# MERITAGE PORTFOLIO MANAGEMENT

> Institutional holdings reported to the SEC as of Q4 2025 on Form 13F. CIK 881432. Source: https://holderbook.com/funds/881432-meritage-portfolio-management/

- Reported value: $1.5B
- Positions: 318
- Weight of the ten largest: 32.1%
- Filed: 2026-01-27

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 |
|---|---|---|---|---|---|
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $89.3M | 328,546 | 5.9% | 29 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $88.6M | 283,124 | 5.9% | 29 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $68.4M | 141,424 | 4.5% | 29 |
| BROADCOM INC | [AVGO](https://holderbook.com/stocks/AVGO/) | $67.6M | 195,333 | 4.5% | 22 |
| NVIDIA CORPORATION | [NVDA](https://holderbook.com/stocks/NVDA/) | $54.8M | 293,708 | 3.6% | 28 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $33.9M | 146,937 | 2.3% | 29 |
| HSBC HLDGS PLC | [HSBC](https://holderbook.com/stocks/HSBC/) | $23.3M | 295,700 | 1.5% | 14 |
| KLA CORP | [KLAC](https://holderbook.com/stocks/KLAC/) | $20.8M | 17,142 | 1.4% | 23 |
| ALIBABA GROUP HLDG LTD | [BABA](https://holderbook.com/stocks/BABA/) | $19.3M | 131,873 | 1.3% | 8 |
| BOOKING HOLDINGS INC | [BKNG](https://holderbook.com/stocks/BKNG/) | $17.7M | 3,308 | 1.2% | 13 |
| JPMORGAN CHASE & CO | [JPM](https://holderbook.com/stocks/JPM/) | $16.8M | 52,137 | 1.1% | 27 |
| REGENERON PHARMACEUTICALS | [REGN](https://holderbook.com/stocks/REGN/) | $15.9M | 20,580 | 1.1% | 3 |
| ASML HLDG NV | [ASML](https://holderbook.com/stocks/ASML/) | $15.7M | 14,638 | 1.0% | 13 |
| META PLATFORMS INC | [META](https://holderbook.com/stocks/META/) | $15.6M | 23,639 | 1.0% | 29 |
| JOHNSON & JOHNSON | [JNJ](https://holderbook.com/stocks/JNJ/) | $15.5M | 74,789 | 1.0% | 29 |
| MASTERCARD INCORPORATED | [MA](https://holderbook.com/stocks/MA/) | $15.4M | 27,037 | 1.0% | 29 |
| COGNIZANT TECHNOLOGY SOLUTIO | [CTSH](https://holderbook.com/stocks/CTSH/) | $15.4M | 185,849 | 1.0% | 2 |
| BAIDU INC | [BIDU](https://holderbook.com/stocks/BIDU/) | $15.4M | 117,856 | 1.0% | 3 |
| AMETEK INC | [AME](https://holderbook.com/stocks/AME/) | $13.7M | 66,604 | 0.9% | 29 |
| OREILLY AUTOMOTIVE INC | [ORLY](https://holderbook.com/stocks/ORLY/) | $13.3M | 146,040 | 0.9% | 13 |
| ISHARES TR | [IVV](https://holderbook.com/stocks/IVV/) | $13.2M | 19,200 | 0.9% | 29 |
| WILLIAMS SONOMA INC | [WSM](https://holderbook.com/stocks/WSM/) | $13.1M | 73,323 | 0.9% | 15 |
| EXELIXIS INC | [EXEL](https://holderbook.com/stocks/EXEL/) | $12.7M | 289,279 | 0.8% | 16 |
| ETSY INC | [ETSY](https://holderbook.com/stocks/ETSY/) | $12.5M | 225,283 | 0.8% | 8 |
| ISHARES TR | [IWF](https://holderbook.com/stocks/IWF/) | $12.3M | 26,066 | 0.8% | 29 |
