Meritage Portfolio Management
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed January 27, 2025), Meritage Portfolio Management reported 328 stock positions worth $1.6 billion. Its top holding was Apple (AAPL) at 6.8% of the portfolio, followed by Microsoft (MSFT, 4.8%) and Alphabet Class A (GOOGL, 4.6%). Compared with Q3 2024, it opened 15 new positions, sold out of 23, added to 101 and reduced 166. The biggest buy was Meta Platforms Class A (META, shares +1736%) and the biggest sale an exit from Humana (HUM).
- Most Recent 13F
- Q4 2025
- Location
- OVERLAND PARK, KS
- CIK
- 0000881432
- Portfolio Value
- $1.6B (Q4 2024)
- SEC Filing
- 0000881432-25-000002 ↗ filed Jan 27, 2025
Holdings Value
Holdings 328 stocks · $1.6B
| AAPL Apple Inc. | 6.77% | 435,930 | $109.2M | Reduce -8.3% |
| MSFT Microsoft Corp. | 4.84% | 185,126 | $78.0M | Reduce -1.7% |
| GOOGL Alphabet Inc. Class A | 4.59% | 390,385 | $73.9M | Reduce -2.0% |
| AVGO Broadcom Inc. | 3.85% | 267,358 | $62.0M | Reduce -2.2% |
| NVDA Nvidia Corp. | 2.40% | 287,811 | $38.7M | Add +23.5% |
| AMZN Amazon.com Inc. | 2.27% | 166,874 | $36.6M | Reduce -2.4% |
| FTNT Fortinet Inc. | 2.03% | 346,316 | $32.7M | Reduce -2.5% |
| XOM Exxon Mobil Corp. | 1.49% | 222,732 | $24.0M | Reduce -4.8% |
| BKNG Booking Holdings Inc. | 1.43% | 4,647 | $23.1M | Reduce -1.6% |
| MA Mastercard Inc. Class A | 1.23% | 37,780 | $19.9M | Reduce -2.5% |
| ANET Arista Networks Inc. | 1.22% | 178,351 | $19.7M | Reduce -2.3% |
| WSM Williams-Sonoma Inc. | 1.19% | 103,632 | $19.2M | Reduce -2.2% |
| META Meta Platforms Inc. Class A | 1.18% | 32,445 | $19.0M | Add +1736.2% |
| ASML ASML Holding NV-NY Reg SHS | 1.12% | 26,091 | $18.1M | Reduce -2.3% |
| NVO Novo-Nordisk A/S-Spons ADR | 1.06% | 199,087 | $17.1M | Reduce -2.3% |
| AME Ametek Inc. | 1.05% | 93,699 | $16.9M | Reduce -2.2% |
| SPYV SS SPDR P S&P 500 Value ETF | 1.03% | 324,253 | $16.6M | Add +42.4% |
| PYPL PayPal Holdings Inc. | 1.01% | 189,957 | $16.2M | Add +41.5% |
| IVV iShares Core S&P 500 ETF | 1.00% | 27,324 | $16.1M | Add +43.0% |
| BABA Alibaba Group Holding-SP ADR | 0.98% | 186,747 | $15.8M | Reduce -2.2% |
| HSBC HSBC Holdings PLC-Spons ADR filed as HSBC HLDGS PLC | 0.98% | 318,825 | $15.8M | Add +5.6% |
| VLTO Veralto Corp. | 0.96% | 151,388 | $15.4M | Reduce -2.2% |
| KLAC KLA Corp. | 0.94% | 24,117 | $15.2M | Reduce -2.1% |
| VRTX Vertex Pharmaceuticals Inc. | 0.89% | 35,739 | $14.4M | Reduce -2.1% |
| LNG Cheniere Energy Inc. | 0.86% | 64,525 | $13.9M | Reduce -2.5% |
| EXEL Exelixis Inc. | 0.84% | 407,749 | $13.6M | Reduce -1.4% |
| EEFT Euronet Worldwide Inc. | 0.81% | 126,679 | $13.0M | Reduce -2.8% |
| JPM JPMorgan Chase & Co. | 0.80% | 53,999 | $12.9M | Reduce -1.8% |
| COR Cencora Inc. | 0.78% | 56,159 | $12.6M | Reduce -2.0% |
| ADBE Adobe Inc. | 0.78% | 28,141 | $12.5M | Reduce -1.8% |
