CB
Cullen/frost Bankers, Inc. 13F Filing (Q3 2026) — Top Positions & Stock Picks
Cullen/frost Bankers, Inc.CIK: 0000039263
Diversified strategyMomentum followerLong-term holder
Total reported value
$10.2B
Reporting period: 2026-09-30 · Number of holdings: 1477
CULLEN/FROST BANKERS, INC. disclosed 1477 holdings in its latest 13F filing for the period ending 2026-09-30, with total reported value of $10.2B and a quarterly turnover rate of 15.7%.
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Personality snowflake
- Concentration
- 6.91
- Portfolio Stability
- 15.65
- Momentum
- 97.51
- Sector conviction
- 64.25
- Diversification
- 100
- Sizing Uniformity
- 50.48
Cullen/frost Bankers, Inc.'s disclosed holdings carry a Herfindahl concentration index of 0.017 — mathematically equivalent to about 58 equally-sized positions, well below its 1477 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 4.95), 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 64% 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.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govAdd MSFT
-0.2% $125.3M
Trim GLW
-12.0% -$92.5M
New buy 30233Q108
Add NVDA
+8.8% $79.1M
Add AAPL
-0.9% $76.8M
Sold out XOM
Holdings Map
New buyAddUnchangedTrim
Top 10 holdings by weight
Full holdings list this quarter
Showing top 200 holdings (of 1477 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | AAPL | Apple Inc | Stock-Tech | 6.09% | +0.72% | -0.87% | |
| 2 | MSFT | Microsoft CORP | Stock-Tech | 4.52% | +1.20% | -0.18% | |
| 3 | PVAL | Putnam Focused Lrg Cap Value | ETF-Other | 4.50% | +0.18% | +1.37% | |
| 4 | NVDA | Nvidia CORP | Stock-Tech | 3.98% | +0.75% | +8.78% | |
| 5 | VUG | Vanguard Growth ETF | ETF-Other | 3.64% | +0.09% | -1.38% | |
| 6 | EMXC | Ishares Msci Emr Mrk Ex Chna | ETF-Other | 2.99% | -0.14% | -0.82% | |
| 7 | AMZN | Amazon.com Inc | Stock-Consumer Disc | 2.21% | +0.12% | +1.65% | |
| 8 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 2.09% | -0.24% | -6.26% | |
| 9 | EFA | Ishares Msci Eafe ETF | ETF-Other | 2.06% | -0.03% | -0.74% | |
| 10 | AVGO | Broadcom Inc | Stock-Tech | 1.88% | -0.16% | -0.21% | |
| 11 | VB | Vanguard Small-cap ETF | ETF-Other | 1.71% | -0.09% | +1.89% | |
| 12 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 1.63% | -0.11% | -2.11% | |
| 13 | IWP | Ishares Russell Mid-cap Grow | ETF-Other | 1.57% | -0.14% | -1.79% | |
| 14 | IWF | Ishares Russell 1000 Growth | ETF-Other | 1.46% | -0.12% | -7.52% | |
| 15 | META | Meta Platforms Inc-class A | Stock-Comm Services | 1.44% | +0.30% | -0.99% | |
| 16 | SPY | Ss Spdr S&p 500 ETF Trust-us | ETF-Large Cap & Growth | 1.40% | +0.01% | -0.48% | |
| 17 | VO | Vanguard Mid-cap ETF | ETF-Other | 1.25% | -0.07% | -1.51% | |
| 18 | V | Visa Inc-class A Shares | Stock-Financials | 1.19% | +0.03% | -1.72% | |
