Meritage Portfolio Management
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 28, 2025), Meritage Portfolio Management reported 328 stock positions worth $1.5 billion. Its top holding was Apple (AAPL) at 5.7% of the portfolio, followed by Microsoft (MSFT, 5.0%) and Alphabet Class A (GOOGL, 4.7%). Compared with Q2 2025, it opened 20 new positions, sold out of 18, added to 44 and reduced 226. The biggest buy was a new position in Cognizant Tech Solutions-A (CTSH) and the biggest sale Schwab US Large-Cap Growth (SCHG, shares −97%).
- Most Recent 13F
- Q4 2025
- Location
- OVERLAND PARK, KS
- CIK
- 0000881432
- Portfolio Value
- $1.5B (Q3 2025)
- SEC Filing
- 0000881432-25-000015 ↗ filed Oct 28, 2025
Holdings Value
Holdings 328 stocks · $1.5B
| AAPL Apple Inc. | 5.68% | 334,667 | $85.2M | Reduce -18.0% |
| MSFT Microsoft Corp. | 4.97% | 144,156 | $74.7M | Reduce -16.3% |
| GOOGL Alphabet Inc. Class A | 4.67% | 288,751 | $70.2M | Reduce -19.3% |
| AVGO Broadcom Inc. | 4.41% | 200,874 | $66.3M | Reduce -19.8% |
| NVDA Nvidia Corp. | 3.72% | 299,283 | $55.8M | Reduce -6.2% |
| AMZN Amazon.com Inc. | 2.19% | 149,734 | $32.9M | Reduce -4.7% |
| BABA Alibaba Group Holding-SP ADR | 1.61% | 135,484 | $24.2M | Reduce -21.6% |
| HSBC HSBC Holdings PLC-Spons ADR filed as HSBC HLDGS PLC | 1.42% | 299,509 | $21.3M | Add +1.3% |
| KLAC KLA Corp. | 1.26% | 17,509 | $18.9M | Reduce -20.7% |
| BKNG Booking Holdings Inc. | 1.21% | 3,375 | $18.2M | Reduce -21.5% |
| META Meta Platforms Inc. Class A | 1.18% | 24,040 | $17.7M | Reduce -7.1% |
| JPM JPMorgan Chase & Co. | 1.13% | 53,824 | $17.0M | Reduce -8.7% |
| BIDU Baidu Inc. - Spon ADR | 1.05% | 120,203 | $15.8M | Reduce -21.2% |
| MA Mastercard Inc. Class A | 1.05% | 27,602 | $15.7M | Reduce -20.1% |
| ETSY Etsy Inc. | 1.03% | 232,447 | $15.4M | Reduce -8.5% |
| WSM Williams-Sonoma Inc. | 0.98% | 74,983 | $14.7M | Reduce -21.2% |
| ASML ASML Holding NV-NY Reg SHS | 0.96% | 14,913 | $14.4M | Reduce -36.0% |
| ANET Arista Networks Inc. | 0.95% | 97,729 | $14.2M | Reduce -40.2% |
| JNJ Johnson & Johnson | 0.95% | 76,756 | $14.2M | Reduce -5.2% |
| LNG Cheniere Energy Inc. | 0.88% | 55,984 | $13.2M | Reduce -5.9% |
| IVV iShares Core S&P 500 ETF | 0.87% | 19,533 | $13.1M | Add +0.9% |
| AME Ametek Inc. | 0.85% | 67,949 | $12.8M | Reduce -20.7% |
| CTSH Cognizant Tech Solutions-A | 0.85% | 189,420 | $12.7M | New |
| EXEL Exelixis Inc. | 0.81% | 295,426 | $12.2M | Reduce -21.8% |
| IWF iShares Russell 1000 Growth | 0.81% | 25,849 | $12.1M | Add +0.6% |
| SPYV SS SPDR P S&P 500 Value ETF | 0.80% | 217,260 | $12.0M | Reduce -2.8% |
| REGN Regeneron Pharmaceuticals | 0.78% | 20,941 | $11.8M | Add +82.8% |
| FTNT Fortinet Inc. | 0.78% | 138,758 | $11.7M | Reduce -44.1% |
