Cullen/Frost Bankers, Inc.

Bank

CIK

39263

Location

San Antonio, TX

Portfolio Value

Mid $9,417,170,577

Diversification

Diversified

Reports for

Frost Bank - FWA Frost Investment Advisors, LLC Frost Investment Services, LLC

Filing Date

Global Rank

#554 / 8,819 ▼ 11 · as of Jun 2026

Top Industry

Semiconductors 12.6%

Period ended 30 days ago

Filed Oct 28, 2026 · 2d

27 quarters · since Mar 2020

Regulatory profile

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

Holder type

Bank

SEC filer profile, Oct 18, 2026

SIC code

6021

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 43.4%, 36.6 effective positions, active share 42.7% against every 13F filer's combined book; it meets none of the index-like, systematic-like or concentrated tests

Turnover

Low turnover

12.1% over the last four quarters (under 30%)

Horizon

Long horizon

Value-weighted holding period 23.8 quarters (12+), a floor since 84.1% of the book was already held when coverage starts

Closest benchmark: every 13F filer's combined book, active share 42.7%; sector active share 18.3% against the combined 13F book's sector weights.

Over time 26 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

1,471 tracked positions · as of Sep 30, 2026 · Δ vs Jun 30, 2026

Top Position

9.0%

+0.1 pts

Top 5

33.0%

+2.7 pts

Top 10

46.5%

+3.1 pts

HHI

302

Diversified+28

Portfolio Trend

27 quarters · across all stocks

Sector Breakdown

As of Sep 30, 2026

Sector	% Portfolio	Value	Positions
Unclassified	28.6%	$2,692,551,846	406
Technology	28.1%	$2,644,768,309	174
Financial Services	8.7%	$820,216,469	201
Communication Services	7.1%	$672,599,059	34
Healthcare	6.8%	$641,555,778	131
Consumer Cyclical	6.1%	$570,312,689	109
Industrials	4.9%	$458,366,744	155
Consumer Defensive	3.7%	$346,191,849	56
Energy	3.2%	$299,664,599	66
Utilities	1.1%	$107,576,041	35
Basic Materials	1.0%	$93,049,752	50
Real Estate	0.7%	$70,317,442	54

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
APH	Amphenol Corp	+243,105	246,994	$20,821,594
WCMI	First Trust WCM International Equity ETF	+158,294	568,882	$10,854,268
NVDA	Nvidia Corp	+143,577	1,779,293	$406,354,935
MNST	Monster Beverage Corp	+114,726	251,146	$10,452,696
FLMI	Franklin Dynamic Municipal Bond ETF	+107,687	160,756	$3,748,829
CGGE	Capital Group Global Equity ETF	+91,685	415,364	$14,458,820
CGBL	Capital Group Core Balanced ETF	+91,212	373,848	$13,738,914
PBP	Invesco S&P 500 BuyWrite ETF	+85,418	168,796	$3,931,258
AGG	iShares Core U.S. Aggregate Bond ETF	+75,189	664,116	$62,785,526
MUB	iShares National Muni Bond ETF	+65,102	67,849	$6,859,533
LRCX	Lam Research Corp	+60,909	173,998	$57,160,082
T	At&T Inc.	+57,645	754,065	$18,399,186
CGDG	Capital Group Dividend Growers ETF	+51,213	313,934	$11,624,976
TXRH	Texas Roadhouse, Inc.	+50,916	51,559	$8,060,734
CGNG	Capital Group New Geography Equity ETF	+49,975	164,020	$5,978,529
CGMU	Capital Group Municipal Income ETF	+49,016	242,782	$6,297,765
SPCX	Space Exploration Technologies Corp	+47,066	86,188	$13,002,321
CGHM	Capital Group Municipal High-Income ETF	+47,043	246,105	$5,923,747
CGGO	Capital Group Global Growth Equity ETF	+46,390	217,551	$8,654,178
CGCB	Capital Group Fixed Income ETF Trust	+45,267	229,404	$5,730,511
JEPI	JPMorgan Equity Premium Income ETF	+44,547	97,976	$5,508,210
FBND	Fidelity Total Bond ETF	+43,279	70,511	$3,053,126
CGGR	Capital Group Growth ETF	+43,072	171,218	$8,120,869
CGMM	Capital Group U.S. Small and Mid Cap ETF	+40,941	174,764	$5,410,693
USHY	iShares Broad USD High Yield Corporate Bond ETF	+37,751	39,344	$1,405,367
No positions match the current search.

