KEMPNER CAPITAL MANAGEMENT INC.

Key Holdings

The portfolio is characterized by a heavy weighting in secular technology leaders and financial institutions, with the top ten positions accounting for approximately 43% of total assets.

• Micron Technology (MU) is the largest holding, comprising 7.58% of the portfolio ($8.03M). This indicates a strong conviction on the semiconductor cycle, particularly in memory and storage solutions.
• Blackstone Minerals (BSM) represents the second-largest position at 5.85% ($6.19M), providing significant exposure to the energy/materials sector.
• Taiwan Semiconductor (TSM) follows at 5.14% ($5.44M), reinforcing the firm's bullish stance on the semiconductor supply chain.
• Alphabet (GOOG) holds a 4.30% weighting ($4.55M), positioning the portfolio to benefit from the digital advertising and cloud computing sectors.
• Financial Concentration: Notably, four of the top ten holdings are financial services companies: Teradyne (classified here as Healthcare/FinTech overlap), Cullen Frost Bankers (CFR), Citizens Financial (CFG), and Lincoln National Corp. This aggregation suggests a tactical overweight in the financial sector.