# First Dallas Securities Inc.

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1378559. Source: https://holderbook.com/funds/1378559-first-dallas-securities-inc/

- Reported value: $302.6M
- Positions: 125
- Weight of the ten largest: 45.7%
- Filed: 2026-08-03

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| NVIDIA CORPORATION | [NVDA](https://holderbook.com/stocks/NVDA/) | $41.7M | 208,547 | 13.8% | 25 |
| TEXAS PACIFIC LAND CORPORATI | [TPL](https://holderbook.com/stocks/TPL/) | $25.0M | 57,135 | 8.3% | 21 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $19.5M | 67,352 | 6.4% | 30 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $10.3M | 43,126 | 3.4% | 25 |
| CATERPILLAR INC | [CAT](https://holderbook.com/stocks/CAT/) | $8.6M | 8,087 | 2.8% | 30 |
| FREEPORT-MCMORAN INC | [FCX](https://holderbook.com/stocks/FCX/) | $7.7M | 122,137 | 2.5% | 22 |
| BOEING CO | [BA](https://holderbook.com/stocks/BA/) | $7.1M | 32,657 | 2.3% | 11 |
| MICRON TECHNOLOGY INC | [MU](https://holderbook.com/stocks/MU/) | $6.6M | 5,695 | 2.2% | 23 |
| EXXON MOBIL CORP | [XOMXXXX](https://holderbook.com/stocks/XOMXXXX/) | $6.0M | 43,692 | 2.0% | 30 |
| ONEOK INC NEW | [OKE](https://holderbook.com/stocks/OKE/) | $5.7M | 66,126 | 1.9% | 30 |
| UBER TECHNOLOGIES INC | [UBER](https://holderbook.com/stocks/UBER/) | $5.3M | 73,705 | 1.8% | 21 |
| ELI LILLY & CO | [LLY](https://holderbook.com/stocks/LLY/) | $5.2M | 4,359 | 1.7% | 11 |
| SHARKNINJA INC | [SN](https://holderbook.com/stocks/SN/) | $5.2M | 34,135 | 1.7% | 8 |
| RYMAN HOSPITALITY PPTYS INC | [RHP](https://holderbook.com/stocks/RHP/) | $4.8M | 37,068 | 1.6% | 5 |
| META PLATFORMS INC | [META](https://holderbook.com/stocks/META/) | $4.4M | 7,893 | 1.5% | 11 |
| HOME DEPOT INC | [HD](https://holderbook.com/stocks/HD/) | $4.4M | 12,340 | 1.4% | 30 |
| JPMORGAN CHASE & CO | [JPM](https://holderbook.com/stocks/JPM/) | $4.3M | 13,219 | 1.4% | 30 |
| JOHNSON & JOHNSON | [JNJ](https://holderbook.com/stocks/JNJ/) | $4.0M | 15,944 | 1.3% | 11 |
| CITIGROUP INC | [C](https://holderbook.com/stocks/C/) | $4.0M | 28,690 | 1.3% | 8 |
| AAR CORP | [AIR](https://holderbook.com/stocks/AIR/) | $3.8M | 26,305 | 1.2% | 1 |
| EAGLE MATLS INC | [EXP](https://holderbook.com/stocks/EXP/) | $3.6M | 16,100 | 1.2% | 30 |
| TERAWULF INC | [WULF](https://holderbook.com/stocks/WULF/) | $3.5M | 139,750 | 1.1% | 6 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $3.4M | 9,100 | 1.1% | 30 |
| TAIWAN SEMICONDUCTOR MANUFAC | [TSM](https://holderbook.com/stocks/TSM/) | $3.4M | 7,079 | 1.1% | 11 |
| MILLROSE PPTYS INC | [MRP](https://holderbook.com/stocks/MRP/) | $3.3M | 110,600 | 1.1% | 5 |
