Breaking down the stocks Brad Schatz (Maren Capital) bought, sold, and held in Q2 2025, including their holdings at the end of the quarter. All data sourced from Maren Capital's 13F filed on August 13, 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
Q2 '25 13F filed with SEC
Holdings in Q2 2025
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| APH | Amphenol | 10.1% | Added (+3%) | $166.88M |
| RBC | RBC Bearings | 9.9% | Added (+2%) | $164.9M |
| TDY | Teledyne Technologies | 9.5% | Added (+5%) | $158.25M |
| HEI-A | Heico | 8.9% | Added (+1%) | $147.48M |
| AME | Ametek | 8.8% | Added (+6%) | $145.58M |
| LIN | Linde | 7.1% | Added (+5%) | $117.5M |
| RLI | RLI | 6.9% | Added (+3%) | $115.19M |
| CP | Canadian Pacific Kansas City | 6.1% | Added (+1%) | $101.66M |
| KNSL | Kinsale Capital Group | 5.1% | Added (+9%) | $85.24M |
| WRB | W.R. Berkley | 4.7% | Added (+0%) | $77.55M |
| CPRT | Copart | 4.4% | Added (+25%) | $73.67M |
| ACGL | Arch Capital Group | 4.4% | Added (+31%) | $72.91M |
| GGG | Graco | 3.7% | Added (+4%) | $61.44M |
| SSD | Simpson | 3.6% | Added (+18%) | $59.25M |
| HIFS | Hingham | 3.0% | Added (+5%) | $49.7M |
| IEX | Idex | 2.5% | Trimmed (-4%) | $41.43M |
| WSC | WillScot | 0.6% | Trimmed (-8%) | $9.68M |
| PGR | Progressive | 0.2% | $3.59M | |
| ORLY | O'Reilly Automotive | 0.1% | Added (+1400%) | $2.08M |
| V | Visa | 0.1% | $1.19M | |
| MA | Mastercard | 0.1% | $1.17M | |
| TMO | Thermo Fisher | 0.1% | $1.15M | |
| MSFT | Microsoft | 0.0% | Trimmed (-40%) | $663.54K |
| MDY | S&P MidCap 400 | 0.0% | $546.09K | |
| BRK-B | Berkshire Hathaway | 0.0% | Trimmed (-4%) | $327.89K |
Current Investment Strategy
Brad Schatz's Maren Capital maintained its concentrated fundamental value investing approach in Q2 2025, holding a focused portfolio anchored by quality compounders including payment processors Visa and Mastercard, insurer Progressive, life sciences leader Thermo Fisher Scientific, and an S&P MidCap 400 ETF position. The Chicago-based fund, which serves as a subadvisor to Blackstone's Alternative Multi-Strategy fund, made no changes to its portfolio during the quarter, continuing its strategy of identifying underfollowed small- and mid-cap businesses with durable competitive advantages, high returns on capital, and long-term compounding potential.
New Investments
Maren Capital did not open any new positions during Q2 2025.
Added, Trimmed, and Exited
Added
Maren Capital added to 16 existing positions during Q2 2025, with the most significant increases in Copart (CPRT) (+297,050 shares), Arch Capital Group (ACGL) (+191,562 shares), Simpson (SSD) (+58,294 shares), Amphenol (APH) (+50,096 shares), and Ametek (AME) (+44,098 shares). Other notable additions included insurance names RLI (RLI), Kinsale Capital Group (KNSL), and W.R. Berkley (WRB), along with industrial companies Graco (GGG), Teledyne Technologies (TDY), RBC Bearings (RBC), Heico (HEI-A), Linde (LIN), and Canadian Pacific Kansas City (CP).
What it means: Brad Schatz is demonstrating strong conviction in his core themes, particularly doubling down on specialty insurance and high-quality industrials. The aggressive accumulation across four insurance holdings (Arch Capital, RLI, Kinsale Capital, W.R. Berkley) signals a bullish view on insurance pricing cycles and underwriting fundamentals. Meanwhile, the industrial additions—spanning aerospace (Heico), connectors (Amphenol), precision instruments (Ametek, Teledyne), and specialized manufacturing—reflect Maren Capital's classic focus on companies with durable competitive advantages, high returns on capital, and long-term compounding potential. These businesses typically have pricing power and can sustain growth through economic cycles, aligning perfectly with Schatz's value investing philosophy.
Trimmed
Maren Capital reduced only four positions: WillScot (WSC) (-30,343 shares), Idex (IEX) (-10,837 shares), Microsoft (MSFT) (-900 shares), and Berkshire Hathaway (BRK-B) (-25 shares).
What it means: The minimal trimming activity reflects high conviction in the existing portfolio, with most reductions appearing tactical rather than thematic. The largest trim was WillScot, a temporary modular building provider that may face cyclical pressures or valuation concerns as construction activity normalizes. The small reductions in Microsoft and Berkshire Hathaway—both representing tiny positions in the portfolio—suggest these remain outside Schatz's core investment circle of specialized industrials and insurance companies. The modest Idex trim appears to be position-sizing maintenance rather than a fundamental concern, as the holding was retained.
Exited
Maren Capital did not fully liquidate any positions during Q2 2025.
What it means: The absence of complete exits demonstrates strong portfolio conviction and indicates that none of Schatz's investment theses broke during the quarter. This disciplined approach aligns with Maren Capital's long-term, concentrated investing philosophy focused on allowing high-quality compounders to grow intrinsic value over extended periods.
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.