| PYPL PayPal Holdings Inc. | 0.75% | 166,845 | $11.2M | Reduce -16.1% |
| GS Goldman Sachs Group Inc. | 0.73% | 13,802 | $11.0M | Reduce -9.2% |
| EEFT Euronet Worldwide Inc. | 0.73% | 124,343 | $10.9M | Add +18.8% |
| SPYG SS SPDR P S&P 500 Growth ETF | 0.70% | 101,110 | $10.6M | Reduce -1.6% |
| CDNS Cadence Design SYS Inc. | 0.69% | 29,533 | $10.4M | Reduce -20.6% |
| IWD iShares Russell 1000 Value E | 0.68% | 50,153 | $10.2M | Reduce -36.3% |
| VRTX Vertex Pharmaceuticals Inc. | 0.68% | 25,940 | $10.2M | Reduce -21.3% |
| WFC Wells Fargo & Co. | 0.67% | 120,592 | $10.1M | Reduce -9.4% |
| FHN First Horizon Corp. | 0.67% | 442,349 | $10.0M | Reduce -11.6% |
| ETR Entergy Corp. | 0.62% | 99,862 | $9.3M | Reduce -9.5% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.61% | 18,227 | $9.2M | Reduce -7.1% |
| AYI Acuity Inc. | 0.61% | 26,582 | $9.2M | Reduce -9.3% |
| EBAY eBay Inc. | 0.60% | 99,234 | $9.0M | Reduce -9.5% |
| ABBV Abbvie Inc. | 0.60% | 38,872 | $9.0M | Add +22.2% |
| IGSB iShares 1-5Y Inv Grade Corp. | 0.60% | 169,674 | $9.0M | Reduce -4.3% |
| SIEGY Siemens AG-Spons ADR | 0.60% | 66,319 | $9.0M | Reduce -9.6% |
| ORLY O'reilly Automotive Inc. | 0.55% | 77,130 | $8.3M | Reduce -19.9% |
| PG The Procter & Gamble Co. | 0.55% | 53,413 | $8.2M | Reduce -7.8% |
| XLU St Sr Utl SL SE SPDR ETF-Usd | 0.54% | 92,728 | $8.1M | Reduce -8.0% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.53% | 28,125 | $7.9M | Reduce -10.2% |
| ADSK Autodesk Inc. | 0.51% | 24,295 | $7.7M | Reduce -21.0% |
| TWLO Twilio Inc. Class A | 0.51% | 76,318 | $7.6M | New |
| CHKP Check Point Software Tech | 0.49% | 35,356 | $7.3M | Reduce -9.3% |
| COST Costco Wholesale Corp. | 0.49% | 7,881 | $7.3M | Reduce -9.0% |
| ADBE Adobe Inc. | 0.48% | 20,334 | $7.2M | Reduce -19.0% |
| EOG EOG Resources Inc. | 0.47% | 63,549 | $7.1M | Reduce -9.3% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.47% | 10,690 | $7.1M | Reduce -3.3% |
| RS Reliance Inc. | 0.47% | 25,076 | $7.0M | Reduce -9.2% |
| QCOM Qualcomm Inc. | 0.47% | 42,039 | $7.0M | Reduce -8.9% |
| AFL Aflac Inc. | 0.45% | 60,630 | $6.8M | Reduce -8.7% |
| PNC PNC Financial Services Group | 0.44% | 33,191 | $6.7M | Add +24.1% |
| DBX Dropbox Inc. Class A | 0.44% | 220,163 | $6.7M | Reduce -22.3% |
| HALO Halozyme Therapeutics Inc. | 0.44% | 90,184 | $6.6M | Reduce -11.2% |
| SNA Snap-on Inc. | 0.42% | 18,133 | $6.3M | Reduce -9.7% |
| XOM Exxon Mobil Corp. | 0.42% | 55,592 | $6.3M | Reduce -8.7% |
| EPRT Essential Properties Realty | 0.42% | 210,428 | $6.3M | Reduce -11.8% |
| USB US Bancorp | 0.42% | 129,480 | $6.3M | Add +25.8% |
| T AT&T Inc. | 0.42% | 221,334 | $6.3M | Reduce -8.6% |
| TIGO Millicom Intl Cellular S.A. | 0.42% | 128,565 | $6.2M | Reduce -9.5% |
