MARSHALL INVESTMENT MANAGEMENT LLC's Q4 2025 13F: 6 new positions, 5 exits
Form 13F-HR for the quarter ended Dec 31, 2025 · filed Feb 9, 2026 · 76 reported positions · accession 0001420506-26-000223
What changed this quarter
| Activity | Security | Weight before | Weight now | Change | Shares | Shares % |
|---|---|---|---|---|---|---|
| New | MFS ACTIVE EXCHANGE TRADED F (MFSB) | — | 2.2% | +2.2 pts | +175K sh | new |
| Exited | SELECT SECTOR SPDR TR (XLF) | 1.1% | — | −1.1 pts | −38,811 sh | −100% |
| Reduced | SPDR S&P 500 ETF TR (SPY) | 3.7% | 2.6% | −1.1 pts | −2,880 sh | −27% |
| New | FIRST TR EXCHANGE TRADED FD (FTXH) | — | 0.7% | +0.7 pts | +41,809 sh | new |
| New | FIRST TR EXCHANGE TRADED FD (GRID) | — | 0.7% | +0.7 pts | +8,818 sh | new |
| New | FIRST TR EXCHANGE TRADED FD (ROBT) | — | 0.5% | +0.5 pts | +18,856 sh | new |
| Increased | FIRST TR EXCHANGE TRADED FD (CIBR) | 0.5% | 0.9% | +0.4 pts | +13,542 sh | +115% |
| New | SPDR SERIES TRUST (XME) | — | 0.3% | +0.3 pts | +6,695 sh | new |
| Increased | AMAZON COM INC (AMZN) | 3.1% | 3.4% | +0.3 pts | +2,710 sh | +10% |
| Reduced | GLOBAL X FDS (LIT) | 1.3% | 1.2% | −0.2 pts | −9,466 sh | −21% |
| Increased | MICROSOFT CORP (MSFT) | 4.8% | 4.5% | −0.2 pts | +1,207 sh | +7% |
| Reduced | INVESCO EXCH TRADED FD TR II (SOXQ) | 1.5% | 1.3% | −0.2 pts | −10,198 sh | −18% |
| Reduced | FIDELITY COVINGTON TRUST (FFLG) | 4.8% | 4.3% | −0.5 pts | −18,542 sh | −6% |
| Increased | BERKSHIRE HATHAWAY INC DEL (BRK-B) | 4.6% | 4.6% | 0.0 pts | +1,037 sh | +6% |
| Exited | SPDR SERIES TRUST (KIE) | 0.2% | — | −0.2 pts | −7,940 sh | −100% |
| Reduced | FIRST TR EXCHANGE TRADED FD (FV) | 1.7% | 1.4% | −0.3 pts | −7,821 sh | −15% |
| Increased | ELI LILLY & CO (LLY) | 1.4% | 2.0% | +0.7 pts | +407 sh | +12% |
| Reduced | FIRST TR EXCHANGE-TRADED FD (QQEW) | 1.2% | 0.9% | −0.3 pts | −3,042 sh | −19% |
| Increased | META PLATFORMS INC (META) | 1.7% | 1.6% | 0.0 pts | +609 sh | +14% |
| Increased | VERIZON COMMUNICATIONS INC (VZ) | 1.3% | 1.4% | 0.0 pts | +9,559 sh | +17% |
| Reduced | CAPITAL GROUP GROWTH ETF (CGGR) | 4.7% | 4.4% | −0.4 pts | −8,393 sh | −4% |
| Increased | JPMORGAN CHASE & CO. (JPM) | 2.4% | 2.5% | +0.1 pts | +1,086 sh | +8% |
| Increased | DUKE ENERGY CORP NEW (DUK) | 1.4% | 1.4% | 0.0 pts | +2,892 sh | +13% |
| Increased | AMGEN INC (AMGN) | 1.0% | 1.2% | +0.3 pts | +977 sh | +15% |
| Increased | WALMART INC (WMT) | 1.4% | 1.6% | +0.2 pts | +2,812 sh | +11% |
| New | VANGUARD BD INDEX FDS (BIV) | — | 0.2% | +0.2 pts | +3,931 sh | new |
| Exited | FIRST TR EXCH TRADED FD III (FMB) | 0.1% | — | −0.1 pts | −5,536 sh | −100% |
| Reduced | PIMCO EQUITY SER (MFUS) | 4.7% | 4.4% | −0.4 pts | −4,935 sh | −3% |
| Exited | PALANTIR TECHNOLOGIES INC (PLTR) | 0.1% | — | −0.1 pts | −1,221 sh | −100% |
| Reduced | FIRST TR EXCHANGE-TRADED FD (FVD) | 1.5% | 1.3% | −0.2 pts | −4,985 sh | −8% |
| Increased | APPLE INC (AAPL) | 2.4% | 2.6% | +0.1 pts | +836 sh | +5% |
