Meritage Portfolio Management

In its 13F for Q1 2024 (holdings as of March 31, 2024, filed April 29, 2024), Meritage Portfolio Management reported 343 stock positions worth $1.6 billion. Its top holding was Apple (AAPL) at 5.3% of the portfolio, followed by Microsoft (MSFT, 5.2%) and Alphabet Class A (GOOGL, 3.9%). Compared with Q4 2023, it opened 42 new positions, sold out of 37, added to 43 and reduced 216. The biggest buy was a new position in Alibaba Group Holding-SP ADR (BABA) and the biggest sale Apple (AAPL, shares −3%).

Most Recent 13F
Q4 2025
Location
OVERLAND PARK, KS
CIK
0000881432
Portfolio Value
$1.6B (Q1 2024)
SEC Filing
0000881432-24-000006 ↗ filed Apr 29, 2024

Holdings Value

0$500.0M$1.0B$1.5B$2.0B Q1 2024: $1.6B $1.6B Q1 2024 Q2 2024: $1.6B Q2 2024 Q3 2024: $1.6B Q3 2024 Q4 2024: $1.6B Q4 2024 Q1 2025: $1.5B Q1 2025 Q2 2025: $1.6B Q2 2025 Q3 2025: $1.5B Q3 2025 Q4 2025: $1.5B Q4 2025

