CIK: 0000039263
Total reported value
$8.8B
Reporting period: 2026-03-31 · Number of holdings: 1393
Cullen/Frost Bankers, Inc. disclosed 1393 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $8.8B and a quarterly turnover rate of 16.0%.
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Cullen/Frost Bankers, Inc.'s disclosed holdings carry a Herfindahl concentration index of 0.015 — mathematically equivalent to about 67 equally-sized positions, well below its 1393 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 4.46), with a handful of outsized bets alongside many smaller positions.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Sector classification currently covers about 67% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Trim MSFT
+0.6% -$100.6M
Add PVAL
+12.7% $46.1M
Trim AGG
-45.3% -$46.5M
Add GLW
-5.2% $33.7M
Add XOM
+6.8% $28.7M
Trim IWP
-11.5% -$34.0M
Showing top 200 holdings (of 1393 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | AAPL | Apple INC | Stock-Tech | 5.45% | -0.20% | +0.01% | |
| 2 | PVAL | Putnam Focused Lrg Cap Value | ETF-Other | 4.07% | +0.63% | +12.71% | |
| 3 | MSFT | Microsoft CORP | Stock-Tech | 3.83% | -0.99% | +0.64% | |
| 4 | NVDA | Nvidia CORP | Stock-Tech | 3.26% | -0.06% | +1.75% | |
| 5 | VUG | Vanguard Growth ETF | ETF-Other | 3.26% | -0.02% | +7.50% | |
| 6 | EMXC | Ishares Msci Emr Mrk Ex Chna | ETF-Other | 2.29% | +0.25% | +0.30% | |
| 7 | AMZN | Amazon.com INC | Stock-Consumer Disc | 2.25% | -0.13% | +1.55% | |
| 8 | EFA | Ishares Msci Eafe ETF | ETF-Other | 2.22% | +0.16% | +3.18% | |
| 9 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 2.14% | -0.09% | +0.87% | |
| 10 | AVGO | Broadcom INC | Stock-Tech | 1.88% | -0.06% | +4.77% | |
| 11 | IWP | Ishares Russell Mid-cap Grow | ETF-Other | 1.85% | -0.32% | -11.53% | |
| 12 | VB | Vanguard Small-cap ETF | ETF-Other | 1.76% | — | +3.90% | |
| 13 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 1.63% | -0.11% | -0.64% | |
| 14 | IWF | Ishares Russell 1000 Growth | ETF-Other | 1.59% | -0.21% | -5.39% | |
| 15 | VO | Vanguard Mid-cap ETF | ETF-Other | 1.44% | — | +0.19% | |
| 16 | META | Meta Platforms Inc-class A | Stock-Comm Services | 1.35% | -0.16% | +0.05% | |
| 17 | SPY | Ss Spdr S&p 500 ETF Trust-us | ETF-Large Cap & Growth | 1.33% | -0.14% | -7.83% | |
| 18 | IJJ | Ishares S&p Mid-cap 400 Valu | ETF-Other | 1.24% | — | -0.72% | |
| 19 | V | Visa Inc-class A Shares | Stock-Financials | 1.20% | -0.16% | -1.10% | |
| 20 | GLW | Corning INC | Stock-Tech | 1.19% | +0.41% | -5.18% | |
| 21 | IWLG | Nyli Winslow Lrg Cap Grw ETF | ETF-Other | 1.17% | — | +14.50% | |
| 22 | JPM | Jpmorgan Chase & Co | Stock-Financials | 1.14% | -0.08% | -0.84% | |
| 23 | LLY | Eli Lilly & Co | Stock-Healthcare | 1.08% | -0.15% | +0.17% | |
| 24 | IWD | Ishares Russell 1000 Value E | ETF-Other | 1.06% | +0.13% | +7.94% | |
| 25 | COST | Costco Wholesale CORP | Stock-Consumer Staples | 1.00% | +0.14% | -2.19% | |
| 26 | CVX | Chevron CORP | Stock-Energy | 0.97% | +0.25% | -3.58% | |
| 27 | XOM | Exxon Mobil CORP | Stock-Energy | 0.97% | +0.35% | +6.83% | |
| 28 | MA | Mastercard INC - A | Stock-Financials | 0.90% | -0.11% | -1.55% | |
| 29 | ABBV | Abbvie INC | Stock-Healthcare | 0.89% | — | -1.97% | |
