Meritage Portfolio Management
OVERLAND PARK, KS
$1.5bn in 322 US stocks at the end of 31 December 2025. The top 10 are 32.1% of the money. It changed about 9.2% of the portfolio this quarter.
Value
$1.5bn
Stocks
322
Top 10 share
32.1%
Turnover
9.2%
What changed this quarter
New
Bought for the first time this quarter.
- Moody'sMCO0.7% of the fund
- LXP Industrial TrustLXP0.4% of the fund
- Valmont IndustriesVMI0.3% of the fund
- Permian ResourcesPR0.3% of the fund
- Roche Hldgs AG BaselRHHBY0.3% of the fund
- Duke EnergyDUK0.3% of the fund
- TC EnergyTRP0.2% of the fund
- DTE EnergyDTE0.2% of the fund
- Schwab Strategic TRSCHD<0.1% of the fund
- Lam ResearchLRCX<0.1% of the fund
- Etfs Gold TRSGOL<0.1% of the fund
- MerckMRK<0.1% of the fund
- Coterra EnergyCTRA<0.1% of the fund
- Flexshares TRIQDF<0.1% of the fund
- Steel DynamicsSTLD<0.1% of the fund
- Ishares TREFA<0.1% of the fund
- RTXRTX<0.1% of the fund
- VS Trust<0.1% of the fund
- Greenfirst Forest ProductsICLTF<0.1% of the fund
Added
Bought more of a stock they already held.
- O'Reilly AutomotiveORLY0.9% of the fund+89%
- EOG ResourcesEOG0.7% of the fund+55%
- Berkshire HathawayBRK-B0.6% of the fund+4%
- Ishares TRIGSB0.6% of the fund+3%
- Plains GP Holdings LPPAGP0.4% of the fund+36%
- BNP ParibasBNPQY0.4% of the fund+46%
- CarGurusCARG0.4% of the fund+4%
- Nomad FoodsNOMD0.4% of the fund+30%
- Open TextOTEX0.3% of the fund+17%
- Bristol-Myers SquibbBMY0.3% of the fund+1328%
- National Health InvestorsNHI0.3% of the fund+48%
- Schwab Strategic TRSCHO0.3% of the fund+2%
- NNN ReitNNN0.3% of the fund+40%
- SLB LimitedSLB0.3% of the fund+46%
- Getty RealtyGTY0.3% of the fund+31%
- Ishares TRIGIB0.3% of the fund+2%
- Honeywell InternationalHON0.2% of the fund+754%
- Automatic Data ProcessingADP0.2% of the fund+662%
- PrologisPLD0.2% of the fund+46%
- Global IndustrialGIC0.2% of the fund+35%
- Schwab Strategic TRSCHR0.2% of the fund+5%
- Lockheed MartinLMT0.2% of the fund+950%
- OneSpanOSPN0.2% of the fund+40%
- Vanguard World FDESGV0.2% of the fund+8%
- Itau Unibanco Hldg S AITUB0.2% of the fund+2%
Cut
Sold some of their stake.
- BroadcomAVGO4.5% of the fund-3%
- KLAKLAC1.4% of the fund-2%
- Alibaba Group HldgBABA1.3% of the fund-3%
- JPMorgan ChaseJPM1.1% of the fund-3%
- Johnson & JohnsonJNJ1.0% of the fund-3%
- MastercardMA1.0% of the fund-2%
- Williams SonomaWSM0.9% of the fund-2%
- ExelixisEXEL0.8% of the fund-2%
- EtsyETSY0.8% of the fund-3%
- Goldman Sachs GroupGS0.8% of the fund-3%
- Wells Fargo & CompanyWFC0.7% of the fund-3%
- Cheniere EnergyLNG0.7% of the fund-2%
- Spdr Series TrustSPYG0.7% of the fund-3%
- First HorizonFHN0.7% of the fund-4%
- Acuity Inc. (de)AYI0.6% of the fund-3%
- PayPal HoldingsPYPL0.6% of the fund-5%
- Siemens A G - ADRSIEGY0.6% of the fund-3%
- EntergyETR0.6% of the fund-3%
- AbbVieABBV0.6% of the fund-3%
- Arista NetworksANET0.6% of the fund-33%
- eBayEBAY0.6% of the fund-3%
- International Business MachinesIBM0.5% of the fund-3%
- Select Sector Spdr TRXLU0.5% of the fund-3%
- FortinetFTNT0.5% of the fund-32%
- Procter & GamblePG0.5% of the fund-4%
Sold out
Sold their entire stake.
