Cullen/Frost Bankers, Inc.

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CIK 39263

13F portfolio (2026-Q1)

$8.8B

Positions

1,387

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 →

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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 (2026-Q1)

Holdings

1387

Top 5

19.9%

Top 10

30.6%

Effective N

66.6

HHI

0.015

This quarter

121 new · 18 exit →

By sector

Unclassified33.1%

Information Technology21.2%

Financials8.6%

Consumer Discretionary8.4%

Communication Services7.1%

Health Care6.2%

Industrials5.4%

Energy3.3%

Other6.8%

By market cap

Mega (>$200B)42.3%

Unknown34.2%

Large ($10–200B)23.3%

Mid ($2–10B)0.2%

Small ($300M–2B)0.0%

Micro (<$300M)0.0%

By region

North America66.2%

Other33.1%

Europe0.6%

Asia-Pacific0.0%

Middle East0.0%

Latin America0.0%

Africa0.0%

By industry group GICS — finer than sector

Industry group	Weight	Names
Unclassified	33.86%	417
Technology Hardware & Equipment	7.98%	39
Semiconductors & Semiconductor Equipment	6.57%	39
Specialty Retail	6.43%	32
Software	5.42%	55
Software & IT Services	5.41%	37
Pharmaceuticals & Biotechnology	4.60%	54
Oil, Gas & Consumable Fuels	3.27%	41
Banks	2.89%	86
Commercial Services & Supplies	2.84%	42
Machinery	1.91%	38
Metals & Mining	1.69%	23
Insurance	1.68%	37
Utilities	1.51%	45
Health Care Equipment & Supplies	1.38%	20
Aerospace & Defense	1.37%	18
Hotels, Restaurants & Leisure	1.28%	20
Capital Markets	1.21%	36
Chemicals	1.07%	31
Media & Entertainment	0.96%	14
Equity Real Estate Investment Trusts (REITs)	0.87%	43
Beverages	0.82%	14
Electrical Equipment & Components	0.75%	8
Tobacco	0.69%	3
Diversified Telecommunication Services	0.68%	7
Road & Rail	0.58%	11
Automobiles & Components	0.36%	13
Transportation Infrastructure	0.36%	7
Entertainment	0.30%	7
Construction & Engineering	0.23%	14
Distributors	0.22%	21
Health Care Providers & Services	0.22%	13
Communications Equipment	0.15%	6
Marine	0.14%	10
Textiles, Apparel & Luxury Goods	0.11%	12
Food Products	0.05%	10
Paper & Forest Products	0.05%	8
Food & Staples Retailing	0.03%	3
Airlines	0.02%	8
Leisure Products	0.02%	3
Construction Materials	0.01%	6
Household Durables	0.01%	6
Professional Services	0.01%	6
Life Sciences Tools & Services	0.01%	9
Agricultural Products	0.00%	2
Media & Publishing	0.00%	5
Diversified Consumer Services	0.00%	4
Real Estate Management & Development	0.00%	3
Coal & Consumable Fuels	0.00%	1

Top holdings

#	Ticker	Name	Sector	Weight
1	AAPL	Apple Inc.	Information Technology	5.45%
2	PVAL	Putnam Focased Large Cap Value ETF	Unclassified	4.07%
3	MSFT	MICROSOFT CORP	Information Technology	3.83%
4	NVDA	NVIDIA CORP	Information Technology	3.26%
5	VUG	VANGUARD INDEX FDS	Unclassified	3.26%
6	EMXC	ISHARES INC	Unclassified	2.29%
7	AMZN	AMAZON COM INC	Consumer Discretionary	2.25%
8	EFA	ISHARES TR	Unclassified	2.22%
9	GOOGL	Alphabet Inc.	Communication Services	2.14%
10	AVGO	Broadcom Inc.	Information Technology	1.88%

974/1387 names classified · sector 66.9% of weight · industry 66.1% · mkt cap 65.8%; unclassified names shown, never dropped.

