Cullen/Frost Bankers, Inc.

Bank

CIK

39263

Location

San Antonio, TX

Portfolio Value

Mid $5,860,633,116

Diversification

Diversified

Filing Date

Global Rank

#596 / 8,605 ▲ 2 · as of Mar 2026

Top Industry

Semiconductors 9.8%

3Y Alpha vs SPY

-3.3%

Period ended 3 months ago

Filed May 5, 2026 · 2mo

25 quarters · since Mar 2020

Clone Performance

Jul 2023–Jul 2026 · vs SPY

Hypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.

Cloned portfolio

+61.7%

SPY

+75.5%

Annualised alpha

-3.3%

Max drawdown

−17.9%

Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.

Portfolio Concentration

1,026 positions · as of Mar 31, 2026 · Δ vs Dec 31, 2025

Top Position

8.2%

−0.3 pts

Top 5

25.4%

−2.2 pts

Top 10

35.9%

−3.0 pts

HHI

209

Diversified−27

Portfolio Trend

25 quarters · across all stocks

Sector Breakdown

As of Mar 31, 2026

Sector	% Portfolio	Value	Positions
Technology	31.7%	$1,859,332,097	170
Financial Services	13.1%	$766,951,341	189
Healthcare	10.7%	$626,090,541	117
Consumer Cyclical	9.6%	$565,240,484	107
Communication Services	8.2%	$482,635,196	37
Industrials	7.1%	$418,721,825	145
Consumer Defensive	6.2%	$366,246,557	52
Energy	5.0%	$292,560,011	65
Unclassified	3.0%	$177,133,686	13
Utilities	2.2%	$128,385,304	34
Basic Materials	1.7%	$100,563,859	46
Real Estate	1.3%	$76,772,215	51

Last Quarter's Activity

Export CSV

Mar 31, 2026 vs Dec 31, 2025

Added To

Positions the filer increased

25 positions

Ticker	Company	Δ Shares	Shares	Value
MDLN	Medline Inc.	+188,105	188,603	$8,392,833
NVO	Novo Nordisk A S	+151,624	319,046	$11,724,940
BA	Boeing Co	+88,370	110,957	$22,083,771
MRK	Merck & Co., Inc.	+84,945	300,942	$36,200,313
KVUE	Kenvue Inc.	+66,402	497,796	$8,582,003
CARR	CARRIER GLOBAL Corp	+63,580	269,294	$15,163,945
BALL	BALL Corp	+63,153	166,940	$9,867,823
INSM	INSMED Inc	+55,322	55,578	$9,088,114
SLB	Slb Limited/Nv	+51,286	71,307	$3,664,466
PLTR	Palantir Technologies Inc.	+49,553	53,595	$7,839,876
CSCO	Cisco Systems, Inc.	+45,297	685,027	$53,151,244
COF	Capital One Financial Corp	+40,498	52,086	$9,502,048
QSR	Restaurant Brands International Inc.	+38,198	198,014	$14,633,234
VZ	Verizon Communications Inc	+34,891	542,576	$27,237,315
XOM	ExxonMobil Holdings Corp	+32,142	502,743	$85,295,377
PLD	Prologis, Inc.	+31,245	132,977	$17,576,899
NVDA	Nvidia Corp	+28,275	1,644,633	$286,823,995
PSA	Public Storage	+27,842	67,749	$18,351,849
CMCSA	Comcast Corp	+27,255	391,508	$11,240,194
SBUX	Starbucks Corp	+26,943	169,647	$15,198,674
AVGO	Broadcom Inc.	+24,368	534,726	$165,503,044
BMY	Bristol Myers Squibb Co	+24,001	183,230	$11,112,899
VLO	Valero Energy Corp/Tx	+22,754	165,502	$40,892,234
CHD	Church & Dwight Co Inc /De/	+21,851	50,263	$4,690,543
C	Citigroup Inc	+17,657	249,585	$28,305,434
No positions match the current search.

