CIK: 0001362535
Total reported value
$9.8B
Reporting period: 2026-03-31 · Number of holdings: 213
Cullen Capital Management, LLC disclosed 213 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $9.8B and a quarterly turnover rate of 20.7%.
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Cullen Capital Management, LLC's disclosed holdings carry a Herfindahl concentration index of 0.018 — mathematically equivalent to about 56 equally-sized positions, well below its 213 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 1.67), with a handful of outsized bets alongside many smaller positions.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Add CMCSA
+71.9% $80.9M
Trim XLC
-98.8% -$57.1M
Add BIL
+5019.9% $51.9M
Trim BAC
-0.1% -$32.6M
Trim JPM
-3.9% -$33.4M
Add DOW
+13.6% $54.0M
Showing top 200 holdings (of 213 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | NVS | Novartis Ag-sponsored Adr | Stock-Healthcare | 3.19% | +0.06% | -2.06% | |
| 2 | CSCO | Cisco Systems INC | Stock-Tech | 2.90% | — | -2.33% | |
| 3 | JNJ | Johnson & Johnson | Stock-Healthcare | 2.79% | +0.17% | -3.81% | |
| 4 | XOM | Exxon Mobil CORP | Stock-Energy | 2.61% | +0.38% | -11.43% | |
| 5 | BAC | Bank Of America CORP | Stock-Financials | 2.58% | -0.53% | -0.10% | |
| 6 | DUK | Duke Energy CORP | Stock-Utilities | 2.58% | +0.14% | +0.77% | |
| 7 | C | Citigroup INC | Stock-Financials | 2.58% | -0.35% | -3.67% | |
| 8 | MRK | Merck & Co. INC. | Stock-Healthcare | 2.56% | — | -9.50% | |
| 9 | JPM | Jpmorgan Chase & Co | Stock-Financials | 2.44% | -0.52% | -3.94% | |
| 10 | MS | Morgan Stanley | Stock-Financials | 2.42% | -0.50% | -4.74% | |
| 11 | COP | Conocophillips | Stock-Energy | 2.42% | +0.46% | -6.77% | |
| 12 | GD | General Dynamics CORP | Stock-Industrials | 2.37% | — | -3.16% | |
| 13 | MDT | Medtronic plc | Stock-Healthcare | 2.34% | — | +5.44% | |
| 14 | NEE | Nextera Energy INC | Stock-Utilities | 2.31% | +0.15% | -1.33% | |
| 15 | RTX | Rtx CORP | Stock-Industrials | 2.28% | — | -3.20% | |
| 16 | JNJ | Johnson & Johnson | Stock-Healthcare | 2.27% | +0.01% | -2.20% | |
| 17 | CB | Chubb Limited | Stock-Financials | 2.25% | — | -1.13% | |
| 18 | CMCSA | Comcast Corp-class A | Stock-Comm Services | 2.10% | +0.74% | +71.90% | |
| 19 | TFC | Truist Financial CORP | Stock-Financials | 2.10% | — | +2.48% | |
| 20 | PM | Philip Morris International | Stock-Consumer Staples | 2.01% | — | -0.37% | |
| 21 | VICI | Vici Properties INC | Stock-Real Estate | 1.90% | +0.15% | +19.34% | |
| 22 | CVX | Chevron CORP | Stock-Energy | 1.86% | +0.41% | +0.61% | |
| 23 | DOC | Healthpeak Properties INC | Stock-Real Estate | 1.85% | +0.23% | +18.86% | |
| 24 | T | At&t INC | Stock-Comm Services | 1.70% | +0.15% | +0.00% | |
| 25 | GPC | Genuine Parts Co | Stock-Consumer Disc | 1.70% | — | +17.06% | |
| 26 | AVGO | Broadcom INC | Stock-Tech | 1.69% | -0.32% | +0.43% | |
| 27 | UPS | United Parcel Service-cl B | Stock-Industrials | 1.64% | +0.47% | +50.11% | |
| 28 | MO | Altria Group INC | Stock-Consumer Staples | 1.61% | +0.14% | +1.56% | |
| 29 | UL | Unilever Plc-sponsored Adr | Stock-Consumer Staples | 1.55% | — | +21.08% | |