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

top 5/sector, rest → “Other” · 52 quarters

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

FinancialsV, MA, JPM, CFR, PYPL · other

Consumer DiscretionaryAMZN, HD, COST, RUSHB, SBUX · other

Health CareABBV, JNJ, MRK, ZTS, LLY · other

IndustrialsBA, UNP, ETN, LUV, UAL · other

Communication ServicesMETA, GOOGL, GOOG, DIS, T · other

EnergyXOM, CVX, SLB, OXY, HAL · other

Consumer StaplesKO, PEP, PM, CVS, KR · other

MaterialsPG, GLW, NKE, PPG, RIO · other

UtilitiesAEP, ETR, FE, KMI, PPL · other

Real EstateAMT, WY, WPC, DOC, PSA · other

UnclassifiedIWF, VUG, EFA, EMXC, PVAL · 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: 66.9% 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 (766 classified)Cullen/Frost Bankers, Inc. centroid (Large Core)

Information TechnologyConsumer DiscretionaryFinancialsCommunication ServicesHealth CareIndustrialsEnergyMaterialsUtilitiesConsumer StaplesReal Estate

Style box summary for Cullen/Frost Bankers, Inc.: centroid Large Core. Heaviest cells: Large Growth 28.6%, Large Core 16.5%, Large Value 11.2%.

Classified: 63.8% of book weight (766/1387 names) · unclassified 36.2%: PVAL, VUG, EMXC, EFA, IWP, VB, IWF, VO, SPY, IJJ +611 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· 1,387 positions (2026-Q1) · largest first · Δ vs 2025-Q4

