Nathaniel Simons' Portfolio: Heavyweights in Tech & Finance

Portfolio Snapshot

As of March 31, 2026, Nathaniel Simons' portfolio at Meritage Group is dominated by Technology and Financial Services stocks. The largest position is Microsoft Corp (MSFT), representing 17.75% of the portfolio, followed by Amazon.com Inc (AMZN) at 14.58%. Collectively, these two tech giants account for nearly a quarter (23.33%) of the holdings. TransUnion (TRU) is the third largest holding at 9.48%, while the Financial Services sector overall makes up a substantial 49.7% of the portfolio value.

The portfolio's top ten holdings, representing approximately 60% of the total value, are dominated by large-cap names. Microsoft's stake shows a modest increase of 0.65%, while Amazon's allocation also slightly rose. Notably, several Financial Services holdings saw significant reductions, including TransUnion (-31.9%), Capital One (-28.52%), and AON (-31.72%). Conversely, S&P Global saw a substantial increase of 175.87% in its portfolio allocation.

• Top Holdings: MSFT (17.75%), AMZN (14.58%), TRU (9.48%), COF (9.04%), AON (8.28%), MSCI (8.26%), SPGI (8.1%), WDAY (7.96%), PCOR (5.76%), CSGP (5.07)
• Sector Breakdown: Financial Services (49.7%), Technology (25.7%), Real Estate (5.07%), Consumer Cyclical (14.58%)

Investment Strategy Focus

The portfolio's allocation suggests a strategy heavily weighted towards established large-cap companies, particularly in the Financial Services and Technology sectors. The significant concentration in these areas, especially the top three holdings, indicates a preference for stability and potentially high-growth sectors. The inclusion of companies like TransUnion, Capital One, and AON points towards a focus on the financial services industry, possibly targeting exposure to insurance, financial data, and credit reporting. The substantial allocation to Technology, led by Microsoft and Amazon, further reinforces a belief in the digital economy's importance.

The changes in holdings from the prior period reveal a dynamic strategy. While Microsoft and Amazon saw slight increases, several Financial Services holdings experienced significant declines. This could indicate a rebalancing effort, a shift in focus away from certain financial sub-sectors, or simply stock performance divergence. The notable increase in S&P Global's allocation suggests confidence in its performance or strategic importance. The portfolio's strategy appears to favor large, fundamentally sound companies but is not hesitant to adjust positions significantly based on performance or market conditions.

Performance Trends

Recent performance trends in the portfolio show mixed results. Microsoft and Amazon maintained their positions with small increases, while the portfolio's largest holding, TransUnion, saw a substantial reduction of 31.9% in its share count. Similarly, Capital One and AON experienced significant declines of 28.52% and 31.72% respectively. On the positive side, S&P Global saw a substantial increase of 175.87% in its portfolio allocation, indicating strong conviction in its performance or outlook. Workday (WDAY) and Procore Technologies (PCOR) also saw modest increases, while Costar Group (CSGP) entered the top ten with a 100% increase in shares from the prior period.

The changes in allocation percentages reflect these shifts. TransUnion's portfolio percentage dropped by 9.48 percentage points, while S&P Global's allocation surged by 8.1 percentage points. These movements highlight the active management of the portfolio, with adjustments based on performance and strategic decisions, even if the underlying companies are large and established.