Cullen Capital Management, LLC

CIK 1362535 · View on SEC EDGAR ↗

Portfolio value
$10.2B
#476 of 9,443 by 13F value · top 5.0%
Positions
208
As of
June 30, 2026

Portfolio value QoQ: +4.3% 13F does not disclose cash

Top 10 holdings weight
26.79%
Top 25 holdings weight
57.01%
Positions above 1%
39
Effective number of positions
57.7

Based on 13F long-equity holdings only (cash, bonds, shorts not disclosed)

Turnover Q2 2026: 6.52% Est. buys $649,446,868 · sells $913,039,728

Median holding: 7.0 quarters Tracked Q4 2024–Q2 2026 · 72.7% still held

New positions
13
Increased
82
Decreased
99
Closed
18
On this page

Performance vs S&P 500

Tracked Q4 2024–Q2 2026
+31.7%
S&P 500 total return (same window)
+28.1%
Excess return
+3.6%

Annualized: +20.2% · S&P 500: +18.0%

Approximates a buy-and-hold portfolio built from quarterly SEC 13F snapshots. Excludes cash, short positions, options/derivatives, and non-13(f) securities — reflects the disclosed long-equity book only, not total fund AUM. SEC filing lag is up to 45 days; this is not a real-time-copyable timing.

Priceable coverage: 97.8% · Options excluded: 0.0%

Sector breakdown

Healthcare
15.7%
Financials
15.6%
Industrials
8.5%
Technology
7.4%
Consumer Staples
7.3%
Utilities
5.9%
Energy
5.8%
Real Estate
4.7%
Financial Services
3.7%
Consumer Discretionary
3.6%
Retail
3.5%
Telecommunication
3.5%
Communications
3.0%
Communication Services
2.2%
Logistics & Transportation
1.8%
Consumer products
1.6%
Materials
1.6%
Packaging
0.6%
Diversified Consumer Services
0.0%
Other/Unmapped
4.0%

