Kempner Capital Management Inc.

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 15, 2025), Kempner Capital Management Inc. reported 47 stock positions worth $186.7 million. Its top holding was Taiwan Semiconductor-SP ADR (TSM) at 7.4% of the portfolio, followed by Micron Technology (MU, 6.2%) and Black Stone Minerals (BSM, 5.3%). Compared with Q1 2025, it opened 2 new positions, sold out of 4, added to 6 and reduced 2. The biggest buy was a new position in Global Payments (GPN) and the biggest sale an exit from GSK PLC-Spon ADR (GSK).

Most Recent 13F
Q4 2025
Location
GALVESTON, TX
CIK
0000898399
Portfolio Value
$186.7M (Q2 2025)
SEC Filing
0000898399-25-000005 ↗ filed Jul 15, 2025

Holdings Value

0$50.0M$100.0M$150.0M$200.0M Q1 2024: $184.4M Q1 2024 Q2 2024: $188.6M Q2 2024 Q3 2024: $195.4M Q3 2024 Q4 2024: $182.2M Q4 2024 Q1 2025: $177.7M Q1 2025 Q2 2025: $186.7M $186.7M Q2 2025 Q3 2025: $120.1M Q3 2025 Q4 2025: $105.8M Q4 2025

Holdings 47 stocks · $186.7M
TSM Taiwan Semiconductor-SP ADR 7.35% 60,615 $13.7M Add +31.7%
MU Micron Technology Inc. 6.22% 94,192 $11.6M No change
BSM Black Stone Minerals LP 5.32% 759,343 $9.9M Add +52.3%
DIS The Walt Disney Co. filed as DISNEY WALT CO 4.16% 62,631 $7.8M No change
BAC Bank of America Corp. filed as BANK AMERICA CORP 3.40% 134,331 $6.4M No change
ST Sensata Technologies Holdplc 3.37% 209,064 $6.3M No change
C Citigroup Inc. 3.34% 73,367 $6.2M No change
GPN Global Payments Inc. 3.34% 77,875 $6.2M New
SHEL Shell PLC-ADR 3.24% 86,050 $6.1M No change
XOM Exxon Mobil Corp. 2.99% 51,729 $5.6M No change
LNC Lincoln National Corp. 2.94% 158,906 $5.5M No change
MRK Merck & Co. Inc. 2.90% 68,406 $5.4M Add +2.7%
CSCO Cisco Systems Inc. 2.89% 77,727 $5.4M No change
ZBH Zimmer Biomet Holdings Inc. 2.86% 58,496 $5.3M Add +47.7%
EQH Equitable Holdings Inc. 2.85% 94,779 $5.3M No change
GOOG Alphabet Inc. Class C 2.84% 29,885 $5.3M Add +91.6%
CFG Citizens Financial Group 2.83% 118,079 $5.3M No change
TSN Tyson Foods Inc. Class A 2.70% 90,137 $5.0M No change
CNMD Conmed Corp. 2.61% 93,474 $4.9M No change
UNH Unitedhealth Group Inc. 2.49% 14,925 $4.7M Add +240.0%
TFC Truist Financial Corp. 2.46% 106,692 $4.6M No change
CFR Cullen/Frost Bankers Inc. 2.42% 35,161 $4.5M Reduce -2.8%
DEA Easterly Govt Pptys Inc. 2.31% 194,669 $4.3M Reduce -60.0%
TER Teradyne Inc. 2.21% 45,902 $4.1M No change
SLB SLB Ltd. filed as SCHLUMBERGER LTD 1.98% 109,471 $3.7M No change
BAX Baxter International Inc. 1.96% 120,940 $3.7M No change
IFF Intl Flavors & Fragrances filed as INTERNATIONAL FLAVORS&FRAGRA 1.87% 47,416 $3.5M No change
CB Chubb Ltd. 1.85% 11,952 $3.5M No change
O Realty Income Corp. 1.69% 54,888 $3.2M No change
LYB Lyondellbasell Indu Class A 1.46% 47,272 $2.7M No change
FMC FMC Corp. 1.37% 61,362 $2.6M No change
EG Everest Group Ltd. 1.18% 6,479 $2.2M No change
BP BP PLC-Spons ADR 1.13% 70,589 $2.1M No change
SON Sonoco Products Co. 1.03% 44,056 $1.9M New
RIO Rio Tinto PLC-Spon ADR 1.03% 32,837 $1.9M No change
FANG Diamondback Energy Inc. 0.72% 9,815 $1.3M No change
ISRA Vaneck Israel ETF 0.62% 22,500 $1.2M No change
EOSE Eos Energy Enterprises Inc. 0.48% 175,000 $896K No change
KMI Kinder Morgan Inc. 0.44% 28,200 $829K No change
BHP BHP Group Ltd.-Spon ADR 0.39% 15,120 $727K No change
AWPAX AB Sust Intl Thematic-A filed as AWPAX AB SUST INTL THEMATIC A 0.28% 24,540 $525K No change
SBI Western Asset Intermediate 0.19% 47,800 $359K No change
PK Park Hotels & Resorts Inc. 0.12% 22,000 $225K No change
WBD Warner Bros Discovery Inc. 0.07% 11,175 $128K No change
SVC Service Pptys TR 0.06% 47,450 $113K No change
ENZB Enzo Biochem Inc. 0.01% 25,475 $17K No change
NOVAQ Sunnova Energy International 0.00% 15,000 $0 No change

Portfolio Sells Q1 2025 → Q2 2025
GSK GSK PLC-Spon ADR Sold out 0.00% −3.99
LHX L3HARRIS Technologies Inc. Sold out 0.00% −2.45
ES Eversource Energy Sold out 0.00% −2.05
DTEGY Deutsche Telekom AG-Spon ADR Sold out 0.00% −1.15
DEA Easterly Govt Pptys Inc. Reduce -60.0% 2.31% −0.59
CFR Cullen/Frost Bankers Inc. Reduce -2.8% 2.42% −0.13

Portfolio Buys Q1 2025 → Q2 2025
GPN Global Payments Inc. New 3.34% +3.34
TSM Taiwan Semiconductor-SP ADR Add +31.7% 7.35% +3.05
GOOG Alphabet Inc. Class C Add +91.6% 2.84% +1.47
UNH Unitedhealth Group Inc. Add +240.0% 2.49% +1.20
BSM Black Stone Minerals LP Add +52.3% 5.32% +1.03
SON Sonoco Products Co. New 1.03% +1.03
ZBH Zimmer Biomet Holdings Inc. Add +47.7% 2.86% +0.33
MRK Merck & Co. Inc. Add +2.7% 2.90% −0.47

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q4 2025 43$105.8MMU, BSM, TSM, GOOG, TER
Q3 2025 48$120.1MMU, TSM, BSM, CFR, GOOG
Q2 2025 47$186.7MTSM, MU, BSM, DIS, BAC
Q1 2025 49$177.7MMU, TSM, BSM, GSK, SHEL
Q4 2024 49$182.2MTSM, MU, BSM, DIS, CNMD
Q3 2024 51$195.4MMU, TSM, BSM, CNMD, CFG
Q2 2024 50$188.6MMU, TSM, BSM, C, BP
Q1 2024 51$184.4MMU, BSM, DIS, BP, IFF