CULLEN/FROST BANKERS, INC.

Filed: 10/31/2025ACC: 0000039263-25-000119

📋 What this filing means

CULLEN/FROST BANKERS, INC. filed this quarterly 13F‑HR report disclosing 1321 equity positions with a total reported market value of $8.61B. This filing provides a transparent view of the manager's long equity holdings as of the quarter end.

1321

Positions

$8.61B

Total AUM (reported)

62.24M

Total Shares

Allocation by class

DOMESTIC COMMON STOCK$5.65B65.6%

DOMESTIC LARGE CAP FUND-ETF$1.13B13.1%

DOMESTIC MID CAP FUND-ETF$435.08M5.1%

INTL COMMON STOCK$326.40M3.8%

INTL DEVELOPED MKTS FUND-ETF$237.22M2.8%

INTL EMERGING MKTS FUND-ETF$228.87M2.7%

DOMESTIC SMALL CAP FUND-ETF$179.46M2.1%

Portfolio Concentration

Top 3$1.26B14.7%

4–10$1.43B16.6%

11–25$1.77B20.6%

Rest$4.15B48.2%

Top 3 weight

14.7%

Top 10 weight

31.2%

Voting Authority Distribution

Total shares with voting rights: 62.24M

Sole

Full voting authority

58.96M

% of voting shares94.7%

Shared

Joint voting authority

767.32K

% of voting shares1.2%

None

No voting authority

2.51M

% of voting shares4.0%

Investment Discretion (by position count)

Sole0

Shared0

Other1321

Dominant voting typeSole · 94.7% of voting shares

Institutional Holdings1321

Rows:

