Q3 2026 13F · SEC CIK 39263

Cullen/Frost Bankers, Inc.

Bank & trustFiled 2026-10-28 for Q3 2026. Open the filing ↗ · All SEC filings ↗

Reported 13F value: $10.2B
Reported positions: 1,476
Top holdings a year, 3 yrs: +21.2%
Average holding period: 7.4 yrs

Cullen/Frost Bankers, Inc. is a bank & trust that reported 1,476 positions worth $10.2B in its Q3 2026 13F, filed 2026-10-28. Its largest holdings were Apple Inc (AAPL, 6.1%), Microsoft Corp (MSFT, 4.5%), Putnam Focused Large Capvalue ETF (PVAL, 4.5%). A portfolio copying its top holdings returned 21.2% a year over the last 3 years, against 20.4% for the S&P 500.

Cullen/Frost Bankers, Inc. holdings largest 50 of 1,476 positions.

Weights are shares of the filer's total reported 13F value, compared with Q2 2026. Share changes may reflect splits; weight changes also reflect price moves. A 13F shows long US-listed positions only, up to 135 days after the fact.

Cullen/Frost Bankers, Inc. 13F holdings
Stock	% of 13F value	Q2 2026	Shares	Share change	Reported value
AAPLApple Inc	6.1%	5.4%	1,866,546	-0.9%	$621.6M
MSFTMicrosoft Corp	4.5%	3.3%	900,263	-0.2%	$461.7M
PVALPutnam Focused Large Capvalue ETF	4.5%	4.3%	8,727,998	+1.4%	$459.3M
NVDANvidia Corporation	4.0%	3.2%	1,779,293	+8.8%	$406.4M
VUGVanguard Index Fds	3.6%	3.5%	4,122,541	-1.4%	$371.5M
EMXCIshares Inc	3.0%	3.1%	3,079,739	-0.8%	$305.1M
AMZNAmazon Com Inc	2.2%	2.1%	904,923	+1.6%	$225.5M
GOOGLAlphabet Inc	2.1%	2.3%	619,423	-6.3%	$213.1M
EFAIshares Tr	2.1%	2.1%	2,024,882	-0.7%	$210.4M
AVGOBroadcom Inc	1.9%	2.0%	547,196	-0.2%	$192.2M
VBVanguard Index Fds	1.7%	1.8%	612,355	+1.9%	$174.2M
GOOGAlphabet Inc	1.6%	1.7%	489,795	-2.1%	$166.9M
IWPIshares Tr	1.6%	1.7%	1,166,831	-1.8%	$160.6M
IWFIshares Tr	1.5%	1.6%	1,191,857	-7.5%	$149.3M
METAMeta Platforms Inc	1.4%	1.1%	203,240	-1.0%	$147.4M
SPYState Str Spdr S&p 500 ETF T	1.4%	1.4%	187,808	-0.5%	$143.2M
VOVanguard Index Fds	1.3%	1.3%	1,632,946	-1.5%	$128.1M
VVisa Inc	1.2%	1.2%	338,124	-1.7%	$121.5M
IWLGNylim Active ETF Tr Winslow Lar Cap	1.2%	1.2%	2,070,440	-1.8%	$119.0M
LLYEli Lilly & Co	1.1%	1.2%	98,591	-2.5%	$114.1M
JPMJpmorgan Chase & Co	1.1%	1.1%	338,463	-1.5%	$112.0M
IWDIshares Tr	1.1%	1.1%	437,948	-1.1%	$108.6M
GLWCorning Inc	1.0%	1.9%	677,576	-12.0%	$104.2M
IJJIshares Tr	1.0%	1.1%	729,561	-5.1%	$100.5M
ABBVAbbvie Inc	0.9%	0.8%	342,796	+0.3%	$89.7M
XOMExxonmobil Holdings Corp	0.9%	—	548,177	—	$89.2M
CVXChevron Corporation	0.8%	0.7%	404,148	-2.3%	$82.5M
MAMastercard Incorporated	0.8%	0.8%	148,464	-4.5%	$81.9M
JNJJohnson & Johnson	0.8%	0.8%	289,954	-6.0%	$76.8M
COSTCostco Wholesale Corporation	0.8%	0.8%	84,110	-3.7%	$76.6M
CSCOCisco Sys Inc	0.7%	0.8%	670,408	-5.6%	$72.2M
KLACKla Corp	0.6%	1.0%	339,071	+0.5%	$66.1M
ETNEaton Corp PLC	0.6%	0.7%	151,238	-3.3%	$65.0M
AGGIshares Tr	0.6%	0.6%	664,116	+12.8%	$62.8M
VEUVanguard Intl Equity Index F	0.6%	0.6%	756,580	+1.3%	$62.8M
BRK-BBerkshire Hathaway Inc Del	0.6%	0.6%	119,930	-3.1%	$59.7M
CGDVCapital Group Dividend Value	0.6%	0.6%	1,219,147	-0.2%	$59.6M
TXNTexas Instrs Inc	0.6%	0.5%	209,844	+21.3%	$58.8M
LRCXLam Research Corp	0.6%	0.5%	173,998	+53.9%	$57.2M
VLOValero Energy Corp	0.6%	—	146,428	—	$56.8M
AMDAdvanced Micro Devices Inc	0.6%	0.5%	92,110	-1.7%	$56.3M
BACBank of Amer Corp	0.5%	0.6%	999,064	-0.6%	$54.4M
WMTWalmart Inc	0.5%	0.6%	495,729	-3.0%	$51.5M
KOCoca Cola Co	0.5%	0.5%	588,243	-3.1%	$50.6M
HDHome Depot Inc	0.5%	0.6%	172,823	-2.0%	$49.2M
PMPhilip Morris Intl Inc	0.5%	0.5%	255,862	-5.0%	$48.8M
VWOVanguard Intl Equity Index F	0.5%	0.5%	811,398	-2.6%	$48.1M
MRKMerck & Co Inc	0.5%	—	316,278	—	$46.0M
SCHDSchwab Strategic Tr	0.4%	0.4%	1,385,035	-2.6%	$45.1M
UNHUnitedhealth Group Inc	0.4%	0.5%	114,857	+3.5%	$42.2M

