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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 19 of 22  ·  439 positions
# Ticker Company Sector Shares Value ↓ % Port Chg Shares Chg % Period Price ① Since Period ①
361 UNG UNITED STS NAT GAS FD LP UNIT PAR Financial Services 500.0 $6K -175.0 -25.9% $11.73 +0.1%
362 AVB AVALONBAY CMNTYS INC COM Real Estate 33.0 $5K -83.0 -71.5% $164.48 +7.8%
363 RACE FERRARI N V COM Consumer Cyclical 14.0 $5K -8.0 -36.4% $338.93 +6.8%
364 NATWEST GROUP PLC SPONS ADR 302.0 $4K -46.0 -13.2% $14.89
365 CDE COEUR MNG INC COM NEW Basic Materials 239.0 $4K -2K -86.6% $18.77 -6.7%
366 URBN URBAN OUTFITTERS INC COM Consumer Cyclical 68.0 $4K -467.0 -87.3% $63.35 +20.6%
367 EQNR EQUINOR ASA SPONSORED ADR Energy 100.0 $4K -11.0 -9.9% $42.20 -23.3%
368 VMC VULCAN MATLS CO COM Basic Materials 14.0 $4K -4.0 -22.2% $273.79 +10.6%
369 BCS BARCLAYS PLC ADR Financial Services 181.0 $4K -66.0 -26.7% $21.13 +24.5%
370 RGA REINSURANCE GROUP AMER INC COM NEW Financial Services 18.0 $4K -4.0 -18.2% $207.06 +1.7%
371 NJR NEW JERSEY RES CORP COM Utilities 66.0 $4K -741.0 -91.8% $55.20 -0.2%
372 VTR VENTAS INC COM Real Estate 44.0 $4K -14.0 -24.1% $81.59 +0.0%
373 PEB PEBBLEBROOK HOTEL TR COM Real Estate 262.0 $3K -3K -92.2% $12.65 +50.7%
374 AAL AMERICAN AIRLINES GROUP INC COM Industrials 301.0 $3K -1K -76.9% $10.74 +48.9%
375 JXN JACKSON FINANCIAL INC COM CL A Financial Services 29.0 $3K -295.0 -91.0% $104.97 +1.8%
376 XLG INVESCO EXCHANGE TRADED FD T S&P 500 TOP 50 56.0 $3K -22K -99.8% $54.14 +14.1%
377 RIGL RIGEL PHARMACEUTICALS INC COM Healthcare 107.0 $3K -1K -91.7% $27.04 +21.7%
378 MATIV HOLDINGS INC COM 330.0 $3K -4K -91.7% $8.69
379 ALKS ALKERMES PLC SHS Healthcare 79.0 $3K -936.0 -92.2% $35.35 +27.3%
380 OBNK ORIGIN BANCORP INC COM Financial Services 66.0 $3K -10.0 -13.2% $41.70 -31.4%
Page 19 of 22  ·  439 positions

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%