Meritage Portfolio Management
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed April 28, 2025), Meritage Portfolio Management reported 321 stock positions worth $1.5 billion. Its top holding was Apple (AAPL) at 6.3% of the portfolio, followed by Microsoft (MSFT, 4.5%) and Alphabet Class A (GOOGL, 3.9%). Compared with Q4 2024, it opened 22 new positions, sold out of 29, added to 68 and reduced 189. The biggest buy was a new position in Public Storage (PSA) and the biggest sale Exxon Mobil (XOM, shares −72%).
- Most Recent 13F
- Q4 2025
- Location
- OVERLAND PARK, KS
- CIK
- 0000881432
- Portfolio Value
- $1.5B (Q1 2025)
- SEC Filing
- 0000881432-25-000006 ↗ filed Apr 28, 2025
Holdings Value
Holdings 321 stocks · $1.5B
| AAPL Apple Inc. | 6.30% | 427,833 | $95.0M | Reduce -1.9% |
| MSFT Microsoft Corp. | 4.51% | 181,058 | $68.0M | Reduce -2.2% |
| GOOGL Alphabet Inc. Class A | 3.90% | 380,342 | $58.8M | Reduce -2.6% |
| AVGO Broadcom Inc. | 2.90% | 261,463 | $43.8M | Reduce -2.2% |
| NVDA Nvidia Corp. | 2.78% | 386,854 | $41.9M | Add +34.4% |
| FTNT Fortinet Inc. | 2.16% | 337,878 | $32.5M | Reduce -2.4% |
| AMZN Amazon.com Inc. | 2.06% | 163,627 | $31.1M | Reduce -1.9% |
| BABA Alibaba Group Holding-SP ADR | 1.61% | 183,262 | $24.2M | Reduce -1.9% |
| BKNG Booking Holdings Inc. | 1.39% | 4,549 | $21.0M | Reduce -2.1% |
| MA Mastercard Inc. Class A | 1.34% | 36,956 | $20.3M | Reduce -2.2% |
| META Meta Platforms Inc. Class A | 1.23% | 32,176 | $18.5M | Reduce -0.8% |
| HSBC HSBC Holdings PLC-Spons ADR filed as HSBC HLDGS PLC | 1.18% | 310,347 | $17.8M | Reduce -2.7% |
| ASML ASML Holding NV-NY Reg SHS | 1.12% | 25,543 | $16.9M | Reduce -2.1% |
| VRTX Vertex Pharmaceuticals Inc. | 1.12% | 34,877 | $16.9M | Reduce -2.4% |
| WSM Williams-Sonoma Inc. | 1.06% | 101,242 | $16.0M | Reduce -2.3% |
| KLAC KLA Corp. | 1.06% | 23,542 | $16.0M | Reduce -2.4% |
| SPYV SS SPDR P S&P 500 Value ETF | 1.05% | 309,050 | $15.8M | Reduce -4.7% |
| AME Ametek Inc. | 1.05% | 91,681 | $15.8M | Reduce -2.1% |
| ETSY Etsy Inc. | 0.99% | 317,521 | $15.0M | Add +52.9% |
| EXEL Exelixis Inc. | 0.98% | 399,238 | $14.7M | Reduce -2.1% |
| JPM JPMorgan Chase & Co. | 0.98% | 60,006 | $14.7M | Add +11.1% |
| PYPL PayPal Holdings Inc. | 0.98% | 225,584 | $14.7M | Add +18.8% |
| LNG Cheniere Energy Inc. | 0.97% | 63,033 | $14.6M | Reduce -2.3% |
| VLTO Veralto Corp. | 0.96% | 147,939 | $14.4M | Reduce -2.3% |
| JNJ Johnson & Johnson | 0.92% | 83,885 | $13.9M | Reduce -2.1% |
| ANET Arista Networks Inc. | 0.90% | 174,573 | $13.5M | Reduce -2.1% |
| NVO Novo-Nordisk A/S-Spons ADR | 0.89% | 193,692 | $13.4M | Reduce -2.7% |
| EEFT Euronet Worldwide Inc. | 0.88% | 124,097 | $13.3M | Reduce -2.0% |