#	Security	Shares	Value	Weight	Δ QoQ
1	AAPLAPPLE INC	1,889,977	$480M	5.4%	HOLD
2	PVALPutnam Focased Large Cap Value ETF	7,723,844	$358M	4.1%	ADD 13%
3	MSFTMICROSOFT CORP	911,352	$337M	3.8%	HOLD
4	NVDANVIDIA CORPORATION	1,644,633	$287M	3.3%	HOLD
5	VUGVANGUARD INDEX FDS	656,256	$287M	3.3%	ADD 7%
6	EMXCISHARES INC	2,563,346	$202M	2.3%	HOLD
7	AMZNAMAZON COM INC	950,831	$198M	2.2%	HOLD
8	EFAISHARES TR	2,013,223	$196M	2.2%	ADD 3%
9	GOOGLALPHABET INC	653,826	$188M	2.1%	HOLD
10	AVGOBROADCOM INC	534,726	$166M	1.9%	ADD 5%
11	IWPISHARES TR	1,273,878	$163M	1.9%	TRIM −12%
12	VBVANGUARD INDEX FDS	590,093	$155M	1.8%	ADD 4%
13	GOOGALPHABET INC	501,631	$144M	1.6%	HOLD
14	IWFISHARES TR	327,378	$140M	1.6%	TRIM −5%
15	VOVANGUARD INDEX FDS	441,989	$127M	1.4%	HOLD
16	METAMETA PLATFORMS INC	207,473	$119M	1.3%	HOLD
17	SPYSTATE STR SPDR S&P 500 ETF T	180,721	$118M	1.3%	TRIM −8%
18	IJJISHARES TR	825,346	$109M	1.2%	HOLD
19	VVISA INC	348,688	$105M	1.2%	HOLD
20	GLWCORNING INC	772,482	$105M	1.2%	TRIM −5%
21	IWLGNEW YORK LIFE INVTS ACTIVE E	2,150,058	$103M	1.2%	ADD 14%
22	JPMJPMORGAN CHASE & CO	341,392	$100M	1.1%	HOLD
23	LLYELI LILLY & CO	103,850	$96M	1.1%	HOLD
24	IWDISHARES TR	435,078	$93M	1.1%	ADD 8%
25	COSTCOSTCO WHSL CORP NEW	88,448	$88M	1.0%	TRIM −2%
26	CVXCHEVRON CORP NEW	412,417	$85M	1.0%	TRIM −4%
27	XOMEXXON MOBIL CORP	502,743	$85M	1.0%	ADD 7%
28	MAMASTERCARD INCORPORATED	158,543	$79M	0.9%	HOLD
29	ABBVABBVIE INC	358,328	$78M	0.9%	HOLD
30	JNJJOHNSON & JOHNSON	309,152	$76M	0.9%	HOLD
31	WMTWALMART INC	519,026	$65M	0.7%	HOLD
32	BRK.BBERKSHIRE HATHAWAY INC DEL	129,546	$62M	0.7%	TRIM −2%
33	HDHOME DEPOT INC	179,659	$59M	0.7%	HOLD
34	ETNEATON CORP PLC	156,172	$56M	0.6%	HOLD
35	AGGISHARES TR	558,851	$55M	0.6%	TRIM −45%
36	VEUVANGUARD INTL EQUITY INDEX F	721,960	$54M	0.6%	HOLD
37	CSCOCISCO SYS INC	685,027	$53M	0.6%	ADD 7%
38	BACBANK AMERICA CORP	1,026,576	$50M	0.6%	HOLD
39	SCHDSCHWAB STRATEGIC TR	1,587,128	$49M	0.6%	TRIM −14%
40	KLACKLA CORP	31,665	$47M	0.5%	ADD 29%
41	KOCOCA COLA CO	610,111	$46M	0.5%	HOLD
42	ORCLORACLE CORP	306,317	$45M	0.5%	TRIM −7%
43	PMPHILIP MORRIS INTL INC	270,204	$45M	0.5%	TRIM −5%
44	ETRENTERGY CORP NEW	381,224	$43M	0.5%	HOLD
45	AXPAMERICAN EXPRESS CO	136,039	$41M	0.5%	HOLD
46	VLOVALERO ENERGY CORP	165,502	$41M	0.5%	ADD 16%
47	NFLXNETFLIX INC	420,187	$40M	0.5%	HOLD
48	ISRGINTUITIVE SURGICAL INC	86,753	$40M	0.5%	ADD 3%
49	VWOVANGUARD INTL EQUITY INDEX F	725,988	$39M	0.4%	HOLD
50	PGPROCTER AND GAMBLE CO	270,650	$39M	0.4%	ADD 6%
51	GLTRABRDN PRECIOUS METALS BASKET	178,698	$39M	0.4%	TRIM −4%
52	MRKMERCK & CO INC	300,942	$36M	0.4%	ADD 39%
53	CMICUMMINS INC	66,401	$36M	0.4%	HOLD
54	AEPAMERICAN ELEC PWR CO INC	265,569	$35M	0.4%	HOLD
55	ORLYOREILLY AUTOMOTIVE INC	366,116	$34M	0.4%	HOLD
56	BSVVANGUARD BD INDEX FDS	412,409	$32M	0.4%	TRIM −8%
57	GEGE AEROSPACE	110,281	$31M	0.4%	HOLD
58	VOOVANGUARD INDEX FDS	51,516	$31M	0.3%	HOLD
59	NOWSERVICENOW INC	292,844	$31M	0.3%	TRIM −3%
60	MCDMCDONALDS CORP	97,987	$30M	0.3%	HOLD
61	BKNGBOOKING HOLDINGS INC	7,022	$30M	0.3%	TRIM −3%
62	LOWLOWES COS INC	124,892	$30M	0.3%	HOLD
63	COPCONOCOPHILLIPS	218,144	$29M	0.3%	TRIM −3%
64	GEVGE VERNOVA INC	32,884	$29M	0.3%	ADD 11%
65	TXNTEXAS INSTRS INC	146,154	$28M	0.3%	ADD 8%
66	CCITIGROUP INC	249,585	$28M	0.3%	ADD 8%
67	TSLATESLA INC	75,615	$28M	0.3%	ADD 9%
68	VZVERIZON COMMUNICATIONS INC	542,576	$27M	0.3%	ADD 7%