| SPDR SERIES TRUST | [SPYV](https://holderbook.com/stocks/SPYV/) | $12.1M | 213,397 | 0.8% | 22 |
| GOLDMAN SACHS GROUP INC | [GS](https://holderbook.com/stocks/GS/) | $11.7M | 13,356 | 0.8% | 7 |
| VERTEX PHARMACEUTICALS INC | [VRTX](https://holderbook.com/stocks/VRTX/) | $11.5M | 25,438 | 0.8% | 14 |
| WELLS FARGO & CO | [WFC](https://holderbook.com/stocks/WFC/) | $10.9M | 116,616 | 0.7% | 19 |
| TWILIO INC | [TWLO](https://holderbook.com/stocks/TWLO/) | $10.7M | 75,081 | 0.7% | 2 |
| CHENIERE ENERGY INC | [LNG](https://holderbook.com/stocks/LNG/) | $10.6M | 54,717 | 0.7% | 15 |
| SPDR SERIES TRUST | [SPYG](https://holderbook.com/stocks/SPYG/) | $10.5M | 98,308 | 0.7% | 22 |
| EOG RES INC | [EOG](https://holderbook.com/stocks/EOG/) | $10.3M | 98,339 | 0.7% | 22 |
| FIRST HORIZON CORPORATION | [FHN](https://holderbook.com/stocks/FHN/) | $10.1M | 423,143 | 0.7% | 8 |
| MOODYS CORP | [MCO](https://holderbook.com/stocks/MCO/) | $10.1M | 19,679 | 0.7% | 1 |
| BERKSHIRE HATHAWAY INC DEL | [BRKB](https://holderbook.com/stocks/BRKB/) | $9.5M | 18,945 | 0.6% | 29 |
| ACUITY INC | [AYI](https://holderbook.com/stocks/AYI/) | $9.3M | 25,733 | 0.6% | 22 |
| PAYPAL HLDGS INC | [PYPL](https://holderbook.com/stocks/PYPL/) | $9.2M | 158,015 | 0.6% | 8 |
| ISHARES TR | [IGSB](https://holderbook.com/stocks/IGSB/) | $9.2M | 174,405 | 0.6% | 26 |
| CADENCE DESIGN SYSTEM INC | [CDNS](https://holderbook.com/stocks/CDNS/) | $9.1M | 28,964 | 0.6% | 15 |
| SIEMENS A G            FSPONSORED ADR           1 ADR REPS  0.5  ORD SHS | [SIEGY](https://holderbook.com/stocks/SIEGY/) | $9.0M | 64,192 | 0.6% | 7 |
| ENTERGY CORP NEW | [ETR](https://holderbook.com/stocks/ETR/) | $8.9M | 96,528 | 0.6% | 11 |
| ABBVIE INC | [ABBV](https://holderbook.com/stocks/ABBV/) | $8.6M | 37,798 | 0.6% | 22 |
| ARISTA NETWORKS INC | [ANET](https://holderbook.com/stocks/ANET/) | $8.6M | 65,524 | 0.6% | 5 |
| EBAY INC. | [EBAY](https://holderbook.com/stocks/EBAY/) | $8.4M | 95,973 | 0.6% | 12 |
| INTERNATIONAL BUSINESS MACHS | [IBM](https://holderbook.com/stocks/IBM/) | $8.1M | 27,262 | 0.5% | 29 |
| SELECT SECTOR SPDR TR | [XLU](https://holderbook.com/stocks/XLU/) | $7.7M | 180,774 | 0.5% | 18 |
| FORTINET INC | [FTNT](https://holderbook.com/stocks/FTNT/) | $7.5M | 94,455 | 0.5% | 29 |
| Ping An Insurance (Group) Co. of China Ltd | [PNGAY](https://holderbook.com/stocks/PNGAY/) | $7.5M | 444,493 | 0.5% | 6 |
| PROCTER & GAMBLE CO | [PG](https://holderbook.com/stocks/PG/) | $7.4M | 51,376 | 0.5% | 29 |
| AUTODESK INC | [ADSK](https://holderbook.com/stocks/ADSK/) | $7.0M | 23,747 | 0.5% | 14 |
| QUALCOMM INC | [QCOM](https://holderbook.com/stocks/QCOM/) | $7.0M | 40,938 | 0.5% | 16 |
