FD
First Dallas Securities Inc. 13F Filing (Q2 2026) — Top Positions & Stock Picks
First Dallas Securities Inc.CIK: 0001378559
Diversified strategyMomentum followerQuality / disciplined sizing
Total reported value
$302.6M
Reporting period: 2026-06-30 · Number of holdings: 125
First Dallas Securities Inc. disclosed 125 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $302.6M and a quarterly turnover rate of 25.1%.
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Personality snowflake
- Concentration
- 15.63
- Portfolio Stability
- 25.12
- Momentum
- 100
- Sector conviction
- 48.13
- Diversification
- 100
- Sizing Uniformity
- 80.22
First Dallas Securities Inc.'s disclosed holdings carry a Herfindahl concentration index of 0.039 — mathematically equivalent to about 26 equally-sized positions, well below its 125 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 1.98), 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.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govTrim TPL
-4.1% -$3.3M
New buy AIR
Add MU
-28.3% $3.9M
Trim XOM
-1.6% -$1.6M
Trim WHR
-47.1% -$1.8M
Add CAT
-6.5% $2.5M
Holdings Map
New buyAddUnchangedTrim
Top 10 holdings by weight
Full holdings list this quarter
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | NVDA | Nvidia CORP | Stock-Tech | 13.79% | +0.46% | +0.94% | |
| 2 | TPL | Texas Pacific Land CORP | Stock-Energy | 8.26% | -2.20% | -4.06% | |
| 3 | AAPL | Apple Inc | Stock-Tech | 6.44% | +0.13% | +0.27% | |
| 4 | AMZN | Amazon.com Inc | Stock-Consumer Disc | 3.40% | +0.34% | +8.64% | |
| 5 | CAT | Caterpillar Inc | Stock-Industrials | 2.85% | +0.58% | -6.53% | |
| 6 | FCX | Freeport-mcmoran Inc | Stock-Materials | 2.54% | -0.17% | -2.04% | |
| 7 | BA | Boeing Co/the | Stock-Industrials | 2.34% | -0.05% | +0.68% | |
| 8 | MU | Micron Technology Inc | Stock-Tech | 2.17% | +1.18% | -28.32% | |
| 9 | XOM | Exxon Mobil CORP | Stock-Energy | 1.97% | -0.82% | -1.57% | |
| 10 | OKE | Oneok Inc | Stock-Energy | 1.90% | -0.49% | -7.67% | |
| 11 | UBER | Uber Technologies Inc | Stock-Industrials | 1.76% | -0.29% | -4.55% | |
| 12 | LLY | Eli Lilly & Co | Stock-Healthcare | 1.73% | -0.10% | -19.16% | |
| 13 | SN | SharkNinja, Inc. | Stock-Consumer Disc | 1.72% | +0.33% | -3.74% | |
| 14 | RHP | Ryman Hospitality Properties | Stock-Real Estate | 1.57% | +0.34% | +3.21% | |
| 15 | META | Meta Platforms Inc-class A | Stock-Comm Services | 1.47% | -0.25% | -2.95% | |
| 16 | HD | Home Depot Inc | Stock-Consumer Disc | 1.44% | -0.02% | +2.93% | |
| 17 | JPM | Jpmorgan Chase & Co | Stock-Financials | 1.43% | -0.01% | +0.01% | |
| 18 | JNJ | Johnson & Johnson | Stock-Healthcare | 1.34% | -0.16% | -3.76% | |
| 19 | C | Citigroup Inc | Stock-Financials | 1.33% | +0.07% | -4.46% | |
| 20 | AIR | Aar CORP | Stock-Industrials | 1.24% | +1.24% | NEW | |
| 21 | EXP | Eagle Materials Inc | Stock-Materials | 1.20% | +0.05% | -2.12% | |
| 22 | WULF | Terawulf Inc | Stock-Financials | 1.14% | +0.32% | -9.11% | |
| 23 | MSFT | Microsoft CORP | Stock-Tech | 1.12% | -0.34% | -14.73% | |
| 24 | TSM | Taiwan Semiconductor-sp Adr | Stock-Tech | 1.12% | +0.21% | -2.71% | |
| 25 | MRP | Millrose Properties | Stock-Real Estate | 1.10% | -0.03% | +1.61% | |
| 26 | UPS | United Parcel Service-cl B | Stock-Industrials | 1.06% | -0.03% | +0.27% | |
| 27 | AMAT | Applied Materials Inc | Stock-Tech | 1.02% | +0.49% | +2.40% | |
