Meritage Portfolio Management
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 25, 2025), Meritage Portfolio Management reported 326 stock positions worth $1.6 billion. Its top holding was Microsoft (MSFT) at 5.4% of the portfolio, followed by Apple (AAPL, 5.3%) and Broadcom (AVGO, 4.4%). Compared with Q1 2025, it opened 30 new positions, sold out of 25, added to 72 and reduced 183. The biggest buy was Schwab US Large-Cap Growth (SCHG, shares +779%) and the biggest sale Apple (AAPL, shares −5%).
- Most Recent 13F
- Q4 2025
- Location
- OVERLAND PARK, KS
- CIK
- 0000881432
- Portfolio Value
- $1.6B (Q2 2025)
- SEC Filing
- 0000881432-25-000011 ↗ filed Jul 25, 2025
Holdings Value
Holdings 326 stocks · $1.6B
| MSFT Microsoft Corp. | 5.42% | 172,159 | $85.6M | Reduce -4.9% |
| AAPL Apple Inc. | 5.30% | 408,343 | $83.8M | Reduce -4.6% |
| AVGO Broadcom Inc. | 4.37% | 250,392 | $69.0M | Reduce -4.2% |
| GOOGL Alphabet Inc. Class A | 3.99% | 357,914 | $63.1M | Reduce -5.9% |
| NVDA Nvidia Corp. | 3.19% | 319,052 | $50.4M | Reduce -17.5% |
| AMZN Amazon.com Inc. | 2.18% | 157,071 | $34.5M | Reduce -4.0% |
| FTNT Fortinet Inc. | 1.66% | 248,436 | $26.3M | Reduce -26.5% |
| BKNG Booking Holdings Inc. | 1.57% | 4,297 | $24.9M | Reduce -5.5% |
| SCHG Schwab US Large-Cap Growth | 1.39% | 750,774 | $21.9M | Add +778.6% |
| KLAC KLA Corp. | 1.25% | 22,073 | $19.8M | Reduce -6.2% |
| BABA Alibaba Group Holding-SP ADR | 1.24% | 172,796 | $19.6M | Reduce -5.7% |
| MA Mastercard Inc. Class A | 1.23% | 34,552 | $19.4M | Reduce -6.5% |
| META Meta Platforms Inc. Class A | 1.21% | 25,889 | $19.1M | Reduce -19.5% |
| ASML ASML Holding NV-NY Reg SHS | 1.18% | 23,294 | $18.7M | Reduce -8.8% |
| HSBC HSBC Holdings PLC-Spons ADR filed as HSBC HLDGS PLC | 1.14% | 295,652 | $18.0M | Reduce -4.7% |
| JPM JPMorgan Chase & Co. | 1.08% | 58,953 | $17.1M | Reduce -1.8% |
| ANET Arista Networks Inc. | 1.06% | 163,362 | $16.7M | Reduce -6.4% |
| EXEL Exelixis Inc. | 1.05% | 377,727 | $16.6M | Reduce -5.4% |
| WSM Williams-Sonoma Inc. | 0.98% | 95,119 | $15.5M | Reduce -6.0% |
| AME Ametek Inc. | 0.98% | 85,654 | $15.5M | Reduce -6.6% |
| IWD iShares Russell 1000 Value E | 0.97% | 78,691 | $15.3M | Add +204.2% |
| PYPL PayPal Holdings Inc. | 0.94% | 198,845 | $14.8M | Reduce -11.8% |
| VRTX Vertex Pharmaceuticals Inc. | 0.93% | 32,943 | $14.7M | Reduce -5.5% |
| LNG Cheniere Energy Inc. | 0.92% | 59,514 | $14.5M | Reduce -5.6% |
| BIDU Baidu Inc. - Spon ADR | 0.83% | 152,533 | $13.1M | New |
| ETSY Etsy Inc. | 0.81% | 253,965 | $12.7M | Reduce -20.0% |
| JNJ Johnson & Johnson | 0.78% | 80,925 | $12.4M | Reduce -3.5% |
| IVV iShares Core S&P 500 ETF | 0.76% | 19,361 | $12.0M | Reduce -17.5% |
