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VOL. XII · NO. 117Established MMXIV · George Town, Grand CaymanAtlantic Edition · $4.50

The Cayman Journal

Finance · Business · Technology · Caribbean & Global Affairs
13F HOLDINGS REPORT

MERITAGE PORTFOLIO MANAGEMENT

Quarter ended Q1 2025 · Filed April 28, 2025 · Accession 0000881432-25-000006

Total Value
$1.51B
Positions
322
Other Managers
0
Confidential Omitted
No
View on SEC.gov

Holdings (322)

#IssuerTicker / CUSIPSharesValue% of Filing
1APPLE INCAAPL427,833$95.0M6.30%
2MICROSOFT CORPMSFT181,058$68.0M4.51%
3ALPHABET INC CL AGOOG380,342$58.8M3.90%
4BROADCOM LTDAVGO261,463$43.8M2.90%
5NVIDIA CORPNVDA386,854$41.9M2.78%
6FORTINET INC.FTNT337,878$32.5M2.16%
7AMAZON INCAMZN163,627$31.1M2.06%
8ALIBABA GROUP HOLDING LTD ADRBBAAY183,262$24.2M1.61%
9BOOKING HOLDINGS INCBKNG4,549$21.0M1.39%
10MASTERCARD INCMA36,956$20.3M1.34%
11META PLATFORMS INC.META32,176$18.5M1.23%
12HSBC HOLDINGS PLCHBCYF310,347$17.8M1.18%
13ASML HOLDING NVASMLF25,543$16.9M1.12%
14VERTEX PHARMACEUTICALS INCVRTX34,877$16.9M1.12%
15WILLIAMS-SONOMA INCWSM101,242$16.0M1.06%
16KLA CORPORATIONKLAC23,542$16.0M1.06%
17SPDR S&P 500 VALUE ETF78464A508309,050$15.8M1.05%
18AMETEK INCAME91,681$15.8M1.05%
19ETSY INC.ETSY317,521$15.0M0.99%
20EXELIXIS INC.EXEL399,238$14.7M0.98%
21JP MORGAN CHASE & COVYLD60,006$14.7M0.98%
22PAYPAL HOLDINGS INCPYPL225,584$14.7M0.98%
23CHENIERE ENERGY INCLNG63,033$14.6M0.97%
24VERALTO CORPVLTO147,939$14.4M0.96%
25JOHNSON & JOHNSONJNJ83,885$13.9M0.92%
26ARISTA NETWORKSANET174,573$13.5M0.90%
27NOVO-NORDISK A S ADRNONOF193,692$13.4M0.89%
28EURONET WORLDWIDE INCEEFT124,097$13.3M0.88%
29ISHARES S&P 500 INDEX46428720023,476$13.2M0.87%
30BERKSHIRE HATHAWAY INC CL BBRK-A20,814$11.1M0.74%
31ADOBE INCADBE27,430$10.5M0.70%
32PROCTER & GAMBLE CO74271810959,240$10.1M0.67%
33CADENCE DESIGN SYSTEMS INCCDNS39,213$10.0M0.66%
34FIRST HORIZON NATIONAL CORPFHN-PH501,048$9.7M0.65%
35WELLS FARGO COMPANY949746101135,488$9.7M0.64%
36O'REILLY AUTOMOTIVE INC67103H1076,784$9.7M0.64%
37ENTERGY CORPENO111,974$9.6M0.63%
38ISHARES RUSSELL 1000 GROWTH46428761426,471$9.6M0.63%
39ISHARES SHORT-TERM CORPORATE B464288646180,889$9.5M0.63%
40JAZZ PHARMACEUTICALS PLCJAZZ75,803$9.4M0.62%
41EOG RESOURCES INCEOG71,093$9.1M0.60%
42CHECK POINT SOFTWARE TECHM2246510439,573$9.0M0.60%
43SPDR S&P 500 GROWTH ETF78464A409108,282$8.7M0.58%
44SIEMENS A G SPONSORED ADR82619750174,714$8.6M0.57%
45AUTODESK INCADSK32,525$8.5M0.56%
46TAPESTRY INCTPR120,161$8.5M0.56%
47GOLDMAN SACHS GROUP INCGSCE15,382$8.4M0.56%