| 28 | WMT | Walmart Inc | Stock-Consumer Staples | 1.02% | -0.26% | -2.41% | |
| 29 | EXE | Expand Energy CORP | Stock-Energy | 1.01% | -0.25% | +8.25% | |
| 30 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 0.89% | +0.10% | +2.83% | |
| 31 | VIK | Viking Holdings Ltd | Stock-Consumer Disc | 0.83% | +0.49% | +91.57% | |
| 32 | FVR | Frontview Reit Inc | Stock-Other | 0.77% | +0.22% | +19.54% | |
| 33 | FWRG | First Watch Restaurant Group | Stock-Other | 0.76% | +0.11% | +6.30% | |
| 34 | COST | Costco Wholesale CORP | Stock-Consumer Staples | 0.75% | -0.19% | -4.81% | |
| 35 | MTZ | Mastec Inc | Stock-Industrials | 0.73% | -0.16% | -29.20% | |
| 36 | CSWC | Capital Southwest CORP | Stock-Other | 0.71% | -0.02% | +0.87% | |
| 37 | AVGO | Broadcom Inc | Stock-Tech | 0.67% | +0.13% | +13.09% | |
| 38 | POWL | Powell Industries Inc | Stock-Industrials | 0.65% | +0.02% | +117.39% | |
| 39 | XEL | Xcel Energy Inc | Stock-Utilities | 0.62% | -0.06% | +0.02% | |
| 40 | CLF | Cleveland-cliffs Inc | Stock-Materials | 0.59% | -0.16% | -21.40% | |
| 41 | BAC | Bank Of America CORP | Stock-Financials | 0.57% | -0.05% | -11.06% | |
| 42 | CRS | Carpenter Technology | Stock-Industrials | 0.54% | +0.10% | -12.79% | |
| 43 | ETD | Ethan Allen Interiors Inc | Stock-Other | 0.53% | +0.04% | +20.42% | |
| 44 | LUV | Southwest Airlines Co | Stock-Industrials | 0.53% | +0.31% | +93.90% | |
| 45 | T | At&t Inc | Stock-Comm Services | 0.51% | -0.30% | -1.45% | |
| 46 | MRK | Merck & Co. Inc. | Stock-Healthcare | 0.51% | +0.03% | +11.31% | |
| 47 | AXP | American Express Co | Stock-Financials | 0.50% | — | +0.02% | |
| 48 | KEX | Kirby CORP | Stock-Industrials | 0.49% | -0.13% | -14.05% | |
| 49 | WFC | Wells Fargo & Co | Stock-Financials | 0.49% | -0.10% | -9.49% | |
| 50 | AMGN | Amgen Inc | Stock-Healthcare | 0.49% | -0.05% | -2.14% |
1–50 of 125
💡
Data Source Notice: AlphaSMO is the web's most authoritative 13F / Inside Trader database. Institutional holdings and insider trades presented here are precisely computed to deliver accurate portfolio reporting.
Portfolio Performance
Performance for Q3 2026
+2.5%
Performance Last 4 Quarters
+21.5%
- Stdev
- +15.6%
- Beta
- +1.07
- Alpha
- +1.3%
- Max Drawdown
- -12.8%
- Annualized Perf
- +23.8%
- Batting Avg vs S&P
- +44.4%
- Sortino
- +2.88
- Stutzer
- +0.43
- Treynor
- +0.21
- Sterling
- +1.36
- Calmar
- +1.86
- Information Ratio
- +0.38
- Tracking Error
- +7.2%
- Stdev Down
- +7.9%
- Winning Months %
- +72.2%
- Losing Months %
- +27.8%
- Best 12 Months
- +49.8%
- Worst 12 Months
- +7.5%
- Efficiency Ratio
- +0.62
- Sharpe
- +1.46
- Stdev Sectors
- +8%
- Skewness
- -0.12
- Kurtosis
- -0.5
- Upside Potential
- +4.51
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2026 Q2 | 125 | $302.6M | 25 | ||
| 2026 Q1 | 118 | $270.3M | 26 | ||
| 2025 Q4 | 107 | $268.8M | 15 | ||
| 2025 Q3 | 113 | $266.9M | 41 | ||
| 2025 Q2 | 123 | $253.0M | 0 | ||
| 2025 Q1 | 113 | $239.3M | 100 | ||
| 2024 Q4 | 112 | $245.4M | 0 | ||
| 2024 Q3 | 119 | $239.3M | 0 | ||
| 2024 Q2 | 117 | $227.8M | 0 | ||
| 2024 Q1 | 118 | $217.4M | 0 | ||
| 2023 Q4 | 122 | $194.1M | 0 | ||
| 2023 Q3 | 137 | $436.7M | 0 | ||
| 2023 Q2 | 123 | $179.3M | 0 | ||
| 2023 Q1 | 120 | $169.5M | 0 | ||
| 2022 Q4 | 116 | $165.9M | 0 | ||
| 2022 Q3 | 114 | $145.5M | 0 | ||
| 2022 Q2 | 112 | $148.4M | 0 | ||
| 2022 Q1 | 121 | $177.0M | 0 | ||