Holdings 343 stocks · $1.6B
AAPL Apple Inc. 5.32% 486,125 $83.4M Reduce -3.4%
MSFT Microsoft Corp. 5.15% 191,995 $80.8M Reduce -11.6%
GOOGL Alphabet Inc. Class A 3.91% 405,717 $61.2M Reduce -3.8%
AVGO Broadcom Inc. 2.60% 30,718 $40.7M Reduce -10.8%
AMZN Amazon.com Inc. 2.00% 173,744 $31.3M Add +24.3%
NVO Novo-Nordisk A/S-Spons ADR 1.96% 239,200 $30.7M Reduce -4.0%
ASML ASML Holding NV-NY Reg SHS 1.70% 27,412 $26.6M Reduce -4.6%
CDNS Cadence Design SYS Inc. 1.64% 82,493 $25.7M Reduce -4.5%
FTNT Fortinet Inc. 1.59% 364,984 $24.9M Reduce -4.8%
LNG Cheniere Energy Inc. 1.37% 132,966 $21.4M Reduce -5.2%
PXD Pioneer Natural Resources Co. 1.23% 73,218 $19.2M Reduce -4.5%
MA Mastercard Inc. Class A 1.22% 39,647 $19.1M Reduce -3.2%
SPYV SS SPDR P S&P 500 Value ETF 1.15% 359,106 $18.0M Reduce -33.4%
AME Ametek Inc. 1.15% 98,135 $17.9M Reduce -25.6%
KLAC KLA Corp. 1.13% 25,246 $17.6M Reduce -5.2%
BKNG Booking Holdings Inc. 1.12% 4,818 $17.5M Reduce -3.1%
WSM Williams-Sonoma Inc. 1.10% 54,216 $17.2M Reduce -4.3%
VRTX Vertex Pharmaceuticals Inc. 1.00% 37,576 $15.7M Reduce -4.5%
ADBE Adobe Inc. 0.95% 29,357 $14.8M Reduce -4.3%
COR Cencora Inc. 0.91% 58,711 $14.3M Add +60.9%
BABA Alibaba Group Holding-SP ADR 0.90% 195,266 $14.1M New
VLTO Veralto Corp. 0.90% 158,390 $14.0M Add +598.3%
ANET Arista Networks Inc. 0.87% 46,891 $13.6M Reduce -4.6%
CHE Chemed Corp. 0.76% 18,506 $11.9M Reduce -4.2%
APA Apa Corp. 0.75% 341,148 $11.7M Add +150.3%
PHM Pultegroup Inc. 0.73% 95,085 $11.5M Reduce -6.7%
MBGYY Mercedes-Benz Group-Unsp ADR 0.73% 575,403 $11.4M Reduce -4.1%
JPM JPMorgan Chase & Co. 0.73% 56,760 $11.4M Reduce -5.9%
JNJ Johnson & Johnson 0.71% 70,126 $11.1M Add +27.0%
PG The Procter & Gamble Co. 0.68% 65,645 $10.7M Add +25.2%
IGSB iShares 1-5Y Inv Grade Corp. 0.67% 205,623 $10.5M Reduce -5.3%
EEFT Euronet Worldwide Inc. 0.67% 95,059 $10.4M New
RS Reliance Inc. 0.64% 29,945 $10.0M Reduce -6.7%
JAZZ Jazz Pharmaceuticals PLC 0.63% 82,537 $9.9M Reduce -2.9%
IVV iShares Core S&P 500 ETF 0.62% 18,470 $9.7M Add +1.0%
EXEL Exelixis Inc. 0.61% 406,037 $9.6M Reduce -3.9%
HSBC HSBC Holdings PLC-Spons ADR filed as HSBC HLDGS PLC 0.60% 237,569 $9.4M Reduce -4.1%
MCD McDonald's Corp. 0.60% 33,151 $9.3M Reduce -3.8%
IWF iShares Russell 1000 Growth 0.59% 27,552 $9.3M Reduce -0.1%
GWW WW Grainger Inc. filed as GRAINGER W W INC 0.59% 9,064 $9.2M Reduce -7.5%
PYPL PayPal Holdings Inc. 0.59% 137,109 $9.2M New
CSCO Cisco Systems Inc. 0.58% 182,277 $9.1M Add +49.2%
ADSK Autodesk Inc. 0.58% 34,835 $9.1M Reduce -3.9%
BRK.B Berkshire Hathaway Inc. Class B 0.58% 21,460 $9.0M Reduce -4.9%
AMAT Applied Materials Inc. 0.55% 41,800 $8.6M Reduce -6.3%
AYI Acuity Inc. 0.54% 31,666 $8.5M Reduce -6.5%
ACGL Arch Capital Group Ltd. 0.54% 91,457 $8.5M Add +17.5%
QCOM Qualcomm Inc. 0.54% 49,669 $8.4M Reduce -6.0%
WFC Wells Fargo & Co. 0.53% 144,171 $8.4M Reduce -6.3%