| 19 | IWLG | Nyli Winslow Lrg Cap Grw ETF | ETF-Other | 1.16% | -0.02% | -1.84% | |
| 20 | LLY | Eli Lilly & Co | Stock-Healthcare | 1.12% | -0.08% | -2.54% | |
| 21 | JPM | Jpmorgan Chase & Co | Stock-Financials | 1.10% | -0.01% | -1.47% | |
| 22 | IWD | Ishares Russell 1000 Value E | ETF-Other | 1.06% | — | -1.06% | |
| 23 | GLW | Corning Inc | Stock-Tech | 1.02% | -0.92% | -12.01% | |
| 24 | IJJ | Ishares S&p Mid-cap 400 Valu | ETF-Other | 0.98% | -0.14% | -5.06% | |
| 25 | ABBV | Abbvie Inc | Stock-Healthcare | 0.88% | +0.03% | +0.28% | |
| 26 | ✓ | Stock-Other | 0.87% | +0.87% | NEW | ||
| 27 | CVX | Chevron CORP | Stock-Energy | 0.81% | +0.13% | -2.34% | |
| 28 | MA | Mastercard Inc - A | Stock-Financials | 0.80% | +0.01% | -4.46% | |
| 29 | JNJ | Johnson & Johnson | Stock-Healthcare | 0.75% | -0.02% | -5.96% | |
| 30 | COST | Costco Wholesale CORP | Stock-Consumer Staples | 0.75% | -0.06% | -3.67% | |
| 31 | CSCO | Cisco Systems Inc | Stock-Tech | 0.71% | -0.11% | -5.55% | |
| 32 | KLAC | Kla CORP | Stock-Tech | 0.65% | -0.35% | +0.50% | |
| 33 | ETN | Eaton Corporation plc | Stock-Industrials | 0.64% | -0.02% | -3.34% | |
| 34 | AGG | Ishares Core U.s. Aggregate | ETF-Other | 0.61% | +0.04% | +12.77% | |
| 35 | VEU | Vanguard Ftse All-world Ex-u | ETF-Other | 0.61% | -0.01% | +1.25% | |
| 36 | BRK-B | Berkshire Hathaway Inc-cl B | Stock-Other | 0.58% | -0.03% | -3.06% | |
| 37 | CGDV | Cap Group Dividend Value | ETF-Other | 0.58% | -0.01% | -0.24% | |
| 38 | TXN | Texas Instruments Inc | Stock-Tech | 0.58% | +0.07% | +21.31% | |
| 39 | LRCX | Lam Research CORP | Stock-Tech | 0.56% | +0.08% | +53.86% | |
| 40 | VLO | Valero Energy CORP | Stock-Energy | 0.56% | +0.14% | -10.28% | |
| 41 | AMD | Advanced Micro Devices | Stock-Tech | 0.55% | +0.01% | -1.69% | |
| 42 | BAC | Bank Of America CORP | Stock-Financials | 0.53% | -0.03% | -0.60% | |
| 43 | WMT | Walmart Inc | Stock-Consumer Staples | 0.50% | -0.07% | -3.01% | |
| 44 | KO | Coca-cola Co/the | Stock-Consumer Staples | 0.50% | +0.01% | -3.10% | |
| 45 | HD | Home Depot Inc | Stock-Consumer Disc | 0.48% | -0.13% | -2.00% | |
| 46 | PM | Philip Morris International | Stock-Consumer Staples | 0.48% | — | -4.98% | |
| 47 | VWO | Vanguard Ftse Emerging Marke | ETF-Emerging Markets | 0.47% | -0.02% | -2.63% | |
| 48 | MRK | Merck & Co. Inc. | Stock-Healthcare | 0.45% | +0.06% | +2.15% | |
| 49 | SCHD | Schwab US Dvd Equity ETF | ETF-Other | 0.44% | — | -2.56% | |
| 50 | UNH | Unitedhealth Group Inc | Stock-Healthcare | 0.41% | -0.04% | +3.51% |
1–50 of 200
* This report is exclusively curated by the AlphaSMO team. AlphaSMO is the web's most authoritative 13F / Inside Trader database, delivering precise insider trading and institutional holdings insights.
