Cullen/Frost Bankers, Inc.
Long book
$8.81B
Q1 2026
Positions
1393
Top-10 weight
31%
concentration
Last quarter
+12.9%
SPY +14.8%
Turnover
20%
of book per quarter
Strategy in plain words
auto-generated from filingsCullen/Frost Bankers, Inc. is a mechanically diversified allocator, running a $8.81B US long book across 1393 positions.
The portfolio is moderately concentrated (top 10 ≈ 31% of the book). Turnover is modest: positions are typically held for years. Current anchor positions: APPLE INC, PUTNAM FOCUSED LRG CAP VALUE, MICROSOFT CORP, NVIDIA CORP, VANGUARD GROWTH ETF.
Over the last 9 quarters its long book ran on average 0.5pp per quarter behind the S&P 500, beating the index in 3 of 9 quarters. Its holdings are mechanical (indexing / client flows), so position changes carry no stock-picking signal.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
+2.9%
Q2 2024
+6.2%
Q3 2024
+1.1%
Q4 2024
-3.0%
Q1 2025
+9.4%
Q2 2025
+7.2%
Q3 2025
+2.2%
Q4 2025
-3.0%
Q1 2026
+12.9%
Sector allocation
Technology 38%
Consumer discretionary 12%
Industrials 10%
Financials 10%
Healthcare 9%
Services media 6%
Energy 5%
Other 3%
Long book by quarter
What does Cullen/Frost Bankers, own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| AAPL APPLE INC | Technology | 1.9M | $479.7M | 5.4% | 0.0% |
| MSFT MICROSOFT CORP | Technology | 911.4K | $337.4M | 3.8% | +0.6% |
| NVDA NVIDIA CORP | Technology | 1.6M | $286.8M | 3.3% | +1.7% |
| AMZN AMAZON.COM INC | Consumer discretionary | 950.8K | $198.0M | 2.2% | +1.6% |
| GOOGL ALPHABET INC-CL A | Technology | 653.8K | $188.0M | 2.1% | +0.9% |
| AVGO BROADCOM INC | Technology | 534.7K | $165.5M | 1.9% | +4.8% |
| GOOG ALPHABET INC-CL C | Technology | 501.6K | $143.9M | 1.6% | -0.6% |
| META META PLATFORMS INC-CLASS A | Technology | 207.5K | $118.7M | 1.3% | +0.1% |
| V VISA INC-CLASS A SHARES | Services media | 348.7K | $105.4M | 1.2% | -1.1% |
| GLW CORNING INC | Industrials | 772.5K | $105.0M | 1.2% | -5.2% |
| JPM JPMORGAN CHASE & CO | Financials | 341.4K | $100.4M | 1.1% | -0.8% |
| LLY ELI LILLY & CO | Healthcare | 103.8K | $95.5M | 1.1% | +0.2% |
| COST COSTCO WHOLESALE CORP | Consumer discretionary | 88.4K | $88.1M | 1.0% | -2.2% |
| CVX CHEVRON CORP | Energy | 412.4K | $85.3M | 1.0% | -3.6% |
| XOM EXXON MOBIL CORP | Energy | 502.7K | $85.3M | 1.0% | +6.8% |
| MA MASTERCARD INC - A | Services media | 158.5K | $79.2M | 0.9% | -1.5% |
| ABBV ABBVIE INC | Healthcare | 358.3K | $77.9M | 0.9% | -2.0% |
| JNJ JOHNSON & JOHNSON | Healthcare | 309.2K | $75.6M | 0.9% | -1.6% |
| WMT WALMART INC | Consumer discretionary | 519.0K | $64.5M | 0.7% | -0.3% |
| BRK/B BERKSHIRE HATHAWAY INC-CL B | Financials | 129.5K | $62.1M | 0.7% | -2.0% |
| HD HOME DEPOT INC | Consumer discretionary | 179.7K | $59.1M | 0.7% | +0.7% |
| ETN EATON CORP PLC | Industrials | 156.2K | $55.9M | 0.6% | 0.0% |
