First Dallas Securities Inc.

CIK 1378559 · View on SEC EDGAR ↗

Portfolio value
$302.6M
#5,156 of 9,443 by 13F value · top 54.6%
Positions
125
As of
June 30, 2026

Portfolio value QoQ: +11.9% 13F does not disclose cash

Top 10 holdings weight
45.66%
Top 25 holdings weight
66.36%
Positions above 1%
29
Effective number of positions
25.6

Based on 13F long-equity holdings only (cash, bonds, shorts not disclosed)

Turnover Q2 2026: 7.52% Est. buys $21,541,228 · sells $22,221,083

Median holding: 6.0 quarters Tracked Q4 2024–Q2 2026 · 73.1% still held

New positions
19
Increased
37
Decreased
57
Closed
12
On this page

Performance vs S&P 500

Tracked Q2 2025–Q2 2026
+30.5%
S&P 500 total return (same window)
+21.7%
Excess return
+8.8%

Annualized: +30.5% · S&P 500: +21.7%

Approximates a buy-and-hold portfolio built from quarterly SEC 13F snapshots. Excludes cash, short positions, options/derivatives, and non-13(f) securities — reflects the disclosed long-equity book only, not total fund AUM. SEC filing lag is up to 45 days; this is not a real-time-copyable timing.

Priceable coverage: 99.4% · Options excluded: 0.0%

Sector breakdown

Technology
29.7%
Industrials
14.8%
Energy
14.0%
Retail
7.0%
Healthcare
4.9%
Financials
4.7%
Real Estate
4.0%
Materials
3.6%
Consumer Discretionary
3.3%
Consumer products
3.1%
Communication Services
2.9%
Financial Services
2.5%
Utilities
2.3%
Logistics & Transportation
1.4%
Telecommunication
0.8%
Consumer Staples
0.4%
Other/Unmapped
0.6%

