Breaking down the stocks Brad Schatz (Maren Capital) bought, sold, and held in Q4 2025, including their holdings at the end of the quarter. All data sourced from Maren Capital's 13F filed on February 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
Q4 '25 13F filed with SEC
Holdings in Q4 2025
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| APH | Amphenol | 10.9% | Trimmed (-3%) | $202.46M |
| RBC | RBC Bearings | 10.9% | Added (+1%) | $201.93M |
| TDY | Teledyne Technologies | 9.9% | Added (+14%) | $184.17M |
| AME | Ametek | 9.7% | Added (+1%) | $179.72M |
| HEI-A | Heico | 8.5% | Added (+4%) | $157.28M |
| LIN | Linde | 8.4% | Added (+35%) | $155.31M |
| ACGL | Arch Capital Group | 5.9% | Added (+4%) | $108.93M |
| RLI | RLI | 5.9% | Added (+1%) | $108.84M |
| CP | Canadian Pacific Kansas City | 5.0% | Trimmed (-5%) | $93.89M |
| KNSL | Kinsale Capital Group | 4.9% | Added (+17%) | $91.81M |
| CPRT | Copart | 4.6% | Added (+13%) | $86.44M |
| SSD | Simpson | 4.4% | Added (+21%) | $82.63M |
| GGG | Graco | 3.5% | Added (+2%) | $64.65M |
| HIFS | Hingham | 3.2% | Added (+2%) | $59.25M |
| IEX | Idex | 2.1% | Trimmed (-14%) | $38.26M |
| WRB | W.R. Berkley | 2.0% | Trimmed (-50%) | $37.62M |
| PGR | Progressive | 0.2% | $3.06M | |
| MA | Mastercard | 0.1% | $1.19M | |
| V | Visa | 0.1% | Trimmed (-2%) | $1.15M |
| MDY | S&P MidCap 400 | 0.0% | $581.56K | |
| BRK-B | Berkshire Hathaway | 0.0% | Trimmed (-31%) | $233.73K |
| TMO | Thermo Fisher | 0.0% | Exited | $-1.38M |
Current Investment Strategy
Brad Schatz's Maren Capital runs a concentrated, intrinsic-value portfolio of roughly 20 high-conviction names—anchored by industrial technology and aerospace & defense compounders such as Teledyne Technologies, Amphenol, RBC Bearings, HEICO, and AMETEK—while maintaining selective exposure to financials and payments through holdings in Progressive and Mastercard. The Chicago-based fund made no new additions in Q4 2025 and exited its Thermo Fisher Scientific position, reflecting Schatz's disciplined, low-turnover approach of favoring underfollowed small- and mid-cap businesses with durable competitive advantages and long-term compounding potential.
New Investments
Maren Capital did not open any new positions during Q4 2025.
Added, Trimmed, and Exited
Added
Maren Capital added meaningfully to several existing positions during Q4, with the largest increases in Copart (CPRT) (+254,563 shares), Linde (LIN) (+94,996 shares), Simpson (SSD) (+88,667 shares), Teledyne Technologies (TDY) (+43,652 shares), Arch Capital Group (ACGL) (+39,381 shares), and Kinsale Capital Group (KNSL) (+34,917 shares). Smaller additions were made to Heico (HEI-A), Graco (GGG), RLI (RLI), Ametek (AME), RBC Bearings (RBC), and Hingham (HIFS).
What it means: The broad-based additions across industrials (Linde, Teledyne Technologies, Ametek, Graco, Simpson), specialty insurance (Arch Capital Group, Kinsale Capital Group, RLI), and high-quality compounders like Copart and RBC Bearings suggest Brad Schatz is doubling down on his core thesis of durable, capital-light businesses with reinvestment runways. The significant build in Copart and Linde in particular signals high conviction in these franchises at current valuations.
Trimmed
The most notable trim was a roughly 50% reduction in W.R. Berkley (WRB) (-527,355 shares), cutting the position from ~$81.5M to ~$37.6M. Maren Capital also trimmed Canadian Pacific Kansas City (CP) (-72,225 shares), Amphenol (APH) (-51,291 shares), Idex (IEX) (-33,914 shares), and made minor trims to Berkshire Hathaway (BRK-B) and Visa (V).
What it means: The dramatic cut to W.R. Berkley stands out as the quarter's most significant move — likely reflecting a view that the specialty insurance cycle may be maturing or that the stock had reached fair value after strong performance. The trims to Amphenol and Canadian Pacific Kansas City appear more like disciplined portfolio management and rebalancing, as both remain sizable holdings. Interestingly, the fund trimmed W.R. Berkley while adding to fellow insurers Arch Capital Group and Kinsale Capital Group, suggesting a preference shift within the insurance sector toward what Schatz may view as higher-quality compounders.
Exited
Maren Capital fully exited its position in Thermo Fisher (TMO) (2,839 shares, ~$1.4M).
What it means: This was a very small position relative to the overall portfolio, and its liquidation is unlikely to signal a major strategic shift. It may have been a exploratory or residual position that didn't meet Schatz's threshold for inclusion in his characteristically concentrated 20-25 stock portfolio.
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.
