CIK: 0001378559
Total reported value
$270.3M
Reporting period: 2026-03-31 · Number of holdings: 118
First Dallas Securities Inc. disclosed 118 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $270.3M and a quarterly turnover rate of 25.7%.
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First Dallas Securities Inc.'s disclosed holdings carry a Herfindahl concentration index of 0.042 — mathematically equivalent to about 24 equally-sized positions, well below its 118 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 1.99), 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.
Add TPL
-7.9% $9.7M
Trim MSFT
-34.6% -$3.9M
Trim ABBV
-75.2% -$2.8M
Trim NVDA
+0.9% -$2.1M
Trim UNH
-88.9% -$2.3M
Add XOM
-4.8% $1.9M
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | NVDA | Nvidia CORP | Stock-Tech | 13.33% | -0.87% | +0.94% | |
| 2 | TPL | Texas Pacific Land CORP | Stock-Energy | 10.46% | +3.55% | -7.89% | |
| 3 | AAPL | Apple INC | Stock-Tech | 6.31% | -0.57% | -1.25% | |
| 4 | AMZN | Amazon.com INC | Stock-Consumer Disc | 3.06% | -0.38% | -0.77% | |
| 5 | XOM | Exxon Mobil CORP | Stock-Energy | 2.79% | +0.70% | -4.79% | |
| 6 | FCX | Freeport-mcmoran INC | Stock-Materials | 2.71% | +0.20% | -6.01% | |
| 7 | OKE | Oneok INC | Stock-Energy | 2.39% | +0.38% | -2.71% | |
| 8 | BA | Boeing Co/the | Stock-Industrials | 2.39% | -0.17% | +2.35% | |
| 9 | CAT | Caterpillar INC | Stock-Industrials | 2.27% | +0.20% | -10.71% | |
| 10 | UBER | Uber Technologies INC | Stock-Industrials | 2.05% | -0.36% | -2.77% | |
| 11 | LLY | Eli Lilly & Co | Stock-Healthcare | 1.83% | -0.47% | -6.28% | |
| 12 | META | Meta Platforms Inc-class A | Stock-Comm Services | 1.72% | -0.36% | -3.99% | |
| 13 | JNJ | Johnson & Johnson | Stock-Healthcare | 1.50% | +0.61% | +44.10% | |
| 14 | MSFT | Microsoft CORP | Stock-Tech | 1.46% | -1.48% | -34.62% | |
| 15 | HD | Home Depot INC | Stock-Consumer Disc | 1.46% | — | +6.91% | |
| 16 | JPM | Jpmorgan Chase & Co | Stock-Financials | 1.44% | -0.14% | +0.39% | |
| 17 | SN | SharkNinja, Inc. | Stock-Consumer Disc | 1.39% | -0.27% | -11.26% | |
| 18 | WMT | Walmart INC | Stock-Consumer Staples | 1.28% | — | -1.15% | |
| 19 | C | Citigroup INC | Stock-Financials | 1.26% | +0.12% | +14.86% | |
| 20 | EXE | Expand Energy CORP | Stock-Energy | 1.26% | +0.12% | +11.99% | |
| 21 | RHP | Ryman Hospitality Properties | Stock-Real Estate | 1.23% | +0.16% | +18.38% | |
| 22 | EXP | Eagle Materials INC | Stock-Materials | 1.15% | — | +4.78% | |
| 23 | MRP | Millrose Properties | Stock-Real Estate | 1.13% | — | -3.15% | |
| 24 | WHR | Whirlpool CORP | Stock-Consumer Disc | 1.10% | — | +44.64% | |
| 25 | UPS | United Parcel Service-cl B | Stock-Industrials | 1.09% | +0.51% | +91.45% | |
| 26 | MU | Micron Technology INC | Stock-Tech | 0.99% | -0.38% | -38.30% | |
| 27 | COST | Costco Wholesale CORP | Stock-Consumer Staples | 0.94% | +0.14% | +2.20% | |
| 28 | TSM | Taiwan Semiconductor-sp Adr | Stock-Tech | 0.91% | — | -20.25% | |
| 29 | MTZ | Mastec INC | Stock-Industrials | 0.89% | +0.21% | -10.18% | |
| 30 | WULF | Terawulf INC | Stock-Financials | 0.82% | — | -14.58% | |
| 31 | T | At&t INC | Stock-Comm Services | 0.81% | — | -0.77% | |
