FIDUCIARY FINANCIAL SERVICES OF THE SOUTHWEST INC /TX

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CIK 1079373

13F portfolio (2019-Q4)

$382M

Positions

147

Implied 1Y CAGR

modeled · as filed

Long positions in SEC Section 13(f) securities (US-listed stocks, ADRs and ETFs), largest first · Δ vs 2019-Q3. A lagged quarterly snapshot (filed ≤45 days after quarter-end); excludes shorts, options, cash, and shares listed only on non-US exchanges — foreign companies held via a US listing or ADR (e.g. Alibaba, TSMC) ARE included.

Implied return what this book implies · modeled, not advice methodology →

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As filed = each book applied at its quarter-end (what the reported book did) · As copyable = applied at its statutory 45-day filing deadline (what a 13F follower could have earned).

Computing…

Hypothetical modeled performance constructed with hindsight — not actual results, and not indicative of future results. See the Disclaimer.

Exposures · what this manager owns, by sector & size (2019-Q4)

Holdings

147

Top 5

17.6%

Top 10

29.1%

Effective N

58.3

HHI

0.017

This quarter

4 new · 0 exit →

By sector

Unclassified20.2%

Utilities14.2%

Real Estate13.3%

Industrials9.6%

Information Technology7.9%

Consumer Discretionary7.6%

Health Care7.6%

Financials6.1%

Other13.6%

By market cap

Large ($10–200B)46.2%

Mega (>$200B)27.5%

Unknown21.4%

Small ($300M–2B)2.6%

Mid ($2–10B)2.3%

By region

North America79.7%

Other20.2%

Asia-Pacific0.1%

By industry group GICS — finer than sector

Industry group	Weight	Names
Unclassified	20.64%	53
Utilities	14.23%	11
Equity Real Estate Investment Trusts (REITs)	10.64%	11
Aerospace & Defense	7.58%	6
Pharmaceuticals & Biotechnology	7.51%	6
Specialty Retail	6.74%	4
Technology Hardware & Equipment	5.12%	3
Commercial Services & Supplies	3.82%	5
Oil, Gas & Consumable Fuels	2.94%	8
Real Estate Management & Development	2.63%	1
Chemicals	2.63%	5
Diversified Telecommunication Services	2.59%	3
Software	2.48%	2
Insurance	2.08%	3
Software & IT Services	1.81%	3
Beverages	1.67%	3
Entertainment	0.84%	1
Construction Materials	0.63%	1
Banks	0.56%	3
Hotels, Restaurants & Leisure	0.56%	2
Machinery	0.44%	2
Paper & Forest Products	0.31%	1
Health Care Equipment & Supplies	0.30%	2
Semiconductors & Semiconductor Equipment	0.30%	3
Distributors	0.28%	1
Road & Rail	0.27%	1
Construction & Engineering	0.16%	1
Food Products	0.13%	1
Professional Services	0.10%	1

Top holdings

#	Ticker	Name	Sector	Weight
1	EPD	ENTERPRISE PRODUCTS PARTNERS L.P.	Utilities	5.96%
2	AMT	AMERICAN TOWER CORP /MA/	Real Estate	3.47%
3	BA	BOEING CO	Industrials	2.87%
4	GOOD	GLADSTONE COMMERCIAL CORP	Real Estate	2.63%
5	HD	HOME DEPOT, INC.	Consumer Discretionary	2.63%
6	AMZN	AMAZON COM INC	Consumer Discretionary	2.54%
7	AAPL	Apple Inc.	Information Technology	2.32%
8	MRK	Merck & Co., Inc.	Health Care	2.27%
9		MAGELLAN MIDSTREAM PARTNERS LP	Unclassified	2.25%
10	TMO	THERMO FISHER SCIENTIFIC INC.	Information Technology	2.19%

95/147 names classified · sector 79.8% of weight · industry 79.4% · mkt cap 78.6%; unclassified names shown, never dropped.

