Cullen/Frost Bankers Inc Q2 Activity: Focus on Tech Growth & Emerging Markets

As of June 30, 2026, Cullen/Frost Bankers Inc maintained a substantial portfolio valued at approximately $9.91 billion.

Prominent Purchases During Q2

The investor demonstrated significant buying activity in several areas during the second quarter:

• They substantially increased their position in VANGUARD INDEX FDS GROWTH ETF (VUG), adding over 3.5 million shares, representing a nearly 14% increase in holdings and contributing to its current portfolio allocation of 3.55%. This large inflow suggests confidence in the mid-cap growth space.
• The position in ISHARES TR RUS 1000 GRW ETF (IWF) also saw a massive boost, with nearly one million new shares purchased. This allocation stands at 1.58%, indicating an interest in emerging market growth.
• VANGUARD INDEX FDS MID CAP ETF (VO) was another significant addition, gaining over 1.2 million shares and now accounting for 1.32% of the portfolio.
• KLA CORP COM NEW (KLAC), a Technology stock, received substantial new investment totaling approximately $102 million worth at current prices, adding nearly 965,430% in terms of percentage change to its position (KLAC). This allocation is 1.0%.
• The CAPITAL GROUP DIVIDEND VALUE SHS CREAT UNIT (CGDV) was newly added to the portfolio, investing around $60 million (CGDV). It now represents 0.59%.
• The investor also invested in SCHWAB STRATEGIC TR US DIVIDEND EQ (SCHD), adding shares worth about $45 million (SCHD). This allocation is 0.44%.
• Furthermore, purchases were noted in AT&T INC COM (T), adding shares worth approximately $14 million (T). It now accounts for 0.14%.

Notable Sales During Q2

The investor also divested from certain holdings during the quarter:

• BOSTON SCIENTIFIC CORP COM (BSX) experienced a significant reduction, with nearly 76% of its position sold off (BSX). This allocation decreased to 0.03%.
• The investor exited the ISHARES TR BROAD USD HIGH ETF (USHY) completely, selling all shares (USHY). This position now represents 0.0%.
• BIRKENSTOCK HOLDING PLC COM SHS (BIRK) was sold entirely out of the portfolio (BIRK). This allocation is now 0.0%.

Mixed Activity in Top Holdings

In their top individual holdings by value, the investor showed varied activity:

• The position in APPLE INC COM (AAPL) saw a slight reduction of just under 0.37%.
• MICROSOFT CORP COM (MSFT) also decreased slightly, by about -1.04%.
• NVIDIA CORPORATION COM (NVDA) experienced a small decrease in shares but saw an increase in its portfolio percentage allocation due to overall portfolio movements.
• EMERGING MARKETS INC MSCI EMRG CHN (EMXC), despite being listed as sector null, showed significant growth with nearly 21% more shares added (EMXC). Its allocation is 3.13%.
• Other notable changes included a small increase in EAFE ETF (EFA) and an addition to the portfolio of Booking Holdings Inc COM (BKNG), which now holds 0.3%. (BKNG)