| JNJ Johnson & Johnson | 0.77% | 85,729 | $12.4M | Add +6.7% |
| CDNS Cadence Design SYS Inc. | 0.75% | 40,485 | $12.2M | Reduce -2.5% |
| INFA Informatica Inc. Class A | 0.69% | 427,710 | $11.1M | Reduce -2.4% |
| ETSY Etsy Inc. | 0.68% | 207,620 | $11.0M | Reduce -21.6% |
| IWF iShares Russell 1000 Growth | 0.67% | 26,705 | $10.7M | Reduce -0.6% |
| PG The Procter & Gamble Co. | 0.66% | 63,188 | $10.6M | Reduce -1.4% |
| SPYG SS SPDR P S&P 500 Growth ETF | 0.64% | 117,389 | $10.3M | Add +15.9% |
| FHN First Horizon Corp. | 0.64% | 510,862 | $10.3M | Reduce -0.9% |
| ADSK Autodesk Inc. | 0.61% | 33,505 | $9.9M | Reduce -2.0% |
| IGSB iShares 1-5Y Inv Grade Corp. | 0.60% | 185,673 | $9.6M | Reduce -1.2% |
| WFC Wells Fargo & Co. | 0.59% | 136,269 | $9.6M | Reduce -2.0% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.58% | 20,484 | $9.3M | Reduce -1.2% |
| DBX Dropbox Inc. Class A | 0.58% | 308,782 | $9.3M | Reduce -2.1% |
| GS Goldman Sachs Group Inc. | 0.55% | 15,594 | $8.9M | Reduce -1.4% |
| EOG EOG Resources Inc. | 0.55% | 72,150 | $8.8M | Reduce -1.2% |
| AYI Acuity Inc. | 0.54% | 30,049 | $8.8M | Reduce -1.6% |
| ETR Entergy Corp. | 0.53% | 113,166 | $8.6M | Reduce -2.1% |
| ORLY O'reilly Automotive Inc. | 0.51% | 6,947 | $8.2M | Reduce -2.1% |
| COST Costco Wholesale Corp. | 0.51% | 8,924 | $8.2M | Reduce -1.8% |
| JAZZ Jazz Pharmaceuticals PLC | 0.51% | 66,274 | $8.2M | Reduce -17.8% |
| NTAP Netapp Inc. | 0.50% | 69,381 | $8.1M | Add +129.1% |
| TPR Tapestry Inc. | 0.49% | 120,676 | $7.9M | Reduce -1.9% |
| XLU St Sr Utl SL SE SPDR ETF-Usd | 0.48% | 102,867 | $7.8M | Reduce -1.9% |
| RS Reliance Inc. | 0.47% | 28,276 | $7.6M | Reduce -1.9% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.47% | 12,915 | $7.6M | Add +2.0% |
| CHKP Check Point Software Tech | 0.46% | 39,967 | $7.5M | Reduce -1.6% |
| QCOM Qualcomm Inc. | 0.45% | 47,219 | $7.3M | Reduce -2.0% |
| SIEGY Siemens AG-Spons ADR | 0.45% | 74,997 | $7.3M | Reduce -1.9% |
| AXS Axis Capital Holdings Ltd. | 0.44% | 80,628 | $7.1M | Reduce -4.9% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.44% | 32,276 | $7.1M | Reduce -13.3% |
| AFL Aflac Inc. | 0.44% | 67,821 | $7.0M | Reduce -1.5% |
| SNA Snap-on Inc. | 0.43% | 20,617 | $7.0M | Reduce -2.1% |
| EBAY eBay Inc. | 0.43% | 111,869 | $6.9M | Reduce -2.0% |
| CRM Salesforce Inc. | 0.43% | 20,609 | $6.9M | Reduce -2.1% |
| FNB FNB Corp. | 0.38% | 417,056 | $6.2M | Reduce -1.2% |
| EA Electronic Arts Inc. | 0.38% | 42,050 | $6.2M | Reduce -1.2% |
| MTDR Matador Resources Co. | 0.37% | 107,074 | $6.0M | Reduce -1.8% |
| BMY Bristol-Myers Squibb Co. | 0.37% | 106,426 | $6.0M | Reduce -1.7% |
| ABBV Abbvie Inc. | 0.36% | 32,999 | $5.9M | Reduce -1.6% |
| HBM Hudbay Minerals Inc. | 0.36% | 716,678 | $5.8M | Reduce -2.3% |
