# KEMPNER CAPITAL MANAGEMENT INC.

> Institutional holdings reported to the SEC as of Q4 2025 on Form 13F. CIK 898399. Source: https://holderbook.com/funds/898399-kempner-capital-management-inc/

- Reported value: $105.8M
- Positions: 43
- Weight of the ten largest: 43.8%
- Filed: 2026-01-12

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 |
|---|---|---|---|---|---|
| MICRON TECHNOLOGY INC | [MU](https://holderbook.com/stocks/MU/) | $8.0M | 33,792 | 7.6% | 16 |
| BLACK STONE MINERALS L P | [BSM](https://holderbook.com/stocks/BSM/) | $6.2M | 439,295 | 5.9% | 29 |
| TAIWAN SEMICONDUCTOR MANUFAC | [TSM](https://holderbook.com/stocks/TSM/) | $5.4M | 18,898 | 5.1% | 16 |
| ALPHABET INC | [GOOG](https://holderbook.com/stocks/GOOG/) | $4.6M | 14,712 | 4.3% | 4 |
| TERADYNE INC | [TER](https://holderbook.com/stocks/TER/) | $4.4M | 22,534 | 4.1% | 14 |
| CULLEN FROST BANKERS INC | [CFR](https://holderbook.com/stocks/CFR/) | $4.3M | 32,932 | 4.0% | 29 |
| SENSATA TECHNOLOGIES HLDG PL | [ST](https://holderbook.com/stocks/ST/) | $3.5M | 102,473 | 3.3% | 10 |
| MERCK & CO INC | [MRK](https://holderbook.com/stocks/MRK/) | $3.4M | 33,776 | 3.2% | 5 |
| CITIZENS FINL GROUP INC | [CFG](https://holderbook.com/stocks/CFG/) | $3.3M | 57,049 | 3.2% | 15 |
| DISNEY WALT CO | [DIS](https://holderbook.com/stocks/DIS/) | $3.3M | 29,685 | 3.1% | 29 |
| LINCOLN NATL CORP IND | [LNC](https://holderbook.com/stocks/LNC/) | $3.2M | 71,088 | 3.0% | 24 |
| GLOBAL PMTS INC | [GPN](https://holderbook.com/stocks/GPN/) | $3.1M | 37,989 | 2.9% | 3 |
| SHELL PLC | [SHEL](https://holderbook.com/stocks/SHEL/) | $3.0M | 41,694 | 2.8% | 16 |
| CISCO SYS INC | [CSCO](https://holderbook.com/stocks/CSCO/) | $3.0M | 37,803 | 2.8% | 25 |
| CITIGROUP INC | [C](https://holderbook.com/stocks/C/) | $2.9M | 26,008 | 2.8% | 29 |
| EXXON MOBIL CORP | [XOMXXXX](https://holderbook.com/stocks/XOMXXXX/) | $2.9M | 24,803 | 2.8% | 7 |
| ZIMMER BIOMET HOLDINGS INC | [ZBH](https://holderbook.com/stocks/ZBH/) | $2.6M | 28,548 | 2.5% | 6 |
| TYSON FOODS INC | [TSN](https://holderbook.com/stocks/TSN/) | $2.6M | 44,273 | 2.5% | 12 |
| TRUIST FINL CORP | [TFC](https://holderbook.com/stocks/TFC/) | $2.6M | 51,784 | 2.4% | 25 |
| UNITEDHEALTH GROUP INC | [UNH](https://holderbook.com/stocks/UNH/) | $2.5M | 7,305 | 2.4% | 4 |
| BANK OF AMER CORP | [BAC](https://holderbook.com/stocks/BAC/) | $2.5M | 44,962 | 2.4% | 29 |
| ELI LILLY & CO | [LLY](https://holderbook.com/stocks/LLY/) | $2.5M | 2,327 | 2.3% | 2 |
| SONOCO PRODS CO | [SON](https://holderbook.com/stocks/SON/) | $2.3M | 52,891 | 2.1% | 3 |
| EQUITABLE HLDGS INC | [EQH](https://holderbook.com/stocks/EQH/) | $2.2M | 46,026 | 2.1% | 18 |