| UNITED PARCEL SVCS INC | [UPS](https://holderbook.com/stocks/UPS/) | $3.2M | 29,915 | 1.1% | 11 |
| APPLIED MATLS INC | [AMAT](https://holderbook.com/stocks/AMAT/) | $3.1M | 4,275 | 1.0% | 2 |
| WALMART INC | [WMT](https://holderbook.com/stocks/WMT/) | $3.1M | 27,254 | 1.0% | 30 |
| EXPAND ENERGY CORPORATION | [EXE](https://holderbook.com/stocks/EXE/) | $3.1M | 33,574 | 1.0% | 16 |
| ALPHABET INC | [GOOG](https://holderbook.com/stocks/GOOG/) | $2.7M | 7,620 | 0.9% | 23 |
| VIKING HOLDINGS LTD | [VIK](https://holderbook.com/stocks/VIK/) | $2.5M | 23,850 | 0.8% | 2 |
| FRONTVIEW REIT INC | [FVR](https://holderbook.com/stocks/FVR/) | $2.3M | 114,700 | 0.8% | 3 |
| FIRST WATCH RESTAURANT GROUP | [FWRG](https://holderbook.com/stocks/FWRG/) | $2.3M | 177,250 | 0.8% | 3 |
| COSTCO WHOLESALE CORPORATION | [COST](https://holderbook.com/stocks/COST/) | $2.3M | 2,434 | 0.8% | 30 |
| MASTEC INC | [MTZ](https://holderbook.com/stocks/MTZ/) | $2.2M | 5,310 | 0.7% | 8 |
| CAPITAL SOUTHWEST CORP | [CSWC](https://holderbook.com/stocks/CSWC/) | $2.2M | 90,468 | 0.7% | 11 |
| BROADCOM INC | [AVGO](https://holderbook.com/stocks/AVGO/) | $2.0M | 5,355 | 0.7% | 8 |
| POWELL INDS INC | [POWL](https://holderbook.com/stocks/POWL/) | $2.0M | 6,850 | 0.6% | 5 |
| XCEL ENERGY INC | [XEL](https://holderbook.com/stocks/XEL/) | $1.9M | 23,245 | 0.6% | 11 |
| CLEVELAND-CLIFFS INC NEW | [CLF](https://holderbook.com/stocks/CLF/) | $1.8M | 189,500 | 0.6% | 30 |
| BANK OF AMER CORP | [BAC](https://holderbook.com/stocks/BAC/) | $1.7M | 30,492 | 0.6% | 11 |
| CARPENTER TECHNOLOGY CORP | [CRS](https://holderbook.com/stocks/CRS/) | $1.6M | 2,660 | 0.5% | 6 |
| ETHAN ALLEN INTERIORS INC | [ETD](https://holderbook.com/stocks/ETD/) | $1.6M | 71,681 | 0.5% | 23 |
| SOUTHWEST AIRLS CO | [LUV](https://holderbook.com/stocks/LUV/) | $1.6M | 30,975 | 0.5% | 11 |
| AT&T INC | [T](https://holderbook.com/stocks/T/) | $1.5M | 74,410 | 0.5% | 11 |
| MERCK & CO INC | [MRK](https://holderbook.com/stocks/MRK/) | $1.5M | 11,944 | 0.5% | 30 |
| AMERICAN EXPRESS CO | [AXP](https://holderbook.com/stocks/AXP/) | $1.5M | 4,441 | 0.5% | 18 |
| KIRBY CORP | [KEX](https://holderbook.com/stocks/KEX/) | $1.5M | 11,015 | 0.5% | 6 |
| WELLS FARGO & CO | [WFC](https://holderbook.com/stocks/WFC/) | $1.5M | 18,093 | 0.5% | 11 |
| AMGEN INC | [AMGN](https://holderbook.com/stocks/AMGN/) | $1.5M | 4,064 | 0.5% | 15 |
| AMERICAN ELEC PWR CO INC | [AEP](https://holderbook.com/stocks/AEP/) | $1.5M | 10,645 | 0.5% | 11 |
| DRAFTKINGS INC NEW | [DKNG](https://holderbook.com/stocks/DKNG/) | $1.4M | 56,840 | 0.5% | 12 |
