Meritage Portfolio Management
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed January 27, 2026), Meritage Portfolio Management reported 322 stock positions worth $1.5 billion. Its top holding was Apple (AAPL) at 5.9% of the portfolio, followed by Alphabet Class A (GOOGL, 5.9%) and Microsoft (MSFT, 4.5%). Compared with Q3 2025, it opened 18 new positions, sold out of 24, added to 58 and reduced 213. The biggest buy was a new position in Moody's (MCO) and the biggest sale an exit from Euronet Worldwide (EEFT).
- Most Recent 13F
- Q4 2025
- Location
- OVERLAND PARK, KS
- CIK
- 0000881432
- Portfolio Value
- $1.5B (Q4 2025)
- SEC Filing
- 0000881432-26-000002 ↗ filed Jan 27, 2026
Holdings Value
Holdings 322 stocks · $1.5B
| AAPL Apple Inc. | 5.93% | 328,546 | $89.3M | Reduce -1.8% |
| GOOGL Alphabet Inc. Class A | 5.88% | 283,124 | $88.6M | Reduce -1.9% |
| MSFT Microsoft Corp. | 4.54% | 141,424 | $68.4M | Reduce -1.9% |
| AVGO Broadcom Inc. | 4.49% | 195,333 | $67.6M | Reduce -2.8% |
| NVDA Nvidia Corp. | 3.64% | 293,708 | $54.8M | Reduce -1.9% |
| AMZN Amazon.com Inc. | 2.25% | 146,937 | $33.9M | Reduce -1.9% |
| HSBC HSBC Holdings PLC-Spons ADR filed as HSBC HLDGS PLC | 1.54% | 295,700 | $23.3M | Reduce -1.3% |
| KLAC KLA Corp. | 1.38% | 17,142 | $20.8M | Reduce -2.1% |
| BABA Alibaba Group Holding-SP ADR | 1.28% | 131,873 | $19.3M | Reduce -2.7% |
| BKNG Booking Holdings Inc. | 1.18% | 3,308 | $17.7M | Reduce -2.0% |
| JPM JPMorgan Chase & Co. | 1.11% | 52,137 | $16.8M | Reduce -3.1% |
| REGN Regeneron Pharmaceuticals | 1.05% | 20,580 | $15.9M | Reduce -1.7% |
| ASML ASML Holding NV-NY Reg SHS | 1.04% | 14,638 | $15.7M | Reduce -1.8% |
| META Meta Platforms Inc. Class A | 1.04% | 23,639 | $15.6M | Reduce -1.7% |
| JNJ Johnson & Johnson | 1.03% | 74,789 | $15.5M | Reduce -2.6% |
| MA Mastercard Inc. Class A | 1.02% | 27,037 | $15.4M | Reduce -2.0% |
| CTSH Cognizant Tech Solutions-A | 1.02% | 185,849 | $15.4M | Reduce -1.9% |
| BIDU Baidu Inc. - Spon ADR | 1.02% | 117,856 | $15.4M | Reduce -1.9% |
| AME Ametek Inc. | 0.91% | 66,604 | $13.7M | Reduce -2.0% |
| ORLY O'reilly Automotive Inc. | 0.88% | 146,040 | $13.3M | Add +89.3% |
| IVV iShares Core S&P 500 ETF | 0.87% | 19,200 | $13.2M | Reduce -1.7% |
| WSM Williams-Sonoma Inc. | 0.87% | 73,323 | $13.1M | Reduce -2.2% |
| EXEL Exelixis Inc. | 0.84% | 289,279 | $12.7M | Reduce -2.1% |
| ETSY Etsy Inc. | 0.83% | 225,283 | $12.5M | Reduce -3.1% |
| IWF iShares Russell 1000 Growth | 0.82% | 26,066 | $12.3M | Add +0.8% |
| SPYV SS SPDR P S&P 500 Value ETF | 0.80% | 213,397 | $12.1M | Reduce -1.8% |
| GS Goldman Sachs Group Inc. | 0.78% | 13,356 | $11.7M | Reduce -3.2% |
| VRTX Vertex Pharmaceuticals Inc. | 0.77% | 25,438 | $11.5M | Reduce -1.9% |