Portfolio Performance
Performance for Q4 2026
+1%
Performance Last 4 Quarters
+12.2%
- Stdev
- +10.9%
- Beta
- +0.88
- Alpha
- -0.8%
- Max Drawdown
- -6.8%
- Annualized Perf
- +20%
- Batting Avg vs S&P
- +33.3%
- Sortino
- +3.68
- Stutzer
- +0.51
- Treynor
- +0.22
- Sterling
- +1.31
- Calmar
- +2.95
- Information Ratio
- -1.43
- Tracking Error
- +2.5%
- Stdev Down
- +5.2%
- Winning Months %
- +72.2%
- Losing Months %
- +27.8%
- Best 12 Months
- +30.8%
- Worst 12 Months
- +6.4%
- Efficiency Ratio
- +0.72
- Sharpe
- +1.74
- Stdev Sectors
- +10.6%
- Skewness
- -0.01
- Kurtosis
- +0.4
- Upside Potential
- +5.1
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2026 Q3 | 1477 | $10.2B | 16 | ||
| 2026 Q2 | 1418 | $10.1B | 0 | ||
| 2026 Q1 | 1393 | $8.8B | 16 | ||
| 2025 Q4 | 1460 | $9.1B | 14 | ||
| 2025 Q3 | 1321 | $8.6B | 28 | ||
| 2025 Q2 | 1298 | $8.0B | 0 | ||
| 2025 Q1 | 1285 | $7.1B | 100 | ||
| 2024 Q4 | 1348 | $7.3B | 0 | ||
| 2024 Q3 | 1216 | $7.3B | 0 | ||
| 2024 Q2 | 1241 | $6.9B | 0 | ||
| 2024 Q1 | 1006 | $6.7B | 0 | ||
| 2023 Q4 | 1011 | $6.4B | 0 | ||
| 2023 Q3 | 1151 | $5.7B | 0 | ||
| 2023 Q2 | 1123 | $5.9B | 0 | ||
| 2023 Q1 | 1197 | $5.5B | 0 | ||
| 2022 Q4 | 1106 | $5.2B | 0 | ||
| 2022 Q3 | 1179 | $4.4B | 0 | ||
| 2022 Q2 | 1064 | $4.5B | 0 | ||
| 2022 Q1 | 1208 | $5.1B | 0 | ||
| 2021 Q4 | 1241 | $5.3B | 0 | ||
| 2021 Q3 | 1342 | $5.0B | 0 | ||
| 2021 Q2 | 1362 | $5.0B | 100 | ||
| 2021 Q1 | 1225 | $4.6B | 13 | ||
| 2020 Q4 | 1212 | $4.3B | 15 | ||
| 2020 Q3 | 1337 | $4.0B | 15 | ||
| 2020 Q2 | 1243 | $3.8B | 32 | ||
| 2020 Q1 | 1275 | $2.9B | 29 | ||
| 2019 Q4 | 1428 | $3.7B | 14 | ||
| 2019 Q3 | 1379 | $3.4B | 14 | ||
| 2019 Q2 | 1397 | $3.2B | 14 | ||
| 2019 Q1 | 1353 | $3.3B | 23 | ||
| 2018 Q4 | 671 | $2.7B | 26 | ||
| 2018 Q3 | 690 | $3.2B | 12 | ||
| 2018 Q2 | 707 | $3.2B | 12 | ||
| 2018 Q1 | 723 | $3.4B | 18 | ||
| 2017 Q4 | 670 | $3.2B | 11 | ||
| 2017 Q3 | 664 | $3.1B | 12 | ||
| 2017 Q2 | 661 | $3.0B | 11 | ||
| 2017 Q1 | 651 | $2.9B | 12 | ||
| 2016 Q4 | 656 | $2.9B | 14 | ||
| 2016 Q3 | 652 | $2.8B | 14 | ||
| 2016 Q2 | 650 | $2.7B | 15 | ||
| 2016 Q1 | 652 | $2.7B | 14 | ||
| 2015 Q4 | 663 | $2.6B | 22 | ||
| 2015 Q3 | 661 | $2.5B | 19 | ||
| 2015 Q2 | 681 | $2.7B | 14 | ||
| 2015 Q1 | 687 | $2.7B | 17 | ||
| 2014 Q4 | 686 | $2.6B | 20 | ||
| 2014 Q3 | 669 | $2.5B | 11 | ||
| 2014 Q2 | 675 | $2.5B | 14 | ||
| 2014 Q1 | 671 | $2.3B | 16 | ||
| 2013 Q4 | 660 | $2.3B | 20 | ||
| 2013 Q3 | 676 | $2.0B | 18 | ||
| 2013 Q2 | 651 | $1.9B | — |
Holding changes this quarter
Cullen/frost Bankers, Inc.'s most significant position changes for 2026-09-30: New buy: ; Sold out: Exxon Mobil CORP (XOM); Sold out: Horizon Kinetics Infl Benef (INFL); New buy: First Trust Nasdaq Cybersecu (CIBR); New buy: Sprott Critical Material ETF (SETM).