- Euronet WorldwideEEFT-100%
- LXP Industrial TrustLXP-100%
- Eastman ChemicalEMN-100%
- Everest GroupEG-100%
- Kimberly-ClarkKMB-100%
- Suncor EnergySU-100%
- Omnicom GroupOMC-100%
- SpireSR-100%
- H2O AmericaHTO-100%
- Resideo TechnologiesREZI-100%
- Champion HomesSKY-100%
- MercadoLibreMELI-100%
- Four Corners Property TrustFCPT-100%
- Korn FerryKFY-100%
- NetflixNFLX-100%
- DanaherDHR-100%
- Horizon BancorpHBNC-100%
- PfizerPFE-100%
- Charter CommunicationsCHTR-100%
- Novo Nordisk A SNVO-100%
- SM EnergySM-100%
- ExelonEXC-100%
- BlackRockBLK-100%
- UnitilUTL-100%
- InModeINMD-100%
Holdings
- Alibaba Group HldgBABA
- Share
- 1.3%
- Value
- $19m
- Shares
- 131,873
-3%
- BaiduBIDU
- Share
- 1.0%
- Value
- $15m
- Shares
- 117,856
Held
- Ishares TRIVV
- Share
- 0.9%
- Value
- $13m
- Shares
- 19,200
Held
- Ishares TRIWF
- Share
- 0.8%
- Value
- $12m
- Shares
- 26,066
Held
- Spdr Series TrustSPYV
- Share
- 0.8%
- Value
- $12m
- Shares
- 213,397
Held
- Spdr Series TrustSPYG
- Share
- 0.7%
- Value
- $10m
- Shares
- 98,308
-3%
- Ishares TRIGSB
- Share
- 0.6%
- Value
- $9m
- Shares
- 174,405
+3%
- Siemens A G - ADRSIEGY
- Share
- 0.6%
- Value
- $9m
- Shares
- 64,192
-3%
- Select Sector Spdr TRXLU
- Share
- 0.5%
- Value
- $8m
- Shares
- 180,774
-3%
- Ping An Insurance (Group) Co. of ChinaPNGAY
- Share
- 0.5%
- Value
- $7m
- Shares
- 444,493
Held
- State STR Spdr S&P 500 ETF TSPY
- Share
- 0.5%
- Value
- $7m
- Shares
- 9,966
-7%
- Ishares TRIWD
- Share
- 0.4%
- Value
- $6m
- Shares
- 30,371
-39%
- BNP ParibasBNPQY
- Share
- 0.4%
- Value
- $6m
- Shares
- 124,654
+46%
- Vanguard Index FDSVTI
- Share
- 0.4%
- Value
- $6m
- Shares
- 17,188
Held
- Ishares TRGVI
- Share
- 0.3%
- Value
- $5m
- Shares
- 46,408
Held
- NN Group N V Unsponsod ADRNNGRY
- Share
- 0.3%
- Value
- $5m
- Shares
- 121,135
Held
- Schwab Strategic TRSCHO
- Share
- 0.3%
- Value
- $5m
- Shares
- 190,711
+2%
- Vanguard Index FDSVBK
- Share
- 0.3%
- Value
- $5m
- Shares
- 15,374
-4%
| Company | Share of fund | Value | Shares | Change |
|---|---|---|---|---|
| AppleAAPL | 5.9% | $89m | 328,546 | Held |
| AlphabetGOOGL | 5.9% | $89m | 283,124 | Held |
| MicrosoftMSFT | 4.5% | $68m | 141,424 | Held |
| BroadcomAVGO | 4.5% | $68m | 195,333 | -3% |
| NvidiaNVDA | 3.6% | $55m | 293,708 | Held |
| Amazon.comAMZN | 2.3% | $34m | 146,937 | Held |
| HSBC HoldingsHSBC | 1.5% | $23m | 295,700 | Held |
| KLAKLAC | 1.4% | $21m | 17,142 | -2% |
| Alibaba Group HldgBABA | 1.3% | $19m | 131,873 | -3% |
| Booking HoldingsBKNG | 1.2% | $18m | 3,308 | Held |
| JPMorgan ChaseJPM | 1.1% | $17m | 52,137 | -3% |