48COSTCO WHOLESALE CORP22160K1058,742$8.3M0.55%
49RELIANCE INCRS28,084$8.1M0.54%
50DROPBOX INC.DBX300,228$8.0M0.53%
51UTILITIES SELECT SECTOR SPDR81369Y886101,074$8.0M0.53%
52INTL BUSINESS MACHINESINTR31,722$7.9M0.52%
53ACUITY INCAYI29,872$7.9M0.52%
54ESSENTIAL PROPERTIES REIT29670E107238,909$7.8M0.52%
55EBAY INCEBAY111,122$7.5M0.50%
56AFLAC INCAFL67,319$7.5M0.50%
57INFORMATICA CORP45674M101419,438$7.3M0.49%
58EXXON MOBIL CORPXOM61,508$7.3M0.49%
59QUALCOMMQCOM46,804$7.2M0.48%
60AT & T INCT-PC246,189$7.0M0.46%
61SNAP-ON INCSNA20,383$6.9M0.46%
62PUBLIC STORAGE INCPSA-PS22,638$6.8M0.45%
63ABBVIE INCABBV31,964$6.7M0.44%
64ROCHE HLDG LTD SPONSORED ADR771195104162,546$6.7M0.44%
65BROADSTONE NET LEASE INCBNL386,997$6.6M0.44%
66S & P 500 DEPOSITARY RECEIPTSPY11,740$6.6M0.44%
67HALOZYME THERAPEUTICS, INC.HALO101,651$6.5M0.43%
68BRISTOL-MYERS SQUIBBCELG-RI105,946$6.5M0.43%
69FIDELITY NATIONAL INFORMATION31620M10682,571$6.2M0.41%
70GILEAD SCIENCES INCGILD52,280$5.9M0.39%
71COCA COLA COKO79,860$5.7M0.38%
72PING AN INSURANCE GROUP72341E304464,362$5.6M0.37%
73B P PLC-SPON ADRBPPFF163,147$5.5M0.37%
74AMGENAMGN17,690$5.5M0.37%
75FNB CORP302520101407,752$5.5M0.36%
76NORTHWESTERN ENERGY GROUP INC.NWE94,489$5.5M0.36%
77PUBLIC SERVICE ENTERPRISE GRP74457310666,045$5.4M0.36%
78MATADOR RESOURCES COMPANYMTDR104,644$5.3M0.35%
79ING GROEP NV ADRINGVF270,269$5.3M0.35%
80UGI CORP902681105156,510$5.2M0.34%
81ISHARES BARCLAYS INT GOVT/CRED46428861248,508$5.1M0.34%
82PLAINS GP HOLDINGS LPPAGP240,328$5.1M0.34%
83FIFTH THIRD BANCORPFITBM130,590$5.1M0.34%
84GRIFFON CORPORATIONGFF70,067$5.0M0.33%
85KROGER COKR73,879$5.0M0.33%
86EVERGY INCEVRG72,447$5.0M0.33%
87PULTEGROUP INC74586710148,285$5.0M0.33%
88SEABOARD CORPSE1,820$4.9M0.33%
89W P CAREY & CO LLC92936U10977,144$4.9M0.32%
90ISHARES RUSSELL 1000 VALUE46428759825,870$4.9M0.32%
91NOVARTIS A G SPONSORED ADRNVSEF43,558$4.9M0.32%
92ARCH CAPITAL GROUPG0450A10550,417$4.8M0.32%
93PHILIP MORRIS INTERNATIONAL71817210930,071$4.8M0.32%
94SCHWAB SHORT-TERM U.S. TREASUR808524862191,425$4.7M0.31%
95VANGUARD TOTAL STOCK MKT ETF92290876916,949$4.7M0.31%
96AXIS CAPITAL HOLDINGS LTDG0692U10946,404$4.7M0.31%
97ENI SPA ADR26874R108150,200$4.6M0.31%
98SHELL PLCRYDAF63,103$4.6M0.31%
99SK TELECOM LTD SPONSORED ADRSKM216,563$4.6M0.31%
100BLACK HILLS CORPBKH73,829$4.5M0.30%
101COMCAST CORP CL ACCZ120,522$4.4M0.29%
102KIMBERLY CLARK CORPKMB31,244$4.4M0.29%
103EVEREST GROUP LTDEG11,968$4.3M0.29%
104AMCOR PLCAMCCF447,826$4.3M0.29%
105ARTISAN PARTNERS ASSET MANAGEM04316A108110,579$4.3M0.29%