Full portfolio 125 positions

Type Streak 8Q trend
NVDA NVIDIA Corporation - Common Stock $41,728,231 13.79% 208,547 $5,694,651 Up ×2
TPL Texas Pacific Land Corporation Common Stock $25,004,375 8.26% 57,135 $-3,258,010 Down ×2
AAPL Apple Inc. - Common Stock $19,488,977 6.44% 67,352 $2,441,580 Up ×1
AMZN Amazon.com, Inc. - Common Stock $10,278,651 3.40% 43,126 $2,011,165 Up ×1
CAT Caterpillar, Inc. Common Stock $8,611,969 2.85% 8,087 $2,482,438 Down ×4
FCX Freeport-McMoRan, Inc. Common Stock $7,681,209 2.54% 122,137 $352,349 Down ×2
BA Boeing Company (The) Common Stock $7,069,265 2.34% 32,657 $613,325 Up ×6
MU Micron Technology, Inc. - Common Stock $6,573,682 2.17% 5,695 $3,889,543 Down ×2
XOM Exxon Mobil Corporation Common Stock $5,973,638 1.97% 43,692 $-1,557,653 Down ×6
OKE ONEOK, Inc. Common Stock $5,749,026 1.90% 66,126 $-724,629 Down ×2
UBER Uber Technologies, Inc. Common Stock $5,318,553 1.76% 73,705 $-235,522 Down ×2
LLY Eli Lilly and Company Common Stock $5,228,277 1.73% 4,359 $268,658 Down ×3
SN SharkNinja, Inc. Ordinary Shares $5,197,736 1.72% 34,135 $1,442,522 Down ×2
RHP Ryman Hospitality Properties, Inc. (REIT) $4,765,064 1.57% 37,068 $1,451,111 Up ×4
META Meta Platforms, Inc. - Class A Common Stock $4,445,859 1.47% 7,893 $-207,318 Down ×4
HD Home Depot, Inc. (The) Common Stock $4,352,225 1.44% 12,340 $409,071 Up ×4
JPM JP Morgan Chase & Co. Common Stock $4,326,876 1.43% 13,219 $438,624 Up ×2
JNJ Johnson & Johnson Common Stock $4,049,284 1.34% 15,944 $-455 Down ×1
C Citigroup, Inc. Common Stock $4,015,518 1.33% 28,690 $609,832 Down ×1
AIR AAR Corp. Common Stock $3,759,774 1.24% 26,305 Up ×1
EXP Eagle Materials Inc Common Stock $3,622,538 1.20% 16,100 $506,272 Down ×1
WULF TeraWulf Inc. - Common Stock $3,451,825 1.14% 139,750 $1,233,213 Down ×3
MSFT Microsoft Corporation - Common Stock $3,394,366 1.12% 9,100 $-555,909 Down ×3
TSM Taiwan Semiconductor Manufacturing Company Ltd. $3,380,579 1.12% 7,079 $921,750 Down ×2
MRP Millrose Properties, Inc. Class A Common Stock $3,323,520 1.10% 110,600 $275,878 Up ×1
UPS United Parcel Service, Inc. Common Stock $3,215,816 1.06% 29,915 $280,706 Up ×6
AMAT Applied Materials, Inc. - Common Stock $3,090,898 1.02% 4,275 $1,663,925 Up ×1
WMT Walmart Inc. - Common Stock $3,086,777 1.02% 27,254 $-383,924 Down ×3
EXE Expand Energy Corporation - Common Stock $3,061,584 1.01% 33,574 $-343,102 Up ×2
GOOG Alphabet Inc. - Class C Capital Stock $2,692,375 0.89% 7,620 $566,742 Up ×4
VIK Viking Holdings Ltd Ordinary Shares $2,496,379 0.83% 23,850 $1,581,553 Up ×1
FVR FrontView REIT, Inc. Common Stock $2,320,381 0.77% 114,700 $836,035 Up ×2
FWRG First Watch Restaurant Group, Inc. - Common Stock $2,284,752 0.76% 177,250 $537,212 Up ×2
COST Costco Wholesale Corporation - Common Stock $2,276,810 0.75% 2,434 $-270,929 Down ×1
MTZ MasTec, Inc. Common Stock $2,209,279 0.73% 5,310 $-203,771 Down ×2
CSWC Capital Southwest Corporation - Common Stock $2,150,414 0.71% 90,468 $166,454 Up ×1
AVGO Broadcom Inc. - Common Stock $2,022,851 0.67% 5,355 $557,321 Up ×3
POWL Powell Industries, Inc. - Common Stock $1,961,671 0.65% 6,850 $256,899 Up ×1
XEL Xcel Energy Inc. - Common Stock $1,866,534 0.62% 23,245 $20,333 Up ×1
CLF Cleveland-Cliffs Inc. Common Stock $1,779,401 0.59% 189,500 $-257,891 Down ×4
BAC Bank of America Corporation Common Stock $1,737,425 0.57% 30,492 $66,137 Down ×6
CRS Carpenter Technology Corporation Common Stock $1,640,794 0.54% 2,660 $438,637 Down ×1
ETD Ethan Allen Interiors Inc. Common Stock $1,601,354 0.53% 71,681 $276,326 Up ×2
LUV Southwest Airlines Company Common Stock $1,592,724 0.53% 30,975 $992,551 Up ×3
T AT&T Inc. $1,540,292 0.51% 74,410 $-648,584 Down ×5
MRK Merck & Company, Inc. Common Stock (new) $1,534,804 0.51% 11,944 $244,103 Up ×3
AXP American Express Company Common Stock $1,502,113 0.50% 4,441 $159,101 Up ×1
KEX Kirby Corporation Common Stock $1,497,710 0.49% 11,015 $-205,147 Down ×3
