SEC 13F Intelligence

Managers / Q4 2025

MERITAGE PORTFOLIO MANAGEMENT

CIK 0000881432 · 7500 COLLEGE BOULEVARD, SUITE 1212, OVERLAND PARK, KS, 66210 · 9133457057

Reported Value
$1.5B
Q4 2025
Positions
323
Filings on Record
29
2019–present window
Filed
Jan 27, 2026
original filing

Summary

Meritage Portfolio Management reported $1.5B in U.S.-listed holdings across 323 positions for Q4 2025.

Its largest position, GOOGL, represents 6.0% of the portfolio.

Compared with Q3 2025, the fund opened 19 new positions and exited 25.

Portfolio Metrics

Turnover
+9.0%
vs prior filed quarter
Top-10 Concentration
+32.2%
share of reported value
Largest Position
+6.0%
Alphabet
New / Exited
19 / 25
positions this quarter

Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded, with multiple share classes and repeated sub-manager rows for the same issuer combined into one position — the same rule the holdings table uses by default. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.

Reported Value by Quarter

13F Reported Value
Q4 ’18: $876MQ4 ’18Q1 ’19: $987MQ2 ’19: $982MQ3 ’19: $1.1BQ4 ’19: $1.1BQ4 ’19Q1 ’20: $737MQ2 ’20: $1.0BQ3 ’20: $1.1BQ4 ’20: $1.4BQ4 ’20Q1 ’21: $1.5BQ2 ’21: $1.7BQ3 ’21: $1.7BQ4 ’21: $1.8BQ4 ’21Q1 ’22: $1.6BQ2 ’22: $1.3BQ3 ’22: $1.2BQ1 ’23: $1MQ1 ’23Q2 ’23: $1MQ3 ’23: $1MQ4 ’23: $2MQ1 ’24: $2MQ1 ’24Q2 ’24: $2MQ3 ’24: $2MQ1 ’25: $1.5BQ2 ’25: $1.6BQ2 ’25Q3 ’25: $1.5BQ4 ’25: $1.5Bfilingsflow.com

Portfolio Composition

By security type
Common Stock: 77.9%ETP: 9.5%ADR: 8.5%REIT: 3.6%Ltd Part: 0.4%Other: 0.1%
  • Common Stock · 77.9% · $1.2B
  • ETP · 9.5% · $143M
  • ADR · 8.5% · $128M
  • REIT · 3.6% · $54M
  • Ltd Part · 0.4% · $6M
  • Other · 0.1% · $2M

Quarter-over-Quarter Changes full breakdown →

vs Q3 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
MCOMOODYS CORPNEW+19.7K19.7K+$10M$10M
LXPLXP INDUSTRIAL TRUSTNEW+110.1K110.1K+$5M$5M
VMIVALMONT INDUSTRIES INC.NEW+13.0K13.0K+$5M$5M
PRPERMIAN RESOURCES CORPNEW+347.9K347.9K+$5M$5M
RHHBYROCHE HLDG LTD SPONSORED ADRNEW+84.8K84.8K+$4M$4M
DUKDUKE ENERGY CORPNEW+34.3K34.3K+$4M$4M
TRPTC ENERGY CORPNEW+60.0K60.0K+$3M$3M
DTEDTE ENERGY CONEW+21.6K21.6K+$3M$3M

