Nathaniel Simons – Meritage Group Portfolio Activity & Recent Trades (Jun 30, 2025)

As of Jun 30, 2025, the Meritage Group portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on Aug 13, 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 Q2 2025, the filing reported:

New Buys – MSCI Inc. (MSCI), SPDR S&P 500 (SPY)

Increases – TransUnion (TRU), Tempur Sealy International, Inc (TPX), Amazon.com, Inc. (AMZN), Capital One Financial Corporati (COF)

Reductions – Analog Devices, Inc. (ADI), Airbnb, Inc. (ABNB), Workday, Inc. (WDAY), Agilent Technologies, Inc. (A), Procore Technologies, Inc. (PCOR), and 2 more

Complete Exits – Transdigm Group Incorporated (TDG), Dollar Tree, Inc. (DLTR), Equifax, Inc. (EFX), Autodesk, Inc. (ADSK), Microchip Technology Incorporat (MCHP), and 1 more

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

Meritage Group Activity

Date	Symbol	Name	Type	Quantity	Value	Remaining
Q2 2025Jun 30, 2025	TRU TransUnion	TransUnion	Buy	+1,639,949+38.3%	$520.81M	5,918,322
Q2 2025Jun 30, 2025	TPX Tempur Sealy International, Inc	Tempur Sealy International, Inc	Buy	+1,141,828+60.3%	$206.61M	3,036,205
Q2 2025Jun 30, 2025	AMZN Amazon.com, Inc.	Amazon.com, Inc.	Buy	+552,967+32.4%	$495.46M	2,258,356
Q2 2025Jun 30, 2025	MSCI MSCI Inc.	MSCI Inc.	Buy - Position Entry	+311,315	$179.55M	311,315
Q2 2025Jun 30, 2025	COF Capital One Financial Corporati	Capital One Financial Corporati	Buy	+253,239+12.3%	$493.35M	2,318,833
Q2 2025Jun 30, 2025	SPY SPDR S&P 500	SPDR S&P 500	Buy - Position Entry	+106,022	$65.51M	106,022
Q2 2025Jun 30, 2025	ADI Analog Devices, Inc.	Analog Devices, Inc.	Sell	-2,877-0.7%	$94.68M	397,768
Q2 2025Jun 30, 2025	ABNB Airbnb, Inc.	Airbnb, Inc.	Sell	-7,891-0.6%	$166.96M	1,261,608
Q2 2025Jun 30, 2025	WDAY Workday, Inc.	Workday, Inc.	Sell	-8,700-0.7%	$307.78M	1,282,432
Q2 2025Jun 30, 2025	A Agilent Technologies, Inc.	Agilent Technologies, Inc.	Sell	-8,995-0.7%	$156.48M	1,325,963
Q2 2025Jun 30, 2025	PCOR Procore Technologies, Inc.	Procore Technologies, Inc.	Sell	-17,786-0.6%	$186.63M	2,727,718
Q2 2025Jun 30, 2025	QSR Restaurant Brands International	Restaurant Brands International	Sell	-20,812-0.6%	$217.49M	3,280,877
Q2 2025Jun 30, 2025	TDG Transdigm Group Incorporated	Transdigm Group Incorporated	Sell - Position Exit	-38,290-100.0%	$0.00	-
Q2 2025Jun 30, 2025	DLTR Dollar Tree, Inc.	Dollar Tree, Inc.	Sell - Position Exit	-58,257-100.0%	$0.00	-
Q2 2025Jun 30, 2025	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-260,409-18.8%	$559.44M	1,124,698
Q2 2025Jun 30, 2025	EFX Equifax, Inc.	Equifax, Inc.	Sell - Position Exit	-402,901-100.0%	$0.00	-
Q2 2025Jun 30, 2025	ADSK Autodesk, Inc.	Autodesk, Inc.	Sell - Position Exit	-1,138,082-100.0%	$0.00	-
Q2 2025Jun 30, 2025	MCHP Microchip Technology Incorporat	Microchip Technology Incorporat	Sell - Position Exit	-2,999,177-100.0%	$0.00	-
Q2 2025Jun 30, 2025	CP Canadian Pacific Kansas City Li	Canadian Pacific Kansas City Li	Sell - Position Exit	-3,773,482-100.0%	$0.00	-
Q1 2025Mar 31, 2025	TPX Tempur Sealy International, Inc	Tempur Sealy International, Inc	Buy - Position Entry	+1,894,377	$113.44M	1,894,377
Q1 2025Mar 31, 2025	MSFT Microsoft Corporation	Microsoft Corporation	Buy - Position Entry	+1,385,107	$519.96M	1,385,107
Q1 2025Mar 31, 2025	COF Capital One Financial Corporati	Capital One Financial Corporati	Buy	+788,887+61.8%	$370.36M	2,065,594
Q1 2025Mar 31, 2025	MCHP Microchip Technology Incorporat	Microchip Technology Incorporat	Buy	+470,268+18.6%	$145.19M	2,999,177
Q1 2025Mar 31, 2025	EFX Equifax, Inc.	Equifax, Inc.	Buy - Position Entry	+402,901	$98.13M	402,901
Q1 2025Mar 31, 2025	AMZN Amazon.com, Inc.	Amazon.com, Inc.	Buy	+219,405+14.8%	$324.47M	1,705,389
Q1 2025Mar 31, 2025	TDG Transdigm Group Incorporated	Transdigm Group Incorporated	Sell	-56,188-59.5%	$52.97M	38,290
Q1 2025Mar 31, 2025	ADI Analog Devices, Inc.	Analog Devices, Inc.	Sell	-219,799-35.4%	$80.80M	400,645
Q1 2025Mar 31, 2025	DLTR Dollar Tree, Inc.	Dollar Tree, Inc.	Sell	-255,249-81.4%	$4.37M	58,257
Q1 2025Mar 31, 2025	UNH UnitedHealth Group Incorporated	UnitedHealth Group Incorporated	Sell - Position Exit	-300,755-100.0%	$0.00	-
Q1 2025Mar 31, 2025	AON Aon Plc	Aon Plc	Sell - Position Exit	-996,211-100.0%	$0.00	-

Page 1 of 50 • 1497 total trades

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