First Dallas Securities Inc.

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CIK 1378559

13F portfolio (2026-Q1)

$270M

Positions

118

Implied 1Y CAGR

modeled · as filed

Long positions in SEC Section 13(f) securities (US-listed stocks, ADRs and ETFs), largest first · Δ vs 2025-Q4. 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 →

Open in PORT →

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 (2026-Q1)

Holdings

118

Top 5

35.9%

Top 10

47.8%

Effective N

24.0

HHI

0.042

This quarter

16 new · 0 exit →

By sector

Information Technology27.2%

Financials18.3%

Industrials12.2%

Consumer Discretionary11.4%

Materials5.8%

Communication Services5.3%

Energy5.0%

Utilities5.0%

Other9.8%

By market cap

Mega (>$200B)50.5%

Large ($10–200B)34.4%

Mid ($2–10B)10.9%

Unknown2.3%

Small ($300M–2B)1.8%

By region

North America98.1%

Other1.0%

Asia-Pacific0.9%

By industry group GICS — finer than sector

Industry group	Weight	Names
Semiconductors & Semiconductor Equipment	16.68%	8
Capital Markets	11.77%	5
Technology Hardware & Equipment	7.40%	5
Specialty Retail	6.91%	6
Banks	6.20%	10
Oil, Gas & Consumable Fuels	5.03%	6
Utilities	5.00%	8
Pharmaceuticals & Biotechnology	4.67%	5
Metals & Mining	4.42%	4
Household Durables	2.98%	3
Aerospace & Defense	2.95%	4
Machinery	2.76%	3
Software & IT Services	2.51%	2
Equity Real Estate Investment Trusts (REITs)	2.51%	6
Software	2.16%	5
Commercial Services & Supplies	2.14%	2
Construction & Engineering	1.32%	2
Diversified Telecommunication Services	1.27%	2
Unclassified	1.25%	4
Construction Materials	1.15%	1
Entertainment	1.15%	3
Real Estate Management & Development	1.13%	1
Road & Rail	1.09%	1
Marine	1.07%	3
Hotels, Restaurants & Leisure	0.94%	3
Electrical Equipment & Components	0.81%	3
Airlines	0.63%	2
Media & Entertainment	0.41%	1
Beverages	0.40%	2
Automobiles & Components	0.34%	1
Health Care Equipment & Supplies	0.31%	2
Chemicals	0.23%	1
Textiles, Apparel & Luxury Goods	0.20%	1
Communications Equipment	0.13%	2
Insurance	0.09%	1

Top holdings

#	Ticker	Name	Sector	Weight
1	NVDA	NVIDIA CORP	Information Technology	13.33%
2	TPL	Texas Pacific Land Corp	Financials	10.46%
3	AAPL	Apple Inc.	Information Technology	6.31%
4	AMZN	AMAZON COM INC	Consumer Discretionary	3.06%
5	XOM	EXXON MOBIL CORP	Energy	2.79%
6	FCX	FREEPORT-MCMORAN INC	Materials	2.71%
7	OKE	ONEOK INC /NEW/	Utilities	2.39%
8	BA	BOEING CO	Industrials	2.39%
9	CAT	CATERPILLAR INC	Industrials	2.27%
10	UBER	Uber Technologies, Inc	Industrials	2.05%

115/118 names classified · sector 99.0% of weight · industry 98.8% · mkt cap 97.7%; unclassified names shown, never dropped.

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

top 5/sector, rest → “Other” · 51 quarters

IndustrialsBA, LUV, GEO, TRN, UBER · other

Information TechnologyAAPL, NVDA, MSFT, GE, DHR · other

FinancialsTPL, BAC, JPM, TFIN, WFC · other

UtilitiesXEL, OKE, ATO, DUK, VST · other

MaterialsEXP, CMC, IP, FCX, CLF · other

Consumer DiscretionaryHD, WMT, GM, AMZN, WYNN · other

Health CareJNJ, ABBV, MRK, LLY, PFE · other

EnergyXOM, HAL, HP, MTDR, SM · other

Communication ServicesT, VZ, META, DKNG, CNK · other

Real EstateRHP, MPT, MRP, HR, FVR · other

Consumer StaplesCVS, KO, HSY, KHC, PPC · other

UnclassifiedHodges Fund, TEXAS, Hodges Blue Chip Equity Income, ENLINK MIDSTREAM LLC, ENCORE WIRE CORP · 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: 99.0% of the book is sector-classified (unclassified names shown, never dropped).

