SEC 13F Intelligence

Managers / Q1 2026

First Dallas Securities Inc.

CIK 0001378559 · 2905 MAPLE AVE., DALLAS, TX, 75201 · 214-954-1177

Reported Value
$270M
Q1 2026
Positions
118
Filings on Record
29
2019–present window
Filed
Apr 27, 2026
original filing

Summary

First Dallas Securities Inc. reported $270M in U.S.-listed holdings across 118 positions for Q1 2026.

Its largest position, NVDA, represents 13.3% of the portfolio.

Compared with Q4 2025, the fund opened 16 new positions and exited 5.

Portfolio Metrics

Turnover
+12.5%
vs prior filed quarter
Top-10 Concentration
+47.8%
share of reported value
Largest Position
+13.3%
Nvidia Corporation
New / Exited
16 / 5
positions this quarter

Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.

Reported Value by Quarter

13F Reported Value
Q4 ’18: $120MQ4 ’18Q1 ’19: $139MQ2 ’19: $114MQ3 ’19: $113MQ4 ’19: $117MQ4 ’19Q1 ’20: $72MQ3 ’20: $89MQ4 ’20: $111MQ1 ’21: $118MQ1 ’21Q2 ’21: $153MQ3 ’21: $145MQ4 ’21: $152MQ1 ’22: $177MQ1 ’22Q2 ’22: $148MQ3 ’22: $146MQ1 ’23: $169,518Q2 ’23: $179,257Q2 ’23Q3 ’23: $436,721Q4 ’23: $194,086Q1 ’24: $217,394Q3 ’24: $239MQ3 ’24Q4 ’24: $245MQ1 ’25: $239MQ2 ’25: $253MQ3 ’25: $267MQ3 ’25Q4 ’25: $269MQ1 ’26: $270Mfilingsflow.com

Portfolio Composition

By security type
Common Stock: 93.4%REIT: 3.4%Other: 2.2%ADR: 0.9%
  • Common Stock · 93.4% · $252M
  • REIT · 3.4% · $9M
  • Other · 2.2% · $6M
  • ADR · 0.9% · $2M

Quarter-over-Quarter Changes full breakdown →

vs Q4 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
AMATApplied Materials IncNEW+4.2K4.2K+$1M$1M
ACAArcosa IncNEW+9.9K9.9K+$1M$1M
Viking Holdings LtdNEW+12.4K12.4K+$914,826$914,826
MTNVail Resorts IncNEW+6.5K6.5K+$827,664$827,664
GILGildan Activewear IncNEW+9.6K9.6K+$534,240$534,240
IPGPIpg Photonics CorpNEW+3.3K3.3K+$382,731$382,731
YOUClear Secure Inc Cl ANEW+6.7K6.7K+$321,926$321,926
CRCLCircle Internet Group Inc Cl ANEW+3.0K3.0K+$291,000$291,000

