CULLEN/FROST BANKERS, INC.

FundStock

CIK 0000039263 · Q2 2026

13F Equity AUM

$10.1B

+15.2% QoQ

Positions

1,220

+31 QoQ

AUM Rank

#510

Top 6%

Skill Alpha (FF)

-0.8%/yr^ns

No Clear Edge

Rank #3,996 · Top 48%

vs S&P -1.0%/yr (unadj.)

Quarters Tracked

~13 years

Portfolio Concentration

Top 5: 19.8%Top 10: 31.5%Top 20: 46.5%

AAPL5.4%

PVAL4.3%

VUG3.5%

MSFT3.3%

NVDA3.2%

EMXC3.1%

GOOGL2.3%

AMZN2.1%

EFA2.1%

AVGO2.0%

Others (1210)68.5%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Financial Services41.6%

Technology23.8%

Communication Services6.8%

Healthcare6.5%

Consumer Cyclical6.1%

Industrials4.4%

Consumer Defensive3.1%

Energy2.4%

Other5.3%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 1220Median: 0.00%Avg: 0.08%

0–0.5%

1178(36.8%)

0.5–1%

17(11.3%)

1–3%

19(29.0%)

3–5%

5(17.6%)

5%+

1(5.4%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 0Unique: 1,220vs 20 funds

0%Low

1,220

Fund positions

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

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Position Changes This Quarter

New124Increased601Decreased408Exited98

New Positions

HONEYWELL AEROSPACE …0.1%

+54K

HONEYWELL INTL INC C…0.1%

+54K

WST0.1%

+23K

SPACE EXPLORATION TE…0.1%

+39K

DUPONT DE NEMOURS IN…0.0%

+15K

CGHY0.0%

+28K

DGRE0.0%

+501

IQDF0.0%

+1K

USTB0.0%

+367

MGA0.0%

+1K

Increased

VUG3.5%

+3.5M(+537%)

VO1.3%

+1.2M(+275%)

CGDV0.6%

+1.1M(+731%)

IWF1.6%

+961K(+294%)

PVAL4.3%

+886K(+11%)

EMXC3.1%

+542K(+21%)

KLAC1.0%

+306K(+965%)

BKNG0.3%

+165K(+2347%)

VWO0.5%

+107K(+15%)

T0.1%

+88K(+14%)

Decreased

BSX0.0%

-258,460(-76%)

BIRK0.0%

-193,951(-96%)

SCHD0.4%

-165,748(-10%)

BMY0.0%

-127,141(-69%)

IWP1.7%

-85,784(-7%)

AMZN2.1%

-60,577(-6%)

IJJ1.1%

-56,918(-7%)

SLB0.0%

-54,983(-77%)

BSM0.0%

-47,187(-38%)

CHD0.0%

-45,746(-91%)

Exited

HON

-106,682

-46,304

-5

-87

-1,500

-1,779

-198

-250

-333

-30

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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