| SPYV SS SPDR P S&P 500 Value ETF | 0.74% | 223,607 | $11.7M | Reduce -27.6% |
| CDNS Cadence Design SYS Inc. | 0.73% | 37,186 | $11.5M | Reduce -5.2% |
| IWF iShares Russell 1000 Growth | 0.69% | 25,698 | $10.9M | Reduce -2.9% |
| GS Goldman Sachs Group Inc. | 0.68% | 15,200 | $10.8M | Reduce -1.2% |
| WFC Wells Fargo & Co. | 0.68% | 133,112 | $10.7M | Reduce -1.8% |
| FHN First Horizon Corp. | 0.67% | 500,519 | $10.6M | Reduce -0.1% |
| EEFT Euronet Worldwide Inc. | 0.67% | 104,630 | $10.6M | Reduce -15.7% |
| NVO Novo-Nordisk A/S-Spons ADR | 0.67% | 152,650 | $10.5M | Reduce -21.2% |
| TPR Tapestry Inc. | 0.65% | 117,566 | $10.3M | Reduce -2.2% |
| SPYG SS SPDR P S&P 500 Growth ETF | 0.62% | 102,713 | $9.8M | Reduce -5.1% |
| ADBE Adobe Inc. | 0.61% | 25,105 | $9.7M | Reduce -8.5% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.60% | 19,622 | $9.5M | Reduce -5.7% |
| ADSK Autodesk Inc. | 0.60% | 30,742 | $9.5M | Reduce -5.5% |
| SIEGY Siemens AG-Spons ADR | 0.60% | 73,323 | $9.4M | Reduce -1.9% |
| IGSB iShares 1-5Y Inv Grade Corp. | 0.59% | 177,325 | $9.4M | Reduce -2.0% |
| PG The Procter & Gamble Co. | 0.58% | 57,966 | $9.2M | Reduce -2.1% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.58% | 31,312 | $9.2M | Reduce -1.3% |
| ETR Entergy Corp. | 0.58% | 110,317 | $9.2M | Reduce -1.5% |
| AYI Acuity Inc. | 0.55% | 29,317 | $8.7M | Reduce -1.9% |
| ORLY O'reilly Automotive Inc. | 0.55% | 96,300 | $8.7M | Reduce -5.4% |
| RS Reliance Inc. | 0.55% | 27,626 | $8.7M | Reduce -1.6% |
| CHKP Check Point Software Tech | 0.55% | 38,991 | $8.6M | Reduce -1.5% |
| COST Costco Wholesale Corp. | 0.54% | 8,662 | $8.6M | Reduce -0.9% |
| EOG EOG Resources Inc. | 0.53% | 70,091 | $8.4M | Reduce -1.4% |
| XLU St Sr Utl SL SE SPDR ETF-Usd | 0.52% | 100,839 | $8.2M | Reduce -0.2% |
| EBAY eBay Inc. | 0.52% | 109,693 | $8.2M | Reduce -1.3% |
| DBX Dropbox Inc. Class A | 0.51% | 283,152 | $8.1M | Reduce -5.7% |
| EPRT Essential Properties Realty | 0.48% | 238,577 | $7.6M | Reduce -0.1% |
| QCOM Qualcomm Inc. | 0.47% | 46,142 | $7.3M | Reduce -1.4% |
| T AT&T Inc. | 0.44% | 242,193 | $7.0M | Reduce -1.6% |
| AFL Aflac Inc. | 0.44% | 66,417 | $7.0M | Reduce -1.3% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.43% | 11,057 | $6.8M | Reduce -5.8% |
| FIS Fidelity National Info Serv | 0.42% | 82,005 | $6.7M | Reduce -0.7% |
| PSA Public Storage | 0.42% | 22,526 | $6.6M | Reduce -0.5% |
| NOMD Nomad Foods Ltd. | 0.42% | 388,430 | $6.6M | New |
| XOM Exxon Mobil Corp. | 0.42% | 60,859 | $6.6M | Reduce -1.1% |
| JAZZ Jazz Pharmaceuticals PLC | 0.41% | 61,020 | $6.5M | Reduce -19.5% |
| SNA Snap-on Inc. | 0.40% | 20,083 | $6.2M | Reduce -1.5% |
| BNL Broadstone Net Lease Inc. | 0.39% | 385,828 | $6.2M | Reduce -0.3% |