Showing top 200 changes by size (of 1596 total)
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | MSFT | Microsoft CORP | +1.2% | -0.18% | Trim |
| 2 | ✓ | +0.9% | NEW | New buy | |
| 3 | NVDA | Nvidia CORP | +0.8% | +8.78% | Add |
| 4 | AAPL | Apple Inc | +0.7% | -0.87% | Trim |
| 5 | META | Meta Platforms Inc-class A | +0.3% | -0.99% | Trim |
| 6 | STX | Seagate Technology Holdings plc | +0.2% | +21003.39% | Add |
| 7 | MU | Micron Technology Inc | +0.2% | +166.49% | Add |
| 8 | APH | Amphenol Corp-cl A | +0.2% | +6251.09% | Add |
| 9 | PVAL | Putnam Focused Lrg Cap Value | +0.2% | +1.37% | Add |
| 10 | VLO | Valero Energy CORP | +0.1% | -10.28% | Trim |
| 11 | CVX | Chevron CORP | +0.1% | -2.34% | Trim |
| 12 | AMZN | Amazon.com Inc | +0.1% | +1.65% | Add |
| 13 | LITE | Lumentum Holdings Inc | +0.1% | +80.99% | Add |
| 14 | VUG | Vanguard Growth ETF | +0.1% | -1.38% | Trim |
| 15 | CIEN | Ciena CORP | +0.1% | +8396.88% | Add |
| 16 | NOW | Servicenow Inc | +0.1% | -4.43% | Trim |
| 17 | LRCX | Lam Research CORP | +0.1% | +53.86% | Add |
| 18 | TXRH | Texas Roadhouse Inc | +0.1% | +7918.51% | Add |
| 19 | TXN | Texas Instruments Inc | +0.1% | +21.31% | Add |
| 20 | MUB | Ishares National Muni Bond E | +0.1% | +2369.93% | Add |
| 21 | TMO | Thermo Fisher Scientific Inc | +0.1% | -0.63% | Trim |
| 22 | ✓ | +0.1% | +120.31% | Add | |
| 23 | MRK | Merck & Co. Inc. | +0.1% | +2.15% | Add |
| 24 | VST | Vistra CORP | +0.1% | +5574.01% | Add |
| 25 | ANET | Arista Networks Inc | +0.1% | -2.68% | Trim |
| 26 | TSM | Taiwan Semiconductor-sp Adr | 0% | +64.67% | Add |
| 27 | PANW | Palo Alto Networks Inc | 0% | +1.72% | Add |
| 28 | PLTR | Palantir Technologies Inc-a | 0% | +6.66% | Add |
| 29 | AGG | Ishares Core U.s. Aggregate | 0% | +12.77% | Add |
| 30 | CRM | Salesforce Inc | 0% | -5.11% | Trim |
| 31 | SNOW | Snowflake Inc | 0% | -8.17% | Trim |
| 32 | T | At&t Inc | 0% | +8.28% | Add |
| 33 | COP | Conocophillips | 0% | -1.44% | Trim |
| 34 | ABBV | Abbvie Inc | 0% | +0.28% | Add |
| 35 | V | Visa Inc-class A Shares | 0% | -1.72% | Trim |
| 36 | SUB | Ishares Short-term National | 0% | +3037.51% | Add |
| 37 | CME | Cme Group Inc | 0% | +0.21% | Add |
| 38 | ADP | Automatic Data Processing | 0% | +0.44% | Add |
| 39 | DIS | Walt Disney Co/the | 0% | +2.36% | Add |
| 40 | ACN | Accenture plc | 0% | +2.65% | Add |
| 41 | CGGE | Cap Group Global Eq | 0% | +28.33% | Add |
| 42 | WCMI | Ft Wcm International ETF | 0% | +38.55% | Add |
| 43 | VT | Vanguard Tot World Stk ETF | 0% | +27.80% | Add |
| 44 | FLMI | Franklin Dynamic Municipal B | 0% | +202.92% | Add |
| 45 | CGBL | Cap Group Core Balanced | 0% | +32.27% | Add |
