# MARSHALL INVESTMENT MANAGEMENT, LLC

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 2022427. Source: https://holderbook.com/funds/2022427-marshall-investment-management-llc/

- Reported value: $240.8M
- Positions: 497
- Weight of the ten largest: 39.0%
- Filed: 2026-08-14

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| SPDR GOLD TR | [GLD](https://holderbook.com/stocks/GLD/) | $17.6M | 47,749 | 7.3% | 7 |
| PIMCO EQUITY SER | [MFUS](https://holderbook.com/stocks/MFUS/) | $12.4M | 184,309 | 5.1% | 7 |
| INVESCO EXCHANGE TRADED FD T | [XMHQ](https://holderbook.com/stocks/XMHQ/) | $10.8M | 95,805 | 4.5% | 1 |
| BERKSHIRE HATHAWAY INC DEL | [BRKB](https://holderbook.com/stocks/BRKB/) | $10.1M | 20,218 | 4.2% | 4 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $8.2M | 21,931 | 3.4% | 7 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $8.1M | 34,118 | 3.4% | 7 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $6.9M | 23,705 | 2.8% | 7 |
| FIDELITY COVINGTON TRUST | [FFLG](https://holderbook.com/stocks/FFLG/) | $6.9M | 197,558 | 2.8% | 5 |
| CROWDSTRIKE HLDGS INC | [CRWD](https://holderbook.com/stocks/CRWD/) | $6.6M | 8,621 | 2.7% | 4 |
| FIDELITY COVINGTON TRUST | [FELV](https://holderbook.com/stocks/FELV/) | $6.4M | 159,753 | 2.7% | 2 |
| ALPHABET INC | [GOOG](https://holderbook.com/stocks/GOOG/) | $5.9M | 16,629 | 2.4% | 4 |
| JPMORGAN CHASE & CO | [JPM](https://holderbook.com/stocks/JPM/) | $5.8M | 17,670 | 2.4% | 7 |
| FIRST TR EXCHANGE-TRADED FD | [RDVY](https://holderbook.com/stocks/RDVY/) | $5.8M | 71,292 | 2.4% | 7 |
| NVIDIA CORPORATION | [NVDA](https://holderbook.com/stocks/NVDA/) | $5.6M | 27,849 | 2.3% | 4 |
| TAIWAN SEMICONDUCTOR MANUFAC | [TSM](https://holderbook.com/stocks/TSM/) | $5.6M | 11,665 | 2.3% | 4 |
| INVESCO EXCH TRADED FD TR II | [SOXQ](https://holderbook.com/stocks/SOXQ/) | $5.3M | 47,555 | 2.2% | 7 |
| FIRST TR EXCHANGE TRADED FD | [FTHF](https://holderbook.com/stocks/FTHF/) | $5.1M | 103,032 | 2.1% | 2 |
| FIRST TR EXCHANGE TRADED FD | [AIRR](https://holderbook.com/stocks/AIRR/) | $5.1M | 38,381 | 2.1% | 4 |
| ELI LILLY & CO | [LLY](https://holderbook.com/stocks/LLY/) | $5.1M | 4,220 | 2.1% | 4 |
| MFS ACTIVE EXCHANGE TRADED F | [MFSB](https://holderbook.com/stocks/MFSB/) | $4.5M | 179,667 | 1.9% | 3 |
| TCW ETF TRUST | [FLXR](https://holderbook.com/stocks/FLXR/) | $4.0M | 101,483 | 1.7% | 2 |
| WALMART INC | [WMT](https://holderbook.com/stocks/WMT/) | $3.7M | 32,814 | 1.5% | 4 |
| DUKE ENERGY CORP NEW | [DUK](https://holderbook.com/stocks/DUK/) | $3.6M | 28,395 | 1.5% | 4 |
| VERIZON COMMUNICATIONS INC | [VZ](https://holderbook.com/stocks/VZ/) | $3.2M | 74,924 | 1.3% | 4 |
