CIK: 0000036029
Total reported value
$5.0B
Reporting period: 2026-03-31 · Number of holdings: 201
First Financial Bankshares Inc disclosed 201 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $5.0B and a quarterly turnover rate of 15.7%.
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First Financial Bankshares Inc's disclosed holdings carry a Herfindahl concentration index of 0.023 — mathematically equivalent to about 44 equally-sized positions, well below its 201 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 1.88), 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.
Trim MSFT
+10.0% -$48.2M
Trim VOO
-83.6% -$41.3M
Trim JPM
-8.7% -$39.5M
Trim GOOGL
-9.8% -$37.8M
Add CVX
+0.6% $35.5M
Trim WMT
-65.0% -$32.8M
Showing top 200 holdings (of 201 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | MSFT | Microsoft CORP | Stock-Tech | 5.19% | -0.96% | +10.01% | |
| 2 | AVGO | Broadcom INC | Stock-Tech | 4.38% | -0.45% | +1.13% | |
| 3 | JPM | Jpmorgan Chase & Co | Stock-Financials | 4.00% | -0.78% | -8.68% | |
| 4 | BND | Vanguard Total Bond Market | ETF-Other | 3.95% | — | +0.38% | |
| 5 | IJH | Ishares Core S&p Midcap ETF | ETF-Other | 3.91% | — | -1.90% | |
| 6 | AAPL | Apple INC | Stock-Tech | 3.76% | -0.23% | +0.56% | |
| 7 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 3.69% | -0.75% | -9.84% | |
| 8 | JNJ | Johnson & Johnson | Stock-Healthcare | 3.11% | +0.15% | -11.28% | |
| 9 | VEA | Vanguard Ftse Developed ETF | ETF-Other | 2.72% | — | -0.55% | |
| 10 | CVX | Chevron CORP | Stock-Energy | 2.68% | +0.73% | +0.58% | |
| 11 | WMB | Williams Cos INC | Stock-Energy | 2.11% | +0.37% | -0.58% | |
| 12 | MCD | Mcdonald's CORP | Stock-Consumer Disc | 2.01% | — | +0.13% | |
| 13 | NEE | Nextera Energy INC | Stock-Utilities | 1.87% | +0.27% | +0.80% | |
| 14 | BX | Blackstone INC | Stock-Financials | 1.81% | -0.47% | +6.16% | |
| 15 | MRK | Merck & Co. INC. | Stock-Healthcare | 1.81% | +0.27% | +2.07% | |
| 16 | NVDA | Nvidia CORP | Stock-Tech | 1.76% | — | +5.29% | |
| 17 | PEP | Pepsico INC | Stock-Consumer Staples | 1.74% | +0.19% | +3.11% | |
| 18 | AEP | American Electric Power | Stock-Utilities | 1.73% | +0.23% | +0.94% | |
| 19 | BAC | Bank Of America CORP | Stock-Financials | 1.72% | -0.18% | +1.71% | |
| 20 | VCSH | Vanguard S/t CORP Bond ETF | ETF-Corp Bonds | 1.68% | — | +2.38% | |
| 21 | KO | Coca-cola Co/the | Stock-Consumer Staples | 1.67% | +0.14% | -0.15% | |
| 22 | META | Meta Platforms Inc-class A | Stock-Comm Services | 1.67% | -0.22% | +1.52% | |
| 23 | HON | Honeywell International INC | Stock-Industrials | 1.66% | +0.23% | -0.01% | |
| 24 | CSCO | Cisco Systems INC | Stock-Tech | 1.66% | — | +0.36% | |
| 25 | AMZN | Amazon.com INC | Stock-Consumer Disc | 1.66% | +0.09% | +16.63% | |
| 26 | AMGN | Amgen INC | Stock-Healthcare | 1.58% | +0.12% | -0.07% | |
| 27 | VGSH | Vanguard Short-term Treasury | ETF-Gov Bonds | 1.57% | — | +2.23% | |
| 28 | ETN | Eaton Corporation plc | Stock-Industrials | 1.52% | -0.11% | -17.24% | |