ORLY O'reilly Automotive Inc. 0.52% 7,251 $8.2M Reduce -3.7%
XOM Exxon Mobil Corp. 0.52% 70,323 $8.2M Add +32.8%
DBX Dropbox Inc. Class A 0.50% 323,256 $7.9M Reduce -5.6%
SPYG SS SPDR P S&P 500 Growth ETF 0.50% 106,126 $7.8M Reduce -6.4%
MTDR Matador Resources Co. 0.48% 112,179 $7.5M Add +38.5%
T AT&T Inc. 0.48% 424,370 $7.5M Add +158.9%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.47% 38,677 $7.4M Reduce -4.8%
UNH Unitedhealth Group Inc. 0.47% 14,898 $7.4M Reduce -6.0%
ETSY Etsy Inc. 0.47% 106,290 $7.3M New
AMGN Amgen Inc. 0.46% 25,490 $7.2M Reduce -6.1%
TPR Tapestry Inc. 0.45% 149,874 $7.1M Add +121.1%
GSK GSK PLC-Spon ADR 0.45% 165,510 $7.1M Reduce -6.5%
XLU St Sr Utl SL SE SPDR ETF-Usd 0.45% 108,077 $7.1M Reduce -6.3%
KR Kroger Co. 0.44% 121,673 $7.0M Reduce -6.5%
EXPD Expeditors Intl Wash Inc. 0.44% 57,078 $6.9M New
IHF iShares U.S. Healthcare Prov 0.44% 126,958 $6.9M New
CHKP Check Point Software Tech 0.44% 42,125 $6.9M Reduce -6.4%
NVDA Nvidia Corp. 0.44% 7,643 $6.9M Reduce -2.8%
COST Costco Wholesale Corp. 0.44% 9,380 $6.9M Add +2036.7%
XLF SS Financial Select Sector 0.43% 160,632 $6.8M New
SPY SS SPDR S&P 500 ETF Trust-US 0.42% 12,669 $6.6M Reduce -2.4%
SNA Snap-on Inc. 0.41% 21,837 $6.5M Add +37.6%
CRM Salesforce Inc. 0.41% 21,293 $6.4M Reduce -6.1%
TNET Trinet Group Inc. 0.41% 48,234 $6.4M Reduce -19.7%
ETR Entergy Corp. 0.40% 59,922 $6.3M Reduce -6.0%
EBAY eBay Inc. 0.40% 118,481 $6.3M Reduce -6.1%
ELV Elevance Health Inc. 0.39% 11,924 $6.2M Reduce -6.0%
FNB FNB Corp. 0.39% 434,842 $6.1M Reduce -6.3%
AFL Aflac Inc. 0.39% 71,090 $6.1M Reduce -5.9%
ABBV Abbvie Inc. 0.38% 33,014 $6.0M Add +624.3%
SEB Seaboard Corp. 0.37% 1,820 $5.9M No change
AXS Axis Capital Holdings Ltd. 0.37% 90,048 $5.9M Reduce -5.7%
EA Electronic Arts Inc. 0.37% 44,126 $5.9M Reduce -6.3%
EOG EOG Resources Inc. 0.37% 45,718 $5.8M Reduce -6.4%
FHN First Horizon Corp. 0.37% 375,700 $5.8M New
PM Philip Morris International 0.37% 62,635 $5.7M Reduce -5.6%
CMCSA Comcast Corp. Class A 0.36% 129,256 $5.6M Reduce -6.2%
RHHBY Roche Holdings Ltd.-Spons ADR 0.36% 174,714 $5.6M Add +186.9%
APLE Apple Hospitality REIT Inc. 0.35% 338,167 $5.5M Add +28.4%
GVI iShares Intermediate Governm 0.35% 53,270 $5.5M Reduce -1.2%
C Citigroup Inc. 0.35% 85,897 $5.4M Reduce -5.8%
PAGP Plains GP Holdings LP 0.33% 283,720 $5.2M Reduce -29.5%
FITB Fifth Third Bancorp 0.33% 138,676 $5.2M New
EG Everest Group Ltd. 0.33% 12,943 $5.1M New
WPC WP Carey Inc. 0.33% 90,578 $5.1M Reduce -5.6%
MRK Merck & Co. Inc. 0.32% 38,431 $5.1M Reduce -5.2%
BAESY Bae Systems PLC -Spon ADR 0.32% 72,973 $5.1M Reduce -5.5%
BHP BHP Group Ltd.-Spon ADR 0.32% 86,850 $5.0M Add +117.9%
LLY Eli Lilly & Co. 0.32% 6,425 $5.0M Add +0.8%
CVS CVS Health Corp. 0.32% 62,599 $5.0M Reduce -5.6%
LOW Lowe's Cos Inc. 0.32% 19,389 $4.9M Reduce -6.1%