| Exited | FIRST TR EXCHANGE-TRADED ALP (FNX) | 0.1% | — | −0.1 pts | −1,660 sh | −100% |
| Increased | CROWDSTRIKE HLDGS INC (CRWD) | 1.9% | 1.8% | −0.1 pts | +425 sh | +6% |
| Reduced | VANECK ETF TRUST (NLR) | 1.3% | 1.1% | −0.3 pts | −1,502 sh | −8% |
| Reduced | FIRST TR EXCHANGE TRADED FD (RDVY) | 2.5% | 2.3% | −0.1 pts | −2,656 sh | −4% |
| Reduced | ARK ETF TR (ARKW) | 1.9% | 1.4% | −0.4 pts | −1,029 sh | −5% |
| Reduced | FIRST TR EXCHANGE-TRADED FD (FIW) | 0.4% | 0.3% | −0.1 pts | −1,319 sh | −17% |
| Reduced | FIRST TR EXCHANGE TRADED FD (AIRR) | 1.9% | 1.8% | −0.1 pts | −1,455 sh | −4% |
| Increased | JOHNSON & JOHNSON (JNJ) | 0.9% | 1.0% | +0.1 pts | +686 sh | +7% |
| Reduced | FIDELITY COVINGTON TRUST (FMDE) | 4.7% | 4.4% | −0.3 pts | −3,214 sh | −1% |
| Reduced | SPDR SERIES TRUST (XAR) | 1.5% | 1.4% | −0.1 pts | −442 sh | −4% |
| Reduced | FIRST TR EXCHANGE-TRADED FD (FTCS) | 1.3% | 1.1% | −0.1 pts | −1,136 sh | −4% |
| Reduced | INVESCO EXCHANGE TRADED FD T (XSMO) | 1.1% | 1.0% | −0.1 pts | −1,359 sh | −5% |
| Reduced | VANGUARD ADMIRAL FDS INC (VOOV) | 0.3% | 0.2% | 0.0 pts | −382 sh | −16% |
| Increased | FIRST TR EXCH TRADED FD III (FPEI) | 1.4% | 1.4% | 0.0 pts | +3,963 sh | +3% |
| Reduced | FIRST TR EXCHANGE-TRADED FD (SDVY) | 0.8% | 0.8% | −0.1 pts | −1,985 sh | −5% |
| Increased | TAIWAN SEMICONDUCTOR MFG LTD (TSM) | 0.3% | 0.4% | 0.0 pts | +248 sh | +11% |
| Reduced | FIRST TR EXCHANGE-TRADED FD (EMLP) | 0.2% | 0.1% | 0.0 pts | −1,955 sh | −22% |
| Increased | FIRST TR EXCHANGE TRADED FD (FTQI) | 0.2% | 0.2% | 0.0 pts | +3,500 sh | +19% |
| Increased | FIRST TR EXCHANGE-TRADED FD (RDVI) | 0.3% | 0.3% | 0.0 pts | +2,730 sh | +14% |
The 50 largest of 78 changes, by size of the trade. Full holdings for this quarter.
Reported by the fund in its Form 13F filed with the SEC; holdings are as of the quarter-end report date and may have changed since. For informational purposes only — not investment advice or a recommendation to buy or sell any security. FilingExplorer is not affiliated with or endorsed by this fund. How this brief is compiled
Top 10 positions — 44.9% of the equity book
Changes in the top 10 this quarter: AAPL entered · NVDA left
| # | Security | Weight before | Weight now | |
|---|---|---|---|---|
| 1 | SPDR GOLD TR (GLD) | 9.1% | 9.6% | |
| 2 | BERKSHIRE HATHAWAY INC DEL (BRK-B) | 4.6% | 4.6% | |
| 3 | MICROSOFT CORP (MSFT) | 4.8% | 4.5% | |
| 4 | FIDELITY COVINGTON TRUST (FMDE) | 4.7% | 4.4% | |
| 5 | PIMCO EQUITY SER (MFUS) | 4.7% | 4.4% | |
| 6 | CAPITAL GROUP GROWTH ETF (CGGR) | 4.7% | 4.4% | |
| 7 | FIDELITY COVINGTON TRUST (FFLG) | 4.8% | 4.3% | |
| 8 | AMAZON COM INC (AMZN) | 3.1% | 3.4% | |
| 9 | SPDR S&P 500 ETF TR (SPY) | 3.7% | 2.6% | |
| 10 | APPLE INC (AAPL) | 2.4% | 2.6% | Entered the top 10 |
| — | NVIDIA CORPORATION (NVDA) | 2.6% | 2.4% | Left the top 10 |
Weights are each position's reported value as a share of the fund's reported equity positions (options and principal-amount holdings excluded).