| 32 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 0.79% | — | +3.71% | |
| 33 | DKNG | Draftkings Inc-cl A | Stock-Consumer Disc | 0.77% | -0.66% | -13.38% | |
| 34 | CLF | Cleveland-cliffs INC | Stock-Materials | 0.75% | -0.45% | -1.11% | |
| 35 | CSWC | Capital Southwest CORP | Stock-Other | 0.73% | — | -0.24% | |
| 36 | XEL | Xcel Energy INC | Stock-Utilities | 0.68% | — | -2.09% | |
| 37 | FWRG | First Watch Restaurant Group | Stock-Other | 0.65% | +0.43% | +327.56% | |
| 38 | POWL | Powell Industries INC | Stock-Industrials | 0.63% | +0.23% | -7.35% | |
| 39 | KEX | Kirby CORP | Stock-Industrials | 0.63% | -0.44% | -51.07% | |
| 40 | BAC | Bank Of America CORP | Stock-Financials | 0.62% | — | -4.95% | |
| 41 | WFC | Wells Fargo & Co | Stock-Financials | 0.59% | — | +1.03% | |
| 42 | FVR | Frontview Reit INC | Stock-Other | 0.55% | +0.43% | +344.21% | |
| 43 | AVGO | Broadcom INC | Stock-Tech | 0.54% | +0.36% | +245.62% | |
| 44 | AMGN | Amgen INC | Stock-Healthcare | 0.54% | — | +2.47% | |
| 45 | PR | Permian Resources Corp-cl A | Stock-Energy | 0.54% | +0.15% | -8.95% | |
| 46 | AEP | American Electric Power | Stock-Utilities | 0.53% | — | +0.42% | |
| 47 | AMAT | Applied Materials INC | Stock-Tech | 0.53% | +0.53% | NEW | |
| 48 | CMC | Commercial Metals Co | Stock-Industrials | 0.51% | — | -3.94% | |
| 49 | AXP | American Express Co | Stock-Financials | 0.50% | -0.16% | -7.48% | |
| 50 | ETD | Ethan Allen Interiors INC | Stock-Other | 0.49% | — | +35.08% |
Performance for Q3 2026
+3.7%
Performance Last 4 Quarters
+23.9%
Based on 71% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 118 | $270.3M | 26 | |
| 2025-12-31 | 107 | $268.8M | 15 | |
| 2025-09-30 | 113 | $266.9M | 41 | |
| 2025-06-30 | 123 | $253.0M | 0 | |
| 2025-03-31 | 113 | $239.3M | 100 | |
| 2024-12-31 | 112 | $245.4M | 0 | |
| 2024-09-30 | 119 | $239.3M | 0 | |
| 2024-06-30 | 117 | $227.8M | 0 | |
| 2024-03-31 | 118 | $217.4M | 0 | |
| 2023-12-31 | 122 | $194.1M | 0 | |
| 2023-09-30 | 137 | $436.7M | 0 | |
| 2023-06-30 | 123 | $179.3M | 0 | |
| 2023-03-31 | 120 | $169.5M | 0 | |
| 2022-12-31 | 116 | $165.9M | 0 | |
| 2022-09-30 | 114 | $145.5M | 0 | |
| 2022-06-30 | 112 | $148.4M | 0 | |
| 2022-03-31 | 121 | $177.0M | 0 | |
| 2021-12-31 | 117 | $152.5M | 0 | |
| 2021-09-30 | 119 | $144.9M | 0 | |
| 2021-06-30 | 114 | $152.6M | 87 | |
| 2021-03-31 | 105 | $117.6M | 36 | |
| 2020-12-31 | 98 | $110.8M | 30 | |
| 2020-09-30 | 83 | $88.9M | 37 | |
| 2020-03-31 | 72 | $71.7M | 53 | |
| 2019-12-31 | 84 | $117.2M | 18 | |
| 2019-09-30 | 85 | $112.8M | 21 | |
| 2019-06-30 | 85 | $114.3M | 94 | |
| 2019-03-31 | 92 | $139.1M | 25 | |
| 2018-12-31 | 98 | $120.0M | 34 | |
| 2018-09-30 | 101 | $160.1M | 21 | |
| 2018-06-30 | 103 | $156.4M | 20 | |
| 2018-03-31 | 108 | $153.1M | 79 | |
| 2017-12-31 | 143 | $157.3M | 82 | |
| 2017-09-30 | 106 | $144.3M | 23 | |
| 2017-06-30 | 109 | $136.9M | 19 | |
| 2017-03-31 | 109 | $143.4M | 21 | |
| 2016-12-31 | 106 | $146.1M | 21 | |
| 2016-09-30 | 108 | $134.8M | 24 | |
| 2016-06-30 | 110 | $129.5M | 19 | |
| 2016-03-31 | 105 | $123.6M | 12 | |
| 2015-12-31 | 101 | $122.1M | 14 | |
| 2015-09-30 | 104 | $121.6M | 21 | |
| 2015-06-30 | 111 | $138.7M | 21 | |
| 2015-03-31 | 101 | $143.4M | 21 | |
| 2014-12-31 | 105 | $153.7M | 19 | |