Trimmed

Positions the filer reduced

25 positions

Ticker	Company	Δ Shares	Shares	Value
CMG	Chipotle Mexican Grill Inc	−357,788	76,310	$2,438,104
UBER	Uber Technologies, Inc	−171,764	15,436	$1,057,520
NKE	NIKE, Inc.	−99,468	14,514	$513,795
BROS	Dutch Bros Inc.	−99,286	54,687	$2,108,730
IWF	iShares Russell 1000 Growth ETF	−96,957	1,191,857	$149,292,007
GLW	Corning Inc	−92,499	677,576	$104,184,085
IXC	iShares Global Energy ETF	−92,033	20,423	$1,163,498
DHR	Danaher Corp	−87,146	32,438	$7,186,638
NFLX	Netflix Inc	−73,527	339,793	$23,642,796
TMUS	T-Mobile US, Inc.	−72,607	5,054	$824,206
Q	Qnity Electronics, Inc.	−65,665	27,767	$3,491,422
VUG	VANGUARD GROWTH INDEX FUND	−57,855	4,122,541	$371,482,169
AMT	American Tower Corp	−55,905	9,859	$1,613,819
ETR	Entergy Corp	−54,769	325,520	$32,311,115
AEP	American Electric Power Co Inc	−46,898	226,710	$26,896,874
GOOGL	Alphabet Inc.	−41,336	619,423	$213,131,065
CSCO	Cisco Systems, Inc.	−39,402	670,408	$72,156,013
EVRG	Evergy, Inc.	−39,173	253,772	$19,905,875
IJJ	iShares S&P Mid-Cap 400 Value ETF	−38,867	729,561	$100,467,845
IWLG	NYLIM ETF Trust	−38,731	2,070,440	$0
SCHD	Schwab U.S. Dividend Equity ETF	−36,345	1,385,035	$45,055,188
BALL	BALL Corp	−35,968	138,127	$7,739,255
IJK	iShares S&P Mid-Cap 400 Growth ETF	−35,675	128,772	$14,114,698
XLF	State Street Corp	−33,822	59,094	$0
HONA	Honeywell Aerospace Inc.	−29,847	23,863	$3,698,049
No positions match the current search.

New Positions

Positions the filer opened this quarter

25 positions

Ticker	Company	Shares	Value
SETM	Sprott Funds Trust	63,869	$1,871,361
NLR	VanEck Uranium and Nuclear ETF	17,126	$1,771,855
ARTY	iShares Future AI & Tech ETF	13,592	$1,064,525
GRID	First Trust NASDAQ Clean Edge Smart Grid Infrastructure Index Fund	5,049	$894,228
IAK	iShares U.S. Insurance ETF	6,165	$835,789
ILCG	iShares Morningstar Growth ETF	5,197	$607,893
VTEL	VANGUARD LONG-TERM TAX-EXEMPT BOND ETF	4,000	$384,320
MBGL	Mobility Global Inc.	15,730	$269,769
EMLC	VanEck J.P. Morgan EM Local Currency Bond ETF	9,453	$234,717
VFLO	VictoryShares Free Cash Flow ETF	4,413	$225,901
GFLW	VictoryShares Free Cash Flow Growth ETF	6,441	$215,193
DFAX	Dimensional World ex. U.S. Core Equity 2 ETF	4,872	$180,361
BWX	Spdr Series Trust	7,228	$153,089
ROM	ProShares Ultra Technology	806	$128,299
FYLD	Cambria Foreign Shareholder Yield ETF	3,069	$121,348
AVUS	Avantis U.S. Equity ETF	929	$118,995
SKHY	SK hynix Inc.	547	$100,730
NZF	Nuveen Municipal Credit Income Fund	9,000	$97,470
INSW	International Seaways, Inc.	881	$97,033
DLB	Dolby Laboratories, Inc.	1,554	$91,328
EYLD	Cambria Emerging Shareholder Yield ETF	1,918	$91,296
COKE	Coca-Cola Consolidated, Inc.	458	$86,685
SMLF	iShares U.S. Small-Cap Equity Factor ETF	1,035	$86,484
IESC	IES Holdings, Inc.	250	$80,270
FFLX	First Trust Flexible Income ETF	8,000	$75,120
No positions match the current search.