| REGN Regeneron Pharmaceuticals | 0.38% | 11,455 | $6.0M | New |
| CTRE Caretrust REIT Inc. | 0.38% | 196,456 | $6.0M | Add +703.5% |
| FNB FNB Corp. | 0.38% | 406,365 | $5.9M | Reduce -0.3% |
| ABBV Abbvie Inc. | 0.37% | 31,815 | $5.9M | Reduce -0.5% |
| PNGAY Ping An Insurance-ADR | 0.37% | 452,925 | $5.8M | Reduce -2.5% |
| UGI Ugi Corp. | 0.36% | 155,493 | $5.7M | Reduce -0.7% |
| KO The Coca-Cola Co. | 0.36% | 79,870 | $5.7M | Add +0.0% |
| GILD Gilead Sciences Inc. | 0.36% | 50,919 | $5.6M | Reduce -2.6% |
| PEG Public Service Enterprise GP | 0.35% | 65,435 | $5.5M | Reduce -0.9% |
| TIGO Millicom Intl Cellular S.A. | 0.34% | 142,018 | $5.3M | New |
| FITB Fifth Third Bancorp | 0.34% | 128,758 | $5.3M | Reduce -1.4% |
| HALO Halozyme Therapeutics Inc. | 0.33% | 101,499 | $5.3M | Reduce -0.1% |
| KR Kroger Co. | 0.33% | 73,008 | $5.2M | Reduce -1.2% |
| SEB Seaboard Corp. | 0.33% | 1,820 | $5.2M | No change |
| VTI VG Morningstar TS MKT ETF-US | 0.33% | 17,009 | $5.2M | Add +0.3% |
| GVI iShares Intermediate Governm | 0.33% | 48,309 | $5.2M | Reduce -0.4% |
| PM Philip Morris International | 0.32% | 27,934 | $5.1M | Reduce -7.1% |
| GFF Griffon Corp. | 0.32% | 69,790 | $5.1M | Reduce -0.4% |
| VBK Van Morst SML-Cap Gro-Usd Inc. | 0.32% | 18,217 | $5.0M | Add +29.3% |
| PHM Pultegroup Inc. | 0.32% | 47,568 | $5.0M | Reduce -1.5% |
| MTDR Matador Resources Co. | 0.32% | 105,005 | $5.0M | Add +0.3% |
| PNC PNC Financial Services Group | 0.32% | 26,751 | $5.0M | New |
| BP BP PLC-Spons ADR | 0.31% | 164,318 | $4.9M | Add +0.7% |
| SLF Sun Life Financial Inc. | 0.31% | 73,603 | $4.9M | Reduce -2.3% |
| AMGN Amgen Inc. | 0.31% | 17,477 | $4.9M | Reduce -1.2% |
| EVRG Evergy Inc. | 0.31% | 70,532 | $4.9M | Reduce -2.6% |
| BKH Black Hills Corp. | 0.30% | 85,584 | $4.8M | Add +15.9% |
| APAM Artisan Partners Asset Ma -A | 0.30% | 107,720 | $4.8M | Reduce -2.6% |
| NWE Northwestern Energy Group Inc. | 0.30% | 92,946 | $4.8M | Reduce -1.6% |
| WF Woori Financial-Spon ADR | 0.30% | 95,621 | $4.8M | Reduce -2.8% |
| RCI Rogers Communications Inc. Class B | 0.30% | 159,115 | $4.7M | Add +137.9% |
| WPC WP Carey Inc. | 0.30% | 75,037 | $4.7M | Reduce -2.7% |
| SCHO Schwab Short-Term US Treas | 0.29% | 191,117 | $4.7M | Reduce -0.2% |
Portfolio Sells Q1 2025 → Q2 2025
| AAPL Apple Inc. | Reduce -4.6% | 5.30% | −1.00 |
| VLTO Veralto Corp. | Reduce -97.8% | 0.02% | −0.94 |
| FTNT Fortinet Inc. | Reduce -26.5% | 1.66% | −0.49 |
| INFA Informatica Inc. Class A | Sold out | 0.00% | −0.49 |
| RHHBY Roche Holdings Ltd.-Spons ADR | Sold out | 0.00% | −0.44 |
| BMY Bristol-Myers Squibb Co. | Reduce -93.9% | 0.02% | −0.41 |
