CULLEN/FROST BANKERS, INC. Q4 2025 Filing

Filed February 6, 2026

Portfolio Value

$9.1B

Holdings

1,460

Report Date

Q4 2025

Filing Type

13F-HR

All Holdings (1,460 positions)

#	Stock	Shares	Value	% Portfolio
1	AAPLAPPLE INC COM	1,889,776	$513.0M	5.64%
2	MSFTMICROSOFT CORP COM	905,532	$437.0M	4.81%
3	PVALPUTNAM ETF TRUST FOCUSED LAR CAP	6,852,855	$312.0M	3.43%
4	NVDANVIDIA CORPORATION COM	1,616,358	$301.0M	3.31%
5	VUGVANGUARD INDEX FDS GROWTH ETF	610,480	$297.0M	3.27%
6	AMZNAMAZON COM INC COM	936,301	$216.0M	2.38%
7	GOOGLALPHABET INC CAP STK CL A	648,165	$202.0M	2.22%
8	IWPISHARES TR RUS MD CP GR ETF	1,439,846	$197.0M	2.17%
9	EFAISHARES TR MSCI EAFE ETF	1,951,231	$187.0M	2.06%
10	EMXCISHARES INC MSCI EMRG CHN	2,555,605	$185.0M	2.04%
11	AVGOBROADCOM INC COM	510,358	$176.0M	1.94%
12	IWFISHARES TR RUS 1000 GRW ETF	346,021	$163.0M	1.79%
13	GOOGALPHABET INC CAP STK CL C	504,885	$158.0M	1.74%
14	VBVANGUARD INDEX FDS SMALL CP ETF	567,959	$146.0M	1.61%
15	VOVANGUARD INDEX FDS MID CAP ETF	441,169	$128.0M	1.41%
16	VVISA INC COM CL A	352,552	$123.0M	1.35%
17	JPMJPMORGAN CHASE & CO. COM	344,281	$110.0M	1.21%
18	IJJISHARES TR S&P MC 400VL ETF	831,369	$109.0M	1.20%
19	IWLGNEW YORK LIFE INVTS ACTIVE E NYLI WINSLOW LAR	1,877,835	$101.0M	1.11%
20	AGGISHARES TR CORE US AGGBD ET	1,021,078	$101.0M	1.11%
21	IWDISHARES TR RUS 1000 VAL ETF	403,058	$84.0M	0.92%
22	ABBVABBVIE INC COM	365,525	$83.0M	0.91%
23	GLWCORNING INC COM	814,687	$71.0M	0.78%
24	BRK/BBERKSHIRE HATHAWAY INC DEL CL B NEW	132,228	$66.0M	0.73%
25	CVXCHEVRON CORP NEW COM	427,741	$65.0M	0.72%
26	JNJJOHNSON & JOHNSON COM	314,253	$65.0M	0.72%
27	ORCLORACLE CORP COM	329,528	$64.0M	0.70%
28	HDHOME DEPOT INC COM	178,464	$61.0M	0.67%
29	WMTWALMART INC COM	520,544	$57.0M	0.63%
30	XOMEXXON MOBIL CORP COM	470,601	$56.0M	0.62%
31	BACBANK AMERICA CORP COM	1,029,767	$56.0M	0.62%
32	VEUVANGUARD INTL EQUITY INDEX F ALLWRLD EX US	729,561	$53.0M	0.58%
33	AXPAMERICAN EXPRESS CO COM	136,557	$50.0M	0.55%
34	SCHDSCHWAB STRATEGIC TR US DIVIDEND EQ	1,847,216	$50.0M	0.55%
35	ETNEATON CORP PLC SHS	156,127	$49.0M	0.54%
36	CSCOCISCO SYS INC COM	639,730	$49.0M	0.54%
37	NOWSERVICENOW INC COM	300,653	$46.0M	0.51%
38	4I1PHILIP MORRIS INTL INC COM	283,375	$45.0M	0.50%
39	KOCOCA COLA CO COM	615,725	$43.0M	0.47%
40	NFLXNETFLIX INC COM	412,797	$38.0M	0.42%
41	VWOVANGUARD INTL EQUITY INDEX F FTSE EMR MKT ETF	712,348	$38.0M	0.42%
42	GLTRABRDN PRECIOUS METALS BASKET PHYSCL PRECS MET	185,256	$38.0M	0.42%
43	PGPROCTER AND GAMBLE CO COM	255,481	$36.0M	0.40%
44	BSVVANGUARD BD INDEX FDS SHORT TRM BOND	447,395	$35.0M	0.39%
45	ETRENTERGY CORP NEW COM	374,567	$34.0M	0.37%
46	ORLYOREILLY AUTOMOTIVE INC COM	363,957	$33.0M	0.36%
47	HYGISHARES TR IBOXX HI YD ETF	420,126	$33.0M	0.36%