Show all 343 holdings

Other holdings (1): bonds, preferreds, convertibles and warrants · $3.7M (not counted above)
SecurityClassShares / PrincipalValueChange
ALGONQUIN PWR & (AQNCN 7.75 06/15/24) UNIT 06/15/2024 173,902$3.7MReduce -5.8%

Total filed on the 13F, all lines: $1.6B.

Portfolio Sells Q4 2023 → Q1 2024
AAPL Apple Inc. Reduce -3.4% 5.32% −1.09
DHR Danaher Corp. Reduce -97.4% 0.03% −1.00
REMX Vaneck Rar Earth ND STG-Usdi Sold out 0.00% −0.76
HUM Humana Inc. Reduce -64.8% 0.25% −0.73
META Meta Platforms Inc. Class A Reduce -95.3% 0.05% −0.73
PAG Penske Automotive Group Inc. Sold out 0.00% −0.71
HOLX Hologic Inc. Sold out 0.00% −0.67
HSY The Hershey Co. Sold out 0.00% −0.59
SPYV SS SPDR P S&P 500 Value ETF Reduce -33.4% 1.15% −0.51
VRSN Verisign Inc. Sold out 0.00% −0.50
XOP SS SPDR S&P Og Exp & Prod Sold out 0.00% −0.49
DHI D.R. Horton Inc. Sold out 0.00% −0.46
VOYA Voya Financial Inc. Reduce -92.6% 0.03% −0.45
KHC The Kraft Heinz Co. Sold out 0.00% −0.35
LKQ LKQ Corp. Sold out 0.00% −0.33
AME Ametek Inc. Reduce -25.6% 1.15% −0.29
ADBE Adobe Inc. Reduce -4.3% 0.95% −0.26
LYB Lyondellbasell Indu Class A Sold out 0.00% −0.25
CWEN Clearway Energy Inc. Class C Sold out 0.00% −0.25
MSFT Microsoft Corp. Reduce -11.6% 5.15% −0.24
FLO Flowers Foods Inc. Sold out 0.00% −0.24
XME SS SPDR S&P Metals Mining Sold out 0.00% −0.24
COP Conocophillips Reduce -90.5% 0.03% −0.24
LYG Lloyds Banking Group PLC-ADR Sold out 0.00% −0.23
CCI Crown Castle Inc. Sold out 0.00% −0.21
LNG Cheniere Energy Inc. Reduce -5.2% 1.37% −0.21
KTB Kontoor Brands Inc. Reduce -52.7% 0.16% −0.20
PDCO Patterson Cos Inc. Sold out 0.00% −0.20
JCI Johnson Controls Internation Sold out 0.00% −0.18
DBX Dropbox Inc. Class A Reduce -5.6% 0.50% −0.17
KVUE Kenvue Inc. Sold out 0.00% −0.16
BNPQY BNP Paribas-ADR Sold out 0.00% −0.16
KDP Keurig Dr Pepper Inc. Reduce -33.4% 0.18% −0.13
GRMN Garmin Ltd. Reduce -45.9% 0.17% −0.11
FIS Fidelity National Info Serv Reduce -51.6% 0.14% −0.10
PAGP Plains GP Holdings LP Reduce -29.5% 0.33% −0.09
UL Unilever PLC Reduce -38.2% 0.15% −0.09
WPC WP Carey Inc. Reduce -5.6% 0.33% −0.08
UNH Unitedhealth Group Inc. Reduce -6.0% 0.47% −0.08
MCD McDonald's Corp. Reduce -3.8% 0.60% −0.08
HSBC HSBC Holdings PLC-Spons ADR Reduce -4.1% 0.60% −0.07
TNET Trinet Group Inc. Reduce -19.7% 0.41% −0.06
IGSB iShares 1-5Y Inv Grade Corp. Reduce -5.3% 0.67% −0.06
GILD Gilead Sciences Inc. Reduce -5.1% 0.29% −0.06
IVW iShares S&P 500 Growth ETF Sold out 0.00% −0.06
KLIC Kulicke & Soffa Industries Reduce -74.0% 0.02% −0.06
JAZZ Jazz Pharmaceuticals PLC Reduce -2.9% 0.63% −0.06
VRTX Vertex Pharmaceuticals Inc. Reduce -4.5% 1.00% −0.06
EXEL Exelixis Inc. Reduce -3.9% 0.61% −0.06
AMGN Amgen Inc. Reduce -6.1% 0.46% −0.05

