FIRST FINANCIAL BANKSHARES INC
"13F equity value" = market value of this filer's US-listed long equity positions only. It excludes cash, bonds, non-US and short positions, so it understates a fund's true assets under management — often by a lot.
13F holdings are disclosed ~45 days after quarter-end, and they never reveal when within the quarter a fund actually bought. So any 13F-based summary is structurally late and blurred — this applies to every fund, including this one.
We backtested copying it anyway. Buying this fund's new positions the day each filing went public, over 8 quarters, returned +5.8% per quarter — versus +4.0% per quarter from simply owning every 13F stock. It beat that baseline in only 50.0% of quarters (excess t = 1.23, not statistically significant). Its filings tell you what it bought — not what you should buy.
Quarterly compounding, invested quarters only · entry 47 days after quarter-end (when 13F data becomes public)
Top 20 holdings of 201 · 2026 Q1
| Ticker | Value | Weight | QoQ |
|---|---|---|---|
| MSFT | $257M | | ADD |
| AVGO | $217M | | HOLD |
| JPM | $198M | | TRIM |
| BND | $196M | | HOLD |
| IJH | $193M | | HOLD |
| AAPL | $186M | | HOLD |
| GOOGL | $183M | | TRIM |
| JNJ | $154M | | TRIM |
| VEA | $134M | | HOLD |
| CVX | $132M | | HOLD |
| WMB | $104M | | HOLD |
| MCD | $99M | | HOLD |
| NEE | $93M | | HOLD |
| BX | $90M | | ADD |
| MRK | $89M | | ADD |
| NVDA | $87M | | ADD |
| PEP | $86M | | ADD |
| AEP | $85M | | HOLD |
| BAC | $85M | | HOLD |
| VCSH | $83M | | ADD |
QoQ vs previous quarter's share count · NEW = new position · ADD/TRIM = ±2% shares · HOLD = unchanged.
New positions in 2026 Q1
Method & Limitations
Method: a "new position" = held this quarter, absent last quarter (options excluded; stocks with <50 prior holders excluded to filter spin-off artifacts). Entry 47 days after quarter-end — the first day the public could act on the filing. Benchmark = equal-weighted universe of all 13F-held stocks. Limitations: quarterly snapshots can't see intra-quarter trades; survivorship bias — funds that shut down are absent, which flatters the sample. Statistics, not advice.