| IVV iShares Core S&P 500 ETF | 0.87% | 23,476 | $13.2M | Reduce -14.1% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.74% | 20,814 | $11.1M | Add +1.6% |
| ADBE Adobe Inc. | 0.70% | 27,430 | $10.5M | Reduce -2.5% |
| PG The Procter & Gamble Co. | 0.67% | 59,240 | $10.1M | Reduce -6.3% |
| CDNS Cadence Design SYS Inc. | 0.66% | 39,213 | $10.0M | Reduce -3.1% |
| FHN First Horizon Corp. | 0.65% | 501,048 | $9.7M | Reduce -1.9% |
| WFC Wells Fargo & Co. | 0.65% | 135,488 | $9.7M | Reduce -0.6% |
| ORLY O'reilly Automotive Inc. | 0.64% | 6,784 | $9.7M | Reduce -2.4% |
| ETR Entergy Corp. | 0.63% | 111,974 | $9.6M | Reduce -1.1% |
| IWF iShares Russell 1000 Growth | 0.63% | 26,471 | $9.6M | Reduce -0.9% |
| IGSB iShares 1-5Y Inv Grade Corp. | 0.63% | 180,889 | $9.5M | Reduce -2.6% |
| JAZZ Jazz Pharmaceuticals PLC | 0.62% | 75,803 | $9.4M | Add +14.4% |
| EOG EOG Resources Inc. | 0.60% | 71,093 | $9.1M | Reduce -1.5% |
| CHKP Check Point Software Tech | 0.60% | 39,573 | $9.0M | Reduce -1.0% |
| SPYG SS SPDR P S&P 500 Growth ETF | 0.58% | 108,282 | $8.7M | Reduce -7.8% |
| SIEGY Siemens AG-Spons ADR | 0.57% | 74,714 | $8.6M | Reduce -0.4% |
| ADSK Autodesk Inc. | 0.56% | 32,525 | $8.5M | Reduce -2.9% |
| TPR Tapestry Inc. | 0.56% | 120,161 | $8.5M | Reduce -0.4% |
| GS Goldman Sachs Group Inc. | 0.56% | 15,382 | $8.4M | Reduce -1.4% |
| COST Costco Wholesale Corp. | 0.55% | 8,742 | $8.3M | Reduce -2.0% |
| RS Reliance Inc. | 0.54% | 28,084 | $8.1M | Reduce -0.7% |
| DBX Dropbox Inc. Class A | 0.53% | 300,228 | $8.0M | Reduce -2.8% |
| XLU St Sr Utl SL SE SPDR ETF-Usd | 0.53% | 101,074 | $8.0M | Reduce -1.7% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.52% | 31,722 | $7.9M | Reduce -1.7% |
| AYI Acuity Inc. | 0.52% | 29,872 | $7.9M | Reduce -0.6% |
| EPRT Essential Properties Realty | 0.52% | 238,909 | $7.8M | Add +44.9% |
| EBAY eBay Inc. | 0.50% | 111,122 | $7.5M | Reduce -0.7% |
| AFL Aflac Inc. | 0.50% | 67,319 | $7.5M | Reduce -0.7% |
| INFA Informatica Inc. Class A | 0.49% | 419,438 | $7.3M | Reduce -1.9% |
| XOM Exxon Mobil Corp. | 0.49% | 61,508 | $7.3M | Reduce -72.4% |
| QCOM Qualcomm Inc. | 0.48% | 46,804 | $7.2M | Reduce -0.9% |
| T AT&T Inc. | 0.46% | 246,189 | $7.0M | Reduce -1.2% |
| SNA Snap-on Inc. | 0.46% | 20,383 | $6.9M | Reduce -1.1% |
| PSA Public Storage | 0.45% | 22,638 | $6.8M | New |
| ABBV Abbvie Inc. | 0.44% | 31,964 | $6.7M | Reduce -3.1% |
| RHHBY Roche Holdings Ltd.-Spons ADR | 0.44% | 162,546 | $6.7M | Reduce -0.3% |
| BNL Broadstone Net Lease Inc. | 0.44% | 386,997 | $6.6M | Add +33.9% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.44% | 11,740 | $6.6M | Reduce -9.1% |
| HALO Halozyme Therapeutics Inc. | 0.43% | 101,651 | $6.5M | New |
