TECTONIC ADVISORS LLC

Registered adviser

CIK

1859918

Location

FRISCO, TX

Portfolio Value

Mid $2,084,299,906

Diversification

Diversified

Reports for

CAIN, WATTERS & ASSOCIATES, LLC

Filing Date

Global Rank

#1,563 / 8,817 ▼ 32 · as of Jun 2026

Top Industry

Oil & Gas Midstream 9.1%

Period ended 27 days ago

Filed Oct 22, 2026 · 5d

24 quarters · since Dec 2020

Regulatory profile

From Form ADV, the SEC filer profile, 13D/13G type codes and N-CEN, never from the name.

Holder type

Registered adviser

Form ADV roster, Oct 1, 2026

Form ADV adviser

CRD 139713

Roster of Oct 1, 2026

Regulatory AUM

$5,141,575,409

Main clients

Individuals and high net worth (54% of AUM)

Form ADV history

Monthly rosters from Dec 2019; each row is a run with the same figures, newest first.

Rosters	Regulatory AUM	Main clients
Apr 2026 to Oct 2026	$5,141,575,409	Individuals and high net worth (54%)
Apr 2025 to Mar 2026	$4,346,451,704	Individuals and high net worth (52%)
Apr 2024 to Mar 2025	$3,602,257,580	Pooled investment vehicles (50%)
May 2023 to Mar 2024	$2,638,413,654	Pooled investment vehicles (56%)
Apr 2023	$2,638,413,654	Pooled investment vehicles (56%)
Apr 2022 to Mar 2023	$2,686,961,917	Pooled investment vehicles (64%)

3 earlier changes not shown.

Portfolio style

Measured from the filed 13F common-share book for Jun 30, 2026, the newest measured quarter, never from the firm's own description.

Style

Diversified active

Top 10 weight 52.3%, 24.3 effective positions, active share 81.8% against every 13F filer's combined book; it meets none of the index-like, systematic-like or concentrated tests

Turnover

Low turnover

27.4% over the last four quarters (under 30%)

Horizon

Long horizon

Value-weighted holding period 17.1 quarters (12+)

Closest benchmark: every 13F filer's combined book, active share 81.8%; sector active share 49.4% against the combined 13F book's sector weights.

Over time 23 measured quarters

How the bands are measured

Style bands measure the filed 13F common-share book each closed quarter, tested in this order. Unknown: under $10,000,000 of valued equity or 5 stocks. Index-like (100+ stocks): active share of 20% or less against the closest benchmark, which is the S&P 500, S&P MidCap 400, S&P SmallCap 600, Russell 1000, Russell 2000, Nasdaq-100 or Dow Jones Industrial Average (weighted by an index-tracking fund's reported holdings or the index's constituents nearest the quarter end, over the names resolved to companies, and only when those are 90%+ of its weight) or every 13F filer's combined book, or index series holding 80%+ of the registered fund assets it advises (N-CEN) and equal to 50%+ of its book. Systematic-like: 500+ stocks, 100%+ annual turnover and a top 10 weight of 25% or less. Concentrated: a top 10 weight of 60%+ or 12 or fewer effective positions. Diversified active: none of these. Turnover is the smaller of buys and sells over average equity value, summed over four quarters: low under 30%, high 100%+. Horizon is the value-weighted number of quarters each position has been held: short under 4, long 12+.

Clone Performance

Build a hypothetical price-return history from this filer's public 13F holdings.

View clone backtest

Portfolio Concentration

277 tracked positions · as of Sep 30, 2026 · Δ vs Jun 30, 2026

Top Position

12.7%

+1.4 pts

Top 5

40.1%

+0.5 pts

Top 10

53.0%

+0.7 pts

HHI

435

Diversified+24

Portfolio Trend

24 quarters · across all stocks

Sector Breakdown

As of Sep 30, 2026

Sector	% Portfolio	Value	Positions
Unclassified	58.2%	$1,213,016,237	52
Technology	6.4%	$133,032,131	27
Financial Services	5.9%	$123,732,699	36
Industrials	4.7%	$97,900,985	39
Healthcare	4.3%	$90,619,643	18
Energy	4.3%	$90,251,417	20
Real Estate	3.9%	$81,495,350	11
Consumer Cyclical	3.7%	$76,252,651	28
Consumer Defensive	3.0%	$62,735,037	15
Utilities	2.3%	$47,079,497	11
Communication Services	2.2%	$46,071,496	7
Basic Materials	1.1%	$22,112,763	13