Full portfolio 208 positions

Type Streak 8Q trend
NVS Novartis AG Common Stock $318,618,100 3.13% 2,033,040 $7,319,351 Down ×2
CSCO Cisco Systems, Inc. - Common Stock $300,422,954 2.95% 2,557,662 $17,565,489 Down ×6
MS Morgan Stanley Common Stock $295,482,478 2.91% 1,413,521 $59,560,712 Down ×6
JNJ Johnson & Johnson Common Stock $279,132,521 2.75% 1,099,077 $6,599,234 Down ×5
C Citigroup, Inc. Common Stock $270,018,559 2.66% 1,929,255 $18,453,684 Down ×6
JPM JP Morgan Chase & Co. Common Stock $265,392,705 2.61% 810,780 $27,520,762 Up ×1
MRK Merck & Company, Inc. Common Stock (new) $259,158,168 2.55% 2,016,795 $9,754,404 Down ×3
BAC Bank of America Corporation Common Stock $247,054,927 2.43% 4,335,818 $-4,734,765 Down ×4
DUK Duke Energy Corporation (Holding Company) Common Stock $244,731,344 2.41% 1,933,412 $-6,864,388 Up ×2
JCI Johnson Controls International plc Ordinary Share $244,213,790 2.40% 1,671,438 $22,812,939 Down ×6
GD General Dynamics Corporation Common Stock $239,238,992 2.35% 675,358 $8,186,978 Up ×1
CB Chubb Limited Common Stock $229,894,839 2.26% 674,693 $10,207,317 Up ×1
TFC Truist Financial Corporation Common Stock $222,892,416 2.19% 4,473,955 $18,104,841 Up ×2
RTX RTX Corporation Common Stock $218,452,928 2.15% 1,151,388 $-3,781,129 Down ×6
PM Philip Morris International Inc Common Stock $216,664,536 2.13% 1,197,637 $20,388,755 Up ×1
NEE NextEra Energy, Inc. Common Stock $212,308,206 2.09% 2,418,915 $-13,140,977 Down ×3
DOC Healthpeak Properties, Inc. Common Stock $209,048,928 2.06% 9,768,642 $28,461,845 Down ×1
Unknown issuer (CUSIP: 30233Q108) $203,993,333 2.01% 1,492,052 Up ×1
MDT Medtronic plc. Ordinary Shares $202,764,187 1.99% 2,591,898 $-25,207,080 Down ×1
AVGO Broadcom Inc. - Common Stock $201,007,911 1.98% 532,119 $35,826,877 Down ×1
UNH UnitedHealth Group Incorporated Common Stock (DE) $197,639,908 1.94% 475,519 $69,722,161 Up ×3
VICI VICI Properties Inc. Common Stock $185,044,842 1.82% 6,969,674 $-416,691 Up ×2
COP ConocoPhillips Common Stock $181,787,320 1.79% 1,748,628 $-53,885,293 Down ×3
UPS United Parcel Service, Inc. Common Stock $178,070,643 1.75% 1,656,471 $18,356,849 Up ×2
QCOM QUALCOMM Incorporated - Common Stock $173,628,926 1.71% 939,601 $58,085,352 Up ×6
GPC Genuine Parts Company Common Stock $166,470,776 1.64% 1,411,008 $1,012,217 Down ×1
MO Altria Group, Inc. $166,344,577 1.64% 2,311,947 $9,648,573 Down ×1
UL Unilever PLC American Depositary Shares (each representing One Ordinary Share) $165,051,047 1.62% 2,745,360 $14,211,838 Up ×2
TRV The Travelers Companies, Inc. Common Stock $158,535,019 1.56% 480,235 $17,743,835 Down ×6
TGT Target Corporation Common Stock $145,821,783 1.43% 1,116,467 $8,351,370 Down ×1
CVX Chevron Corporation Common Stock $142,485,931 1.40% 859,592 $-38,769,417 Down ×1
LOW Lowe's Companies, Inc. Common Stock $139,207,337 1.37% 631,354 $-6,028,522 Up ×2
