Portfolio (Quarterly) Guide ↗

Cullen/Frost Bankers, Inc.

· CIK 0000039263

13F Portfolio $8.8B AUM 1,393 positions Filed May 5, 2026 EDGAR ↗ ← All Funds

Q1 2026 Q4 2025 · All 136 New 549 Added 439 Reduced 192 Exited

Page 24 of 28 · 549 positions

#	Ticker	Company	Sector	Shares	Value ↓	% Port	Chg Shares	Chg %	Period Price ①	Since Period ①
461	RUN	SUNRUN INC COM	Energy	1,471.0	$20K	—	+309.0	+26.6%	$13.56	-43.4%
462	EQR	EQUITY RESIDENTIAL SH BEN INT	Real Estate	336.0	$20K	—	+2.0	+0.6%	$59.09	+10.6%
463	MUFG	MITSUBISHI UFJ FINANCIAL GRO SPONSORED ADS	Financial Services	1,162.0	$20K	—	+1K	+1774.2%	$16.97	+37.7%
464	WLK	WESTLAKE CORPORATION COM	Basic Materials	165.0	$19K	—	+1.0	+0.6%	$116.70	-42.7%
465	SBCF	SEACOAST BKG CORP FLA COM NEW	Financial Services	635.0	$19K	—	+79.0	+14.2%	$30.29	+7.5%
466	—	CORPAY INC COM SHS	—	65.0	$19K	—	+59.0	+983.3%	$290.98	—
467	ROG	ROGERS CORP COM	Technology	174.0	$19K	—	+24.0	+16.0%	$107.33	+27.3%
468	PAYC	PAYCOM SOFTWARE INC COM	Technology	152.0	$18K	—	+119.0	+360.6%	$121.54	+81.5%
469	TILE	INTERFACE INC COM	Consumer Cyclical	736.0	$18K	—	+89.0	+13.8%	$24.93	+41.1%
470	BIIB	BIOGEN INC COM	Healthcare	100.0	$18K	—	+57.0	+132.6%	$183.33	+24.7%
471	PSTG	EVERPURE INC CL A	—	310.0	$18K	—	+100.0	+47.6%	$59.04	—
472	WFRD	WEATHERFORD INTL PLC ORD SHS	Energy	191.0	$18K	—	+26.0	+15.8%	$94.61	-12.5%
473	FAAR	FIRST TR EXCHANGE TRAD FD VI ALT ABSLT STRG	—	534.0	$18K	—	+77.0	+16.9%	$33.78	-5.5%
474	BLFS	BIOLIFE SOLUTIONS INC COM NEW	Healthcare	943.0	$18K	—	+99.0	+11.7%	$19.08	+105.2%
475	PEGA	PEGASYSTEMS INC COM	Technology	419.0	$18K	—	+208.0	+98.6%	$42.58	-21.9%
476	FTXO	FIRST TR EXCHANGE TRADED FD NASDAQ BK ETF	—	478.0	$17K	—	+192.0	+67.1%	$36.19	+8.6%
477	TREE	LENDINGTREE INC COM	Financial Services	403.0	$17K	—	+77.0	+23.6%	$42.88	-43.5%
478	PTC	PTC INC COM	Technology	121.0	$17K	—	+16.0	+15.2%	$142.49	-2.0%
479	PICB	INVESCO EXCH TRADED FD TR II INTL CORP BD	—	716.0	$17K	—	+6.0	+0.8%	$23.09	-3.4%
480	LAMR	LAMAR ADVERTISING CO CL A	Real Estate	130.0	$16K	—	+79.0	+154.9%	$126.89	+14.3%

Page 24 of 28 · 549 positions

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① Period Price is the implied market price on the last day of the reporting period, calculated as reported value ÷ shares held. It is not the fund's purchase price or cost basis — the fund may have initiated or added to the position at any point during the quarter at a different price. Since Period shows the price change from that quarter-end snapshot to today's last price — it reflects stock movement after the report date, not the fund's actual return.

Sector Allocation

Technology 32.6%

Financial Services 15.0%

Healthcare 10.8%

Consumer Cyclical 10.1%

Communication Services 8.4%

Industrials 7.0%

Consumer Defensive 6.3%

Energy 5.0%

Utilities 2.0%

Basic Materials 1.6%