Sector allocation over time · how the GICS mix & top names shifted quarter by quarter

top 5/sector, rest → “Other” · 27 quarters

UtilitiesEPD, DUK, NEE, ET, KMI · other

Real EstateAMT, GOOD, WELL, CCI, STWD · other

IndustrialsBA, HON, GD, GVA, LMT · other

Health CareBMY, MRK, PFE, JNJ, GILD · other

EnergySUN, XOM, CVX, OII, SDRL · other

Information TechnologyGE, TMO, AAPL, MSFT, QCOM · other

Consumer DiscretionaryHD, AMZN, COST, M, MCD · other

Communication ServicesVZ, T, DIS, GOOGL, META · other

MaterialsPG, NKE, KMB, MLM, DOW · other

FinancialsMA, UNH, PRU, V, WFC · other

Consumer StaplesPEP, CVS, KO, KHC, GIS · other

UnclassifiedMAGELLAN MIDSTREAM PARTNERS LP, HCP INC, ROYAL DUTCH SHELL PLC, HEALTH CARE REIT INC, KINDER MORGAN ENERGY PARTNER · other

Sector is classified on each name's CURRENT fundamentals, not point-in-time — apparent sector drift can reflect the market re-rating a holding, not a manager trade. 13F is a lagged quarterly snapshot of long positions in US-listed securities only — foreign companies held via a US listing or ADR ARE included, but shares listed only on non-US exchanges (plus shorts, options and cash) are not. Latest quarter: 79.8% of the book is sector-classified (unclassified names shown, never dropped).

Style box · size × value-growth placement of the reported book (2019-Q4), classified on current fundamentals (not point-in-time) — load it into PORT to overlay your own portfolio

holdings, colored by sector (85 classified)FIDUCIARY FINANCIAL SERVICES OF THE SOUTHWEST INC /TX centroid (Large Core)

Real EstateIndustrialsInformation TechnologyConsumer DiscretionaryHealth CareUtilitiesFinancialsCommunication ServicesMaterialsEnergyConsumer Staples

Style box summary for FIDUCIARY FINANCIAL SERVICES OF THE SOUTHWEST INC /TX: centroid Large Core. Heaviest cells: Large Core 18.2%, Large Value 18.1%, Large Growth 18.1%.

Classified: 70.4% of book weight (85/129 names) · unclassified 29.6%: , EPD, SPY, ET, ONEQ, MDY, CWB, HPF, ENB, IWO +34 more. Size: cap 70/20/10 bands; style: value/growth composite on our own metrics — not Morningstar's model.

Contribution holdings-based, any period

No contribution data for this period.