| BMY Bristol-Myers Squibb Co. | 0.43% | 105,946 | $6.5M | Reduce -0.5% |
| FIS Fidelity National Info Serv | 0.41% | 82,571 | $6.2M | Add +43.9% |
| GILD Gilead Sciences Inc. | 0.39% | 52,280 | $5.9M | Reduce -4.7% |
| KO The Coca-Cola Co. | 0.38% | 79,860 | $5.7M | Reduce -1.0% |
| PNGAY Ping An Insurance-ADR | 0.37% | 464,362 | $5.6M | Reduce -2.6% |
| BP BP PLC-Spons ADR | 0.37% | 163,147 | $5.5M | Add +54.8% |
| AMGN Amgen Inc. | 0.37% | 17,690 | $5.5M | Reduce -1.6% |
| FNB FNB Corp. | 0.36% | 407,752 | $5.5M | Reduce -2.2% |
| NWE Northwestern Energy Group Inc. | 0.36% | 94,489 | $5.5M | Add +62.7% |
| PEG Public Service Enterprise GP | 0.36% | 66,045 | $5.4M | Reduce -1.1% |
| MTDR Matador Resources Co. | 0.35% | 104,644 | $5.3M | Reduce -2.3% |
| ING ING Groep N.V.-Sponsored ADR | 0.35% | 270,269 | $5.3M | Reduce -1.2% |
| UGI Ugi Corp. | 0.34% | 156,510 | $5.2M | New |
| GVI iShares Intermediate Governm | 0.34% | 48,508 | $5.1M | Reduce -3.5% |
| PAGP Plains GP Holdings LP | 0.34% | 240,328 | $5.1M | Reduce -2.8% |
| FITB Fifth Third Bancorp | 0.34% | 130,590 | $5.1M | Reduce -1.6% |
| GFF Griffon Corp. | 0.33% | 70,067 | $5.0M | New |
| KR Kroger Co. | 0.33% | 73,879 | $5.0M | Reduce -1.1% |
| EVRG Evergy Inc. | 0.33% | 72,447 | $5.0M | Reduce -4.0% |
| PHM Pultegroup Inc. | 0.33% | 48,285 | $5.0M | Reduce -1.5% |
| SEB Seaboard Corp. | 0.33% | 1,820 | $4.9M | No change |
| WPC WP Carey Inc. | 0.32% | 77,144 | $4.9M | Reduce -2.8% |
| IWD iShares Russell 1000 Value E | 0.32% | 25,870 | $4.9M | Reduce -5.9% |
| NVS Novartis AG-Sponsored ADR | 0.32% | 43,558 | $4.9M | Reduce -1.7% |
| ACGL Arch Capital Group Ltd. | 0.32% | 50,417 | $4.8M | Reduce -2.2% |
| PM Philip Morris International | 0.32% | 30,071 | $4.8M | Reduce -14.3% |
| SCHO Schwab Short-Term US Treas | 0.31% | 191,425 | $4.7M | Reduce -6.3% |
| VTI VG Morningstar TS MKT ETF-US | 0.31% | 16,949 | $4.7M | Add +16.5% |
| AXS Axis Capital Holdings Ltd. | 0.31% | 46,404 | $4.7M | Reduce -42.5% |
| E Eni SPA-Sponsored ADR | 0.31% | 150,200 | $4.6M | Add +102.9% |
| SHEL Shell PLC-ADR | 0.31% | 63,103 | $4.6M | Add +107.6% |
| SKM SK Telecom Co. Ltd.-Spon ADR | 0.31% | 216,563 | $4.6M | Reduce -2.5% |
| BKH Black Hills Corp. | 0.30% | 73,829 | $4.5M | Add +44.8% |
Portfolio Sells Q4 2024 → Q1 2025
| XOM Exxon Mobil Corp. | Reduce -72.4% | 0.49% | −1.00 |
| AVGO Broadcom Inc. | Reduce -2.2% | 2.90% | −0.94 |
| COR Cencora Inc. | Reduce -95.8% | 0.04% | −0.74 |
| GOOGL Alphabet Inc. Class A | Reduce -2.6% | 3.90% | −0.69 |
| AAPL Apple Inc. | Reduce -1.9% | 6.30% | −0.47 |
| CRM Salesforce Inc. | Reduce -90.7% | 0.03% | −0.39 |
| EA Electronic Arts Inc. | Sold out | 0.00% | −0.38 |