48	BSXBOSTON SCIENTIFIC CORP COM	352,666	$33.0M	0.36%
49	GEGE AEROSPACE COM NEW	109,004	$33.0M	0.36%
50	TSLATESLA INC COM	69,513	$31.0M	0.34%
51	LOWLOWES COS INC COM	126,408	$30.0M	0.33%
52	AEPAMERICAN ELEC PWR CO INC COM	264,353	$30.0M	0.33%
53	DISDISNEY WALT CO COM	257,924	$29.0M	0.32%
54	MCDMCDONALDS CORP COM	97,293	$29.0M	0.32%
55	DHRDANAHER CORPORATION COM	126,792	$29.0M	0.32%
56	QCOMQUALCOMM INC COM	170,630	$29.0M	0.32%
57	AJGGALLAGHER ARTHUR J & CO COM	107,158	$27.0M	0.30%
58	TRVCCITIGROUP INC COM NEW	231,928	$27.0M	0.30%
59	UNPUNION PAC CORP COM	113,019	$26.0M	0.29%
60	IBMINTERNATIONAL BUSINESS MACHS COM	87,138	$25.0M	0.28%
61	CBCHUBB LIMITED COM	80,792	$25.0M	0.28%
62	SHWSHERWIN WILLIAMS CO COM	79,161	$25.0M	0.28%
63	TRVTRAVELERS COMPANIES INC COM	87,857	$25.0M	0.28%
64	MDTMEDTRONIC PLC SHS	260,641	$25.0M	0.28%
65	UNHUNITEDHEALTH GROUP INC COM	73,514	$24.0M	0.26%
66	AMGNAMGEN INC COM	76,001	$24.0M	0.26%
67	VLOVALERO ENERGY CORP COM	142,748	$23.0M	0.25%
68	IVWISHARES TR S&P 500 GRWT ETF	188,983	$23.0M	0.25%
69	TJXTJX COS INC NEW COM	149,963	$23.0M	0.25%
70	SYKSTRYKER CORPORATION COM	66,826	$23.0M	0.25%
71	TXNTEXAS INSTRS INC COM	135,532	$23.0M	0.25%
72	MRKMERCK & CO INC COM	215,997	$22.0M	0.24%
73	EVRGEVERGY INC COM	316,511	$22.0M	0.24%
74	ABTABBOTT LABS COM	177,557	$22.0M	0.24%
75	ADPAUTOMATIC DATA PROCESSING IN COM	87,706	$22.0M	0.24%
76	ICEINTERCONTINENTAL EXCHANGE IN COM	133,056	$21.0M	0.23%
77	LRCXLAM RESEARCH CORP COM NEW	124,531	$21.0M	0.23%
78	VVVANGUARD INDEX FDS LARGE CAP ETF	68,516	$21.0M	0.23%
79	COPCONOCOPHILLIPS COM	225,704	$21.0M	0.23%
80	BXBLACKSTONE INC COM	142,064	$21.0M	0.23%
81	ANETARISTA NETWORKS INC COM SHS	166,965	$21.0M	0.23%
82	RTXRTX CORPORATION COM	119,306	$21.0M	0.23%
83	RPRXROYALTY PHARMA PLC SHS CLASS A	546,350	$21.0M	0.23%
84	CMECME GROUP INC COM	75,045	$20.0M	0.22%
85	BACVERIZON COMMUNICATIONS INC COM	507,685	$20.0M	0.22%
86	HONHONEYWELL INTL INC COM	105,022	$20.0M	0.22%
87	AMDADVANCED MICRO DEVICES INC COM	88,801	$19.0M	0.21%
88	IVEISHARES TR S&P 500 VAL ETF	91,468	$19.0M	0.21%
89	KKRKKR & CO INC COM	152,830	$19.0M	0.21%
90	CMGCHIPOTLE MEXICAN GRILL INC COM	493,119	$18.0M	0.20%
91	TMUST-MOBILE US INC COM	89,041	$18.0M	0.20%
92	LHXL3HARRIS TECHNOLOGIES INC COM	62,409	$18.0M	0.20%
93	VTEBVANGUARD MUN BD FDS TAX EXEMPT BD	372,079	$18.0M	0.20%
94	AQLTISHARES TR SELECT DIVID ETF	120,639	$17.0M	0.19%
95	AONAON PLC SHS CL A	50,223	$17.0M	0.19%
96	ADIANALOG DEVICES INC COM	64,127	$17.0M	0.19%
97	HCAHCA HEALTHCARE INC COM	38,454	$17.0M	0.19%
98	UBERUBER TECHNOLOGIES INC COM	217,036	$17.0M	0.19%
99	CRMSALESFORCE INC COM	64,748	$17.0M	0.19%
100	GSKGSK PLC SPONSORED ADR	344,786	$16.0M	0.18%

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