106SUN LIFE FINANCIAL INC.SUNFF75,349$4.3M0.29%
107LOWES COMPANIES54866110718,354$4.3M0.28%
108CORCEPT THERAPEUTICS INCCORT36,439$4.2M0.28%
109EASTMAN CHEMICAL COMPANYEMN47,207$4.2M0.28%
110BRITISH AMERICAN TOBACCO PLC A110448107100,518$4.2M0.28%
111AMBEV SAABEV1,751,883$4.1M0.27%
112HP INCHPQ140,632$3.9M0.26%
113NETAPP INC.NTAP42,359$3.7M0.25%
114BNP PARIBAS ADR05565A20288,384$3.7M0.24%
115iSHARES INT-TERM CORP BOND ETF46428863870,159$3.7M0.24%
116BAE SYSTEMS PLCBAESF44,590$3.7M0.24%
117CISCO SYSTEMS INCCSCO58,915$3.6M0.24%
118ISHARES S&P SHORT TERM NATIONA46428815834,255$3.6M0.24%
119CORNING INCGLW78,890$3.6M0.24%
120MEDTRONIC HLDG LTDMDT39,597$3.6M0.24%
121SUNCOR ENERGY INCSU91,696$3.6M0.24%
122VANGUARD SMALL CAP GROWTH ETF92290859514,087$3.5M0.24%
123VIRTUS INVESTMENT PARTNERS INC92828Q10920,541$3.5M0.23%
124NN GROUP N.V.NNBR126,566$3.5M0.23%
125GETTY REALTY CORP374297109112,419$3.5M0.23%
126CUMMINS INCCMI11,095$3.5M0.23%
127NNN REIT, INC.NNN80,999$3.5M0.23%
128LEXINGTON INDUSTRIAL TRUSTLXP-PC385,689$3.3M0.22%
129WPP PLCWPPGF87,082$3.3M0.22%
130KONTOOR BRANDS INCKTB51,246$3.3M0.22%
131WOORI FINANCIAL GROUP98106410898,374$3.3M0.22%
132SPIRE INCSRJN41,709$3.3M0.22%
133NATIONAL HEALTH INVESTORS63633D10443,736$3.2M0.21%
134BERKSHIRE HATHAWAY INC-CL ABRK-A4$3.2M0.21%
135LADDER CAPITAL CORPLADR269,519$3.1M0.20%
136TIM S A SPONSORED ADRTIMB194,410$3.0M0.20%
137DANSKE BANK AS236363206180,545$3.0M0.20%
138TARGET CORPTGT28,540$3.0M0.20%
139ANNALY CAPITAL MANAGEMENTNLY-PJ139,989$2.8M0.19%
140OLD REPUBLIC INTL68022310470,460$2.8M0.18%
141WISCONSIN ENERGY CORPWEC24,772$2.7M0.18%
142NISOURCE INCNI67,057$2.7M0.18%
143ALLISON TRANSMISSION HOLDINGSALSN27,918$2.7M0.18%
144PAYCHEX INCPAYX17,116$2.6M0.18%
145EMCOR GROUP INCEME6,917$2.6M0.17%
146ELI LILLY & COLLY3,078$2.5M0.17%
147OPEN TEXT CORPOTEX100,323$2.5M0.17%
148SCHWAB INTERMEDIATE-TERM US TR808524854100,704$2.5M0.17%
149COMMERCE BANCSHARESCBSH39,034$2.4M0.16%
150ONESPAN INCOSPN154,119$2.4M0.16%
151OMNICOMOMC28,316$2.3M0.16%
152WAL-MART STORES INCWMT26,146$2.3M0.15%
153VANGUARD HIGH DIVIDEND YIELD E92194640617,604$2.3M0.15%
154GODADDY INCGDDY12,579$2.3M0.15%
155CANADIAN NAT RES LTD13638510172,782$2.2M0.15%
156GARRETT MOTION INCGTX260,654$2.2M0.14%
157PRICE T ROWE GROUP INCTROW23,308$2.1M0.14%
158SCHWAB US LARGE-CAP GROWTH ETF80852430085,450$2.1M0.14%
159SONOCO PRODUCTS COMPANY83549510245,138$2.1M0.14%
160RAMBUS INCRMBS41,144$2.1M0.14%
161RIO TINTO PLC SPONSORED ADRRTNTF34,268$2.1M0.14%
162COMFORT SYSTEMS USA INC1999081046,379$2.1M0.14%
