Aperio Group, LLC reports 12.97% decrease in ownership of CFR / Cullen/Frost Bankers, Inc.

컬렌/프로스트 뱅커스, Inc.

US ˙ NYSE ˙ US2298991090

Security	CFR / Cullen/Frost Bankers, Inc.
Institution	Aperio Group, LLC
Latest Disclosed Ownership	29,615 shares
Latest Disclosed Value	$ 2,583,000

On February 5, 2021 - Aperio Group, LLC filed a 13F-HR form disclosing ownership of 29,615 shares of Cullen/Frost Bankers, Inc. (US:CFR) valued at $2,583,316 USD as of December 31, 2020. The entity filed a previous 13F-HR on November 6, 2020 disclosing 34,028 shares of Cullen/Frost Bankers, Inc.. This represents a change in shares of -12.97% during the quarter. The current value of the position is $4,150,838 USD.

Institutional Ownership: 13F and NPORT Filings

The Security and Class in the table below are shown exactly as filed by the investor. We do our best to track continuity of investments through acquisitions, and this will be reflected in the table as changes in names. In addition to descriptive data, performance of the investment is shown over time. To calculate quarterly performance, we first calculate cost basis of the shares purchased during the quarter, then use that to calculate gross profit. Quarterly return is Gross Profit / Starting Portfolio value.

Note that cost basis is calculated and stored in thousands, so small quarterly changes in shares frequently result in a cost basis of zero.

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Disclosed Equity Positions (from 13F/NPORT Filings)