BTI British American Tobacco Industries, p.l.c. Common Stock ADR $134,367,269 1.32% 2,175,636 $55,802,399 Up ×3
CMCSA Comcast Corporation - Class A Common Stock $129,800,768 1.28% 5,287,200 $-75,469,105 Down ×1
QSR Restaurant Brands International Inc. Common Shares $128,349,582 1.26% 1,770,095 $46,641,751 Up ×1
BDX Becton, Dickinson and Company Common Stock $124,804,866 1.23% 824,720 $10,158,929 Up ×2
T AT&T Inc. $118,446,958 1.16% 5,722,075 $-47,221,327 Up ×2
MSFT Microsoft Corporation - Common Stock $109,279,699 1.07% 292,959 $34,639,165 Up ×1
BCE BCE, Inc. Common Stock $107,022,922 1.05% 4,975,496 $-43,581,286 Down ×1
ASX ASE Technology Holding Co., Ltd. American Depositary Shares (each representing Two Common Shares) $94,336,348 0.93% 2,090,788 $7,367,042 Down ×3
CPA Copa Holdings, S.A. Class A Common Stock $88,871,385 0.87% 571,263 $41,919,553 Up ×2
TSM Taiwan Semiconductor Manufacturing Company Ltd. $85,856,102 0.84% 179,777 $21,099,137 Down ×3
OMC Omnicom Group Inc. Common Stock $85,698,415 0.84% 1,176,691 $-2,014,388 Up ×2
DEO Diageo plc Common Stock $81,851,597 0.81% 1,018,308 $10,065,173 Up ×2
CCI Crown Castle Inc. Common Stock $77,727,021 0.76% 1,026,370 $-18,905,046 Down ×1
IBM International Business Machines Corporation Common Stock $71,557,495 0.70% 254,463 $30,640,510 Up ×2
TIGO Millicom International Cellular S.A. - Common Stock $71,258,490 0.70% 785,131 $9,232,525 Down ×1
NGG National Grid Transco, PLC National Grid PLC (NEW) American Depositary Shares $67,584,488 0.66% 815,548 $394,860 Up ×3
TM Toyota Motor Corporation Common Stock $65,906,880 0.65% 391,325 $1,482,118 Up ×4
SYY Sysco Corporation Common Stock $65,407,670 0.64% 782,576 $22,124,037 Up ×1
BMY Bristol-Myers Squibb Company Common Stock $65,246,968 0.64% 1,132,367 $-2,660,955 Up ×1
RIO Rio Tinto Plc Common Stock $64,973,917 0.64% 684,440 $3,695,041 Up ×3
SW Smurfit WestRock plc Ordinary Shares $62,884,993 0.62% 1,359,382 $13,235,461 Up ×2
EOG EOG Resources, Inc. Common Stock $62,270,331 0.61% 479,999 $-8,231,326 Down ×1
ENB Enbridge Inc Common Stock $62,076,484 0.61% 1,145,111 $1,289,313 Up ×3
PFE Pfizer, Inc. Common Stock $58,928,584 0.58% 2,447,200 $-16,705,090 Down ×1
NVO Novo Nordisk A/S Common Stock $58,724,365 0.58% 1,224,955 $29,605,305 Up ×2
TTE TotalEnergies SE Ordinary Shares $55,908,361 0.55% 718,986 $-2,326,139 Up ×2
KDP Keurig Dr Pepper Inc. - Common Stock $55,661,321 0.55% 1,700,621 $9,207,948 Down ×1
PWCDF $55,121,362 0.54% 886,766 $13,383,327 Up ×1
PPL PPL Corporation Common Stock $54,610,513 0.54% 1,502,353 $-4,280,310 Down ×1
VZ Verizon Communications Inc. Common Stock $50,567,508 0.50% 1,194,320 $10,179,406 Up ×1
KOF Coca Cola Femsa S.A.B. de C.V. American Depositary Shares, each representing 10 Units (each Unit consists of 3 Series B Shares and 5 Series L Shares) $47,572,004 0.47% 447,737 $6,294,623 Up ×1
PBR Petroleo Brasileiro S.A. Petrobras ADS $47,222,883 0.46% 2,922,208 $-11,099,653 Up ×3
