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CULLEN/FROST BANKERS, INC.

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

Q4 2025 · Filed 2026-02-06
Market Value
$9.1B
+5.5%
Holdings
1,513
+72
New Purchases
223
Added To
682
Closed
91
Reduced
325
Top 10 Concentration
31.5%
Turnover
20.8%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
IWLG 1.12% 0.00% +1.12% $102M
AGG 1.13% 0.56% +0.57% $102M
PVAL 3.45% 2.91% +0.54% $312M
GOOGL 2.24% 1.78% +0.46% $203M
LLY 1.23% 0.93% +0.30% $111M
GOOG 1.75% 1.45% +0.30% $158M
HYG 0.37% 0.16% +0.21% $34M
IWP 2.18% 1.98% +0.19% $197M
SPTS 0.11% 0.00% +0.11% $10M
VEU 0.59% 0.49% +0.10% $54M
Q 0.10% 0.00% +0.10% $9M
ISRG 0.52% 0.43% +0.10% $47M
BROS 0.09% 0.00% +0.09% $8M
USHY 0.09% 0.00% +0.09% $8M
GS 0.09% 0.00% +0.09% $8M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
MSFT 4.83% 5.60% -0.76% $438M
ORCL 0.71% 1.11% -0.40% $64M
SCHD 0.56% 0.95% -0.39% $51M
HD 0.68% 0.96% -0.28% $61M
META 1.51% 1.78% -0.27% $137M
DD 0.02% 0.20% -0.18% $2M
ETN 0.55% 0.71% -0.16% $50M
NOW 0.51% 0.66% -0.15% $46M
AJG 0.31% 0.45% -0.15% $28M
NVDA 3.33% 3.46% -0.13% $301M
COST 0.86% 0.99% -0.12% $78M
JPM 1.22% 1.34% -0.11% $111M
NFLX 0.43% 0.54% -0.11% $39M
ABBV 0.92% 1.03% -0.11% $84M
IWF 1.81% 1.90% -0.10% $164M

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 80 $4.6B 50.9%
Large Cap 805 $3.7B 40.6%
Mid Cap 395 $611M 6.8%
Small Cap 202 $52M 0.6%
Micro Cap 31 $104M 1.1%

Portfolio Analytics

Avg Market Cap
$68.6B
Median Market Cap
$13.9B
Avg P/E
31.3
Median P/E
21.4
Avg Dividend Yield
0.02%
Avg Beta
0.97
# Stocks
1,109
# ETFs / Funds
404