163SUPERNUS PHARMACEUTICALS INCSUPN58,803$1.9M0.13%
164MUELLER INDUSTRIES INC62475610224,862$1.9M0.13%
165ISHARES S&P SMALLCAP 60046428780417,516$1.8M0.12%
166CONAGRA FOODS INCCAG67,841$1.8M0.12%
167SCHWAB US BROAD MARKET ETF80852410283,111$1.8M0.12%
168ROGERS COMMUNICATIONS CL B ADRRCIAF66,880$1.8M0.12%
169HOME DEPOT INCHD4,709$1.7M0.11%
170BELLRING BRANDS INCBRBR22,396$1.7M0.11%
171SPDR BARCLAYS CAPITAL SHRT TER78468R73933,177$1.6M0.10%
172UNITEDHEALTH GROUP INCUNH2,939$1.5M0.10%
173MCDONALDSMCD4,882$1.5M0.10%
174ISHARES NATIONAL AMT-FREE MUNI46428841414,318$1.5M0.10%
175FISERV INCFISV6,650$1.5M0.10%
176MAGNOLIA OIL & GAS CORPMGY56,326$1.4M0.09%
177ISHARES SILVER TRUSTSLV45,394$1.4M0.09%
178VANGUARD GROWTH ETF9229087363,532$1.3M0.09%
179INVESCO S&P 500 HIGH DIV LOW VIVZ25,032$1.3M0.08%
180PATRICK INDUSTRIES INC.70334310314,608$1.2M0.08%
181COCA-COLA BOTTLING COCOKE911$1.2M0.08%
182PRESTIGE CONSUMER HEALTHCARE I74112D10113,702$1.2M0.08%
183CELLEBRITE DI LTDCLBT60,559$1.2M0.08%
184CATALYST PHARMACEUTICALS INCCPRX48,039$1.2M0.08%
185MEDPACE HOLDINGSMEDP3,547$1.1M0.07%
186ACI WORLDWIDE INCACIW19,383$1.1M0.07%
187VANGUARD FTSE ALL-WORLD EX-US92204277517,112$1.0M0.07%
188ALPHABET INC CL CGOOG6,633$1.0M0.07%
189SCHWAB US TIPS ETF80852487037,569$1.0M0.07%
190UMB FINL CORP9027881089,910$1.0M0.07%
191APPLIED INDUSTRIAL TECHNOLOGIE03820C1054,440$1.0M0.07%
192PEPSICOPEP6,656$998,0590.07%
193VOYA FINANCIAL INCVOYA-PB14,030$950,6730.06%
194FEDERATED HERMES INCFHI22,964$936,2420.06%
195CNO FINANCIAL GROUP12621E10321,936$913,6340.06%
196INVESCO QQQ TRUST SERIES1IVZ1,919$899,8570.06%
197NEXSTAR MEDIA GROUPNXST4,991$894,4870.06%
198PRIMERICA INC.PRI3,116$886,5950.06%
199ISHARES RUSSELL 1000 INDEX4642876222,824$866,2340.06%
200SCHWAB US LARGE-CAP VALUE ETF80852440931,236$830,2640.06%
201CHEVRON CORPCVX4,869$814,5350.05%
202NOVA MEASURING INSTRUMENTS LTDNVMI4,369$805,3380.05%
203TAYLOR MORRISON HOME CORPTMHC13,327$800,1530.05%
204VANGUARD SMALL-CAP ETF9229087513,589$795,8380.05%
205AXON ENTERPRISE INCAXON1,500$788,9250.05%
206STIFEL FINL CORP8606301028,317$783,9600.05%
207PROGRESS SOFTWARE CORP74331210014,927$768,8900.05%
208ARK 21SHARES BITCOIN ETFARKB9,117$749,4170.05%
209FRONTDOOR INCFTDR19,453$747,3840.05%
210THERMO FISHER SCIENTIFIC INCTMO1,485$738,9360.05%
211SPDR DOW JONES INDUSTRIAL AVER78467X1091,693$710,8570.05%
212CARETRUST REIT INCCTRE24,451$698,8100.05%
213RADIAN GROUP INCRDN21,111$698,1410.05%
214MGIC INVESTMENT CORP55284810328,061$695,3520.05%
215ARGAN INCAGX5,123$671,9840.04%
