Meritage Portfolio Management

Meritage Portfolio Management as of Dec. 31, 2012

Portfolio Holdings for Meritage Portfolio Management

Meritage Portfolio Management holds 189 positions in its portfolio as reported in the December 2012 quarterly 13F filing

Company (Ticker) Portfolio Weight Valued At Change in Shares Share Count Share Price
ProShares Short S&P500 2.4 $14M 400k 34.03
Exxon Mobil Corporation (XOM) 1.8 $10M 118k 86.55
McKesson Corporation (MCK) 1.8 $9.9M 102k 96.96
Apple (AAPL) 1.5 $8.6M 16k 532.16
Microsoft Corporation (MSFT) 1.5 $8.6M 320k 26.71
International Business Machines (IBM) 1.5 $8.3M 43k 191.55
Eli Lilly & Co. (LLY) 1.4 $8.0M 163k 49.32
Pfizer (PFE) 1.4 $8.1M 322k 25.08
Financial Select Sector SPDR (XLF) 1.4 $8.0M 488k 16.39
Chevron Corporation (CVX) 1.2 $7.0M 65k 108.14
American Electric Power Company (AEP) 1.2 $6.7M 157k 42.68
Google 1.2 $6.6M 9.3k 707.35
Seaboard Corporation (SEB) 1.1 $6.4M 2.5k 2529.94
Bayer (BAYRY) 1.1 $6.2M 65k 95.92
TJX Companies (TJX) 1.1 $6.1M 145k 42.45
Novo Nordisk A/S (NVO) 1.1 $6.0M 37k 163.22
Bristol Myers Squibb (BMY) 1.1 $5.9M 183k 32.59
iShares Russell 1000 Growth Index (IWF) 1.0 $5.4M 83k 65.49
iShares Russell 1000 Value Index (IWD) 0.9 $5.2M 72k 72.82
Expedia (EXPE) 0.9 $5.0M 82k 61.44
Adobe Systems Incorporated (ADBE) 0.9 $5.0M 133k 37.68
MetLife (MET) 0.9 $4.9M 147k 32.94
CVS Caremark Corporation (CVS) 0.8 $4.8M 99k 48.35
CIGNA Corporation 0.8 $4.8M 89k 53.46
Symantec Corporation 0.8 $4.8M 253k 18.82
Danaher Corporation (DHR) 0.8 $4.8M 86k 55.90
Vanguard Financials ETF (VFH) 0.8 $4.8M 140k 34.10
Oracle Corporation (ORCL) 0.8 $4.7M 142k 33.32
Colgate-Palmolive Company (CL) 0.8 $4.6M 45k 104.53
Dover Corporation (DOV) 0.8 $4.6M 69k 65.71
Discover Financial Services (DFS) 0.8 $4.5M 116k 38.55
Torchmark Corporation 0.8 $4.5M 86k 51.67
MasterCard Incorporated (MA) 0.8 $4.4M 9.0k 491.23
Merck & Co (MRK) 0.7 $4.2M 103k 40.94
Chicago Bridge & Iron Company 0.7 $4.2M 91k 46.35
AFLAC Incorporated (AFL) 0.7 $4.1M 78k 53.12
Synopsys (SNPS) 0.7 $4.1M 130k 31.83
ConocoPhillips (COP) 0.7 $4.1M 71k 57.98
Deutsche Telekom (DTEGY) 0.7 $4.1M 364k 11.36
Lukoil 0.7 $4.1M 60k 67.50
3M Company (MMM) 0.7 $4.0M 43k 92.84
Cisco Systems (CSCO) 0.7 $4.0M 205k 19.65
Imperial Tobac 0.7 $4.0M 52k 77.50
Coca-Cola Company (KO) 0.7 $3.9M 109k 36.25
Northrop Grumman Corporation (NOC) 0.7 $4.0M 59k 67.58
Wells Fargo & Company (WFC) 0.7 $3.9M 115k 34.18
Broadcom Corporation 0.7 $3.8M 115k 33.21
Ingredion Incorporated (INGR) 0.7 $3.9M 60k 64.44
Ace Limited Cmn 0.7 $3.8M 48k 79.79
Prudential Financial (PRU) 0.7 $3.8M 72k 53.33
Spdr S&p 500 Etf (SPY) 0.7 $3.7M 26k 142.39
Reinsurance Group of America (RGA) 0.7 $3.7M 69k 53.53
Hubbell Incorporated 0.7 $3.7M 44k 84.63
Aaron's 0.7 $3.7M 130k 28.28
Royal Dutch Shell 0.6 $3.6M 52k 68.95
Bed Bath & Beyond 0.6 $3.5M 63k 55.90
Gannett 0.6 $3.5M 195k 18.01