| RHHBY Roche Holdings Ltd.-Spons ADR | 0.35% | 162,980 | $5.7M | Reduce -3.6% |
| T AT&T Inc. | 0.35% | 249,109 | $5.7M | Reduce -2.0% |
| PEG Public Service Enterprise GP | 0.35% | 66,773 | $5.6M | Reduce -2.1% |
| FITB Fifth Third Bancorp | 0.35% | 132,686 | $5.6M | Reduce -1.3% |
| PNGAY Ping An Insurance-ADR | 0.34% | 476,848 | $5.6M | Reduce -6.2% |
| GWW WW Grainger Inc. filed as GRAINGER W W INC | 0.34% | 5,179 | $5.5M | Reduce -24.8% |
| MRK Merck & Co. Inc. | 0.33% | 54,222 | $5.4M | Add +52.6% |
| PHM Pultegroup Inc. | 0.33% | 49,034 | $5.3M | Reduce -1.1% |
| GSK GSK PLC-Spon ADR | 0.33% | 157,102 | $5.3M | Reduce -1.6% |
| GVI iShares Intermediate Governm | 0.33% | 50,255 | $5.2M | Reduce -4.5% |
| EPRT Essential Properties Realty | 0.32% | 164,915 | $5.2M | Reduce -2.1% |
| IWD iShares Russell 1000 Value E | 0.32% | 27,502 | $5.1M | Add +1.4% |
| GILD Gilead Sciences Inc. | 0.31% | 54,876 | $5.1M | Reduce -6.4% |
| APLE Apple Hospitality REIT Inc. | 0.31% | 328,076 | $5.0M | Reduce -0.8% |
| KO The Coca-Cola Co. | 0.31% | 80,668 | $5.0M | Add +0.5% |
| CVX Chevron Corp. | 0.31% | 34,427 | $5.0M | Reduce -5.3% |
| WF Woori Financial-Spon ADR | 0.31% | 159,018 | $5.0M | Reduce -6.6% |
| LLY Eli Lilly & Co. | 0.31% | 6,430 | $5.0M | Add +0.0% |
| SCHO Schwab Short-Term US Treas | 0.30% | 204,227 | $4.9M | Add +5.2% |
| APAM Artisan Partners Asset Ma -A | 0.30% | 112,379 | $4.8M | Reduce -6.7% |
| AMAT Applied Materials Inc. | 0.30% | 29,554 | $4.8M | Reduce -1.8% |
| ACGL Arch Capital Group Ltd. | 0.30% | 51,542 | $4.8M | Reduce -1.9% |
| AMGN Amgen Inc. | 0.29% | 17,970 | $4.7M | Reduce -27.0% |
| SKM SK Telecom Co. Ltd.-Spon ADR | 0.29% | 222,170 | $4.7M | Add +24.5% |
| EVRG Evergy Inc. | 0.29% | 75,435 | $4.6M | Reduce -6.0% |
| FIS Fidelity National Info Serv | 0.29% | 57,368 | $4.6M | New |
| VRTS Virtus Investment Partners | 0.29% | 20,973 | $4.6M | Reduce -6.0% |
| CMCSA Comcast Corp. Class A | 0.29% | 123,006 | $4.6M | Reduce -1.6% |
| BNL Broadstone Net Lease Inc. | 0.28% | 289,105 | $4.6M | Reduce -2.3% |
| WPP WPP PLC-Sponsored ADR | 0.28% | 89,140 | $4.6M | Reduce -5.9% |
Portfolio Sells Q3 2024 → Q4 2024
| HUM Humana Inc. | Sold out | 0.00% | −0.59 |
| APA Apa Corp. | Sold out | 0.00% | −0.50 |
| EXPD Expeditors Intl Wash Inc. | Sold out | 0.00% | −0.45 |
| NVO Novo-Nordisk A/S-Spons ADR | Reduce -2.3% | 1.06% | −0.42 |
| ELV Elevance Health Inc. | Reduce -88.9% | 0.03% | −0.34 |
| UNH Unitedhealth Group Inc. | Reduce -71.0% | 0.10% | −0.30 |
| BABA Alibaba Group Holding-SP ADR | Reduce -2.2% | 0.98% | −0.26 |
| SON Sonoco Products Co. | Sold out | 0.00% | −0.24 |
| ASML ASML Holding NV-NY Reg SHS | Reduce -2.3% | 1.12% | −0.24 |
| ZURVY Zurich Insurance Group-ADR | Sold out | 0.00% | −0.23 |
| KOF Coca-Cola Femsa Sab-SP ADR | Sold out | 0.00% | −0.23 |
| KLAC KLA Corp. | Reduce -2.1% | 0.94% | −0.23 |