| 46 | TRV | Travelers Cos Inc/the | 0% | +0.65% | Add |
| 47 | JEPI | Jpmorgan Equity Premium Inco | 0% | +83.38% | Add |
| 48 | VZ | Verizon Communications Inc | 0% | +1.49% | Add |
| 49 | NEM | Newmont CORP | 0% | -3.36% | Trim |
| 50 | CIBR | First Trust Nasdaq Cybersecu | 0% | NEW | New buy |
1–50 of 200
Filing History
FAQ
What is Cullen/frost Bankers, Inc. and what type of investor is it?
Cullen/frost Bankers, Inc. is an investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-09-30), the firm manages a tracked equity portfolio valued at approximately $10.2B, spread across 1477 disclosed positions.
What are Cullen/frost Bankers, Inc.'s largest equity positions?
Based on the latest 13F filing, Cullen/frost Bankers, Inc.'s top holdings by market value are:
1. Apple Inc (AAPL) — $621.6M (6.1%)
2. Microsoft CORP (MSFT) — $461.7M (4.5%)
3. Putnam Focused Lrg Cap Value (PVAL) — $459.3M (4.5%)
4. Nvidia CORP (NVDA) — $406.4M (4.0%)
5. Vanguard Growth ETF (VUG) — $371.5M (3.6%)
What changes did Cullen/frost Bankers, Inc. make in its most recent portfolio filing?
In the latest reported quarter, Cullen/frost Bankers, Inc. made 200 notable position adjustments: 7 new positions were initiated, 87 existing holdings were added to, 103 positions were partially reduced, and 3 were completely exited. The largest of these moves: New buy: ; Sold out: Exxon Mobil CORP (XOM); Sold out: Horizon Kinetics Infl Benef (INFL); New buy: First Trust Nasdaq Cybersecu (CIBR); New buy: Sprott Critical Material ETF (SETM)
What sectors does Cullen/frost Bankers, Inc. focus on?
Cullen/frost Bankers, Inc. is concentrated in the following sectors based on its current disclosed equity portfolio:
• Information Technology: 40.6%
• Financials: 11.3%
• Communication Services: 10.3%
• Health Care: 9.8%
• Consumer Discretionary: 8.8%
• Industrials: 6.6%
Investment Profile
Cullen/frost Bankers, Inc. returned an annualized 20.0% over the trailing 36 months — underperforming the S&P 500 by 0.8 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 0.88 (less volatile than the market) and a 33% quarterly batting average against the index.
Its portfolio is broadly diversified and long-term-holding, with 40.6% of the portfolio concentrated in Information Technology.
It has added to its AAPL position over the past two quarters (+$141.9M, now $621.6M), while trimming BSX over the same stretch (-$18.6M, still holding $2.7M).
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Developer Access
Access Cullen/frost Bankers, Inc.'s institutional profile programmatically:
REST API
curl https://alphasmo.com/api/v1/institutions/cullen-frost-bankers-incCLI
npx alphasmo institutions get cullen-frost-bankers-inc