WFC Wells Fargo & Company Common Stock $1,495,184 0.49% 18,093 $-96,174 Down ×1
AMGN Amgen Inc. - Common Stock $1,471,586 0.49% 4,064 $10,280 Down ×1
AEP American Electric Power Company, Inc. - Common Stock $1,456,290 0.48% 10,645 $18,498 Down ×1
DKNG DraftKings Inc. - Class A Common Stock $1,435,778 0.47% 56,840 $-650,336 Down ×2
CMC Commercial Metals Company Common Stock $1,393,989 0.46% 22,215 $14,251 Down ×6
DELL Dell Technologies Inc. Class C Common Stock $1,362,982 0.45% 3,159 $791,810 Down ×3
BANC Banc of California, Inc. Common Stock $1,322,332 0.44% 64,725 $83,382 Down ×2
TWLO Twilio Inc. Class A Common Stock $1,299,879 0.43% 6,300 $1,073,403 Up ×1
GEO Geo Group Inc (The) REIT $1,297,836 0.43% 43,920 $144,334 Down ×1
KMB Kimberly-Clark Corporation - Common Stock $1,273,374 0.42% 11,600 Up ×1
MTN Vail Resorts, Inc. Common Stock $1,269,599 0.42% 9,325 $441,935 Up ×1
GS Goldman Sachs Group, Inc. (The) Common Stock $1,264,212 0.42% 1,250 $206,725
PR Permian Resources Corporation Class A Common Stock $1,192,047 0.39% 64,750 $-256,647 Down ×2
WHR Whirlpool Corporation Common Stock $1,149,354 0.38% 29,157 $-1,822,306 Down ×1
DUK Duke Energy Corporation (Holding Company) Common Stock $1,114,856 0.37% 8,808 $-40,998 Down ×1
GE GE Aerospace Common Stock $1,105,120 0.37% 2,957 $853,416 Up ×1
GOOGL Alphabet Inc. - Class A Common Stock $1,099,992 0.36% 3,078
VZ Verizon Communications Inc. Common Stock $1,029,480 0.34% 24,315 $-216,212 Down ×1
PANW Palo Alto Networks, Inc. - Common Stock $1,026,470 0.34% 3,010 $527,875 Down ×1
NVO Novo Nordisk A/S Common Stock $1,005,151 0.33% 20,967
FDX FedEx Corporation Common Stock $973,834 0.32% 3,110 $-133,886
TSLA Tesla, Inc. - Common Stock $910,599 0.30% 2,165 $-13,200 Down ×1
SCHW Charles Schwab Corporation (The) Common Stock $909,006 0.30% 9,852 $-16,642 Up ×1
MS Morgan Stanley Common Stock $849,120 0.28% 4,062 $16,067 Down ×1
ABBV AbbVie Inc. Common Stock $821,605 0.27% 3,265 $-54,255 Down ×6
IPGP IPG Photonics Corporation - Common Stock $812,441 0.27% 6,925 $429,710 Up ×1
KO Coca-Cola Company (The) Common Stock $784,941 0.26% 9,658 $31,554 Down ×5
HR Healthcare Realty Trust Incorporated Common Stock $774,629 0.26% 38,405 $122,128
ATO Atmos Energy Corporation Common Stock $769,240 0.25% 4,465 $-54,944 Up ×1
TSCO Tractor Supply Company - Common Stock $766,542 0.25% 24,250 Up ×1
BRKA $748,850 0.25% 1 $30,710
TFC Truist Financial Corporation Common Stock $730,895 0.24% 14,671 $57,014 Up ×6
VST Vistra Corp. Common Stock $730,174 0.24% 4,603 $88,265 Up ×1
PLTR Palantir Technologies Inc. - Class A Common Stock $722,654 0.24% 6,194 $-300,428 Down ×2
ONON On Holding AG Class A Ordinary Shares $694,232 0.23% 19,600 $61,460 Up ×1
SPG Simon Property Group, Inc. Common Stock $693,315 0.23% 3,100 $115,072
NFLX Netflix, Inc. - Common Stock $659,593 0.22% 9,238 $-440,171 Down ×1
BRKB $651,508 0.22% 1,302 $27,590
GIL Gildan Activewear, Inc. Class A Sub. Vot. Common Stock $598,560 0.20% 11,600 $64,320 Up ×1
RTX RTX Corporation Common Stock $589,869 0.19% 3,109 $-48,436 Down ×1
AEE Ameren Corporation Common Stock $589,693 0.19% 5,217 $16,351 Up ×2
BX Blackstone Inc. Common Stock $569,758 0.19% 4,842 $-178,827 Down ×1
SAIL SailPoint, Inc. - Common Stock $564,372 0.19% 38,550 Up ×1
SO Southern Company (The) Common Stock $543,154 0.18% 5,675 $-10,388 Down ×4
PODD Insulet Corporation - Common Stock $525,262 0.17% 3,450 Up ×1
MTDR Matador Resources Company Common Stock $523,927 0.17% 10,525 $-124,782 Up ×2
OC Owens Corning Inc Common Stock New $492,776 0.16% 3,100 Up ×1
HPE Hewlett Packard Enterprise Company Common Stock $492,080 0.16% 10,908 $-101,417 Down ×3
TXN Texas Instruments Incorporated - Common Stock $480,940 0.16% 1,614 $167,799 Up ×4
CFR Cullen/Frost Bankers, Inc. Common Stock $460,161 0.15% 2,978 $10,813 Down ×1
VRT Vertiv Holdings, LLC Class A Common Stock $390,158 0.13% 1,165 $54,314 Down ×2
YOU Clear Secure, Inc. Class A Common Stock $384,537 0.13% 6,900 $62,611 Up ×1