Sold Out

Positions the filer fully exited

25 positions

Ticker	Company	Shares	Value
—		117,080	$5,839,950
FFIN	First Financial Bankshares Inc	32,054	$1,109,068
TGT	Target Corp	5,674	$741,081
QWLD	State Street(R) SPDR(R) MSCI World StrategicFactors(SM) ETF	1,550	$235,465
SHYD	VanEck Short High Yield Muni ETF	9,779	$223,939
BGR	BlackRock Energy & Resources Trust	12,911	$191,341
SKOR	FlexShares Credit-Scored US Corporate Bond Index Fund	3,567	$173,142
GNRC	Generac Holdings Inc.	590	$172,757
—		824	$168,952
FLOT	iShares Floating Rate Bond ETF	2,948	$150,495
SDVY	First Trust SMID Cap Rising Dividend Achievers ETF	2,829	$122,043
NYT	New York Times Co	1,736	$121,485
SGI	Somnigroup International Inc.	1,500	$117,600
HYGV	FlexShares High Yield Value - Scored Bond Index Fund	2,505	$100,851
RAVI	FlexShares Ultra-Short Income Fund	1,326	$100,006
AMKR	Amkor Technology, Inc.	1,100	$94,853
PYLD		3,037	$80,541
FCT	First Trust Senior Floating Rate Income Fund II	8,000	$77,280
CRUS	Cirrus Logic, Inc.	505	$75,007
TCBI	Texas Capital Bancshares Inc	667	$68,874
MFSI	MFS Active International ETF	1,939	$62,978
USMV	iShares MSCI USA Min Vol Factor ETF	640	$61,734
MXL	Maxlinear, Inc	474	$60,686
CRC	California Resources Corp	911	$48,164
IQDF	FlexShares International Quality Dividend Index Fund	1,385	$47,865
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

1,471 tracked positions · $9,417,170,577 total · filing declares 1,477 positions · $10,215,112,934 · 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 1,471 positions by value · page 1 of 30