| COMMERCIAL METALS CO | [CMC](https://holderbook.com/stocks/CMC/) | $1.4M | 22,215 | 0.5% | 30 |
| DELL TECHNOLOGIES INC | [DELL](https://holderbook.com/stocks/DELL/) | $1.4M | 3,159 | 0.5% | 9 |
| BANC OF CALIFORNIA INC | [BANC](https://holderbook.com/stocks/BANC/) | $1.3M | 64,725 | 0.4% | 10 |
| TWILIO INC | [TWLO](https://holderbook.com/stocks/TWLO/) | $1.3M | 6,300 | 0.4% | 2 |
| GEO GROUP INC | [GEO](https://holderbook.com/stocks/GEO/) | $1.3M | 43,920 | 0.4% | 5 |
| KIMBERLY-CLARK CORP | [KMB](https://holderbook.com/stocks/KMB/) | $1.3M | 11,600 | 0.4% | 1 |
| VAIL RESORTS INC | [MTN](https://holderbook.com/stocks/MTN/) | $1.3M | 9,325 | 0.4% | 2 |
| GOLDMAN SACHS GROUP INC | [GS](https://holderbook.com/stocks/GS/) | $1.3M | 1,250 | 0.4% | 24 |
| PERMIAN RESOURCES CORP | [PR](https://holderbook.com/stocks/PR/) | $1.2M | 64,750 | 0.4% | 12 |
| WHIRLPOOL CORP | [WHR](https://holderbook.com/stocks/WHR/) | $1.1M | 29,157 | 0.4% | 8 |
| DUKE ENERGY CORP NEW | [DUK](https://holderbook.com/stocks/DUK/) | $1.1M | 8,808 | 0.4% | 11 |
| GE AEROSPACE | [GE](https://holderbook.com/stocks/GE/) | $1.1M | 2,957 | 0.4% | 5 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $1.1M | 3,078 | 0.4% | 1 |
| VERIZON COMMUNICATIONS INC | [VZ](https://holderbook.com/stocks/VZ/) | $1.0M | 24,315 | 0.3% | 11 |
| PALO ALTO NETWORKS INC | [PANW](https://holderbook.com/stocks/PANW/) | $1.0M | 3,010 | 0.3% | 12 |
| NOVO-NORDISK A S | [NVO](https://holderbook.com/stocks/NVO/) | $1.0M | 20,967 | 0.3% | 1 |
| FEDEX CORP | [FDX](https://holderbook.com/stocks/FDX/) | $973.8K | 3,110 | 0.3% | 30 |
| TESLA INC | [TSLA](https://holderbook.com/stocks/TSLA/) | $910.6K | 2,165 | 0.3% | 6 |
| SCHWAB CHARLES CORP | [SCHW](https://holderbook.com/stocks/SCHW/) | $909.0K | 9,852 | 0.3% | 22 |
| MORGAN STANLEY | [MS](https://holderbook.com/stocks/MS/) | $849.1K | 4,062 | 0.3% | 15 |
| ABBVIE INC | [ABBV](https://holderbook.com/stocks/ABBV/) | $821.6K | 3,265 | 0.3% | 30 |
| IPG PHOTONICS CORP | [IPGP](https://holderbook.com/stocks/IPGP/) | $812.4K | 6,925 | 0.3% | 2 |
| COCA COLA CO | [KO](https://holderbook.com/stocks/KO/) | $784.9K | 9,658 | 0.3% | 11 |
| HEALTHCARE RLTY TR | [HR](https://holderbook.com/stocks/HR/) | $774.6K | 38,405 | 0.3% | 10 |
| ATMOS ENERGY CORP | [ATO](https://holderbook.com/stocks/ATO/) | $769.2K | 4,465 | 0.3% | 11 |
| TRACTOR SUPPLY CO | [TSCO](https://holderbook.com/stocks/TSCO/) | $766.5K | 24,250 | 0.3% | 1 |
| BERKSHIRE HATHAWAY INC DEL | [BRKA](https://holderbook.com/stocks/BRKA/) | $748.9K | 1 | 0.2% | 11 |
| TRUIST FINL CORP | [TFC](https://holderbook.com/stocks/TFC/) | $730.9K | 14,671 | 0.2% | 7 |