| 29 | C | Citigroup INC | Stock-Financials | 1.48% | — | -0.42% | |
| 30 | AMT | American Tower CORP | Stock-Real Estate | 1.38% | +0.48% | +54.59% | |
| 31 | BLK | Blackrock INC | Stock-Financials | 1.34% | -0.14% | +0.43% | |
| 32 | LMT | Lockheed Martin CORP | Stock-Industrials | 1.32% | +0.26% | -0.01% | |
| 33 | COP | Conocophillips | Stock-Energy | 1.29% | +0.18% | -18.03% | |
| 34 | MDT | Medtronic plc | Stock-Healthcare | 1.26% | -0.11% | +1.54% | |
| 35 | LHX | L3harris Technologies INC | Stock-Industrials | 1.18% | +0.18% | -0.72% | |
| 36 | VWO | Vanguard Ftse Emerging Marke | ETF-Emerging Markets | 1.04% | — | +0.40% | |
| 37 | MU | Micron Technology INC | Stock-Tech | 0.99% | -0.63% | -48.65% | |
| 38 | MDLZ | Mondelez International Inc-a | Stock-Consumer Staples | 0.98% | +0.13% | +7.95% | |
| 39 | NI | Nisource INC | Stock-Utilities | 0.94% | +0.09% | -0.82% | |
| 40 | VMBS | Vanguard Mortgage-backed Sec | ETF-Other | 0.89% | — | -0.94% | |
| 41 | NOW | Servicenow INC | Stock-Tech | 0.89% | +0.13% | +69.92% | |
| 42 | SEIC | Sei Investments Company | Stock-Financials | 0.88% | +0.88% | NEW | |
| 43 | HD | Home Depot INC | Stock-Consumer Disc | 0.87% | — | +2.53% | |
| 44 | XLU | St Sr Utl Sl Se Spdr Etf-usd | ETF-Other | 0.84% | — | -1.82% | |
| 45 | RF | Regions Financial CORP | Stock-Financials | 0.75% | +0.29% | +67.76% | |
| 46 | UNP | Union Pacific CORP | Stock-Industrials | 0.71% | — | +0.90% | |
| 47 | NVS | Novartis Ag-sponsored Adr | Stock-Healthcare | 0.71% | +0.09% | +2.70% | |
| 48 | MA | Mastercard INC - A | Stock-Financials | 0.68% | -0.12% | -3.26% | |
| 49 | KRE | Ss Spdr S&p Regional Bank | ETF-Other | 0.62% | — | -4.71% | |
| 50 | IJR | Ishares Core S&p Small-cap E | ETF-Small Cap | 0.58% | — | +0.36% |
Performance for Q3 2026
+3.1%
Performance Last 4 Quarters
+24.1%
Based on 82% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 201 | $5.0B | 16 | |
| 2025-12-31 | 212 | $5.0B | 13 | |
| 2025-09-30 | 234 | $4.9B | 39 | |
| 2025-06-30 | 205 | $4.5B | 0 | |
| 2025-03-31 | 172 | $4.6B | 0 | |
| 2024-12-31 | 170 | $4.6B | 0 | |
| 2024-09-30 | 181 | $4.8B | 0 | |
| 2024-06-30 | 176 | $4.4B | 0 | |
| 2024-03-31 | 193 | $4.4B | 0 | |
| 2023-12-31 | 188 | $4.2B | 0 |
First Financial Bankshares Inc's most significant position changes for 2026-03-31: New buy: Sei Investments Company (SEIC); New buy: Encompass Health CORP (EHC); Sold out: Avalonbay Communities INC (AVB); Sold out: Flotek Industries INC (FTK); New buy: Atlassian Corp-cl A (TEAM).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | CVX | Chevron CORP | +0.7% | +0.58% | Add |
| 2 | AMT | American Tower CORP | +0.5% | +54.59% | Add |
| 3 | BRK-B | Berkshire Hathaway Inc-cl B | +0.4% | +2082.43% | Add |
| 4 | WMB | Williams Cos INC | +0.4% | -0.58% | Trim |
| 5 | RF | Regions Financial CORP | +0.3% | +67.76% | Add |
| 6 | NEE | Nextera Energy INC | +0.3% | +0.80% | Add |
| 7 | MRK | Merck & Co. INC. | +0.3% | +2.07% | Add |
| 8 | LMT | Lockheed Martin CORP | +0.3% | -0.01% | Trim |
