Cullen Capital Management, LLC
Long book
$9.75B
Q1 2026
Positions
213
Top-10 weight
27%
concentration
Last quarter
+8.7%
SPY +14.8%
Turnover
20%
of book per quarter
Strategy in plain words
auto-generated from filingsCullen Capital Management, LLC is an institutional manager, running a $9.75B US long book across 213 positions.
The portfolio is moderately concentrated (top 10 ≈ 27% of the book). Turnover is modest: positions are typically held for years. Current anchor positions: NOVARTIS AG-SPONSORED ADR, CISCO SYSTEMS INC, JOHNSON & JOHNSON, EXXON MOBIL CORP, BANK OF AMERICA CORP.
Over the last 9 quarters its long book ran on average 0.5pp per quarter behind the S&P 500, beating the index in 4 of 9 quarters. Signal value of individual moves is limited — treat changes as weak evidence.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-1.1%
Q2 2024
+9.3%
Q3 2024
-3.6%
Q4 2024
+4.4%
Q1 2025
+3.3%
Q2 2025
+5.7%
Q3 2025
+3.7%
Q4 2025
+5.3%
Q1 2026
+8.7%
Sector allocation
Financials 23%
Healthcare 13%
Industrials 12%
Energy 11%
Technology 9%
Communications 8%
Consumer discretionary 7%
Utilities 7%
Long book by quarter
What does Cullen Capital own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| CSCO CISCO SYSTEMS INC | Technology | 3.6M | $282.9M | 2.9% | -2.3% |
| JNJ JOHNSON & JOHNSON | Healthcare | 1.1M | $272.5M | 2.8% | -3.8% |
| XOM EXXON MOBIL CORP | Energy | 1.5M | $254.4M | 2.6% | -11.4% |
| BAC BANK OF AMERICA CORP | Financials | 5.2M | $251.8M | 2.6% | -0.1% |
| DUK DUKE ENERGY CORP | Utilities | 1.9M | $251.6M | 2.6% | +0.8% |
| C CITIGROUP INC | Financials | 2.2M | $251.6M | 2.6% | -3.7% |
| MRK MERCK & CO. INC. | Healthcare | 2.1M | $249.4M | 2.6% | -9.5% |
| JPM JPMORGAN CHASE & CO | Financials | 808.6K | $237.9M | 2.4% | -3.9% |
| MS MORGAN STANLEY | Financials | 1.4M | $235.9M | 2.4% | -4.7% |
| COP CONOCOPHILLIPS | Energy | 1.8M | $235.7M | 2.4% | -6.8% |
| GD GENERAL DYNAMICS CORP | Industrials | 673.2K | $231.1M | 2.4% | -3.2% |
| MDT MEDTRONIC PLC | Healthcare | 2.6M | $228.0M | 2.3% | +5.4% |
| NEE NEXTERA ENERGY INC | Utilities | 2.4M | $225.4M | 2.3% | -1.3% |
| RTX RTX CORP | Industrials | 1.2M | $222.2M | 2.3% | -3.2% |
| JCI JOHNSON CONTROLS INTERNATION | Industrials | 1.7M | $221.4M | 2.3% | -2.2% |
| CB CHUBB LTD | Financials | 674.0K | $219.7M | 2.3% | -1.1% |
| CMCSA COMCAST CORP-CLASS A | Communications | 7.1M | $205.3M | 2.1% | +71.9% |
| TFC TRUIST FINANCIAL CORP | Financials | 4.5M | $204.8M | 2.1% | +2.5% |
| PM PHILIP MORRIS INTERNATIONAL | Consumer staples | 1.2M | $196.3M | 2.0% | -0.4% |
| CVX CHEVRON CORP | Energy | 876.1K | $181.3M | 1.9% | +0.6% |
| T AT&T INC | Communications | 5.7M | $165.7M | 1.7% | 0.0% |
| GPC GENUINE PARTS CO | Consumer discretionary | 1.6M | $165.5M | 1.7% | +17.1% |
| AVGO BROADCOM INC | Technology | 533.7K | $165.2M | 1.7% | +0.4% |
| UPS UNITED PARCEL SERVICE-CL B | Industrials | 1.6M | $159.7M | 1.6% | +50.1% |
| MO ALTRIA GROUP INC | Consumer staples | 2.4M | $156.7M | 1.6% | +1.6% |
| BCE BCE INC | Communications | 6.0M | $150.6M | 1.5% | +4.8% |
| LOW LOWE'S COS INC | Consumer discretionary | 614.7K | $145.2M | 1.5% | +1.1% |
| TRV TRAVELERS COS INC/THE | Financials | 482.7K | $140.8M | 1.4% | -2.9% |
| TGT TARGET CORP | Consumer discretionary | 1.1M | $137.5M | 1.4% | +22.6% |
| UNH UNITEDHEALTH GROUP INC | Financials | 472.7K | $127.9M | 1.3% | +42.0% |
| QCOM QUALCOMM INC | Technology | 897.2K | $115.5M | 1.2% | +4.0% |
| BDX BECTON DICKINSON AND CO | Healthcare | 729.2K | $114.6M | 1.2% | +4.5% |
| DOW DOW INC | Materials | 2.6M | $106.8M | 1.1% | +13.6% |
| OMC OMNICOM GROUP | Services media | 1.2M | $87.7M | 0.9% | +7.7% |
| QSR RESTAURANT BRANDS INTERN | Consumer discretionary | 1.1M | $81.7M | 0.8% | New |
| PFE PFIZER INC | Healthcare | 2.7M | $75.6M | 0.8% | +28.4% |
| MSFT MICROSOFT CORP | Technology | 201.6K | $74.6M | 0.8% | -0.7% |
| EOG EOG RESOURCES INC | Energy | 487.7K | $70.5M | 0.7% | +7.7% |
| BMY BRISTOL-MYERS SQUIBB CO | Healthcare | 1.1M | $67.9M | 0.7% | -4.8% |
| TIGO MILLICOM INTL CELLULAR S.A. | Communications | 827.7K | $62.0M | 0.6% | +26.1% |
| ENB ENBRIDGE INC | Energy | 1.1M | $60.8M | 0.6% | +5.5% |
| PPL PPL CORP | Utilities | 1.5M | $58.9M | 0.6% | +2.1% |
| TTE TOTALENERGIES SE | Energy | 640.1K | $58.2M | 0.6% | +221.4% |
| SW SMURFIT WESTROCK PLC | Other | 1.2M | $49.6M | 0.5% | +34.8% |
| HON HONEYWELL INTERNATIONAL INC | Industrials | 213.5K | $48.3M | 0.5% | +1081.8% |
| CPA COPA HOLDINGS SA-CLASS A | Industrials | 413.3K | $47.0M | 0.5% | +152.7% |
| KDP KEURIG DR PEPPER INC | Consumer staples | 1.8M | $46.5M | 0.5% | +19.3% |
| FHN FIRST HORIZON CORP | Financials | 2.0M | $44.7M | 0.5% | -3.2% |
| SYY SYSCO CORP | Consumer discretionary | 606.8K | $43.3M | 0.4% | -2.0% |
| AIG AMERICAN INTERNATIONAL GROUP | Financials | 570.5K | $42.9M | 0.4% | +15.4% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 213 | $9.75B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 13, 2026 | 225 | $9.16B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 5, 2025 | 217 | $9.14B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Sep 30, 2025 | 198 | $8.78B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 205 | $8.66B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 13, 2025 | 208 | $8.59B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 12, 2024 | 206 | $9.19B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 13, 2024 | 210 | $8.68B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 198 | $8.98B | canonical | SEC ↗ |
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