Last Quarter's Activity

Export CSV

Sep 30, 2026 vs Jun 30, 2026

Added To

Positions the filer increased

25 positions

Ticker	Company	Δ Shares	Shares	Value
TLT	iShares 20+ Year Treasury Bond ETF	+368,183	384,917	$29,938,844
GQGU	GQG US Equity ETF	+153,209	3,148,421	$83,181,282
TSLX	Sixth Street Specialty Lending, Inc.	+135,502	980,705	$17,672,303
—		+106,267	467,670	$0
HTGC	Hercules Capital, Inc.	+95,382	1,101,790	$18,521,089
ARCC	Ares Capital Corp	+93,412	938,383	$17,923,115
FLXR		+89,948	841,815	$31,930,042
T	At&T Inc.	+83,969	695,882	$16,979,520
VICI	Vici Properties Inc.	+82,122	532,627	$12,234,442
CWEN	Clearway Energy, Inc.	+64,439	567,137	$16,600,099
TLCI	Touchstone ETF Trust-Touchstone International Equity ETF	+61,408	1,730,843	$45,574,827
BND	VANGUARD TOTAL BOND MARKET INDEX FUND	+59,468	679,950	$47,698,491
BOND	PIMCO Active Bond Exchange-Traded Fund	+53,714	1,724,091	$149,978,675
HLMN	Hillman Solutions Corp.	+43,445	169,717	$1,186,321
AGG	iShares Core U.S. Aggregate Bond ETF	+38,779	426,401	$40,311,950
NVGS	Navigator Holdings Ltd.	+38,571	118,973	$2,757,794
VZ	Verizon Communications Inc	+37,618	405,042	$18,579,276
PNFP	Pinnacle Financial Partners, Inc.	+35,453	115,947	$10,853,798
VOXR	Vox Royalty Corp.	+34,946	271,534	$1,363,100
ET	Energy Transfer LP	+34,343	827,868	$0
PFE	Pfizer Inc	+33,109	465,200	$13,267,503
NNN	Nnn REIT, Inc.	+25,594	405,201	$16,649,708
SGI	Somnigroup International Inc.	+25,118	144,819	$8,994,708
VEA	Vanguard FTSE Developed Markets ETF	+24,801	852,510	$60,195,730
ENB	Enbridge Inc	+24,314	354,389	$16,475,544
No positions match the current search.

Trimmed

Positions the filer reduced

25 positions

Ticker	Company	Δ Shares	Shares	Value
SPYM	State Street(R) SPDR(R) Portfolio S&P 500(R) ETF	−35,201	930,056	$83,481,826
KNX	Knight-Swift Transportation Holdings Inc.	−28,069	111,505	$7,090,602
CSCO	Cisco Systems, Inc.	−16,990	159,550	$17,172,366
CTRN	Citi Trends Inc	−16,097	9,029	$465,535
ABEQ	Unified Series Trust	−14,135	596,548	$22,140,879
CLF	Cleveland-Cliffs Inc.	−13,528	134,200	$1,477,542
AGCO	Agco Corp	−9,769	5,486	$626,665
XEL	Xcel Energy Inc	−7,841	5,416	$381,719
MYE	Myers Industries Inc	−6,914	41,362	$1,272,708
HPQ	Hp Inc	−6,259	117,438	$3,673,460
KDP	Keurig Dr Pepper Inc.	−6,243	37,217	$1,129,163
MSM	Msc Industrial Direct Co Inc	−6,198	111,074	$13,742,074
GBIL	Goldman Sachs ETF Trust	−6,136	38,077	$3,811,888
MRK	Merck & Co., Inc.	−5,293	121,391	$17,639,325
MXL	Maxlinear, Inc	−4,318	13,389	$1,209,160
OBDC	Blue Owl Capital Corp	−3,935	14,155	$148,485
VSLU	Applied Finance Valuation Large Cap ETF	−3,816	25,546	$1,239,746
PRIM	Primoris Services Corp	−2,393	16,319	$1,216,091
DELL	Dell Technologies Inc.	−2,349	25,939	$13,953,885
KLAC	Kla Corp	−2,181	12,608	$2,457,677
HRB	H&R Block Inc	−2,039	278,686	$11,384,322
VLO	Valero Energy Corp	−1,946	4,296	$1,665,172
AMAT	Applied Materials Inc	−1,345	5,093	$2,604,458
MET	Metlife Inc	−1,328	17,654	$1,662,300
PHYS	Sprott Physical Gold Trust	−1,273	17,352	$542,597
No positions match the current search.

New Positions

Positions the filer opened this quarter

14 positions

Ticker	Company	Shares	Value
LIND	Lindblad Expeditions Holdings, Inc.	29,428	$924,922
ICHR	Ichor Holdings, Ltd.	13,687	$846,677
SBCF	Seacoast Banking Corp Of Florida	26,414	$840,757
KALU	Kaiser Aluminum Corp	5,695	$824,749
VMRK	Vivmark Residential	13,465	$818,133
ULTA	Ulta Beauty, Inc.	1,144	$624,818
FDS	Factset Research Systems Inc	2,151	$580,662
VTRS	Viatris Inc	26,801	$474,913
FER	Ferrovial N.V.	6,869	$371,612
LNC	Lincoln National Corp	9,025	$363,346
PAA	Plains All American Pipeline LP	14,565	$345,481
WES	Western Midstream Partners, LP	7,303	$324,033
GPIX	Goldman Sachs S&P 500 Premium Income ETF	4,225	$235,881
KNG	FT Vest S&P 500 Dividend Aristocrats Target Income ETF	4,680	$225,295
No positions match the current search.

