Nathaniel Simons – Meritage Group Options Positions & Derivatives (Jun 30, 2025)

As of Jun 30, 2025, the Meritage Group portfolio disclosed options positions in its latest SEC 13F filing reported on Aug 13, 2025. These filings include call and put options tied to underlying equity holdings, providing a deeper look at the fund's use of derivatives for exposure and hedging.

The reported options activity included 41 call contracts and 61 put contracts across companies such as SPDR S&P 500 (SPY), Electronic Arts Inc. (EA), Verizon Communications Inc. (VZ). Options positions can signal strategies around hedging risk, enhancing leverage, or adjusting portfolio exposure during market shifts.

Balances

Meritage Group Options Activity

Date	Symbol	Name	Option	Quantity	Value
Q3 2023	SPY SPDR S&P 500	SPDR S&P 500	PUT	1,300,000	$555,724
Q3 2022	SPY SPDR S&P 500	SPDR S&P 500	PUT	1,470,000	$525,055
Q1 2022	SPY SPDR S&P 500	SPDR S&P 500	PUT	3,900,000	$1,761,396
Q4 2021	SPY SPDR S&P 500	SPDR S&P 500	PUT	1,850,000	$878,676
Q4 2019	EA Electronic Arts Inc.	Electronic Arts Inc.	CALL	200	$22
Q4 2019	SPY SPDR S&P 500	SPDR S&P 500	PUT	2,500,000	$804,650
Q3 2019	EA Electronic Arts Inc.	Electronic Arts Inc.	CALL	200	$20
Q3 2019	SPY SPDR S&P 500	SPDR S&P 500	PUT	2,500,000	$741,925
Q2 2019	EA Electronic Arts Inc.	Electronic Arts Inc.	CALL	200	$20
Q2 2019	SPY SPDR S&P 500	SPDR S&P 500	PUT	3,000,000	$879,000
Q1 2019	EA Electronic Arts Inc.	Electronic Arts Inc.	CALL	200	$20
Q1 2019	VZ Verizon Communications Inc.	Verizon Communications Inc.	PUT	500,000	$29,565
Q4 2018	EA Electronic Arts Inc.	Electronic Arts Inc.	CALL	200	$16
Q4 2018	SPY SPDR S&P 500	SPDR S&P 500	PUT	1,000,000	$249,920
Q4 2018	VZ Verizon Communications Inc.	Verizon Communications Inc.	PUT	500,000	$28,110
Q3 2018	CHTR Charter Communications, Inc.	Charter Communications, Inc.	CALL	100	$33
Q3 2018	IBB iShares Biotechnology ETF	iShares Biotechnology ETF	PUT	200,000	$24,388
Q3 2018	SPY SPDR S&P 500	SPDR S&P 500	PUT	5,350,000	$1,555,352
Q2 2018	CHTR Charter Communications, Inc.	Charter Communications, Inc.	CALL	100	$29
Q2 2018	IBB iShares Biotechnology ETF	iShares Biotechnology ETF	PUT	200,000	$21,964
Q2 2018	SPY SPDR S&P 500	SPDR S&P 500	PUT	4,250,000	$1,152,940
Q1 2018	SPY SPDR S&P 500	SPDR S&P 500	PUT	5,800,000	$1,526,270
Q4 2017	SPY SPDR S&P 500	SPDR S&P 500	PUT	6,300,000	$1,681,218
Q3 2017	SPY SPDR S&P 500	SPDR S&P 500	PUT	6,325,800	$1,589,231
Q2 2017	SPY SPDR S&P 500	SPDR S&P 500	PUT	3,100,000	$749,580
Q1 2017	HBI Hanesbrands Inc.	Hanesbrands Inc.	CALL	750,000	$15,570
Q1 2017	SPY SPDR S&P 500	SPDR S&P 500	PUT	4,200,000	$990,108
Q4 2016	ADSK Autodesk, Inc.	Autodesk, Inc.	CALL	222,800	$16,489
Q4 2016	GLD SPDR Gold Trust	SPDR Gold Trust	CALL	1,000,000	$109,610
Q4 2016	GM General Motors Company	General Motors Company	CALL	480,000	$16,723

Page 1 of 4 • 102 total positions

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