Top Holdings (1,513 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 AAPL 5.67% 1,889,776 $514M $271.86 $27M -20,959 -1.1%
2 MSFT 4.83% 905,532 $438M $483.62 -$42M -21,861 -2.4%
3 PVAL 3.45% 6,852,855 $312M $45.57 $63M +1,009,485 +17.3%
4 NVDA 3.33% 1,616,358 $301M $186.50 $5M +25,170 +1.6%
5 VUG 3.29% 610,480 $298M $487.86 $21M +32,974 +5.7%
6 AMZN 2.39% 936,301 $216M $230.82 $12M +4,699 +0.5%
7 GOOGL 2.24% 648,165 $203M $313.00 $50M +17,976 +2.9%
8 IWP 2.18% 1,439,846 $197M $136.94 $27M +244,984 +20.5%
9 EFA 2.07% 1,951,231 $187M $96.03 $11M +64,898 +3.4%
10 EMXC 2.05% 2,555,605 $186M $72.68 $10M -53,869 -2.1%
11 AVGO 1.95% 510,358 $177M $346.10 $5M -10,161 -1.9%
12 IWF 1.81% 346,021 $164M $473.30 $377K -2,807 -0.8%
13 GOOG 1.75% 504,885 $158M $313.80 $34M -6,317 -1.2%
14 VB 1.62% 567,959 $147M $257.95 $5M +11,028 +2.0%
15 META 1.51% 207,361 $137M $660.09 -$16M -919 -0.4%
16 SPY 1.48% 196,075 $134M $681.92 $10M +11,060 +6.0%
17 VO 1.41% 441,169 $128M $290.22 $4M +18,491 +4.4%
18 V 1.36% 352,552 $124M $350.71 $3M -1,115 -0.3%
19 LLY 1.23% 103,672 $111M $1,074.68 $32M -434 -0.4%
20 JPM 1.22% 344,281 $111M $322.22 -$4M -19,534 -5.4%
21 IJJ 1.21% 831,369 $109M $131.59 $1M -3,493 -0.4%
22 AGG 1.13% 1,021,078 $102M $99.88 $54M +542,533 +113.4%
23 IWLG 1.12% 1,877,835 $102M $54.20 +1,877,835 NEW
24 MA 1.01% 161,033 $92M $570.88 -$631K -1,695 -1.0%
25 IWD 0.94% 403,058 $85M $210.34 $7M +23,217 +6.1%
26 ABBV 0.92% 365,525 $84M $228.49 -$5M -16,653 -4.4%
27 COST 0.86% 90,432 $78M $862.34 -$7M -978 -1.1%
28 GLW 0.79% 814,687 $71M $87.56 $4M -152 -0.0%
29 BRK-B 0.73% 132,228 $66M $502.65 -$2M -3,566 -2.6%
30 CVX 0.72% 427,741 $65M $152.41 -$279K +6,139 +1.5%
31 JNJ 0.72% 314,253 $65M $206.95 $5M -11,241 -3.5%
32 ORCL 0.71% 329,528 $64M $194.91 -$31M -8,747 -2.6%
33 HD 0.68% 178,464 $61M $344.10 -$21M -24,223 -11.9%
34 WMT 0.64% 520,544 $58M $111.41 $6M +13,699 +2.7%
35 BAC 0.63% 1,029,767 $57M $55.00 $6M +43,208 +4.4%
36 XOM 0.63% 470,601 $57M $120.34 $2M -14,680 -3.0%
37 VEU 0.59% 729,561 $54M $73.56 $12M +143,038 +24.4%
38 SCHD 0.56% 1,847,216 $51M $27.43 -$31M -1,135,782 -38.1%
39 AXP 0.56% 136,557 $51M $369.95 $6M +1,311 +1.0%
40 ETN 0.55% 156,127 $50M $318.51 -$11M -6,507 -4.0%
41 CSCO 0.54% 639,730 $49M $77.03 $9M +50,822 +8.6%
42 ISRG 0.52% 83,822 $47M $566.36 $11M +1,766 +2.1%
43 NOW 0.51% 300,653 $46M $153.19 -$10M +239,229 +389.5%
44 PM 0.50% 283,375 $45M $160.40 $294K +4,954 +1.8%
45 KO 0.48% 615,725 $43M $69.91 $2M -7,707 -1.2%
46 BKNG 0.43% 7,230 $39M $5,354.93 -$1M -160 -2.2%
47 NFLX 0.43% 412,797 $39M $93.76 -$7M +374,405 +975.2%
48 VWO 0.42% 712,348 $38M $53.76 $520K +15,123 +2.2%
49 GLTR 0.42% 185,256 $38M $205.60 $6M -9,361 -4.8%
50 PG 0.40% 255,481 $37M $143.31 -$5M -13,770 -5.1%
51 BSV 0.39% 447,395 $35M $78.81 $4M +46,273 +11.5%
52 ETR 0.38% 374,567 $35M $92.43 $2M +29,005 +8.4%
53 HYG 0.37% 420,126 $34M $80.63 $20M +246,871 +142.5%
