Meritage Group LP

The top holdings reflect that thesis. Large integrated oils, E&P, and mining-related equities anchor the book; financial services and healthcare fill out the diversification layer at lower weights. That structure creates a portfolio that performs best when energy and commodities are in favor and underweights the crowded large-cap quality trade that dominated Q4.

Q1 activity shows the firm adding to its core names. The increase list is meaningful — positions that were already large getting larger is a stronger conviction signal than new small stakes. The decrease list is shorter than the increase list, suggesting Meritage is not rotating out of its core thesis despite the year's strong large-cap momentum. The WhaleScore of 79 reflects that this concentrated, cyclical approach has produced competitive risk-adjusted returns over time.