| 2021 Q4 | 117 | $152.5M | 0 | ||
| 2021 Q3 | 119 | $144.9M | 0 | ||
| 2021 Q2 | 114 | $152.6M | 87 | ||
| 2021 Q1 | 105 | $117.6M | 36 | ||
| 2020 Q4 | 98 | $110.8M | 30 | ||
| 2020 Q3 | 83 | $88.9M | 37 | ||
| 2020 Q1 | 72 | $71.7M | 53 | ||
| 2019 Q4 | 84 | $117.2M | 18 | ||
| 2019 Q3 | 85 | $112.8M | 21 | ||
| 2019 Q2 | 85 | $114.3M | 94 | ||
| 2019 Q1 | 92 | $139.1M | 25 | ||
| 2018 Q4 | 98 | $120.0M | 34 | ||
| 2018 Q3 | 101 | $160.1M | 21 | ||
| 2018 Q2 | 103 | $156.4M | 20 | ||
| 2018 Q1 | 108 | $153.1M | 79 | ||
| 2017 Q4 | 143 | $157.3M | 82 | ||
| 2017 Q3 | 106 | $144.3M | 23 | ||
| 2017 Q2 | 109 | $136.9M | 19 | ||
| 2017 Q1 | 109 | $143.4M | 21 | ||
| 2016 Q4 | 106 | $146.1M | 21 | ||
| 2016 Q3 | 108 | $134.8M | 24 | ||
| 2016 Q2 | 110 | $129.5M | 19 | ||
| 2016 Q1 | 105 | $123.6M | 12 | ||
| 2015 Q4 | 101 | $122.1M | 14 | ||
| 2015 Q3 | 104 | $121.6M | 21 | ||
| 2015 Q2 | 111 | $138.7M | 21 | ||
| 2015 Q1 | 101 | $143.4M | 21 | ||
| 2014 Q4 | 105 | $153.7M | 19 | ||
| 2014 Q3 | 112 | $168.4M | 18 | ||
| 2014 Q2 | 107 | $166.4M | 18 | ||
| 2014 Q1 | 95 | $149.8M | 25 | ||
| 2013 Q4 | 94 | $149.2M | 22 | ||
| 2013 Q3 | 94 | $131.0M | 22 | ||
| 2013 Q2 | 86 | $129.8M | 0 |
Holding changes this quarter
First Dallas Securities Inc.'s most significant position changes for 2026-06-30: New buy: Aar CORP (AIR); Sold out: Intl Business Machines CORP (IBM); New buy: Kimberly-clark CORP (KMB); New buy: Alphabet Inc-cl A (GOOGL); Sold out: Arcosa Inc (ACA).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | AIR | Aar CORP | +1.2% | NEW | New buy |
| 2 | MU | Micron Technology Inc | +1.2% | -28.32% | Trim |
| 3 | CAT | Caterpillar Inc | +0.6% | -6.53% | Trim |
| 4 | AMAT | Applied Materials Inc | +0.5% | +2.40% | Add |
| 5 | VIK | Viking Holdings Ltd | +0.5% | +91.57% | Add |
| 6 | NVDA | Nvidia CORP | +0.5% | +0.94% | Add |
| 7 | KMB | Kimberly-clark CORP | +0.4% | NEW | New buy |
| 8 | GOOGL | Alphabet Inc-cl A | +0.4% | NEW | New buy |
| 9 | TWLO | Twilio Inc - A | +0.4% | +250.00% | Add |
| 10 | AMZN | Amazon.com Inc | +0.3% | +8.64% | Add |
| 11 | RHP | Ryman Hospitality Properties | +0.3% | +3.21% | Add |
| 12 | SN | SharkNinja, Inc. | +0.3% | -3.74% | Trim |
| 13 | NVO | Novo-nordisk A/s-spons Adr | +0.3% | NEW | New buy |
| 14 | WULF | Terawulf Inc | +0.3% | -9.11% | Trim |
| 15 | LUV | Southwest Airlines Co | +0.3% | +93.90% | Add |
| 16 | GE | General Electric | +0.3% | +233.37% | Add |
| 17 | TSCO | Tractor Supply Company | +0.3% | NEW | New buy |
| 18 | DELL | Dell Technologies -c | +0.2% | -9.22% | Trim |
| 19 | FVR | Frontview Reit Inc | +0.2% | +19.54% | Add |
| 20 | TSM | Taiwan Semiconductor-sp Adr | +0.2% | -2.71% | Trim |
| 21 | SAIL | Sailpoint Inc | +0.2% | NEW | New buy |
| 22 | PODD | Insulet CORP | +0.2% | NEW | New buy |
| 23 | PANW | Palo Alto Networks Inc | +0.2% | -3.22% | Trim |
| 24 | OC | Owens Corning | +0.2% | NEW | New buy |
| 25 | AAPL | Apple Inc | +0.1% | +0.27% | Add |
| 26 | AVGO | Broadcom Inc | +0.1% | +13.09% | Add |
| 27 | IPGP | Ipg Photonics CORP | +0.1% | +107.34% | Add |
| 28 | ULTA | Ulta Beauty Inc | +0.1% | NEW | New buy |
| 29 | CECO | Ceco Environmental CORP | +0.1% | NEW | New buy |
| 30 | FWRG | First Watch Restaurant Group | +0.1% | +6.30% | Add |
| 31 | MTN | Vail Resorts Inc | +0.1% | +44.57% | Add |
| 32 | UAL | United Airlines Holdings Inc | +0.1% | NEW | New buy |