| 9 | BKNG | Booking Holdings INC | +0.2% | +313.13% | Add |
| 10 | HON | Honeywell International INC | +0.2% | -0.01% | Trim |
| 11 | AEP | American Electric Power | +0.2% | +0.94% | Add |
| 12 | PEP | Pepsico INC | +0.2% | +3.11% | Add |
| 13 | ACDC | Profrac Holding Corp-a | +0.2% | -0.58% | Trim |
| 14 | COP | Conocophillips | +0.2% | -18.03% | Trim |
| 15 | LHX | L3harris Technologies INC | +0.2% | -0.72% | Trim |
| 16 | JNJ | Johnson & Johnson | +0.2% | -11.28% | Trim |
| 17 | KO | Coca-cola Co/the | +0.1% | -0.15% | Trim |
| 18 | MDLZ | Mondelez International Inc-a | +0.1% | +7.95% | Add |
| 19 | NOW | Servicenow INC | +0.1% | +69.92% | Add |
| 20 | AMGN | Amgen INC | +0.1% | -0.07% | Trim |
| 21 | O | Realty Income CORP | +0.1% | +34.74% | Add |
| 22 | NI | Nisource INC | +0.1% | -0.82% | Trim |
| 23 | NVS | Novartis Ag-sponsored Adr | +0.1% | +2.70% | Add |
| 24 | AMZN | Amazon.com INC | +0.1% | +16.63% | Add |
| 25 | BIL | Ss Spdr Bb 1-3m T-bill ETF | +0.1% | +574.67% | Add |
| 26 | PFE | Pfizer INC | +0.1% | +16.61% | Add |
| 27 | XOM | Exxon Mobil CORP | +0.1% | +3.87% | Add |
| 28 | SPGI | S&p Global INC | -0.1% | +0.39% | Add |
| 29 | GOOG | Alphabet Inc-cl C | -0.1% | -54.89% | Trim |
| 30 | ORCL | Oracle CORP | -0.1% | +5.32% | Add |
| 31 | MDT | Medtronic plc | -0.1% | +1.54% | Add |
| 32 | ETN | Eaton Corporation plc | -0.1% | -17.24% | Trim |
| 33 | MA | Mastercard INC - A | -0.1% | -3.26% | Trim |
| 34 | BLK | Blackrock INC | -0.1% | +0.43% | Add |
| 35 | BAC | Bank Of America CORP | -0.2% | +1.71% | Add |
| 36 | META | Meta Platforms Inc-class A | -0.2% | +1.52% | Add |
| 37 | AAPL | Apple INC | -0.2% | +0.56% | Add |
| 38 | AVGO | Broadcom INC | -0.5% | +1.13% | Add |
| 39 | BX | Blackstone INC | -0.5% | +6.16% | Add |
| 40 | MU | Micron Technology INC | -0.6% | -48.65% | Trim |
| 41 | WMT | Walmart INC | -0.7% | -64.95% | Trim |
| 42 | GOOGL | Alphabet Inc-cl A | -0.8% | -9.84% | Trim |
| 43 | JPM | Jpmorgan Chase & Co | -0.8% | -8.68% | Trim |
| 44 | VOO | Vanguard S&p 500 ETF | -0.8% | -83.62% | Trim |
| 45 | MSFT | Microsoft CORP | -1% | +10.01% | Add |
| 46 | SEIC | Sei Investments Company | — | NEW | New buy |
| 47 | EHC | Encompass Health CORP | — | NEW | New buy |
| 48 | AVB | Avalonbay Communities INC | — | EXIT | Sold out |
| 49 | FTK | Flotek Industries INC | — | EXIT | Sold out |
| 50 | TEAM | Atlassian Corp-cl A | — | NEW | New buy |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-11 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-12 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-10 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-14 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-15 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-11 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-10-24 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-13 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-14 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-14 | 13F-HR | View on EDGAR |
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