| WFC Wells Fargo & Co. | 0.72% | 116,616 | $10.9M | Reduce -3.3% |
| TWLO Twilio Inc. Class A | 0.71% | 75,081 | $10.7M | Reduce -1.6% |
| LNG Cheniere Energy Inc. | 0.71% | 54,717 | $10.6M | Reduce -2.3% |
| SPYG SS SPDR P S&P 500 Growth ETF | 0.70% | 98,308 | $10.5M | Reduce -2.8% |
| EOG EOG Resources Inc. | 0.69% | 98,339 | $10.3M | Add +54.8% |
| FHN First Horizon Corp. | 0.67% | 423,143 | $10.1M | Reduce -4.3% |
| MCO Moody's Corp. | 0.67% | 19,679 | $10.1M | New |
| BRK.B Berkshire Hathaway Inc. Class B | 0.63% | 18,945 | $9.5M | Add +3.9% |
| AYI Acuity Inc. | 0.61% | 25,733 | $9.3M | Reduce -3.2% |
| PYPL PayPal Holdings Inc. | 0.61% | 158,015 | $9.2M | Reduce -5.3% |
| IGSB iShares 1-5Y Inv Grade Corp. | 0.61% | 174,405 | $9.2M | Add +2.8% |
| CDNS Cadence Design SYS Inc. | 0.60% | 28,964 | $9.1M | Reduce -1.9% |
| SIEGY Siemens AG-Spons ADR | 0.60% | 64,192 | $9.0M | Reduce -3.2% |
| ETR Entergy Corp. | 0.59% | 96,528 | $8.9M | Reduce -3.3% |
| ABBV Abbvie Inc. | 0.57% | 37,798 | $8.6M | Reduce -2.8% |
| ANET Arista Networks Inc. | 0.57% | 65,524 | $8.6M | Reduce -33.0% |
| EBAY eBay Inc. | 0.55% | 95,973 | $8.4M | Reduce -3.3% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.54% | 27,262 | $8.1M | Reduce -3.1% |
| XLU St Sr Utl SL SE SPDR ETF-Usd | 0.51% | 180,774 | $7.7M | Reduce -2.5% |
| FTNT Fortinet Inc. | 0.50% | 94,455 | $7.5M | Reduce -31.9% |
| PNGAY Ping An Insurance-ADR | 0.49% | 444,493 | $7.5M | Reduce -0.4% |
| PG The Procter & Gamble Co. | 0.49% | 51,376 | $7.4M | Reduce -3.8% |
| ADSK Autodesk Inc. | 0.47% | 23,747 | $7.0M | Reduce -2.3% |
| QCOM Qualcomm Inc. | 0.46% | 40,938 | $7.0M | Reduce -2.6% |
| RS Reliance Inc. | 0.46% | 24,207 | $7.0M | Reduce -3.5% |
| ADBE Adobe Inc. | 0.46% | 19,975 | $7.0M | Reduce -1.8% |
| TIGO Millicom Intl Cellular S.A. | 0.46% | 124,666 | $6.9M | Reduce -3.0% |
| PNC PNC Financial Services Group | 0.45% | 32,803 | $6.8M | Reduce -1.2% |
| USB US Bancorp | 0.45% | 127,991 | $6.8M | Reduce -1.1% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.45% | 9,966 | $6.8M | Reduce -6.8% |
| COST Costco Wholesale Corp. | 0.44% | 7,701 | $6.6M | Reduce -2.3% |
| XOM Exxon Mobil Corp. | 0.43% | 54,340 | $6.5M | Reduce -2.3% |
| AFL Aflac Inc. | 0.43% | 58,897 | $6.5M | Reduce -2.9% |
| IWD iShares Russell 1000 Value E | 0.42% | 30,371 | $6.4M | Reduce -39.4% |
| CHKP Check Point Software Tech | 0.42% | 34,081 | $6.3M | Reduce -3.6% |
| GILD Gilead Sciences Inc. | 0.41% | 49,853 | $6.1M | Reduce -0.5% |
| DBX Dropbox Inc. Class A | 0.40% | 217,336 | $6.0M | Reduce -1.3% |
| SNA Snap-on Inc. | 0.40% | 17,502 | $6.0M | Reduce -3.5% |
| PAGP Plains GP Holdings LP | 0.40% | 314,420 | $6.0M | Add +36.5% |