| RELIANCE INC | [RS](https://holderbook.com/stocks/RS/) | $7.0M | 24,207 | 0.5% | 16 |
| ADOBE INC | [ADBE](https://holderbook.com/stocks/ADBE/) | $7.0M | 19,975 | 0.5% | 29 |
| MILLICOM INTL CELLULAR S A | [TIGO](https://holderbook.com/stocks/TIGO/) | $6.9M | 124,666 | 0.5% | 3 |
| PNC FINL SVCS GROUP INC | [PNC](https://holderbook.com/stocks/PNC/) | $6.8M | 32,803 | 0.5% | 3 |
| US BANCORP | [USB](https://holderbook.com/stocks/USB/) | $6.8M | 127,991 | 0.5% | 3 |
| STATE STR SPDR S&P 500 ETF T | [SPY](https://holderbook.com/stocks/SPY/) | $6.8M | 9,966 | 0.5% | 29 |
| COSTCO WHOLESALE CORPORATION | [COST](https://holderbook.com/stocks/COST/) | $6.6M | 7,701 | 0.4% | 9 |
| EXXON MOBIL CORP | [XOMXXXX](https://holderbook.com/stocks/XOMXXXX/) | $6.5M | 54,340 | 0.4% | 29 |
| AFLAC INC | [AFL](https://holderbook.com/stocks/AFL/) | $6.5M | 58,897 | 0.4% | 16 |
| ISHARES TR | [IWD](https://holderbook.com/stocks/IWD/) | $6.4M | 30,371 | 0.4% | 29 |
| CHECK POINT SOFTWARE TECH LT | [CHKP](https://holderbook.com/stocks/CHKP/) | $6.3M | 34,081 | 0.4% | 14 |
| GILEAD SCIENCES INC | [GILD](https://holderbook.com/stocks/GILD/) | $6.1M | 49,853 | 0.4% | 29 |
| DROPBOX INC | [DBX](https://holderbook.com/stocks/DBX/) | $6.0M | 217,336 | 0.4% | 14 |
| SNAP ON INC | [SNA](https://holderbook.com/stocks/SNA/) | $6.0M | 17,502 | 0.4% | 18 |
| PLAINS GP HLDGS L P | [PAGP](https://holderbook.com/stocks/PAGP/) | $6.0M | 314,420 | 0.4% | 15 |
| CARETRUST REIT INC | [CTRE](https://holderbook.com/stocks/CTRE/) | $5.9M | 164,064 | 0.4% | 4 |
| ESSENTIAL PPTYS RLTY TR INC | [EPRT](https://holderbook.com/stocks/EPRT/) | $5.9M | 199,338 | 0.4% | 7 |
| Bnp Paribas Sa | [BNPQY](https://holderbook.com/stocks/BNPQY/) | $5.9M | 124,654 | 0.4% | 4 |
| F N B CORP | [FNB](https://holderbook.com/stocks/FNB/) | $5.9M | 345,478 | 0.4% | 15 |
| HALOZYME THERAPEUTICS INC | [HALO](https://holderbook.com/stocks/HALO/) | $5.8M | 86,552 | 0.4% | 4 |
| TAPESTRY INC | [TPR](https://holderbook.com/stocks/TPR/) | $5.8M | 45,468 | 0.4% | 14 |
| CARGURUS INC | [CARG](https://holderbook.com/stocks/CARG/) | $5.8M | 150,614 | 0.4% | 2 |
| VANGUARD INDEX FDS | [VTI](https://holderbook.com/stocks/VTI/) | $5.8M | 17,188 | 0.4% | 29 |
| COCA COLA CO | [KO](https://holderbook.com/stocks/KO/) | $5.6M | 79,902 | 0.4% | 29 |
| NOMAD FOODS LTD | [NOMD](https://holderbook.com/stocks/NOMD/) | $5.6M | 445,889 | 0.4% | 3 |
| NORTHWESTERN ENERGY GROUP IN | [NWE](https://holderbook.com/stocks/NWE/) | $5.5M | 85,370 | 0.4% | 18 |
| LXP INDUSTRIAL TRUST | [LXP](https://holderbook.com/stocks/LXP/) | $5.5M | 110,105 | 0.4% | 1 |
| BRITISH AMERN TOB PLC | [BTI](https://holderbook.com/stocks/BTI/) | $5.4M | 94,693 | 0.4% | 26 |
