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 26 of 28 · 549 positions

#	Ticker	Company	Sector	Shares	Value ↓	% Port	Chg Shares	Chg %	Period Price ①	Since Period ①
501	EVER	EVERQUOTE INC COM CL A	Communication Services	749.0	$12K	—	+74.0	+11.0%	$15.42	+30.7%
502	WCC	WESCO INTL INC COM	Industrials	42.0	$12K	—	+31.0	+281.8%	$274.64	+33.0%
503	IDLV	INVESCO EXCH TRADED FD TR II S&P INTL LOW	—	333.0	$11K	—	+3.0	+0.9%	$34.44	+0.9%
504	BBAX	J P MORGAN EXCHANGE TRADED F BETABUILDERS DEV	—	192.0	$11K	—	+156.0	+433.3%	$59.45	+2.9%
505	KRP	KIMBELL RTY PARTNERS LP UNIT	Energy	788.0	$11K	—	+19.0	+2.5%	$14.47	+2.1%
506	QTWO	Q2 HLDGS INC COM	Technology	235.0	$11K	—	+28.0	+13.5%	$47.30	-9.4%
507	OXY	OCCIDENTAL PETE CORP COM	Energy	163.0	$11K	—	+162.0	+10000.0%	$65.00	-20.3%
508	GLPI	GAMING & LEISURE P COM	Real Estate	233.0	$10K	—	+94.0	+67.6%	$44.32	+0.6%
509	SANM	SANMINA CORP COM	Technology	78.0	$10K	—	+12.0	+18.2%	$129.64	+86.3%
510	GTLB	GITLAB INC CLASS A COM	Technology	461.0	$10K	—	+207.0	+81.5%	$21.64	+22.7%
511	PD	PAGERDUTY INC COM	Technology	1,557.0	$10K	—	+349.0	+28.9%	$6.21	+36.6%
512	FMB	FIRST TR EXCH TRADED FD III MANAGD MUN ETF	—	187.0	$9K	—	+2.0	+1.1%	$50.59	+1.6%
513	BLKB	BLACKBAUD INC COM	Technology	229.0	$9K	—	+16.0	+7.5%	$38.61	-30.0%
514	CAVA	CAVA GROUP INC COM	Consumer Cyclical	109.0	$9K	—	+70.0	+179.5%	$80.90	+10.2%
515	CPRT	COPART INC COM	Industrials	258.0	$9K	—	+141.0	+120.5%	$33.20	-9.0%
516	FXH	FIRST TR EXCHANGE-TRADED FD HLTH CARE ALPH	—	75.0	$8K	—	+49.0	+188.5%	$109.87	+5.1%
517	OVV	OVINTIV INC COM	Energy	137.0	$8K	—	+85.0	+163.5%	$59.16	-11.4%
518	LGOV	FIRST TR EXCHANGE-TRADED FD LNG DUR OPRTUN	—	371.0	$8K	—	+3.0	+0.8%	$21.60	-0.6%
519	LMBS	FIRST TR EXCHANGE-TRADED FD FST LOW OPPT EFT	—	160.0	$8K	—	+2.0	+1.3%	$49.76	+0.2%
520	DINO	HF SINCLAIR CORP COM	Energy	122.0	$8K	—	+68.0	+125.9%	$62.22	+3.7%

Page 26 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 31.6%

Financial Services 14.8%

Healthcare 10.5%

Communication Services 10.5%

Consumer Cyclical 9.9%

Industrials 6.8%

Consumer Defensive 6.2%

Energy 4.9%

Utilities 1.9%

Basic Materials 1.6%