| BABA Alibaba Group Holding-SP ADR | Reduce -5.7% | 1.24% | −0.37 |
| ING ING Groep N.V.-Sponsored ADR | Sold out | 0.00% | −0.35 |
| NVS Novartis AG-Sponsored ADR | Sold out | 0.00% | −0.32 |
| E Eni SPA-Sponsored ADR | Sold out | 0.00% | −0.31 |
| SPYV SS SPDR P S&P 500 Value ETF | Reduce -27.6% | 0.74% | −0.31 |
| SKM SK Telecom Co. Ltd.-Spon ADR | Sold out | 0.00% | −0.31 |
| AMCR Amcor PLC | Sold out | 0.00% | −0.29 |
| HPQ HP Inc. | Sold out | 0.00% | −0.26 |
| NVO Novo-Nordisk A/S-Spons ADR | Reduce -21.2% | 0.67% | −0.23 |
| JAZZ Jazz Pharmaceuticals PLC | Reduce -19.5% | 0.41% | −0.21 |
| AXS Axis Capital Holdings Ltd. | Reduce -67.9% | 0.10% | −0.21 |
| EEFT Euronet Worldwide Inc. | Reduce -15.7% | 0.67% | −0.21 |
| BAESY Bae Systems PLC -Spon ADR | Reduce -85.0% | 0.04% | −0.20 |
| TGT Target Corp. | Sold out | 0.00% | −0.20 |
| VRTX Vertex Pharmaceuticals Inc. | Reduce -5.5% | 0.93% | −0.19 |
| ETSY Etsy Inc. | Reduce -20.0% | 0.81% | −0.19 |
| NI Nisource Inc. | Reduce -84.4% | 0.03% | −0.15 |
| CNQ Canadian Natural Resources | Sold out | 0.00% | −0.15 |
| TROW T Rowe Price Group Inc. | Sold out | 0.00% | −0.14 |
| SON Sonoco Products Co. | Sold out | 0.00% | −0.14 |
| JNJ Johnson & Johnson | Reduce -3.5% | 0.78% | −0.14 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -5.7% | 0.60% | −0.13 |
| BRK.A Berkshire Hathaway Inc. Class A | Reduce -50.0% | 0.09% | −0.12 |
| MA Mastercard Inc. Class A | Reduce -6.5% | 1.23% | −0.11 |
| IVV iShares Core S&P 500 ETF | Reduce -17.5% | 0.76% | −0.11 |
| CORT Corcept Therapeutics Inc. | Reduce -3.3% | 0.16% | −0.11 |
| BRBR Bellring Brands Inc. | Sold out | 0.00% | −0.11 |
| LLY Eli Lilly & Co. | Reduce -53.5% | 0.07% | −0.10 |
| HALO Halozyme Therapeutics Inc. | Reduce -0.1% | 0.33% | −0.10 |
| ORLY O'reilly Automotive Inc. | Reduce -5.4% | 0.55% | −0.10 |
| PG The Procter & Gamble Co. | Reduce -2.1% | 0.58% | −0.08 |
| ADBE Adobe Inc. | Reduce -8.5% | 0.61% | −0.08 |
| WSM Williams-Sonoma Inc. | Reduce -6.0% | 0.98% | −0.08 |
| EOG EOG Resources Inc. | Reduce -1.4% | 0.53% | −0.07 |
| MEDP Medpace Holdings Inc. | Sold out | 0.00% | −0.07 |
| ABBV Abbvie Inc. | Reduce -0.5% | 0.37% | −0.07 |
| XOM Exxon Mobil Corp. | Reduce -1.1% | 0.42% | −0.07 |
| AME Ametek Inc. | Reduce -6.6% | 0.98% | −0.07 |
| NWE Northwestern Energy Group Inc. | Reduce -1.6% | 0.30% | −0.06 |
| SNA Snap-on Inc. | Reduce -1.5% | 0.40% | −0.06 |
| AMGN Amgen Inc. | Reduce -1.2% | 0.31% | −0.06 |
| SCHV Schwab US Large-Cap Value | Sold out | 0.00% | −0.06 |
| ETR Entergy Corp. | Reduce -1.5% | 0.58% | −0.05 |
| NVMI Nova Ltd. | Sold out | 0.00% | −0.05 |
Portfolio Buys Q1 2025 → Q2 2025
| SCHG Schwab US Large-Cap Growth | Add +778.6% | 1.39% | +1.25 |