| 30 | JNJ | Johnson & Johnson | Stock-Healthcare | 0.86% | +0.14% | -1.62% | |
| 31 | WMT | Walmart INC | Stock-Consumer Staples | 0.73% | — | -0.29% | |
| 32 | BRK-B | Berkshire Hathaway Inc-cl B | Stock-Other | 0.71% | — | -2.03% | |
| 33 | HD | Home Depot INC | Stock-Consumer Disc | 0.67% | — | +0.67% | |
| 34 | ETN | Eaton Corporation plc | Stock-Industrials | 0.63% | — | +0.03% | |
| 35 | AGG | Ishares Core U.s. Aggregate | ETF-Other | 0.63% | -0.49% | -45.27% | |
| 36 | VEU | Vanguard Ftse All-world Ex-u | ETF-Other | 0.62% | — | -1.04% | |
| 37 | CSCO | Cisco Systems INC | Stock-Tech | 0.60% | — | +7.08% | |
| 38 | BAC | Bank Of America CORP | Stock-Financials | 0.57% | — | -0.31% | |
| 39 | SCHD | Schwab US Dvd Equity ETF | ETF-Other | 0.55% | — | -14.08% | |
| 40 | KLAC | Kla CORP | Stock-Tech | 0.53% | +0.20% | +28.63% | |
| 41 | KO | Coca-cola Co/the | Stock-Consumer Staples | 0.53% | — | -0.91% | |
| 42 | ORCL | Oracle CORP | Stock-Tech | 0.51% | -0.20% | -7.04% | |
| 43 | PM | Philip Morris International | Stock-Consumer Staples | 0.51% | — | -4.65% | |
| 44 | ETR | Entergy CORP | Stock-Utilities | 0.49% | +0.11% | +1.78% | |
| 45 | AXP | American Express Co | Stock-Financials | 0.47% | -0.09% | -0.38% | |
| 46 | VLO | Valero Energy CORP | Stock-Energy | 0.46% | +0.20% | +15.94% | |
| 47 | NFLX | Netflix INC | Stock-Comm Services | 0.46% | — | +1.79% | |
| 48 | ISRG | Intuitive Surgical INC | Stock-Healthcare | 0.45% | — | +3.50% | |
| 49 | VWO | Vanguard Ftse Emerging Marke | ETF-Emerging Markets | 0.45% | — | +1.91% | |
| 50 | PG | Procter & Gamble Co/the | Stock-Consumer Staples | 0.44% | — | +5.94% |
Performance for Q3 2026
+3%
Performance Last 4 Quarters
+19.2%
Based on 78% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 1393 | $8.8B | 16 | |
| 2025-12-31 | 1460 | $9.1B | 14 | |
| 2025-09-30 | 1321 | $8.6B | 28 | |
| 2025-06-30 | 1298 | $8.0B | 0 | |
| 2025-03-31 | 1285 | $7.1B | 100 | |
| 2024-12-31 | 1348 | $7.3B | 0 | |
| 2024-09-30 | 1216 | $7.3B | 0 | |
| 2024-06-30 | 1241 | $6.9B | 0 | |
| 2024-03-31 | 1006 | $6.7B | 0 | |
| 2023-12-31 | 1011 | $6.4B | 0 | |
| 2023-09-30 | 1151 | $5.7B | 0 | |
| 2023-06-30 | 1123 | $5.9B | 0 | |
| 2023-03-31 | 1197 | $5.5B | 0 | |
| 2022-12-31 | 1106 | $5.2B | 0 | |
| 2022-09-30 | 1179 | $4.4B | 0 | |
| 2022-06-30 | 1064 | $4.5B | 0 | |
| 2022-03-31 | 1208 | $5.1B | 0 | |
| 2021-12-31 | 1241 | $5.3B | 0 | |
| 2021-09-30 | 1342 | $5.0B | 0 | |
| 2021-06-30 | 1362 | $5.0B | 100 | |
| 2021-03-31 | 1225 | $4.6B | 13 | |
| 2020-12-31 | 1212 | $4.3B | 15 | |
| 2020-09-30 | 1337 | $4.0B | 15 | |
| 2020-06-30 | 1243 | $3.8B | 32 | |
| 2020-03-31 | 1275 | $2.9B | 29 | |
| 2019-12-31 | 1428 | $3.7B | 14 | |
| 2019-09-30 | 1379 | $3.4B | 14 | |
| 2019-06-30 | 1397 | $3.2B | 14 | |
| 2019-03-31 | 1353 | $3.3B | 23 | |
| 2018-12-31 | 671 | $2.7B | 26 | |
| 2018-09-30 | 690 | $3.2B | 12 | |
| 2018-06-30 | 707 | $3.2B | 12 | |
| 2018-03-31 | 723 | $3.4B | 18 | |
| 2017-12-31 | 670 | $3.2B | 11 | |
| 2017-09-30 | 664 | $3.1B | 12 | |
| 2017-06-30 | 661 | $3.0B | 11 | |
| 2017-03-31 | 651 | $2.9B | 12 | |
| 2016-12-31 | 656 | $2.9B | 14 | |
| 2016-09-30 | 652 | $2.8B | 14 | |
| 2016-06-30 | 650 | $2.7B | 15 | |
| 2016-03-31 | 652 | $2.7B | 14 | |
| 2015-12-31 | 663 | $2.6B | 22 | |
| 2015-09-30 | 661 | $2.5B | 19 | |
