# Cullen/Frost Bankers, Inc.

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 39263. Source: https://holderbook.com/funds/39263-cullen-frost-bankers-inc/

- Reported value: $10.1B
- Positions: 1,418
- Weight of the ten largest: 31.5%
- Filed: 2026-07-27

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 |
|---|---|---|---|---|---|
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $544.8M | 1,882,904 | 5.4% | 31 |
| PUTNAM ETF TRUST | [PVAL](https://holderbook.com/stocks/PVAL/) | $438.7M | 8,610,022 | 4.3% | 5 |
| VANGUARD INDEX FDS | [VUG](https://holderbook.com/stocks/VUG/) | $360.1M | 4,180,396 | 3.5% | 31 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $336.4M | 901,874 | 3.3% | 31 |
| NVIDIA CORPORATION | [NVDA](https://holderbook.com/stocks/NVDA/) | $327.3M | 1,635,716 | 3.2% | 31 |
| ISHARES INC | [EMXC](https://holderbook.com/stocks/EMXC/) | $317.7M | 3,105,139 | 3.1% | 12 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $236.1M | 660,759 | 2.3% | 31 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $212.2M | 890,254 | 2.1% | 31 |
| ISHARES TR | [EFA](https://holderbook.com/stocks/EFA/) | $211.9M | 2,040,031 | 2.1% | 31 |
| BROADCOM INC | [AVGO](https://holderbook.com/stocks/AVGO/) | $207.1M | 548,367 | 2.0% | 30 |
| CORNING INC | [GLW](https://holderbook.com/stocks/GLW/) | $196.7M | 770,075 | 1.9% | 31 |
| VANGUARD INDEX FDS | [VB](https://holderbook.com/stocks/VB/) | $182.2M | 600,979 | 1.8% | 31 |
| ALPHABET INC | [GOOG](https://holderbook.com/stocks/GOOG/) | $176.8M | 500,364 | 1.7% | 31 |
| ISHARES TR | [IWP](https://holderbook.com/stocks/IWP/) | $173.9M | 1,188,094 | 1.7% | 30 |
| ISHARES TR | [IWF](https://holderbook.com/stocks/IWF/) | $160.0M | 1,288,814 | 1.6% | 31 |
| STATE STR SPDR S&P 500 ETF T | [SPY](https://holderbook.com/stocks/SPY/) | $140.9M | 188,706 | 1.4% | 31 |
| VANGUARD INDEX FDS | [VO](https://holderbook.com/stocks/VO/) | $133.6M | 1,657,960 | 1.3% | 31 |
| ELI LILLY & CO | [LLY](https://holderbook.com/stocks/LLY/) | $121.3M | 101,158 | 1.2% | 31 |
| NEW YORK LIFE INVTS ACTIVE E | [IWLG](https://holderbook.com/stocks/IWLG/) | $119.4M | 2,109,171 | 1.2% | 3 |
| VISA INC | [V](https://holderbook.com/stocks/V/) | $118.0M | 344,057 | 1.2% | 31 |
| META PLATFORMS INC | [META](https://holderbook.com/stocks/META/) | $115.6M | 205,270 | 1.1% | 31 |
| ISHARES TR | [IJJ](https://holderbook.com/stocks/IJJ/) | $113.5M | 768,428 | 1.1% | 31 |
| JPMORGAN CHASE & CO | [JPM](https://holderbook.com/stocks/JPM/) | $112.4M | 343,499 | 1.1% | 31 |
| ISHARES TR | [IWD](https://holderbook.com/stocks/IWD/) | $107.3M | 442,652 | 1.1% | 31 |
| KLA CORP | [KLAC](https://holderbook.com/stocks/KLAC/) | $101.8M | 337,368 | 1.0% | 30 |