| 30 | BCE | Bce INC | Stock-Comm Services | 1.54% | +0.06% | +4.80% | |
| 31 | LOW | Lowe's Cos INC | Stock-Consumer Disc | 1.49% | — | +1.14% | |
| 32 | TRV | Travelers Cos Inc/the | Stock-Financials | 1.44% | — | -2.91% | |
| 33 | TGT | Target CORP | Stock-Consumer Disc | 1.41% | +0.42% | +22.56% | |
| 34 | UNH | Unitedhealth Group INC | Stock-Healthcare | 1.31% | +0.11% | +42.01% | |
| 35 | QCOM | Qualcomm INC | Stock-Tech | 1.18% | -0.43% | +3.96% | |
| 36 | BDX | Becton Dickinson And Co | Stock-Healthcare | 1.18% | -0.30% | +4.50% | |
| 37 | DOW | Dow INC | Stock-Materials | 1.09% | +0.51% | +13.56% | |
| 38 | CCI | Crown Castle INC | Stock-Real Estate | 0.99% | — | +11.45% | |
| 39 | OMC | Omnicom Group | Stock-Comm Services | 0.90% | — | +7.74% | |
| 40 | ASX | Ase Technology Holding -adr | Stock-Tech | 0.89% | — | -28.46% | |
| 41 | QSR | Restaurant Brands Intern | Stock-Consumer Disc | 0.84% | +0.84% | NEW | |
| 42 | BTI | British American Tob-sp Adr | Stock-Consumer Staples | 0.81% | — | +0.65% | |
| 43 | PFE | Pfizer INC | Stock-Healthcare | 0.78% | +0.21% | +28.43% | |
| 44 | MSFT | Microsoft CORP | Stock-Tech | 0.77% | -0.30% | -0.65% | |
| 45 | DEO | Diageo Plc-sponsored Adr | Stock-Consumer Staples | 0.74% | +0.13% | +48.29% | |
| 46 | EOG | Eog Resources INC | Stock-Energy | 0.72% | +0.20% | +7.69% | |
| 47 | BMY | Bristol-myers Squibb Co | Stock-Healthcare | 0.70% | — | -4.85% | |
| 48 | NGG | National Grid Plc-sp Adr | Stock-Utilities | 0.69% | — | +4.23% | |
| 49 | TSM | Taiwan Semiconductor-sp Adr | Stock-Tech | 0.66% | — | -19.42% | |
| 50 | TM | Toyota Motor CORP -spon Adr | Stock-Consumer Disc | 0.66% | +0.11% | +32.26% |
Performance for Q3 2026
+4.4%
Performance Last 4 Quarters
+25.5%
Based on 71% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 213 | $9.8B | 21 | |
| 2025-12-31 | 225 | $9.2B | 20 | |
| 2025-09-30 | 217 | $9.1B | 16 | |
| 2025-06-30 | 198 | $8.8B | 21 | |
| 2025-03-31 | 205 | $8.7B | 100 | |
| 2024-12-31 | 208 | $8.6B | 0 | |
| 2024-09-30 | 206 | $9.2B | 0 | |
| 2024-06-30 | 210 | $8.7B | 0 | |
| 2024-03-31 | 198 | $9.0B | 0 | |
| 2023-12-31 | 213 | $6.7B | 0 | |
| 2023-09-30 | 206 | $8.6B | 0 | |
| 2023-06-30 | 295 | $11.2B | 0 | |
| 2023-03-31 | 276 | $10.9B | 0 | |
| 2022-12-31 | 210 | $7.8B | 0 | |
| 2022-09-30 | 281 | $9.3B | 0 | |
| 2022-06-30 | 282 | $10.0B | 0 | |
| 2022-03-31 | 280 | $10.9B | 0 | |
| 2021-12-31 | 287 | $10.7B | 0 | |
| 2021-09-30 | 271 | $10.2B | 0 | |
| 2021-06-30 | 276 | $10.3B | 94 | |
| 2021-03-31 | 275 | $9.3B | 100 | |
| 2020-12-31 | 134 | $1.8B | 21 | |
| 2020-09-30 | 122 | $1.7B | 30 | |
| 2020-06-30 | 121 | $1.8B | 38 | |
| 2020-03-31 | 119 | $1.7B | 49 | |
| 2019-12-31 | 126 | $2.6B | 21 | |
| 2019-09-30 | 130 | $2.5B | 24 | |
| 2019-06-30 | 133 | $2.6B | 24 | |
| 2019-03-31 | 125 | $2.5B | 13 | |
| 2018-12-31 | 128 | $2.3B | 19 | |
| 2018-09-30 | 128 | $2.7B | 22 | |
| 2018-06-30 | 134 | $2.6B | 23 | |
| 2018-03-31 | 136 | $2.8B | 15 | |
| 2017-12-31 | 138 | $2.9B | 10 | |
| 2017-09-30 | 132 | $2.9B | 18 | |
| 2017-06-30 | 140 | $2.8B | 12 | |
| 2017-03-31 | 146 | $2.8B | 10 | |
| 2016-12-31 | 149 | $2.9B | 19 | |
| 2016-09-30 | 159 | $3.0B | 19 | |
| 2016-06-30 | 141 | $2.8B | 18 | |