FHN First Horizon Corporation Common Stock $46,972,384 0.46% 1,831,996 $2,256,381 Down ×2
IX ORIX Corporation American Depositary Shares $46,440,997 0.46% 1,220,846 $14,040,971 Up ×1
DOW Dow Inc. Common Stock $45,441,409 0.45% 1,660,870 $-61,333,133 Down ×1
PPG PPG Industries, Inc. Common Stock $45,321,578 0.45% 373,663 $4,341,988 Down ×4
PNC PNC Financial Services Group, Inc. (The) Common Stock $44,639,231 0.44% 181,298 $6,939,464 Up ×1
AIG American International Group, Inc. New Common Stock $42,778,472 0.42% 573,977 $-152,631 Up ×2
UNP Union Pacific Corporation Common Stock $41,440,108 0.41% 152,353 $4,591,710 Up ×1
EWY $40,723,028 0.40% 201,699 $12,844,042 Down ×2
SHEL Shell PLC American Depositary Shares (each representing two (2) Ordinary Shares) $34,773,904 0.34% 448,464 $6,963,700 Up ×1
CCEP Coca-Cola Europacific Partners plc - Ordinary Shares $30,519,275 0.30% 304,979 $-2,531,587 Down ×4
IBN ICICI Bank Limited Common Stock $30,490,180 0.30% 1,050,299 $-2,939,623 Down ×2
SNY Sanofi - American Depositary Shares $26,261,196 0.26% 615,593 $-2,324,046 Up ×2
Unknown issuer (CUSIP: 438516205) $23,874,681 0.23% 106,631 Up ×1
Unknown issuer (CUSIP: 43849R105) $23,569,339 0.23% 106,610 Up ×1
KSPI Joint Stock Company Kaspi.kz - American Depository Shares $20,299,232 0.20% 234,294
EWT $17,399,213 0.17% 160,199 $6,370,160 Up ×2
KB KB Financial Group Inc $13,659,494 0.13% 130,140 $3,013,217 Up ×1
AMAT Applied Materials, Inc. - Common Stock $11,885,397 0.12% 16,439 $5,436,503 Down ×3
AXIA AXIA Energia American Depositary Shares (Each representing one Common Share) $10,968,112 0.11% 1,038,647 $2,687,080 Up ×2
XLC XLC $8,181,518 0.08% 76,370 $7,529,883 Up ×1
XLV XLV $8,157,663 0.08% 51,416 $7,075,681 Up ×1
ITUB Itau Unibanco Banco Holding SA American Depositary Shares (Each repstg 500 Preferred shares) $7,592,937 0.07% 929,368 $229,607 Up ×3
KT KT Corporation Common Stock $6,534,380 0.06% 378,147 $895,261 Up ×2
ETN Eaton Corporation, PLC Ordinary Shares $6,109,282 0.06% 14,337 $916,271 Down ×1
AXP American Express Company Common Stock $5,044,999 0.05% 14,915 $665,089 Up ×1
BWA BorgWarner Inc. Common Stock $4,936,906 0.05% 74,351 $41,406 Down ×1
ARW Arrow Electronics, Inc. Common Stock $4,477,342 0.04% 20,980 $1,416,256 Down ×4
WMT Walmart Inc. - Common Stock $4,381,486 0.04% 38,704 $-778,701 Down ×6
DIS Walt Disney Company (The) Common Stock $4,092,358 0.04% 42,518 $340,188 Up ×2
ALL Allstate Corporation (The) Common Stock $4,033,321 0.04% 16,951 $487,807 Down ×4
EPI $3,996,123 0.04% 93,411 $-661,075 Down ×1
CI The Cigna Group Common Stock $3,974,479 0.04% 14,417 $107,404 Down ×1
ECH $3,520,914 0.03% 88,688 $204,453 Up ×1
MDLZ Mondelez International, Inc. - Class A Common Stock $3,481,968 0.03% 60,200 $97,174 Up ×2
AXTA Axalta Coating Systems Ltd. Common Shares $3,339,393 0.03% 97,586 $619,890 Down ×4
ORCL Oracle Corporation Common Stock $3,332,694 0.03% 22,741 $326,795 Up ×1