| PNGAY Ping An Insurance-ADR | 0.40% | 446,161 | $6.1M | Reduce -1.5% |
| CTRE Caretrust REIT Inc. | 0.40% | 171,480 | $5.9M | Reduce -12.7% |
| PSA Public Storage | 0.39% | 20,373 | $5.9M | Reduce -9.6% |
| FNB FNB Corp. | 0.39% | 360,112 | $5.8M | Reduce -11.4% |
| PHM Pultegroup Inc. | 0.37% | 42,556 | $5.6M | Reduce -10.5% |
| VTI VG Morningstar TS MKT ETF-US | 0.37% | 17,009 | $5.6M | No change |
| GILD Gilead Sciences Inc. | 0.37% | 50,095 | $5.6M | Reduce -1.6% |
| TPR Tapestry Inc. | 0.36% | 48,105 | $5.4M | Reduce -59.1% |
| CARG Cargurus Inc. | 0.36% | 145,215 | $5.4M | New |
| KO The Coca-Cola Co. | 0.35% | 80,001 | $5.3M | Add +0.2% |
| WF Woori Financial-Spon ADR | 0.35% | 94,212 | $5.3M | Reduce -1.5% |
| APTV Aptiv PLC | 0.35% | 60,928 | $5.3M | New |
| FITB Fifth Third Bancorp | 0.35% | 116,772 | $5.2M | Reduce -9.3% |
| BKH Black Hills Corp. | 0.35% | 84,369 | $5.2M | Reduce -1.4% |
| NWE Northwestern Energy Group Inc. | 0.34% | 87,644 | $5.1M | Reduce -5.7% |
| BP BP PLC-Spons ADR | 0.34% | 148,017 | $5.1M | Reduce -9.9% |
| BTI British American Tob-SP ADR | 0.34% | 96,044 | $5.1M | Reduce -1.9% |
| WPC WP Carey Inc. | 0.33% | 73,810 | $5.0M | Reduce -1.6% |
| LXP LXP Industrial Trust | 0.33% | 556,300 | $5.0M | Add +48.1% |
| GVI iShares Intermediate Governm | 0.33% | 46,195 | $5.0M | Reduce -4.4% |
| PEG Public Service Enterprise GP | 0.33% | 59,325 | $5.0M | Reduce -9.3% |
| OTEX Open Text Corp. | 0.33% | 131,407 | $4.9M | Add +34.5% |
| FIS Fidelity National Info Serv | 0.33% | 74,386 | $4.9M | Reduce -9.3% |
| GFF Griffon Corp. | 0.32% | 63,289 | $4.8M | Reduce -9.3% |
| EMN Eastman Chemical Co. | 0.32% | 75,987 | $4.8M | Add +60.0% |
| VBK Van Morst SML-Cap Gro-Usd Inc. | 0.32% | 15,940 | $4.7M | Reduce -12.5% |
| UGI Ugi Corp. | 0.31% | 140,801 | $4.7M | Reduce -9.4% |
| APAM Artisan Partners Asset Ma -A | 0.31% | 105,993 | $4.6M | Reduce -1.6% |
| NJR New Jersey Resources Corp. | 0.31% | 95,249 | $4.6M | Reduce -1.4% |
| SCHO Schwab Short-Term US Treas | 0.30% | 186,252 | $4.5M | Reduce -2.5% |
| NOMD Nomad Foods Ltd. | 0.30% | 343,215 | $4.5M | Reduce -11.6% |
| AMGN Amgen Inc. | 0.30% | 15,973 | $4.5M | Reduce -8.6% |
| KR Kroger Co. | 0.30% | 66,369 | $4.5M | Reduce -9.1% |
Portfolio Sells Q2 2025 → Q3 2025
| SCHG Schwab US Large-Cap Growth | Reduce -97.4% | 0.04% | −1.35 |
| FTNT Fortinet Inc. | Reduce -44.1% | 0.78% | −0.89 |
| NVO Novo-Nordisk A/S-Spons ADR | Reduce -97.5% | 0.01% | −0.65 |
| MSFT Microsoft Corp. | Reduce -16.3% | 4.97% | −0.45 |
| JAZZ Jazz Pharmaceuticals PLC | Sold out | 0.00% | −0.41 |
| BNL Broadstone Net Lease Inc. | Reduce -95.5% | 0.02% | −0.37 |
| BKNG Booking Holdings Inc. | Reduce -21.5% | 1.21% | −0.36 |
| SEB Seaboard Corp. | Sold out | 0.00% | −0.33 |