| CUMMINS INC | [CMI](https://holderbook.com/stocks/CMI/) | $5.3M | 10,459 | 0.4% | 17 |
| FIFTH THIRD BANCORP | [FITB](https://holderbook.com/stocks/FITB/) | $5.3M | 112,889 | 0.4% | 8 |
| VALMONT INDS INC | [VMI](https://holderbook.com/stocks/VMI/) | $5.2M | 12,977 | 0.3% | 1 |
| UGI CORP NEW | [UGI](https://holderbook.com/stocks/UGI/) | $5.1M | 136,203 | 0.3% | 4 |
| AMGEN INC | [AMGN](https://holderbook.com/stocks/AMGN/) | $5.1M | 15,490 | 0.3% | 15 |
| BP PLC | [BP](https://holderbook.com/stocks/BP/) | $5.0M | 145,044 | 0.3% | 20 |
| OPEN TEXT CORP | [OTEX](https://holderbook.com/stocks/OTEX/) | $5.0M | 154,162 | 0.3% | 7 |
| ISHARES TR | [GVI](https://holderbook.com/stocks/GVI/) | $5.0M | 46,408 | 0.3% | 26 |
| PUBLIC STORAGE | [PSA](https://holderbook.com/stocks/PSA/) | $5.0M | 19,158 | 0.3% | 4 |
| BRISTOL-MYERS SQUIBB CO | [BMY](https://holderbook.com/stocks/BMY/) | $4.9M | 91,145 | 0.3% | 28 |
| FIDELITY NATL INFORMATION SV | [FIS](https://holderbook.com/stocks/FIS/) | $4.9M | 73,536 | 0.3% | 5 |
| PERMIAN RESOURCES CORP | [PR](https://holderbook.com/stocks/PR/) | $4.9M | 347,924 | 0.3% | 1 |
| PULTE GROUP INC | [PHM](https://holderbook.com/stocks/PHM/) | $4.8M | 41,259 | 0.3% | 14 |
| NATIONAL HEALTH INVS INC | [NHI](https://holderbook.com/stocks/NHI/) | $4.8M | 62,512 | 0.3% | 4 |
| WP CAREY INC | [WPC](https://holderbook.com/stocks/WPC/) | $4.7M | 73,770 | 0.3% | 23 |
| NN Group NV | [NNGRY](https://holderbook.com/stocks/NNGRY/) | $4.7M | 121,135 | 0.3% | 6 |
| SCHWAB STRATEGIC TR | [SCHO](https://holderbook.com/stocks/SCHO/) | $4.6M | 190,711 | 0.3% | 21 |
| VANGUARD INDEX FDS | [VBK](https://holderbook.com/stocks/VBK/) | $4.6M | 15,374 | 0.3% | 9 |
| PUBLIC SVC ENTERPRISE GROUP | [PEG](https://holderbook.com/stocks/PEG/) | $4.6M | 57,535 | 0.3% | 10 |
| GRIFFON CORP | [GFF](https://holderbook.com/stocks/GFF/) | $4.5M | 61,207 | 0.3% | 4 |

## 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 |
|---|---|---|---|---|
| Q4 2025 | +4.0% | +2.4% | +1.6% | 100% |
| Q3 2025 | +9.9% | +7.8% | +2.1% | 100% |
| Q2 2025 | +9.0% | +10.5% | -1.4% | 100% |
| Q1 2025 | -3.1% | -4.6% | +1.5% | 100% |
| Q4 2024 | +1.3% | +2.1% | -0.8% | 100% |
| Q3 2024 | +4.5% | +5.4% | -0.9% | 100% |
| Q2 2024 | +2.5% | +4.0% | -1.5% | 100% |
| Q1 2024 | +7.5% | +10.0% | -2.6% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q4 2025 | $1.5B | 318 |
| Q3 2025 | $1.5B | 326 |
| Q2 2025 | $1.6B | 324 |
| Q1 2025 | $1.5B | 318 |
| Q4 2024 | $1.6B | 324 |
| Q3 2024 | $1.6B | 330 |
| Q2 2024 | $1.6B | 328 |
| Q1 2024 | $1.6B | 337 |
| Q4 2023 | $1.5B | 333 |
| Q3 2023 | $1.4B | 326 |
| Q2 2023 | $1.4B | 340 |
| Q1 2023 | $1.3B | 314 |