APPLE INC COM

DFND

DOMESTIC COMMON STOCK

Shares1.91M

TypeSH

Market value$486.53M

5.65%

Sole

1.76M

Shared

17.87K

None

134.74K

MICROSOFT CORP COM

DFND

DOMESTIC COMMON STOCK

Shares927.39K

TypeSH

Market value$480.34M

5.58%

Sole

885.71K

Shared

9.23K

None

32.46K

NVIDIA CORPORATION COM

DFND

DOMESTIC COMMON STOCK

Shares1.59M

TypeSH

Market value$296.88M

3.45%

Sole

1.55M

Shared

17.04K

None

23.95K

VANGUARD INDEX FDS GROWTH ETF

DFND

DOMESTIC LARGE CAP FUND-ETF

Shares577.51K

TypeSH

Market value$276.98M

3.22%

Sole

574.16K

Shared

976.00

None

2.37K

PUTNAM ETF TRUST FOCUSED LAR CAP

DFND

DOMESTIC LARGE CAP FUND-ETF

Shares5.84M

TypeSH

Market value$249.63M

2.90%

Sole

5.81M

Shared

34.16K

None

950.00

AMAZON COM INC COM

DFND

DOMESTIC COMMON STOCK

Shares931.60K

TypeSH

Market value$204.55M

2.38%

Sole

897.77K

Shared

10.80K

None

23.03K

ISHARES INC MSCI EMRG CHN

DFND

INTL EMERGING MKTS FUND-ETF

Shares2.61M

TypeSH

Market value$176.17M

2.05%

Sole

2.57M

Shared

25.94K

None

14.50K

ISHARES TR MSCI EAFE ETF

DFND

INTL DEVELOPED MKTS FUND-ETF

Shares1.89M

TypeSH

Market value$176.13M

2.05%

Sole

1.86M

Shared

13.42K

None

14.48K

BROADCOM INC COM

DFND

DOMESTIC COMMON STOCK

Shares520.52K

TypeSH

Market value$171.72M

2.00%

Sole

506.55K

Shared

7.58K

None

6.39K

ISHARES TR RUS MD CP GR ETF

DFND

DOMESTIC MID CAP FUND-ETF

Shares1.19M

TypeSH

Market value$170.16M

1.98%

Sole

1.18M

Shared

9.72K

None

4.56K

ISHARES TR RUS 1000 GRW ETF

DFND

DOMESTIC LARGE CAP FUND-ETF

Shares348.83K

TypeSH

Market value$163.39M

1.90%

Sole

341.55K

Shared

2.29K

None

4.99K

ALPHABET INC CAP STK CL A

DFND

DOMESTIC COMMON STOCK

Shares630.19K

TypeSH

Market value$153.20M

1.78%

Sole

598.67K

Shared

9.93K

None

21.59K

META PLATFORMS INC CL A

DFND

DOMESTIC COMMON STOCK

Shares208.28K

TypeSH

Market value$152.96M

1.78%

Sole

204.27K

Shared

1.92K

None

2.09K

VANGUARD INDEX FDS SMALL CP ETF

DFND

DOMESTIC SMALL CAP FUND-ETF

Shares556.93K

TypeSH

Market value$141.62M

1.65%

Sole

550.88K

Shared

3.81K

None

2.23K

ALPHABET INC CAP STK CL C

DFND

DOMESTIC COMMON STOCK

Shares511.20K

TypeSH

Market value$124.50M

1.45%

Sole

494.03K

Shared

3.03K

None

14.14K

VANGUARD INDEX FDS MID CAP ETF

DFND

DOMESTIC MID CAP FUND-ETF

Shares422.68K

TypeSH

Market value$124.16M

1.44%

Sole

418.38K

Shared

3.05K

None

1.25K

SPDR S&P 500 ETF TR TR UNIT

DFND

DOMESTIC LARGE CAP FUND-ETF

Shares185.01K

TypeSH

Market value$123.25M

1.43%

Sole

178.41K

Shared

6.60K

None

0.00

VISA INC COM CL A

DFND

DOMESTIC COMMON STOCK

Shares353.67K

TypeSH

Market value$120.73M

1.40%

Sole

336.84K

Shared

2.03K

None

14.80K

JPMORGAN CHASE & CO. COM

DFND

DOMESTIC COMMON STOCK

Shares363.81K

TypeSH

Market value$114.76M

1.33%

Sole

330.50K

Shared

4.17K

None

29.15K

ISHARES TR S&P MC 400VL ETF

DFND

DOMESTIC MID CAP FUND-ETF

Shares834.86K

TypeSH

Market value$108.30M

1.26%

Sole

822K

Shared

8.92K

None

3.93K

ORACLE CORP COM

DFND

DOMESTIC COMMON STOCK

Shares338.27K

TypeSH

Market value$95.14M

1.11%

Sole

329.34K

Shared

1.86K

