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Cullen/Frost Bankers, Inc.

13F for the quarter to June 30, 2026, filed July 27, 2026 · SEC CIK 39263

Reported value
$10.1bn
62% in companies we cover
Positions we cover
910
Largest AAPL 5.4%
Copy, a year
+13.7%
S&P 500 +13.8%
Copy Sharpe ratio
0.76
S&P 500 0.77

How copying its 13F would have done

$10.0k$20.0k$40.0k 2013201520172019202120232025 $55.9k$55.1k
CopyS&P 500 $10,000 copying Cullen/Frost Bankers, Inc.'s filed holdings in companies we cover from July 19, 2013, buying on the first trading day after each 13F was filed and holding until the next, against the S&P 500 (total return). Marked weekly, log scale. Before costs and taxes; misses trading within each quarter and anything 13F does not show (shorts, cash, bonds, non-US holdings).

Biggest drop −32.3% (S&P 500 −31.8%); beta 1.00; alpha −0.0% a year (t = −0.06); last 12 months +11.4% against +12.1%.

Reported value by quarter

Cullen/Frost Bankers, Inc.: 13F reported value Total value of all positions in each quarter's 13F, as filed (values before 2023 were filed in thousands of dollars and are converted).
$0 $2T $4T $6T Reported value, 2013-06-30: $1.9B Reported value, 2013-09-30: $2B Reported value, 2013-12-31: $2.3B Reported value, 2014-03-31: $2.3B Reported value, 2014-06-30: $2.5B Reported value, 2014-09-30: $2.5B Reported value, 2014-12-31: $2.6B Reported value, 2015-03-31: $2.7B Reported value, 2015-06-30: $2.7B Reported value, 2015-09-30: $2.5B Reported value, 2015-12-31: $2.6B Reported value, 2016-03-31: $2.7B Reported value, 2016-06-30: $2.7B Reported value, 2016-09-30: $2.8B Reported value, 2016-12-31: $2.9B Reported value, 2017-03-31: $2.9B Reported value, 2017-06-30: $3B Reported value, 2017-09-30: $3.1B Reported value, 2017-12-31: $3.2B Reported value, 2018-03-31: $3.4B Reported value, 2018-06-30: $3.2B Reported value, 2018-09-30: $3.2B Reported value, 2018-12-31: $2.7B Reported value, 2019-03-31: $3.3B Reported value, 2019-06-30: $3.2B Reported value, 2019-09-30: $3.4B Reported value, 2019-12-31: $3.7B Reported value, 2020-03-31: $2.9B Reported value, 2020-06-30: $3.8B Reported value, 2020-09-30: $4B Reported value, 2020-12-31: $4.3B Reported value, 2021-03-31: $4.6B Reported value, 2021-06-30: $5B Reported value, 2021-09-30: $5B Reported value, 2021-12-31: $5.3B Reported value, 2022-03-31: $5.1B Reported value, 2022-06-30: $4.5B Reported value, 2022-09-30: $4.4B Reported value, 2022-12-31: $5.2T Reported value, 2023-03-31: $5.5B Reported value, 2023-06-30: $5.9B Reported value, 2023-09-30: $5.7B Reported value, 2023-12-31: $6.4B Reported value, 2024-03-31: $6.7B Reported value, 2024-06-30: $6.9B Reported value, 2024-09-30: $7.3B Reported value, 2024-12-31: $7.3B Reported value, 2025-03-31: $7.1B Reported value, 2025-06-30: $8B Reported value, 2025-09-30: $8.6B Reported value, 2025-12-31: $9.1B Reported value, 2026-03-31: $8.8B Reported value, 2026-06-30: $10.1B 2013-06-30 2016-03-31 2018-12-31 2021-09-30 2026-06-30 $10.1B
View chart data
Period Reported value
2013-06-30 $1.9B
2013-09-30 $2B
2013-12-31 $2.3B
2014-03-31 $2.3B
2014-06-30 $2.5B
2014-09-30 $2.5B
2014-12-31 $2.6B
2015-03-31 $2.7B
2015-06-30 $2.7B
2015-09-30 $2.5B
2015-12-31 $2.6B
2016-03-31 $2.7B
2016-06-30 $2.7B
2016-09-30 $2.8B
2016-12-31 $2.9B
2017-03-31 $2.9B
2017-06-30 $3B
2017-09-30 $3.1B
2017-12-31 $3.2B
2018-03-31 $3.4B
2018-06-30 $3.2B
2018-09-30 $3.2B
2018-12-31 $2.7B
2019-03-31 $3.3B
2019-06-30 $3.2B
2019-09-30 $3.4B
2019-12-31 $3.7B
2020-03-31 $2.9B
2020-06-30 $3.8B
2020-09-30 $4B
2020-12-31 $4.3B
2021-03-31 $4.6B
2021-06-30 $5B
2021-09-30 $5B
2021-12-31 $5.3B
2022-03-31 $5.1B
2022-06-30 $4.5B
2022-09-30 $4.4B
2022-12-31 $5.2T
2023-03-31 $5.5B
2023-06-30 $5.9B
2023-09-30 $5.7B
2023-12-31 $6.4B
2024-03-31 $6.7B
2024-06-30 $6.9B
2024-09-30 $7.3B
2024-12-31 $7.3B
2025-03-31 $7.1B
2025-06-30 $8B
2025-09-30 $8.6B
2025-12-31 $9.1B
2026-03-31 $8.8B
2026-06-30 $10.1B