| CTRE Caretrust REIT Inc. | 0.39% | 164,064 | $5.9M | Reduce -4.3% |
| EPRT Essential Properties Realty | 0.39% | 199,338 | $5.9M | Reduce -5.3% |
| BNPQY BNP Paribas-ADR | 0.39% | 124,654 | $5.9M | Add +46.4% |
| FNB FNB Corp. | 0.39% | 345,478 | $5.9M | Reduce -4.1% |
| HALO Halozyme Therapeutics Inc. | 0.39% | 86,552 | $5.8M | Reduce -4.0% |
| TPR Tapestry Inc. | 0.39% | 45,468 | $5.8M | Reduce -5.5% |
| CARG Cargurus Inc. | 0.38% | 150,614 | $5.8M | Add +3.7% |
| VTI VG Morningstar TS MKT ETF-US | 0.38% | 17,188 | $5.8M | Add +1.1% |
| KO The Coca-Cola Co. | 0.37% | 79,902 | $5.6M | Reduce -0.1% |
| NOMD Nomad Foods Ltd. | 0.37% | 445,889 | $5.6M | Add +29.9% |
| NWE Northwestern Energy Group Inc. | 0.37% | 85,370 | $5.5M | Reduce -2.6% |
| LXP LXP Industrial Trust | 0.36% | 110,105 | $5.5M | Reduce -1.0% |
| BTI British American Tob-SP ADR | 0.36% | 94,693 | $5.4M | Reduce -1.4% |
| CMI Cummins Inc. | 0.35% | 10,459 | $5.3M | Reduce -1.0% |
| FITB Fifth Third Bancorp | 0.35% | 112,889 | $5.3M | Reduce -3.3% |
| VMI Valmont Industries | 0.35% | 12,977 | $5.2M | New |
| UGI Ugi Corp. | 0.34% | 136,203 | $5.1M | Reduce -3.3% |
| AMGN Amgen Inc. | 0.34% | 15,490 | $5.1M | Reduce -3.0% |
| BP BP PLC-Spons ADR | 0.33% | 145,044 | $5.0M | Reduce -2.0% |
| OTEX Open Text Corp. | 0.33% | 154,162 | $5.0M | Add +17.3% |
| GVI iShares Intermediate Governm | 0.33% | 46,408 | $5.0M | Add +0.5% |
| PSA Public Storage | 0.33% | 19,158 | $5.0M | Reduce -6.0% |
| BMY Bristol-Myers Squibb Co. | 0.33% | 91,145 | $4.9M | Add +1327.7% |
| FIS Fidelity National Info Serv | 0.32% | 73,536 | $4.9M | Reduce -1.1% |
| PR Permian Resources Corp. Class A | 0.32% | 347,924 | $4.9M | New |
| PHM Pultegroup Inc. | 0.32% | 41,259 | $4.8M | Reduce -3.0% |
| NHI Natl Health Investors Inc. filed as NATIONAL HEALTH INVS INC | 0.32% | 62,512 | $4.8M | Add +47.6% |
| WPC WP Carey Inc. | 0.32% | 73,770 | $4.7M | Reduce -0.1% |
| NNGRY NN Group NV - Unspon ADR | 0.31% | 121,135 | $4.7M | Reduce -0.3% |
| SCHO Schwab Short-Term US Treas | 0.31% | 190,711 | $4.6M | Add +2.4% |
| VBK Van Morst SML-Cap Gro-Usd Inc. | 0.31% | 15,374 | $4.6M | Reduce -3.5% |
| PEG Public Service Enterprise GP | 0.31% | 57,535 | $4.6M | Reduce -3.0% |
| GFF Griffon Corp. | 0.30% | 61,207 | $4.5M | Reduce -3.3% |
Portfolio Sells Q3 2025 → Q4 2025
| EEFT Euronet Worldwide Inc. | Sold out | 0.00% | −0.73 |
| MSFT Microsoft Corp. | Reduce -1.9% | 4.54% | −0.43 |
| T AT&T Inc. | Reduce -91.0% | 0.03% | −0.38 |
| ANET Arista Networks Inc. | Reduce -33.0% | 0.57% | −0.38 |
| BABA Alibaba Group Holding-SP ADR | Reduce -2.7% | 1.28% | −0.33 |
| WF Woori Financial-Spon ADR | Reduce -92.9% | 0.03% | −0.33 |
