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CULLEN/FROST BANKERS, INC.

111 W HOUSTON ST, SAN ANTONIO, TX 78205 • 210-220-4011

Q3 2025 · Filed 2025-10-31
Market Value
$8.6B
+8.1%
Holdings
1,441
+23
New Purchases
168
Added To
440
Closed
151
Reduced
486
Top 10 Concentration
31.3%
Turnover
22.1%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
PVAL 2.91% 1.26% +1.65% $250M
AAPL 5.67% 4.93% +0.73% $487M
NVDA 3.46% 3.10% +0.36% $297M
GOOGL 1.78% 1.43% +0.35% $153M
IWP 1.98% 1.67% +0.31% $170M
GOOG 1.45% 1.21% +0.24% $125M
ANET 0.27% 0.03% +0.24% $23M
GLW 0.78% 0.54% +0.24% $67M
CVX 0.76% 0.55% +0.21% $65M
ORCL 1.11% 0.93% +0.18% $95M
AVGO 2.00% 1.82% +0.18% $172M
AMD 0.16% 0.05% +0.11% $14M
MPWR 0.14% 0.03% +0.11% $12M
ABBV 1.03% 0.93% +0.10% $88M
EQT 0.10% 0.00% +0.10% $8M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
SCHD 0.95% 1.33% -0.38% $81M
AMZN 2.38% 2.72% -0.34% $205M
MSFT 5.60% 5.93% -0.33% $480M
HES 0.00% 0.25% -0.25% $0
ADBE 0.04% 0.27% -0.23% $4M
MRVL 0.06% 0.25% -0.20% $5M
TLT 0.12% 0.31% -0.20% $10M
UNP 0.32% 0.50% -0.19% $27M
V 1.41% 1.59% -0.19% $121M
COST 0.99% 1.15% -0.16% $85M
CMG 0.24% 0.40% -0.16% $21M
NOW 0.66% 0.81% -0.16% $57M
PG 0.48% 0.62% -0.14% $41M
QCOM 0.34% 0.48% -0.13% $30M
META 1.78% 1.91% -0.13% $153M

Sector Allocation Over Time

Industry Breakdown

IndustryWeight
Financial Services 41.9%
Technology 21.4%
Healthcare 7.1%
Communication Services 7.1%
Consumer Cyclical 6.7%

Market Cap Concentration

TierHoldingsValueWeight
Mega Cap 78 $4.5B 52.1%
Large Cap 773 $3.5B 41.3%
Mid Cap 374 $514M 6.0%
Small Cap 188 $49M 0.6%
Micro Cap 28 $2M 0.0%

Portfolio Analytics

Avg Market Cap
$70.3B
Median Market Cap
$13.8B
Avg P/E
32.4
Median P/E
22.0
Avg Dividend Yield
0.02%
Avg Beta
0.97
# Stocks
1,047
# ETFs / Funds
394

