CIK: 0001524467
Total reported value
$87.5M
Reporting period: 2013-12-31 · Number of holdings: 34
Merit Investment Management, LLC disclosed 34 holdings in its latest 13F filing for the period ending 2013-12-31, with total reported value of $87.5M and a quarterly turnover rate of 121.9%.
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Merit Investment Management, LLC's disclosed holdings carry a Herfindahl concentration index of 0.046 — mathematically equivalent to about 22 equally-sized positions, close to its 34 actual disclosed holdings. Value is spread relatively evenly across the portfolio rather than concentrated in a handful of names.
Position sizes are fairly uniform across the portfolio (a coefficient of variation of 0.75), suggesting a disciplined, rules-based approach to how much capital goes into each idea.
Recent activity leans toward initiating meaningfully larger new positions than it adds to existing ones (a 3.3 percentage-point tilt) — a pattern consistent with a more contrarian, new-idea-driven approach.
Sector classification currently covers about 35% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Add PM
+884.3% $5.1M
Add MRK
+714.7% $4.7M
Trim VZ
-85.0% -$2.7M
Trim PMT
-56.8% -$1.8M
Trim PFSI
-29.0% -$819.0K
Trim 570759100
-2.8% -$322.0K
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | PM | Philip Morris International | Stock-Consumer Staples | 6.54% | +5.84% | +884.31% | |
| 2 | MRK | Merck & Co. INC. | Stock-Healthcare | 5.95% | +5.30% | +714.66% | |
| 3 | AEP | American Electric Power Company, Inc. | Stock-Utilities | 5.93% | +5.93% | NEW | |
| 4 | KHC | The Kraft Heinz Company | Stock-Consumer Staples | 5.88% | +5.88% | NEW | |
| 5 | JPM | Jpmorgan Chase & Co | Stock-Financials | 5.78% | +5.78% | NEW | |
| 6 | CSCO | Cisco Systems INC | Stock-Tech | 5.76% | +5.76% | NEW | |
| 7 | D | Dominion Energy INC | Stock-Utilities | 5.75% | +5.75% | NEW | |
| 8 | XEL | Xcel Energy INC | Stock-Utilities | 5.73% | +5.73% | NEW | |
| 9 | CSX | Csx CORP | Stock-Industrials | 5.69% | -0.51% | -13.72% | |
| 10 | ✓ | Stock-Other | 5.06% | — | -9.01% | ||
| 11 | ✓ | Stock-Other | 4.78% | +4.78% | NEW | ||
| 12 | AAPL | Apple Computer | Stock-Tech | 4.19% | +0.26% | -4.39% | |
| 13 | EPD | Enterprise Products Partners | Stock-Energy | 3.52% | — | -7.23% | |
| 14 | ✓ | MarkWest Energy | Stock-Other | 3.50% | -0.57% | -2.83% | |
| 15 | ✓ | Cbs CORP New | Stock-Other | 3.39% | +0.14% | -5.11% | |
| 16 | HTZ | Hertz Global Holdings, Inc. | Stock-Other | 3.27% | +3.27% | NEW | |
| 17 | CVS | Cvs Health CORP | Stock-Healthcare | 2.95% | -0.56% | -29.16% | |
| 18 | ✓ | Stock-Other | 1.94% | +1.94% | NEW | ||
| 19 | PFSI | PennyMac Financial Services, Inc. | Stock-Other | 1.87% | -1.08% | -28.99% | |
| 20 | REYN | Reynolds Consumer Products Inc. | Stock-Other | 1.72% | +1.72% | NEW | |
| 21 | PMT | Pennymac Mortgage Investment | Stock-Other | 1.65% | -2.30% | -56.80% | |
| 22 | MO | Altria Group INC | Stock-Consumer Staples | 1.60% | +1.60% | NEW | |
| 23 | BCBEUR | Primo Water CORP | Stock-Other | 1.04% | — | — | |
| 24 | DEO | Diageo Plc-sponsored Adr | Stock-Consumer Staples | 0.78% | -0.55% | -41.06% | |
| 25 | NSC | Norfolk Southern CORP | Stock-Industrials | 0.74% | — | — | |
| 26 | PEP | Pepsico INC | Stock-Consumer Staples | 0.72% | -0.31% | -29.91% | |
| 27 | DUK | Du Pont E I De Nemour&Co | Stock-Utilities | 0.70% | -0.48% | -43.40% | |
| 28 | GIS | General Mills INC | Stock-Consumer Staples | 0.69% | +0.47% | +221.81% | |
| 29 | T | At&t INC | Stock-Comm Services | 0.68% | +0.68% | NEW | |
| 30 | ✓ | Lorillard INC | Stock-Other | 0.67% | — | — | |
| 31 | MCD | Mcdonald's CORP | Stock-Consumer Disc | 0.58% | — | -16.63% | |
| 32 | VZ | Verizon Communications INC | Stock-Comm Services | 0.58% | -3.24% | -84.96% | |