| 2014-09-30 | 112 | $168.4M | 18 | |
| 2014-06-30 | 107 | $166.4M | 18 | |
| 2014-03-31 | 95 | $149.8M | 25 | |
| 2013-12-31 | 94 | $149.2M | 22 | |
| 2013-09-30 | 94 | $131.0M | 22 | |
| 2013-06-30 | 86 | $129.8M | 0 |
First Dallas Securities Inc.'s most significant position changes for 2026-03-31: New buy: Applied Materials INC (AMAT); New buy: Arcosa INC (ACA); New buy: Viking Holdings Ltd (VIK); New buy: Vail Resorts INC (MTN); Sold out: Visa Inc-class A Shares (V).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | TPL | Texas Pacific Land CORP | +3.6% | -7.89% | Trim |
| 2 | XOM | Exxon Mobil CORP | +0.7% | -4.79% | Trim |
| 3 | JNJ | Johnson & Johnson | +0.6% | +44.10% | Add |
| 4 | UPS | United Parcel Service-cl B | +0.5% | +91.45% | Add |
| 5 | FVR | Frontview Reit INC | +0.4% | +344.21% | Add |
| 6 | FWRG | First Watch Restaurant Group | +0.4% | +327.56% | Add |
| 7 | OKE | Oneok INC | +0.4% | -2.71% | Trim |
| 8 | AVGO | Broadcom INC | +0.4% | +245.62% | Add |
| 9 | NFLX | Netflix INC | +0.3% | +143.36% | Add |
| 10 | POWL | Powell Industries INC | +0.2% | -7.35% | Trim |
| 11 | MTZ | Mastec INC | +0.2% | -10.18% | Trim |
| 12 | FCX | Freeport-mcmoran INC | +0.2% | -6.01% | Trim |
| 13 | CAT | Caterpillar INC | +0.2% | -10.71% | Trim |
| 14 | RHP | Ryman Hospitality Properties | +0.2% | +18.38% | Add |
| 15 | PR | Permian Resources Corp-cl A | +0.2% | -8.95% | Trim |
| 16 | COST | Costco Wholesale CORP | +0.1% | +2.20% | Add |
| 17 | C | Citigroup INC | +0.1% | +14.86% | Add |
| 18 | EXE | Expand Energy CORP | +0.1% | +11.99% | Add |
| 19 | MMM | 3m Co | -0.1% | -29.20% | Trim |
| 20 | HPE | Hewlett Packard Enterprise | -0.1% | -37.38% | Trim |
| 21 | JPM | Jpmorgan Chase & Co | -0.1% | +0.39% | Add |
| 22 | AXP | American Express Co | -0.2% | -7.48% | Trim |
| 23 | BA | Boeing Co/the | -0.2% | +2.35% | Add |
| 24 | PLTR | Palantir Technologies Inc-a | -0.2% | -18.47% | Trim |
| 25 | VRT | Vertiv Holdings Co-a | -0.2% | -73.80% | Trim |
| 26 | GENI | Genius Sports Limited | -0.2% | -36.50% | Trim |
| 27 | SN | SharkNinja, Inc. | -0.3% | -11.26% | Trim |
| 28 | META | Meta Platforms Inc-class A | -0.4% | -3.99% | Trim |
| 29 | UBER | Uber Technologies INC | -0.4% | -2.77% | Trim |
| 30 | MU | Micron Technology INC | -0.4% | -38.30% | Trim |
| 31 | AMZN | Amazon.com INC | -0.4% | -0.77% | Trim |
| 32 | KEX | Kirby CORP | -0.4% | -51.07% | Trim |
| 33 | CLF | Cleveland-cliffs INC | -0.5% | -1.11% | Trim |
| 34 | LLY | Eli Lilly & Co | -0.5% | -6.28% | Trim |
| 35 | AAPL | Apple INC | -0.6% | -1.25% | Trim |
| 36 | DKNG | Draftkings Inc-cl A | -0.7% | -13.38% | Trim |
| 37 | VST | Vistra CORP | -0.7% | -72.84% | Trim |
| 38 | UNH | Unitedhealth Group INC | -0.9% | -88.94% | Trim |
| 39 | NVDA | Nvidia CORP | -0.9% | +0.94% | Add |
| 40 | ABBV | Abbvie INC | -1.1% | -75.18% | Trim |
| 41 | MSFT | Microsoft CORP | -1.5% | -34.62% | Trim |
| 42 | AMAT | Applied Materials INC | — | NEW | New buy |
| 43 | ACA | Arcosa INC | — | NEW | New buy |
| 44 | VIK | Viking Holdings Ltd | — | NEW | New buy |
| 45 | MTN | Vail Resorts INC | — | NEW | New buy |
| 46 | V | Visa Inc-class A Shares | — | EXIT | Sold out |
| 47 | GIL | Gildan Activewear INC | — | NEW | New buy |