| EMN Eastman Chemical Co. | Sold out | 0.00% | −0.32 |
| FTNT Fortinet Inc. | Reduce -31.9% | 0.50% | −0.28 |
| LOW Lowe's Cos Inc. | Reduce -94.5% | 0.01% | −0.26 |
| IWD iShares Russell 1000 Value E | Reduce -39.4% | 0.42% | −0.26 |
| EG Everest Group Ltd. | Sold out | 0.00% | −0.25 |
| KMB Kimberly-Clark Corp. | Sold out | 0.00% | −0.25 |
| SU Suncor Energy Inc. | Sold out | 0.00% | −0.25 |
| OMC Omnicom Group | Sold out | 0.00% | −0.24 |
| SR Spire Inc. | Sold out | 0.00% | −0.22 |
| VZ Verizon Communications Inc. | Reduce -90.9% | 0.02% | −0.21 |
| ETSY Etsy Inc. | Reduce -3.1% | 0.83% | −0.20 |
| EVRG Evergy Inc. | Reduce -89.5% | 0.02% | −0.19 |
| LNG Cheniere Energy Inc. | Reduce -2.3% | 0.71% | −0.17 |
| BKH Black Hills Corp. | Reduce -50.6% | 0.19% | −0.15 |
| HTO H2O America | Sold out | 0.00% | −0.15 |
| META Meta Platforms Inc. Class A | Reduce -1.7% | 1.04% | −0.14 |
| PYPL PayPal Holdings Inc. | Reduce -5.3% | 0.61% | −0.13 |
| WSM Williams-Sonoma Inc. | Reduce -2.2% | 0.87% | −0.11 |
| CBSH Commerce Bancshares Inc. | Reduce -61.4% | 0.05% | −0.10 |
| CDNS Cadence Design SYS Inc. | Reduce -1.9% | 0.60% | −0.09 |
| SLV iShares Silver Trust | Reduce -79.1% | 0.04% | −0.09 |
| NVDA Nvidia Corp. | Reduce -1.9% | 3.64% | −0.08 |
| CORT Corcept Therapeutics Inc. | Reduce -10.7% | 0.05% | −0.08 |
| CHKP Check Point Software Tech | Reduce -3.6% | 0.42% | −0.07 |
| PSA Public Storage | Reduce -6.0% | 0.33% | −0.06 |
| PG The Procter & Gamble Co. | Reduce -3.8% | 0.49% | −0.06 |
| APTV Aptiv PLC | Reduce -4.8% | 0.29% | −0.06 |
| HALO Halozyme Therapeutics Inc. | Reduce -4.0% | 0.39% | −0.05 |
| PHM Pultegroup Inc. | Reduce -3.0% | 0.32% | −0.05 |
| ADSK Autodesk Inc. | Reduce -2.3% | 0.47% | −0.05 |
| VRTS Virtus Investment Partners | Reduce -5.1% | 0.20% | −0.05 |
| EBAY eBay Inc. | Reduce -3.3% | 0.55% | −0.05 |
| COST Costco Wholesale Corp. | Reduce -2.3% | 0.44% | −0.05 |
| DBX Dropbox Inc. Class A | Reduce -1.3% | 0.40% | −0.04 |
| REZI Resideo Technologies Inc. | Sold out | 0.00% | −0.04 |
| NTAP Netapp Inc. | Reduce -3.4% | 0.26% | −0.04 |
| BKNG Booking Holdings Inc. | Reduce -2.0% | 1.18% | −0.04 |
| FISV Fiserv Inc. | Reduce -34.8% | 0.02% | −0.04 |
| PAYX Paychex Inc. | Reduce -1.4% | 0.25% | −0.04 |
| BIDU Baidu Inc. - Spon ADR | Reduce -1.9% | 1.02% | −0.03 |
| RMBS Rambus Inc. | Reduce -4.7% | 0.17% | −0.03 |
| KR Kroger Co. | Reduce -3.1% | 0.27% | −0.03 |
| MTDR Matador Resources Co. | Reduce -5.1% | 0.25% | −0.03 |
| EME Emcor Group Inc. | Reduce -8.8% | 0.17% | −0.03 |
Portfolio Buys Q3 2025 → Q4 2025
| MCO Moody's Corp. | New | 0.67% | +0.67 |
| VMI Valmont Industries | New | 0.35% | +0.35 |
| ORLY O'reilly Automotive Inc. | Add +89.3% | 0.88% | +0.33 |