Style box · size × value-growth placement of the reported book (2026-Q1), classified on current fundamentals (not point-in-time) — load it into PORT to overlay your own portfolio

holdings, colored by sector (97 classified)First Dallas Securities Inc. centroid (Large Core)

Information TechnologyFinancialsIndustrialsConsumer DiscretionaryEnergyUtilitiesMaterialsHealth CareCommunication ServicesReal EstateConsumer Staples

Style box summary for First Dallas Securities Inc.: centroid Large Core. Heaviest cells: Large Growth 36.8%, Mid Core 15.3%, Large Core 14.7%.

Classified: 91.1% of book weight (97/118 names) · unclassified 8.9%: SN, MRP, TSM, WULF, DKNG, CLF, CSWC, FVR, VIK, BRK.A +11 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· 118 positions (2026-Q1) · largest first · Δ vs 2025-Q4

#	Security	Shares	Value	Weight	Δ QoQ
1	NVDANVIDIA CORPORATION	206,615	$36M	13.3%	HOLD
2	TPLTEXAS PACIFIC LAND CORPORATI	59,555	$28M	10.5%	TRIM −8%
3	AAPLAPPLE INC	67,171	$17M	6.3%	HOLD
4	AMZNAMAZON COM INC	39,696	$8M	3.1%	HOLD
5	XOMEXXON MOBIL CORP	44,390	$8M	2.8%	TRIM −5%
6	FCXFREEPORT MCMORAN INC	124,683	$7M	2.7%	TRIM −6%
7	OKEONEOK INC NEW	71,619	$6M	2.4%	TRIM −3%
8	BABOEING CO	32,437	$6M	2.4%	ADD 2%
9	CATCATERPILLAR INC	8,652	$6M	2.3%	TRIM −11%
10	UBERUBER TECHNOLOGIES INC	77,215	$6M	2.1%	TRIM −3%
11	LLYELI LILLY & CO	5,392	$5M	1.8%	TRIM −6%
12	METAMETA PLATFORMS INC	8,133	$5M	1.7%	TRIM −4%
13	JNJJOHNSON & JOHNSON	16,567	$4M	1.5%	ADD 44%
14	MSFTMICROSOFT CORP	10,672	$4M	1.5%	TRIM −35%
15	HDHOME DEPOT INC	11,989	$4M	1.5%	ADD 7%
16	JPMJPMORGAN CHASE & CO	13,218	$4M	1.4%	HOLD
17	SNSHARKNINJA INC	35,460	$4M	1.4%	TRIM −11%
18	WMTWALMART INC	27,926	$3M	1.3%	HOLD
19	CCITIGROUP INC	30,030	$3M	1.3%	ADD 15%
20	EXEEXPAND ENERGY CORPORATION	31,014	$3M	1.3%	ADD 12%
21	RHPRYMAN HOSPITALITY PPTYS INC	35,916	$3M	1.2%	ADD 18%
22	EXPEAGLE MATLS INC	16,449	$3M	1.2%	ADD 5%
23	MRPMILLROSE PPTYS INC	108,844	$3M	1.1%	TRIM −3%
24	WHRWHIRLPOOL CORP	55,112	$3M	1.1%	ADD 45%
25	UPSUNITED PARCEL SERVICE INC	29,834	$3M	1.1%	ADD 91%
26	MUMICRON TECHNOLOGY INC	7,945	$3M	1.0%	TRIM −38%
27	COSTCOSTCO WHSL CORP NEW	2,557	$3M	0.9%	ADD 2%
28	TSMTAIWAN SEMICONDUCTOR MFG LTD	7,276	$2M	0.9%	TRIM −20%
29	MTZMASTEC INC	7,500	$2M	0.9%	TRIM −10%
30	WULFTERAWULF INC	153,750	$2M	0.8%	TRIM −15%
31	TAT&T INC	75,505	$2M	0.8%	HOLD
32	GOOGALPHABET INC	7,410	$2M	0.8%	ADD 4%
33	DKNGDRAFTKINGS INC NEW	96,490	$2M	0.8%	TRIM −13%
34	CLFCLEVELAND-CLIFFS INC NEW	241,100	$2M	0.8%	HOLD
35	CSWCCapital Southwest Corp.	89,691	$2M	0.7%	HOLD
36	XELXCEL ENERGY INC	23,240	$2M	0.7%	TRIM −2%
37	FWRGFIRST WATCH RESTAURANT GROUP	166,750	$2M	0.6%	ADD 328%
38	POWLPOWELL INDS INC	3,151	$2M	0.6%	TRIM −7%
39	KEXKIRBY CORP	12,815	$2M	0.6%	TRIM −51%
40	BACBANK AMERICA CORP	34,283	$2M	0.6%	TRIM −5%
41	WFCWELLS FARGO CO NEW	19,989	$2M	0.6%	HOLD
42	FVRFRONTVIEW REIT INC	95,950	$1M	0.5%	ADD 344%
43	AVGOBROADCOM INC	4,735	$1M	0.5%	ADD 246%
44	AMGNAMGEN INC	4,153	$1M	0.5%	ADD 2%
45	PRPERMIAN RESOURCES CORP	67,950	$1M	0.5%	TRIM −9%
46	AEPAMERICAN ELEC PWR CO INC	10,969	$1M	0.5%	HOLD
47	AMATAPPLIED MATLS INC	4,175	$1M	0.5%	NEW
48	CMCCOMMERCIAL METALS CO	22,460	$1M	0.5%	TRIM −4%
49	AXPAMERICAN EXPRESS CO	4,440	$1M	0.5%	TRIM −7%
50	ETDETHAN ALLEN INTERIORS INC	59,525	$1M	0.5%	ADD 35%
51	IBMINTERNATIONAL BUSINESS MACHS	5,330	$1M	0.5%	ADD 6%