| KENVUE INC | [KVUE](https://holderbook.com/stocks/KVUE/) | $2.2M | 125,211 | 2.0% | 2 |
| EASTERLY GOVT PPTYS INC | [DEA](https://holderbook.com/stocks/DEA/) | $2.1M | 95,457 | 2.0% | 2 |
| INTERNATIONAL FLAVORS&FRAGRA | [IFF](https://holderbook.com/stocks/IFF/) | $2.1M | 32,167 | 2.0% | 11 |
| CHUBB LIMITED | [CB](https://holderbook.com/stocks/CB/) | $1.8M | 5,909 | 1.7% | 4 |
| AMCOR PLC | [AMCR](https://holderbook.com/stocks/AMCR/) | $1.6M | 198,643 | 1.5% | 2 |
| REALTY INCOME CORP | [O](https://holderbook.com/stocks/O/) | $1.6M | 26,943 | 1.5% | 7 |
| BP PLC | [BP](https://holderbook.com/stocks/BP/) | $1.5M | 42,273 | 1.4% | 29 |
| EOS ENERGY ENTERPRISES INC | [EOSE](https://holderbook.com/stocks/EOSE/) | $1.4M | 102,500 | 1.3% | 13 |
| VANECK ETF TRUST | [ISRA](https://holderbook.com/stocks/ISRA/) | $1.3M | 22,500 | 1.3% | 18 |
| RIO TINTO PLC | [RIO](https://holderbook.com/stocks/RIO/) | $1.3M | 16,758 | 1.2% | 14 |
| EVEREST GROUP LTD | [EG](https://holderbook.com/stocks/EG/) | $999.0K | 3,040 | 0.9% | 22 |
| KINDER MORGAN INC DEL | [KMI](https://holderbook.com/stocks/KMI/) | $754.0K | 28,200 | 0.7% | 29 |
| DIAMONDBACK ENERGY INC | [FANG](https://holderbook.com/stocks/FANG/) | $725.0K | 4,705 | 0.7% | 11 |
| AWPAX AB SUST INTL THEMATIC A | - | $520.0K | 24,539 | 0.5% | 10 |
| BHP BILLITON LIMITED | [BHP](https://holderbook.com/stocks/BHP/) | $438.0K | 7,408 | 0.4% | 14 |
| WESTERN ASSET INTER MUNI | [SBI](https://holderbook.com/stocks/SBI/) | $371.0K | 47,800 | 0.4% | 29 |
| SLB LIMITED | [SLB](https://holderbook.com/stocks/SLB/) | $310.0K | 7,972 | 0.3% | 29 |
| CONMED CORP | [CNMD](https://holderbook.com/stocks/CNMD/) | $252.0K | 6,258 | 0.2% | 7 |
| PARK HOTELS & RESORTS INC | [PK](https://holderbook.com/stocks/PK/) | $242.0K | 22,000 | 0.2% | 25 |

## 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 |
|---|---|---|---|---|
| Q4 2025 | +9.5% | +2.4% | +7.1% | 100% |
| Q3 2025 | +8.5% | +7.8% | +0.7% | 97% |
| Q2 2025 | +3.6% | +10.5% | -6.8% | 100% |
| Q1 2025 | +0.8% | -4.6% | +5.4% | 100% |
| Q4 2024 | -1.5% | +2.1% | -3.7% | 100% |
| Q3 2024 | +3.0% | +5.4% | -2.5% | 100% |
| Q2 2024 | +0.5% | +4.0% | -3.5% | 100% |
| Q1 2024 | +11.4% | +10.0% | +1.4% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q4 2025 | $105.8M | 43 |
| Q3 2025 | $120.1M | 48 |
| Q2 2025 | $186.7M | 46 |
| Q1 2025 | $177.7M | 49 |
| Q4 2024 | $182.2M | 49 |
| Q3 2024 | $195.4M | 51 |
| Q2 2024 | $188.6M | 50 |
| Q1 2024 | $184.4M | 51 |
| Q4 2023 | $178.9M | 54 |
| Q3 2023 | $166.1M | 57 |
| Q2 2023 | $156.1M | 55 |
| Q1 2023 | $171.1M | 56 |