Conviction holdings

Positions increased for 3+ consecutive quarters.

Share counts are as reported in 13F filings (not split-adjusted)

Security Value % of portfolio Streak
UNH $197,639,908 1.94% up ×3
QCOM $173,628,926 1.71% up ×6
BTI $134,367,269 1.32% up ×3
NGG $67,584,488 0.66% up ×3
TM $65,906,880 0.65% up ×4
RIO $64,973,917 0.64% up ×3
ENB $62,076,484 0.61% up ×3
PBR $47,222,883 0.46% up ×3
ITUB $7,592,937 0.07% up ×3
CNI $2,298,709 0.02% up ×4
ADBE $1,113,464 0.01% up ×3
WMS $813,681 0.01% up ×3
SWIM $799,239 0.01% up ×3
PNR $752,035 0.01% up ×3
YORW $701,854 0.01% up ×3

Biggest new bets

New positions opened this quarter, largest first.

Security Value Shares % of portfolio
Unknown issuer (CUSIP: 30233Q108) $203,993,333 1,492,052 2.01%
Unknown issuer (CUSIP: 438516205) $23,874,681 106,631 0.23%
Unknown issuer (CUSIP: 43849R105) $23,569,339 106,610 0.23%
KSPI $20,299,232 234,294 0.20%
NU $2,165,856 162,115 0.02%
Unknown issuer (CUSIP: 26614N201) $2,080,853 15,341 0.02%
DVN $411,919 9,969 0.00%
EWM $311,542 11,560 0.00%
XLU $283,375 6,250 0.00%
RY $251,469 1,215 0.00%
MAS $244,354 3,003 0.00%
TEX $209,641 2,896 0.00%
ERII $166,500 18,459 0.00%

