First Dallas Securities Inc.
Long book
$270.3M
Q1 2026
Positions
118
Top-10 weight
48%
concentration
Last quarter
+12.0%
SPY +14.8%
Turnover
17%
of book per quarter
Strategy in plain words
auto-generated from filingsFirst Dallas Securities Inc. is a diversified fundamental manager, running a $270.3M US long book across 118 positions.
The portfolio is moderately concentrated (top 10 ≈ 48% of the book). Turnover is modest: positions are typically held for years. Current anchor positions: NVIDIA CORP, TEXAS PACIFIC LAND CORP, APPLE INC, AMAZON.COM INC, EXXON MOBIL CORP.
Over the last 9 quarters its long book ran on average 0.8pp per quarter ahead of the S&P 500, beating the index in 5 of 9 quarters. We rate its filings as signal-bearing: position changes reflect genuine views.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
+6.6%
Q2 2024
+7.3%
Q3 2024
+3.2%
Q4 2024
-2.1%
Q1 2025
+8.3%
Q2 2025
+7.4%
Q3 2025
+1.9%
Q4 2025
+3.0%
Q1 2026
+12.0%
Sector allocation
Technology 29%
Financials 19%
Industrials 16%
Consumer discretionary 8%
Energy 5%
Utilities 5%
Healthcare 5%
Services media 4%
Long book by quarter
What does First Dallas own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| NVDA NVIDIA CORP | Technology | 206.6K | $36.0M | 13.3% | +0.9% |
| TPL TEXAS PACIFIC LAND CORP | Financials | 59.6K | $28.3M | 10.5% | -7.9% |
| AAPL APPLE INC | Technology | 67.2K | $17.0M | 6.3% | -1.3% |
| AMZN AMAZON.COM INC | Consumer discretionary | 39.7K | $8.3M | 3.1% | -0.8% |
| XOM EXXON MOBIL CORP | Energy | 44.4K | $7.5M | 2.8% | -4.8% |
| FCX FREEPORT-MCMORAN INC | Materials | 124.7K | $7.3M | 2.7% | -6.0% |
| OKE ONEOK INC | Utilities | 71.6K | $6.5M | 2.4% | -2.7% |
| BA BOEING CO/THE | Industrials | 32.4K | $6.5M | 2.4% | +2.4% |
| CAT CATERPILLAR INC | Industrials | 8.7K | $6.1M | 2.3% | -10.7% |
| UBER UBER TECHNOLOGIES INC | Services media | 77.2K | $5.6M | 2.1% | -2.8% |
| LLY ELI LILLY & CO | Healthcare | 5.4K | $5.0M | 1.8% | -6.3% |
| META META PLATFORMS INC-CLASS A | Technology | 8.1K | $4.7M | 1.7% | -4.0% |
| JNJ JOHNSON & JOHNSON | Healthcare | 16.6K | $4.0M | 1.5% | +44.1% |
| MSFT MICROSOFT CORP | Technology | 10.7K | $4.0M | 1.5% | -34.6% |
| HD HOME DEPOT INC | Consumer discretionary | 12.0K | $3.9M | 1.5% | +6.9% |
| JPM JPMORGAN CHASE & CO | Financials | 13.2K | $3.9M | 1.4% | +0.4% |
| SN SHARKNINJA INC | Industrials | 35.5K | $3.8M | 1.4% | -11.3% |
| WMT WALMART INC | Consumer discretionary | 27.9K | $3.5M | 1.3% | -1.1% |
| C CITIGROUP INC | Financials | 30.0K | $3.4M | 1.3% | +14.9% |
| EXE EXPAND ENERGY CORP | Energy | 31.0K | $3.4M | 1.3% | +12.0% |
| EXP EAGLE MATERIALS INC | Industrials | 16.4K | $3.1M | 1.2% | +4.8% |
| WHR WHIRLPOOL CORP | Industrials | 55.1K | $3.0M | 1.1% | +44.6% |
| UPS UNITED PARCEL SERVICE-CL B | Industrials | 29.8K | $2.9M | 1.1% | +91.5% |
