Nathaniel Simons - Meritage Group 13F Activity & Position Changes (Q4 2025)

As of Dec 31, 2025, the Meritage Group portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on Feb 13, 2026. The activity included new positions, additions to existing holdings, reductions, and complete exits, providing a clear view of how the portfolio evolved during the quarter.

During Q4 2025, the filing reported:

New Buys - None reported

Increases - MSCI Inc., Microsoft Corporation, Workday, Inc.

Reductions - Amazon.com, Inc., Capital One Financial Corporati, Equifax, Inc., Procore Technologies, Inc., Restaurant Brands International, and 2 more

Complete Exits - Agilent Technologies, Inc.

These updates highlight how the portfolio adjusted across different sectors and market conditions, offering insights into allocation shifts and investment trends.

Date	Symbol	Name	Type	Change Qty	% Change	Value	Remaining
Q4 2025	A Agilent Technologies, Inc.	Agilent Technologies, Inc.	Sell - Position Exit	-1,325,963	-100.0%	$0.00	-
Q4 2025	AMZN Amazon.com, Inc.	Amazon.com, Inc.	Sell	-415,350	-18.4%	$425.40M	1,843,006
Q4 2025	COF Capital One Financial Corporati	Capital One Financial Corporati	Sell	-481,817	-20.8%	$445.22M	1,837,016
Q4 2025	EFX Equifax, Inc.	Equifax, Inc.	Sell	-4,145	-2.4%	$35.91M	165,488
Q4 2025	MSCI MSCI Inc.	MSCI Inc.	Buy	+51,309	+12.4%	$267.71M	466,617
Q4 2025	MSFT Microsoft Corporation	Microsoft Corporation	Buy	+137,613	+12.2%	$610.48M	1,262,311
Q4 2025	PCOR Procore Technologies, Inc.	Procore Technologies, Inc.	Sell	-58,125	-2.1%	$194.19M	2,669,593
Q4 2025	QSR Restaurant Brands International	Restaurant Brands International	Sell	-80,146	-2.4%	$218.39M	3,200,731
Q4 2025	TPX Tempur Sealy International, Inc	Tempur Sealy International, Inc	Sell	-632,554	-20.8%	$214.60M	2,403,651
Q4 2025	TRU TransUnion	TransUnion	Sell	-133,575	-2.4%	$457.43M	5,334,488
Q4 2025	WDAY Workday, Inc.	Workday, Inc.	Buy	+123,270	+8.3%	$346.34M	1,612,523