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q1 2026

50 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1NVDANvidia Corporationhistory →COM13.33%$36M206.6K
2TPLTexas Pacific Land Corporationhistory →COM10.46%$28M59.6K
3AAPLApple Inchistory →COM6.31%$17M67.2K
4AMZNAmazon.Com Inchistory →COM3.06%$8M39.7K
5EXMOCExxon Mobile Corphistory →COM2.79%$8M44.4K
6FCXFreeport-Mcmoran Inc Cl Bhistory →COM2.71%$7M124.7K
7OKEOneok Inchistory →COM2.39%$6M71.6K
8BABoeing Cohistory →COM2.39%$6M32.4K
9CATCaterpillar Inchistory →COM2.27%$6M8.7K
10UBERUber Technologies Inchistory →COM2.05%$6M77.2K
11LLYEli Lilly & Cohistory →COM1.83%$5M5.4K
12METAMeta Platforms Inc Cl Ahistory →COM1.72%$5M8.1K
13JNJJohnson & Johnsonhistory →COM1.50%$4M16.6K
14MSFTMicrosoft Corphistory →COM1.46%$4M10.7K
15HDHome Depot Inchistory →COM1.46%$4M12.0K
16JPMJpmorgan Chase & Cohistory →COM1.44%$4M13.2K
17Sharkninja IncCOM1.39%$4M35.5K
18WMTWal-Mart Inchistory →COM1.28%$3M27.9K
19TRVCCitigroup Inc Newhistory →COM1.26%$3M30.0K
20EXEExpand Energy Corporationhistory →COM1.26%$3M31.0K
21RHPRyman Hospitality Properties Ihistory →COM1.23%$3M35.9K
22EXPEagle Materials Inchistory →COM1.15%$3M16.4K
23MRPMillrose Properties Inc Cl Ahistory →COM1.13%$3M108.8K
24WHRWhirlpool Corphistory →COM1.10%$3M55.1K
25UPSUnited Parcel Service Inc Cl Bhistory →COM1.09%$3M29.8K
26MUMicron Technology IncCOM0.99%$3M7.9K
27COSTCostco Wholesale CorpCOM0.94%$3M2.6K
28TSMTaiwan Semiconductor Mfg Ltd SADR0.91%$2M7.3K
29MTZMastec IncCOM0.89%$2M7.5K
30WULFTerawulf IncCOM0.82%$2M153.8K
31TAt&T IncCOM0.81%$2M75.5K
32GOOGAlphabet Inc Cap Stock Cl CCOM0.79%$2M7.4K
33DKNGDraftkings Inc Cl ACOM0.77%$2M96.5K
34CLFCleveland-Cliffs IncCOM0.75%$2M241.1K
35CSWCCapital Southwest CorpCOM0.73%$2M89.7K
36XELXcel Energy Inc ComCOM0.68%$2M23.2K
37FWRGFirst Watch Restaurant Group ICOM0.65%$2M166.8K
38POWLPowell Industries IncCOM0.63%$2M3.2K
39KEXKirby CorpCOM0.63%$2M12.8K
40BACBank Of America CorpCOM0.62%$2M34.3K
41WFCWells Fargo CoCOM0.59%$2M20.0K
42FVRFrontview Reit Inc COMCOM0.55%$1M96.0K
43AVGOBroadcom IncCOM0.54%$1M4.7K
44AMGNAmgen IncCOM0.54%$1M4.2K
45PRPermian Resources Corp Class ACOM0.54%$1M68.0K
46AEPAmerican Electric Power Co IncCOM0.53%$1M11.0K
47AMATApplied Materials IncCOM0.53%$1M4.2K
48CMCCommercial Metals CoCOM0.51%$1M22.5K
49AXPAmerican Express CoCOM0.50%$1M4.4K
50ETDEthan Allen Interiors IncCOM0.49%$1M59.5K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$270M118Apr 27, 202613F-HRchanges · EDGAR ↗
Q4 2025$269M107Feb 11, 202613F-HRchanges · EDGAR ↗
Q3 2025$267M113Nov 5, 202513F-HRchanges · EDGAR ↗
Q2 2025$253M123Aug 7, 202513F-HRchanges · EDGAR ↗
Q1 2025$239M113May 16, 202513F-HRchanges · EDGAR ↗
Q4 2024$245M112Jan 24, 202513F-HRchanges · EDGAR ↗
Q3 2024$239M119Nov 18, 202413F-HRchanges · EDGAR ↗
Q2 2024Under review117Aug 2, 202413F-HRchanges · EDGAR ↗
Q1 2024$217,394118Apr 16, 202413F-HRchanges · EDGAR ↗
Q4 2023$194,086122Feb 13, 202413F-HRchanges · EDGAR ↗
Q3 2023$436,721137Nov 14, 202313F-HRchanges · EDGAR ↗
Q2 2023$179,257123Aug 7, 202313F-HRchanges · EDGAR ↗
Q1 2023$169,518120May 15, 202313F-HRchanges · EDGAR ↗
Q4 2022Under review116Feb 3, 202313F-HRchanges · EDGAR ↗
Q3 2022$146M114Oct 21, 202213F-HRchanges · EDGAR ↗
Q2 2022$148M112Jul 28, 202213F-HRchanges · EDGAR ↗
Q1 2022$177M121May 12, 202213F-HRchanges · EDGAR ↗
Q4 2021$152M117Feb 7, 202213F-HRchanges · EDGAR ↗
Q3 2021$145M119Oct 6, 202113F-HRchanges · EDGAR ↗
Q2 2021$153M114Jul 6, 202113F-HRchanges · EDGAR ↗
Q1 2021$118M105May 26, 202113F-HRchanges · EDGAR ↗
Q4 2020$111M98Feb 1, 202113F-HRchanges · EDGAR ↗
Q3 2020$89M83Oct 15, 202013F-HRchanges · EDGAR ↗
Q1 2020$72M72May 4, 202013F-HRchanges · EDGAR ↗
Q4 2019$117M84Feb 4, 202013F-HRchanges · EDGAR ↗
Q3 2019$113M85Nov 14, 201913F-HRchanges · EDGAR ↗
Q2 2019$114M85Aug 22, 201913F-HRchanges · EDGAR ↗
Q1 2019$139M92May 17, 201913F-HRchanges · EDGAR ↗
Q4 2018$120M98Feb 11, 201913F-HRchanges · EDGAR ↗

13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.