| 2015-06-30 | 681 | $2.7B | 14 | |
| 2015-03-31 | 687 | $2.7B | 17 | |
| 2014-12-31 | 686 | $2.6B | 20 | |
| 2014-09-30 | 669 | $2.5B | 11 | |
| 2014-06-30 | 675 | $2.5B | 14 | |
| 2014-03-31 | 671 | $2.3B | 16 | |
| 2013-12-31 | 660 | $2.3B | 20 | |
| 2013-09-30 | 676 | $2.0B | 18 | |
| 2013-06-30 | 651 | $1.9B | — |
Cullen/Frost Bankers, Inc.'s most significant position changes for 2026-03-31: New buy: AstraZeneca PLC (AZN); Sold out: Astrazeneca Plc-spons Adr (AZNN); Sold out: Ss Spdr P St Term Tsy ETF (SPTS); Sold out: Ishares Broad Usd High Yield (USHY); Add: Microsoft CORP (MSFT) — shares +0.64%.
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | PVAL | Putnam Focused Lrg Cap Value | +0.6% | +12.71% | Add |
| 2 | GLW | Corning INC | +0.4% | -5.18% | Trim |
| 3 | XOM | Exxon Mobil CORP | +0.4% | +6.83% | Add |
| 4 | CVX | Chevron CORP | +0.3% | -3.58% | Trim |
| 5 | EMXC | Ishares Msci Emr Mrk Ex Chna | +0.3% | +0.30% | Add |
| 6 | VLO | Valero Energy CORP | +0.2% | +15.94% | Add |
| 7 | BA | Boeing Co/the | +0.2% | +391.24% | Add |
| 8 | KLAC | Kla CORP | +0.2% | +28.63% | Add |
| 9 | MRK | Merck & Co. INC. | +0.2% | +39.33% | Add |
| 10 | EFA | Ishares Msci Eafe ETF | +0.2% | +3.18% | Add |
| 11 | JNJ | Johnson & Johnson | +0.1% | -1.62% | Trim |
| 12 | COST | Costco Wholesale CORP | +0.1% | -2.19% | Trim |
| 13 | IWD | Ishares Russell 1000 Value E | +0.1% | +7.94% | Add |
| 14 | GEV | GE Vernova INC | +0.1% | +11.24% | Add |
| 15 | ETR | Entergy CORP | +0.1% | +1.78% | Add |
| 16 | INSM | Insmed INC | +0.1% | +21610.16% | Add |
| 17 | MDLN | Medline Inc-cl A | +0.1% | +37772.09% | Add |
| 18 | VUG | Vanguard Growth ETF | 0% | +7.50% | Add |
| 19 | NVDA | Nvidia CORP | -0.1% | +1.75% | Add |
| 20 | AVGO | Broadcom INC | -0.1% | +4.77% | Add |
| 21 | JPM | Jpmorgan Chase & Co | -0.1% | -0.84% | Trim |
| 22 | GOOGL | Alphabet Inc-cl A | -0.1% | +0.87% | Add |
| 23 | AXP | American Express Co | -0.1% | -0.38% | Trim |
| 24 | BKNG | Booking Holdings INC | -0.1% | -2.88% | Trim |
| 25 | PCAR | Paccar INC | -0.1% | -93.02% | Trim |
| 26 | GOOG | Alphabet Inc-cl C | -0.1% | -0.64% | Trim |
| 27 | MA | Mastercard INC - A | -0.1% | -1.55% | Trim |
| 28 | PGR | Progressive CORP | -0.1% | -83.30% | Trim |
| 29 | AMZN | Amazon.com INC | -0.1% | +1.55% | Add |
| 30 | BSX | Boston Scientific CORP | -0.1% | -3.69% | Trim |
| 31 | SPY | Ss Spdr S&p 500 ETF Trust-us | -0.1% | -7.83% | Trim |
| 32 | LLY | Eli Lilly & Co | -0.2% | +0.17% | Add |
| 33 | WDAY | Workday Inc-class A | -0.2% | -93.26% | Trim |
| 34 | GSK | Gsk Plc-spon Adr | -0.2% | -80.70% | Trim |
| 35 | V | Visa Inc-class A Shares | -0.2% | -1.10% | Trim |
| 36 | META | Meta Platforms Inc-class A | -0.2% | +0.05% | Add |
| 37 | NOW | Servicenow INC | -0.2% | -2.60% | Trim |
| 38 | QCOM | Qualcomm INC | -0.2% | -44.54% | Trim |
| 39 | AAPL | Apple INC | -0.2% | +0.01% | Add |
| 40 | HYG | Ishr Ibx Usd Hiyld Cb Etf-ui | -0.2% | -56.30% | Trim |
| 41 | ORCL | Oracle CORP | -0.2% | -7.04% | Trim |
| 42 | IWF | Ishares Russell 1000 Growth | -0.2% | -5.39% | Trim |
| 43 | RPRX | Royalty Pharma plc | -0.2% | -99.63% | Trim |
| 44 | IWP | Ishares Russell Mid-cap Grow | -0.3% | -11.53% | Trim |
| 45 | AGG | Ishares Core U.s. Aggregate | -0.5% | -45.27% | Trim |
