Nathaniel Simons - Meritage Group Investment Strategy & Portfolio Analysis

As of Mar 31, 2026, Nathaniel Simons's Meritage Group portfolio reflects a concentrated approach across 13 reported 13F positions. Portfolio returns are primarily driven by a small set of mega-cap compounders, with the top five holdings accounting for approximately 59% of total exposure and Microsoft alone contributing ~18%. While the portfolio includes 13 positions, economic outcomes are highly concentrated in a narrow set of large-cap technology and growth-oriented names, indicating a meaningful divergence between structural diversification and return concentration. Exposure to high-growth and technology-oriented segments is elevated relative to peers, with performance anchored in growth-oriented names across financials, technology, and consumer discretionary. The portfolio maintains moderate turnover, consistent with periodic rebalancing rather than a fully static book. Distinctive traits include Moderate Turnover, Moderately Concentrated, Economically Concentrated.