| HBM Hudbay Minerals Inc. | Sold out | 0.00% | −0.36 |
| MSFT Microsoft Corp. | Reduce -2.2% | 4.51% | −0.34 |
| GSK GSK PLC-Spon ADR | Sold out | 0.00% | −0.33 |
| ANET Arista Networks Inc. | Reduce -2.1% | 0.90% | −0.33 |
| GWW WW Grainger Inc. | Reduce -94.3% | 0.02% | −0.32 |
| MRK Merck & Co. Inc. | Reduce -95.1% | 0.02% | −0.32 |
| APLE Apple Hospitality REIT Inc. | Sold out | 0.00% | −0.31 |
| AMAT Applied Materials Inc. | Sold out | 0.00% | −0.30 |
| XLE SS Energy Select Sector | Sold out | 0.00% | −0.27 |
| CVX Chevron Corp. | Reduce -85.9% | 0.05% | −0.26 |
| NTAP Netapp Inc. | Reduce -39.0% | 0.25% | −0.25 |
| AMZN Amazon.com Inc. | Reduce -1.9% | 2.06% | −0.21 |
| INFA Informatica Inc. Class A | Reduce -1.9% | 0.49% | −0.20 |
| NVO Novo-Nordisk A/S-Spons ADR | Reduce -2.7% | 0.89% | −0.17 |
| LLY Eli Lilly & Co. | Reduce -52.1% | 0.17% | −0.14 |
| STRL Sterling Infrastructure Inc. | Sold out | 0.00% | −0.14 |
| AXS Axis Capital Holdings Ltd. | Reduce -42.5% | 0.31% | −0.13 |
| WSM Williams-Sonoma Inc. | Reduce -2.3% | 1.06% | −0.13 |
| AGNC AGNC Investment Corp. | Sold out | 0.00% | −0.12 |
| IVV iShares Core S&P 500 ETF | Reduce -14.1% | 0.87% | −0.12 |
| CDNS Cadence Design SYS Inc. | Reduce -3.1% | 0.66% | −0.09 |
| WF Woori Financial-Spon ADR | Reduce -38.1% | 0.22% | −0.09 |
| SWI Solarwinds Corp. | Sold out | 0.00% | −0.09 |
| BKE The Buckle Inc. | Sold out | 0.00% | −0.08 |
| PFBC Preferred Bank/Los Angeles | Sold out | 0.00% | −0.08 |
| ADBE Adobe Inc. | Reduce -2.5% | 0.70% | −0.08 |
| EXTR Extreme Networks Inc. | Sold out | 0.00% | −0.07 |
| WPP WPP PLC-Sponsored ADR | Reduce -2.3% | 0.22% | −0.07 |
| SPYG SS SPDR P S&P 500 Growth ETF | Reduce -7.8% | 0.58% | −0.06 |
| CP Canadian Pacific Kansas City | Sold out | 0.00% | −0.05 |
| VRTS Virtus Investment Partners | Reduce -2.1% | 0.23% | −0.05 |
| ADSK Autodesk Inc. | Reduce -2.9% | 0.56% | −0.05 |
| DBX Dropbox Inc. Class A | Reduce -2.8% | 0.53% | −0.04 |
| BKNG Booking Holdings Inc. | Reduce -2.1% | 1.39% | −0.04 |
| SIG Signet Jewelers Ltd. | Sold out | 0.00% | −0.04 |
| EXP Eagle Materials Inc. | Sold out | 0.00% | −0.04 |
| CDP Copt Defense Properties | Sold out | 0.00% | −0.04 |
| COLL Collegium Pharmaceutical Inc. | Sold out | 0.00% | −0.04 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -9.1% | 0.44% | −0.03 |
| IWF iShares Russell 1000 Growth | Reduce -0.9% | 0.63% | −0.03 |
| BECN Beacon Roofing Supply Inc. | Sold out | 0.00% | −0.03 |
| CBZ Cbiz Inc. | Reduce -44.4% | 0.03% | −0.03 |
| ARCB Arcbest Corp. | Sold out | 0.00% | −0.02 |
Portfolio Buys Q4 2024 → Q1 2025
| PSA Public Storage | New | 0.45% | +0.45 |
| HALO Halozyme Therapeutics Inc. | New | 0.43% | +0.43 |