Conviction holdings

Positions increased for 3+ consecutive quarters.

Share counts are as reported in 13F filings (not split-adjusted)

Security Value % of portfolio Streak
BA $7,069,265 2.34% up ×6
RHP $4,765,064 1.57% up ×4
HD $4,352,225 1.44% up ×4
UPS $3,215,816 1.06% up ×6
GOOG $2,692,375 0.89% up ×4
AVGO $2,022,851 0.67% up ×3
LUV $1,592,724 0.53% up ×3
MRK $1,534,804 0.51% up ×3
TFC $730,895 0.24% up ×6
TXN $480,940 0.16% up ×4

Biggest new bets

New positions opened this quarter, largest first.

Security Value Shares % of portfolio
AIR $3,759,774 26,305 1.24%
KMB $1,273,374 11,600 0.42%
GOOGL $1,099,992 3,078 0.36%
NVO $1,005,151 20,967 0.33%
TSCO $766,542 24,250 0.25%
SAIL $564,372 38,550 0.19%
PODD $525,262 3,450 0.17%
OC $492,776 3,100 0.16%
ULTA $360,784 800 0.12%
CECO $349,349 3,850 0.12%
UAL $326,376 2,400 0.11%
AAL $314,978 17,431 0.10%
RIVN $293,215 16,900 0.10%
CRK $278,258 18,650 0.09%
Unknown issuer (CUSIP: 438516205) $263,082 1,175 0.09%

Top movers (QoQ)

Security Action Shares Δ Value Δ
NVDA Bought more +2K +$5.7M
MU Trimmed -2K +$3.9M
TPL Trimmed -2K -$3.3M
CAT Trimmed -565 +$2.5M
AAPL Bought more +181 +$2.4M
AMZN Bought more +3K +$2.0M
WHR Trimmed -26K -$1.8M
AMAT Bought more +100 +$1.7M
VIK Bought more +11K +$1.6M
XOM Trimmed -698 -$1.6M

Exited positions

Includes corporate events (mergers, delistings) — not all exits are sells

Closed positions reflect 13F reporting changes; for index managers these are often mechanical (delisting, M&A, index rebalancing), not active decisions.

