FIRST FINANCIAL BANKSHARES INC

CIK 0000036029 · Q1 2026

13F Equity AUM

$5.0B

-0.3% QoQ

Positions

201

-11 QoQ

AUM Rank

#1,021

Top 8%

Skill Alpha (FF)

-2.1%/yr^ns

No Clear Edge

Rank #5,323 · Top 65%

vs S&P -6.9%/yr (unadj.)

Quarters Tracked

~2 years

Portfolio Concentration

Top 5: 21.4%Top 10: 37.4%Top 20: 55.6%

MSFT5.2%

AVGO4.4%

JPM4.0%

BND4.0%

IJH3.9%

AAPL3.8%

GOOGL3.7%

JNJ3.1%

VEA2.7%

CHV2.7%

Others (191)62.6%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Financial Services32.9%

Technology19.5%

Healthcare10.2%

Energy7.0%

Industrials6.6%

Communication Services5.5%

Consumer Cyclical5.4%

Consumer Defensive4.9%

Other8.0%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 201Median: 0.02%Avg: 0.50%

0–0.5%

150(9.3%)

0.5–1%

15(11.9%)

1–3%

28(46.9%)

3–5%

7(26.8%)

5%+

1(5.2%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 199Unique: 2vs 20 funds

2.7%Low

201

Fund positions

7,299

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

Most Similar Funds

Top 9 benchmark funds with highest portfolio overlap (Jaccard similarity)

MORGAN STANLEY

3.8%

BANK OF AMERICA CORP /DE/

4.2%

4.7%

6.2%

4.6%

VANGUARD CAPITAL MANAGEMENT LLC

4.2%

GEODE CAPITAL MANAGEMENT, LLC

4.1%

VANGUARD PORTFOLIO MANAGEMENT LLC

4.8%

Jaccard similarity per fund: shared CUSIPs / (fund A + fund B − shared). Higher values indicate more similar portfolios.

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Position Changes This Quarter

New13Increased67Decreased82Exited24

New Positions

SEIC0.9%

+554K

EHC0.4%

+208K

TEAM1EUR0.1%

+71K

SOLS0.0%

+26K

HYMC0.0%

+41K

ET0.0%

+39K

SKE0.0%

+30K

TGB0.0%

+79K

HBM0.0%

+25K

VEU0.0%

+4K

Increased

RF0.8%

+571K(+68%)

NOW0.9%

+173K(+70%)

AMT1.4%

+139K(+55%)

O0.3%

+70K(+35%)

MSFT5.2%

+63K(+10%)

MDLZ1.0%

+62K(+8%)

PFE0.3%

+62K(+17%)

AMZN1.7%

+56K(+17%)

BRK/B0.5%

+46K(+2082%)

BX1.8%

+45K(+6%)

Decreased

WMT0.4%

-313,758(-65%)

MU1.0%

-137,351(-49%)

COP1.3%

-106,143(-18%)

JNJ3.1%

-80,003(-11%)

GOOGL3.7%

-69,297(-10%)

VOO0.1%

-65,326(-84%)

JPM4.0%

-64,004(-9%)

IJH3.9%

-55,504(-2%)

ETN1.5%

-43,747(-17%)

KRE0.6%

-23,190(-5%)

Exited

-78,535

-290,000

-7,409

-12,784

-2,978

-16,385

-39,789

-8,545

-6,864

-2,419

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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