| NVDA Nvidia Corp. | Add +34.4% | 2.78% | +0.38 |
| UGI Ugi Corp. | New | 0.34% | +0.34 |
| GFF Griffon Corp. | New | 0.33% | +0.33 |
| ETSY Etsy Inc. | Add +52.9% | 0.99% | +0.31 |
| BNPQY BNP Paribas-ADR | New | 0.24% | +0.24 |
| NHI Natl Health Investors Inc. | New | 0.21% | +0.21 |
| EPRT Essential Properties Realty | Add +44.9% | 0.52% | +0.20 |
| SHEL Shell PLC-ADR | Add +107.6% | 0.31% | +0.19 |
| CORT Corcept Therapeutics Inc. | Add +22.2% | 0.28% | +0.18 |
| E Eni SPA-Sponsored ADR | Add +102.9% | 0.31% | +0.18 |
| JPM JPMorgan Chase & Co. | Add +11.1% | 0.98% | +0.17 |
| BP BP PLC-Spons ADR | Add +54.8% | 0.37% | +0.17 |
| NWE Northwestern Energy Group Inc. | Add +62.7% | 0.36% | +0.17 |
| BRK.B Berkshire Hathaway Inc. Class B | Add +1.6% | 0.74% | +0.16 |
| OSPN Onespan Inc. | New | 0.16% | +0.16 |
| BNL Broadstone Net Lease Inc. | Add +33.9% | 0.44% | +0.15 |
| GTX Garrett Motion Inc. | New | 0.14% | +0.14 |
| SON Sonoco Products Co. | New | 0.14% | +0.14 |
| FIS Fidelity National Info Serv | Add +43.9% | 0.41% | +0.12 |
| RCI Rogers Communications Inc. Class B | New | 0.12% | +0.12 |
| JAZZ Jazz Pharmaceuticals PLC | Add +14.4% | 0.62% | +0.12 |
| BKH Black Hills Corp. | Add +44.8% | 0.30% | +0.11 |
| NNN NNN REIT Inc. | Add +41.8% | 0.23% | +0.08 |
| RMBS Rambus Inc. | Add +63.2% | 0.14% | +0.06 |
| HPQ HP Inc. | Add +37.8% | 0.26% | +0.05 |
| VTI VG Morningstar TS MKT ETF-US | Add +16.5% | 0.31% | +0.05 |
| CTRE Caretrust REIT Inc. | New | 0.05% | +0.05 |
| ADEA Adeia Inc. | New | 0.04% | +0.04 |
| CLBT Cellebrite Di Ltd. | Add +102.5% | 0.08% | +0.04 |
| FHI Federated Hermes Inc. | Add +100.7% | 0.06% | +0.03 |
| SLM SLM Corp. | New | 0.03% | +0.03 |
| SCHF Schwab Intl Equity ETF | New | 0.03% | +0.03 |
| SCHA Schwab US Small-Cap ETF | New | 0.03% | +0.03 |
| TGT Target Corp. | Add +42.6% | 0.20% | +0.03 |
| KTB Kontoor Brands Inc. | Add +43.8% | 0.22% | +0.03 |
| ZION Zions Bancorp NA | New | 0.03% | +0.03 |
| LQDT Liquidity Services Inc. | New | 0.03% | +0.03 |
| REZI Resideo Technologies Inc. | New | 0.02% | +0.02 |
| SUPN Supernus Pharmaceuticals Inc. | Add +22.1% | 0.13% | +0.02 |
| SLV iShares Silver Trust | Add +0.5% | 0.09% | +0.02 |
| VCEB Vanguard ESG US Corp. Bond | New | 0.02% | +0.02 |
| CPRX Catalyst Pharmaceuticals Inc. | Add +4.2% | 0.08% | +0.02 |
| AGQ Proshares Ultra Silver | New | 0.02% | +0.02 |
| PBH Prestige Consumer Healthcare | Add +6.8% | 0.08% | +0.02 |
| BOKF Bok Financial Corporation | Add +45.6% | 0.04% | +0.01 |
| COKE Coca-Cola Consolidated Inc. | Add +5.8% | 0.08% | +0.01 |
| OGE Oge Energy Corp. | Add +23.4% | 0.04% | +0.01 |
| EXC Exelon Corp. | New | 0.01% | +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 |