| 48 | TTWO | Take-two Interactive Softwre | — | EXIT | Sold out |
| 49 | GM | General Motors Co | — | EXIT | Sold out |
| 50 | IPGP | Ipg Photonics CORP | — | NEW | New buy |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-04-27 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-11 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-05 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-07 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-16 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-01-24 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-18 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-02 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-04-16 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-13 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-11-14 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-08-07 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-15 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-03 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-10-21 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-07-28 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-05-12 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-07 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-10-06 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-07-06 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-05-26 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-02-01 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-10-15 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-05-04 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-02-04 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2019-11-14 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-08-22 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-05-17 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-02-11 | 13F-HR | View on EDGAR |
| 2018-09-30 | 2018-10-31 | 13F-HR | View on EDGAR |
| 2018-06-30 | 2018-07-31 | 13F-HR | View on EDGAR |
| 2018-03-31 | 2018-05-04 | 13F-HR | View on EDGAR |
| 2017-12-31 | 2018-02-07 | 13F-HR | View on EDGAR |
| 2017-09-30 | 2017-11-07 | 13F-HR | View on EDGAR |
| 2017-06-30 | 2017-08-14 | 13F-HR | View on EDGAR |
| 2017-03-31 | 2017-05-05 | 13F-HR | View on EDGAR |
| 2016-12-31 | 2017-01-11 | 13F-HR | View on EDGAR |
| 2016-09-30 | 2016-11-15 | 13F-HR | View on EDGAR |
| 2016-06-30 | 2016-07-26 | 13F-HR | View on EDGAR |
| 2016-03-31 | 2016-05-03 | 13F-HR | View on EDGAR |
| 2015-12-31 | 2016-01-27 | 13F-HR | View on EDGAR |
| 2015-09-30 | 2015-11-12 | 13F-HR | View on EDGAR |
| 2015-06-30 | 2015-07-27 | 13F-HR | View on EDGAR |
| 2015-03-31 | 2015-05-05 | 13F-HR | View on EDGAR |
| 2015-03-31 | 2015-05-05 | Amendment | View on EDGAR |
| 2014-12-31 | 2015-02-17 | 13F-HR | View on EDGAR |
| 2014-09-30 | 2014-11-12 | 13F-HR | View on EDGAR |
| 2014-06-30 | 2014-07-11 | 13F-HR | View on EDGAR |
| 2014-03-31 | 2014-04-15 | 13F-HR | View on EDGAR |
| 2013-12-31 | 2014-01-29 | 13F-HR | View on EDGAR |
| 2013-09-30 | 2013-11-13 | Amendment | View on EDGAR |
| 2013-09-30 | 2013-11-12 | 13F-HR | View on EDGAR |
| 2013-06-30 | 2013-08-15 | 13F-HR | View on EDGAR |
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