Westpac Banking Corporation 0.6 $3.5M 25k 137.92
China Mobile 0.6 $3.4M 57k 58.72
Polaris Industries (PII) 0.6 $3.4M 40k 84.16
Union Pacific Corporation (UNP) 0.6 $3.4M 27k 125.71
Ametek (AME) 0.6 $3.3M 89k 37.57
Key (KEY) 0.6 $3.3M 391k 8.42
Gilead Sciences (GILD) 0.6 $3.2M 44k 73.46
Celgene Corporation 0.6 $3.2M 41k 78.46
Zurich Insurance (ZURVY) 0.6 $3.3M 122k 26.80
Equifax (EFX) 0.6 $3.2M 58k 54.11
H&R Block (HRB) 0.6 $3.2M 170k 18.57
General Dynamics Corporation (GD) 0.6 $3.1M 45k 69.27
Eni S.p.A. (E) 0.6 $3.2M 64k 49.13
Bce (BCE) 0.6 $3.1M 73k 42.94
LVMH Moet Hennessy Louis Vuitton SA (LVMUY) 0.6 $3.1M 83k 37.68
NCR Corporation (VYX) 0.5 $3.0M 120k 25.48
Fiserv (FI) 0.5 $3.1M 39k 79.02
Skyworks Solutions (SWKS) 0.5 $3.0M 150k 20.30
CHECK POINT SOFTWARE Technolog Com Stk (CHKP) 0.5 $3.1M 65k 47.65
Copart (CPRT) 0.5 $3.0M 102k 29.50
Lincoln Electric Holdings (LECO) 0.5 $3.0M 62k 48.69
Aetna 0.5 $3.0M 65k 46.30
Kimberly-Clark Corporation (KMB) 0.5 $3.0M 35k 84.43
Lockheed Martin Corporation (LMT) 0.5 $2.9M 32k 92.28
UnitedHealth (UNH) 0.5 $3.0M 55k 54.23
Intuit (INTU) 0.5 $3.0M 50k 59.48
Jack Henry & Associates (JKHY) 0.5 $2.9M 75k 39.26
Suncor Energy (SU) 0.5 $3.0M 90k 32.98
Telefonica Brasil Sa 0.5 $3.0M 123k 24.06
Teva Pharmaceutical Industries (TEVA) 0.5 $2.9M 78k 37.34
Garmin (GRMN) 0.5 $2.9M 71k 40.76
Directv 0.5 $2.9M 58k 50.15
Via 0.5 $2.8M 54k 52.74
Yahoo! 0.5 $2.8M 142k 19.90
BP (BP) 0.5 $2.8M 66k 41.64
Enterprise Products Partners (EPD) 0.5 $2.8M 56k 50.09
Sauer-Danfoss 0.5 $2.8M 52k 53.37
Targa Resources Partners 0.5 $2.8M 75k 37.38
United Therapeutics Corporation (UTHR) 0.5 $2.8M 52k 53.42
Hercules Technology Growth Capital (HTGC) 0.5 $2.8M 249k 11.13
Scripps Networks Interactive 0.5 $2.7M 47k 57.92
Thermo Fisher Scientific (TMO) 0.5 $2.7M 42k 63.79
IntercontinentalEx.. 0.5 $2.7M 22k 123.83
NetScout Systems (NTCT) 0.5 $2.6M 102k 25.99
BMC Software 0.5 $2.6M 66k 39.61
PetSmart 0.5 $2.6M 39k 68.34
Nu Skin Enterprises (NUS) 0.5 $2.6M 71k 37.05
AstraZeneca (AZN) 0.5 $2.6M 55k 47.27
Plains All American Pipeline (PAA) 0.5 $2.6M 57k 45.24
Inergy 0.5 $2.6M 143k 18.19
National Australia Bank (NABZY) 0.5 $2.6M 98k 26.36
Varian Medical Systems 0.5 $2.5M 36k 70.23
Nordson Corporation (NDSN) 0.5 $2.5M 40k 63.13
SK Tele 0.4 $2.5M 157k 15.83
Entergy Corporation (ETR) 0.4 $2.5M 39k 63.74
Altria (MO) 0.4 $2.4M 78k 31.44
Shire 0.4 $2.4M 26k 92.19
EMC Corporation 0.4 $2.4M 97k 25.31
Companhia Energetica Minas Gerais (CIG) 0.4 $2.4M 225k 10.86
Reynolds American 0.4 $2.4M 57k 41.44
Qualcomm (QCOM) 0.4 $2.4M 38k 61.87
Novartis (NVS) 0.4 $2.3M 37k 63.30
Public Service Enterprise (PEG) 0.4 $2.3M 77k 30.60
CenturyLink 0.4 $2.3M 58k 39.12
GlaxoSmithKline 0.4 $2.3M 53k 43.46
Thoratec Corporation 0.4 $2.2M 58k 37.52
Medtronic 0.4 $2.2M 52k 41.01
Allstate Corporation (ALL) 0.4 $2.1M 53k 40.16
National Grid 0.4 $2.2M 38k 57.45
