Latest First Dallas Securities Inc. Stock Portfolio

First Dallas Securities Inc. Performance:

2025 Q4: -8.02%YTD: 3.11%2024: 16.13%

Performance for 2025 Q4 is -8.02%, and YTD is 3.11%, and 2024 is 16.13%.

About First Dallas Securities Inc. and 13F Hedge Fund Stock Holdings

First Dallas Securities Inc. is a hedge fund based in Dallas, TX. On 2026-02-11, the fund reported it's updated stock portfolio. In the 13F Holdings report, First Dallas Securities Inc. reported an equity portfolio of $268.8 Millions as of 31 Dec, 2025.

The top stock holdings of First Dallas Securities Inc. are NVDA, TPL, AAPL. The fund has invested 14.2% of it's portfolio in NVIDIA CORPORATION and 6.9% of portfolio in TEXAS PACIFIC LAND CORPORATION.

The fund managers got completely rid off SPOTIFY TECHNOLOGY SA, VAIL RESORTS INC (MTN) and VARONIS SYSTEMS INC (VRNS) stocks. They significantly reduced their stock positions in ETHAN ALLEN INTERIORS INC (ETD), HEWLETT PACKARD ENTERPRISE CO (HPE) and RH (RH). First Dallas Securities Inc. opened new stock positions in CORECIVIC INC (CXW), FIRST WATCH RESTAURANT GROUP I (FWRG) and GENERAL MOTORS CO (GM). The fund showed a lot of confidence in some stocks as they added substantially to NETFLIX INC (NFLX), WHIRLPOOL CORP (WHR) and TEXAS PACIFIC LAND CORPORATION (TPL).

First Dallas Securities Inc. Annual Return Estimates Vs S&P 500

Our best estimate is that First Dallas Securities Inc. made a return of -8.02% in the last quarter. In trailing 12 months, it's portfolio return was 3.11%.

Performance
S&P 500

New Buys

Ticker	$ Bought
corecivic inc	621,075
first watch restaurant group i	588,120
general motors co	391,000
frontview reit inc com	318,816
comstock resources inc	231,800
deckers outdoor corp	227,037

New stocks bought by First Dallas Securities Inc.

Additions

Ticker	% Inc.
netflix inc	859
whirlpool corp	723
texas pacific land corporation	196
powerfleet inc	110
brinker intl inc	108
fedex corp	76.37
on holding ag namen akt a	42.11
truist financial corp	35.2

Additions to existing portfolio by First Dallas Securities Inc.

Reductions

Ticker	% Reduced
ethan allen interiors inc	-62.7
hewlett packard enterprise co	-38.93
rh	-32.7
terawulf inc	-31.82
kirby corp	-28.3
conocophillips	-23.47
matador resources co	-22.52
cleveland-cliffs inc	-17.58

First Dallas Securities Inc. reduced stake in above stock

Sold off

Ticker	$ Sold
tt electronics plc	-22,468
sleep number corp	-91,260
devon energy corp	-337,371
varonis systems inc	-471,254
life360 inc	-488,980
vail resorts inc	-590,801
shift4 pmts inc cl a	-239,940
diamondback energy inc	-221,805

First Dallas Securities Inc. got rid off the above stocks

Sector Distribution

First Dallas Securities Inc. has about 30.2% of it's holdings in Technology sector.

Sector	%
Technology	30.2
Others	12.1
Industrials	10.3
Consumer Cyclical	9.1
Financial Services	9
Healthcare	6.4
Energy	6
Basic Materials	5.5
Communication Services	4.3
Utilities	3.1
Consumer Defensive	2.4
Real Estate	1.5

Market Cap. Distribution

First Dallas Securities Inc. has about 74.7% of it's portfolio invested in the large-cap and mega-cap stocks.

Category	%
MEGA-CAP	45.7
LARGE-CAP	29
UNALLOCATED	12.1
MID-CAP	9.9
SMALL-CAP	3.3

Stocks belong to which Index?

About 75.3% of the stocks held by First Dallas Securities Inc. either belong to S&P 500 or RUSSELL 2000 index.

Index	%
S&P 500	69.5
Others	24.8
RUSSELL 2000	5.8

Top 5 Winners (%)		%
MU	micron technology inc	69.5 %
LLY	eli lilly & co	40.2 %
FCX	freeport-mcmoran inc cl b	28.7 %
CRS	carpenter technology corp	28.2 %
LUV	southwest airlines co	27.5 %

Top 5 Winners ($)		$
LLY	eli lilly & co	1.8 M
MU	micron technology inc	1.5 M
FCX	freeport-mcmoran inc cl b	1.5 M
AAPL	apple inc	1.2 M
CAT	caterpillar inc	0.9 M

Top 5 Losers (%)		%
NFLX	netflix inc	-86.7 %
TPL	texas pacific land corporation	-60.1 %
ORCL	oracle corp	-30.0 %
GEO	geo group inc	-21.3 %
VST	vistra corp	-16.8 %

Top 5 Losers ($)		$
TPL	texas pacific land corporation	-27.9 M
NFLX	netflix inc	-2.9 M
UBER	uber technologies inc	-1.3 M
META	meta platforms inc cl a	-0.7 M
HD	home depot inc	-0.7 M

First Dallas Securities Inc. Holdings Map

This heatmap illustrates the top 50 positions within the fund's portfolio.

Current Stock Holdings of First Dallas Securities Inc.

First Dallas Securities Inc. has 107 stocks in it's portfolio. About 46.2% of the portfolio is in top 10 stocks. TPL proved to be the most loss making stock for the portfolio. LLY was the most profitable stock for First Dallas Securities Inc. last quarter.

Last Reported on: 11 Feb, 2026

Ticker	Namesorted ascending	% Portfolio	Shares Held	$ Value	Type	% Change
AAPL	apple inc	6.88	68,024	18,493,000	reduced	-0.94

ABBV	abbvie inc	1.38	16,226	3,707,520	reduced	-0.89

AEE	ameren corp	0.19	5,215	520,800	unchanged	0.00

AEP	american electric power co inc	0.47	10,923	1,259,540	reduced	-1.12

AMGN	amgen inc	0.49	4,053	1,326,470	reduced	-2.38

AMZN	amazon.com inc	3.44	40,006	9,234,180	reduced	-1.04

ATO	atmos energy corp	0.28	4,559	764,250	reduced	-6.12

AVGO	broadcom inc	0.18	1,370	474,157	added	7.87

AXP	american express co	0.66	4,799	1,775,530	added	0.52

BA	boeing co	2.56	31,692	6,880,970	added	0.43

BAC	bank of america corp	0.74	36,070	1,983,870	reduced	-0.56

BANC	banc of california inc	0.52	72,825	1,404,790	added	4.67

BX	blackstone inc	0.37	6,410	988,037	unchanged	0.00

C	citigroup inc new	1.14	26,144	3,050,720	reduced	-4.2

CAT	caterpillar inc	2.06	9,690	5,550,900	reduced	-2.02

CFR	cullen frost bankers inc	0.15	3,278	415,093	unchanged	0.00

CHK	expand energy corporation	1.14	27,694	3,056,280	reduced	-2.28

CLF	cleveland-cliffs inc	1.21	243,800	3,237,660	reduced	-17.58

CMC	commercial metals co	0.60	23,382	1,618,480	reduced	-0.81

COP	conocophillips	0.08	2,348	219,828	reduced	-23.47