216OGE ENERGY CORPOGE14,603$671,1540.04%
217CENCORA INCCOR2,358$655,7360.04%
218ABBOTT LABORATORIESABLZF4,937$654,9070.04%
219CORE & MAIN INCCNM13,416$648,1270.04%
220STRYKER CORPSYK1,740$647,7150.04%
221WESTERN ALLIANCE BANCORPWAL-PA8,299$637,6120.04%
222VANGUARD ESG US STOCK ETF9219107336,473$634,0300.04%
223BOK FINANCIAL05561Q2016,071$632,2950.04%
224ADEIA INCADEA46,603$616,0920.04%
225ISHARES US TECHNOLOGY ETF4642877214,362$612,5990.04%
226A10 NETWORKS INCATEN37,208$607,9790.04%
227YELP INCYELP15,715$581,9260.04%
228SKYLINE CHAMPION CORPSKY6,087$576,8040.04%
229SPDR GOLD TRUSTGLD1,970$567,6360.04%
230CROCS INCCROX5,324$565,4090.04%
231BROOKFIELD CORP CL A11271J10710,617$556,4370.04%
232AUTOMATIC DATA PROCESSINGADP1,820$556,0650.04%
233INVESCO KBW REGIONAL BANKING EIVZ9,760$548,1220.04%
234ORACLE CORPORCL-PD3,789$529,7610.04%
235ZEBRA TECHNOLOGIES CORPZBRA1,861$525,8440.03%
236ELEVANCE HEALTH INCELV1,186$515,8630.03%
237SALESFORCE.COM INC.CRM1,918$514,7380.03%
238VANGUARD CONSUMER STAPLES ETF92204A2072,335$510,9450.03%
239UFP INDUSTRIES, INCUFPI4,686$501,5890.03%
240VANGUARD VALUE ETF9229087442,848$491,9640.03%
241SLM CORPORATIONSLMBP16,316$479,2010.03%
242HONEYWELL INTL INC4385161062,258$478,1320.03%
243S&P GLOBAL INCSPGI936$475,5820.03%
244FOUR CORNERS PPTY TR I COM35086T10916,548$474,9280.03%
245ALTRIA GROUP INCMO7,890$473,5680.03%
246CBIZ INCCBZ6,234$472,9110.03%
247UNITED THERAPEUTIC DELUTHR1,530$471,6530.03%
248SCHWAB INTL EQUITY ETF80852480523,737$469,5180.03%
249TEGNA INC87901J10525,113$457,5590.03%
250ISHARES COMEX GOLD TRUSTIAU7,760$457,5300.03%
251SCHWAB US SMALL-CAP ETF80852460719,484$456,5100.03%
252SPDR S&P DIVIDEND ETF78464A7633,359$455,7490.03%
253EMPLOYERS HOLDINGSEIG8,955$453,4810.03%
254ACADEMY SPORT AND OUTDOORS INCASO9,772$445,7010.03%
255MCKESSON CORPMCK642$432,0600.03%
256VANGUARD TOTAL INTL STOCK ETF9219097686,908$428,9580.03%
257GILDAN ACTIVEWEAR INCGIL9,435$417,2160.03%
258PATHWARD FINANCIAL INCCASH5,677$414,1370.03%
259ZIONS BANCORPORATION9897011078,248$411,2450.03%
260COMMERCIAL METALCMC8,929$410,8230.03%
261VANGUARD S&P 500 ETF922908363786$403,9330.03%
262LIQUIDITY SERVICES INC.53635B10712,749$395,3460.03%
263NEXTERA ENERGY INCNEE-PW5,551$393,5100.03%
264ISHARES RUSSELL 20004642876551,967$392,3970.03%
265CIRRUS LOGIC INCCRUS3,823$380,9810.03%
266GMS INC36251C1035,122$374,7770.02%
267SM ENERGY COSM12,364$370,3020.02%
268KORN/FERRY INTERNATIONALKFY5,411$367,0280.02%
269UNITIL CORPUTL6,252$360,6780.02%
270GENERAL DYNAMICS CORPGD1,319$359,5330.02%
