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Livermore
Livermore
ZHEN

Meritage Portfolio Management

SEC CIK
0000881432
Latest filing
Jan 27, 2026

The latest 13F from Meritage Portfolio Management covers Q4 2025 (filed Jan 27, 2026): 322 long positions worth $1.51B. The top 10 holdings make up 32.1% of the portfolio, and the largest is Apple Inc. (AAPL) at 5.9%. Livermore has 20 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q4 2025

Share counts compared with Q3 2025: how many positions were new, added to, reduced or sold out, and the biggest buys and sells. Dollar amounts are estimated at the quarter-end prices implied by the filing.

Full comparison
New
18
Est. +$36.7M
Added
59
Est. +$40.9M
Reduced
212
Est. −$72.1M
Sold out
24
Est. −$40.0M

Top 5 holdings

Share of this quarter's portfolio value

  1. AAPLApple Inc.
    5.9%$89.3MHistory
  2. GOOGLAlphabet Inc.
    5.9%$88.6MHistory
  3. MSFTMicrosoft Corp
    4.5%$68.4MHistory
  4. AVGOBroadcom Inc.
    4.5%$67.6MHistory
  5. NVDANVIDIA Corp
    3.6%$54.8MHistory

Share of portfolio

Top 5 holdings and the other 317 positions, by share of portfolio value

  1. AAPL5.9%
  2. GOOGL5.9%
  3. MSFT4.5%
  4. AVGO4.5%
  5. NVDA3.6%
  6. Other 317 positions75.5%

Biggest buys

New and added positions, by estimated amount bought

  1. MCOMoodys Corp
    +$10.1MNewHistory
  2. ORLYO Reilly Automotive Inc
    +$6.29MAddedHistory
  3. VMIValmont Industries Inc
    +$5.22MNewHistory
  4. PRPermian Resources Corp
    +$4.88MNewHistory
  5. BMYBristol Myers Squibb Co
    +$4.57MAddedHistory

Largest weight increases

New and added positions, by percentage points of the portfolio gained

  1. MCOMoodys Corp
    +0.67 pp0.0% → 0.7%History
  2. VMIValmont Industries Inc
    +0.35 pp0.0% → 0.3%History
  3. ORLYO Reilly Automotive Inc
    +0.33 pp0.6% → 0.9%History
  4. PRPermian Resources Corp
    +0.32 pp0.0% → 0.3%History
  5. BMYBristol Myers Squibb Co
    +0.31 pp<0.1% → 0.3%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. EEFTEuronet Worldwide, Inc.
    −$10.9MSold outHistory
  2. WFWoori Financial Group Inc.
    −$5.15MReducedHistory
  3. TAT&T Inc.
    −$5.00MReducedHistory
  4. EMNEastman Chemical Co
    −$4.79MSold outHistory
  5. ANETArista Networks, Inc.
    −$4.22MReducedHistory

Largest weight decreases

Reduced and sold-out positions, by percentage points of the portfolio lost

  1. EEFTEuronet Worldwide, Inc.
    −0.73 pp0.7% → 0.0%History
  2. MSFTMicrosoft Corp
    −0.43 pp5.0% → 4.5%History
  3. TAT&T Inc.
    −0.38 pp0.4% → <0.1%History
  4. ANETArista Networks, Inc.
    −0.38 pp0.9% → 0.6%History
  5. BABAAlibaba Group Holding Ltd
    −0.33 pp1.6% → 1.3%History

Metrics

13F metrics for Q4 2025, computed only from the numbers in the filings. Definitions below.

Portfolio value
$1.51B
+$5.28M (+0.4%) vs. prior quarter
Positions
322
−6 vs. prior quarter
Top 10 concentration
32.1%
Top 10 as share of value
Turnover
5.2%
Q4 2025, one quarter
Average holding period
14.5 quarters
Weighted by value

How these are calculated

  • Portfolio value: the market value of all long positions in the 13F, as reported at quarter end, excluding options.
  • Top 10 concentration: the combined value of the 10 largest positions as a share of portfolio value.
  • Turnover: the smaller of this quarter's estimated purchases and estimated sales, divided by the average of this and last quarter's portfolio value. Estimates multiply the change in shares by the quarter-end price implied by the filing (market value divided by shares); new positions use this quarter's value and sold-out positions last quarter's. Only positions reported in shares count, and it is not calculated when the previous quarter was not filed.
  • Average holding period: how many consecutive quarters each current position has been held (including this one; a quarter without the position or without a filing starts the count over), weighted by this quarter's value. Counting starts with the first 13F in Livermore (Q1 2021), so positions held before then are understated.

13F filings by quarter

20 quarters, going back to Q1 2021. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $1.76B (Q4 2021)

Q1 2021: $1.50BQ2 2021: $1.66BQ3 2021: $1.67BQ4 2021: $1.76BQ1 2022: $1.62BQ2 2022: $1.29BQ3 2022: $1.21BQ4 2022: $1.28BQ1 2023: $1.34BQ2 2023: $1.41BQ3 2023: $1.35BQ4 2023: $1.52BQ1 2024: $1.57BQ2 2024: $1.58BQ3 2024: $1.63BQ4 2024: $1.61BQ1 2025: $1.51BQ2 2025: $1.58BQ3 2025: $1.50BQ4 2025: $1.51B
Q1 2021Q4 2025
13F filings of Meritage Portfolio Management by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q4 2025Jan 27, 2026322$1.51BAAPLGOOGLMSFTvs. Q3 2025SEC
Q3 2025Oct 28, 2025328$1.50BAAPLMSFTGOOGLvs. Q2 2025SEC
Q2 2025Jul 25, 2025326$1.58BMSFTAAPLAVGOvs. Q1 2025SEC
Q1 2025Apr 28, 2025321$1.51BAAPLMSFTGOOGLvs. Q4 2024SEC
Q4 2024Jan 27, 2025328$1.61BAAPLMSFTGOOGLvs. Q3 2024SEC
Q3 2024Nov 4, 2024336$1.63BAAPLMSFTGOOGLvs. Q2 2024SEC
Q2 2024Aug 9, 2024334$1.58BAAPLMSFTGOOGLvs. Q1 2024SEC
Q1 2024Apr 29, 2024344$1.57BAAPLMSFTGOOGLvs. Q4 2023SEC
Q4 2023Feb 2, 2024339$1.52BAAPLMSFTGOOGLvs. Q3 2023SEC
Q3 2023Oct 30, 2023331$1.35BAAPLMSFTGOOGLvs. Q2 2023SEC
Q2 2023Jul 31, 2023344$1.41BAAPLMSFTGOOGLvs. Q1 2023SEC
Q1 2023Apr 25, 2023318$1.34BAAPLMSFTGOOGLvs. Q4 2022SEC
Q4 2022Feb 1, 2023315$1.28BAAPLMSFTGOOGLvs. Q3 2022SEC
Q3 2022Oct 25, 2022307$1.21BAAPLMSFTGOOGLvs. Q2 2022SEC
Q2 2022Jul 25, 2022307$1.29BAAPLMSFTGOOGLvs. Q1 2022SEC
Q1 2022Apr 25, 2022337$1.62BAAPLMSFTGOOGLvs. Q4 2021SEC
Q4 2021Jan 28, 2022337$1.76BAAPLMSFTAMZNvs. Q3 2021SEC
Q3 2021Oct 26, 2021317$1.67BAAPLMSFTAMZNvs. Q2 2021SEC
Q2 2021Jul 26, 2021302$1.66BAAPLMSFTAMZNvs. Q1 2021SEC
Q1 2021Apr 27, 2021287$1.50BAAPLMSFTAMZN–SEC