| ETSY Etsy Inc. | Reduce -21.6% | 0.68% | −0.22 |
| XP XP Inc. Class A | Sold out | 0.00% | −0.21 |
| AMGN Amgen Inc. | Reduce -27.0% | 0.29% | −0.20 |
| UPS United Parcel Service Class B | Sold out | 0.00% | −0.19 |
| XOM Exxon Mobil Corp. | Reduce -4.8% | 1.49% | −0.19 |
| AQN Algonquin Power & Utilities | Sold out | 0.00% | −0.18 |
| E Eni SPA-Sponsored ADR | Reduce -55.0% | 0.13% | −0.18 |
| NI Nisource Inc. | Reduce -55.4% | 0.16% | −0.17 |
| SHEL Shell PLC-ADR | Reduce -55.9% | 0.12% | −0.16 |
| WEC WEC Energy Group Inc. | Reduce -50.6% | 0.15% | −0.16 |
| VRTX Vertex Pharmaceuticals Inc. | Reduce -2.1% | 0.89% | −0.15 |
| ADBE Adobe Inc. | Reduce -1.8% | 0.78% | −0.13 |
| WMT Walmart Inc. | Reduce -50.8% | 0.16% | −0.13 |
| MSFT Microsoft Corp. | Reduce -1.7% | 4.84% | −0.12 |
| PHM Pultegroup Inc. | Reduce -1.1% | 0.33% | −0.10 |
| VLTO Veralto Corp. | Reduce -2.2% | 0.96% | −0.10 |
| GWW WW Grainger Inc. | Reduce -24.8% | 0.34% | −0.10 |
| BA The Boeing Co. | Reduce -87.6% | 0.01% | −0.09 |
| TIMB Tim SA-ADR | Reduce -8.0% | 0.14% | −0.08 |
| ABEV Ambev SA-ADR | Reduce -5.7% | 0.21% | −0.08 |
| AMAT Applied Materials Inc. | Reduce -1.8% | 0.30% | −0.07 |
| YOU Clear Secure Inc. Class A | Sold out | 0.00% | −0.07 |
| UMBF Umb Financial Corp. | Reduce -54.4% | 0.07% | −0.07 |
| GSK GSK PLC-Spon ADR | Reduce -1.6% | 0.33% | −0.07 |
| EMN Eastman Chemical Co. | Reduce -3.2% | 0.27% | −0.07 |
| ACGL Arch Capital Group Ltd. | Reduce -1.9% | 0.30% | −0.06 |
| WF Woori Financial-Spon ADR | Reduce -6.6% | 0.31% | −0.06 |
| IBM Intl Business Machines Corp. | Reduce -13.3% | 0.44% | −0.06 |
| LXP LXP Industrial Trust | Reduce -7.0% | 0.20% | −0.06 |
| RHHBY Roche Holdings Ltd.-Spons ADR | Reduce -3.6% | 0.35% | −0.06 |
| BNL Broadstone Net Lease Inc. | Reduce -2.3% | 0.28% | −0.06 |
| RIVN Rivian Automotive Inc. Class A | Sold out | 0.00% | −0.06 |
| WPC WP Carey Inc. | Reduce -6.8% | 0.27% | −0.06 |
| INTC Intel Corp. | Sold out | 0.00% | −0.06 |
| SLYV SS SPDR S&P 600 SC Val ETF | Reduce -72.2% | 0.02% | −0.05 |
| NVS Novartis AG-Sponsored ADR | Reduce -2.9% | 0.27% | −0.05 |
| HBM Hudbay Minerals Inc. | Reduce -2.3% | 0.36% | −0.05 |
| QCOM Qualcomm Inc. | Reduce -2.0% | 0.45% | −0.05 |
Portfolio Buys Q3 2024 → Q4 2024
| META Meta Platforms Inc. Class A | Add +1736.2% | 1.18% | +1.12 |
| NVDA Nvidia Corp. | Add +23.5% | 2.40% | +0.67 |
| PYPL PayPal Holdings Inc. | Add +41.5% | 1.01% | +0.36 |
| IVV iShares Core S&P 500 ETF | Add +43.0% | 1.00% | +0.32 |
| SPYV SS SPDR P S&P 500 Value ETF | Add +42.4% | 1.03% | +0.29 |
| FIS Fidelity National Info Serv | New | 0.29% | +0.29 |
| NTAP Netapp Inc. | Add +129.1% | 0.50% | +0.27 |
| XLE SS Energy Select Sector | New | 0.27% | +0.27 |
| MDT Medtronic PLC | New | 0.20% | +0.20 |
| TROW T Rowe Price Group Inc. | New | 0.17% | +0.17 |