Holdings and moves

CompanyShare of portfolioValueSharesChange in shares
AAPLApple Inc.5.37%$544.8m1.88M−0.4%
MSFTMicrosoft Corporation3.32%$336.4m901.9K−1.0% Reduced
NVDANVIDIA Corporation3.23%$327.3m1.64M−0.5% Reduced
GOOGLAlphabet Inc. (Class A)2.33%$236.1m660.8K+1.1% Added
AMZNAmazon2.09%$212.2m890.3K−6.4% Reduced
AVGOBroadcom2.04%$207.1m548.4K+2.6% Added
GLWCorning Inc.1.94%$196.7m770.1K−0.3%
LLYLilly (Eli)1.20%$121.3m101.2K−2.6% Reduced
VVisa Inc.1.16%$118.0m344.1K−1.3% Reduced
METAMeta Platforms1.14%$115.6m205.3K−1.1% Reduced
JPMJPMorgan Chase1.11%$112.4m343.5K+0.6% Added
KLACKLA Corporation1.00%$101.8m337.4K+965.4% Added
ABBVAbbVie0.85%$86.0m341.9K−4.6% Reduced
CSCOCisco0.82%$83.4m709.8K+3.6% Added
COSTCostco0.81%$81.7m87.3K−1.3% Reduced
MAMastercard0.79%$79.8m155.4K−2.0% Reduced
JNJJohnson & Johnson0.77%$78.3m308.3K−0.3%
CVXChevron Corporation0.68%$68.6m413.8K+0.3%
ETNEaton Corporation0.66%$66.7m156.5K+0.2%
HDThe Home Depot0.61%$62.2m176.3K−1.8% Reduced
WMTWalmart0.57%$57.9m511.1K−1.5% Reduced
BACBank of America0.56%$57.3m1.01M−2.1% Reduced
AMDAdvanced Micro Devices0.54%$54.4m93.7K+4.4% Added
TXNTexas Instruments0.51%$51.6m173.0K+18.4% Added
KOThe Coca-Cola Company0.49%$49.3m607.1K−0.5%
LRCXLam Research0.48%$49.0m113.1K−4.5% Reduced
PMPhilip Morris International0.48%$48.7m269.3K−0.3%
CMICummins0.46%$46.9m65.8K−1.0% Reduced
AXPAmerican Express0.46%$46.4m137.0K+0.7% Added
UNHUnitedHealth Group0.46%$46.1m111.0K+34.5% Added
ORCLOracle Corporation0.44%$44.5m303.4K−1.0% Reduced
ETREntergy0.43%$43.7m380.3K−0.2%
VLOValero Energy0.42%$42.5m163.2K−1.4% Reduced
AMATApplied Materials0.42%$42.4m58.7K+2.6% Added
GEGE Aerospace0.42%$42.4m113.5K+2.9% Added
MRKMerck & Co.0.39%$39.8m309.6K+2.9% Added
PGProcter & Gamble0.39%$39.7m270.8K+0.1%
GEVGE Vernova0.38%$38.4m32.7K−0.6% Reduced
AEPAmerican Electric Power0.37%$37.4m273.6K+3.0% Added
CCitigroup0.36%$36.1m257.7K+3.2% Added
ISRGIntuitive Surgical0.35%$35.1m88.2K+1.6% Added
TSLATesla, Inc.0.34%$34.5m82.1K+8.6% Added
ORLYO'Reilly Automotive0.33%$33.0m358.1K−2.2% Reduced
UNPUnion Pacific Corporation0.31%$31.2m114.8K+2.9% Added
BKNGBooking Holdings0.30%$30.6m171.8K+2347.0% Added
NFLXNetflix0.29%$29.5m413.3K−1.6% Reduced
TRVThe Travelers Companies0.29%$29.4m88.9K+0.8% Added
NOWServiceNow0.28%$28.9m290.6K−0.8% Reduced
ADIAnalog Devices0.28%$28.2m71.1K+6.1% Added
MCOMoody's Corporation0.28%$28.0m61.7K−0.7% Reduced
ANETArista Networks0.27%$27.8m163.8K−1.5% Reduced
LOWLowe's0.27%$27.4m124.4K−0.4%
BABoeing0.27%$27.4m126.7K+14.2% Added