271RESIDEO TECHNOLOGIES INCREZI20,203$357,5930.02%
272AMERICAN ELECTRIC POWER0255371013,264$356,6570.02%
273HORIZON BANCORPHBNC23,491$354,2440.02%
274CME GROUP INCCME1,300$344,8770.02%
275ISHARES 0-3 MONTH TREASURY ETF46436E7183,379$340,1640.02%
276PFIZER INCPFE13,354$338,3990.02%
277SPDR PORTFOLIO WORLD ex-US78463X8899,247$336,6830.02%
278VERIZON COMMUNICATIONSVZ7,369$334,2470.02%
279CONOCOPHILLIPSCOP3,127$328,3980.02%
280VISA INC COM CL AV910$318,7760.02%
281CHARTER COMMUNCTNS DEL CL A16119P108818$301,4580.02%
282SPDR S&P 600 SMALL CAP VALUE E78464A3003,802$298,0770.02%
283GRAINGER W W INC384802104297$293,3860.02%
284VANGUARD ESG US CORP BOND ETF9219106914,558$286,7890.02%
285INMODE LTDINMD15,914$282,3140.02%
286DISNEY WALT CO DEL2546871062,810$277,3910.02%
287COTERRA ENERGY INC.CTRA9,561$276,3130.02%
288INVESCO S&P 500 EQUAL WEIGHTIVZ1,589$275,1960.02%
289LOCKHEED MARTIN CORPLMT614$274,2800.02%
290DANAHER CORP2358511021,333$273,2650.02%
291IDEXX LABORATORIES INC45168D104635$266,6680.02%
292COREBRIDGE FINANCIAL INC21871X1098,228$259,7580.02%
293CONSTELLATION ENERGY GROUP INCCEG1,276$257,2800.02%
294ADVANSIX INC COMASIX11,259$255,0160.02%
295NESTLE S.A. ADR6410694062,520$254,9480.02%
296ISHARES MSCI EAFE INDEX FUND4642874653,119$254,9160.02%
297EDISON INTERNATIONAL2810201074,308$253,8270.02%
298PROSHARES ULTRA SILVER74347W3535,340$246,4940.02%
299AMERICAN EXPRESS COAXP909$244,5660.02%
300ARROW ELECTRONICS0427351002,339$242,8580.02%
301MERCK & CO INCMRK2,650$237,9040.02%
302MERCADOLIBRE INC.MELI121$236,0550.02%
303GUGGENHEIM S&P 500 PURE GROWTH78355W4036,000$229,5000.02%
304BOEING COBA-PA1,335$227,6840.02%
305ISHARES TR RUSSELL 3000464287689709$225,2070.01%
306VANGUARD MID-CAP ETF922908629853$220,5830.01%
307ENTERPRISE FINANCIAL SERVICES2937121054,070$218,7220.01%
308KULICKE AND SOFFA INDUSTRIES I5012421016,531$215,3920.01%
309EXELON CORPEXC4,600$211,9680.01%
310ISHARES S&P MIDCAP 400 INDEX4642875073,520$205,3920.01%
311METLIFE INCMET-PF2,243$180,0900.01%
312METLIFE INCMET-PF1,484$119,1500.01%
313CALCIMEDICA INCCALC46,000$87,8600.01%
314SANGAMO BIOSCIENCES INCSGMO92,500$60,6620.00%
315LUCID GROUP INCLCID19,769$47,8410.00%
316HYDROGRAPH CLEAN POWER INC44888L10854,450$10,6610.00%
317TINYBEANS GROUP PTY LTDTNYZF125,000$2880.00%
318LAKE RESOURCES NLQ5431K10510,000$2200.00%
319CONSOLIDATED BIOFUELS INC20875720310,000$10.00%
320MYFREIGHTWORLD TECHNOLOGIES628513103187,875$00.00%
321CONTIFINANCIAL LIQ TR UNIT BEN21075m10746,800$00.00%
322E'PRIME AEROSPACE CORPORATION26881730119,000$00.00%