Ppl Corp unit 99/99/9999 0.4 $2.2M 41k 52.31
Western Union Company (WU) 0.4 $2.1M 153k 13.61
Universal Corporation (UVV) 0.4 $2.1M 42k 49.92
Vanguard Natural Resources 0.4 $2.1M 81k 26.00
Apache Corp. 6% Mandatory Conv pfd cv 0.4 $2.1M 46k 45.70
Telecom Corp of New Zealand 0.4 $2.0M 217k 9.26
F5 Networks (FFIV) 0.4 $2.0M 21k 97.17
Telstra Corporation 0.4 $2.0M 89k 22.75
At&t (T) 0.3 $2.0M 60k 33.72
Avago Technologies 0.3 $2.0M 63k 31.66
R.R. Donnelley & Sons Company 0.3 $1.9M 211k 8.99
Teradata Corporation (TDC) 0.3 $1.9M 31k 61.89
Calumet Specialty Products Partners, L.P (CLMT) 0.3 $1.9M 64k 30.39
Ares Capital Corporation (ARCC) 0.3 $1.9M 110k 17.50
Oneok Partners 0.3 $1.9M 36k 53.98
Prospect Capital Corporation (PSEC) 0.3 $1.9M 177k 10.87
Quad/Graphics (QUAD) 0.3 $1.9M 91k 20.39
Ross Stores (ROST) 0.3 $1.8M 34k 54.10
Vodafone 0.3 $1.8M 72k 25.19
STMicroelectronics (STM) 0.3 $1.8M 245k 7.24
Mack-Cali Realty (VRE) 0.3 $1.7M 67k 26.10
Liberty Property Trust 0.3 $1.7M 48k 35.78
Hillenbrand (HI) 0.3 $1.7M 74k 22.61
GameStop (GME) 0.3 $1.7M 68k 25.09
Fly Leasing 0.3 $1.7M 136k 12.32
UMB Financial Corporation (UMBF) 0.3 $1.6M 37k 43.83
Univest Corp. of PA (UVSP) 0.3 $1.4M 85k 17.10
Exelis 0.3 $1.5M 129k 11.27
PDL BioPharma 0.2 $1.4M 205k 7.04
Bank Of Montreal Cadcom (BMO) 0.2 $1.4M 23k 61.29
Pioneer Southwest Energy Partners 0.2 $1.3M 58k 22.69
Schlumberger (SLB) 0.2 $970k 14k 69.32
Wal-Mart Stores (WMT) 0.1 $867k 13k 68.26
Boeing Company (BA) 0.1 $716k 9.5k 75.37
Intel Corporation (INTC) 0.1 $660k 32k 20.62
iShares S&P SmallCap 600 Index (IJR) 0.1 $703k 9.0k 78.11
iShares Dow Jones Select Dividend (DVY) 0.1 $616k 11k 57.23
U.S. Bancorp (USB) 0.1 $541k 17k 31.96
Amgen (AMGN) 0.1 $569k 6.6k 86.21
First Eagle Global A (SGENX) 0.1 $535k 11k 48.56
General Electric Company 0.1 $395k 19k 21.01
Pioneer Natural Resources (PXD) 0.1 $394k 3.7k 106.63
iShares Russell 2000 Index (IWM) 0.1 $378k 4.5k 84.30
Schwab Total Stock Mrkt Ind-se (SWTSX) 0.1 $420k 16k 25.78
Home Depot (HD) 0.1 $327k 5.3k 61.87
E.I. du Pont de Nemours & Company 0.1 $337k 7.5k 44.93
Pepsi (PEP) 0.1 $358k 5.2k 68.48
Claymore/Zacks Multi-Asset Inc Idx 0.1 $317k 15k 21.89
McDonald's Corporation (MCD) 0.1 $300k 3.4k 88.24
iShares Russell 2000 Value Index (IWN) 0.1 $292k 3.9k 75.47
iShares Russell 3000 Index (IWV) 0.1 $266k 3.1k 84.66
SPDR S&P Dividend (SDY) 0.1 $272k 4.7k 58.24
Jp Morgan Alerian Mlp Index (AMJ) 0.1 $296k 7.7k 38.47
Berkshire Hathaway (BRK.B) 0.0 $247k 2.7k 89.80
Johnson & Johnson (JNJ) 0.0 $240k 3.4k 70.20
Cerner Corporation 0.0 $253k 3.3k 77.61
iShares Gold Trust 0.0 $202k 12k 16.29
iShares S&P 500 Value Index (IVE) 0.0 $207k 3.1k 66.24
iShares Russell 2000 Growth Index (IWO) 0.0 $203k 2.1k 95.53
Rydex S&P Equal Weight ETF 0.0 $246k 4.6k 53.21
SPDR S&P MidCap 400 ETF (MDY) 0.0 $215k 1.2k 185.66
Ford Motor Company (F) 0.0 $197k 15k 12.93
Northeast Investors Trust 0.0 $80k 13k 6.13