing starts the count over), weighted by this quarter's value. Counting starts with the first 13F in Livermore (Q1 2021), so positions held before then are understated.

13F filings by quarter

19 quarters, going back to Q1 2021. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $215.7M (Q3 2025)

Q1 2021: $165.8MQ2 2021: $180.3MQ3 2021: $191.7MQ4 2021: $207.4MQ1 2022: $179.4MQ2 2022: $164.3MQ3 2022: $144.6MQ4 2022: $159.4MQ1 2023: $165.1MQ2 2023: $179.1MQ3 2023: $171.6MQ4 2023: $189.3MQ1 2024: $202.1MQ2 2024: $200.2MQ3 2024: $208.2MQ4 2024: $204.6MQ1 2025: $197.0MQ2 2025: $208.1MQ3 2025: $215.7M
Q1 2021Q3 2025
13F filings of Marshall & Sullivan Inc by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q3 2025Oct 15, 202543$215.7MiShares Russell 2000 ETFMSFTGOOGLvs. Q2 2025SEC
Q2 2025Jul 11, 2025119$208.1MiShares Russell 2000 ETFMSFTVanguard Ftse Emerging Markets ETFvs. Q1 2025SEC
Q1 2025Apr 10, 202542$197.0MiShares Russell 2000 ETFMSFTFISVvs. Q4 2024SEC
Q4 2024Jan 13, 202541$204.6MiShares Russell 2000 ETFMSFTGOOGLvs. Q3 2024SEC
Q3 2024Oct 9, 202440$208.2MiShares Russell 2000 ETFMSFTLINvs. Q2 2024SEC
Q2 2024Jul 12, 202441$200.2MiShares Russell 2000 ETFMSFTGOOGLvs. Q1 2024SEC
Q1 2024Apr 10, 202441$202.1MiShares Russell 2000 ETFMSFTLINvs. Q4 2023SEC
Q4 2023Jan 11, 202439$189.3MiShares Russell 2000 ETFMSFTLINvs. Q3 2023SEC
Q3 2023Oct 6, 202338$171.6MiShares Russell 2000 ETFMSFTLINvs. Q2 2023SEC
Q2 2023Jul 12, 202338$179.1MiShares Russell 2000 ETFMSFTLINvs. Q1 2023SEC
Q1 2023Apr 10, 202339$165.1MiShares Russell 2000 ETFMSFTLINvs. Q4 2022SEC
Q4 2022Jan 18, 202396$159.4MiShares Russell 2000 ETFMSFTUNHvs. Q3 2022SEC
Q3 2022Oct 28, 202237$144.6MiShares Russell 2000 ETFMSFTUNHvs. Q2 2022SEC
Q2 2022Jul 6, 202297$164.3MiShares Russell 2000 ETFMSFTUNHvs. Q1 2022SEC
Q1 2022May 2, 202237$179.4MiShares Russell 2000 ETFMSFTUNHvs. Q4 2021SEC
Q4 2021Jan 24, 202241$207.4MiShares Russell 2000 ETFMSFTDHRvs. Q3 2021SEC
Q3 2021Oct 19, 202140$191.7MiShares Russell 2000 ETFMSFTVanguard Ftse Emerging Markets ETFvs. Q2 2021SEC
Q2 2021Aug 9, 202139$180.3MiShares Russell 2000 ETFMSFTVanguard Ftse Emerging Markets ETFvs. Q1 2021SEC
Q1 2021May 4, 202138$165.8MiShares Russell 2000 ETFVanguard Ftse Emerging Markets ETFMSFT–SEC