| 33 | TD | Toronto-dominion Bank | Stock-Financials | 0.34% | +0.34% | NEW | |
| 34 | WMCUSD | Western Asset Mortgage Capit | Stock-Other | 0.04% | -0.39% | -90.30% |
Not enough priced holdings yet to compute performance
Merit Investment Management, LLC's most significant position changes for 2013-12-31: New buy: American Electric Power Company, Inc. (AEP); New buy: The Kraft Heinz Company (KHC); New buy: Jpmorgan Chase & Co (JPM); New buy: Cisco Systems INC (CSCO); New buy: Dominion Energy INC (D).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | PM | Philip Morris International | +5.8% | +884.31% | Add |
| 2 | MRK | Merck & Co. INC. | +5.3% | +714.66% | Add |
| 3 | GIS | General Mills INC | +0.5% | +221.81% | Add |
| 4 | AAPL | Apple Computer | +0.3% | -4.39% | Trim |
| 5 | ✓ | Cbs CORP New | +0.1% | -5.11% | Trim |
| 6 | PEP | Pepsico INC | -0.3% | -29.91% | Trim |
| 7 | WMCUSD | Western Asset Mortgage Capit | -0.4% | -90.30% | Trim |
| 8 | DUK | Du Pont E I De Nemour&Co | -0.5% | -43.40% | Trim |
| 9 | CSX | Csx CORP | -0.5% | -13.72% | Trim |
| 10 | DEO | Diageo Plc-sponsored Adr | -0.6% | -41.06% | Trim |
| 11 | CVS | Cvs Health CORP | -0.6% | -29.16% | Trim |
| 12 | ✓ | MarkWest Energy | -0.6% | -2.83% | Trim |
| 13 | PFSI | PennyMac Financial Services, Inc. | -1.1% | -28.99% | Trim |
| 14 | PMT | Pennymac Mortgage Investment | -2.3% | -56.80% | Trim |
| 15 | VZ | Verizon Communications INC | -3.2% | -84.96% | Trim |
| 16 | AEP | American Electric Power Company, Inc. | — | NEW | New buy |
| 17 | KHC | The Kraft Heinz Company | — | NEW | New buy |
| 18 | JPM | Jpmorgan Chase & Co | — | NEW | New buy |
| 19 | CSCO | Cisco Systems INC | — | NEW | New buy |
| 20 | D | Dominion Energy INC | — | NEW | New buy |
| 21 | XEL | Xcel Energy INC | — | NEW | New buy |
| 22 | LLY | Eli Lilly & Co | — | EXIT | Sold out |
| 23 | DRI | Darden Restaurants INC | — | EXIT | Sold out |
| 24 | NNN | Nnn Reit INC | — | EXIT | Sold out |
| 25 | ✓ | — | NEW | New buy | |
| 26 | SO | Southern Co/the | — | EXIT | Sold out |
| 27 | ARL | American Realty Capital Properties Inc | — | EXIT | Sold out |
| 28 | HTZ | Hertz Global Holdings, Inc. | — | NEW | New buy |
| 29 | ✓ | Armour Residential Reit I | — | EXIT | Sold out |
| 30 | IVREUR | Invesco Mortgage Capital | — | EXIT | Sold out |
| 31 | OHI | Omega Healthcare Investors | — | EXIT | Sold out |
| 32 | MFAUSD | Mfa Financial INC | — | EXIT | Sold out |
| 33 | DFIN | Donnelley Financial Solutions, Inc. | — | EXIT | Sold out |
| 34 | UDR | Udr INC | — | EXIT | Sold out |
| 35 | ✓ | — | NEW | New buy | |
| 36 | ✓ | American Cap Mtg Invt CORP | — | EXIT | Sold out |
| 37 | ✓ | — | EXIT | Sold out | |
| 38 | REYN | Reynolds Consumer Products Inc. | — | NEW | New buy |
| 39 | MO | Altria Group INC | — | NEW | New buy |
| 40 | BRK-A | Berkshire Hathaway Inc-cl A | — | EXIT | Sold out |
| 41 | T | At&t INC | — | NEW | New buy |
| 42 | ✓ | Silver Bay Realty Trust CORP | — | EXIT | Sold out |
| 43 | NEE | Nextera Energy INC | — | EXIT | Sold out |
| 44 | TD | Toronto-dominion Bank | — | NEW | New buy |
| 45 | PAA | Plains All Amer Pipeline LP | — | EXIT | Sold out |
| 46 | MMM | 3m Co | — | EXIT | Sold out |
| 47 | PG | Procter & Gamble Co/the | — | EXIT | Sold out |
| 48 | EMR | Emerson Electric Co | — | EXIT | Sold out |
| 49 | MSFT | Microsoft CORP | — | EXIT | Sold out |
| 50 | PFE | Pfizer INC | — | EXIT | Sold out |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2013-12-31 | 2014-02-11 | 13F-HR | View on EDGAR |
| 2013-09-30 | 2013-11-13 | 13F-HR | View on EDGAR |
| 2013-06-30 | 2013-08-14 | Amendment | View on EDGAR |
| 2013-06-30 | 2013-08-13 | 13F-HR | View on EDGAR |
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