First Financial Bankshares Inc
Long book
$4.95B
Q1 2026
Positions
201
Top-10 weight
37%
concentration
Last quarter
+9.7%
SPY +14.8%
Turnover
16%
of book per quarter
Strategy in plain words
auto-generated from filingsFirst Financial Bankshares Inc is a diversified fundamental manager, running a $4.95B US long book across 201 positions.
The portfolio is moderately concentrated (top 10 ≈ 37% of the book). Turnover is modest: positions are typically held for years. Current anchor positions: MICROSOFT CORP, BROADCOM INC, JPMORGAN CHASE & CO, VANGUARD TOTAL BOND MARKET, ISHARES CORE S&P MIDCAP 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. 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
+0.5%
Q2 2024
+9.6%
Q3 2024
-0.1%
Q4 2024
-1.5%
Q1 2025
+7.0%
Q2 2025
+8.0%
Q3 2025
+2.2%
Q4 2025
+0.3%
Q1 2026
+9.7%
Sector allocation
Technology 34%
Financials 17%
Healthcare 12%
Utilities 9%
Industrials 8%
Consumer discretionary 7%
Energy 6%
Consumer staples 6%
Long book by quarter
What does First Financial own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| MSFT MICROSOFT CORP | Technology | 694.8K | $257.2M | 5.2% | +10.0% |
| AVGO BROADCOM INC | Technology | 701.0K | $217.0M | 4.4% | +1.1% |
| JPM JPMORGAN CHASE & CO | Financials | 673.3K | $198.1M | 4.0% | -8.7% |
| AAPL APPLE INC | Technology | 734.1K | $186.3M | 3.8% | +0.6% |
| GOOGL ALPHABET INC-CL A | Technology | 634.8K | $182.6M | 3.7% | -9.8% |
| JNJ JOHNSON & JOHNSON | Healthcare | 629.4K | $153.8M | 3.1% | -11.3% |
| CVX CHEVRON CORP | Energy | 640.3K | $132.5M | 2.7% | +0.6% |
| WMB WILLIAMS COS INC | Utilities | 1.4M | $104.3M | 2.1% | -0.6% |
| MCD MCDONALD'S CORP | Consumer discretionary | 319.6K | $99.3M | 2.0% | +0.1% |
| NEE NEXTERA ENERGY INC | Utilities | 996.0K | $92.5M | 1.9% | +0.8% |
| BX BLACKSTONE INC | Financials | 780.2K | $89.7M | 1.8% | +6.2% |
| MRK MERCK & CO. INC. | Healthcare | 743.6K | $89.4M | 1.8% | +2.1% |
| NVDA NVIDIA CORP | Technology | 499.8K | $87.2M | 1.8% | +5.3% |
| PEP PEPSICO INC | Consumer staples | 554.8K | $86.1M | 1.7% | +3.1% |
| AEP AMERICAN ELECTRIC POWER | Utilities | 652.1K | $85.5M | 1.7% | +0.9% |
| BAC BANK OF AMERICA CORP | Financials | 1.7M | $85.1M | 1.7% | +1.7% |
| KO COCA-COLA CO/THE | Consumer staples | 1.1M | $82.5M | 1.7% | -0.1% |
| META META PLATFORMS INC-CLASS A | Technology | 144.1K | $82.5M | 1.7% | +1.5% |
| HON HONEYWELL INTERNATIONAL INC | Industrials | 363.9K | $82.3M | 1.7% | 0.0% |
| CSCO CISCO SYSTEMS INC | Technology | 1.1M | $82.1M | 1.7% | +0.4% |
| AMZN AMAZON.COM INC | Consumer discretionary | 393.7K | $82.0M | 1.7% | +16.6% |
| AMGN AMGEN INC | Healthcare | 222.2K | $78.2M | 1.6% | -0.1% |
| ETN EATON CORP PLC | Industrials | 210.0K | $75.1M | 1.5% | -17.2% |
| C CITIGROUP INC | Financials | 644.8K | $73.1M | 1.5% | -0.4% |
| BLK BLACKROCK INC | Financials | 69.0K | $66.4M | 1.3% | +0.4% |
| LMT LOCKHEED MARTIN CORP | Industrials | 108.5K | $65.6M | 1.3% | 0.0% |
| COP CONOCOPHILLIPS | Energy | 482.6K | $63.7M | 1.3% | -18.0% |
| MDT MEDTRONIC PLC | Healthcare | 719.4K | $62.3M | 1.3% | +1.5% |
| LHX L3HARRIS TECHNOLOGIES INC | Technology | 168.7K | $58.2M | 1.2% | -0.7% |
| MU MICRON TECHNOLOGY INC | Technology | 145.0K | $49.0M | 1.0% | -48.7% |
| MDLZ MONDELEZ INTERNATIONAL INC-A | Consumer staples | 844.9K | $48.7M | 1.0% | +7.9% |
| NI NISOURCE INC | Utilities | 1.0M | $46.7M | 0.9% | -0.8% |
| NOW SERVICENOW INC | Technology | 420.2K | $43.9M | 0.9% | +69.9% |
| SEIC SEI INVESTMENTS COMPANY | Financials | 554.2K | $43.5M | 0.9% | New |
| HD HOME DEPOT INC | Consumer discretionary | 131.0K | $43.1M | 0.9% | +2.5% |
| RF REGIONS FINANCIAL CORP | Financials | 1.4M | $36.9M | 0.7% | +67.8% |
| UNP UNION PACIFIC CORP | Industrials | 145.6K | $35.3M | 0.7% | +0.9% |
| MA MASTERCARD INC - A | Services media | 67.6K | $33.8M | 0.7% | -3.3% |
| ACDC PROFRAC HOLDING CORP-A | Energy | 3.9M | $24.1M | 0.5% | -0.6% |
| BRK/B BERKSHIRE HATHAWAY INC-CL B | Financials | 47.7K | $22.9M | 0.5% | +2082.4% |
| SBUX STARBUCKS CORP | Consumer discretionary | 241.8K | $21.7M | 0.4% | +4.9% |
| WMT WALMART INC | Consumer discretionary | 169.3K | $21.0M | 0.4% | -65.0% |
| EHC ENCOMPASS HEALTH CORP | Healthcare | 207.7K | $20.1M | 0.4% | New |
| ORCL ORACLE CORP | Technology | 114.5K | $16.9M | 0.3% | +5.3% |
| BKNG BOOKING HOLDINGS INC | Industrials | 3.9K | $16.6M | 0.3% | +313.1% |
| SPGI S&P GLOBAL INC | Services media | 31.9K | $13.6M | 0.3% | +0.4% |
| UNH UNITEDHEALTH GROUP INC | Financials | 46.8K | $12.7M | 0.3% | +15.5% |
| UTHR UNITED THERAPEUTICS CORP | Healthcare | 20.7K | $12.3M | 0.2% | -1.5% |
| PFE PFIZER INC | Healthcare | 433.6K | $12.2M | 0.2% | +16.6% |
| ABT ABBOTT LABORATORIES | Healthcare | 116.1K | $11.9M | 0.2% | +3.4% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 11, 2026 | 201 | $4.95B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 12, 2026 | 212 | $4.97B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 10, 2025 | 234 | $4.87B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 205 | $4.46B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 172 | $4.63B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 11, 2025 | 170 | $4.62B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Oct 24, 2024 | 181 | $4.75B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 13, 2024 | 176 | $4.36B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 14, 2024 | 193 | $4.44B | canonical | SEC ↗ |
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