Holdings· 147 positions (2019-Q4) · largest first · Δ vs 2019-Q3

#	Security	Shares	Value	Weight	Δ QoQ
1	EPDENTERPRISE PRODS PARTNERS L	551,295	$23M	6.0%	HOLD
2	AMTAMERICAN TOWER CORP	57,711	$13M	3.5%	TRIM −3%
3	BABOEING CO	33,724	$11M	2.9%	TRIM −6%
4	GOODGLADSTONE COMMERCIAL CORP	460,682	$10M	2.6%	HOLD
5	HDHOME DEPOT INC	46,103	$10M	2.6%	HOLD
6	AMZNAMAZON COM INC	5,255	$10M	2.5%	ADD 3%
7	AAPLAPPLE INC	30,179	$9M	2.3%	TRIM −2%
8	MRKMERCK & CO INC	95,550	$9M	2.3%	TRIM −3%
9	MAGELLAN MIDSTREAM PARTNERS LP	136,658	$9M	2.2%	HOLD
10	TMOTHERMO FISHER SCIENTIFIC INC	25,809	$8M	2.2%	TRIM −5%
11	HONHONEYWELL INTL INC	44,190	$8M	2.0%	HOLD
12	MSFTMICROSOFT CORP	48,799	$8M	2.0%	HOLD
13	CCICROWN CASTLE INC	52,825	$8M	2.0%	HOLD
14	BMYBRISTOL-MYERS SQUIBB CO	113,116	$7M	1.9%	TRIM −2%
15	NEENEXTERA ENERGY INC	29,604	$7M	1.9%	HOLD
16	ROYAL DUTCH SHELL PLC	113,805	$7M	1.8%	HOLD
17	MAMASTERCARD INCORPORATED	22,657	$7M	1.8%	HOLD
18	STWDSTARWOOD PPTY TR INC	272,106	$7M	1.8%	ADD 5%
19	PFEPFIZER INC	168,856	$7M	1.7%	HOLD
20	DDOMINION ENERGY INC	74,063	$6M	1.6%	HOLD
21	SPYSTATE STR SPDR S&P 500 ETF T	18,766	$6M	1.6%	TRIM −3%
22	RAYTHEON CO	26,880	$6M	1.5%	HOLD
23	WELLWELLTOWER INC	70,943	$6M	1.5%	HOLD
24	DUKDUKE ENERGY CORP NEW	62,894	$6M	1.5%	HOLD
25	ETENERGY TRANSFER L P	439,753	$6M	1.5%	HOLD
26	ONEQFIDELITY COMWLTH TR	15,179	$5M	1.4%	HOLD
27	VZVERIZON COMMUNICATIONS INC	75,502	$5M	1.2%	HOLD
28	LMTLOCKHEED MARTIN CORP	11,878	$5M	1.2%	HOLD
29	UNHUNITEDHEALTH GROUP INC	15,408	$5M	1.2%	TRIM −5%
30	TAT&T INC	115,641	$5M	1.2%	ADD 11%
31	PEPPEPSICO INC	31,035	$4M	1.1%	TRIM −2%
32	COSTCOSTCO WHSL CORP NEW	13,970	$4M	1.1%	HOLD
33	XOMEXXON MOBIL CORP	56,875	$4M	1.0%	HOLD
34	MDYSPDR S&P MIDCAP 400 ETF TR	10,396	$4M	1.0%	HOLD
35	CWBSPDR SER TR	64,486	$4M	0.9%	TRIM −4%
36	VVISA INC	18,401	$3M	0.9%	HOLD
37	GOOGLALPHABET INC	2,558	$3M	0.9%	HOLD
38	SRESEMPRA	21,526	$3M	0.9%	TRIM −4%
39	HPFHANCOCK JOHN PFD INCOME FD I	146,342	$3M	0.9%	HOLD
40	DISDISNEY WALT CO	22,239	$3M	0.8%	HOLD
41	DOCHEALTHPEAK PROPERTIES INC	92,516	$3M	0.8%	NEW
42	PGPROCTER AND GAMBLE CO	25,308	$3M	0.8%	TRIM −3%
43	NKENIKE INC	26,693	$3M	0.7%	HOLD
44	GDGENERAL DYNAMICS CORP	15,084	$3M	0.7%	TRIM −9%
45	ENBENBRIDGE INC	66,089	$3M	0.7%	HOLD
46	WMWASTE MGMT INC DEL	22,949	$3M	0.7%	TRIM −6%
47	DOWDOW HLDGS INC	46,611	$3M	0.7%	ADD 6%
48	NOCNORTHROP GRUMMAN CORP	7,353	$3M	0.7%	HOLD
49	METAMETA PLATFORMS INC	12,196	$3M	0.7%	HOLD
50	PRUPRUDENTIAL FINL INC	26,087	$2M	0.6%	TRIM −3%
51	IWOISHARES TR	11,291	$2M	0.6%	TRIM −5%