Sold Out

Positions the filer fully exited

25 positions

Ticker	Company	Shares	Value
AZO	Autozone Inc	2,279	$7,283,547
PATK	Patrick Industries Inc	19,494	$1,750,171
GPOR	Gulfport Energy Corp	9,539	$1,618,768
ACA	Arcosa, Inc.	9,318	$1,353,812
INCY	Incyte Corp	8,613	$976,369
LBRT	Liberty Energy Inc.	33,563	$879,014
DHR	Danaher Corp	4,268	$812,968
ALKT	Alkami Technology, Inc.	40,614	$735,925
KEYS	Keysight Technologies, Inc.	1,946	$681,236
—		3,178	$599,656
MKSI	Mks Inc	1,272	$565,785
HON	Honeywell International Inc	1,540	$344,806
DY	Dycom Industries Inc	594	$300,320
TBUX	T. Rowe Price Ultra Short-Term Bond ETF	4,658	$231,828
TUSI	Touchstone ETF Trust-Touchstone Ultra Short Income ETF	9,105	$229,992
ICSH	iShares Ultra Short Duration Bond Active ETF	4,207	$212,790
UYLD	Angel Oak UltraShort Income ETF	4,105	$209,375
CGUI	Capital Group Ultra Short Income ETF	8,202	$207,346
GSST	Goldman Sachs Ultra Short Bond ETF	4,099	$207,306
GSY	Invesco Ultra Short Duration ETF	4,133	$207,269
JPST	JPMorgan Ultra-Short Income ETF	4,097	$207,185
MINT	PIMCO Enhanced Short Maturity Active Exchange-Traded Fund	2,053	$206,962
CGGO	Capital Group Global Growth Equity ETF	4,888	$206,909
PULS	PGIM Ultra Short Bond ETF	4,171	$206,673
CVSB	Calvert Ultra-Short Investment Grade ETF	4,078	$206,509
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

277 tracked positions · $2,084,299,906 total · filing declares 346 positions · $2,159,413,722 · as of Sep 30, 2026

All sectors Basic Materials Communication Services Consumer Cyclical Consumer Defensive Energy Financial Services Healthcare Industrials Real Estate Technology Utilities

