Portfolio (Quarterly) Guide ↗

MERITAGE PORTFOLIO MANAGEMENT

· CIK 0000881432

13F Portfolio $1.5B AUM 323 positions Filed Jan 27, 2026 EDGAR ↗ ← All Funds

Q4 2025 Q3 2025 · All 19 New 51 Added 200 Reduced 25 Exited

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#	Ticker	Company	Sector	Shares	Value ↓	% Port	Chg Shares	Chg %	Period Price ①	Since Period ①
41	VDC	VANGUARD CONSUMER STAPLES ETF	—	2,683.0	$567K	0.04%	+54.0	+2.0%	$211.24	+8.8%
42	SPGI	S&P GLOBAL INC	Financial Services	1,067.0	$558K	0.04%	+212.0	+24.8%	$522.59	-20.2%
43	IDV	iSHARES INTERNATIONAL SELECT D	—	12,923.0	$510K	0.03%	+573.0	+4.6%	$39.45	+15.0%
44	CEG	CONSTELLATION ENERGY GROUP INC	Utilities	1,373.0	$485K	0.03%	+43.0	+3.2%	$353.27	-19.1%
45	GIL	GILDAN ACTIVEWEAR INC	Consumer Cyclical	6,642.0	$415K	0.03%	+121.0	+1.9%	$62.46	-6.9%
46	SKT	TANGER FACTORY OUTLET	Real Estate	12,050.0	$402K	0.03%	+2K	+15.6%	$33.37	+6.8%
47	VSGX	VANGUARD ESG INTL STOCK ETF	—	5,562.0	$398K	0.03%	+450.0	+8.8%	$71.62	+12.0%
48	DIS	DISNEY WALT CO DEL	Communication Services	2,560.0	$291K	0.02%	+48.0	+1.9%	$113.78	-9.0%
49	MO	ALTRIA GROUP INC	Consumer Defensive	4,726.0	$272K	0.02%	+50.0	+1.1%	$57.65	+27.8%
50	SGMO	SANGAMO BIOSCIENCES INC	Healthcare	227,000.0	$95K	0.01%	+50K	+28.2%	$0.42	-61.9%
51	—	CONSOLIDATED BIOFUELS INC	—	32,500.0	—	—	+22K	+225.0%	—	—

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① Period Price is the implied market price on the last day of the reporting period, calculated as reported value ÷ shares held. It is not the fund's purchase price or cost basis — the fund may have initiated or added to the position at any point during the quarter at a different price. Since Period shows the price change from that quarter-end snapshot to today's last price — it reflects stock movement after the report date, not the fund's actual return.

Sector Allocation

Technology 33.4%

Financial Services 15.0%

Communication Services 11.5%

Consumer Cyclical 11.0%

Healthcare 7.8%

Industrials 5.8%

Energy 4.8%

Consumer Defensive 3.6%

Real Estate 3.4%

Utilities 2.8%