69	MCOMOODYS CORP	62,149	$27M	0.3%	HOLD
70	UNPUNION PAC CORP	111,581	$27M	0.3%	HOLD
71	DISDISNEY WALT CO	270,039	$26M	0.3%	ADD 5%
72	TRVTRAVELERS COMPANIES INC	88,241	$26M	0.3%	HOLD
73	RTXRTX CORPORATION	132,603	$26M	0.3%	ADD 11%
74	CBCHUBB LIMITED	78,213	$25M	0.3%	TRIM −3%
75	AMGNAMGEN INC	72,183	$25M	0.3%	TRIM −5%
76	LRCXLAM RESEARCH CORP	118,475	$25M	0.3%	TRIM −5%
77	SHWSHERWIN WILLIAMS CO	76,962	$25M	0.3%	TRIM −3%
78	DHRDANAHER CORP DEL	127,804	$24M	0.3%	HOLD
79	HONHONEYWELL INTL INC	106,682	$24M	0.3%	HOLD
80	AJGGALLAGHER ARTHUR J & CO	110,386	$24M	0.3%	ADD 3%
81	TJXTJX COS INC NEW	148,805	$24M	0.3%	HOLD
82	EVRGEVERGY INC	285,153	$23M	0.3%	TRIM −10%
83	MDTMEDTRONIC PLC	264,629	$23M	0.3%	HOLD
84	CMECME GROUP INC	77,247	$23M	0.3%	ADD 3%
85	SYKSTRYKER CORPORATION	68,456	$22M	0.3%	ADD 2%
86	UNHUNITEDHEALTH GROUP INC	82,527	$22M	0.3%	ADD 12%
87	BABOEING CO	110,957	$22M	0.3%	ADD 391%
88	ICEINTERCONTINENTAL EXCHANGE IN	137,911	$22M	0.2%	ADD 4%
89	IVWISHARES TR	189,884	$21M	0.2%	HOLD
90	BSXBOSTON SCIENTIFIC CORP	339,661	$21M	0.2%	TRIM −4%
91	ADIANALOG DEVICES INC	66,975	$21M	0.2%	ADD 4%
92	IBMINTERNATIONAL BUSINESS MACHS	87,847	$21M	0.2%	HOLD
93	TMOTHERMO FISHER SCIENTIFIC INC	42,157	$21M	0.2%	ADD 10%
94	ANETARISTA NETWORKS INC	166,342	$20M	0.2%	HOLD
95	LHXL3HARRIS TECHNOLOGIES INC	59,021	$20M	0.2%	TRIM −5%
96	VVVANGUARD INDEX FDS	67,937	$20M	0.2%	HOLD
97	SPOTSPOTIFY TECHNOLOGY S A	41,606	$20M	0.2%	HOLD
98	AMATAPPLIED MATLS INC	57,196	$20M	0.2%	ADD 23%
99	IVEISHARES TR	91,290	$19M	0.2%	HOLD
100	PSAPUBLIC STORAGE OPER CO	67,749	$18M	0.2%	ADD 70%
101	RIORIO TINTO PLC	195,769	$18M	0.2%	ADD 5%
102	AMDADVANCED MICRO DEVICES INC	89,741	$18M	0.2%	HOLD
103	HCAHCA HEALTHCARE INC	38,148	$18M	0.2%	HOLD
104	ADPAUTOMATIC DATA PROCESSING IN	88,706	$18M	0.2%	HOLD
105	TAT&T INC	608,782	$18M	0.2%	ADD 2%
106	PLDPROLOGIS INC.	132,977	$18M	0.2%	ADD 31%
107	FANGDIAMONDBACK ENERGY INC	87,848	$17M	0.2%	TRIM −18%
108	BRK.ABERKSHIRE HATHAWAY INC DEL	24	$17M	0.2%	HOLD
109	ABTABBOTT LABS	165,156	$17M	0.2%	TRIM −7%
110	LINLINDE PLC	33,638	$17M	0.2%	ADD 11%
111	MARMARRIOTT INTL INC NEW	50,915	$17M	0.2%	ADD 3%
112	IJKISHARES TR	165,073	$17M	0.2%	TRIM −2%
113	DVYISHARES TR	109,595	$17M	0.2%	TRIM −9%
114	BXBLACKSTONE INC	142,611	$16M	0.2%	HOLD
115	AONAON PLC	50,781	$16M	0.2%	HOLD
116	MOALTRIA GROUP INC	246,746	$16M	0.2%	HOLD
117	EEMISHARES TR	281,541	$16M	0.2%	ADD 5%
118	AZNASTRAZENECA PLC	79,710	$16M	0.2%	NEW
119	RSPINVESCO EXCHANGE TRADED FD T	81,786	$16M	0.2%	ADD 97%
120	CINFCINCINNATI FINL CORP	99,293	$16M	0.2%	ADD 3%
121	FASTFASTENAL CO	330,542	$15M	0.2%	HOLD
122	SBUXSTARBUCKS CORP	169,647	$15M	0.2%	ADD 19%
123	CARRCARRIER GLOBAL CORPORATION	269,294	$15M	0.2%	ADD 31%
124	VBRVANGUARD INDEX FDS	69,324	$15M	0.2%	TRIM −6%
125	MPWRMONOLITHIC PWR SYS INC	13,755	$15M	0.2%	ADD 3%
126	TMUST-MOBILE US INC	71,310	$15M	0.2%	TRIM −20%
127	CMGCHIPOTLE MEXICAN GRILL INC	461,934	$15M	0.2%	TRIM −6%
128	UBERUBER TECHNOLOGIES INC	203,643	$15M	0.2%	TRIM −6%
129	QSRRESTAURANT BRANDS INTL INC	198,014	$15M	0.2%	ADD 24%
130	HYGISHARES TR	183,603	$15M	0.2%	TRIM −56%
131	NEMNEWMONT CORP	129,629	$14M	0.2%	HOLD
132	JJACOBS SOLUTIONS INC	108,164	$14M	0.2%	ADD 4%
133	PEPPEPSICO INC	88,321	$14M	0.2%	HOLD
134	REGREGENCY CTRS CORP	179,957	$14M	0.2%	ADD 2%
135	KKRKKR & CO INC	145,569	$13M	0.2%	TRIM −5%
