Cullen/Frost Bankers, Inc.

Cullen/Frost Bankers, Inc. declares $3.4B in 134 of the 230 AI and semiconductor companies tracked on Silicon Floor, as of Jun 30, 2026 (Form 13F): 34.0% of its $10.1B 13F portfolio. Largest positions: Apple (0.01% of the company) and Alphabet (0.01% of the company). Over time: $3.4B in 134 of these companies for Q2 2026, against $846.4M in 70 for Q4 2019 (13F values as filed). From Mar 31, 2026 to Jun 30, 2026, it bought $66.8M and sold $34.4M of these stocks, at the quarter's prices: a net purchase of $32.4M; 11 new positions and 7 sold out.

Performance of its AI picks

The AI-stock portfolio Cullen/Frost Bankers, Inc. declared for Q2 2026 (Form 13F), held unchanged, returned +3.1% in Q3 2026 (SMH -7.1%), ranked 1008 of 1,783 active managers. Over the last 12 months, quarter after quarter: +21.4% (SMH +87.2%), ranked 1124 of 1,359 active managers. Over three years, quarter after quarter: +125.8% (SMH +325.8%), ranked 600 of 783 active managers. Over five years, quarter after quarter: +133.6% (SMH +389.8%), ranked 400 of 535 active managers. Trades made during a quarter are not visible in 13F filings: this measures its declared picks, not the return of its funds.

Largest positions

1. Apple (AAPL) — $544.8M: 1.9M shares, 0.01% of the company, 5.4% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
2. Alphabet (GOOGL) — $412.9M: 1.2M shares, 0.01% of the company, 4.1% of its portfolio (added this quarter); held since Q4 2019 or earlier
3. Microsoft (MSFT) — $336.4M: 901,874 shares, 0.01% of the company, 3.3% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
4. NVIDIA (NVDA) — $327.3M: 1.6M shares, 0.01% of the company, 3.2% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
5. Amazon (AMZN) — $212.2M: 890,254 shares, 0.01% of the company, 2.1% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
6. Broadcom (AVGO) — $207.1M: 548,367 shares, 0.01% of the company, 2.0% of its portfolio (added this quarter); held since Q4 2019 or earlier
7. Corning (GLW) — $196.7M: 770,075 shares, 0.09% of the company, 1.9% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
8. Meta Platforms (META) — $115.6M: 205,270 shares, 0.01% of the company, 1.1% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
9. KLA (KLAC) — $101.8M: 337,368 shares, 0.03% of the company, 1.0% of its portfolio (added this quarter); held since Q4 2019 or earlier
10. Cisco (CSCO) — $83.4M: 709,810 shares, 0.02% of the company, 0.82% of its portfolio (added this quarter); held since Q4 2019 or earlier
11. Eaton (ETN) — $66.7M: 156,463 shares, 0.04% of the company, 0.66% of its portfolio (added this quarter); held since Q4 2019 or earlier
12. AMD (AMD) — $54.4M: 93,696 shares, 0.01% of the company, 0.54% of its portfolio (added this quarter); held since Q4 2019 or earlier
13. Texas Instruments (TXN) — $51.6M: 172,984 shares, 0.02% of the company, 0.51% of its portfolio (added this quarter); held since Q4 2019 or earlier
14. Lam Research (LRCX) — $49.0M: 113,089 shares, 0.01% of the company, 0.48% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
15. Cummins (CMI) — $46.9M: 65,761 shares, 0.05% of the company, 0.46% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier

By sector

• Cloud & AI giants — $1.6B, 47% of its AI holdings, 6 companies
• Chips & compute — $740.7M, 22% of its AI holdings, 22 companies
• Power, electrical & cooling — $291.6M, 8% of its AI holdings, 33 companies
• Equipment & test — $229.1M, 7% of its AI holdings, 15 companies
• Optics — $206.6M, 6% of its AI holdings, 6 companies
• AI software — $177.7M, 5% of its AI holdings, 19 companies
• Interconnect — $112.3M, 3% of its AI holdings, 7 companies
• Servers & systems — $27.6M, 1% of its AI holdings, 10 companies
• Memory & storage — $16.0M, 0% of its AI holdings, 5 companies
• Neoclouds & data centers — $14.0M, 0% of its AI holdings, 11 companies

Biggest changes this quarter

• trimmed Amazon (AMZN): -$14.4M at the quarter's price
• added to Micron (MU): +$12.3M at the quarter's price
• added to Lumentum (LITE): +$9.3M at the quarter's price
• added to Texas Instruments (TXN): +$8.0M at the quarter's price
• added to KLA (KLAC): +$6.3M at the quarter's price
• added to TSMC (TSM): +$6.2M at the quarter's price
• added to Broadcom (AVGO): +$5.2M at the quarter's price
• trimmed Intuit (INTU): -$4.1M at the quarter's price
• trimmed Microsoft (MSFT): -$3.5M at the quarter's price
• added to Cisco (CSCO): +$2.9M at the quarter's price

Other holders of this size

• ATALANTA SOSNOFF CAPITAL, LLC — $3.4B in 34 of these companies
• Thrive Capital Management, LLC — $3.4B in 2 of these companies
• Markel Group Inc. — $3.4B in 13 of these companies
• GENERATION INVESTMENT MANAGEMENT LLP — $3.5B in 6 of these companies
• JOHNSON INVESTMENT COUNSEL INC — $3.4B in 88 of these companies
• HM PAYSON & CO — $3.5B in 112 of these companies
• Danica Pension, Livsforsikringsaktieselskab — $3.4B in 50 of these companies
• Select Equity Group, L.P. — $3.5B in 19 of these companies

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