| SPDR SERIES TRUST | [XAR](https://holderbook.com/stocks/XAR/) | $3.1M | 11,089 | 1.3% | 4 |
| FIRST TR EXCHANGE-TRADED FD | [FV](https://holderbook.com/stocks/FV/) | $3.0M | 40,124 | 1.3% | 7 |
| AMGEN INC | [AMGN](https://holderbook.com/stocks/AMGN/) | $3.0M | 8,386 | 1.3% | 4 |
| FIRST TR EXCH TRADED FD III | [FPEI](https://holderbook.com/stocks/FPEI/) | $3.0M | 155,197 | 1.2% | 7 |
| GLOBAL X FDS | [LIT](https://holderbook.com/stocks/LIT/) | $2.8M | 35,398 | 1.2% | 4 |
| FIRST TR EXCHANGE-TRADED FD | [FDL](https://holderbook.com/stocks/FDL/) | $2.8M | 56,522 | 1.1% | 4 |
| FIRST TR EXCHANGE-TRADED FD | [FVD](https://holderbook.com/stocks/FVD/) | $2.7M | 55,922 | 1.1% | 7 |
| JOHNSON & JOHNSON | [JNJ](https://holderbook.com/stocks/JNJ/) | $2.7M | 10,479 | 1.1% | 4 |
| VANECK ETF TRUST | [NLR](https://holderbook.com/stocks/NLR/) | $2.6M | 22,810 | 1.1% | 4 |
| SELECT SECTOR SPDR TR | [XLI](https://holderbook.com/stocks/XLI/) | $2.6M | 13,852 | 1.1% | 4 |
| FIRST TR EXCHANGE-TRADED FD | [TDIV](https://holderbook.com/stocks/TDIV/) | $2.6M | 22,198 | 1.1% | 4 |
| GLOBAL X FDS | [PAVE](https://holderbook.com/stocks/PAVE/) | $2.5M | 42,268 | 1.0% | 4 |
| INVESCO EXCHANGE TRADED FD T | [XSMO](https://holderbook.com/stocks/XSMO/) | $2.3M | 24,849 | 1.0% | 4 |
| FIRST TR EXCHANGE-TRADED FD | [FTCS](https://holderbook.com/stocks/FTCS/) | $2.3M | 24,076 | 0.9% | 7 |
| FIRST TR EXCHANGE-TRADED FD | [EIPX](https://holderbook.com/stocks/EIPX/) | $2.1M | 65,788 | 0.9% | 4 |
| NEUBERGER BERMAN ETF TRUST | [NBOS](https://holderbook.com/stocks/NBOS/) | $2.0M | 71,901 | 0.8% | 1 |
| FIRST TR EXCHANGE-TRADED FD | [QQEW](https://holderbook.com/stocks/QQEW/) | $2.0M | 12,620 | 0.8% | 7 |
| FIRST TR EXCHANGE TRADED FD | [GRID](https://holderbook.com/stocks/GRID/) | $1.9M | 9,704 | 0.8% | 3 |
| ARK ETF TR | [ARKW](https://holderbook.com/stocks/ARKW/) | $1.9M | 12,808 | 0.8% | 7 |
| FIRST TR EXCHANGE-TRADED FD | [SDVY](https://holderbook.com/stocks/SDVY/) | $1.8M | 41,554 | 0.7% | 4 |
| STATE STR SPDR S&P 500 ETF T | [SPY](https://holderbook.com/stocks/SPY/) | $1.7M | 2,284 | 0.7% | 7 |
| VANGUARD INDEX FDS | [VOO](https://holderbook.com/stocks/VOO/) | $1.5M | 2,158 | 0.6% | 7 |
| FIRST TR EXCHANGE-TRADED FD | [FTXH](https://holderbook.com/stocks/FTXH/) | $1.5M | 38,080 | 0.6% | 3 |
| FIRST TR EXCHANGE-TRADED FD | [RDVI](https://holderbook.com/stocks/RDVI/) | $1.2M | 42,431 | 0.5% | 4 |
| ARK ETF TR | [ARKX](https://holderbook.com/stocks/ARKX/) | $1.2M | 36,265 | 0.5% | 4 |
| SPDR SERIES TRUST | [XME](https://holderbook.com/stocks/XME/) | $1.2M | 10,790 | 0.5% | 3 |
