MERITAGE PORTFOLIO MANAGEMENT

CIK 0000881432 · Q4 2025

13F Equity AUM

$1.5B

+0.3% QoQ

Positions

318

-6 QoQ

AUM Rank

#2,156

Top 17%

Skill Alpha (FF)

+0.9%/yr^ns

No Clear Edge

Rank #1,662 · Top 20%

vs S&P -2.3%/yr (unadj.)

Quarters Tracked

~13 years

Portfolio Concentration

Top 5: 24.5%Top 10: 32.1%Top 20: 42.2%

AAPL5.9%

GOOGL5.9%

MSFT4.5%

AVGO4.5%

NVDA3.6%

AMZN2.3%

HBC21.5%

KLAC1.4%

BABA1.3%

BKNG1.2%

Others (308)67.9%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Technology28.9%

Financial Services23.4%

Consumer Cyclical10.0%

Communication Services9.8%

Healthcare6.9%

Industrials5.0%

Energy4.1%

Real Estate3.6%

Other8.4%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 318Median: 0.12%Avg: 0.31%

0–0.5%

271(39.3%)

0.5–1%

29(20.2%)

1–3%

13(16.0%)

3–5%

3(12.7%)

5%+

2(11.8%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 304Unique: 14vs 20 funds

4.2%Low

318

Fund positions

7,201

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

Most Similar Funds

Top 8 benchmark funds with highest portfolio overlap (Jaccard similarity)

MORGAN STANLEY

5.7%

BANK OF AMERICA CORP /DE/

6.3%

6.2%

7.1%

9.7%

7.5%

7.1%

GEODE CAPITAL MANAGEMENT, LLC

6.6%

Jaccard similarity per fund: shared CUSIPs / (fund A + fund B − shared). Higher values indicate more similar portfolios.

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Position Changes This Quarter

New19Increased60Decreased210Exited25

New Positions

DUT0.7%

+20K

LXP0.4%

+110K

VMI0.3%

+13K

PR0.3%

+348K

RHHBY0.3%

+85K

DUK0.3%

+34K

TRP0.2%

+60K

DTE0.2%

+22K

LRCX0.0%

+1K

SCHD0.0%

+9K

Increased

NOMD0.4%

+103K(+30%)

XLU0.5%

+88K(+95%)

BMY0.3%

+85K(+1328%)

PAGPEUR0.4%

+84K(+36%)

ORLY0.9%

+69K(+89%)

OSPN0.2%

+59K(+40%)

GBY0.0%

+50K(+28%)

QFIN0.1%

+42K(+55%)

BNPQY0.4%

+40K(+46%)

EOG0.7%

+35K(+55%)

Decreased

T0.0%

-201,443(-91%)

WF0.0%

-87,561(-93%)

BAC0.0%

-72,168(-91%)

FTNT0.5%

-44,303(-32%)

BKH0.2%

-42,686(-51%)

EVRG0.0%

-37,027(-90%)

SLV0.0%

-35,924(-79%)

ANET0.6%

-32,205(-33%)

CBSH0.1%

-23,969(-61%)

IWD0.4%

-19,782(-39%)

Exited

-124,343

-556,300

-75,987

-29,976

-10,832

-88,374

OMC

-43,449

-40,079

HTO

-44,993

REZI

-13,971

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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