Trimmed

Positions the filer reduced

25 positions

Ticker	Company	Δ Shares	Shares	Value
RPRX	Royalty Pharma plc	−544,334	2,016	$96,707
GSK	GSK plc	−278,256	66,530	$3,671,790
SONY	Sony Group Corp	−265,167	37,034	$766,603
PCAR	Paccar Inc	−83,334	6,254	$722,337
QCOM	Qualcomm Inc/De	−75,998	94,632	$12,186,708
WDAY	Workday, Inc.	−65,137	4,708	$611,663
PGR	Progressive Corp/Oh/	−44,367	8,897	$1,763,741
GLW	Corning Inc /Ny	−42,205	772,482	$105,034,377
BLDR	Builders FirstSource, Inc.	−40,134	3,557	$292,847
FFIN	First Financial Bankshares Inc	−34,200	5,362	$157,910
TEAM	Atlassian Corp	−32,037	730	$49,822
EVRG	Evergy, Inc.	−31,358	285,153	$23,359,733
CMG	Chipotle Mexican Grill Inc	−31,185	461,934	$14,786,507
EOSE	Eos Energy Enterprises, Inc.	−30,000	100,000	$496,000
CUBE	CubeSmart	−25,230	14,448	$529,519
ORCL	Oracle Corp	−23,211	306,317	$45,062,293
BSM	Black Stone Minerals, L.P.	−19,769	123,715	$1,870,570
FANG	Diamondback Energy, Inc.	−19,234	87,848	$17,375,455
TMUS	T-Mobile US, Inc.	−17,731	71,310	$14,977,239
DLR	Digital Realty Trust, Inc.	−17,657	15,698	$2,828,936
HBAN	Huntington Bancshares Inc /Md/	−16,003	1	$15
SPY	Spdr S&P 500 ETF Trust	−15,354	180,721	$117,530,095
CVX	Chevron Corp	−15,324	412,417	$85,329,077
Q	Qnity Electronics, Inc.	−14,999	95,864	$11,060,788
BIRK	Birkenstock Holding plc	−13,853	201,413	$7,216,627
No positions match the current search.

New Positions

Positions the filer opened this quarter

25 positions

Ticker	Company	Shares	Value
AZN	Astrazeneca PLC	79,710	$15,720,406
ALB	Albemarle Corp	2,413	$433,205
LII	Lennox International Inc	872	$404,721
BTSG	BrightSpring Health Services, Inc.	4,766	$203,079
RBC	RBC Bearings INC	175	$95,046
CIEN	Ciena Corp	230	$89,292
ATI	Ati Inc	553	$80,439
TIGO	Millicom International Cellular SA	1,000	$74,940
NAD	Nuveen Quality Municipal Income Fund	6,043	$69,494
VSTS	Vestis Corp	8,753	$68,798
NU	Nu Holdings Ltd.	4,600	$66,102
NVG	Nuveen AMT-Free Municipal Credit Income Fund	4,270	$52,649
ENTG	Entegris Inc	418	$49,006
BY	Byline Bancorp, Inc.	1,536	$48,491
KRYS	Krystal Biotech, Inc.	187	$48,305
NUV	Nuveen Municipal Value Fund Inc	4,999	$44,941
HTH	Hilltop Holdings Inc.	1,135	$40,655
VSNT	Versant Media Group, Inc.	1,038	$38,426
HOMB	Home Bancshares Inc	1,417	$38,159
ATMU	Atmus Filtration Technologies Inc.	555	$31,507
RWT	Redwood Trust Inc	5,248	$29,441
CRI	Carters Inc	747	$26,712
ECHO	EchoStar CORP	222	$25,989
VIK	Viking Holdings Ltd	345	$25,350
SCHL	Scholastic Corp	646	$25,232
No positions match the current search.