| RCI Rogers Communications Inc. Class B | Sold out | 0.00% | −0.30 |
| TPR Tapestry Inc. | Reduce -59.1% | 0.36% | −0.29 |
| IWD iShares Russell 1000 Value E | Reduce -36.3% | 0.68% | −0.29 |
| VRTX Vertex Pharmaceuticals Inc. | Reduce -21.3% | 0.68% | −0.25 |
| EXEL Exelixis Inc. | Reduce -21.8% | 0.81% | −0.24 |
| IDV iShares International Select | Reduce -90.0% | 0.03% | −0.24 |
| ASML ASML Holding NV-NY Reg SHS | Reduce -36.0% | 0.96% | −0.22 |
| CAG Conagra Brands Inc. | Sold out | 0.00% | −0.21 |
| WPP WPP PLC-Sponsored ADR | Reduce -87.9% | 0.02% | −0.21 |
| PYPL PayPal Holdings Inc. | Reduce -16.1% | 0.75% | −0.19 |
| MA Mastercard Inc. Class A | Reduce -20.1% | 1.05% | −0.18 |
| KTB Kontoor Brands Inc. | Reduce -83.7% | 0.04% | −0.17 |
| ORI Old Republic Intl Corp. | Reduce -92.4% | 0.01% | −0.15 |
| ADBE Adobe Inc. | Reduce -19.0% | 0.48% | −0.14 |
| WEC WEC Energy Group Inc. | Reduce -84.8% | 0.03% | −0.13 |
| AME Ametek Inc. | Reduce -20.7% | 0.85% | −0.13 |
| NOMD Nomad Foods Ltd. | Reduce -11.6% | 0.30% | −0.12 |
| ANET Arista Networks Inc. | Reduce -40.2% | 0.95% | −0.11 |
| EVRG Evergy Inc. | Reduce -41.4% | 0.21% | −0.10 |
| FIS Fidelity National Info Serv | Reduce -9.3% | 0.33% | −0.10 |
| ADSK Autodesk Inc. | Reduce -21.0% | 0.51% | −0.09 |
| RS Reliance Inc. | Reduce -9.2% | 0.47% | −0.08 |
| DBX Dropbox Inc. Class A | Reduce -22.3% | 0.44% | −0.07 |
| EPRT Essential Properties Realty | Reduce -11.8% | 0.42% | −0.06 |
| GDDY GoDaddy Inc. Class A | Reduce -31.5% | 0.07% | −0.06 |
| PRGS Progress Software Corp. | Sold out | 0.00% | −0.06 |
| ALSN Allison Transmission Holding | Reduce -33.0% | 0.10% | −0.06 |
| CHKP Check Point Software Tech | Reduce -9.3% | 0.49% | −0.06 |
| COST Costco Wholesale Corp. | Reduce -9.0% | 0.49% | −0.06 |
| NXST Nexstar Media Group Inc. | Sold out | 0.00% | −0.06 |
| CSCO Cisco Systems Inc. | Reduce -25.2% | 0.20% | −0.06 |
| EOG EOG Resources Inc. | Reduce -9.3% | 0.47% | −0.06 |
| IBM Intl Business Machines Corp. | Reduce -10.2% | 0.53% | −0.06 |
| MCD McDonald's Corp. | Reduce -63.6% | 0.03% | −0.05 |
| PM Philip Morris International | Reduce -9.6% | 0.27% | −0.05 |
| RDN Radian Group Inc. | Sold out | 0.00% | −0.05 |
| UGI Ugi Corp. | Reduce -9.4% | 0.31% | −0.05 |
| CMCSA Comcast Corp. Class A | Reduce -8.8% | 0.23% | −0.04 |
| LNG Cheniere Energy Inc. | Reduce -5.9% | 0.88% | −0.04 |
| COKE Coca-Cola Consolidated Inc. | Reduce -68.7% | 0.02% | −0.04 |
| MTDR Matador Resources Co. | Reduce -11.5% | 0.28% | −0.04 |
| PG The Procter & Gamble Co. | Reduce -7.8% | 0.55% | −0.04 |
Portfolio Buys Q2 2025 → Q3 2025
| CTSH Cognizant Tech Solutions-A | New | 0.85% | +0.85 |
| TWLO Twilio Inc. Class A | New | 0.51% | +0.51 |
| REGN Regeneron Pharmaceuticals | Add +82.8% | 0.78% | +0.40 |