Portfolio Buys Q4 2023 → Q1 2024
BABA Alibaba Group Holding-SP ADR New 0.90% +0.90
VLTO Veralto Corp. Add +598.3% 0.90% +0.77
EEFT Euronet Worldwide Inc. New 0.67% +0.67
AMZN Amazon.com Inc. Add +24.3% 2.00% +0.60
PYPL PayPal Holdings Inc. New 0.59% +0.59
ETSY Etsy Inc. New 0.47% +0.47
EXPD Expeditors Intl Wash Inc. New 0.44% +0.44
IHF iShares U.S. Healthcare Prov New 0.44% +0.44
XLF SS Financial Select Sector New 0.43% +0.43
APA Apa Corp. Add +150.3% 0.75% +0.43
COST Costco Wholesale Corp. Add +2036.7% 0.44% +0.42
COR Cencora Inc. Add +60.9% 0.91% +0.41
FHN First Horizon Corp. New 0.37% +0.37
ABBV Abbvie Inc. Add +624.3% 0.38% +0.34
FITB Fifth Third Bancorp New 0.33% +0.33
EG Everest Group Ltd. New 0.33% +0.33
T AT&T Inc. Add +158.9% 0.48% +0.29
TPR Tapestry Inc. Add +121.1% 0.45% +0.29
ADT Adt Inc. New 0.28% +0.28
APAM Artisan Partners Asset Ma -A New 0.27% +0.27
VRTS Virtus Investment Partners New 0.26% +0.26
PNC PNC Financial Services Group New 0.24% +0.24
KMB Kimberly-Clark Corp. New 0.23% +0.23
XP XP Inc. Class A New 0.22% +0.22
SLF Sun Life Financial Inc. New 0.22% +0.22
RHHBY Roche Holdings Ltd.-Spons ADR Add +186.9% 0.36% +0.21
UGI Ugi Corp. New 0.20% +0.20
WF Woori Financial-Spon ADR New 0.20% +0.20
TD Toronto-Dominion Bank New 0.18% +0.18
NNN NNN REIT Inc. New 0.18% +0.18
MTDR Matador Resources Co. Add +38.5% 0.48% +0.17
CSCO Cisco Systems Inc. Add +49.2% 0.58% +0.17
PG The Procter & Gamble Co. Add +25.2% 0.68% +0.17
SKM SK Telecom Co. Ltd.-Spon ADR New 0.17% +0.17
XOM Exxon Mobil Corp. Add +32.8% 0.52% +0.17
ACGL Arch Capital Group Ltd. Add +17.5% 0.54% +0.16
GTY Getty Realty Corp. New 0.15% +0.15
LADR Ladder Capital Corp.-REIT New 0.15% +0.15
BHP BHP Group Ltd.-Spon ADR Add +117.9% 0.32% +0.14
JNJ Johnson & Johnson Add +27.0% 0.71% +0.14
SNA Snap-on Inc. Add +37.6% 0.41% +0.11
VBK Van Morst SML-Cap Gro-Usd Inc. Add +68.7% 0.22% +0.09
NI Nisource Inc. Add +34.1% 0.29% +0.08
LLY Eli Lilly & Co. Add +0.8% 0.32% +0.07
APLE Apple Hospitality REIT Inc. Add +28.4% 0.35% +0.06
BRBR Bellring Brands Inc. New 0.06% +0.06
IVV iShares Core S&P 500 ETF Add +1.0% 0.62% +0.04
CNM Core & Main Inc. Class A New 0.04% +0.04
VTI VG Morningstar TS MKT ETF-US Add +5.8% 0.27% +0.03
WAL Western Alliance Bancorp New 0.03% +0.03

Notes & Other Activity Q4 2023 → Q1 2024
ALGONQUIN PWR & (AQNCN 7.75 06/15/24) UNIT 06/15/2024 Reduce -5.8% 173,902 $3.7M

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q4 2025 322$1.5BAAPL, GOOGL, MSFT, AVGO, NVDA
Q3 2025 328$1.5BAAPL, MSFT, GOOGL, AVGO, NVDA
Q2 2025 326$1.6BMSFT, AAPL, AVGO, GOOGL, NVDA
Q1 2025 321$1.5BAAPL, MSFT, GOOGL, AVGO, NVDA
Q4 2024 328$1.6BAAPL, MSFT, GOOGL, AVGO, NVDA
Q3 2024 336$1.6BAAPL, MSFT, GOOGL, AVGO, AMZN
Q2 2024 334$1.6BAAPL, MSFT, GOOGL, AVGO, AMZN
Q1 2024 343$1.6BAAPL, MSFT, GOOGL, AVGO, AMZN