Meritage Group LP

Meritage Group LP entered Q1 2026 with a $2.87B book that is unusual in its structural concentration: energy and natural-resources names anchor the top holdings, with financial services and healthcare filling secondary roles. The portfolio refilled from its prior-quarter level — net additions into core energy names alongside selective trimming of positions that ran in Q4. The WhaleScore of 79 reflects a manager whose alpha has historically come from getting the commodity cycle right, not from diversifying away from it. The Q1 filing rewards readers who read sector concentration as a deliberate view rather than an accident of large-cap drift.