| ABBVIE INC | [ABBV](https://holderbook.com/stocks/ABBV/) | $86.0M | 341,851 | 0.8% | 31 |
| CISCO SYS INC | [CSCO](https://holderbook.com/stocks/CSCO/) | $83.4M | 709,810 | 0.8% | 31 |
| COSTCO WHOLESALE CORPORATION | [COST](https://holderbook.com/stocks/COST/) | $81.7M | 87,315 | 0.8% | 31 |
| MASTERCARD INCORPORATED | [MA](https://holderbook.com/stocks/MA/) | $79.8M | 155,399 | 0.8% | 31 |
| JOHNSON & JOHNSON | [JNJ](https://holderbook.com/stocks/JNJ/) | $78.3M | 308,337 | 0.8% | 31 |
| EXXON MOBIL CORP | [XOMXXXX](https://holderbook.com/stocks/XOMXXXX/) | $70.7M | 516,857 | 0.7% | 31 |
| CHEVRON CORPORATION | [CVX](https://holderbook.com/stocks/CVX/) | $68.6M | 413,845 | 0.7% | 31 |
| EATON CORP PLC | [ETN](https://holderbook.com/stocks/ETN/) | $66.7M | 156,463 | 0.7% | 31 |
| VANGUARD INTL EQUITY INDEX F | [VEU](https://holderbook.com/stocks/VEU/) | $62.6M | 747,233 | 0.6% | 31 |
| HOME DEPOT INC | [HD](https://holderbook.com/stocks/HD/) | $62.2M | 176,342 | 0.6% | 31 |
| BERKSHIRE HATHAWAY INC DEL | [BRKB](https://holderbook.com/stocks/BRKB/) | $61.9M | 123,714 | 0.6% | 31 |
| CAPITAL GROUP DIVIDEND VALUE | [CGDV](https://holderbook.com/stocks/CGDV/) | $60.2M | 1,222,092 | 0.6% | 10 |
| ISHARES TR | [AGG](https://holderbook.com/stocks/AGG/) | $58.3M | 588,927 | 0.6% | 31 |
| WALMART INC | [WMT](https://holderbook.com/stocks/WMT/) | $57.9M | 511,092 | 0.6% | 31 |
| BANK OF AMER CORP | [BAC](https://holderbook.com/stocks/BAC/) | $57.3M | 1,005,065 | 0.6% | 31 |
| ADVANCED MICRO DEVICES INC | [AMD](https://holderbook.com/stocks/AMD/) | $54.4M | 93,696 | 0.5% | 28 |
| TEXAS INSTRS INC | [TXN](https://holderbook.com/stocks/TXN/) | $51.6M | 172,984 | 0.5% | 31 |
| VANGUARD INTL EQUITY INDEX F | [VWO](https://holderbook.com/stocks/VWO/) | $49.7M | 833,272 | 0.5% | 31 |
| COCA COLA CO | [KO](https://holderbook.com/stocks/KO/) | $49.3M | 607,084 | 0.5% | 31 |
| LAM RESEARCH CORP | [LRCX](https://holderbook.com/stocks/LRCX/) | $49.0M | 113,089 | 0.5% | 7 |
| PHILIP MORRIS INTL INC | [PM](https://holderbook.com/stocks/PM/) | $48.7M | 269,279 | 0.5% | 31 |
| CUMMINS INC | [CMI](https://holderbook.com/stocks/CMI/) | $46.9M | 65,761 | 0.5% | 31 |
| AMERICAN EXPRESS CO | [AXP](https://holderbook.com/stocks/AXP/) | $46.4M | 137,049 | 0.5% | 31 |
| UNITEDHEALTH GROUP INC | [UNH](https://holderbook.com/stocks/UNH/) | $46.1M | 110,963 | 0.5% | 31 |
| SCHWAB STRATEGIC TR | [SCHD](https://holderbook.com/stocks/SCHD/) | $45.1M | 1,421,380 | 0.4% | 25 |
| ORACLE CORP | [ORCL](https://holderbook.com/stocks/ORCL/) | $44.5M | 303,361 | 0.4% | 31 |
| ENTERGY CORP NEW | [ETR](https://holderbook.com/stocks/ETR/) | $43.7M | 380,289 | 0.4% | 30 |
