# MARSHALL & SULLIVAN INC /WA/

> Institutional holdings reported to the SEC as of Q3 2025 on Form 13F. CIK 820123. Source: https://holderbook.com/funds/820123-marshall-sullivan-inc-wa/

- Reported value: $215.7M
- Positions: 43
- Weight of the ten largest: 49.5%
- Filed: 2025-10-15

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 |
|---|---|---|---|---|---|
| ISHARES TR | [IWM](https://holderbook.com/stocks/IWM/) | $27.1M | 112,021 | 12.6% | 28 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $17.3M | 33,331 | 8.0% | 28 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $9.7M | 39,725 | 4.5% | 28 |
| VANGUARD INTL EQUITY INDEX F | [VWO](https://holderbook.com/stocks/VWO/) | $8.6M | 158,812 | 4.0% | 28 |
| LAM RESEARCH CORP | [LRCX](https://holderbook.com/stocks/LRCX/) | $8.3M | 62,111 | 3.9% | 4 |
| MASTERCARD INCORPORATED | [MA](https://holderbook.com/stocks/MA/) | $7.6M | 13,322 | 3.5% | 28 |
| LINDE PLC | [LIN](https://holderbook.com/stocks/LIN/) | $7.3M | 15,413 | 3.4% | 11 |
| SCHWAB CHARLES CORP | [SCHW](https://holderbook.com/stocks/SCHW/) | $7.0M | 72,973 | 3.2% | 17 |
| HOME DEPOT INC | [HD](https://holderbook.com/stocks/HD/) | $6.9M | 17,108 | 3.2% | 28 |
| BOOKING HOLDINGS INC | [BKNG](https://holderbook.com/stocks/BKNG/) | $6.9M | 1,282 | 3.2% | 28 |
| STRYKER CORPORATION | [SYK](https://holderbook.com/stocks/SYK/) | $6.9M | 18,532 | 3.2% | 28 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $6.8M | 30,911 | 3.1% | 27 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $6.5M | 25,646 | 3.0% | 28 |
| RTX CORPORATION | [RTX](https://holderbook.com/stocks/RTX/) | $6.5M | 38,568 | 3.0% | 14 |
| MONSTER BEVERAGE CORP NEW | [MNST](https://holderbook.com/stocks/MNST/) | $5.8M | 86,511 | 2.7% | 28 |
| META PLATFORMS INC | [META](https://holderbook.com/stocks/META/) | $5.8M | 7,842 | 2.7% | 28 |
| ISHARES TR | [EEM](https://holderbook.com/stocks/EEM/) | $5.7M | 107,516 | 2.7% | 28 |
| JOHNSON & JOHNSON | [JNJ](https://holderbook.com/stocks/JNJ/) | $5.6M | 30,455 | 2.6% | 28 |
| CROWN HLDGS INC | [CCK](https://holderbook.com/stocks/CCK/) | $5.5M | 57,456 | 2.6% | 28 |
| ELI LILLY & CO | [LLY](https://holderbook.com/stocks/LLY/) | $5.4M | 7,052 | 2.5% | 28 |
| FISERV INC | [FISV](https://holderbook.com/stocks/FISV/) | $4.8M | 37,435 | 2.2% | 28 |
| DANAHER CORP DEL | [DHR](https://holderbook.com/stocks/DHR/) | $4.7M | 23,579 | 2.2% | 28 |
| PEPSICO INC | [PEP](https://holderbook.com/stocks/PEP/) | $4.5M | 32,358 | 2.1% | 28 |
| THERMO FISHER SCIENTIFIC INC | [TMO](https://holderbook.com/stocks/TMO/) | $4.3M | 8,876 | 2.0% | 28 |
