Meritage Group Portfolio holdings
Meritage Group is an investment adviser that grew out of Renaissance Technologies and invests long-term, evergreen capital. That structure lets it invest patiently, without fundraising cycles or liquidity pressures setting its timetable. It takes mostly fundamentals-driven, longer-term positions in public and private equity, credit and real estate, going long and short where appropriate. Its clients are private investment funds rather than individual investors. Nathaniel Simons, who chairs the company that controls it, is also a director and minority owner of Renaissance Technologies, and a Simons family trust is Meritage's principal owner.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
S&P Global
SPGI
|
+$142M |
| 2 |
Sherwin-Williams
SHW
|
+$102M |
| 3 |
DNKN
Dunkin' Brands Group, Inc.
DNKN
|
+$53.7M |
| 4 |
Hanesbrands
HBI
|
+$53.1M |
| 5 |
SBA Communications
SBAC
|
+$42M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Microsoft
MSFT
|
+$209M |
| 2 |
Axalta
AXTA
|
+$198M |
| 3 |
Walgreens Boots Alliance
WBA
|
+$145M |
| 4 |
MHFI
MCGRAW-HILL FINANCIAL INC COM
MHFI
|
+$130M |
| 5 |
Union Pacific
UNP
|
+$129M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Communication Services | 20.37% |
| 2 | Miscellaneous | 19.36% |
| 3 | Financials | 15.04% |
| 4 | Consumer Discretionary | 14.85% |
| 5 | Healthcare | 10.04% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$803B
| $649M | 16.89% |
3,100,000
-600,000
| -16% | -$124M |
2015 Q4
2 quarters
|
|
2
Charter Communications
CHTR
$15.2B
| $449M | 11.67% |
1,962,910
-205,326
| -9% | -$44.1M |
2014 Q3
7 quarters
|
|
|
TFCFA
3
DELISTED
Twenty-First Century Fox, Inc. Class A
TFCFA
| $334M | 8.7% |
12,359,163
+26,574
| +0.2% | +$774K |
2013 Q3
11 quarters
|
|
4
RTX Corp
RTX
$270B
| $319M | 8.29% |
4,941,175
+10,735
| +0.2% | +$687K |
2015 Q3
3 quarters
|
|
|
5
SBA Communications
SBAC
$19.5B
| $270M | 7.01% |
2,496,869
+414,476
| +20% | +$42M |
2016 Q1
1 quarter
|
|
|
DNKN
6
DELISTED
Dunkin' Brands Group, Inc.
DNKN
| $216M | 5.63% |
4,961,112
+1,174,688
| +31% | +$53.7M |
2015 Q4
2 quarters
|
|
7
McKesson
MCK
$124B
| $207M | 5.38% |
1,108,162
+2,763
| +0.2% | +$485K |
2016 Q1
1 quarter
|
|
|
AGN
8
DELISTED
Allergan plc
AGN
| $179M | 4.66% |
775,779
+66,744
| +9% | +$15.4M |
2015 Q4
2 quarters
|
|
9
Intercontinental Exchange
ICE
$100B
| $176M | 4.59% |
3,445,210
+7,335
| +0.2% | +$370K |
2013 Q2
12 quarters
|
|
10
Sally Beauty Holdings
SBH
$1.68B
| $152M | 3.96% |
5,175,752
+255,384
| +5% | +$7.63M |
2013 Q2
12 quarters
|
|
|
11
S&P Global
SPGI
$137B
| $142M | 3.68% |
+1,319,478
| New | +$142M |
2016 Q2
0 quarters
|
|
12
Moody's
MCO
$87.7B
| $138M | 3.59% |
1,471,253
+3,604
| +0.2% | +$348K |
2013 Q3
11 quarters
|
|
|
13
Sherwin-Williams
SHW
$85.3B
| $102M | 2.66% |
+1,044,741
| New | +$102M |
2016 Q2
0 quarters
|
|
14
Visa
V
$788B
| $97.7M | 2.54% |
1,316,845
+448,564
| +52% | +$35.1M |
2014 Q2
8 quarters
|
|
|
15
DELISTED
Hanesbrands
HBI
| $92.3M | 2.4% |
3,673,626
+1,948,446
| +113% | +$53.1M |
2015 Q4
2 quarters
|
|
16
Qualcomm
QCOM
$189B
| $88.7M | 2.31% |
1,656,010
-544,335
| -25% | -$28.7M |
2015 Q4
2 quarters
|
|
17
LKQ Corp
LKQ
$4.99B
| $79.8M | 2.08% |
2,516,821
-921,932
| -27% | -$29.9M |
2015 Q2
4 quarters
|
|
|
VMW
18
CALL
DELISTED
VMware, Inc
VMW
| $30.1M | 0.78% |
+526,600
| New | +$30.4M |
2016 Q2
0 quarters
|
|
19
Tesla
TSLA
$1.56T
| $30.1M | 0.78% |
2,127,120
+977,520
| +85% | +$14.8M |
2016 Q1
1 quarter
|
|
20
PUT
Wells Fargo
WFC
$258B
| $29.5M | 0.77% |
+623,200
| New | +$30.4M |
2016 Q2
0 quarters
|
|
21
CALL
General Motors
GM
$73B
| $23.2M | 0.6% |
819,300
-180,700
| -18% | -$5.49M |
2016 Q1
1 quarter
|
|
|
22
Wells Fargo
WFC
$258B
| $18.9M | 0.49% |
+400,100
| New | +$19.5M |
2016 Q2
0 quarters
|
|
23
CALL
Autodesk
ADSK
$54.2B
| $12.1M | 0.31% |
222,800
+200
| +0.1% | +$11.6K |
2016 Q1
1 quarter
|
|
24
Apollo Global Management
APO
$71.7B
| $5.71M | 0.15% |
376,850
-43,150
| -10% | -$708K |
2016 Q1
1 quarter
|
|
|
25
Autodesk
ADSK
$54.2B
| $2.83M | 0.07% |
52,237
+2,432
| +5% | +$141K |
2015 Q3
3 quarters
|
|
Similar funds
Meritage Group's Q2 2016 Portfolio in Review
As of Q2 2016, Meritage Group held 33 positions worth $3.84B, down 13% from $4.43B the previous quarter. Its ten largest holdings account for 77% of the portfolio.
Meritage Group withdrew a net $554M in Q2 2016, closing 8 positions and reducing 6 holdings. Its most notable exit was Microsoft, an estimated $209M position sold in full.
By sector, the portfolio is most concentrated in Communication Services at 20% of assets, up from 20% a quarter earlier, followed by Miscellaneous and Financials.
Against the trend, Meritage Group opened a new position in S&P Global worth $142M.
- Meritage Group's largest Q2 2016 buy was S&P Global: 1,319,478 shares worth $142M.
- Meritage Group added most to Dunkin' Brands Group, Inc. in Q2 2016, an estimated $53.7M increase.
- Meritage Group's biggest Q2 2016 reduction was Charter Communications, cutting an estimated $44.1M.
- Meritage Group fully exited Microsoft in Q2 2016, selling an estimated $209M.
- Meritage Group's ten largest holdings make up 77% of its $3.84B portfolio in Q2 2016.
- Meritage Group opened 5 new positions and closed 8 in Q2 2016.
- Meritage Group's portfolio value fell 13% quarter-over-quarter to $3.84B.
Based on Meritage Group's 13F filing for Q2 2016, filed 12 Aug 2016.