Hodges Financial Group

The Hodges Fund and related vehicles are co-managed by Don Hodges, the firm's founder, and his son Craig Hodges. Don Hodges began his brokerage career in the 1970s and founded the firm in 1989. Craig Hodges joined in the late 1990s and together they operate as a two-person portfolio management team, making all security selection decisions jointly.

The flagship Hodges Fund typically holds between 40 and 50 names, with top-ten positions often exceeding 40% of total net assets. Individual single-stock positions can exceed 5% — a meaningful overconcentration relative to broad-market peers. The Hodges Small Cap Fund runs an even tighter book, frequently holding fewer than 40 stocks concentrated in Texas and Southwest-based firms.

The firm has historically carried heavy overweights in energy exploration and production, regional banks, homebuilders and building-products companies, and transportation. Texas-rooted names like Texas Pacific Land Corporation and Matador Resources have been portfolio staples. Consumer discretionary and financial services round out the sector mix.

Don Hodges co-founded First Dallas Securities in the early 1970s, where he served as chairman. That firm operated as a regional brokerage network across Texas before Hodges left to run his own independent money-management operation. Hodges Financial Group is structurally separate from First Dallas, with no current cross-ownership disclosed.

The firm's primary publicly disclosed vehicles are its no-load mutual funds offered to retail and institutional investors. There is no publicly available evidence of a parallel private-fund vehicle, hedge fund, or separately managed account platform. The mutual fund complex remains the sole distribution channel under the Hodges brand.

The Hodges Funds operate under a unified trust board with a majority of independent trustees, per 1940 Act requirements. The exact composition shifts over time, but the trust structure consolidated in 2012 to bring all Hodges-managed funds under a single board, simplifying regulatory oversight and shareholder voting processes.