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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
Page 2 of 10  ·  200 positions
# Ticker Company Sector Shares Value ↓ % Port Chg Shares Chg % Period Price ① Since Period ①
21 WSM WILLIAMS-SONOMA INC Consumer Cyclical 73,323.0 $13.1M 0.87% -2K -2.2% $178.59 +0.9%
22 EXEL EXELIXIS INC. Healthcare 289,279.0 $12.7M 0.84% -6K -2.1% $43.83 +13.3%
23 ETSY INC. 225,283.0 $12.5M 0.83% -7K -3.1% $55.44
24 SPYV SPDR S&P 500 VALUE ETF 213,397.0 $12.1M 0.81% -4K -1.8% $56.81 +6.7%
25 GS GOLDMAN SACHS GROUP INC Financial Services 13,356.0 $11.7M 0.78% -446.0 -3.2% $879.00 +12.4%
26 VRTX VERTEX PHARMACEUTICALS INC Healthcare 25,438.0 $11.5M 0.77% -502.0 -1.9% $453.36 -5.1%
27 WFC WELLS FARGO COMPANY Financial Services 116,616.0 $10.9M 0.72% -4K -3.3% $93.20 -18.7%
28 TWLO TWILIO Communication Services 75,081.0 $10.7M 0.71% -1K -1.6% $142.24 +33.1%
29 LNG CHENIERE ENERGY INC Energy 54,717.0 $10.6M 0.71% -1K -2.3% $194.39 +23.7%
30 SPYG SPDR S&P 500 GROWTH ETF 98,308.0 $10.5M 0.70% -3K -2.8% $106.70 +10.9%
31 FHN FIRST HORIZON NATIONAL CORP Financial Services 423,143.0 $10.1M 0.67% -19K -4.3% $23.90 +0.8%
32 AYI ACUITY INC Industrials 25,733.0 $9.3M 0.61% -849.0 -3.2% $360.04 -21.9%
33 PYPL PAYPAL HOLDINGS INC Financial Services 158,015.0 $9.2M 0.61% -9K -5.3% $58.38 -24.0%
34 CDNS CADENCE DESIGN SYSTEMS INC Technology 28,964.0 $9.1M 0.60% -569.0 -1.9% $312.58 +14.7%
35 SIEMENS A G SPONSORED ADR 64,192.0 $9.0M 0.60% -2K -3.2% $139.95
36 ENTERGY CORP 96,528.0 $8.9M 0.59% -3K -3.3% $92.43
37 ABBV ABBVIE INC Healthcare 37,798.0 $8.6M 0.57% -1K -2.8% $228.49 -6.1%
38 ANET ARISTA NETWORKS Technology 65,524.0 $8.6M 0.57% -32K -33.0% $131.03 +13.4%
39 EBAY EBAY INC Consumer Cyclical 95,973.0 $8.4M 0.56% -3K -3.3% $87.10 +34.5%
40 IBM INTL BUSINESS MACHINES Technology 27,262.0 $8.1M 0.54% -863.0 -3.1% $296.21 -14.6%
Page 2 of 10  ·  200 positions

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%