52	MLMMARTIN MARIETTA MATLS INC	8,604	$2M	0.6%	HOLD
53	CSCOCISCO SYS INC	48,661	$2M	0.6%	HOLD
54	AMGNAMGEN INC	9,523	$2M	0.6%	TRIM −9%
55	JNJJOHNSON & JOHNSON	14,982	$2M	0.6%	HOLD
56	Nuveen Preferred & Income Securities Fd	198,776	$2M	0.5%	ADD 8%
57	WMTWALMART INC	15,937	$2M	0.5%	ADD 4%
58	XLYSELECT SECTOR SPDR TR	14,982	$2M	0.5%	TRIM −5%
59	ADBEADOBE INC	5,413	$2M	0.5%	HOLD
60	XLKSELECT SECTOR SPDR TR	19,057	$2M	0.5%	TRIM −4%
61	SBUXSTARBUCKS CORP	19,636	$2M	0.5%	TRIM −6%
62	LLYELI LILLY & CO	12,644	$2M	0.4%	ADD 3%
63	BRK.BBERKSHIRE HATHAWAY INC DEL	7,298	$2M	0.4%	HOLD
64	QQQINVESCO QQQ TR	7,606	$2M	0.4%	TRIM −5%
65	KOCOCA COLA CO	28,653	$2M	0.4%	TRIM −7%
66	CVXCHEVRON CORP NEW	12,715	$2M	0.4%	HOLD
67	AWKAMERICAN WTR WKS CO INC NEW	11,934	$1M	0.4%	TRIM −3%
68	UNITED TECHNOLOGIES CORP	9,538	$1M	0.4%	ADD 10%
69	IJHISHARES TR	6,747	$1M	0.4%	TRIM −4%
70	ECLECOLAB INC	6,935	$1M	0.3%	TRIM −6%
71	PYPLPAYPAL HLDGS INC	12,209	$1M	0.3%	ADD 9%
72	SENIOR HSG PPTYS TR	156,377	$1M	0.3%	TRIM −11%
73	XLFSELECT SECTOR SPDR TR	42,259	$1M	0.3%	TRIM −3%
74	JPMJPMORGAN CHASE & CO	9,328	$1M	0.3%	ADD 6%
75	TC PIPELINES LP	30,151	$1M	0.3%	HOLD
76	DOVDOVER CORP	10,969	$1M	0.3%	HOLD
77	GLDSPDR GOLD TR	8,712	$1M	0.3%	HOLD
78	PFFISHARES TR	32,209	$1M	0.3%	HOLD
79	KMIKINDER MORGAN INC DEL	56,766	$1M	0.3%	HOLD
80	XEXGXEATON VANCE TAX-MANAGED GLOB	136,734	$1M	0.3%	HOLD
81	SBACSBA COMMUNICATIONS CORP NEW	4,927	$1M	0.3%	ADD 6%
82	KMBKIMBERLY-CLARK CORP	8,606	$1M	0.3%	TRIM −6%
83	ANNALY MORTGAGE MANAGEMENT	116,664	$1M	0.3%	ADD 8%
84	SYYSYSCO CORP	12,718	$1M	0.3%	TRIM −3%
85	UNPUNION PAC CORP	5,692	$1M	0.3%	TRIM −3%
86	COPCONOCOPHILLIPS	15,444	$1M	0.3%	HOLD
87	GOOGALPHABET INC	744	$995,000	0.3%	HOLD
88	CBCHUBB LIMITED	6,373	$992,000	0.3%	HOLD
89	VTRVENTAS INC	16,945	$978,000	0.3%	TRIM −2%
90	XIGDXVOYA GLBL EQTY DIV & PREM OP	150,421	$931,000	0.2%	TRIM −3%
91	HRHEALTHCARE REALTY TRUST	27,617	$922,000	0.2%	HOLD
92	MMM3M CO	5,163	$911,000	0.2%	TRIM −4%
93	PSXPHILLIPS 66	8,094	$902,000	0.2%	HOLD
94	CSQCALAMOS STRATEGIC TOTAL RETU	65,098	$885,000	0.2%	HOLD
95	BLACKROCK MUN INCOME TR	59,916	$849,000	0.2%	ADD 4%
96	VGKVANGUARD INTL EQUITY INDEX F	13,120	$769,000	0.2%	TRIM −11%
97	BCEBCE INC	15,950	$739,000	0.2%	TRIM −11%
98	HQHABRDN HEALTHCARE INVESTORS	32,563	$680,000	0.2%	TRIM −17%
99	XMVTXBLACKROCK MUNIVEST FD II INC	45,304	$670,000	0.2%	HOLD
100	NUSTAR ENERGY LP	25,452	$658,000	0.2%	HOLD
101	XLISELECT SECTOR SPDR TR	7,735	$630,000	0.2%	TRIM −4%
102	GVAGRANITE CONSTR INC	21,821	$604,000	0.2%	TRIM −31%