DISThe Walt Disney Company0.27%$27.3m283.7K+5.1% Added
MCDMcDonald's0.27%$27.2m100.5K+2.6% Added
RTXRTX Corporation0.27%$26.9m141.7K+6.9% Added
AJGArthur J. Gallagher & Co.0.26%$26.2m114.2K+3.4% Added
PANWPalo Alto Networks0.26%$26.1m76.6K+3.8% Added
IBMIBM0.25%$25.7m91.3K+3.9% Added
SHWSherwin-Williams0.25%$25.4m73.7K−4.2% Reduced
EVRGEvergy0.25%$25.3m292.9K+2.7% Added
AMGNAmgen0.25%$25.2m69.5K−3.7% Reduced
CBChubb Limited0.24%$24.5m72.0K−8.0% Reduced
VZVerizon0.24%$24.1m570.0K+5.0% Added
SYKStryker Corporation0.23%$23.2m73.6K+7.5% Added
DHRDanaher Corporation0.23%$22.8m119.6K−6.4% Reduced
PSAPublic Storage0.22%$22.7m71.4K+5.3% Added
TJXTJX Companies0.22%$22.6m148.9K+0.1%
COPConocoPhillips0.21%$21.8m210.1K−3.7% Reduced
MDTMedtronic0.21%$20.9m267.3K+1.0% Added
TMOThermo Fisher Scientific0.21%$20.9m41.7K−1.1% Reduced
CARRCarrier Global0.20%$20.7m282.0K+4.7% Added
ADPAutomatic Data Processing0.20%$20.3m90.7K+2.2% Added
PLDPrologis0.20%$20.2m149.2K+12.2% Added
ASMLAsml Holding NV0.19%$19.6m9.9K+6.0% Added
DDOGDatadog, Inc.0.19%$19.5m75.0K+0.2%
MPWRMonolithic Power Systems, Inc.0.19%$19.5m14.1K+2.5% Added
MARMarriott International0.19%$19.3m52.0K+2.1% Added
SPOTSpotify Technology S.a.0.19%$18.8m41.0K−1.5% Reduced
SNOWSnowflake Inc.0.18%$18.7m73.3K−0.5% Reduced
MOAltria0.18%$18.4m256.2K+3.8% Added
SBUXStarbucks0.18%$18.3m179.0K+5.5% Added
CINFCincinnati Financial0.18%$18.1m97.8K−1.5% Reduced
QCOMQualcomm0.18%$18.1m97.7K+3.3% Added
CMECME Group0.18%$18.0m81.4K+5.4% Added
LINLinde plc0.17%$17.8m34.2K+1.8% Added
BXBlackstone Inc.0.17%$17.4m147.6K+3.5% Added
HHyatt Hotels Corp0.17%$17.3m89.1K+4.0% Added
AONAon plc0.17%$16.9m50.9K+0.2%
FASTFastenal0.16%$16.4m342.3K+3.6% Added
NVONovo Nordisk A S0.16%$16.4m341.9K+7.2% Added
FANGDiamondback Energy0.16%$16.1m91.4K+4.0% Added
AZNAstrazeneca PLC0.16%$16.1m84.7K+6.3% Added
JBHTJ.B. Hunt0.15%$15.7m54.2K+1.6% Added
GDGeneral Dynamics0.15%$15.5m43.8K+27.4% Added
GSGoldman Sachs0.15%$15.5m15.3K+44.5% Added
ICEIntercontinental Exchange0.15%$15.5m125.5K−9.0% Reduced
QQnity Electronics, Inc.0.15%$15.3m93.4K−2.5% Reduced
ABTAbbott Laboratories0.15%$15.2m167.5K+1.4% Added
LHXL3Harris0.15%$15.1m51.9K−12.1% Reduced
TTTrane Technologies0.15%$14.9m30.4K+2.0% Added
QSRRestaurant Brands International Inc.0.15%$14.8m204.6K+3.3% Added
HCAHCA Healthcare0.15%$14.8m37.9K−0.6% Reduced
CMGChipotle Mexican Grill0.14%$14.8m434.1K−6.0% Reduced
REGRegency Centers0.14%$14.7m184.8K+2.7% Added
TAT&T0.14%$14.4m696.4K+14.4% Added
MRVLMarvell Technology0.14%$14.4m48.3K−1.0% Reduced