54 CMI 0.37% 65,954 $34M $510.45 $5M -2,113 -3.1%
55 BSX 0.37% 352,666 $34M $95.35 -$1M -2,703 -0.8%
56 GE 0.37% 109,004 $34M $308.03 $2M +5,628 +5.4%
57 ORLY 0.37% 363,957 $33M $91.21 -$6M -3,290 -0.9%
58 VOO 0.36% 51,614 $32M $627.13 $856K +155 +0.3%
59 MCO 0.35% 61,763 $32M $510.85 $2M -35 -0.1%
60 TSLA 0.35% 69,513 $31M $449.72 $3M +5,813 +9.1%
61 LOW 0.34% 126,408 $30M $241.16 -$1M -185 -0.1%
62 AEP 0.34% 264,353 $30M $115.31 $3M +19,816 +8.1%
63 KLAC 0.33% 24,617 $30M $1,215.06 $3M -243 -1.0%
64 MCD 0.33% 97,293 $30M $305.63 $283K +376 +0.4%
65 DIS 0.32% 257,924 $29M $113.77 $2M +15,179 +6.2%
66 QCOM 0.32% 170,630 $29M $171.05 -$422K -7,346 -4.1%
67 DHR 0.32% 126,792 $29M $228.92 $4M -168 -0.1%
68 AJG 0.31% 107,158 $28M $258.79 -$11M -18,913 -15.0%
69 C 0.30% 231,928 $27M $116.69 $6M +25,760 +12.5%
70 UNP 0.29% 113,019 $26M $231.32 -$994K -1,792 -1.6%
71 IBM 0.28% 87,138 $26M $296.21 $739K -1,718 -1.9%
72 SHW 0.28% 79,161 $26M $324.03 -$2M -2,026 -2.5%
73 TRV 0.28% 87,857 $25M $290.06 $398K -1,984 -2.2%
74 CB 0.28% 80,792 $25M $312.12 $3M +834 +1.0%
75 MDT 0.28% 260,641 $25M $96.06 -$239K -4,754 -1.8%
76 AMGN 0.27% 76,001 $25M $327.31 $391K -10,763 -12.4%
77 UNH 0.27% 73,514 $24M $330.11 -$3M -5,945 -7.5%
78 SPOT 0.27% 41,526 $24M $580.71 -$5M -511 -1.2%
79 TXN 0.26% 135,532 $24M $173.49 -$2M -1,878 -1.4%
80 SYK 0.26% 66,826 $23M $351.47 -$386K +2,245 +3.5%
81 IVW 0.26% 188,983 $23M $123.26 $555K +621 +0.3%
82 VLO 0.26% 142,748 $23M $162.79 -$1M -2,305 -1.6%
83 TJX 0.25% 149,963 $23M $153.61 $2M +1,742 +1.2%
84 EVRG 0.25% 316,511 $23M $72.49 $16K +14,907 +4.9%
85 MRK 0.25% 215,997 $23M $105.26 $4M -9,584 -4.2%
86 ADP 0.25% 87,706 $23M $257.23 -$4M -1,914 -2.1%
87 ABT 0.25% 177,557 $22M $125.29 -$1M +366 +0.2%
88 TMO 0.25% 38,315 $22M $579.45 $5M +2,757 +7.8%
89 BX 0.24% 142,064 $22M $154.14 -$3M -3,048 -2.1%
90 RTX 0.24% 119,306 $22M $183.40 $2M +397 +0.3%
91 ANET 0.24% 166,965 $22M $131.03 -$2M +5,845 +3.6%
92 VV 0.24% 68,516 $22M $314.80 $8M +23,634 +52.7%
93 ICE 0.24% 133,056 $22M $161.96 $654K +9,030 +7.3%
94 LRCX 0.24% 124,531 $21M $171.18 $4M -1,907 -1.5%
95 COP 0.23% 225,704 $21M $93.61 -$543K -3,398 -1.5%
96 RPRX 0.23% 546,350 $21M $38.64 $5M +89,253 +19.5%
97 VZ 0.23% 507,685 $21M $40.73 -$2M -8,507 -1.6%
98 CME 0.23% 75,045 $20M $273.08 $130K -320 -0.4%
99 HON 0.23% 105,022 $20M $195.09 -$2M -2,167 -2.0%
100 KKR 0.22% 152,830 $19M $127.48 -$134K +1,873 +1.2%

New Positions

SymbolValue% Port
IWLG $102M 1.12%
SPTS $10M 0.11%
Q $9M 0.10%
BROS $8M 0.09%
MSDL $3M 0.03%
CHD $2M 0.03%
EFV $1M 0.02%
BWX $1M 0.01%
MDYV $1M 0.01%
SLV $617K 0.01%
IGIB $539K 0.01%
TGT $477K 0.01%
IGLB $342K —%
VIS $327K —%
HBAN $278K —%

Sold Out Positions

SymbolValue% Port
SGOV —%
WES —%
WD —%
WMS —%
CR —%
AIT —%
ACM —%
POST —%
ELF —%
STN —%
SFL —%
CBT —%
UL —%
RAMP —%
CNM —%
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