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Livermore
Livermore
ZHEN

First Dallas Securities Inc.

SEC CIK
0001378559
Latest filing
Aug 3, 2026

The latest 13F from First Dallas Securities Inc. covers Q2 2026 (filed Aug 3, 2026): 125 long positions worth $302.6M. The top 10 holdings make up 45.7% of the portfolio, and the largest is NVIDIA Corp (NVDA) at 13.8%. Livermore has 22 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q2 2026

Share counts compared with Q1 2026: how many positions were new, added to, reduced or sold out, and the biggest buys and sells. Dollar amounts are estimated at the quarter-end prices implied by the filing.

Full comparison
New
19
Est. +$12.6M
Added
36
Est. +$7.91M
Reduced
58
Est. −$17.2M
Sold out
12
Est. −$5.77M

Top 5 holdings

Share of this quarter's portfolio value

  1. NVDANVIDIA Corp
    13.8%$41.7MHistory
  2. TPLTexas Pacific Land Corp
    8.3%$25.0MHistory
  3. AAPLApple Inc.
    6.4%$19.5MHistory
  4. AMZNAmazon Com Inc
    3.4%$10.3MHistory
  5. CATCaterpillar Inc
    2.8%$8.61MHistory

Biggest buys

New and added positions, by estimated amount bought

  1. AIRAar Corp
    +$3.76MNewHistory
  2. KMBKimberly Clark Corp
    +$1.27MNewHistory
  3. VIKViking Holdings Ltd
    +$1.19MAddedHistory
  4. GOOGLAlphabet Inc.
    +$1.10MNewHistory
  5. NVONovo Nordisk A S
    +$1.01MNewHistory

Largest weight increases

New and added positions, by percentage points of the portfolio gained

  1. AIRAar Corp
    +1.24 pp0.0% → 1.2%History
  2. AMATApplied Materials Inc
    +0.49 pp0.5% → 1.0%History
  3. VIKViking Holdings Ltd
    +0.49 pp0.3% → 0.8%History
  4. NVDANVIDIA Corp
    +0.46 pp13.3% → 13.8%History
  5. KMBKimberly Clark Corp
    +0.42 pp0.0% → 0.4%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. MUMicron Technology Inc
    −$2.60MReducedHistory
  2. IBMInternational Business Machines Corp
    −$1.29MSold outHistory
  3. LLYEli Lilly & Co
    −$1.24MReducedHistory
  4. TPLTexas Pacific Land Corp
    −$1.06MReducedHistory
  5. ACAArcosa, Inc.
    −$1.05MSold outHistory

Largest weight decreases

Reduced and sold-out positions, by percentage points of the portfolio lost

  1. TPLTexas Pacific Land Corp
    −2.19 pp10.5% → 8.3%History
  2. XOMExxonMobil Holdings Corp
    −0.81 pp2.8% → 2.0%History
  3. WHRWhirlpool Corp
    −0.72 pp1.1% → 0.4%History
  4. OKEONEOK Inc
    −0.49 pp2.4% → 1.9%History
  5. IBMInternational Business Machines Corp
    −0.48 pp0.5% → 0.0%History

Metrics

13F metrics for Q2 2026, computed only from the numbers in the filings. Definitions below.

Portfolio value
$302.6M
+$32.3M (+11.9%) vs. prior quarter
Positions
125
+7 vs. prior quarter
Top 10 concentration
45.7%
Top 10 as share of value
Turnover
7.2%
Q2 2026, one quarter
Average holding period
15.9 quarters
Weighted by value

How these are calculated

  • Portfolio value: the market value of all long positions in the 13F, as reported at quarter end, excluding options.
  • Top 10 concentration: the combined value of the 10 largest positions as a share of portfolio value.
  • Turnover: the smaller of this quarter's estimated purchases and estimated sales, divided by the average of this and last quarter's portfolio value. Estimates multiply the change in shares by the quarter-end price implied by the filing (market value divided by shares); new positions use this quarter's value and sold-out positions last quarter's. Only positions reported in shares count, and it is not calculated when the previous quarter was not filed.
  • Average holding period: how many consecutive quarters each current position has been held (including this one; a quarter without the position or without a filing starts the count over), weighted by this quarter's value. Counting starts with the first 13F in Livermore (Q1 2021), so positions held before then are understated.

13F filings by quarter

22 quarters, going back to Q1 2021. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $434.9M (Q3 2023)

Q1 2021: $117.6MQ2 2021: $152.6MQ3 2021: $144.9MQ4 2021: $152.5MQ1 2022: $177.0MQ2 2022: $148.4MQ3 2022: $145.5MQ4 2022: $165.9MQ1 2023: $169.5MQ2 2023: $179.3MQ3 2023: $434.9MQ4 2023: $194.1MQ1 2024: $217.4MQ2 2024: $227.8MQ3 2024: $239.3MQ4 2024: $245.4MQ1 2025: $239.3MQ2 2025: $253.0MQ3 2025: $266.9MQ4 2025: $268.8MQ1 2026: $270.3MQ2 2026: $302.6M
Q1 2021Q2 2026
13F filings of First Dallas Securities Inc. by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Aug 3, 2026125$302.6MNVDATPLAAPLvs. Q1 2026SEC
Q1 2026Apr 27, 2026118$270.3MNVDATPLAAPLvs. Q4 2025SEC
Q4 2025Feb 11, 2026107$268.8MNVDATPLAAPLvs. Q3 2025SEC
Q3 2025Nov 5, 2025113$266.9MNVDATPLAAPLvs. Q2 2025SEC
Q2 2025Aug 7, 2025123$253.0MNVDATPLAAPLvs. Q1 2025SEC
Q1 2025May 16, 2025112$239.3MTPLNVDAAAPLvs. Q4 2024SEC
Q4 2024Jan 24, 2025112$245.4MTPLNVDAAAPLvs. Q3 2024SEC
Q3 2024Nov 18, 2024119$239.3MNVDATPLAAPLvs. Q2 2024SEC
Q2 2024Aug 2, 2024117$227.8MNVDATPLAAPLvs. Q1 2024SEC
Q1 2024Apr 16, 2024118$217.4MTPLAAPLNVDAvs. Q4 2023SEC
Q4 2023Feb 13, 2024122$194.1MAAPLTPLNVDAvs. Q3 2023SEC
Q3 2023Nov 14, 2023137$434.9MMTDRWIRETPLvs. Q2 2023SEC
Q2 2023Aug 7, 2023123$179.3MAAPLTPLNVDAvs. Q1 2023SEC
Q1 2023May 15, 2023120$169.5MTPLAAPLXOMvs. Q4 2022SEC
Q4 2022Feb 3, 2023116$165.9MTPLAAPLXOMvs. Q3 2022SEC
Q3 2022Oct 21, 2022114$145.5MTPLAAPLXOMvs. Q2 2022SEC
Q2 2022Jul 28, 2022112$148.4MTPLAAPLXOMvs. Q1 2022SEC
Q1 2022May 12, 2022121$177.0MAAPLTPLMSFTvs. Q4 2021SEC
Q4 2021Feb 7, 2022117$152.5MTPLGMCMCvs. Q3 2021SEC
Q3 2021Oct 6, 2021119$144.9MTPLGMCMCvs. Q2 2021SEC
Q2 2021Jul 6, 2021114$152.6MTPLCMCOKEvs. Q1 2021SEC
Q1 2021May 26, 2021105$117.6MCMCOKEBA–SEC