Sold Out

Positions the filer fully exited

25 positions

Ticker	Company	Shares	Value
KYN	Kayne Anderson Energy Infrastructure Fund, Inc.	22,786	$282,090
VVR	Invesco Senior Income Trust	82,285	$269,071
PRTS	CarParts.com, Inc.	50,000	$250,000
HUM	Humana Inc	727	$186,206
TROW	Price T Rowe Group Inc	1,503	$153,877
BN	BROOKFIELD Corp /ON/	3,156	$144,828
PWR	Quanta Services, Inc.	327	$138,013
JFR	Nuveen Floating Rate Income Fund	15,000	$117,450
EFR	Eaton Vance Senior Floating-Rate Trust	10,000	$111,400
IBIT	iShares Bitcoin Trust ETF	2,040	$101,286
ST	Sensata Technologies Holding plc	2,754	$91,680
ZION	Zions Bancorporation, National Association /Ut/	1,534	$89,800
GPN	Global Payments Inc	1,074	$83,127
SGI	Somnigroup International Inc.	900	$80,352
W	Wayfair Inc.	800	$80,328
HLI	Houlihan Lokey, Inc.	400	$69,676
BWXT	BWX Technologies, Inc.	400	$69,136
DEA	Easterly Government Properties, Inc.	2,593	$54,945
CNMD	CONMED Corp	1,329	$53,957
SON	Sonoco Products Co	1,082	$47,218
BUI	BlackRock Utilities, Infrastructure & Power Opportunities Trust	1,673	$42,979
M	Macy's, Inc.	1,884	$41,542
EG	Everest Group, Ltd.	110	$37,328
AWI	Armstrong World Industries Inc	177	$33,824
KEYS	Keysight Technologies, Inc.	166	$33,729
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