| VISTRA CORP | [VST](https://holderbook.com/stocks/VST/) | $730.2K | 4,603 | 0.2% | 11 |
| PALANTIR TECHNOLOGIES INC | [PLTR](https://holderbook.com/stocks/PLTR/) | $722.7K | 6,194 | 0.2% | 7 |
| ON HLDG AG | [ONON](https://holderbook.com/stocks/ONON/) | $694.2K | 19,600 | 0.2% | 19 |
| SIMON PPTY GROUP INC NEW | [SPG](https://holderbook.com/stocks/SPG/) | $693.3K | 3,100 | 0.2% | 11 |
| NETFLIX INC | [NFLX](https://holderbook.com/stocks/NFLX/) | $659.6K | 9,238 | 0.2% | 8 |
| BERKSHIRE HATHAWAY INC DEL | [BRKB](https://holderbook.com/stocks/BRKB/) | $651.5K | 1,302 | 0.2% | 24 |
| GILDAN ACTIVEWEAR INC | [GIL](https://holderbook.com/stocks/GIL/) | $598.6K | 11,600 | 0.2% | 2 |
| RTX CORPORATION | [RTX](https://holderbook.com/stocks/RTX/) | $589.9K | 3,109 | 0.2% | 6 |
| AMEREN CORP | [AEE](https://holderbook.com/stocks/AEE/) | $589.7K | 5,217 | 0.2% | 11 |
| BLACKSTONE INC | [BX](https://holderbook.com/stocks/BX/) | $569.8K | 4,842 | 0.2% | 11 |
| SAILPOINT INC | [SAIL](https://holderbook.com/stocks/SAIL/) | $564.4K | 38,550 | 0.2% | 1 |
| SOUTHERN CO | [SO](https://holderbook.com/stocks/SO/) | $543.2K | 5,675 | 0.2% | 11 |
| INSULET CORP | [PODD](https://holderbook.com/stocks/PODD/) | $525.3K | 3,450 | 0.2% | 1 |
| MATADOR RES CO | [MTDR](https://holderbook.com/stocks/MTDR/) | $523.9K | 10,525 | 0.2% | 30 |
| OWENS CORNING NEW | [OC](https://holderbook.com/stocks/OC/) | $492.8K | 3,100 | 0.2% | 1 |
| HEWLETT PACKARD ENTERPRISE C | [HPE](https://holderbook.com/stocks/HPE/) | $492.1K | 10,908 | 0.2% | 9 |
| TEXAS INSTRS INC | [TXN](https://holderbook.com/stocks/TXN/) | $480.9K | 1,614 | 0.2% | 30 |
| CULLEN FROST BANKERS INC | [CFR](https://holderbook.com/stocks/CFR/) | $460.2K | 2,978 | 0.2% | 11 |
| VERTIV HOLDINGS CO | [VRT](https://holderbook.com/stocks/VRT/) | $390.2K | 1,165 | 0.1% | 6 |
| CLEAR SECURE INC | [YOU](https://holderbook.com/stocks/YOU/) | $384.5K | 6,900 | 0.1% | 2 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | +13.2% | +14.8% | -1.6% | 100% |
| Q1 2026 | +2.7% | -4.6% | +7.3% | 100% |
| Q4 2025 | +1.5% | +2.4% | -0.9% | 100% |
| Q3 2025 | +7.2% | +7.8% | -0.6% | 100% |
| Q2 2025 | +7.9% | +10.5% | -2.6% | 100% |
| Q1 2025 | -2.4% | -4.6% | +2.1% | 100% |
| Q4 2024 | +2.8% | +2.1% | +0.6% | 100% |
| Q3 2024 | +6.7% | +5.4% | +1.3% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $302.6M | 125 |
| Q1 2026 | $270.3M | 118 |
| Q4 2025 | $268.8M | 107 |
| Q3 2025 | $266.9M | 113 |
| Q2 2025 | $253.0M | 123 |
| Q1 2025 | $239.3M | 112 |
| Q4 2024 | $245.4M | 112 |
| Q3 2024 | $239.3M | 119 |
| Q2 2024 | $227.8M | 117 |
| Q1 2024 | $217.4M | 118 |
| Q4 2023 | $194.1M | 122 |
| Q3 2023 | $436.7M | 137 |