Breaking down the stocks Brad Schatz (Maren Capital) bought, sold, and held in Q2 2026, including their holdings at the end of the quarter. All data sourced from Maren Capital's 13F filed on August 13, 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
Q2 '26 13F filed with SEC
Holdings in Q2 2026
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| RBC Bearings | 12.8% | Trimmed (-3%) | $275.74M | |
| Amphenol Corp | 12.7% | Added (+5%) | $273.63M | |
| Teledyne | 11.7% | Added (+4%) | $251.37M | |
| Ametek | 10.2% | Added (+3%) | $220.64M | |
| Heico | 10.1% | Added (+12%) | $218.11M | |
| Linde | 9.5% | Added (+2%) | $205.18M | |
| Simpson Manufacturing | 5.0% | Added (+1%) | $107.4M | |
| RLI | 5.0% | Added (+2%) | $107.35M | |
| Arch Capital | 4.8% | Trimmed (-10%) | $102.65M | |
| Kinsale Capital Group | 4.3% | Added (+4%) | $92.84M | |
| Canadian Pacific | 4.3% | Added (+2%) | $92.43M | |
| Graco | 3.6% | Added (+31%) | $77.14M | |
| Copart | 3.3% | Added (+1%) | $70.38M | |
| Hingham Institution for Savings | 2.8% | Trimmed (-6%) | $59.44M | |
| Mastercard | 0.1% | Added (+11%) | $1.19M | |
| Visa | 0.1% | Trimmed (-2%) | $1.11M | |
| State Str Spdr S&P Midcap 40 | 0.0% | $678.02K | ||
| Berkley | 0.0% | Exited | $-33.45M | |
| Progressive | 0.0% | Exited | $-2.56M |
Current Investment Strategy
Chicago-based Maren Capital, led by founder and CIO Brad Schatz, closed the second quarter of 2026 having further pared back its specialty-insurance exposure, fully exiting W.R. Berkley and Progressive after already trimming and liquidating other insurers in prior quarters, while its top position remained a sizable allocation to the SPDR S&P MidCap 400 ETF—underscoring Schatz's willingness to hold index exposure when single-stock opportunities in his preferred small- and mid-cap universe grow scarce. The moves are consistent with Maren's long-standing, concentrated intrinsic-value approach, which favors underfollowed, high-return-on-capital compounders with durable competitive advantages over cyclical or fully valued names such as the property-casualty insurers it shed during the quarter.
New Investments
Maren Capital did not open any new positions during Q2 2026.
Added, Trimmed, and Exited
Added
Maren Capital added to twelve existing positions this quarter, led by a notable 30.5% increase in Graco (+238,487 shares) and an 11.6% boost to Heico (+87,978 shares). The fund also increased stakes in Amphenol Corp (+74,126 shares), Kinsale Capital Group (+11,357 shares, +4.2%), Teledyne (+14,806 shares, +4.1%), Ametek (+22,463 shares), Canadian Pacific, RLI, Linde, Copart, Simpson Manufacturing, and Mastercard.
What it means: The broad-based nature of these adds—spanning industrials, aerospace, and payments—suggests Maren Capital is deploying capital into its highest-conviction compounders rather than making a single concentrated bet. The standout increase in Graco and Heico, both quality industrial names with strong returns on capital, aligns with the firm's stated preference for underfollowed businesses with durable competitive advantages. Notably, several of these additions (Amphenol Corp, Teledyne, Heico) came even as valuations rose significantly (46.5%, 14.7%, and 36.4% returns respectively), indicating conviction in these holdings despite less attractive entry points—a hallmark of a long-term, quality-focused compounding strategy.
Trimmed
The fund trimmed four positions, most notably cutting Arch Capital by 10.3% (-121,299 shares), despite that position posting a -9.3% return for the quarter. Smaller trims were made to Hingham Institution for Savings (-6.5%), RBC Bearings (-3.1%), and Visa (-1.5%).
What it means: The reduction in Arch Capital alongside the full exits from Berkley and Progressive (detailed below) points to a broader rotation away from property & casualty insurance exposure, even as the fund maintains stakes in other insurers like RLI and Kinsale Capital Group. This could reflect a view that insurance-sector valuations or underwriting cycles have become less attractive relative to Maren's industrial and technology holdings, which received fresh capital this quarter.
Exited
Maren Capital fully exited two positions: Berkley (504,611 shares, valued at $33.4M as of the prior filing) and Progressive (12,900 shares, valued at $2.6M).
What it means: These complete exits, combined with the concurrent trimming of Arch Capital, reinforce a clear thematic shift away from insurance holdings this quarter. Given Maren's concentrated, high-conviction style, this repositioning likely reflects either a reassessment of insurance sector fundamentals (such as pricing cycles or reserve adequacy) or simply better relative opportunities identified within the fund's core industrial and technology holdings, where capital was simultaneously redeployed.
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.