| Regeneron PharmaceuticalsREGN | 1.1% | $16m | 20,580 | Held |
| ASML Holding NVASML | 1.0% | $16m | 14,638 | Held |
| Meta PlatformsMETA | 1.0% | $16m | 23,639 | Held |
| Johnson & JohnsonJNJ | 1.0% | $15m | 74,789 | -3% |
| MastercardMA | 1.0% | $15m | 27,037 | -2% |
| Cognizant Technology SolutionsCTSH | 1.0% | $15m | 185,849 | Held |
| BaiduBIDU | 1.0% | $15m | 117,856 | Held |
| AmetekAME | 0.9% | $14m | 66,604 | Held |
| O'Reilly AutomotiveORLY | 0.9% | $13m | 146,040 | +89% |
| Ishares TRIVV | 0.9% | $13m | 19,200 | Held |
| Williams SonomaWSM | 0.9% | $13m | 73,323 | -2% |
| ExelixisEXEL | 0.8% | $13m | 289,279 | -2% |
| EtsyETSY | 0.8% | $12m | 225,283 | -3% |
| Ishares TRIWF | 0.8% | $12m | 26,066 | Held |
| Spdr Series TrustSPYV | 0.8% | $12m | 213,397 | Held |
| Goldman Sachs GroupGS | 0.8% | $12m | 13,356 | -3% |
| Vertex PharmaceuticalsVRTX | 0.8% | $12m | 25,438 | Held |
| Wells Fargo & CompanyWFC | 0.7% | $11m | 116,616 | -3% |
| TwilioTWLO | 0.7% | $11m | 75,081 | Held |
| Cheniere EnergyLNG | 0.7% | $11m | 54,717 | -2% |
| Spdr Series TrustSPYG | 0.7% | $10m | 98,308 | -3% |
| EOG ResourcesEOG | 0.7% | $10m | 98,339 | +55% |
| First HorizonFHN | 0.7% | $10m | 423,143 | -4% |
| Moody'sMCO | 0.7% | $10m | 19,679 | New |
| Berkshire HathawayBRK-B | 0.6% | $10m | 18,945 | +4% |
| Acuity Inc. (de)AYI | 0.6% | $9m | 25,733 | -3% |
| PayPal HoldingsPYPL | 0.6% | $9m | 158,015 | -5% |
| Ishares TRIGSB | 0.6% | $9m | 174,405 | +3% |
| Cadence Design SystemsCDNS | 0.6% | $9m | 28,964 | Held |
| Siemens A G - ADRSIEGY | 0.6% | $9m | 64,192 | -3% |
| EntergyETR | 0.6% | $9m | 96,528 | -3% |
| AbbVieABBV | 0.6% | $9m | 37,798 | -3% |
| Arista NetworksANET | 0.6% | $9m | 65,524 | -33% |
| eBayEBAY | 0.6% | $8m | 95,973 | -3% |
| International Business MachinesIBM | 0.5% | $8m | 27,262 | -3% |
| Select Sector Spdr TRXLU | 0.5% | $8m | 180,774 | -3% |
| FortinetFTNT | 0.5% | $8m | 94,455 | -32% |
| Ping An Insurance (Group) Co. of ChinaPNGAY | 0.5% | $7m | 444,493 | Held |
| Procter & GamblePG | 0.5% | $7m | 51,376 | -4% |
| AutodeskADSK | 0.5% | $7m | 23,747 | -2% |
| QualcommQCOM | 0.5% | $7m | 40,938 | -3% |
| RelianceRS | 0.5% | $7m | 24,207 | -3% |
| AdobeADBE | 0.5% | $7m | 19,975 | Held |
| Millicom International Cellular SATIGO | 0.5% | $7m | 124,666 | -3% |
| PNC Financial Services GroupPNC | 0.5% | $7m | 32,803 | Held |
| US BancorpUSB | 0.5% | $7m | 127,991 | Held |
| State STR Spdr S&P 500 ETF TSPY | 0.5% | $7m | 9,966 | -7% |
| Costco WholesaleCOST | 0.4% | $7m | 7,701 | -2% |