52	MRKMERCK & CO INC	10,730	$1M	0.5%	HOLD
53	VZVERIZON COMMUNICATIONS INC	24,815	$1M	0.5%	HOLD
54	BANCBANC OF CALIFORNIA INC	70,475	$1M	0.5%	TRIM −3%
55	CRSCARPENTER TECHNOLOGY CORP	3,050	$1M	0.4%	HOLD
56	DUKDUKE ENERGY CORP NEW	8,827	$1M	0.4%	HOLD
57	GEOGEO GROUP INC NEW	68,620	$1M	0.4%	ADD 8%
58	FDXFEDEX CORP	3,110	$1M	0.4%	HOLD
59	NFLXNETFLIX INC	11,438	$1M	0.4%	ADD 143%
60	GSGOLDMAN SACHS GROUP INC	1,250	$1M	0.4%	HOLD
61	ACAARCOSA INC	9,925	$1M	0.4%	NEW
62	PLTRPALANTIR TECHNOLOGIES INC	6,994	$1M	0.4%	TRIM −18%
63	SCHWSCHWAB CHARLES CORP	9,849	$925,648	0.3%	TRIM −10%
64	TSLATESLA INC	2,485	$923,799	0.3%	HOLD
65	VIKVIKING HOLDINGS LTD	12,450	$914,826	0.3%	NEW
66	ABBVABBVIE INC	4,027	$875,860	0.3%	TRIM −75%
67	MSMORGAN STANLEY	5,062	$833,053	0.3%	HOLD
68	MTNVAIL RESORTS INC	6,450	$827,664	0.3%	NEW
69	ATOATMOS ENERGY CORP	4,462	$824,184	0.3%	TRIM −2%
70	KOCOCA COLA CO	9,906	$753,387	0.3%	TRIM −5%
71	BXBLACKSTONE INC	6,510	$748,585	0.3%	HOLD
72	BRK.ABERKSHIRE HATHAWAY INC DEL	1	$718,140	0.3%	HOLD
73	TFCTRUIST FINL CORP	14,659	$673,881	0.2%	HOLD
74	HRHEALTHCARE RLTY TR	38,405	$652,501	0.2%	ADD 15%
75	MTDRMATADOR RES CO	10,268	$648,709	0.2%	ADD 11%
76	VSTVISTRA CORP	4,270	$641,909	0.2%	TRIM −73%
77	MMM3M CO	4,411	$640,607	0.2%	TRIM −29%
78	RTXRTX CORPORATION	3,309	$638,305	0.2%	HOLD
79	ONONON HLDG AG	18,600	$632,772	0.2%	TRIM −3%
80	BRK.BBERKSHIRE HATHAWAY INC DEL	1,302	$623,918	0.2%	HOLD
81	LUVSOUTHWEST AIRLS CO	15,975	$600,173	0.2%	ADD 41%
82	HPEHEWLETT PACKARD ENTERPRISE C	24,926	$593,497	0.2%	TRIM −37%
83	SPGSIMON PPTY GROUP INC NEW	3,100	$578,243	0.2%	HOLD
84	AEEAMEREN CORP	5,216	$573,342	0.2%	HOLD
85	DELLDELL TECHNOLOGIES INC	3,480	$571,172	0.2%	TRIM −5%
86	SOSOUTHERN CO	5,735	$553,542	0.2%	HOLD
87	GILGILDAN ACTIVEWEAR INC	9,600	$534,240	0.2%	NEW
88	HONHONEYWELL INTL INC	2,350	$531,170	0.2%	HOLD
89	CXWCORECIVIC INC	27,500	$520,025	0.2%	TRIM −15%
90	PANWPALO ALTO NETWORKS INC	3,110	$498,595	0.2%	ADD 21%
91	CFRCULLEN FROST BANKERS INC	3,278	$449,348	0.2%	HOLD
92	EATBRINKER INTL INC	2,990	$426,882	0.2%	TRIM −23%
93	RHRH	2,850	$398,487	0.1%	ADD 7%
94	IPGPIPG PHOTONICS CORP	3,340	$382,731	0.1%	NEW
95	MCDMCDONALDS CORP	1,185	$368,286	0.1%	HOLD
96	LMTLOCKHEED MARTIN CORP	575	$347,524	0.1%	HOLD
97	VRTVERTIV HOLDINGS CO	1,340	$335,844	0.1%	TRIM −74%
98	PEPPEPSICO INC	2,135	$331,502	0.1%	TRIM −5%
99	YOUCLEAR SECURE INC	6,650	$321,926	0.1%	NEW
100	TXNTEXAS INSTRS INC	1,613	$313,141	0.1%	HOLD
101	COPCONOCOPHILLIPS	2,348	$309,981	0.1%	HOLD
102	ORCLORACLE CORP	2,100	$308,931	0.1%	HOLD
103	CRCLCIRCLE INTERNET GROUP INC	3,050	$291,000	0.1%	NEW
104	ETNEATON CORP PLC	750	$268,252	0.1%	TRIM −4%
105	NVGSNAVIGATOR HLDGS LTD	13,800	$266,754	0.1%	NEW
106	CVXCHEVRON CORP NEW	1,279	$264,625	0.1%	TRIM −22%
107	GEGE AEROSPACE	887	$251,704	0.1%	HOLD
108	UNHUNITEDHEALTH GROUP INC	850	$230,001	0.1%	TRIM −89%
109	TWLOTWILIO INC	1,800	$226,476	0.1%	NEW
110	OUTOUTFRONT MEDIA INC	8,500	$225,250	0.1%	NEW
111	GNRCGENERAC HLDGS INC	1,150	$224,629	0.1%	NEW
112	ONDSONDAS INC	24,500	$221,480	0.1%	NEW
113	URIUNITED RENTALS INC	300	$218,568	0.1%	HOLD
114	ISRGINTUITIVE SURGICAL INC	450	$207,445	0.1%	NEW
115	GENIGENIUS SPORTS LIMITED	43,500	$192,705	0.1%	TRIM −36%
116	AIOTPOWERFLEET INC	46,450	$143,066	0.1%	TRIM −49%
117	SOPHSOPHIA GENETICS SA	10,000	$49,500	0.0%	NEW
118	SFIXSTITCH FIX INC	11,500	$38,065	0.0%	NEW