136	VBKVANGUARD INDEX FDS	44,441	$13M	0.2%	TRIM −7%
137	CRMSALESFORCE INC	70,446	$13M	0.1%	ADD 9%
138	KRESPDR SERIES TRUST	190,433	$12M	0.1%	ADD 15%
139	TTTRANE TECHNOLOGIES PLC	29,769	$12M	0.1%	ADD 2%
140	OMCOMNICOM GROUP INC	164,606	$12M	0.1%	ADD 4%
141	HHYATT HOTELS CORP	85,734	$12M	0.1%	HOLD
142	ASMLASML HOLDING N V	9,316	$12M	0.1%	ADD 4%
143	QCOMQUALCOMM INC	94,632	$12M	0.1%	TRIM −45%
144	EQTEQT CORP	188,508	$12M	0.1%	HOLD
145	RCLROYAL CARIBBEAN GROUP	43,484	$12M	0.1%	ADD 6%
146	AZOAUTOZONE INC	3,541	$12M	0.1%	HOLD
147	IJHISHARES TR	175,761	$12M	0.1%	TRIM −3%
148	PANWPALO ALTO NETWORKS INC	73,757	$12M	0.1%	ADD 12%
149	GDGENERAL DYNAMICS CORP	34,401	$12M	0.1%	ADD 11%
150	NVONOVO-NORDISK A S	319,046	$12M	0.1%	ADD 91%
151	AMTAMERICAN TOWER CORP	66,422	$11M	0.1%	ADD 6%
152	PWVINVESCO EXCHANGE TRADED FD T	163,570	$11M	0.1%	ADD 4%
153	JBHTHUNT J B TRANS SVCS INC	53,335	$11M	0.1%	HOLD
154	CMCSACOMCAST CORP NEW	391,508	$11M	0.1%	ADD 7%
155	SNOWSNOWFLAKE INC	73,684	$11M	0.1%	ADD 12%
156	BMYBRISTOL-MYERS SQUIBB CO	183,230	$11M	0.1%	ADD 15%
157	QQNITY ELECTRONICS INC	95,864	$11M	0.1%	TRIM −14%
158	VTEBVANGUARD MUN BD FDS	220,932	$11M	0.1%	TRIM −41%
159	CNPCENTERPOINT ENERGY INC	247,935	$11M	0.1%	ADD 2%
160	SCZISHARES TR	135,482	$11M	0.1%	TRIM −8%
161	INTUINTUIT	24,070	$10M	0.1%	ADD 2%
162	MNSTMONSTER BEVERAGE CORP NEW	141,777	$10M	0.1%	HOLD
163	CGGECAPITAL GROUP GLOBAL EQUITY	329,108	$10M	0.1%	ADD 15%
164	BALLBALL CORP	166,940	$10M	0.1%	ADD 61%
165	IEFAISHARES TR	106,088	$10M	0.1%	TRIM −19%
166	GPCGENUINE PARTS CO	90,527	$10M	0.1%	HOLD
167	COFCAPITAL ONE FINL CORP	52,086	$10M	0.1%	ADD 349%
168	TDGTRANSDIGM GROUP INC	8,102	$9M	0.1%	ADD 23%
169	WPCW. P. Carey Inc.	137,667	$9M	0.1%	ADD 4%
170	NDAQNASDAQ INC	107,595	$9M	0.1%	HOLD
171	INSMINSMED INC	55,578	$9M	0.1%	ADD 21610%
172	ACNACCENTURE PLC IRELAND	45,730	$9M	0.1%	ADD 38%
173	QQQINVESCO QQQ TR	15,599	$9M	0.1%	ADD 7%
174	GSGOLDMAN SACHS GROUP INC	10,591	$9M	0.1%	ADD 14%
175	CGBLCAPITAL GROUP CORE BALANCED	259,833	$9M	0.1%	ADD 2%
176	DDOGDATADOG INC	74,896	$9M	0.1%	ADD 8%
177	CGDGCAPITAL GROUP DIVIDEND GROWE	244,580	$9M	0.1%	ADD 12%
178	KVUEKENVUE INC	497,796	$9M	0.1%	ADD 15%
179	NUENUCOR CORP	50,629	$9M	0.1%	ADD 2%
180	GLDSPDR GOLD TR	19,529	$8M	0.1%	ADD 2%
181	MDLNMEDLINE INC	188,603	$8M	0.1%	ADD 37772%
182	PLTRPALANTIR TECHNOLOGIES INC	53,595	$8M	0.1%	ADD 1226%
183	DGDOLLAR GEN CORP	63,759	$8M	0.1%	ADD 15%
184	VTVANGUARD INTL EQUITY INDEX F	53,728	$7M	0.1%	ADD 7%
185	VRTXVERTEX PHARMACEUTICALS INC	16,568	$7M	0.1%	ADD 2708%
186	BROSDUTCH BROS INC	145,635	$7M	0.1%	ADD 8%
187	CGUSCAPITAL GROUP CORE EQUITY ET	191,778	$7M	0.1%	ADD 35%
188	BIRKBIRKENSTOCK HOLDING PLC	201,413	$7M	0.1%	TRIM −6%
189	SPGIS&P GLOBAL INC	16,927	$7M	0.1%	TRIM −7%
190	VTIVANGUARD INDEX FDS	22,283	$7M	0.1%	ADD 54%
191	IWMISHARES TR	28,667	$7M	0.1%	HOLD
192	ICFIShares Cohen & Steers REIT ETF	113,095	$7M	0.1%	TRIM −4%
193	SNPSSYNOPSYS INC	17,590	$7M	0.1%	HOLD
194	CPCANADIAN PACIFIC KANSAS CITY	85,510	$7M	0.1%	TRIM −7%
195	IXCISHARES TR	112,456	$6M	0.1%	HOLD
196	CGDVCAPITAL GROUP DIVIDEND VALUE	147,064	$6M	0.1%	ADD 28%
197	XLKSELECT SECTOR SPDR TR	46,973	$6M	0.1%	TRIM −13%
198	CATCATERPILLAR INC	8,753	$6M	0.1%	TRIM −14%
199	INFLLISTED FDS TR	117,080	$6M	0.1%	TRIM −5%
200	BLKBLACKROCK INC	6,125	$6M	0.1%	TRIM −6%