| UNITEDHEALTH GROUP INC | [UNH](https://holderbook.com/stocks/UNH/) | $4.2M | 12,229 | 2.0% | 28 |
| ADOBE INC | [ADBE](https://holderbook.com/stocks/ADBE/) | $4.2M | 11,789 | 1.9% | 25 |
| BECTON DICKINSON & CO | [BDX](https://holderbook.com/stocks/BDX/) | $3.7M | 19,769 | 1.7% | 28 |
| FORTIVE CORP | [FTV](https://holderbook.com/stocks/FTV/) | $3.1M | 63,691 | 1.4% | 28 |
| VANGUARD INDEX FDS | [VB](https://holderbook.com/stocks/VB/) | $3.1M | 12,076 | 1.4% | 3 |
| STATE STR SPDR S&P 500 ETF T | [SPY](https://holderbook.com/stocks/SPY/) | $3.0M | 4,502 | 1.4% | 28 |
| PAYPAL HLDGS INC | [PYPL](https://holderbook.com/stocks/PYPL/) | $2.4M | 35,259 | 1.1% | 28 |
| GLACIER BANCORP INC NEW | [GBCI](https://holderbook.com/stocks/GBCI/) | $1.3M | 26,542 | 0.6% | 12 |
| COSTCO WHOLESALE CORPORATION | [COST](https://holderbook.com/stocks/COST/) | $1.1M | 1,186 | 0.5% | 28 |
| NIKE INC | [NKE](https://holderbook.com/stocks/NKE/) | $801.5K | 11,494 | 0.4% | 12 |
| BERKSHIRE HATHAWAY INC DEL | [BRKA](https://holderbook.com/stocks/BRKA/) | $754.2K | 1 | 0.3% | 3 |
| ALPHABET INC | [GOOG](https://holderbook.com/stocks/GOOG/) | $381.0K | 1,564 | 0.2% | 28 |
| GRAYSCALE BITCOIN TRUST ETF | [GBTC](https://holderbook.com/stocks/GBTC/) | $362.7K | 4,040 | 0.2% | 7 |
| TESLA INC | [TSLA](https://holderbook.com/stocks/TSLA/) | $360.2K | 810 | 0.2% | 2 |
| SPDR GOLD TR | [GLD](https://holderbook.com/stocks/GLD/) | $355.5K | 1,000 | 0.2% | 7 |
| NVIDIA CORPORATION | [NVDA](https://holderbook.com/stocks/NVDA/) | $313.5K | 1,680 | 0.1% | 2 |
| NEXTERA ENERGY INC | [NEE](https://holderbook.com/stocks/NEE/) | $287.4K | 3,807 | 0.1% | 26 |
| ROCKWELL AUTOMATION INC | [ROK](https://holderbook.com/stocks/ROK/) | $252.4K | 722 | 0.1% | 22 |
| STARBUCKS CORP | [SBUX](https://holderbook.com/stocks/SBUX/) | $250.4K | 2,959 | 0.1% | 28 |

## 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 |
|---|---|---|---|---|
| Q3 2025 | +6.5% | +7.8% | -1.3% | 100% |
| Q2 2025 | +4.3% | +10.5% | -6.2% | 100% |
| Q1 2025 | -2.8% | -4.6% | +1.7% | 100% |
| Q4 2024 | -1.9% | +2.1% | -4.0% | 100% |
| Q3 2024 | +5.6% | +5.4% | +0.2% | 100% |
| Q2 2024 | +0.5% | +4.0% | -3.5% | 100% |
| Q1 2024 | +7.5% | +10.0% | -2.5% | 100% |
| Q4 2023 | +10.4% | +11.2% | -0.8% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q3 2025 | $215.7M | 43 |
| Q2 2025 | $208.1M | 119 |
| Q1 2025 | $197.0M | 42 |
| Q4 2024 | $204.6M | 41 |
| Q3 2024 | $208.2M | 40 |
| Q2 2024 | $200.2M | 41 |
| Q1 2024 | $202.1M | 41 |
| Q4 2023 | $189.3M | 39 |
| Q3 2023 | $171.6M | 38 |
| Q2 2023 | $179.1M | 38 |
| Q1 2023 | $165.1M | 39 |
| Q4 2022 | $159.4M | 96 |