MUMicron Technology0.14%$14.3m12.4K+592.1% Added
RCLRoyal Caribbean Group0.14%$14.0m44.2K+1.7% Added
UBERUber0.13%$13.5m187.2K−8.1% Reduced
JJacobs Solutions0.13%$13.5m106.8K−1.3% Reduced
MNSTMonster Beverage0.13%$13.1m136.4K−3.8% Reduced
TMUST-Mobile US0.13%$13.0m77.7K+8.9% Added
OMCOmnicom Group0.12%$12.1m166.2K+1.0% Added
HONHoneywell Technologies0.12%$12.0m53.7KNew
AZOAutoZone0.12%$12.0m3.8K+6.0% Added
NEMNewmont0.12%$11.9m127.7K−1.5% Reduced
KKRKKR & Co.0.12%$11.9m129.9K−10.8% Reduced
HONAHoneywell Aerospace0.12%$11.9m53.7KNew
NUENucor0.12%$11.8m53.0K+4.7% Added
PEPPepsiCo0.12%$11.8m87.0K−1.5% Reduced
COFCapital One0.11%$11.6m57.6K+10.6% Added
CNPCenterPoint Energy0.11%$11.5m262.1K+5.7% Added
TDGTransDigm Group0.11%$11.2m8.4K+3.8% Added
BROSDutch Bros Inc.0.11%$11.1m154.0K+5.7% Added
CRMSalesforce0.11%$11.1m70.5K+0.1%
GPCGenuine Parts Company0.11%$11.0m93.0K+2.7% Added
BALLBall Corporation0.11%$10.9m174.1K+4.3% Added
AMTAmerican Tower0.11%$10.8m65.8K−1.0% Reduced
ELVElevance Health0.10%$10.6m27.4K+46.8% Added
INTCIntel0.10%$10.6m75.9K+2.3% Added
KVUEKenvue0.10%$10.3m541.0K+8.7% Added
WPCW. P. Carey Inc.0.10%$10.2m143.1K+4.0% Added
EQTEQT Corporation0.10%$10.2m192.2K+1.9% Added
CMCSAComcast0.10%$10.2m414.8K+6.0% Added
CATCaterpillar Inc.0.10%$9.7m9.1K+3.6% Added
LITELumentum0.09%$9.5m11.1K+3600.3% Added
VRTXVertex Pharmaceuticals0.09%$9.1m18.3K+10.4% Added
TSMTaiwan Semiconductor Manufacturing Co LTD0.09%$8.7m18.3K+249.3% Added
NDAQNasdaq, Inc.0.08%$8.4m107.1K−0.4%
MDLNMedline Inc.0.08%$8.2m207.5K+10.0% Added
WSTWest Pharmaceutical Services0.08%$8.1m22.6KNew
SNPSSynopsys Inc0.08%$7.8m17.6K−0.1%
DGDollar General0.08%$7.8m67.4K+5.7% Added
CPCanadian Pacific Kansas City LTD0.07%$7.0m80.8K−5.5% Reduced
SPGIS&P Global0.07%$6.8m16.7K−1.5% Reduced
PLTRPalantir Technologies Inc.0.07%$6.8m58.0K+8.3% Added
SPCXSpace Exploration Technologies Corp0.07%$6.7m39.1KNew
DEDeere & Company0.07%$6.7m10.5K+814.5% Added
EMREmerson Electric0.06%$6.2m43.6K+1.3% Added
CompanyBought (value)Shares
KLACKLA Corporation$92.2m305.7K
BKNGBooking Holdings$29.4m164.8K
MUMicron Technology$12.3m10.6K
HONHoneywell Technologies$12.0m53.7K
HONAHoneywell Aerospace$11.9m53.7K
UNHUnitedHealth Group$11.8m28.4K
LITELumentum$9.3m10.8K
WSTWest Pharmaceutical Services$8.1m22.6K
TXNTexas Instruments$8.0m26.8K
SPCXSpace Exploration Technologies Corp$6.7m39.1K
TSMTaiwan Semiconductor Manufacturing Co LTD$6.2m13.1K
DEDeere & Company$5.9m9.4K
AVGOBroadcom$5.2m13.6K
GSGoldman Sachs$4.8m4.7K
BABoeing$3.4m15.7K