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
AAPL	Apple Inc. Technology	Reduced	1,866,546	-16,358	$621,597,148	+14.1%	6.60%
MSFT	Microsoft Corp Technology	Reduced	900,263	-1,611	$461,744,892	+37.3%	4.90%
NVDA	Nvidia Corp Technology	Added	1,779,293	+143,577	$406,354,935	+24.2%	4.32%
VUG	VANGUARD GROWTH INDEX FUND	Reduced	4,122,541	-57,855	$371,482,169	+3.2%	3.94%
EMXC	iShares MSCI Emerging Markets ex China ETF	Reduced	3,079,739	-25,400	$305,140,540	−3.9%	3.24%
AMZN	Amazon Com Inc Consumer Cyclical	Added	904,923	+14,669	$225,461,565	+6.3%	2.39%
GOOGL	Alphabet Inc. Communication Services	Reduced	619,423	-41,336	$213,131,065	−9.7%	2.26%
EFA	iShares MSCI EAFE ETF	Reduced	2,024,882	-15,149	$210,364,990	−0.7%	2.23%
AVGO	Broadcom Inc. Technology	Reduced	547,196	-1,171	$192,169,763	−7.2%	2.04%
VB	Vanguard Index Funds	Added	612,355	+11,376	$174,208,873	−4.4%	1.85%
GOOG	Alphabet Inc. Communication Services	Reduced	489,795	-10,569	$166,892,748	−5.6%	1.77%
IWF	iShares Russell 1000 Growth ETF	Reduced	1,191,857	-96,957	$149,292,007	−6.7%	1.59%
META	Meta Platforms, Inc. Communication Services	Reduced	203,240	-2,030	$147,385,583	+27.5%	1.57%
SPY	Spdr S&P 500 ETF Trust	Reduced	187,808	-898	$143,228,015	+1.6%	1.52%
VO	VANGUARD MID-CAP INDEX FUND	Reduced	1,632,946	-25,014	$128,055,625	−4.1%	1.36%
V	Visa Inc. Financial Services	Reduced	338,124	-5,933	$121,498,096	+2.9%	1.29%
LLY	ELI LILLY & Co Healthcare	Reduced	98,591	-2,567	$114,077,674	−6.0%	1.21%
JPM	Jpmorgan Chase & Co Financial Services	Reduced	338,463	-5,036	$111,973,714	−0.4%	1.19%
IWD	iShares Russell 1000 Value ETF	Reduced	437,948	-4,704	$108,580,447	+1.2%	1.15%
GLW	Corning Inc Technology	Reduced	677,576	-92,499	$104,184,085	−47.0%	1.11%
IJJ	iShares S&P Mid-Cap 400 Value ETF	Reduced	729,561	-38,867	$100,467,845	−11.5%	1.07%
ABBV	AbbVie Inc. Healthcare	Added	342,796	+945	$89,672,005	+4.2%	0.95%
XOM	ExxonMobil Holdings Corp Energy	Added	548,177	+31,320	$89,215,806	+26.3%	0.95%
CVX	Chevron Corp Energy	Reduced	404,148	-9,697	$82,531,063	+20.3%	0.88%
MA	Mastercard Inc Financial Services	Reduced	148,464	-6,935	$81,873,442	+2.6%	0.87%
JNJ	Johnson & Johnson Healthcare	Reduced	289,954	-18,383	$76,762,421	−2.0%	0.82%
COST	Costco Wholesale Corp Consumer Defensive	Reduced	84,110	-3,205	$76,568,697	−6.3%	0.81%
CSCO	Cisco Systems, Inc. Technology	Reduced	670,408	-39,402	$72,156,013	−13.5%	0.77%
KLAC	Kla Corp Technology	Added	339,071	+1,703	$66,095,110	−35.1%	0.70%
ETN	Eaton Corp plc Industrials	Reduced	151,238	-5,225	$64,988,480	−2.5%	0.69%
AGG	iShares Core U.S. Aggregate Bond ETF	Added	664,116	+75,189	$62,785,526	+7.7%	0.67%
VEU	Vanguard International Equity Index Funds	Added	756,580	+9,347	$62,773,442	+0.3%	0.67%
BRK-B	Berkshire Hathaway Inc Financial Services	Reduced	119,930	-3,784	$59,719,143	−3.5%	0.63%
CGDV	Capital Group Dividend Value ETF	Reduced	1,219,147	-2,945	$59,555,330	−1.1%	0.63%
TXN	Texas Instruments Inc Technology	Added	209,844	+36,860	$58,775,205	+14.0%	0.62%
LRCX	Lam Research Corp Technology	Added	173,998	+60,909	$57,160,082	+16.6%	0.61%
VLO	Valero Energy Corp Energy	Reduced	146,428	-16,773	$56,756,957	+33.5%	0.60%
AMD	Advanced Micro Devices Inc Technology	Reduced	92,110	-1,586	$56,349,213	+3.5%	0.60%
BAC	Bank Of America Corp Financial Services	Reduced	999,064	-6,001	$54,379,053	−5.0%	0.58%
WMT	Walmart Inc. Consumer Defensive	Reduced	495,729	-15,363	$51,516,157	−11.0%	0.55%
KO	Coca Cola Co Consumer Defensive	Reduced	588,243	-18,841	$50,635,957	+2.6%	0.54%
HD	Home Depot, Inc. Consumer Cyclical	Reduced	172,823	-3,519	$49,166,415	−20.9%	0.52%
PM	Philip Morris International Inc. Consumer Defensive	Reduced	255,862	-13,417	$48,823,586	+0.2%	0.52%
VWO	VANGUARD EMERGING MARKETS STOCK INDEX FUND	Reduced	811,398	-21,874	$48,124,015	−3.2%	0.51%
MRK	Merck & Co., Inc. Healthcare	Added	316,278	+6,652	$45,958,356	+15.5%	0.49%
SCHD	Schwab U.S. Dividend Equity ETF	Reduced	1,385,035	-36,345	$45,055,188	−0.0%	0.48%
UNH	Unitedhealth Group Inc Healthcare	Added	114,857	+3,894	$42,161,707	−8.6%	0.45%
AXP	American Express Co Financial Services	Reduced	132,346	-4,703	$40,246,418	−13.2%	0.43%
ORCL	Oracle Corp Technology	Reduced	287,313	-16,048	$39,448,074	−11.3%	0.42%
PG	PROCTER & GAMBLE Co Consumer Defensive	Reduced	268,249	-2,597	$38,971,214	−1.9%	0.41%

Showing the top 50 of 1,471 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.