Top Holdings (1,441 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 AAPL 5.67% 1,910,735 $487M $254.63 $95M +596 +0.0%
2 MSFT 5.60% 927,393 $480M $517.95 $9M -19,354 -2.0%
3 NVDA 3.46% 1,591,188 $297M $186.58 $51M +32,478 +2.1%
4 VUG 3.23% 577,506 $277M $479.61 $24M +1,478 +0.3%
5 PVAL 2.91% 5,843,370 $250M $42.72 $150M +3,360,792 +135.4%
6 AMZN 2.38% 931,602 $205M $219.57 -$12M -53,992 -5.5%
7 EMXC 2.05% 2,609,474 $176M $67.51 $17M +90,776 +3.6%
8 EFA 2.05% 1,886,333 $176M $93.37 $11M +39,293 +2.1%
9 AVGO 2.00% 520,519 $172M $329.91 $27M -4,750 -0.9%
10 IWP 1.98% 1,194,862 $170M $142.41 $38M +238,826 +25.0%
11 IWF 1.90% 348,828 $163M $468.41 $13M -5,355 -1.5%
12 GOOGL 1.78% 630,189 $153M $243.10 $39M -15,610 -2.4%
13 META 1.78% 208,280 $153M $734.38 $1M +2,628 +1.3%
14 VB 1.65% 556,931 $142M $254.28 $12M +10,827 +2.0%
15 GOOG 1.45% 511,202 $125M $243.55 $29M -29,397 -5.4%
16 VO 1.45% 422,678 $124M $293.74 $6M -1,279 -0.3%
17 SPY 1.44% 185,015 $123M $666.18 $2M -10,528 -5.4%
18 V 1.41% 353,667 $121M $341.38 -$6M -2,536 -0.7%
19 JPM 1.34% 363,815 $115M $315.43 $6M -12,920 -3.4%
20 IJJ 1.26% 834,862 $108M $129.72 $5M +2,931 +0.3%
21 ORCL 1.11% 338,275 $95M $281.24 $21M +930 +0.3%
22 MA 1.08% 162,728 $93M $568.81 $367K -1,337 -0.8%
23 ABBV 1.03% 382,178 $88M $231.54 $15M -14,047 -3.5%
24 COST 0.99% 91,410 $85M $925.63 -$7M -827 -0.9%
25 HD 0.96% 202,687 $82M $405.19 $4M -9,313 -4.4%
26 SCHD 0.95% 2,982,998 $81M $27.30 -$24M -1,004,953 -25.2%
27 LLY 0.93% 104,106 $79M $763.00 -$2M +267 +0.3%
28 IWD 0.90% 379,841 $77M $203.59 $4M +2,894 +0.8%
29 BRK-B 0.80% 135,794 $68M $502.74 $678K -3,349 -2.4%
30 GLW 0.78% 814,839 $67M $82.03 $24M -86 -0.0%
31 CVX 0.76% 421,602 $65M $155.29 $22M +117,110 +38.5%
32 ETN 0.71% 162,634 $61M $374.25 $6M +9,233 +6.0%
33 JNJ 0.70% 325,494 $60M $185.42 $9M -9,489 -2.8%
34 NOW 0.66% 61,424 $57M $920.28 -$8M -1,533 -2.4%
35 XOM 0.64% 485,281 $55M $112.75 $454K -18,074 -3.6%
36 WMT 0.61% 506,845 $52M $103.06 $3M +3,243 +0.6%
37 BAC 0.59% 986,559 $51M $51.59 $4M -3,968 -0.4%
38 AGG 0.56% 478,545 $48M $100.25 $1M +10,017 +2.1%
39 NFLX 0.54% 38,392 $46M $1,198.92 -$1M +3,104 +8.8%
40 PM 0.53% 278,421 $45M $162.20 -$4M +8,453 +3.1%
41 AXP 0.52% 135,246 $45M $332.16 $1M -1,183 -0.9%
42 VEU 0.49% 586,523 $42M $71.37 $1M -18,184 -3.0%
43 PG 0.48% 269,251 $41M $153.65 -$8M -40,550 -13.1%
44 KO 0.48% 623,432 $41M $66.32 -$4M -21,028 -3.3%
45 CSCO 0.47% 588,908 $40M $68.42 $1M +24,033 +4.2%
46 BKNG 0.46% 7,390 $40M $5,399.33 -$4M -153 -2.0%
47 ORLY 0.46% 367,247 $40M $107.81 $6M -1,546 -0.4%
48 AJG 0.45% 126,071 $39M $309.74 -$2M -3,205 -2.5%
49 VWO 0.44% 697,225 $38M $54.18 $963K -47,061 -6.3%
50 ISRG 0.43% 82,056 $37M $447.23 -$6M +3,450 +4.4%
51 BSX 0.40% 355,369 $35M $97.63 -$4M -5,633 -1.6%
52 ETR 0.38% 345,562 $32M $93.19 $4M +4,254 +1.2%
53 GLTR 0.38% 194,617 $32M $165.45 $3M -20,343 -9.5%
54 LOW 0.37% 126,593 $32M $251.31 $3M -1,103 -0.9%
55 BSV 0.37% 401,122 $32M $78.91 $3M +36,877 +10.1%