None

7.08K

MASTERCARD INCORPORATED CL A

DFND

DOMESTIC COMMON STOCK

Shares162.73K

TypeSH

Market value$92.56M

1.08%

Sole

160.19K

Shared

1.09K

None

1.44K

ABBVIE INC COM

DFND

DOMESTIC COMMON STOCK

Shares382.18K

TypeSH

Market value$88.49M

1.03%

Sole

348.45K

Shared

4.79K

None

28.94K

COSTCO WHSL CORP NEW COM

DFND

DOMESTIC COMMON STOCK

Shares91.41K

TypeSH

Market value$84.61M

0.98%

Sole

89.78K

Shared

528.00

None

1.11K

HOME DEPOT INC COM

DFND

DOMESTIC COMMON STOCK

Shares202.69K

TypeSH

Market value$82.13M

0.95%

Sole

196.31K

Shared

2.31K

None

4.07K

Issuer	Class	Shares	Type	Value / Portfolio %	Voting — Sole	Shared	None
APPLE INC COMDFND	DOMESTIC COMMON STOCK	1.91M	SH	$486.53M 5.65%	1.76M	17.87K	134.74K
MICROSOFT CORP COMDFND	DOMESTIC COMMON STOCK	927.39K	SH	$480.34M 5.58%	885.71K	9.23K	32.46K
NVIDIA CORPORATION COMDFND	DOMESTIC COMMON STOCK	1.59M	SH	$296.88M 3.45%	1.55M	17.04K	23.95K
VANGUARD INDEX FDS GROWTH ETFDFND	DOMESTIC LARGE CAP FUND-ETF	577.51K	SH	$276.98M 3.22%	574.16K	976.00	2.37K
PUTNAM ETF TRUST FOCUSED LAR CAPDFND	DOMESTIC LARGE CAP FUND-ETF	5.84M	SH	$249.63M 2.90%	5.81M	34.16K	950.00
AMAZON COM INC COMDFND	DOMESTIC COMMON STOCK	931.60K	SH	$204.55M 2.38%	897.77K	10.80K	23.03K
ISHARES INC MSCI EMRG CHNDFND	INTL EMERGING MKTS FUND-ETF	2.61M	SH	$176.17M 2.05%	2.57M	25.94K	14.50K
ISHARES TR MSCI EAFE ETFDFND	INTL DEVELOPED MKTS FUND-ETF	1.89M	SH	$176.13M 2.05%	1.86M	13.42K	14.48K
BROADCOM INC COMDFND	DOMESTIC COMMON STOCK	520.52K	SH	$171.72M 2.00%	506.55K	7.58K	6.39K
ISHARES TR RUS MD CP GR ETFDFND	DOMESTIC MID CAP FUND-ETF	1.19M	SH	$170.16M 1.98%	1.18M	9.72K	4.56K
ISHARES TR RUS 1000 GRW ETFDFND	DOMESTIC LARGE CAP FUND-ETF	348.83K	SH	$163.39M 1.90%	341.55K	2.29K	4.99K
ALPHABET INC CAP STK CL ADFND	DOMESTIC COMMON STOCK	630.19K	SH	$153.20M 1.78%	598.67K	9.93K	21.59K
META PLATFORMS INC CL ADFND	DOMESTIC COMMON STOCK	208.28K	SH	$152.96M 1.78%	204.27K	1.92K	2.09K
VANGUARD INDEX FDS SMALL CP ETFDFND	DOMESTIC SMALL CAP FUND-ETF	556.93K	SH	$141.62M 1.65%	550.88K	3.81K	2.23K
ALPHABET INC CAP STK CL CDFND	DOMESTIC COMMON STOCK	511.20K	SH	$124.50M 1.45%	494.03K	3.03K	14.14K
VANGUARD INDEX FDS MID CAP ETFDFND	DOMESTIC MID CAP FUND-ETF	422.68K	SH	$124.16M 1.44%	418.38K	3.05K	1.25K
SPDR S&P 500 ETF TR TR UNITDFND	DOMESTIC LARGE CAP FUND-ETF	185.01K	SH	$123.25M 1.43%	178.41K	6.60K	0.00
VISA INC COM CL ADFND	DOMESTIC COMMON STOCK	353.67K	SH	$120.73M 1.40%	336.84K	2.03K	14.80K
JPMORGAN CHASE & CO. COMDFND	DOMESTIC COMMON STOCK	363.81K	SH	$114.76M 1.33%	330.50K	4.17K	29.15K
ISHARES TR S&P MC 400VL ETFDFND	DOMESTIC MID CAP FUND-ETF	834.86K	SH	$108.30M 1.26%	822K	8.92K	3.93K
ORACLE CORP COMDFND	DOMESTIC COMMON STOCK	338.27K	SH	$95.14M 1.11%	329.34K	1.86K	7.08K
MASTERCARD INCORPORATED CL ADFND	DOMESTIC COMMON STOCK	162.73K	SH	$92.56M 1.08%	160.19K	1.09K	1.44K
ABBVIE INC COMDFND	DOMESTIC COMMON STOCK	382.18K	SH	$88.49M 1.03%	348.45K	4.79K	28.94K
COSTCO WHSL CORP NEW COMDFND	DOMESTIC COMMON STOCK	91.41K	SH	$84.61M 0.98%	89.78K	528.00	1.11K
HOME DEPOT INC COMDFND	DOMESTIC COMMON STOCK	202.69K	SH	$82.13M 0.95%	196.31K	2.31K	4.07K

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