Showing 1–50 of 277 positions by value · page 1 of 6

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
VOO	VANGUARD 500 INDEX FUND	Added	236,321	+5,453	$165,627,936	+4.5%	7.95%
BOND	PIMCO Active Bond Exchange-Traded Fund	Added	1,724,091	+53,714	$149,978,675	−2.6%	7.20%
IVV	iShares Core S&P 500 ETF	Added	149,104	+5,195	$114,191,297	+6.0%	5.48%
TOTL	State Street(R) DoubleLine(R) Total Return Tactical ETF	Reduced	2,646,000	-939	$99,013,319	−5.2%	4.75%
SPYM	State Street(R) SPDR(R) Portfolio S&P 500(R) ETF	Reduced	930,056	-35,201	$83,481,826	−1.6%	4.01%
GQGU	GQG US Equity ETF	Added	3,148,421	+153,209	$83,181,282	+9.3%	3.99%
VEA	Vanguard FTSE Developed Markets ETF	Added	852,510	+24,801	$60,195,730	+2.1%	2.89%
BND	VANGUARD TOTAL BOND MARKET INDEX FUND	Added	679,950	+59,468	$47,698,491	+4.7%	2.29%
TLCI	Touchstone ETF Trust-Touchstone International Equity ETF	Added	1,730,843	+61,408	$45,574,827	+1.4%	2.19%
AGG	iShares Core U.S. Aggregate Bond ETF	Added	426,401	+38,779	$40,311,950	+5.1%	1.93%
FLXR		Added	841,815	+89,948	$31,930,042	+8.3%	1.53%
TLT	iShares 20+ Year Treasury Bond ETF	Added	384,917	+368,183	$29,938,844	+1970.2%	1.44%
VO	VANGUARD MID-CAP INDEX FUND	Added	363,975	+8,347	$28,542,918	−0.4%	1.37%
VB	Vanguard Index Funds	Added	83,362	+2,237	$23,715,654	−3.6%	1.14%
ABEQ	Unified Series Trust	Reduced	596,548	-14,135	$22,140,879	−2.5%	1.06%
VNQ	VANGUARD REAL ESTATE INDEX FUND	Added	245,640	+10,375	$22,016,712	−3.0%	1.06%
OKE	Oneok Inc Energy	Added	226,774	+8,448	$19,337,018	+1.9%	0.93%
VZ	Verizon Communications Inc Communication Services	Added	405,042	+37,618	$18,579,276	+19.4%	0.89%
HTGC	Hercules Capital, Inc. Financial Services	Added	1,101,790	+95,382	$18,521,089	+16.7%	0.89%
IRM	Iron Mountain Inc Real Estate	Added	163,750	+1,349	$18,168,062	−11.4%	0.87%
ARCC	Ares Capital Corp Financial Services	Added	938,383	+93,412	$17,923,115	+14.5%	0.86%
TSLX	Sixth Street Specialty Lending, Inc. Financial Services	Added	980,705	+135,502	$17,672,303	+21.8%	0.85%
MRK	Merck & Co., Inc. Healthcare	Reduced	121,391	-5,293	$17,639,325	+8.4%	0.85%
IEFA	iShares Core MSCI EAFE ETF	Added	180,998	+6,657	$17,535,086	+4.1%	0.84%
CSCO	Cisco Systems, Inc. Technology	Reduced	159,550	-16,990	$17,172,366	−17.2%	0.82%
VWO	VANGUARD EMERGING MARKETS STOCK INDEX FUND	Added	288,576	+7,037	$17,115,442	+1.8%	0.82%
T	At&T Inc. Communication Services	Added	695,882	+83,969	$16,979,520	+34.0%	0.81%
NNN	Nnn REIT, Inc. Real Estate	Added	405,201	+25,594	$16,649,708	−5.7%	0.80%
CWEN	Clearway Energy, Inc. Utilities	Added	567,137	+64,439	$16,600,099	−3.4%	0.80%
MO	Altria Group, Inc. Consumer Defensive	Added	244,830	+11,865	$16,486,851	−1.6%	0.79%
MPLX	Mplx LP Energy	Added	292,674	+14,518	$16,483,399	+5.2%	0.79%
ENB	Enbridge Inc Energy	Added	354,389	+24,314	$16,475,544	−7.9%	0.79%
ABBV	AbbVie Inc. Healthcare	Reduced	62,352	-330	$16,310,659	+3.4%	0.78%
IAGG	iShares Core International Aggregate Bond ETF	Held	327,808	0	$16,128,153	−2.8%	0.77%
USRT	iShares Core U.S. REIT ETF	Added	261,736	+9,392	$16,117,702	−3.9%	0.77%
EPD	Enterprise Products Partners L.P. Energy	Added	443,070	+22,457	$15,777,722	+2.0%	0.76%
BWX	Spdr Series Trust	Held	744,825	0	$15,775,393	−2.3%	0.76%
IBM	International Business Machines Corp Technology	Added	69,853	+7,508	$15,362,769	−12.4%	0.74%
GILD	Gilead Sciences, Inc. Healthcare	Added	102,138	+581	$15,223,668	+18.7%	0.73%
HAS	Hasbro, Inc. Consumer Cyclical	Added	172,379	+8,239	$15,114,190	+11.5%	0.73%
AMLP	Alerian MLP ETF	Added	288,621	+8,411	$14,970,771	—	0.72%
AVGO	Broadcom Inc. Technology	Added	40,655	+2,869	$14,277,629	+0.0%	0.69%
DELL	Dell Technologies Inc. Technology	Reduced	25,939	-2,349	$13,953,885	+14.3%	0.67%
MSM	Msc Industrial Direct Co Inc Industrials	Reduced	111,074	-6,198	$13,742,074	−1.5%	0.66%
WPC	W. P. Carey Inc. Real Estate	Added	208,971	+15,315	$13,505,794	−2.5%	0.65%
IJH	iShares Core S&P Mid-Cap ETF	Added	185,871	+7,351	$13,373,417	−2.8%	0.64%
PFE	Pfizer Inc Healthcare	Added	465,200	+33,109	$13,267,503	+27.5%	0.64%
IJR	iShares Core S&P Small-Cap ETF	Added	96,636	+3,524	$13,146,361	−4.8%	0.63%
O	Realty Income Corp Real Estate	Added	240,521	+19,763	$13,060,289	−4.5%	0.63%
KO	Coca Cola Co Consumer Defensive	Added	149,869	+3,187	$12,900,723	+8.2%	0.62%

Showing the top 50 of 277 positions. Create a free account to see every position, past quarters, search, filters and CSV export.

Covers the securities this platform tracks: U.S.-listed common stock and the put/call positions reported on it. A 13F can also report security types outside that coverage — preferred shares, bonds, warrants, untracked share classes — so the filing's own declared total can exceed the figures above. The source filing is linked at the top of this table.