| VALERO ENERGY CORP | [VLO](https://holderbook.com/stocks/VLO/) | $42.5M | 163,201 | 0.4% | 31 |
| APPLIED MATLS INC | [AMAT](https://holderbook.com/stocks/AMAT/) | $42.4M | 58,680 | 0.4% | 31 |
| GE AEROSPACE | [GE](https://holderbook.com/stocks/GE/) | $42.4M | 113,470 | 0.4% | 20 |
| MERCK & CO INC | [MRK](https://holderbook.com/stocks/MRK/) | $39.8M | 309,626 | 0.4% | 31 |
| PROCTER & GAMBLE CO | [PG](https://holderbook.com/stocks/PG/) | $39.7M | 270,846 | 0.4% | 31 |
| GE VERNOVA INC | [GEV](https://holderbook.com/stocks/GEV/) | $38.4M | 32,692 | 0.4% | 9 |
| AMERICAN ELEC PWR CO INC | [AEP](https://holderbook.com/stocks/AEP/) | $37.4M | 273,608 | 0.4% | 31 |
| CITIGROUP INC | [C](https://holderbook.com/stocks/C/) | $36.1M | 257,659 | 0.4% | 31 |
| INTUITIVE SURGICAL INC | [ISRG](https://holderbook.com/stocks/ISRG/) | $35.1M | 88,175 | 0.3% | 31 |
| VANGUARD INDEX FDS | [VOO](https://holderbook.com/stocks/VOO/) | $35.0M | 50,928 | 0.3% | 31 |
| TESLA INC | [TSLA](https://holderbook.com/stocks/TSLA/) | $34.5M | 82,119 | 0.3% | 31 |
| OREILLY AUTOMOTIVE INC | [ORLY](https://holderbook.com/stocks/ORLY/) | $33.0M | 358,096 | 0.3% | 31 |
| VANGUARD BD INDEX FDS | [BSV](https://holderbook.com/stocks/BSV/) | $32.1M | 412,366 | 0.3% | 31 |
| UNION PAC CORP | [UNP](https://holderbook.com/stocks/UNP/) | $31.2M | 114,769 | 0.3% | 31 |
| ABRDN PRECIOUS METALS BASKET | [GLTR](https://holderbook.com/stocks/GLTR/) | $30.8M | 169,965 | 0.3% | 18 |
| BOOKING HOLDINGS INC | [BKNG](https://holderbook.com/stocks/BKNG/) | $30.6M | 171,826 | 0.3% | 31 |
| NETFLIX INC | [NFLX](https://holderbook.com/stocks/NFLX/) | $29.5M | 413,320 | 0.3% | 31 |
| TRAVELERS COMPANIES INC | [TRV](https://holderbook.com/stocks/TRV/) | $29.4M | 88,932 | 0.3% | 15 |
| SERVICENOW INC | [NOW](https://holderbook.com/stocks/NOW/) | $28.9M | 290,633 | 0.3% | 31 |
| ANALOG DEVICES INC | [ADI](https://holderbook.com/stocks/ADI/) | $28.2M | 71,064 | 0.3% | 31 |
| MOODYS CORP | [MCO](https://holderbook.com/stocks/MCO/) | $28.0M | 61,717 | 0.3% | 31 |
| ARISTA NETWORKS INC | [ANET](https://holderbook.com/stocks/ANET/) | $27.8M | 163,803 | 0.3% | 7 |
| LOWES COS INC | [LOW](https://holderbook.com/stocks/LOW/) | $27.4M | 124,416 | 0.3% | 31 |
| BOEING CO | [BA](https://holderbook.com/stocks/BA/) | $27.4M | 126,662 | 0.3% | 31 |
| DISNEY WALT CO | [DIS](https://holderbook.com/stocks/DIS/) | $27.3M | 283,690 | 0.3% | 31 |
| MCDONALDS CORP | [MCD](https://holderbook.com/stocks/MCD/) | $27.2M | 100,539 | 0.3% | 31 |
| RTX CORPORATION | [RTX](https://holderbook.com/stocks/RTX/) | $26.9M | 141,689 | 0.3% | 25 |
| GALLAGHER ARTHUR J & CO | [AJG](https://holderbook.com/stocks/AJG/) | $26.2M | 114,169 | 0.3% | 29 |