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q4 2025

320 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1GOOGLALPHABET INC CL ACOMMON6.00%$90M288.9K
2AAPLAPPLE INChistory →COMMON5.93%$89M328.5K
3MSFTMICROSOFT CORPhistory →COMMON4.54%$68M141.4K
4AVGOBROADCOM LTDhistory →COMMON4.49%$68M195.3K
5NVDANVIDIA CORPhistory →COMMON3.64%$55M293.7K
6AMZNAMAZON INChistory →COMMON2.25%$34M146.9K
7HSBCHSBC HOLDINGS PLChistory →COMMON1.54%$23M295.7K
8KLACKLA CORPORATIONhistory →COMMON1.38%$21M17.1K
9BABAALIBABA GROUP HOLDING LTD ADRhistory →COMMON1.28%$19M131.9K
10BKNGBOOKING HOLDINGS INChistory →COMMON1.18%$18M3.3K
11JPMJP MORGAN CHASE & COhistory →COMMON1.11%$17M52.1K
12REGNREGENERON PHARMACEUTICALShistory →COMMON1.05%$16M20.6K
13ASMLFASML HOLDING NVhistory →COMMON1.04%$16M14.6K
14METAMETA PLATFORMS INChistory →COMMON1.04%$16M23.6K
15JNJJOHNSON & JOHNSONhistory →COMMON1.03%$15M74.8K
16MAMASTERCARD INChistory →COMMON1.02%$15M27.0K
17CTSHCOGNIZANT TECH SOLUTIONS CL Ahistory →COMMON1.02%$15M185.8K
18BIDUBAIDU INChistory →COMMON1.02%$15M117.9K
19AMEAMETEK INChistory →COMMON0.91%$14M66.6K
20ORLYO'REILLY AUTOMOTIVE INChistory →COMMON0.88%$13M146.0K
21IVVISHARES S&P 500 INDEXhistory →OTHER EQUITIES0.87%$13M19.2K
22WSMWILLIAMS-SONOMA INChistory →COMMON0.87%$13M73.3K
23EXELEXELIXIS INC.history →COMMON0.84%$13M289.3K
24ETSYETSY INC.history →COMMON0.83%$12M225.3K
25IWFISHARES RUSSELL 1000 GROWTHhistory →OTHER EQUITIES0.82%$12M26.1K
26SPDR S&P 500 VALUE ETFOTHER EQUITIES0.80%$12M213.4K
27GSGOLDMAN SACHS GROUP INChistory →COMMON0.78%$12M13.4K
28VRTXVERTEX PHARMACEUTICALS INChistory →COMMON0.77%$12M25.4K
29BRK/BBERKSHIRE HATHAWAY INC CL BCOMMON0.73%$11M18.9K
30WFCWELLS FARGO COMPANYhistory →COMMON0.72%$11M116.6K
31TWLOTWILIOhistory →COMMON0.71%$11M75.1K
32LNGCHENIERE ENERGY INChistory →COMMON0.71%$11M54.7K
33SPYGSPDR S&P 500 GROWTH ETFhistory →OTHER EQUITIES0.70%$10M98.3K
34EOGEOG RESOURCES INChistory →COMMON0.69%$10M98.3K
35FHNFIRST HORIZON NATIONAL CORPhistory →COMMON0.67%$10M423.1K
36MCOMOODYS CORPhistory →COMMON0.67%$10M19.7K
37AYIACUITY INCCOMMON0.61%$9M25.7K
38PYPLPAYPAL HOLDINGS INCCOMMON0.61%$9M158.0K
39IGSBISHARES SHORT-TERM CORPORATE BOTHER EQUITIES0.61%$9M174.4K
40CDNSCADENCE DESIGN SYSTEMS INCCOMMON0.60%$9M29.0K
41SIEGYSIEMENS A G SPONSORED ADRCOMMON0.60%$9M64.2K
42ETRENTERGY CORPCOMMON0.59%$9M96.5K
43ABBVABBVIE INCCOMMON0.57%$9M37.8K
44ANETARISTA NETWORKSCOMMON0.57%$9M65.5K
45EBAYEBAY INCCOMMON0.55%$8M96.0K
46IBMINTL BUSINESS MACHINESCOMMON0.54%$8M27.3K
47XLUUTILITIES SELECT SECTOR SPDRCOMMON0.51%$8M180.8K
48FTNTFORTINET INC.COMMON0.50%$8M94.5K
49PNGAYPING AN INSURANCE GROUPCOMMON0.50%$7M444.5K
50PGPROCTER & GAMBLE COCOMMON0.49%$7M51.4K
51ADSKAUTODESK INCCOMMON0.47%$7M23.7K
52QCOMQUALCOMMCOMMON0.46%$7M40.9K
53RSRELIANCE INCCOMMON0.46%$7M24.2K
54ADBEADOBE INCCOMMON0.46%$7M20.0K
55TIGOMILLICOM INTL CELLULAR SACOMMON0.46%$7M124.7K
56PNCPNC FINANCIALCOMMON0.45%$7M32.8K
57USBUS BANCORPCOMMON0.45%$7M128.0K
58SPYS & P 500 DEPOSITARY RECEIPTOTHER EQUITIES0.45%$7M10.0K
59COSTCOSTCO WHOLESALE CORPCOMMON0.44%$7M7.7K
60EXMOCEXXON MOBIL CORPCOMMON0.43%$7M54.3K
61AFLAFLAC INCCOMMON0.43%$6M58.9K
62IWDISHARES RUSSELL 1000 VALUEOTHER EQUITIES0.42%$6M30.4K
63CHKPCHECK POINT SOFTWARE TECHCOMMON0.42%$6M34.1K