103	DCP MIDSTREAM LP	23,986	$587,000	0.2%	HOLD
104	STZCONSTELLATION BRANDS INC	3,028	$575,000	0.2%	TRIM −5%
105	BACBANK AMERICA CORP	16,132	$568,000	0.1%	TRIM −8%
106	VMOINVESCO MUN OPPORTUNITY TR	43,812	$542,000	0.1%	HOLD
107	NZFNUVEEN MUNICIPAL CREDIT INC	33,079	$542,000	0.1%	ADD 10%
108	MDLZMONDELEZ INTL INC	9,173	$505,000	0.1%	HOLD
109	VUGVANGUARD INDEX FDS	2,733	$498,000	0.1%	HOLD
110	ALLIANZGI NFJ DIVID INT & PR	38,183	$496,000	0.1%	TRIM −6%
111	MPLXMPLX LP	19,308	$492,000	0.1%	HOLD
112	RYNRAYONIER INC	15,002	$491,000	0.1%	TRIM −11%
113	PAAPLAINS ALL AMERN PIPELINE L	26,074	$480,000	0.1%	TRIM −3%
114	OKEONEOK INC NEW	6,205	$470,000	0.1%	TRIM −13%
115	NVDANVIDIA CORPORATION	1,980	$466,000	0.1%	HOLD
116	AMDADVANCED MICRO DEVICES INC	9,800	$449,000	0.1%	HOLD
117	BLACKROCK MUNI INCOME TR II	29,340	$444,000	0.1%	ADD 13%
118	BABAALIBABA GROUP HLDG LTD	2,081	$441,000	0.1%	NEW
119	CATCATERPILLAR INC	2,826	$417,000	0.1%	HOLD
120	MARMARRIOTT INTL INC NEW	2,720	$412,000	0.1%	TRIM −7%
121	VYMVANGUARD WHITEHALL FDS	4,385	$411,000	0.1%	TRIM −3%
122	PAYXPAYCHEX INC	4,397	$374,000	0.1%	TRIM −11%
123	WPCW. P. Carey Inc.	4,678	$374,000	0.1%	HOLD
124	HIIHUNTINGTON INGALLS INDS INC	1,406	$353,000	0.1%	ADD 4%
125	BRK.ABERKSHIRE HATHAWAY INC DEL	1	$340,000	0.1%	HOLD
126	DDDUPONT DE NEMOURS INC	4,766	$306,000	0.1%	TRIM −38%
127	TRGPTARGA RES CORP	7,471	$305,000	0.1%	HOLD
128	EATON VANCE CORP	6,300	$294,000	0.1%	TRIM −5%
129	AXPAMERICAN EXPRESS CO	2,292	$285,000	0.1%	HOLD
130	ROYAL DUTCH SHELL PLC	4,674	$276,000	0.1%	TRIM −6%
131	BAXBAXTER INTL INC	3,022	$253,000	0.1%	TRIM −5%
132	EDCONSOLIDATED EDISON INC	2,796	$253,000	0.1%	ADD 15%
133	VLOVALERO ENERGY CORP	2,699	$253,000	0.1%	TRIM −7%
134	LABORATORY CORP AMER HLDGS	1,470	$249,000	0.1%	TRIM −22%
135	VKQINVESCO MUN TR	19,350	$239,000	0.1%	ADD 27%
136	WYWEYERHAEUSER CO	7,765	$235,000	0.1%	HOLD
137	VTIVANGUARD INDEX FDS	1,415	$232,000	0.1%	HOLD
138	TXNTEXAS INSTRS INC	1,783	$229,000	0.1%	HOLD
139	VCSHVANGUARD SCOTTSDALE FDS	2,601	$211,000	0.1%	HOLD
140	MQYBLACKROCK MUNIYILD QULT FD I	13,795	$208,000	0.1%	HOLD
141	VCITVANGUARD SCOTTSDALE FDS	2,280	$208,000	0.1%	TRIM −3%
142	IVVISHARES TR	624	$202,000	0.1%	NEW
143	PIMCO MUN INCOME FD	12,314	$186,000	0.0%	HOLD
144	MYIBLACKROCK MUNIYIELD QUALITY	11,940	$161,000	0.0%	HOLD
145	GOLAR LNG PARTNERS LP	17,006	$150,000	0.0%	ADD 27%
146	XMVFXBLACKROCK MUNIVEST FD INC	12,485	$114,000	0.0%	NEW
147	MFA FINL INC	13,825	$106,000	0.0%	HOLD

☆FIDUCIARY FINANCIAL SERVICES OF THE SOUTHWEST INC /TX