| MU MICRON TECHNOLOGY INC | Technology | 7.9K | $2.7M | 1.0% | -38.3% |
| COST COSTCO WHOLESALE CORP | Consumer discretionary | 2.6K | $2.5M | 0.9% | +2.2% |
| MTZ MASTEC INC | Industrials | 7.5K | $2.4M | 0.9% | -10.2% |
| WULF TERAWULF INC | Financials | 153.8K | $2.2M | 0.8% | -14.6% |
| T AT&T INC | Communications | 75.5K | $2.2M | 0.8% | -0.8% |
| GOOG ALPHABET INC-CL C | Technology | 7.4K | $2.1M | 0.8% | +3.7% |
| DKNG DRAFTKINGS INC-CL A | Services media | 96.5K | $2.1M | 0.8% | -13.4% |
| CLF CLEVELAND-CLIFFS INC | Materials | 241.1K | $2.0M | 0.8% | -1.1% |
| CSWC CAPITAL SOUTHWEST CORP | — | 89.7K | $2.0M | 0.7% | -0.2% |
| XEL XCEL ENERGY INC | Utilities | 23.2K | $1.8M | 0.7% | -2.1% |
| FWRG FIRST WATCH RESTAURANT GROUP | Consumer discretionary | 166.8K | $1.7M | 0.6% | +327.6% |
| POWL POWELL INDUSTRIES INC | Industrials | 3.2K | $1.7M | 0.6% | -7.4% |
| KEX KIRBY CORP | Industrials | 12.8K | $1.7M | 0.6% | -51.1% |
| BAC BANK OF AMERICA CORP | Financials | 34.3K | $1.7M | 0.6% | -5.0% |
| WFC WELLS FARGO & CO | Financials | 20.0K | $1.6M | 0.6% | +1.0% |
| AVGO BROADCOM INC | Technology | 4.7K | $1.5M | 0.5% | +245.6% |
| AMGN AMGEN INC | Healthcare | 4.2K | $1.5M | 0.5% | +2.5% |
| PR PERMIAN RESOURCES CORP-CL A | Energy | 68.0K | $1.4M | 0.5% | -9.0% |
| AEP AMERICAN ELECTRIC POWER | Utilities | 11.0K | $1.4M | 0.5% | +0.4% |
| AMAT APPLIED MATERIALS INC | Technology | 4.2K | $1.4M | 0.5% | New |
| CMC COMMERCIAL METALS CO | Industrials | 22.5K | $1.4M | 0.5% | -3.9% |
| AXP AMERICAN EXPRESS CO | Financials | 4.4K | $1.3M | 0.5% | -7.5% |
| ETD ETHAN ALLEN INTERIORS INC | Other | 59.5K | $1.3M | 0.5% | +35.1% |
| IBM INTL BUSINESS MACHINES CORP | Technology | 5.3K | $1.3M | 0.5% | +6.4% |
| MRK MERCK & CO. INC. | Healthcare | 10.7K | $1.3M | 0.5% | +0.6% |
| VZ VERIZON COMMUNICATIONS INC | Communications | 24.8K | $1.2M | 0.5% | +1.8% |
| BANC BANC OF CALIFORNIA INC | Financials | 70.5K | $1.2M | 0.5% | -3.2% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | Apr 27, 2026 | 118 | $270.3M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 11, 2026 | 107 | $268.8M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 5, 2025 | 113 | $266.9M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 7, 2025 | 123 | $253.0M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 16, 2025 | 113 | $239.3M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Jan 24, 2025 | 286718 | $245.4M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 18, 2024 | 119 | $239.3M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 2, 2024 | 117 | $227.8M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | Apr 16, 2024 | 119 | $217.4M | $K fixed canonical | SEC ↗ |
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