| 33 | GOOG | Alphabet Inc-cl C | +0.1% | +2.83% | Add |
| 34 | CRS | Carpenter Technology | +0.1% | -12.79% | Trim |
| 35 | AAL | American Airlines Group Inc | +0.1% | NEW | New buy |
| 36 | RIVN | Rivian Automotive Inc-a | +0.1% | NEW | New buy |
| 37 | CRK | Comstock Resources Inc | +0.1% | NEW | New buy |
| 38 | ✓ | +0.1% | NEW | New buy | |
| 39 | ✓ | +0.1% | NEW | New buy | |
| 40 | VPG | Vishay Precision Group | +0.1% | NEW | New buy |
| 41 | C | Citigroup Inc | +0.1% | -4.46% | Trim |
| 42 | COF | Capital One Financial CORP | +0.1% | NEW | New buy |
| 43 | PG | Procter & Gamble Co/the | +0.1% | NEW | New buy |
| 44 | EXP | Eagle Materials Inc | +0.1% | -2.12% | Trim |
| 45 | ETD | Ethan Allen Interiors Inc | 0% | +20.42% | Add |
| 46 | TXN | Texas Instruments Inc | 0% | +0.06% | Add |
| 47 | MRK | Merck & Co. Inc. | 0% | +11.31% | Add |
| 48 | GS | Goldman Sachs Group Inc | 0% | — | Unchanged |
| 49 | URI | United Rentals Inc | 0% | — | Unchanged |
| 50 | POWL | Powell Industries Inc | 0% | +117.39% | Add |
1–50 of 137
Filing History
FAQ
What is First Dallas Securities Inc. and what type of investor is it?
First Dallas Securities 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 (2026-06-30), the firm manages a tracked equity portfolio valued at approximately $302.6M, spread across 125 disclosed positions.
What are First Dallas Securities Inc.'s largest equity positions?
Based on the latest 13F filing, First Dallas Securities Inc.'s top holdings by market value are:
1. Nvidia CORP (NVDA) — $41.7M (13.8%)
2. Texas Pacific Land CORP (TPL) — $25.0M (8.3%)
3. Apple Inc (AAPL) — $19.5M (6.4%)
4. Amazon.com Inc (AMZN) — $10.3M (3.4%)
5. Caterpillar Inc (CAT) — $8.6M (2.9%)
What changes did First Dallas Securities Inc. make in its most recent portfolio filing?
In the latest reported quarter, First Dallas Securities Inc. made 125 notable position adjustments: 19 new positions were initiated, 37 existing holdings were added to, 57 positions were partially reduced, and 12 were completely exited. The largest of these moves: New buy: Aar CORP (AIR); Sold out: Intl Business Machines CORP (IBM); New buy: Kimberly-clark CORP (KMB); New buy: Alphabet Inc-cl A (GOOGL); Sold out: Arcosa Inc (ACA)
What sectors does First Dallas Securities Inc. focus on?
First Dallas Securities Inc. is concentrated in the following sectors based on its current disclosed equity portfolio:
• Information Technology: 30.1%
• Industrials: 15.3%
• Energy: 14.6%
• Consumer Discretionary: 10.1%
• Financials: 7.5%
• Health Care: 5.2%
Investment Profile
First Dallas Securities Inc. returned an annualized 23.8% over the trailing 36 months — outperforming the S&P 500 by 1.3 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 1.07 (roughly in line with the market) and a 44% quarterly batting average against the index.
Its portfolio is broadly diversified and moderately active, with 30.1% of the portfolio concentrated in Information Technology.
Its turnover score has risen from 0 to 25 over the past 4 quarters — a shift toward more active trading.
It has added to its CAT position over the past two quarters (+$3.1M, now $8.6M), while trimming MSFT over the same stretch (-$4.5M, still holding $3.4M).
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Developer Access
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REST API
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