| ISHARES INC | [PICK](https://holderbook.com/stocks/PICK/) | $1.1M | 19,366 | 0.5% | 2 |
| FIRST TR EXCHANGE-TRADED FD | [FTQI](https://holderbook.com/stocks/FTQI/) | $1.1M | 48,621 | 0.4% | 4 |
| JOHN HANCOCK EXCHANGE TRADED | [JHMM](https://holderbook.com/stocks/JHMM/) | $972.7K | 12,976 | 0.4% | 7 |
| FIRST TR EXCHANGE-TRADED FD | [FTHI](https://holderbook.com/stocks/FTHI/) | $912.5K | 38,259 | 0.4% | 4 |
| COCA COLA CO | [KO](https://holderbook.com/stocks/KO/) | $770.7K | 9,483 | 0.3% | 2 |
| MPLX LP | [MPLX](https://holderbook.com/stocks/MPLX/) | $604.8K | 10,736 | 0.3% | 7 |
| J P MORGAN EXCHANGE TRADED F | [JGRO](https://holderbook.com/stocks/JGRO/) | $597.8K | 6,064 | 0.2% | 4 |
| WEC ENERGY GROUP INC | [WEC](https://holderbook.com/stocks/WEC/) | $558.7K | 4,784 | 0.2% | 7 |
| VANGUARD INDEX FDS | [VUG](https://holderbook.com/stocks/VUG/) | $504.4K | 5,856 | 0.2% | 4 |
| SCHWAB STRATEGIC TR | [SCHG](https://holderbook.com/stocks/SCHG/) | $457.0K | 13,506 | 0.2% | 7 |
| VANGUARD ADMIRAL FDS INC | [VOOV](https://holderbook.com/stocks/VOOV/) | $440.4K | 2,009 | 0.2% | 4 |
| LOCKHEED MARTIN CORP | [LMT](https://holderbook.com/stocks/LMT/) | $428.8K | 842 | 0.2% | 4 |
| BROADCOM INC | [AVGO](https://holderbook.com/stocks/AVGO/) | $427.3K | 1,131 | 0.2% | 4 |
| CVS HEALTH CORP | [CVS](https://holderbook.com/stocks/CVS/) | $383.3K | 3,705 | 0.2% | 7 |
| VISA INC | [V](https://holderbook.com/stocks/V/) | $361.6K | 1,054 | 0.2% | 4 |
| VANGUARD BD INDEX FDS | [BIV](https://holderbook.com/stocks/BIV/) | $303.2K | 3,953 | 0.1% | 3 |
| FIRST TR EXCHANGE-TRADED FD | [EMLP](https://holderbook.com/stocks/EMLP/) | $297.7K | 6,844 | 0.1% | 4 |
| ISHARES TR | [HYXF](https://holderbook.com/stocks/HYXF/) | $294.9K | 6,313 | 0.1% | 4 |
| INVESCO EXCHANGE TRADED FD T | [PPA](https://holderbook.com/stocks/PPA/) | $284.5K | 1,610 | 0.1% | 4 |
| META PLATFORMS INC | [META](https://holderbook.com/stocks/META/) | $272.6K | 484 | 0.1% | 4 |
| NUSHARES ETF TR | [NUDM](https://holderbook.com/stocks/NUDM/) | $270.9K | 6,770 | 0.1% | 4 |
| RTX CORPORATION | [RTX](https://holderbook.com/stocks/RTX/) | $257.9K | 1,359 | 0.1% | 4 |
| GOLDMAN SACHS GROUP INC | [GS](https://holderbook.com/stocks/GS/) | $257.4K | 254 | 0.1% | 7 |
| CISCO SYS INC | [CSCO](https://holderbook.com/stocks/CSCO/) | $256.3K | 2,182 | 0.1% | 2 |
| EA SERIES TRUST | [FRDM](https://holderbook.com/stocks/FRDM/) | $227.1K | 3,116 | 0.1% | 2 |
| VANGUARD TAX-MANAGED FDS | [VEA](https://holderbook.com/stocks/VEA/) | $223.4K | 3,135 | 0.1% | 4 |
| ARK ETF TR | [ARKK](https://holderbook.com/stocks/ARKK/) | $222.4K | 2,752 | 0.1% | 4 |
| VULCAN MATLS CO | [VMC](https://holderbook.com/stocks/VMC/) | $210.7K | 714 | 0.1% | 4 |