1,026 positions · $5,860,633,116 total · as of Mar 31, 2026

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

Showing 1–50 of 1,026 positions by value · page 1 of 21

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
AAPL	Apple Inc. Technology	Added	1,889,977	+201	$479,657,262	−6.6%	8.18%
MSFT	Microsoft Corp Technology	Added	911,352	+5,820	$337,355,169	−23.0%	5.76%
NVDA	Nvidia Corp Technology	Added	1,644,633	+28,275	$286,823,995	−4.9%	4.89%
AMZN	Amazon Com Inc Consumer Cyclical	Added	950,831	+14,530	$198,029,572	−8.4%	3.38%
GOOGL	Alphabet Inc. Communication Services	Added	653,826	+5,661	$188,014,204	−7.3%	3.21%
AVGO	Broadcom Inc. Technology	Added	534,726	+24,368	$165,503,044	−6.3%	2.82%
META	Meta Platforms, Inc. Communication Services	Added	207,473	+112	$118,701,527	−13.3%	2.03%
SPY	Spdr S&P 500 ETF Trust	Reduced	180,721	-15,354	$117,530,095	−12.1%	2.01%
V	Visa Inc. Financial Services	Reduced	348,688	-3,864	$105,387,461	−14.8%	1.80%
GLW	Corning Inc /Ny Technology	Reduced	772,482	-42,205	$105,034,377	+47.2%	1.79%
JPM	Jpmorgan Chase & Co Financial Services	Reduced	341,392	-2,889	$100,423,870	−9.5%	1.71%
LLY	ELI LILLY & Co Healthcare	Added	103,850	+178	$95,518,114	−14.3%	1.63%
COST	Costco Wholesale Corp /New Consumer Defensive	Reduced	88,448	-1,984	$88,132,240	+13.0%	1.50%
CVX	Chevron Corp Energy	Reduced	412,417	-15,324	$85,329,077	+30.9%	1.46%
XOM	ExxonMobil Holdings Corp Energy	Added	502,743	+32,142	$85,295,377	+50.6%	1.46%
MA	Mastercard Inc Financial Services	Reduced	158,543	-2,490	$79,217,595	−13.8%	1.35%
ABBV	AbbVie Inc. Healthcare	Reduced	358,328	-7,197	$77,932,756	−6.7%	1.33%
JNJ	Johnson & Johnson Healthcare	Reduced	309,152	-5,101	$75,569,114	+16.2%	1.29%
WMT	Walmart Inc. Consumer Defensive	Reduced	519,026	-1,518	$64,504,551	+11.2%	1.10%
BRK-B	Berkshire Hathaway Inc Financial Services	Reduced	129,546	-2,682	$62,078,443	−6.6%	1.06%
HD	Home Depot, Inc. Consumer Cyclical	Added	179,659	+1,195	$59,088,048	−3.8%	1.01%
ETN	Eaton Corp plc Industrials	Added	156,172	+45	$55,858,039	+12.3%	0.95%
CSCO	Cisco Systems, Inc. Technology	Added	685,027	+45,297	$53,151,244	+7.9%	0.91%
BAC	Bank Of America Corp /De/ Financial Services	Reduced	1,026,576	-3,191	$50,045,580	−11.6%	0.85%
KO	Coca Cola Co Consumer Defensive	Reduced	610,111	-5,614	$46,398,941	+7.8%	0.79%
ORCL	Oracle Corp Technology	Reduced	306,317	-23,211	$45,062,293	−29.8%	0.77%
PM	Philip Morris International Inc. Consumer Defensive	Reduced	270,204	-13,171	$44,675,529	−1.7%	0.76%
ETR	Entergy Corp /De/ Utilities	Added	381,224	+6,657	$42,834,328	+23.7%	0.73%
AXP	American Express Co Financial Services	Reduced	136,039	-518	$41,149,076	−18.5%	0.70%
VLO	Valero Energy Corp/Tx Energy	Added	165,502	+22,754	$40,892,234	+76.0%	0.70%
NFLX	Netflix Inc Communication Services	Added	420,187	+7,390	$40,400,980	+4.4%	0.69%
ISRG	Intuitive Surgical Inc Healthcare	Added	86,753	+2,931	$39,992,265	−15.8%	0.68%
PG	PROCTER & GAMBLE Co Consumer Defensive	Added	270,650	+15,169	$39,092,686	+6.8%	0.67%
GLTR	abrdn Precious Metals Basket ETF Trust	Reduced	178,698	-6,558	$39,084,826	+2.6%	0.67%
MRK	Merck & Co., Inc. Healthcare	Added	300,942	+84,945	$36,200,313	+59.2%	0.62%
CMI	Cummins Inc Industrials	Added	66,401	+447	$35,725,066	+6.1%	0.61%
AEP	American Electric Power Co Inc Utilities	Added	265,569	+1,216	$34,810,784	+14.2%	0.59%
ORLY	O Reilly Automotive Inc Consumer Cyclical	Added	366,116	+2,159	$33,796,167	+1.8%	0.58%
GE	General Electric Co Industrials	Added	110,281	+1,277	$31,294,439	−6.8%	0.53%
NOW	ServiceNow, Inc. Technology	Reduced	292,844	-7,809	$30,616,840	−33.5%	0.52%
MCD	Mcdonalds Corp Consumer Cyclical	Added	97,987	+694	$30,453,379	+2.4%	0.52%
LOW	Lowes Companies Inc Consumer Cyclical	Reduced	124,892	-1,516	$29,509,481	−3.2%	0.50%
COP	Conocophillips Energy	Reduced	218,144	-7,560	$28,795,008	+36.3%	0.49%
GEV	GE Vernova Inc. Industrials	Added	32,884	+3,324	$28,704,443	+48.6%	0.49%
TXN	Texas Instruments Inc Technology	Added	146,154	+10,622	$28,374,337	+20.7%	0.48%
C	Citigroup Inc Financial Services	Added	249,585	+17,657	$28,305,434	+4.6%	0.48%
TSLA	Tesla, Inc. Consumer Cyclical	Added	75,615	+6,102	$28,109,876	−10.1%	0.48%
VZ	Verizon Communications Inc Communication Services	Added	542,576	+34,891	$27,237,315	+31.7%	0.46%
MCO	Moodys Corp /De/ Financial Services	Added	62,149	+386	$27,112,501	−14.1%	0.46%
UNP	Union Pacific Corp Industrials	Reduced	111,581	-1,438	$27,071,782	+3.6%	0.46%