| ExxonMobil HoldingsXOM | 0.4% | $7m | 54,340 | -2% |
| AflacAFL | 0.4% | $6m | 58,897 | -3% |
| Ishares TRIWD | 0.4% | $6m | 30,371 | -39% |
| Check Point Software TechnologiesCHKP | 0.4% | $6m | 34,081 | -4% |
| Gilead SciencesGILD | 0.4% | $6m | 49,853 | Held |
| DropboxDBX | 0.4% | $6m | 217,336 | Held |
| Snap-onSNA | 0.4% | $6m | 17,502 | -3% |
| Plains GP Holdings LPPAGP | 0.4% | $6m | 314,420 | +36% |
| CareTrust REITCTRE | 0.4% | $6m | 164,064 | -4% |
| Essential Properties Realty TrustEPRT | 0.4% | $6m | 199,338 | -5% |
| BNP ParibasBNPQY | 0.4% | $6m | 124,654 | +46% |
| FNBFNB | 0.4% | $6m | 345,478 | -4% |
| Halozyme TherapeuticsHALO | 0.4% | $6m | 86,552 | -4% |
| TapestryTPR | 0.4% | $6m | 45,468 | -5% |
| CarGurusCARG | 0.4% | $6m | 150,614 | +4% |
| Vanguard Index FDSVTI | 0.4% | $6m | 17,188 | Held |
| Coca-ColaKO | 0.4% | $6m | 79,902 | Held |
| Nomad FoodsNOMD | 0.4% | $6m | 445,889 | +30% |
| NorthWestern Energy GroupNWE | 0.4% | $6m | 85,370 | -3% |
| LXP Industrial TrustLXP | 0.4% | $5m | 110,105 | New |
| British American Tobacco p.l.c.BTI | 0.4% | $5m | 94,693 | Held |
| CumminsCMI | 0.4% | $5m | 10,459 | Held |
| Fifth Third BancorpFITB | 0.4% | $5m | 112,889 | -3% |
| Valmont IndustriesVMI | 0.3% | $5m | 12,977 | New |
| UGIUGI | 0.3% | $5m | 136,203 | -3% |
| AmgenAMGN | 0.3% | $5m | 15,490 | -3% |
| BPBP | 0.3% | $5m | 145,044 | -2% |
| Open TextOTEX | 0.3% | $5m | 154,162 | +17% |
| Ishares TRGVI | 0.3% | $5m | 46,408 | Held |
| Public StoragePSA | 0.3% | $5m | 19,158 | -6% |
| Bristol-Myers SquibbBMY | 0.3% | $5m | 91,145 | +1328% |
| Fidelity National Information ServicesFIS | 0.3% | $5m | 73,536 | Held |
| Permian ResourcesPR | 0.3% | $5m | 347,924 | New |
| PultegroupPHM | 0.3% | $5m | 41,259 | -3% |
| National Health InvestorsNHI | 0.3% | $5m | 62,512 | +48% |
| W. P. CareyWPC | 0.3% | $5m | 73,770 | Held |
| NN Group N V Unsponsod ADRNNGRY | 0.3% | $5m | 121,135 | Held |
| Schwab Strategic TRSCHO | 0.3% | $5m | 190,711 | +2% |
| Vanguard Index FDSVBK | 0.3% | $5m | 15,374 | -4% |
| Public Service Enterprise GroupPEG | 0.3% | $5m | 57,535 | -3% |
| GriffonGFF | 0.3% | $5m | 61,207 | -3% |
Showing the largest 100 of 322.
Over time and by industry
Value over time
Jun '25
Dec '25
Value is down 4.6% since 30 June 2025.
Where the money is
Technology29.3%
Financial services13.0%
Media & telecom7.9%
Retail & consumer7.8%
Health care6.6%
Industrials6.1%
Energy3.5%
Real estate3.3%
Utilities3.2%
Everyday goods2.8%
Materials0.7%
Other15.9%
From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.