| PALO ALTO NETWORKS INC | [PANW](https://holderbook.com/stocks/PANW/) | $26.1M | 76,593 | 0.3% | 30 |
| ISHARES TR | [IVW](https://holderbook.com/stocks/IVW/) | $26.1M | 189,809 | 0.3% | 31 |
| INTERNATIONAL BUSINESS MACHS | [IBM](https://holderbook.com/stocks/IBM/) | $25.7M | 91,311 | 0.3% | 31 |
| SHERWIN WILLIAMS CO | [SHW](https://holderbook.com/stocks/SHW/) | $25.4M | 73,702 | 0.3% | 31 |
| EVERGY INC | [EVRG](https://holderbook.com/stocks/EVRG/) | $25.3M | 292,945 | 0.2% | 30 |
| AMGEN INC | [AMGN](https://holderbook.com/stocks/AMGN/) | $25.2M | 69,521 | 0.2% | 31 |
| CHUBB LIMITED | [CB](https://holderbook.com/stocks/CB/) | $24.5M | 71,990 | 0.2% | 31 |
| VANGUARD INDEX FDS | [VV](https://holderbook.com/stocks/VV/) | $24.4M | 70,907 | 0.2% | 31 |
| VERIZON COMMUNICATIONS INC | [VZ](https://holderbook.com/stocks/VZ/) | $24.1M | 569,958 | 0.2% | 31 |
| STRYKER CORPORATION | [SYK](https://holderbook.com/stocks/SYK/) | $23.2M | 73,580 | 0.2% | 31 |
| DANAHER CORP DEL | [DHR](https://holderbook.com/stocks/DHR/) | $22.8M | 119,584 | 0.2% | 31 |
| PUBLIC STORAGE | [PSA](https://holderbook.com/stocks/PSA/) | $22.7M | 71,365 | 0.2% | 16 |
| TJX COS INC NEW | [TJX](https://holderbook.com/stocks/TJX/) | $22.6M | 148,900 | 0.2% | 31 |
| ISHARES TR | [EEM](https://holderbook.com/stocks/EEM/) | $22.1M | 323,749 | 0.2% | 31 |
| CONOCOPHILLIPS | [COP](https://holderbook.com/stocks/COP/) | $21.8M | 210,120 | 0.2% | 31 |
| MEDTRONIC PLC | [MDT](https://holderbook.com/stocks/MDT/) | $20.9M | 267,264 | 0.2% | 31 |
| THERMO FISHER SCIENTIFIC INC | [TMO](https://holderbook.com/stocks/TMO/) | $20.9M | 41,677 | 0.2% | 30 |
| ISHARES TR | [IVE](https://holderbook.com/stocks/IVE/) | $20.7M | 91,292 | 0.2% | 30 |
| CARRIER GLOBAL CORPORATION | [CARR](https://holderbook.com/stocks/CARR/) | $20.7M | 282,011 | 0.2% | 25 |
| AUTOMATIC DATA PROCESSING IN | [ADP](https://holderbook.com/stocks/ADP/) | $20.3M | 90,675 | 0.2% | 31 |

## 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 | +12.5% | +14.8% | -2.3% | 100% |
| Q1 2026 | -3.3% | -4.6% | +1.4% | 100% |
| Q4 2025 | +1.6% | +2.4% | -0.8% | 100% |
| Q3 2025 | +6.9% | +7.8% | -0.9% | 100% |
| Q2 2025 | +8.9% | +10.5% | -1.6% | 100% |
| Q1 2025 | -3.3% | -4.6% | +1.3% | 100% |
| Q4 2024 | +0.7% | +2.1% | -1.5% | 100% |
| Q3 2024 | +5.8% | +5.4% | +0.4% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $10.1B | 1,418 |
| Q1 2026 | $8.8B | 1,387 |
| Q4 2025 | $9.1B | 1,457 |
| Q3 2025 | $8.6B | 1,321 |
| Q2 2025 | $8.0B | 1,298 |
| Q1 2025 | $7.1B | 1,277 |
| Q4 2024 | $7.3B | 1,339 |
| Q3 2024 | $7.3B | 1,210 |
| Q2 2024 | $6.9B | 1,236 |
| Q1 2024 | $6.7B | 995 |
| Q4 2023 | $6.4B | 1,011 |
| Q3 2023 | $5.7B | 1,150 |