Breaking down the stocks Brad Schatz (Maren Capital) bought, sold, and held in Q3 2025, including their holdings at the end of the quarter. All data sourced from Maren Capital's 13F filed on November 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
Q3 '25 13F filed with SEC
Holdings in Q3 2025
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| APH | Amphenol | 10.7% | Trimmed (-8%) | $191.74M |
| TDY | Teledyne Technologies | 10.3% | Added (+3%) | $185.74M |
| RBC | RBC Bearings | 9.6% | Added (+4%) | $173.27M |
| AME | Ametek | 9.0% | Added (+7%) | $162.43M |
| HEI-A | Heico | 8.5% | Added (+5%) | $152.07M |
| LIN | Linde | 7.1% | Added (+8%) | $127.89M |
| RLI | RLI | 6.1% | Added (+6%) | $110.18M |
| CP | Canadian Pacific Kansas City | 5.6% | Added (+5%) | $100.37M |
| ACGL | Arch Capital Group | 5.5% | Added (+37%) | $99.46M |
| CPRT | Copart | 4.9% | Added (+30%) | $87.84M |
| KNSL | Kinsale Capital Group | 4.7% | Added (+13%) | $84.98M |
| WRB | W.R. Berkley | 4.5% | Added (+1%) | $81.51M |
| SSD | Simpson | 3.9% | Added (+11%) | $70.85M |
| GGG | Graco | 3.6% | Added (+8%) | $65.37M |
| HIFS | Hingham | 3.0% | Added (+2%) | $54.06M |
| IEX | Idex | 2.3% | Added (+5%) | $40.51M |
| PGR | Progressive | 0.2% | $3.32M | |
| TMO | Thermo Fisher | 0.1% | $1.38M | |
| MA | Mastercard | 0.1% | $1.19M | |
| V | Visa | 0.1% | $1.14M | |
| MDY | S&P MidCap 400 | 0.0% | $574.57K | |
| BRK-B | Berkshire Hathaway | 0.0% | $339.35K | |
| WSC | WillScot | 0.0% | Exited | $-9.68M |
| ORLY | O'Reilly Automotive | 0.0% | Exited | $-2.08M |
| MSFT | Microsoft | 0.0% | Exited | $-663.54K |
Current Investment Strategy
Brad Schatz's Maren Capital maintained its concentrated fundamental value approach in Q3 2025, trimming positions in WillScot, O'Reilly Automotive, and Microsoft while focusing its top holdings on quality compounders including Progressive, Thermo Fisher, payment processors Mastercard and Visa, and Berkshire Hathaway, alongside a position in the S&P MidCap 400 ETF. The Chicago-based firm continued to emphasize high-return businesses with durable competitive advantages capable of compounding capital over long periods, with its top 10 holdings representing approximately 80% of the portfolio.
New Investments
Maren Capital did not open any new positions during Q3 2025.
Added, Trimmed, and Exited
Added
Maren Capital added to 15 existing positions during Q3 2025, with the most significant increases in Copart (CPRT) (+451,973 shares), Arch Capital Group (ACGL) (+295,412 shares), RLI (+94,276 shares), Canadian Pacific Kansas City (CP) (+64,940 shares), and Ametek (AME) (+59,510 shares). Notable additions also included Simpson (SSD), Graco (GGG), Kinsale Capital Group (KNSL), Linde (LIN), Teledyne Technologies (TDY), RBC Bearings (RBC), W.R. Berkley (WRB), Heico (HEI-A), Idex (IEX), and Hingham (HIFS).
What it means: The aggressive buying across the portfolio reveals Brad Schatz's conviction in his existing holdings, particularly in specialty insurance companies (Arch Capital Group, RLI, Kinsale Capital Group, W.R. Berkley) and industrial compounders (Copart, Ametek, Simpson, Graco). The concentration of adds in specialty insurers suggests Schatz sees compelling value in the hard market cycle, while the industrial adds align with his strategy of investing in companies with durable competitive advantages and high returns on capital. Notably, he added to several positions even as their values declined quarter-over-quarter (RLI, CP, KNSL, IEX), indicating opportunistic buying on price weakness—a classic value investor move.
Trimmed
Maren Capital trimmed only one position during the quarter: Amphenol (APH), reducing shares by 140,552 while the position still appreciated 14.89% and remains a significant holding valued at $191.74 million.
What it means: The minimal trimming activity demonstrates remarkable portfolio conviction. The partial sale of Amphenol, despite strong performance, likely represents portfolio management—taking some profits from a position that has performed well to maintain target allocation levels or to fund the numerous additions elsewhere in the portfolio. With only one trim against 15 additions, Schatz appears to be deploying capital aggressively, suggesting he sees his existing portfolio as undervalued relative to intrinsic value.
Exited
Maren Capital fully exited three positions: WillScot (WSC) ($9.68 million), O'Reilly Automotive (ORLY) ($2.08 million), and Microsoft (MSFT) ($0.66 million).
What it means: The complete liquidations represent approximately $12.4 million in capital redeployed, with WillScot being the most significant exit. These exits likely reflect a combination of valuation discipline and opportunity cost—Brad Schatz appears to have found better risk-adjusted returns in his core holdings. The exit from Microsoft, a large-cap mega tech stock, and O'Reilly Automotive, a large-cap retail compounder, reinforces Maren Capital's focus on small- and mid-cap opportunities where Schatz can leverage his edge in underfollowed businesses. WillScot's exit may signal concerns about the modular building sector or simply that the stock reached his valuation target.
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.