64GILDGILEAD SCIENCES INCCOMMON0.41%$6M49.9K
65DBXDROPBOX INC.COMMON0.40%$6M217.3K
66SNASNAP-ON INCCOMMON0.40%$6M17.5K
67PAGPPLAINS GP HOLDINGS LPCOMMON0.40%$6M314.4K
68CTRECARETRUST REIT INCCOMMON0.39%$6M164.1K
69EPRTESSENTIAL PROPERTIES REITCOMMON0.39%$6M199.3K
70BNPQYBNP PARIBAS ADRCOMMON0.39%$6M124.7K
71FNBFNB CORPCOMMON0.39%$6M345.5K
72HALOHALOZYME THERAPEUTICS, INC.COMMON0.39%$6M86.6K
73TPRTAPESTRY INCCOMMON0.39%$6M45.5K
74CARGCARGURUS INCCOMMON0.38%$6M150.6K
75VTIVANGUARD TOTAL STOCK MKT ETFOTHER EQUITIES0.38%$6M17.2K
76KOCOCA COLA COCOMMON0.37%$6M79.9K
77NOMDNOMAD FOODS LTDCOMMON0.37%$6M445.9K
78NWENORTHWESTERN ENERGY GROUP INC.COMMON0.37%$6M85.4K
79LXPLXP INDUSTRIAL TRUSTCOMMON0.36%$5M110.1K
80BTIBRITISH AMERICAN TOBACCO PLC ACOMMON0.36%$5M94.7K
81CMICUMMINS INCCOMMON0.35%$5M10.5K
82FITBFIFTH THIRD BANCORPCOMMON0.35%$5M112.9K
83VMIVALMONT INDUSTRIES INC.COMMON0.35%$5M13.0K
84UGIUGI CORPCOMMON0.34%$5M136.2K
85AMGNAMGENCOMMON0.34%$5M15.5K
86BPB P PLC-SPON ADRCOMMON0.33%$5M145.0K
87OTEXOPEN TEXT CORPCOMMON0.33%$5M154.2K
88GVIISHARES BARCLAYS INT GOVT/CREDOTHER EQUITIES0.33%$5M46.4K
89PSAPUBLIC STORAGE INCCOMMON0.33%$5M19.2K
90BMYBRISTOL-MYERS SQUIBBCOMMON0.33%$5M91.1K
91FISFIDELITY NATIONAL INFORMATIONCOMMON0.32%$5M73.5K
92PRPERMIAN RESOURCES CORPCOMMON0.32%$5M347.9K
93PHMPULTEGROUP INCCOMMON0.32%$5M41.3K
94NHINATIONAL HEALTH INVESTORSCOMMON0.32%$5M62.5K
95WPCW P CAREY & CO LLCCOMMON0.32%$5M73.8K
96NNGRYNN GROUP N.V.COMMON0.31%$5M121.1K
97SCHOSCHWAB SHORT-TERM U.S. TREASUROTHER EQUITIES0.31%$5M190.7K
98VBKVANGUARD SMALL CAP GROWTH ETFOTHER EQUITIES0.31%$5M15.4K
99PEGPUBLIC SERVICE ENTERPRISE GRPCOMMON0.31%$5M57.5K
100GFFGRIFFON CORPORATIONCOMMON0.30%$5M61.2K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q4 2025$1.5B323Jan 27, 202613F-HRchanges · EDGAR ↗
Q3 2025$1.5B329Oct 28, 202513F-HRchanges · EDGAR ↗
Q2 2025$1.6B327Jul 25, 202513F-HRchanges · EDGAR ↗
Q1 2025$1.5B322Apr 28, 202513F-HRchanges · EDGAR ↗
Q4 2024Under review329Jan 27, 202513F-HRchanges · EDGAR ↗
Q3 2024$2M337Nov 4, 202413F-HRchanges · EDGAR ↗
Q2 2024$2M335Aug 9, 202413F-HRchanges · EDGAR ↗
Q1 2024$2M345Apr 29, 202413F-HRchanges · EDGAR ↗
Q4 2023$2M340Feb 2, 202413F-HRchanges · EDGAR ↗
Q3 2023$1M332Oct 30, 202313F-HRchanges · EDGAR ↗
Q2 2023$1M345Jul 31, 202313F-HRchanges · EDGAR ↗
Q1 2023$1M318Apr 25, 202313F-HRchanges · EDGAR ↗
Q4 2022Under review315Feb 1, 202313F-HRchanges · EDGAR ↗
Q3 2022$1.2B307Oct 25, 202213F-HRchanges · EDGAR ↗
Q2 2022$1.3B307Jul 25, 202213F-HRchanges · EDGAR ↗
Q1 2022$1.6B337Apr 25, 202213F-HRchanges · EDGAR ↗
Q4 2021$1.8B338Jan 28, 202213F-HRchanges · EDGAR ↗
Q3 2021$1.7B318Oct 26, 202113F-HRchanges · EDGAR ↗
Q2 2021$1.7B303Jul 26, 202113F-HRchanges · EDGAR ↗
Q1 2021$1.5B288Apr 27, 202113F-HRchanges · EDGAR ↗
Q4 2020$1.4B257Feb 3, 202113F-HRchanges · EDGAR ↗
Q3 2020$1.1B229Oct 26, 202013F-HRchanges · EDGAR ↗
Q2 2020$1.0B211Jul 27, 202013F-HRchanges · EDGAR ↗
Q1 2020$737M185Apr 27, 202013F-HRchanges · EDGAR ↗
Q4 2019$1.1B233Jan 27, 202013F-HRchanges · EDGAR ↗
Q3 2019$1.1B238Oct 25, 201913F-HRchanges · EDGAR ↗
Q2 2019$982M229Jul 30, 201913F-HRchanges · EDGAR ↗
Q1 2019$987M188Apr 25, 201913F-HRchanges · EDGAR ↗
Q4 2018$876M180Jan 25, 201913F-HRchanges · EDGAR ↗

13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.