Kempner Capital Management
GALVESTON, TXfiles as KEMPNER CAPITAL MANAGEMENT INC.
$106m in 43 US stocks at the end of 31 December 2025. The top 10 are 43.8% of the money. It changed about 10.4% of the portfolio this quarter.
Value
$106m
Stocks
43
Top 10 share
43.8%
Turnover
10.4%
What changed this quarter
New
Bought for the first time this quarter.
None this quarter.
Added
Bought more of a stock they already held.
- Sonoco ProductsSON2.1% of the fund+113%
Cut
Sold some of their stake.
- Micron TechnologyMU7.6% of the fund-32%
- Black Stone Minerals L PBSM5.9% of the fund-25%
- Taiwan Semiconductor ManufacturingTSM5.1% of the fund-32%
- AlphabetGOOG4.3% of the fund-8%
- TeradyneTER4.1% of the fund-9%
- Cullen/frost BankersCFR4.0% of the fund-4%
- Sensata Technologies HoldingST3.3% of the fund-8%
- MerckMRK3.2% of the fund-8%
- Citizens Financial GroupCFG3.2% of the fund-9%
- Walt DisneyDIS3.1% of the fund-10%
- Lincoln NationalLNC3.0% of the fund-13%
- Global PaymentsGPN2.9% of the fund-9%
- ShellSHEL2.8% of the fund-10%
- Cisco SystemsCSCO2.8% of the fund-9%
- CitigroupC2.8% of the fund-16%
- ExxonMobil HoldingsXOM2.8% of the fund-9%
- Zimmer Biomet HoldingsZBH2.5% of the fund-9%
- Tyson FoodsTSN2.5% of the fund-9%
- Truist FinancialTFC2.4% of the fund-9%
- UnitedHealth GroupUNH2.4% of the fund-9%
- Bank of AmericaBAC2.4% of the fund-30%
- Eli LillyLLY2.3% of the fund-8%
- Equitable HoldingsEQH2.1% of the fund-9%
- KenvueKVUE2.0% of the fund-6%
- Easterly Government PropertiesDEA2.0% of the fund-10%
Sold out
Sold their entire stake.
Holdings
- Black Stone Minerals L PBSM
- Share
- 5.9%
- Value
- $6m
- Shares
- 439,295
-25%
- ShellSHEL
- Share
- 2.8%
- Value
- $3m
- Shares
- 41,694
-10%
- Vaneck ETF TrustISRA
- Share
- 1.3%
- Value
- $1m
- Shares
- 22,500
Held
- Awpax AB Sust Intl Thematic AAWPAX
- Share
- 0.5%
- Value
- $520,000
- Shares
- 24,539
Held
- BHP Billiton LimitedBHP
- Share
- 0.4%
- Value
- $438,000
- Shares
- 7,408
-9%
- Western Asset Intermediate Muni FundSBI
- Share
- 0.4%
- Value
- $371,000
- Shares
- 47,800
Held
| Company | Share of fund | Value | Shares | Change |
|---|---|---|---|---|
| Micron TechnologyMU | 7.6% | $8m | 33,792 | -32% |
| Black Stone Minerals L PBSM | 5.9% | $6m | 439,295 | -25% |
| Taiwan Semiconductor ManufacturingTSM | 5.1% | $5m | 18,898 | -32% |
| AlphabetGOOG | 4.3% | $5m | 14,712 | -8% |
| TeradyneTER | 4.1% | $4m | 22,534 | -9% |
| Cullen/frost BankersCFR | 4.0% | $4m | 32,932 | -4% |
| Sensata Technologies HoldingST | 3.3% | $4m | 102,473 | -8% |
| MerckMRK | 3.2% | $3m | 33,776 | -8% |
| Citizens Financial GroupCFG | 3.2% | $3m | 57,049 | -9% |
| Walt DisneyDIS | 3.1% | $3m | 29,685 | -10% |
| Lincoln NationalLNC | 3.0% | $3m | 71,088 | -13% |
| Global PaymentsGPN | 2.9% | $3m | 37,989 | -9% |
| ShellSHEL | 2.8% | $3m | 41,694 | -10% |
| Cisco SystemsCSCO | 2.8% | $3m | 37,803 | -9% |
| CitigroupC | 2.8% | $3m | 26,008 | -16% |
| ExxonMobil HoldingsXOM | 2.8% | $3m | 24,803 | -9% |
| Zimmer Biomet HoldingsZBH | 2.5% | $3m | 28,548 | -9% |
| Tyson FoodsTSN | 2.5% | $3m | 44,273 | -9% |
| Truist FinancialTFC | 2.4% | $3m | 51,784 | -9% |
| UnitedHealth GroupUNH | 2.4% | $2m | 7,305 | -9% |
| Bank of AmericaBAC | 2.4% | $2m | 44,962 | -30% |
| Eli LillyLLY | 2.3% | $2m | 2,327 | -8% |
| Sonoco ProductsSON | 2.1% | $2m | 52,891 | +113% |
| Equitable HoldingsEQH | 2.1% | $2m | 46,026 | -9% |
| KenvueKVUE | 2.0% | $2m | 125,211 | -6% |
| Easterly Government PropertiesDEA | 2.0% | $2m | 95,457 | -10% |
| International Flavors & FragrancesIFF | 2.0% | $2m | 32,167 | -8% |
| ChubbCB | 1.7% | $2m | 5,909 | -8% |
| AmcorAMCR | 1.5% | $2m | 198,643 | -4% |
| Realty IncomeO | 1.5% | $2m | 26,943 | -10% |
| BPBP | 1.4% | $1m | 42,273 | -12% |
| Eos Energy EnterprisesEOSE | 1.3% | $1m | 102,500 | -41% |
| Vaneck ETF TrustISRA | 1.3% | $1m | 22,500 | Held |
| Rio TintoRIO | 1.2% | $1m | 16,758 | -8% |
| Everest GroupEG | 0.9% | $999,000 | 3,040 | -9% |
| Kinder MorganKMI | 0.7% | $754,000 | 28,200 | Held |
| Diamondback EnergyFANG | 0.7% | $725,000 | 4,705 | -9% |
| Awpax AB Sust Intl Thematic AAWPAX | 0.5% | $520,000 | 24,539 | Held |
| BHP Billiton LimitedBHP | 0.4% | $438,000 | 7,408 | -9% |
| Western Asset Intermediate Muni FundSBI | 0.4% | $371,000 | 47,800 | Held |
| SLB LimitedSLB | 0.3% | $310,000 | 7,972 | -86% |
| ConmedCNMD | 0.2% | $252,000 | 6,258 | -87% |
| Park Hotels & ResortsPK | 0.2% | $242,000 | 22,000 | Held |
Over time and by industry
Value over time
Jun '25
Dec '25
Value is down 43.3% since 30 June 2025.
Where the money is
Financial services25.5%
Technology21.0%
Health care10.6%
Media & telecom7.4%
Materials6.8%
Energy5.9%
Everyday goods4.5%
Real estate3.7%
Industrials3.3%
Other11.2%
From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.