SecurityQuarter Shares before Value before Price since exit
GNRC March 31, 2025 26,575 $4,120,000 64.6%
WYNN Sept. 30, 2025 36,817 $3,448,639 -23.8%
ET June 30, 2025 181,899 $3,381,000 17.1%
GOOGL Sept. 30, 2025 8,014 $1,412,264 41.1%
IBM June 30, 2026 5,330 $1,291,939 -16.1%
ACA June 30, 2026 9,925 $1,053,439 -0.1%
ENLC March 31, 2025 73,731 $1,043,000 No longer tracked
SPOT Dec. 31, 2025 1,343 $937,414 -7.0%
ON March 31, 2025 11,915 $751,000 84.5%
CYBR Sept. 30, 2025 1,600 $651,008 No longer tracked
V March 31, 2026 1,805 $633,098 21.6%
MTN Dec. 31, 2025 3,950 $590,801 15.3%
HON June 30, 2026 2,350 $531,170 -1.2%
CXW June 30, 2026 27,500 $520,025 6.2%
CYBR March 31, 2025 1,550 $516,000 No longer tracked
ISRG Sept. 30, 2025 900 $489,069 -11.7%
LIF Dec. 31, 2025 4,600 $488,980 -27.0%
NVO March 31, 2025 5,654 $486,000 -33.0%
VRNS Dec. 31, 2025 8,200 $471,254 27.5%
TTWO March 31, 2026 1,835 $469,815 18.7%
PTLO Sept. 30, 2025 37,250 $434,707 -24.8%
DE Sept. 30, 2025 841 $427,400 31.6%
EAT June 30, 2026 2,990 $426,882 36.0%
RH June 30, 2026 2,850 $398,487 -1.1%
GM March 31, 2026 4,808 $391,000 13.0%
MCD June 30, 2026 1,185 $368,286 0.2%
PFE March 31, 2025 13,350 $354,000 9.8%
ABNB Sept. 30, 2025 2,655 $351,363 53.4%
NCLH Sept. 30, 2025 17,100 $346,788 -31.6%
DVN Dec. 31, 2025 9,623 $337,371 34.9%
STKL June 30, 2025 67,000 $326,000 No longer tracked
CART March 31, 2025 7,700 $319,000 28.5%
NBIS Sept. 30, 2025 5,700 $315,381 92.4%
CROX March 31, 2025 2,849 $312,000 15.6%
SYM June 30, 2025 15,150 $306,000 6.4%
YOU March 31, 2025 11,400 $304,000 72.4%
CRCL June 30, 2026 3,050 $291,000 30.1%
GEV Dec. 31, 2025 471 $289,618 48.6%
CMA March 31, 2025 4,660 $288,000 No longer tracked
NVGS June 30, 2026 13,800 $266,754 17.1%
DRI June 30, 2025 1,200 $249,000 0.9%
GNRC Dec. 31, 2025 1,450 $242,730 52.8%
FOUR Dec. 31, 2025 3,100 $239,940 -22.3%
EQT Sept. 30, 2025 4,040 $235,613 0.2%
CRK March 31, 2026 10,000 $231,800 -34.0%
DECK March 31, 2026 2,190 $227,037 -10.4%
PG Dec. 31, 2025 1,465 $225,097 0.7%
TFIN Sept. 30, 2025 4,075 $224,573 47.1%
FANG Dec. 31, 2025 1,550 $221,805 43.2%
ONDS June 30, 2026 24,500 $221,480 2.8%
ISRG June 30, 2026 450 $207,445 -0.7%
UAL Sept. 30, 2025 2,600 $207,038 17.4%
BLDR June 30, 2025 1,600 $200,000 -39.8%
SNBR June 30, 2025 30,500 $193,000 No longer tracked
GENI June 30, 2026 43,500 $192,705 31.8%
GMREXXXX Sept. 30, 2025 16,000 $110,880 No longer tracked
SNBR Dec. 31, 2025 13,000 $91,260 No longer tracked
SFIX Sept. 30, 2025 10,000 $37,000 -24.5%