Change in shares on the previous quarter's 13F, valued at this quarter's reported price.

CompanySold (value)Shares
AMZNAmazon−$14.4m−60.6K
BSXBoston Scientific−$11.0m−258.5K
BIRKBirkenstock Holding plc−$8.3m−194.0K
BMYBristol Myers Squibb−$7.3m−127.1K
CHDChurch & Dwight−$4.4m−45.7K
ABBVAbbVie−$4.1m−16.5K
INTUIntuit−$4.1m−15.8K
MSFTMicrosoft Corporation−$3.5m−9.5K
LLYLilly (Eli)−$3.2m−2.7K
SLBSchlumberger−$2.6m−55.0K
LRCXLam Research−$2.3m−5.4K
CBChubb Limited−$2.1m−6.2K
LHXL3Harris−$2.1m−7.1K
AAPLApple Inc.−$2.0m−7.1K
NVDANVIDIA Corporation−$1.8m−8.9K

Change in shares on the previous quarter's 13F, valued at this quarter's reported price.

CompanyValue last quarterShares
HQYHealthequity, Inc.$199,3982.4K
AAONAAON, Inc.$173,7752.1K
SFStifel Financial Corp$58,406790
CARTMaplebear Inc.$56,1901.5K
MSCIMSCI$55,518103
PRIMPrimoris Services Corp$54,541381
KRYSKrystal Biotech, Inc.$48,306187
EIXEdison International$42,614582
MEDPMedpace Holdings, Inc.$41,77787
GWREGuidewire Software, Inc.$41,129275
HOMBHome Bancshares Inc$38,1701.4K
FHNFirst Horizon Corp$36,8891.6K
DSGXDescartes Systems Group Inc$34,850487
IDCCInterdigital, Inc.$34,651115
ATMUAtmus Filtration Technologies Inc.$31,507555
GSHDGoosehead Insurance, Inc.$30,502715
ECHOEchoStar$25,990222
BAMBrookfield Asset Management Ltd.$25,558575
NICNicolet Bankshares Inc$25,166169
MCMoelis & Co$23,647415
AKAMAkamai Technologies$22,740198
ADMAAdma Biologics, Inc.$21,4712.4K
RBARB Global Inc.$20,320212
KTOSKratos Defense & Security Solutions, Inc.$19,320274
PAYCPaycom Software, Inc.$18,474152
INSPInspire Medical Systems, Inc.$17,434338
AROCArchrock, Inc.$17,017489
HRBH&R Block Inc$15,743496
MIRMirion Technologies, Inc.$15,578838
MCBMetropolitan Bank Holding Corp.$14,826178
  • Technology37.9%
  • Financials12.0%
  • Health Care10.5%
  • Consumer Discretionary9.6%
  • Industrials8.6%
  • Communication Services8.0%
  • Consumer Staples5.7%
  • Energy2.8%
  • Utilities2.1%
  • Materials1.4%
  • Real Estate1.3%

Share of the value held in companies we cover, by sector.

PeriodCopy, a yearS&P 500SharpeS&P 500Biggest dropBeta
Whole backtestJuly 19, 2013 to November 2, 2026+13.7%+13.8%0.760.77−32.3%1.00
2018 onwardsJanuary 5, 2018 to November 2, 2026+13.2%+13.9%0.630.66−32.3%0.99
Last three yearsNovember 3, 2023 to November 2, 2026+19.3%+21.8%1.071.16−16.3%0.93
Last yearNovember 7, 2025 to November 2, 2026+13.0%+14.2%0.810.84−8.2%0.88

From SEC Form 13F data sets. A 13F lists long positions in US-listed shares at the quarter's end, filed up to 45 days later; it does not show shorts, cash, bonds, non-US holdings or trades within the quarter. Positions in companies outside our coverage are not listed here. Research, not investment advice.