| BIDU Baidu Inc. - Spon ADR | New | 0.83% | +0.83 |
| IWD iShares Russell 1000 Value E | Add +204.2% | 0.97% | +0.64 |
| NOMD Nomad Foods Ltd. | New | 0.42% | +0.42 |
| REGN Regeneron Pharmaceuticals | New | 0.38% | +0.38 |
| TIGO Millicom Intl Cellular S.A. | New | 0.34% | +0.34 |
| CTRE Caretrust REIT Inc. | Add +703.5% | 0.38% | +0.33 |
| PNC PNC Financial Services Group | New | 0.32% | +0.32 |
| USB US Bancorp | New | 0.29% | +0.29 |
| NJR New Jersey Resources Corp. | New | 0.27% | +0.27 |
| IDV iShares International Select | New | 0.27% | +0.27 |
| PRU Prudential Financial Inc. | New | 0.21% | +0.21 |
| VZ Verizon Communications Inc. | Add +989.5% | 0.22% | +0.20 |
| RCI Rogers Communications Inc. Class B | Add +137.9% | 0.30% | +0.18 |
| HMN Horace Mann Educators | New | 0.17% | +0.17 |
| HTO H2O America | New | 0.15% | +0.15 |
| ITUB Itau Unibanco H-Spon PRF ADR | New | 0.14% | +0.14 |
| GIC Global Industrial Co. | New | 0.13% | +0.13 |
| PLD Prologis Inc. | New | 0.13% | +0.13 |
| CAG Conagra Brands Inc. | Add +135.3% | 0.21% | +0.09 |
| VBK Van Morst SML-Cap Gro-Usd Inc. | Add +29.3% | 0.32% | +0.08 |
| ADEA Adeia Inc. | Add +160.5% | 0.11% | +0.07 |
| NLY Annaly Capital Management Inc. | Add +45.9% | 0.24% | +0.05 |
| CNM Core & Main Inc. Class A | Add +90.2% | 0.10% | +0.05 |
| OMC Omnicom Group | Add +55.3% | 0.20% | +0.04 |
| RNG Ringcentral Inc. Class A | New | 0.04% | +0.04 |
| MTCH Match Group Inc. | New | 0.04% | +0.04 |
| ESTC Elastic NV | New | 0.04% | +0.04 |
| HURN Huron Consulting Group Inc. | New | 0.04% | +0.04 |
| SKT Tanger Inc. | New | 0.03% | +0.03 |
| ASB Associated Banc-Corp. | New | 0.03% | +0.03 |
| AGX Argan Inc. | Add +3.0% | 0.07% | +0.03 |
| MTLS Materialise NV-ADR | New | 0.03% | +0.03 |
| RMBS Rambus Inc. | Add +1.6% | 0.17% | +0.03 |
| FTDR Frontdoor Inc. | Add +2.7% | 0.07% | +0.03 |
| ZION Zions Bancorp NA | Add +79.5% | 0.05% | +0.02 |
| VTI VG Morningstar TS MKT ETF-US | Add +0.3% | 0.33% | +0.02 |
| ORCL Oracle Corp. | Add +0.0% | 0.05% | +0.02 |
| PLTR Palantir Technologies Inc. Class A | New | 0.02% | +0.02 |
| AMAT Applied Materials Inc. | New | 0.02% | +0.02 |
| NFLX Netflix Inc. | New | 0.01% | +0.01 |
| CAT Caterpillar Inc. | New | 0.01% | +0.01 |
| EMR Emerson Electric Co. | New | 0.01% | +0.01 |
| BAC Bank of America Corp. | New | 0.01% | +0.01 |
| TSLA Tesla Inc. | New | 0.01% | +0.01 |
| VIG Vanguard Dividend Apprec ETF | New | 0.01% | +0.01 |
| VCEB Vanguard ESG US Corp. Bond | Add +71.7% | 0.03% | +0.01 |
| GMS GMS Inc. | Add +2.8% | 0.04% | +0.01 |
| PRGS Progress Software Corp. | Add +2.5% | 0.06% | +0.01 |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | Add +60.3% | 0.02% | +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 |