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Livermore
Livermore
ZHEN

Marshall Investment Management, LLC

SEC CIK
0002022427
Latest filing
Aug 14, 2026

The latest 13F from Marshall Investment Management, LLC covers Q2 2026 (filed Aug 14, 2026): 497 long positions worth $240.8M. The top 10 holdings make up 39.0% of the portfolio, and the largest is SPDR Gold Trust (GLD) at 7.3%. Livermore has 7 filings on Form 13F from this institution, going back to Q4 2024.

What changed in Q2 2026

Share counts compared with Q1 2026: 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
254
Est. +$14.3M
Added
108
Est. +$13.6M
Reduced
50
Est. −$5.29M
Sold out
31
Est. −$12.5M

Top 5 holdings

Share of this quarter's portfolio value

  1. GLDSPDR Gold Trust
    7.3%$17.6MHistory
  2. PIMCO Equity Ser72202L363
    5.1%$12.4M
  3. Invesco Exchange Traded FD T46137V472
    4.5%$10.8M
  4. BRK.BBerkshire Hathaway Inc
    4.2%$10.1MHistory
  5. MSFTMicrosoft Corp
    3.4%$8.18MHistory

Share of portfolio

Top 5 holdings and the other 492 positions, by share of portfolio value

  1. GLD7.3%
  2. PIMCO Equity Ser5.1%
  3. Invesco Exchange Traded FD T4.5%
  4. BRK.B4.2%
  5. MSFT3.4%
  6. Other 492 positions75.5%

Biggest buys

New and added positions, by estimated amount bought

  1. Invesco Exchange Traded FD T46137V472
    +$10.8MNew
  2. Neuberger Berman ETF Trust64135A705
    +$2.01MNew
  3. AAPLApple Inc.
    +$1.23MAddedHistory
  4. iShares Inc46434G848
    +$1.09MAdded
  5. VanEck ETF Trust92189F601
    +$832.7KAdded

Largest weight increases

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

  1. Invesco Exchange Traded FD T46137V472
    +4.49 pp0.0% → 4.5%
  2. CRWDCrowdStrike Holdings, Inc.
    +1.18 pp1.6% → 2.7%History
  3. Invesco Exch Traded FD Tr II46138G615
    +1.00 pp1.2% → 2.2%
  4. Neuberger Berman ETF Trust64135A705
    +0.84 pp0.0% → 0.8%
  5. TSMTaiwan Semiconductor Manufacturing Co Ltd
    +0.51 pp1.8% → 2.3%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. Invesco Exchange Traded FD T46137V258
    −$10.3MSold out
  2. First Tr Exchange-Traded FD33733E831
    −$1.02MSold out
  3. PIMCO Equity Ser72202L363
    −$687.2KReduced
  4. First Tr Exchange-Traded FD33733B100
    −$686.1KSold out
  5. MUMicron Technology Inc
    −$611.8KReducedHistory

Largest weight decreases

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

  1. Invesco Exchange Traded FD T46137V258
    −4.96 pp5.0% → 0.0%
  2. First Tr Exchange-Traded FD33733E831
    −0.49 pp0.5% → 0.0%
  3. First Tr Exchange-Traded FD336917109
    −0.37 pp1.5% → 1.1%
  4. First Tr Exchange-Traded FD33733B100
    −0.33 pp0.3% → 0.0%
  5. PIMCO Equity Ser72202L363
    −0.31 pp5.4% → 5.1%

Metrics

13F metrics for Q2 2026, computed only from the numbers in the filings. Definitions below.

Portfolio value
$240.8M
+$32.3M (+15.5%) vs. prior quarter
Positions
497
+223 vs. prior quarter
Top 10 concentration
39.0%
Top 10 as share of value
Turnover
7.9%
Q2 2026, one quarter
Average holding period
4.7 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 (Q4 2024), so positions held before then are understated.

13F filings by quarter

7 quarters, going back to Q4 2024. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $240.8M (Q2 2026)

Q4 2024: $169.7MQ1 2025: $161.0MQ2 2025: $21.0MQ3 2025: $188.9MQ4 2025: $199.1MQ1 2026: $208.5MQ2 2026: $240.8M
Q4 2024Q2 2026
13F filings of Marshall Investment Management, LLC by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Aug 14, 2026497$240.8MGLDPIMCO Equity SerInvesco Exchange Traded FD Tvs. Q1 2026SEC
Q1 2026May 8, 2026274$208.5MGLDPIMCO Equity SerInvesco Exchange Traded FD Tvs. Q4 2025SEC
Q4 2025Feb 9, 202676$199.1MGLDBRK.BMSFTvs. Q3 2025SEC
Q3 2025Nov 14, 202575$188.9MGLDFidelity Covington TrustMSFTvs. Q2 2025SEC
Q2 2025Aug 14, 202527$21.0MFirst Tr Exchange Traded FDMSFTARK Next Generation Technology ETFvs. Q1 2025SEC
Q1 2025May 8, 2025248$161.0MGLDBRK.BFirst Trust Rising Dividend Achievers ETFvs. Q4 2024SEC
Q4 2024Feb 4, 2025135$169.7MState Street SPDR Portfolio S&P 500 Value ETFBRK.BMSFT–SEC