Breaking down the stocks Brad Schatz (Maren Capital) bought, sold, and held in Q1 2026, including their holdings at the end of the quarter. All data sourced from Maren Capital's 13F filed on May 14, 2026.
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 '26 13F filed with SEC
Holdings in Q1 2026
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| HEI-A | Heico | 37.3% | Added (+22%) | $159.95B |
| RLI | RLI | 23.8% | Added (+5%) | $102.04B |
| CP | Canadian Pacific Kansas City | 19.2% | Trimmed (-18%) | $82.43B |
| CPRT | Copart | 19.1% | Added (+12%) | $82.19B |
| MA | Mastercard | 0.2% | $1.04B | |
| V | Visa | 0.2% | $994.97M | |
| MDY | S&P MidCap 400 | 0.1% | $594.56M | |
| IEX | Idex | 0.0% | Exited | $-38.26B |
| BRK-B | Berkshire Hathaway | 0.0% | Exited | $-233.73M |
Current Investment Strategy
Chicago-based Maren Capital, led by founder and CIO Brad Schatz, ran a highly concentrated, intrinsic value-driven portfolio as of Q1 2026, anchored by payments giants Mastercard and Visa alongside broad mid-cap exposure through the S&P MidCap 400 ETF, reflecting a disciplined rotation toward durable, large-cap compounders with sustainable competitive advantages after exiting Idex and Berkshire Hathaway. The fund's low-turnover, no-new-positions quarter underscored Schatz's patient, fundamentals-first approach—favoring businesses capable of compounding capital over extended time horizons while maintaining the flexibility to hold cash or index exposure when high-conviction single-stock opportunities are scarce.
New Investments
Maren Capital did not open any new positions during Q1 2026.
Added, Trimmed, and Exited
Added
Maren Capital added to three existing positions during the quarter: Copart (CPRT) increased by 267,616 shares (~12%), Heico (HEI-A) increased by 134,630 shares (~22%), and RLI (RLI) increased by 87,837 shares (~5%).
What it means: Notably, both Copart (CPRT) and RLI (RLI) saw their market values decline during the quarter (roughly -5% and -6%, respectively), yet Maren Capital responded by buying more — a classic value-oriented move of adding conviction into weakness. Heico (HEI-A), an aerospace parts manufacturer benefiting from durable aftermarket demand, received the largest percentage increase, suggesting Brad Schatz sees a long runway for compounding. Collectively, these three businesses — an auto auction duopolist, a specialty aerospace supplier, and a niche insurer — fit squarely within Maren Capital's playbook of high-return, competitively advantaged, and often underfollowed compounders.
Trimmed
Maren Capital trimmed one existing position: Canadian Pacific Kansas City (CP) was reduced by 227,187 shares, an ~18% cut to the holding.
What it means: Canadian Pacific Kansas City (CP) fell roughly 12% in value over the quarter, and rather than adding into the dip as was done with other declining positions, Maren Capital chose to reduce exposure. This divergence in behavior is telling — it may suggest reduced conviction in Canadian Pacific Kansas City (CP)'s near-term outlook, concerns around the integration of the Kansas City Southern merger, or simply a reallocation of capital toward higher-conviction opportunities. For a concentrated manager like Brad Schatz, a meaningful trim is a significant signal worth watching.
Exited
Maren Capital fully liquidated two positions: Idex (IEX) (214,994 shares) and Berkshire Hathaway (BRK-B) (465 shares).
What it means: The exit of Idex (IEX) is the more consequential move — it was a sizable holding, and its complete removal from a concentrated portfolio signals a decisive change in thesis, a valuation target reached, or a desire to redeploy capital elsewhere. Idex (IEX), a flow-control and fluidics industrial company, may no longer fit the fund's criteria for sufficient reinvestment opportunity or valuation margin of safety. The exit of Berkshire Hathaway (BRK-B), by contrast, was a negligible 465-share position and was likely a rounding-lot or legacy holding with little strategic significance — its removal is largely housekeeping.
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.