| PR Permian Resources Corp. Class A | New | 0.32% | +0.32 |
| BMY Bristol-Myers Squibb Co. | Add +1327.7% | 0.33% | +0.31 |
| RHHBY Roche Holdings Ltd.-Spons ADR | New | 0.29% | +0.29 |
| DUK Duke Energy Corp. | New | 0.27% | +0.27 |
| TRP TC Energy Corp. | New | 0.22% | +0.22 |
| HON Honeywell International Inc. | Add +754.5% | 0.25% | +0.22 |
| EOG EOG Resources Inc. | Add +54.8% | 0.69% | +0.21 |
| ADP Automatic Data Processing | Add +662.4% | 0.24% | +0.20 |
| DTE DTE Energy Company | New | 0.19% | +0.19 |
| LMT Lockheed Martin Corp. | Add +950.3% | 0.18% | +0.16 |
| BNPQY BNP Paribas-ADR | Add +46.4% | 0.39% | +0.13 |
| PAGP Plains GP Holdings LP | Add +36.5% | 0.40% | +0.12 |
| SLB SLB Ltd. | Add +45.6% | 0.27% | +0.10 |
| NHI Natl Health Investors Inc. | Add +47.6% | 0.32% | +0.09 |
| PLD Prologis Inc. | Add +45.7% | 0.24% | +0.09 |
| NOMD Nomad Foods Ltd. | Add +29.9% | 0.37% | +0.07 |
| NNN NNN REIT Inc. | Add +40.1% | 0.29% | +0.07 |
| GTY Getty Realty Corp. | Add +31.2% | 0.26% | +0.06 |
| RSP Invesco S&P 500 Equal Weight | Add +223.7% | 0.07% | +0.05 |
| DNKEY Danske Bank A/S - Spon ADR | Add +0.0% | 0.29% | +0.04 |
| RIO Rio Tinto PLC-Spon ADR | Add +0.3% | 0.18% | +0.03 |
| LLY Eli Lilly & Co. | Add +0.6% | 0.10% | +0.03 |
| CARG Cargurus Inc. | Add +3.7% | 0.38% | +0.02 |
| MGY Magnolia Oil & Gas Corp. Class A | Add +50.3% | 0.09% | +0.02 |
| BRK.B Berkshire Hathaway Inc. Class B | Add +3.9% | 0.63% | +0.02 |
| OSPN Onespan Inc. | Add +40.0% | 0.18% | +0.02 |
| INFY Infosys Ltd.-SP ADR | Add +1.3% | 0.20% | +0.02 |
| SCHD Schwab US DVD Equity ETF | New | 0.02% | +0.02 |
| LRCX Lam Research Corp. | New | 0.02% | +0.02 |
| ESGV Vanguard ESG US Stock ETF | Add +7.8% | 0.16% | +0.01 |
| SGOL Abrdn Physical Gold Shares | New | 0.01% | +0.01 |
| MRK Merck & Co. Inc. | New | 0.01% | +0.01 |
| CTRA Coterra Energy Inc. | New | 0.01% | +0.01 |
| IQDF NT Intl Qual Div ETF | New | 0.01% | +0.01 |
| GIC Global Industrial Co. | Add +34.8% | 0.21% | +0.01 |
| STLD Steel Dynamics Inc. | New | 0.01% | +0.01 |
| EFA iShares MSCI Eafe ETF | New | 0.01% | +0.01 |
| RTX RTX Corp. | New | 0.01% | +0.01 |
| IGSB iShares 1-5Y Inv Grade Corp. | Add +2.8% | 0.61% | +0.01 |
| IWF iShares Russell 1000 Growth | Add +0.8% | 0.82% | +0.01 |
| VTI VG Morningstar TS MKT ETF-US | Add +1.1% | 0.38% | +0.01 |
| SPGI S&P Global Inc. | Add +24.8% | 0.04% | +0.01 |
| SCHR Schwab Intermediate-Term US | Add +4.9% | 0.20% | +0.01 |
| SCHG Schwab US Large-Cap Growth | Add +15.9% | 0.05% | +0.01 |
| OTEX Open Text Corp. | Add +17.3% | 0.33% | +0.01 |
| SCHO Schwab Short-Term US Treas | Add +2.4% | 0.31% | +0.01 |
| VS TRUST | 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 |