| 46 | MSFT | Microsoft CORP | -1% | +0.64% | Add |
| 47 | AZN | AstraZeneca PLC | — | NEW | New buy |
| 48 | AZNN | Astrazeneca Plc-spons Adr | — | EXIT | Sold out |
| 49 | SPTS | Ss Spdr P St Term Tsy ETF | — | EXIT | Sold out |
| 50 | USHY | Ishares Broad Usd High Yield | — | EXIT | Sold out |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-05 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-06 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-10-31 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-07-30 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-02 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-06 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-06 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-05 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-10 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-06 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-11-02 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-08-04 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-05 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-13 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-11-07 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-05 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-05-09 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-07 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-11-04 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-08-05 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-05-05 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-02-08 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-11-05 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-08-05 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-05-01 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-02-06 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2019-11-01 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-08-01 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-04-30 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-02-06 | 13F-HR | View on EDGAR |
| 2018-09-30 | 2018-10-29 | 13F-HR | View on EDGAR |
| 2018-06-30 | 2018-07-27 | 13F-HR | View on EDGAR |
| 2018-03-31 | 2018-05-11 | 13F-HR | View on EDGAR |
| 2017-12-31 | 2018-01-31 | 13F-HR | View on EDGAR |
| 2017-09-30 | 2017-11-02 | 13F-HR | View on EDGAR |
| 2017-06-30 | 2017-07-31 | 13F-HR | View on EDGAR |
| 2017-03-31 | 2017-04-27 | 13F-HR | View on EDGAR |
| 2016-12-31 | 2017-01-30 | 13F-HR | View on EDGAR |
| 2016-09-30 | 2016-10-20 | 13F-HR | View on EDGAR |
| 2016-06-30 | 2016-07-26 | 13F-HR | View on EDGAR |
| 2016-03-31 | 2016-04-28 | 13F-HR | View on EDGAR |
| 2015-12-31 | 2016-01-29 | 13F-HR | View on EDGAR |
| 2015-09-30 | 2015-10-26 | 13F-HR | View on EDGAR |
| 2015-06-30 | 2015-07-31 | 13F-HR | View on EDGAR |
| 2015-03-31 | 2015-05-04 | 13F-HR | View on EDGAR |
| 2014-12-31 | 2015-02-06 | 13F-HR | View on EDGAR |
| 2014-09-30 | 2014-10-30 | 13F-HR | View on EDGAR |
| 2014-06-30 | 2014-08-05 | 13F-HR | View on EDGAR |
| 2014-03-31 | 2014-04-29 | 13F-HR | View on EDGAR |
| 2013-12-31 | 2014-02-03 | 13F-HR | View on EDGAR |
| 2013-09-30 | 2013-10-16 | 13F-HR | View on EDGAR |
| 2013-06-30 | 2013-07-15 | 13F-HR | View on EDGAR |
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