| HSBC HSBC Holdings PLC-Spons ADR | Add +5.6% | 0.98% | +0.14 |
| SPYG SS SPDR P S&P 500 Growth ETF | Add +15.9% | 0.64% | +0.13 |
| AGNC AGNC Investment Corp. | New | 0.12% | +0.12 |
| MRK Merck & Co. Inc. | Add +52.6% | 0.33% | +0.09 |
| SWI Solarwinds Corp. | Add +245.0% | 0.09% | +0.06 |
| ING ING Groep N.V.-Sponsored ADR | Add +47.6% | 0.27% | +0.06 |
| PFBC Preferred Bank/Los Angeles | Add +223.2% | 0.08% | +0.06 |
| RMBS Rambus Inc. | Add +84.3% | 0.08% | +0.05 |
| SIG Signet Jewelers Ltd. | New | 0.04% | +0.04 |
| GDDY GoDaddy Inc. Class A | Add +7.4% | 0.14% | +0.04 |
| ALSN Allison Transmission Holding | Add +8.9% | 0.18% | +0.03 |
| SKM SK Telecom Co. Ltd.-Spon ADR | Add +24.5% | 0.29% | +0.03 |
| GIL Gildan Activewear Inc. | New | 0.03% | +0.03 |
| AMCR Amcor PLC | Add +32.9% | 0.27% | +0.03 |
| BOKF Bok Financial Corporation | New | 0.03% | +0.03 |
| BRBR Bellring Brands Inc. | Add +7.3% | 0.11% | +0.03 |
| CASH Pathward Financial Inc. | New | 0.03% | +0.03 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +2.0% | 0.47% | +0.02 |
| EME Emcor Group Inc. | Add +8.1% | 0.18% | +0.02 |
| FIX Comfort Systems USA Inc. | Add +7.5% | 0.16% | +0.02 |
| SUPN Supernus Pharmaceuticals Inc. | Add +8.8% | 0.11% | +0.02 |
| SGOV iShares 0-3 Month Treasury B | New | 0.02% | +0.02 |
| V Visa Inc. Class A | New | 0.02% | +0.02 |
| VOYA Voya Financial Inc. | Add +65.6% | 0.06% | +0.02 |
| BKE The Buckle Inc. | Add +9.1% | 0.08% | +0.02 |
| CORT Corcept Therapeutics Inc. | Add +10.3% | 0.09% | +0.02 |
| MLI Mueller Industries Inc. | Add +7.4% | 0.11% | +0.02 |
| CBSH Commerce Bancshares Inc. | Add +5.0% | 0.15% | +0.02 |
| SCHR Schwab Intermediate-Term US | Add +14.1% | 0.16% | +0.02 |
| SCHG Schwab US Large-Cap Growth | Add +2.3% | 0.16% | +0.02 |
| AGX Argan Inc. | Add +7.4% | 0.04% | +0.01 |
| DVY iShares Select Dividend ETF | New | 0.01% | +0.01 |
| SCHO Schwab Short-Term US Treas | Add +5.2% | 0.30% | +0.01 |
| IJH iShares Core S&P Midcap ETF | New | 0.01% | +0.01 |
| ATEN A10 Networks Inc. | Add +12.4% | 0.04% | +0.01 |
| FTDR Frontdoor Inc. | Add +7.4% | 0.07% | +0.01 |
| VBR Vngrd Mrngst SL-CP Val ETF-U | New | 0.01% | +0.01 |
| EMR Emerson Electric Co. | New | 0.01% | +0.01 |
| CLBT Cellebrite Di Ltd. | Add +7.4% | 0.04% | +0.01 |
| EXTR Extreme Networks Inc. | Add +7.4% | 0.07% | +0.01 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q4 2025 | 322 | $1.5B | AAPL, GOOGL, MSFT, AVGO, NVDA |
| Q3 2025 | 328 | $1.5B | AAPL, MSFT, GOOGL, AVGO, NVDA |
| Q2 2025 | 326 | $1.6B | MSFT, AAPL, AVGO, GOOGL, NVDA |
| Q1 2025 | 321 | $1.5B | AAPL, MSFT, GOOGL, AVGO, NVDA |
| Q4 2024 | 328 | $1.6B | AAPL, MSFT, GOOGL, AVGO, NVDA |
| Q3 2024 | 336 | $1.6B | AAPL, MSFT, GOOGL, AVGO, AMZN |
| Q2 2024 | 334 | $1.6B | AAPL, MSFT, GOOGL, AVGO, AMZN |
| Q1 2024 | 343 | $1.6B | AAPL, MSFT, GOOGL, AVGO, AMZN |