showing the top 200 by weight

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

AAPLAPPLE INC

1.9M

$480M

PVALPutnam Focased Large Cap Value ETF

—

2.5M

5.8M

6.9M

7.7M

$358M

MSFTMICROSOFT CORP

957K

955K

947K

927K

906K

911K

$337M

NVDANVIDIA CORPORATION

1.6M

1.5M

1.6M

$287M

VUGVANGUARD INDEX FDS

576K

586K

576K

578K

610K

656K

$287M

EMXCISHARES INC

2.3M

2.5M

2.6M

$202M

AMZNAMAZON COM INC

977K

984K

986K

932K

936K

951K

$198M

EFAISHARES TR

1.6M

1.7M

1.8M

1.9M

2.0M

$196M

GOOGLALPHABET INC

638K

651K

646K

630K

648K

654K

$188M

AVGOBROADCOM INC

523K

529K

525K

521K

510K

535K

$166M

IWPISHARES TR

743K

825K

956K

1.2M

1.4M

1.3M

$163M

VBVANGUARD INDEX FDS

448K

485K

546K

557K

568K

590K

$155M

GOOGALPHABET INC

568K

564K

541K

511K

505K

502K

$144M

IWFISHARES TR

379K

366K

354K

349K

346K

327K

$140M

VOVANGUARD INDEX FDS

403K

410K

424K

423K

441K

442K

$127M

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.

☆Cullen/Frost Bankers, Inc.

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

Exposures · what this manager owns, by sector & size (2026-Q1)

By sector

By market cap

By region

By industry group GICS — finer than sector

Top holdings

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

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

Contribution holdings-based, any period

Holdings· 1,387 positions (2026-Q1) · largest first · Δ vs 2025-Q4

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

Related· where to look next

Cullen/Frost Bankers, Inc.