56 VOO 0.37% 51,459 $32M $612.38 $2M -834 -1.6%
57 GE 0.36% 103,376 $31M $300.82 $6M +6,860 +7.1%
58 QCOM 0.34% 177,976 $30M $166.36 -$8M -59,337 -25.0%
59 MCD 0.34% 96,917 $29M $303.89 $978K -540 -0.6%
60 MCO 0.34% 61,798 $29M $476.48 -$2M -686 -1.1%
61 SPOT 0.34% 42,037 $29M $697.99 -$3M +96 +0.2%
62 CMI 0.33% 68,067 $29M $422.37 $6M -1,873 -2.7%
63 TSLA 0.33% 63,700 $28M $444.72 $9M +2,124 +3.5%
64 SHW 0.33% 81,187 $28M $346.26 $293K +167 +0.2%
65 DIS 0.32% 242,745 $28M $114.50 -$1M +8,031 +3.4%
66 AEP 0.32% 244,537 $28M $112.50 $2M +557 +0.2%
67 UNH 0.32% 79,459 $27M $345.30 -$7M -29,527 -27.1%
68 UNP 0.32% 114,811 $27M $236.37 -$13M -59,023 -34.0%
69 KLAC 0.31% 24,860 $27M $1,078.62 $4M -481 -1.9%
70 ADP 0.31% 89,620 $26M $293.50 -$2M -1,442 -1.6%
71 MDT 0.29% 265,395 $25M $95.24 $1M -11,506 -4.2%
72 TXN 0.29% 137,410 $25M $183.73 -$3M +1,025 +0.8%
73 DHR 0.29% 126,960 $25M $198.26 -$532K -3,154 -2.4%
74 TRV 0.29% 89,841 $25M $279.22 $697K -1,318 -1.4%
75 IBM 0.29% 88,856 $25M $282.16 -$170K +3,227 +3.8%
76 BX 0.29% 145,112 $25M $170.85 $3M -1,982 -1.4%
77 VLO 0.29% 145,053 $25M $170.26 $4M -10,370 -6.7%
78 AMGN 0.29% 86,764 $24M $282.20 -$2M -9,131 -9.5%
79 SYK 0.28% 64,581 $24M $369.67 -$1M +860 +1.4%
80 ABT 0.28% 177,191 $24M $133.94 $439K +5,926 +3.5%
81 ANET 0.27% 161,120 $23M $145.71 $21M +137,089 +570.5%
82 EVRG 0.27% 301,604 $23M $76.02 $2M +4,525 +1.5%
83 IVW 0.26% 188,362 $23M $120.72 $2M -1,172 -0.6%
84 VZ 0.26% 516,192 $23M $43.95 $327K -545 -0.1%
85 CB 0.26% 79,958 $23M $282.25 -$1M -2,618 -3.2%
86 HON 0.26% 107,189 $23M $210.50 -$3M -4,273 -3.8%
87 COP 0.25% 229,102 $22M $94.59 $588K -5,826 -2.5%
88 UBER 0.25% 220,883 $22M $97.97 -$308K -14,354 -6.1%
89 TJX 0.25% 148,221 $21M $144.54 $3M -1,358 -0.9%
90 C 0.24% 206,168 $21M $101.50 $5M +14,008 +7.3%
91 ICE 0.24% 124,026 $21M $168.48 -$1M +2,847 +2.4%
92 CMG 0.24% 527,851 $21M $39.19 -$11M -35,474 -6.3%
93 TMUS 0.24% 86,292 $21M $239.38 $351K +1,067 +1.2%
94 CME 0.24% 75,365 $20M $270.19 -$754K -1,252 -1.6%
95 RTX 0.23% 118,909 $20M $167.33 $2M -520 -0.4%
96 KKR 0.23% 150,957 $20M $129.95 -$249K +1,624 +1.1%
97 LHX 0.23% 63,357 $19M $305.41 $3M -2,553 -3.9%
98 ADI 0.22% 78,340 $19M $245.70 -$841K -6,061 -7.2%
99 MRK 0.22% 225,581 $19M $83.93 -$276K -17,082 -7.0%
100 IVE 0.22% 91,581 $19M $206.51 $1M -73 -0.1%

New Positions

SymbolValue% Port
JBHT $6M 0.07%
CGHM $2M 0.03%
BOH $985K 0.01%
IGM $494K 0.01%
SPDW $230K —%
RNRG $215K —%
IVOO $163K —%
OBDC $161K —%
TLTW $148K —%
USTB $143K —%
FDL $128K —%
JCPB $99K —%
USIG $93K —%
MAT $84K —%
ACWX $81K —%

Sold Out Positions

SymbolValue% Port
AR —%
ALSN —%
FLR —%
OC —%
DINO —%
ACHR —%
BROS —%
NOK —%
AVTR —%
ALLE —%
AXTA —%
TRGP —%
INSP —%
TME —%
COTY —%
View SEC EDGAR Filings for CULLEN/FROST BANKERS, INC. →

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For informational purposes only. Not investment advice. Data sourced from SEC filings. Privacy Terms