What Cullen/Frost Bankers, Inc. bought and sold in Q3 2026, against Q2 2026.

New positions

Q2 2026's filing was too long to tell new positions apart.

Added to

LRCX Lam Research Corp+53.9% shares
TXN Texas Instrs Inc+21.3% shares
AGG Ishares Tr+12.8% shares
NVDA Nvidia Corporation+8.8% shares

Reduced

GLW Corning Inc-12.0% shares
IWF Ishares Tr-7.5% shares
GOOGL Alphabet Inc-6.3% shares
JNJ Johnson & Johnson-6.0% shares
CSCO Cisco Sys Inc-5.6% shares
IJJ Ishares Tr-5.1% shares

Left the top 50

Share counts compared with the Q2 2026 13F; a split also changes share counts. The latest filing lists more than 50 positions, so a position that left the top 50 may still be held.

How the holdings did against the S&P 500.

1 year: +18.0% /yr; S&P 500 +20.1%
3 years: +21.2% /yr; S&P 500 +20.4%
5 years: +11.6% /yr; S&P 500 +11.6%

A portfolio of the filer's 20 largest 13F positions, weighted by value, bought the trading day after each 13F was filed and held until the next one was: what copying this filer could have earned. 13Fs show long US-listed positions only, so this is an estimate of the stock picks, not the fund's reported returns.

Reported 13F value by quarter.

13F value by quarter
Quarter	13F value	Positions
Q3 2026	$10.2B	1,476
Q2 2026	$10.1B	1,410
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

Questions about Cullen/Frost Bankers, Inc.'s portfolio

What stocks does Cullen/Frost Bankers, Inc. own?

Cullen/Frost Bankers, Inc.'s latest 13F, for Q3 2026 and filed Oct 28, 2026, lists 1,476 positions worth $10.2B. The largest are Apple Inc (AAPL) at 6.1%, Microsoft Corp (MSFT) at 4.5%, Putnam Focused Large Capvalue ETF (PVAL) at 4.5%, Nvidia Corporation (NVDA) at 4.0% and Vanguard Index Fds (VUG) at 3.6%.

What did Cullen/Frost Bankers, Inc. buy last quarter?

In Q3 2026, Cullen/Frost Bankers, Inc. added Lam Research Corp (LRCX) (+53.9% shares), Texas Instrs Inc (TXN) (+21.3% shares) and Ishares Tr (AGG) (+12.8% shares), compared with its Q2 2026 filing.

What did Cullen/Frost Bankers, Inc. sell last quarter?

In Q3 2026, Cullen/Frost Bankers, Inc. cut from its top 50 Exxon Mobil Corp (XOM), cut from its top 50 Cummins Inc (CMI), cut from its top 50 American Express Co (AXP), Corning Inc (GLW) (-12.0% shares), Ishares Tr (IWF) (-7.5% shares) and Alphabet Inc (GOOGL) (-6.3% shares), compared with its Q2 2026 filing.

How has Cullen/Frost Bankers, Inc.'s portfolio performed?

A portfolio copying Cullen/Frost Bankers, Inc.'s 20 largest 13F holdings each quarter, from the day each filing was public, returned +21.2% a year over the last 3 years, against +20.4% for the S&P 500. Over 1 year: +18.0% against +20.1%. Over 5 years: +11.6% a year against +11.6%.

When is Cullen/Frost Bankers, Inc.'s next 13F filing due?

13F filings are due 45 days after each quarter ends. Cullen/Frost Bankers, Inc.'s filing for the quarter ending Dec 31, 2026 is due by Feb 14, 2027; this page updates the day after it is published.