File Date	Effective Date	Form	Security	Class	ID	Reported Shares	ΔShares	ΔShares (%)	Reported Value (x1000)	ΔValue (%)	Alloc (%)
2021-02-05	2020-12-31	13F	CULLEN FROST BANKERS	COM	229899109	29,615	-4,413	-12.97	2,583	18.70	0.0076
2020-11-06	2020-09-30	13F	CULLEN FROST BANKERS	COM	229899109	34,028	2,841	9.11	2,176	-6.61	0.0073
2020-08-13	2020-06-30	13F	CULLEN FROST BANKERS	COM	229899109	31,187	292	0.95	2,330	35.15	0.0086
2020-05-05	2020-03-31	13F	CULLEN FROST BANKERS	COM	229899109	30,895	8,864	40.23	1,724	-19.96	0.0076
2020-02-13	2019-12-31	13F	CULLEN FROST BANKERS	COM	229899109	22,031	1,943	9.67	2,154	21.08	0.0077
2019-11-06	2019-09-30	13F	CULLEN FROST BANKERS	COM	229899109	20,088	-1,230	-5.77	1,779	-10.92	0.0070
2019-07-30	2019-06-30	13F	CULLEN FROST BANKERS	COM	229899109	21,318	225	1.07	1,997	-2.49	0.0082
2019-05-13	2019-03-31	13F	CULLEN FROST BANKERS	COM	229899109	21,093	-3,198	-13.17	2,048	-4.12	0.0088
2019-05-06	2018-12-31	13F/A-1	CULLEN FROST BANKERS	COM	229899109	24,291	8	0.03	2,136	-15.77	0.0108
2019-02-14	2018-12-31	13F	CULLEN FROST BANKERS	COM	229899109	24,322	39		2,139
2019-05-06	2018-09-30	13F/A-1	CULLEN FROST BANKERS	COM	229899109	24,283	-492	-1.99	2,536	-5.44	0.0112
2018-10-17	2018-09-30	13F	CULLEN FROST BANKERS	COMMON	229899109	24,283	-492		2,536
2019-05-06	2018-06-30	13F/A-1	CULLEN FROST BANKERS	COM	229899109	24,775	20	0.08	2,682	2.13	0.0128
2018-07-30	2018-06-30	13F	CULLEN FROST BANKERS	COMMON	229899109	24,775	20		2,682
2019-05-01	2018-03-31	13F/A-1	CULLEN FROST BANKERS	COM	229899109	24,755	33	0.13	2,626	12.22	0.0131
2018-05-08	2018-03-31	13F	CULLEN FROST BANKERS	COMMON	229899109	24,755	33		2,626
2019-05-01	2017-12-31	13F/A-1	CULLEN FROST BANKERS	COM	229899109	24,722	-2,084	-7.77	2,340	-8.02	0.0121
2018-02-02	2017-12-31	13F	CULLEN FROST BANKERS	COMMON	229899109	24,722	-2,084		2,340
2019-05-01	2017-09-30	13F/A-1	CULLEN FROST BANKERS	COM	229899109	26,806	1,006	3.90	2,544	4.99	0.0144
2017-10-25	2017-09-30	13F	CULLEN FROST BANKERS	COMMON	229899109	26,806	1,006		2,544
2019-04-22	2017-06-30	13F/A-1	CULLEN FROST BANKERS	COM	229899109	25,800	276	1.08	2,423	6.69	0.0148
2017-07-18	2017-06-30	13F	CULLEN FROST BANKERS	COMMON	229899109	25,800	276		2,423
2019-04-22	2017-03-31	13F/A-1	CULLEN FROST BANKERS	COM	229899109	25,524	-3,001	-10.52	2,271	-9.77	0.0155
2017-05-05	2017-03-31	13F	CULLEN FROST BANKERS	COMMON	229899109	25,524	-3,001		2,271
2019-04-22	2016-12-31	13F/A-1	CULLEN FROST BANKERS	COM	229899109	28,525	-2,829	-9.02	2,517	11.57	0.0193
2017-02-14	2016-12-31	13F	CULLEN FROST BANKERS	COMMON	229899109	28,525	-2,829		2,517
2019-04-12	2016-09-30	13F/A-1	CULLEN FROST BANKERS	COM	229899109	31,354	2,579	8.96	2,256	23.01	0.0163
2016-11-01	2016-09-30	13F	CULLEN FROST BANKERS	COMMON	229899109	31,354	2,579		2,256
2019-04-12	2016-06-30	13F/A-1	CULLEN FROST BANKERS	COM	229899109	28,775	1,721	6.36	1,834	23.00	0.0143
2016-08-12	2016-06-30	13F	CULLEN FROST BANKERS	COMMON	229899109	28,775	1,721		1,834
2019-04-12	2016-03-31	13F/A-1	CULLEN FROST BANKERS	COM	229899109	27,054	-7,928	-22.66	1,491	-28.97	0.0128
2016-04-28	2016-03-31	13F	CULLEN FROST BANKERS	COMMON	229899109	27,054	-7,928		1,491
2016-01-21	2015-12-31	13F	CULLEN FROST BANKERS	COMMON	229899109	34,982	-6,804	-16.28	2,099	-21.00	0.0192
2015-10-19	2015-09-30	13F	CULLEN FROST BANKERS	COMMON	229899109	41,786	-442	-1.05	2,657	-19.92	0.0270
2015-07-29	2015-06-30	13F	CULLEN FROST BANKERS	COMMON	229899109	42,228	-3,543	-7.74	3,318	4.93	0.0343
2015-04-29	2015-03-31	13F	CULLEN FROST BANKERS	COMMON	229899109	45,771	45,771	0.00	3,162		0.0354
2015-01-30	2014-12-31	13F	CULLEN FROST BANKERS	COMMON	229899109	0	-68,259	-100.00	0	-100.00
2014-10-21	2014-09-30	13F	CULLEN FROST BANKERS	COMMON	229899109	68,259	3,648	5.65	5,223	1.79	0.0706
2014-07-23	2014-06-30	13F	CULLEN FROST BANKERS	COMMON	229899109	64,611	-1,935	-2.91	5,131	-0.54	0.0745
2014-04-25	2014-03-31	13F	CULLEN FROST BANKERS	COMMON	229899109	66,546			5,159	5.70	0.0725
2014-01-30	2013-12-31	13F	CULLEN FROST BANKERS	COMMON	229899109				4,881	18.38	0.0757
2013-10-24	2013-09-30	13F	CULLEN FROST BANKERS	COMMON	229899109	58,444	-691	-1.17	4,123	4.43	0.0795
2013-07-19	2013-06-30	13F	CULLEN FROST BANKERS	COMMON	229899109	59,135	59,135		3,948		0.0938

Legend

Shares: The total number of shares held by the institution at the end of the reporting period (the effective date). This is provided in the filing.
Value: The total value of the shares as of the effective date. This is provided in the filing.
Avg. Share Price: The weighted average share price of the shares held by the institution. We use FIFO accounting to determine this price
Class: This is the security class as indicated by the filer. There are a variety of values for this field. Common values include "EC" = equity common, "EP" - equity preferred

Allocation (%): The percent of the institution's portfolio that this position represents. This is provided in NPORT filings. For 13F filings, we calculate it.
Change in Allocation: The change in allocation from the prior reporting period. This is calculated as current allocation - prior allocation.
Change in Allocation (%): The percent change in allocation from the prior reporting period. This is calculated as (current allocation - prior allocation) / prior allocation.
Cost Basis: The total cost of the shares held. This is calculated as reported shares * avg. share price
Unrealized Gain/Loss: This is the market value of the position as of the effective date minus the cost basis.