| CSCO CISCO SYSTEMS INC | Technology | 685.0K | $53.2M | 0.6% | +7.1% |
| BAC BANK OF AMERICA CORP | Financials | 1.0M | $50.0M | 0.6% | -0.3% |
| KLAC KLA CORP | Other | 31.7K | $46.6M | 0.5% | +28.6% |
| KO COCA-COLA CO/THE | Consumer staples | 610.1K | $46.4M | 0.5% | -0.9% |
| ORCL ORACLE CORP | Technology | 306.3K | $45.1M | 0.5% | -7.0% |
| PM PHILIP MORRIS INTERNATIONAL | Consumer staples | 270.2K | $44.7M | 0.5% | -4.6% |
| ETR ENTERGY CORP | Utilities | 381.2K | $42.8M | 0.5% | +1.8% |
| AXP AMERICAN EXPRESS CO | Financials | 136.0K | $41.1M | 0.5% | -0.4% |
| VLO VALERO ENERGY CORP | Energy | 165.5K | $40.9M | 0.5% | +15.9% |
| NFLX NETFLIX INC | Services media | 420.2K | $40.4M | 0.5% | +1.8% |
| ISRG INTUITIVE SURGICAL INC | Healthcare | 86.8K | $40.0M | 0.5% | +3.5% |
| PG PROCTER & GAMBLE CO/THE | Other | 270.6K | $39.1M | 0.4% | +5.9% |
| MRK MERCK & CO. INC. | Healthcare | 300.9K | $36.2M | 0.4% | +39.3% |
| CMI CUMMINS INC | Industrials | 66.4K | $35.7M | 0.4% | +0.7% |
| AEP AMERICAN ELECTRIC POWER | Utilities | 265.6K | $34.8M | 0.4% | +0.5% |
| ORLY O'REILLY AUTOMOTIVE INC | Consumer discretionary | 366.1K | $33.8M | 0.4% | +0.6% |
| GE GENERAL ELECTRIC | Industrials | 110.3K | $31.3M | 0.4% | +1.2% |
| NOW SERVICENOW INC | Technology | 292.8K | $30.6M | 0.3% | -2.6% |
| MCD MCDONALD'S CORP | Consumer discretionary | 98.0K | $30.5M | 0.3% | +0.7% |
| BKNG BOOKING HOLDINGS INC | Industrials | 7.0K | $29.6M | 0.3% | -2.9% |
| LOW LOWE'S COS INC | Consumer discretionary | 124.9K | $29.5M | 0.3% | -1.2% |
| COP CONOCOPHILLIPS | Energy | 218.1K | $28.8M | 0.3% | -3.3% |
| GEV GE VERNOVA INC | Industrials | 32.9K | $28.7M | 0.3% | +11.2% |
| TXN TEXAS INSTRUMENTS INC | Technology | 146.2K | $28.4M | 0.3% | +7.8% |
| C CITIGROUP INC | Financials | 249.6K | $28.3M | 0.3% | +7.6% |
| TSLA TESLA INC | Industrials | 75.6K | $28.1M | 0.3% | +8.8% |
| VZ VERIZON COMMUNICATIONS INC | Communications | 542.6K | $27.2M | 0.3% | +6.9% |
| MCO MOODY'S CORP | Services media | 62.1K | $27.1M | 0.3% | +0.6% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 5, 2026 | 1393 | $8.81B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 6, 2026 | 1460 | $9.09B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Oct 31, 2025 | 1321 | $8.61B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Jul 30, 2025 | 1298 | $7.98B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 2, 2025 | 1285 | $7.14B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 6, 2025 | 1348 | $7.32B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 6, 2024 | 1216 | $7.33B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 5, 2024 | 1241 | $6.90B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 10, 2024 | 1006 | $6.75B | canonical | SEC ↗ |
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