Breaking down the stocks Brad Schatz (Maren Capital) bought, sold, and held in Q1 2025, including their holdings at the end of the quarter. All data sourced from Maren Capital's 13F filed on May 14, 2025.
Who are Brad Schatz and Maren Capital?
Brad Schatz is the founder, chief executive officer, and chief investment officer of Maren Capital LLC (commonly referred to as Maren Capital). The fund is known for its concentrated portfolio, typically consisting of 20-25 stocks, with the top 10 holdings comprising approximately 80% of assets, and significant cash holdings when attractive opportunities are scarce. His investment strategy is a fundamental value investing approach inspired by long-term compounding principles, emphasizing small- and mid-cap companies that can grow intrinsic value over extended periods. Schatz focuses on underfollowed, undervalued businesses with strong qualitative factors like high returns on capital, durable competitive advantages, quality management, reinvestment opportunities, and the ability to compound capital sustainably through economic cycles.
Marencapital.com
Q1 '25 13F filed with SEC
Holdings in Q1 2025
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| TDY | Teledyne Technologies | 10.0% | Added (+4%) | $146.89M |
| RBC | RBC Bearings | 9.2% | Added (+4%) | $135.45M |
| AME | Ametek | 8.9% | Added (+11%) | $130.89M |
| RLI | RLI | 8.5% | Added (+122%) | $124.68M |
| HEI-A | Heico | 8.2% | Added (+8%) | $119.54M |
| LIN | Linde | 7.6% | Added (+8%) | $111.03M |
| APH | Amphenol | 7.3% | Added (+17%) | $107.56M |
| CP | Canadian Pacific Kansas City | 6.1% | Added (+6%) | $89.5M |
| KNSL | Kinsale Capital Group | 5.4% | Added (+7%) | $78.89M |
| WRB | W.R. Berkley | 5.1% | Added (+5%) | $75.03M |
| CPRT | Copart | 4.6% | Added (+13%) | $68.15M |
| ACGL | Arch Capital Group | 4.0% | Added (+67%) | $58.6M |
| GGG | Graco | 3.9% | Added (+15%) | $57.21M |
| SSD | Simpson | 3.5% | Added (+12%) | $50.77M |
| HIFS | Hingham | 3.1% | Added (+14%) | $45.51M |
| IEX | Idex | 3.0% | Trimmed (-1%) | $44.67M |
| WSC | WillScot | 0.7% | Trimmed (-17%) | $10.67M |
| PGR | Progressive | 0.3% | $3.81M | |
| ORLY | O'Reilly Automotive | 0.2% | $2.21M | |
| TMO | Thermo Fisher | 0.1% | Trimmed (-4%) | $1.41M |
| V | Visa | 0.1% | $1.17M | |
| MA | Mastercard | 0.1% | $1.14M | |
| MSFT | Microsoft | 0.1% | Trimmed (-8%) | $838.62K |
| MDY | S&P MidCap 400 | 0.0% | $514.27K | |
| BRK-B | Berkshire Hathaway | 0.0% | $372.81K |
Current Investment Strategy
Brad Schatz's Maren Capital maintained a concentrated value portfolio focused on quality compounders in Q1 2025, with top holdings including Progressive, O'Reilly Automotive, Visa, Mastercard, and Berkshire Hathaway, reflecting the firm's preference for businesses with durable competitive advantages and strong returns on capital. The fund made no position changes during the quarter, adhering to its long-term, low-turnover approach centered on small- and mid-cap companies capable of compounding intrinsic value sustainably through economic cycles.
New Investments
Maren Capital did not open any new positions during Q1 2025.
Added, Trimmed, and Exited
Added
Maren Capital significantly increased 15 existing positions, with the most substantial additions to RLI (RLI) (+851,450 shares), Arch Capital Group (ACGL) (+244,434 shares), Amphenol (APH) (+237,395 shares), Copart (CPRT) (+141,403 shares), and Graco (GGG) (+90,302 shares). Other notable adds included Canadian Pacific Kansas City (CP), Ametek (AME), W.R. Berkley (WRB), Heico (HEI-A), Simpson (SSD), Hingham (HIFS), RBC Bearings (RBC), Linde (LIN), Kinsale Capital Group (KNSL), and Teledyne Technologies (TDY).
What it means: The additions reveal a strong conviction in specialty insurance and high-quality industrials. The aggressive accumulation of insurance positions—particularly RLI, Arch Capital Group, W.R. Berkley, and Kinsale Capital Group—suggests Maren Capital sees favorable underwriting conditions and pricing power in the specialty insurance market. The industrial additions (Amphenol, Graco, Ametek, Heico) target companies with strong competitive moats and capital-light business models that can compound returns through economic cycles, perfectly aligning with Schatz's focus on durable competitive advantages and high returns on capital.
Trimmed
Maren Capital trimmed four positions: WillScot (WSC) (-78,942 shares), Idex (IEX) (-1,279 shares), Microsoft (MSFT) (-200 shares), and Thermo Fisher (TMO) (-125 shares).
What it means: The WillScot reduction stands out as the only meaningful trim, coming after a sharp -31% return in the quarter, indicating Maren Capital is likely reducing exposure to an underperforming position or re-evaluating the investment thesis. The minimal trims to Idex, Microsoft, and Thermo Fisher appear to be minor portfolio adjustments rather than meaningful shifts in conviction. This disciplined approach to cutting underperformers while maintaining other positions demonstrates risk management while staying true to the fund's concentrated, high-conviction strategy.
Exited
Maren Capital did not fully exit any positions during the quarter, maintaining its concentrated portfolio approach and suggesting continued confidence in its existing holdings.
Disclaimer: All posts are for informational purposes only. They are NOT a recommendation to buy or sell the securities discussed. Please do your own research and due diligence before investing your money.
