Meritage Group LP
Long book
$2.65B
Q1 2026
Positions
13
Top-10 weight
94%
concentration
Last quarter
+6.7%
SPY +14.8%
Turnover
47%
of book per quarter
Strategy in plain words
auto-generated from filingsMeritage Group LP is a concentrated fundamental stock-picker, running a $2.65B US long book across 13 positions.
The portfolio is extremely concentrated — the top 10 positions are almost the whole book. The portfolio is actively managed, with meaningful quarterly turnover. Current anchor positions: MICROSOFT CORP, AMAZON.COM INC, TRANSUNION, CAPITAL ONE FINANCIAL CORP, AON PLC-CLASS A.
Over the last 9 quarters its long book ran on average 3.6pp per quarter behind the S&P 500, beating the index in 2 of 9 quarters. We rate its filings as signal-bearing: position changes reflect genuine views.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-4.9%
Q2 2024
+12.2%
Q3 2024
-1.9%
Q4 2024
-4.7%
Q1 2025
+15.0%
Q2 2025
+1.8%
Q3 2025
+2.0%
Q4 2025
-18.6%
Q1 2026
+6.7%
Sector allocation
Technology 35%
Services media 32%
Financials 18%
Consumer discretionary 15%
Long book by quarter
What does Meritage Group own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| MSFT MICROSOFT CORP | Technology | 1.3M | $470.3M | 17.7% | +0.7% |
| AMZN AMAZON.COM INC | Consumer discretionary | 1.9M | $386.3M | 14.6% | +0.7% |
| TRU TRANSUNION | Services media | 3.6M | $251.4M | 9.5% | -31.9% |
| COF CAPITAL ONE FINANCIAL CORP | Financials | 1.3M | $239.5M | 9.0% | -28.5% |
| AON AON PLC-CLASS A | Financials | 680.2K | $219.5M | 8.3% | New |
| MSCI MSCI INC | Services media | 406.1K | $218.9M | 8.3% | -13.0% |
| SPGI S&P GLOBAL INC | Services media | 504.4K | $214.5M | 8.1% | New |
| WDAY WORKDAY INC-CLASS A | Technology | 1.6M | $210.9M | 8.0% | +0.7% |
| PCOR PROCORE TECHNOLOGIES INC | Technology | 2.7M | $152.7M | 5.8% | +0.3% |
| CSGP COSTAR GROUP INC | Services media | 3.3M | $134.3M | 5.1% | New |
| TOST TOAST INC-CLASS A | Technology | 3.4M | $90.4M | 3.4% | New |
| EFX EQUIFAX INC | Services media | 154.3K | $27.8M | 1.0% | -6.8% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 14, 2026 | 13 | $2.65B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 13, 2026 | 10 | $3.22B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 13, 2025 | 11 | $3.50B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 13, 2025 | 13 | $3.65B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 14, 2025 | 17 | $3.64B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 13, 2025 | 20 | $4.19B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 15, 2024 | 22 | $4.28B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 13, 2024 | 60 | $3.94B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 13, 2024 | 57 | $4.25B | $K fixed canonical | SEC ↗ |
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