Position trends· top 15 holdings · shares held over 6 quarters

green added · red trimmed

Security

2024-Q4

2025-Q1

2025-Q2

2025-Q3

2025-Q4

2026-Q1

Latest value

NVDANVIDIA CORPORATION

209K

210K

209K

208K

205K

207K

$36M

TPLTEXAS PACIFIC LAND CORPORATI

25K

23K

22K

65K

60K

$28M

AAPLAPPLE INC

71K

72K

70K

69K

68K

67K

$17M

AMZNAMAZON COM INC

35K

36K

40K

$8M

XOMEXXON MOBIL CORP

57K

51K

49K

48K

47K

44K

$8M

FCXFREEPORT MCMORAN INC

113K

114K

111K

127K

133K

125K

$7M

OKEONEOK INC NEW

63K

73K

71K

73K

74K

72K

$6M

BABOEING CO

15K

16K

28K

32K

$6M

CATCATERPILLAR INC

10K

$6M

UBERUBER TECHNOLOGIES INC

80K

86K

79K

78K

79K

77K

$6M

LLYELI LILLY & CO

$5M

METAMETA PLATFORMS INC

10K

$5M

JNJJOHNSON & JOHNSON

12K

11K

17K

$4M

MSFTMICROSOFT CORP

20K

17K

16K

11K

$4M

HDHOME DEPOT INC

10K

11K

12K

$4M

Shares reported each quarter by the largest current holdings. Green = added vs the prior filing of that name, red = trimmed, grey = roughly held; a dash is a quarter with no 13F on file (a gap is skipped, not read as an exit). 13F is filed up to 45 days after quarter-end. Up to 40 quarters (10 years) available — use the selector above.

☆First Dallas Securities Inc.