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

According to the SEC 13F filed on Feb 13, 2026, the Meritage Group portfolio showed several notable changes in holdings as of quarter-end Dec 31, 2025. 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