| CARG Cargurus Inc. | New | 0.36% | +0.36 |
| APTV Aptiv PLC | New | 0.35% | +0.35 |
| HSBC HSBC Holdings PLC-Spons ADR | Add +1.3% | 1.42% | +0.28 |
| MGA Magna International Inc. | New | 0.24% | +0.24 |
| ABBV Abbvie Inc. | Add +22.2% | 0.60% | +0.23 |
| LEA Lear Corp. | New | 0.22% | +0.22 |
| POR Portland General Electric Co. | New | 0.21% | +0.21 |
| CFG Citizens Financial Group | New | 0.21% | +0.21 |
| INFY Infosys Ltd.-SP ADR | New | 0.18% | +0.18 |
| SLB SLB Ltd. | New | 0.17% | +0.17 |
| GLPI Gaming and Leisure Propertie | New | 0.17% | +0.17 |
| QFIN Qfin Holdings Inc.-ADR | New | 0.15% | +0.15 |
| OTEX Open Text Corp. | Add +34.5% | 0.33% | +0.15 |
| LXP LXP Industrial Trust | Add +48.1% | 0.33% | +0.14 |
| PAYX Paychex Inc. | Add +100.3% | 0.28% | +0.13 |
| PNC PNC Financial Services Group | Add +24.1% | 0.44% | +0.13 |
| USB US Bancorp | Add +25.8% | 0.42% | +0.12 |
| IWF iShares Russell 1000 Growth | Add +0.6% | 0.81% | +0.12 |
| IVV iShares Core S&P 500 ETF | Add +0.9% | 0.87% | +0.11 |
| ESGV Vanguard ESG US Stock ETF | Add +190.6% | 0.15% | +0.10 |
| EMN Eastman Chemical Co. | Add +60.0% | 0.32% | +0.09 |
| GIC Global Industrial Co. | Add +0.8% | 0.19% | +0.06 |
| EEFT Euronet Worldwide Inc. | Add +18.8% | 0.73% | +0.06 |
| SPHD Invesco S&P 500 High Dividen | Add +48.7% | 0.12% | +0.04 |
| IWN iShares Russell 2000 Value E | New | 0.03% | +0.03 |
| SCHR Schwab Intermediate-Term US | Add +12.2% | 0.19% | +0.03 |
| VSGX Vanguard ESG Intl Stock ETF | New | 0.02% | +0.02 |
| FTDR Frontdoor Inc. | Add +8.8% | 0.10% | +0.02 |
| PBI Pitney Bowes Inc. | New | 0.02% | +0.02 |
| VYM Vanguard High DVD Yield ETF | Add +2.3% | 0.17% | +0.02 |
| IGIB iShares 5-10Y Inv Grade Corp. | Add +1.4% | 0.25% | +0.02 |
| IJR iShares Core S&P Small-Cap E | Add +0.6% | 0.14% | +0.02 |
| VCEB Vanguard ESG US Corp. Bond | Add +44.8% | 0.05% | +0.02 |
| VUG Vanguard Mrngstar GR ETF-Sui | Add +1.5% | 0.11% | +0.02 |
| BNY Bank of New York Mellon Corp. | New | 0.02% | +0.02 |
| INTC Intel Corp. | New | 0.02% | +0.02 |
| BLK BlackRock Inc. | New | 0.01% | +0.01 |
| EXC Exelon Corp. | New | 0.01% | +0.01 |
| MDY State Street SPDR S&P Midcap | New | 0.01% | +0.01 |
| CAT Caterpillar Inc. | Add +37.0% | 0.03% | +0.01 |
| GLD SPDR Gold Shares | Add +3.1% | 0.05% | +0.01 |
| VXUS Vanguard Total Intl Stock | Add +12.5% | 0.05% | +0.01 |
| CALC Calcimedica Inc. | Add +33.8% | 0.01% | +0.01 |
| KLIC Kulicke & Soffa Industries | Add +19.8% | 0.02% | +0.01 |
| VTV Vanguard Mrngstr Val ETF-Aui | Add +8.8% | 0.04% | +0.01 |
| IJH iShares Core S&P Midcap ETF | Add +24.1% | 0.02% | +0.01 |
| IWV iShares Russell 3000 ETF | Add +15.4% | 0.02% | +0.00 |
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 |