Top movers (QoQ)

Security Action Shares Δ Value Δ
CMCSA Trimmed -1.9M -$75.5M
UNH Bought more +3K +$69.7M
DOW Trimmed -903K -$61.3M
MS Trimmed -20K +$59.6M
QCOM Bought more +42K +$58.1M
BTI Bought more +832K +$55.8M
COP Trimmed -37K -$53.9M
T Bought more +7K -$47.2M
QSR Bought more +664K +$46.6M
BCE Trimmed -991K -$43.6M

1 position hidden (data completeness check)

Exited positions

Includes corporate events (mergers, delistings) — not all exits are sells

Closed positions reflect 13F reporting changes; for index managers these are often mechanical (delisting, M&A, index rebalancing), not active decisions.

SecurityQuarter Shares before Value before Price since exit
XOM June 30, 2026 1,499,613 $254,424,411 21.7%
ULXXXX Dec. 31, 2025 2,492,750 $147,770,246 No longer tracked
PCAR March 31, 2026 525,036 $57,496,720 13.3%
BAX Sept. 30, 2025 1,651,542 $50,008,698 15.0%
HON June 30, 2026 213,520 $48,261,926 -1.9%
EFA March 31, 2025 507,578 $38,377,973 No longer tracked
XLB March 31, 2026 626,265 $28,401,118 No longer tracked
XLF Sept. 30, 2025 185,424 $9,710,655 No longer tracked
XLE March 31, 2026 204,009 $9,121,242 No longer tracked
XLK Sept. 30, 2025 27,478 $6,958,254 No longer tracked
TCOM June 30, 2025 104,366 $6,635,590 -21.5%
BHP March 31, 2025 133,201 $6,504,190 98.4%
BABA March 31, 2026 42,462 $6,224,080 -2.6%
EWZ Dec. 31, 2025 192,956 $5,981,636 No longer tracked
XLRE March 31, 2025 117,959 $4,797,393 No longer tracked
SPY March 31, 2025 6,698 $3,925,564 No longer tracked
CGW March 31, 2025 61,694 $3,343,815 No longer tracked
KTB June 30, 2025 1,558,688 $3,339,614 22.0%
DVY March 31, 2026 21,130 $2,982,288
IOO March 31, 2025 21,889 $2,205,755 No longer tracked
HDEF March 31, 2025 84,282 $2,047,210 No longer tracked
GE March 31, 2026 6,451 $1,987,102 22.8%
EWM Dec. 31, 2025 68,275 $1,769,688 No longer tracked
CGW March 31, 2026 27,203 $1,714,091 No longer tracked
XLU March 31, 2025 18,583 $1,406,547 No longer tracked
WBD Sept. 30, 2025 109,690 $1,257,047 45.5%
REET March 31, 2025 51,410 $1,232,298 No longer tracked
EEM June 30, 2026 20,700 $1,175,553 No longer tracked
MMM March 31, 2026 7,319 $1,171,772 23.8%
DEM March 31, 2025 28,000 $1,133,720 No longer tracked
VNOMXXXX June 30, 2025 24,594 $1,110,419 No longer tracked
PFC March 31, 2025 42,328 $1,082,327 No longer tracked
DD June 30, 2026 23,290 $1,066,682 3.3%
FIS June 30, 2026 22,665 $1,063,215 4.9%
EEM March 31, 2025 25,171 $1,052,651 No longer tracked
GEV March 31, 2026 1,600 $1,045,712 11.2%
Q March 31, 2026 11,774 $961,347 14.4%
ACWX June 30, 2026 13,806 $945,297
XLU March 31, 2026 21,872 $933,716 No longer tracked
IWM Dec. 31, 2025 3,830 $926,707 No longer tracked
WOOD March 31, 2025 11,900 $908,446 -4.6%
MCHI March 31, 2026 15,098 $906,937
XLU Sept. 30, 2025 10,748 $877,682 No longer tracked
GLDG March 31, 2025 186,095 $825,273 No longer tracked
CAG March 31, 2026 47,463 $821,585 2.2%
BX June 30, 2025 5,845 $817,014 -4.2%
SSBXXXX June 30, 2025 7,167 $665,286 No longer tracked
EFV June 30, 2025 10,558 $622,289 No longer tracked
REET March 31, 2026 23,559 $587,797 No longer tracked
CTRA June 30, 2026 14,441 $507,457 No longer tracked
HBM March 31, 2025 62,370 $506,748 292.2%
CAT March 31, 2026 869 $497,824 16.3%
GLDD June 30, 2026 28,963 $492,371 No longer tracked
GRTUF March 31, 2026 8,190 $488,613 No longer tracked
PPH March 31, 2026 4,620 $476,645 8.7%
KFY Dec. 31, 2025 6,162 $431,217 28.7%
LIN March 31, 2026 976 $416,244 -1.6%
KMB March 31, 2026 4,094 $413,003 12.4%
WOOD June 30, 2026 5,430 $385,256 8.7%
ILF Dec. 31, 2025 13,198 $381,290 No longer tracked
KSPI Dec. 31, 2025 4,641 $379,077 33.6%
PSIX June 30, 2026 6,090 $370,759 -4.3%
WY June 30, 2026 14,317 $349,764 3.2%
CROX Sept. 30, 2025 3,369 $341,212 48.5%
HP March 31, 2026 11,846 $339,743 23.7%
STR June 30, 2025 16,495 $327,756 No longer tracked
ILF June 30, 2026 9,108 $323,516 No longer tracked
CIVI March 31, 2025 6,895 $316,274 No longer tracked
WAT June 30, 2026 1,020 $303,845 6.1%
VWO March 31, 2026 5,575 $299,712 No longer tracked
MICC March 31, 2026 18,727 $296,823 32.4%
ZWS June 30, 2025 8,937 $294,742 33.8%
IWN June 30, 2025 1,873 $282,786 No longer tracked
XLE Sept. 30, 2025 3,325 $281,993 No longer tracked
RY March 31, 2026 1,505 $256,587 28.3%
SM June 30, 2026 8,206 $255,863 44.8%
IWD June 30, 2025 1,294 $243,479 No longer tracked
DXJ June 30, 2025 2,190 $241,294 No longer tracked
DIA June 30, 2026 520 $240,859 No longer tracked
PCH March 31, 2026 5,926 $235,736 No longer tracked
RYN June 30, 2025 8,262 $230,345 -3.5%
NOC June 30, 2026 334 $227,868 9.8%
MAS March 31, 2026 3,547 $225,093 22.0%
RYN June 30, 2026 10,776 $222,201 0.6%
RYN Dec. 31, 2025 8,262 $219,273 -1.2%
FEZ June 30, 2025 4,024 $218,946 No longer tracked
BX March 31, 2026 1,402 $216,104 24.6%
NSC March 31, 2026 747 $215,674 21.3%
CIVI March 31, 2026 7,956 $215,528 No longer tracked
SUZ June 30, 2026 21,440 $214,614 11.6%
DENN June 30, 2025 58,291 $213,928 No longer tracked
SPY March 31, 2026 309 $210,713 No longer tracked
PSA Dec. 31, 2025 721 $208,261 24.2%
DVY June 30, 2025 1,550 $208,150
IP June 30, 2025 3,890 $207,532 -12.7%
FXI March 31, 2025 6,730 $204,861 No longer tracked
NOC Dec. 31, 2025 334 $203,513 -1.9%
POOL June 30, 2025 629 $200,242 -34.4%
SUZ Dec. 31, 2025 19,595 $184,193 -7.3%
KVUE March 31, 2026 10,213 $176,174 9.9%
ITUB March 31, 2025 30,061 $149,103 37.4%
LESL June 30, 2025 171,765 $126,333 -92.7%
UA March 31, 2026 24,403 $117,134 -10.6%
UIS Sept. 30, 2025 23,999 $108,715 -31.5%
HPP Dec. 31, 2025 12,000 $33,120 34.6%