| ISHARES TR | [IVV](https://holderbook.com/stocks/IVV/) | $191.7K | 256 | 0.1% | 2 |
| EXXON MOBIL CORP | [XOMXXXX](https://holderbook.com/stocks/XOMXXXX/) | $185.3K | 1,355 | 0.1% | 2 |
| ISHARES TR | [ESML](https://holderbook.com/stocks/ESML/) | $172.4K | 3,082 | 0.1% | 2 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $165.2K | 462 | 0.1% | 2 |
| US BANCORP | [USB](https://holderbook.com/stocks/USB/) | $151.8K | 2,514 | 0.1% | 2 |
| VANGUARD INDEX FDS | [VBR](https://holderbook.com/stocks/VBR/) | $149.2K | 614 | 0.1% | 2 |
| PROSHARES TR | [NOBL](https://holderbook.com/stocks/NOBL/) | $137.8K | 2,453 | 0.1% | 2 |
| ISHARES TR | [DGRO](https://holderbook.com/stocks/DGRO/) | $134.6K | 1,776 | 0.1% | 2 |
| VANGUARD INDEX FDS | [VOE](https://holderbook.com/stocks/VOE/) | $130.4K | 660 | 0.1% | 2 |
| THE ALGER ETF TRUST | [CNEQ](https://holderbook.com/stocks/CNEQ/) | $125.8K | 3,048 | 0.1% | 2 |
| AMPLIFY ETF TR | [DIVO](https://holderbook.com/stocks/DIVO/) | $124.1K | 2,716 | 0.1% | 2 |
| NUSHARES ETF TR | [NUMV](https://holderbook.com/stocks/NUMV/) | $121.4K | 2,791 | 0.1% | 2 |
| ARK ETF TR | [ARKQ](https://holderbook.com/stocks/ARKQ/) | $118.1K | 893 | 0.0% | 2 |
| COSTCO WHOLESALE CORPORATION | [COST](https://holderbook.com/stocks/COST/) | $117.9K | 126 | 0.0% | 2 |
| PHILIP MORRIS INTL INC | [PM](https://holderbook.com/stocks/PM/) | $117.2K | 648 | 0.0% | 2 |
| OCCIDENTAL PETE CORP | [OXY](https://holderbook.com/stocks/OXY/) | $112.1K | 2,309 | 0.0% | 2 |
| MICRON TECHNOLOGY INC | [MU](https://holderbook.com/stocks/MU/) | $112.0K | 97 | 0.0% | 2 |
| FIRST TR EXCHANGE-TRADED FD | [LMBS](https://holderbook.com/stocks/LMBS/) | $110.7K | 2,223 | 0.0% | 2 |
| NUSHARES ETF TR | [NUMG](https://holderbook.com/stocks/NUMG/) | $103.4K | 2,202 | 0.0% | 2 |
| PRINCIPAL EXCHANGE TRADED FD | [USMC](https://holderbook.com/stocks/USMC/) | $101.6K | 1,370 | 0.0% | 2 |
| SYSCO CORP | [SYY](https://holderbook.com/stocks/SYY/) | $100.0K | 1,196 | 0.0% | 2 |
| FIDELITY COVINGTON TRUST | [FMDE](https://holderbook.com/stocks/FMDE/) | $98.2K | 2,421 | 0.0% | 6 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | +10.9% | +14.8% | -3.9% | 100% |
| Q1 2026 | -1.6% | -4.6% | +3.0% | 100% |
| Q4 2025 | +2.7% | +2.4% | +0.3% | 100% |
| Q3 2025 | +7.5% | +7.8% | -0.3% | 100% |
| Q2 2025 | +8.8% | +10.5% | -1.6% | 100% |
| Q1 2025 | -2.9% | -4.6% | +1.6% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $240.8M | 497 |
| Q1 2026 | $208.5M | 274 |
| Q4 2025 | $199.1M | 76 |
| Q3 2025 | $188.9M | 75 |
| Q2 2025 | $21.0M | 27 |
| Q1 2025 | $161.0M | 248 |
| Q4 2024 | $169.7M | 135 |