| 2016-03-31 | 155 | $2.8B | 11 | |
| 2015-12-31 | 172 | $3.0B | 12 | |
| 2015-09-30 | 171 | $2.9B | 24 | |
| 2015-06-30 | 179 | $3.1B | 23 | |
| 2015-03-31 | 175 | $3.6B | 12 | |
| 2014-12-31 | 176 | $3.7B | 11 | |
| 2014-09-30 | 174 | $3.6B | 13 | |
| 2014-06-30 | 208 | $3.9B | 17 | |
| 2014-03-31 | 200 | $3.7B | 21 | |
| 2013-12-31 | 196 | $3.8B | 13 | |
| 2013-09-30 | 196 | $3.5B | 12 | |
| 2013-06-30 | 184 | $3.3B | 0 |
Cullen Capital Management, LLC's most significant position changes for 2026-03-31: New buy: Restaurant Brands Intern (QSR); Sold out: Paccar INC (PCAR); New buy: Power CORP Of Canada (PWCDF); New buy: Orix - Sponsored Adr (IX); Sold out: Ss Materials Select Sector (XLB).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | CMCSA | Comcast Corp-class A | +0.7% | +71.90% | Add |
| 2 | BIL | Ss Spdr Bb 1-3m T-bill ETF | +0.5% | +5019.88% | Add |
| 3 | DOW | Dow INC | +0.5% | +13.56% | Add |
| 4 | UPS | United Parcel Service-cl B | +0.5% | +50.11% | Add |
| 5 | COP | Conocophillips | +0.5% | -6.77% | Trim |
| 6 | TTE | Totalenergies Se | +0.5% | +221.45% | Add |
| 7 | HON | Honeywell International INC | +0.5% | +1081.76% | Add |
| 8 | TGT | Target CORP | +0.4% | +22.56% | Add |
| 9 | CVX | Chevron CORP | +0.4% | +0.61% | Add |
| 10 | XOM | Exxon Mobil CORP | +0.4% | -11.43% | Trim |
| 11 | PBR | Petroleo Brasileiro-spon Adr | +0.3% | +23.75% | Add |
| 12 | CPA | Copa Holdings, S.A. | +0.3% | +152.68% | Add |
| 13 | TIGO | Millicom International Cellular S.A. | +0.2% | +26.05% | Add |
| 14 | DOC | Healthpeak Properties INC | +0.2% | +18.86% | Add |
| 15 | PFE | Pfizer INC | +0.2% | +28.43% | Add |
| 16 | EOG | Eog Resources INC | +0.2% | +7.69% | Add |
| 17 | RIO | Rio Tinto Plc-spon Adr | +0.2% | +31.67% | Add |
| 18 | JNJ | Johnson & Johnson | +0.2% | -3.81% | Trim |
| 19 | NEE | Nextera Energy INC | +0.2% | -1.33% | Trim |
| 20 | VICI | Vici Properties INC | +0.2% | +19.34% | Add |
| 21 | T | At&t INC | +0.2% | +0.00% | Add |
| 22 | DUK | Duke Energy CORP | +0.1% | +0.77% | Add |
| 23 | MO | Altria Group INC | +0.1% | +1.56% | Add |
| 24 | DEO | Diageo Plc-sponsored Adr | +0.1% | +48.29% | Add |
| 25 | SW | Smurfit Westrock Plc | +0.1% | +34.77% | Add |
| 26 | UNH | Unitedhealth Group INC | +0.1% | +42.01% | Add |
| 27 | TM | Toyota Motor CORP -spon Adr | +0.1% | +32.26% | Add |
| 28 | NVS | Novartis Ag-sponsored Adr | +0.1% | -2.06% | Trim |
| 29 | BCE | Bce INC | +0.1% | +4.80% | Add |
| 30 | JNJ | Johnson & Johnson | 0% | -2.20% | Trim |
| 31 | XLV | Ss Health Care Select Sector | -0.2% | -92.17% | Trim |
| 32 | PNC | Pnc Financial Services Group | -0.2% | -30.26% | Trim |
| 33 | IBN | Icici Bank Ltd-spon Adr | -0.2% | -26.13% | Trim |
| 34 | MSFT | Microsoft CORP | -0.3% | -0.65% | Trim |
| 35 | BDX | Becton Dickinson And Co | -0.3% | +4.50% | Add |
| 36 | AVGO | Broadcom INC | -0.3% | +0.43% | Add |
| 37 | XLRE | Ss Real Estate Select Sector | -0.3% | -94.61% | Trim |
| 38 | C | Citigroup INC | -0.4% | -3.67% | Trim |
| 39 | XLP | Ss Consumer Staples Sel Sect | -0.4% | -97.46% | Trim |
| 40 | XLI | Ss Industrial Select Sector | -0.4% | -97.93% | Trim |
| 41 | QCOM | Qualcomm INC | -0.4% | +3.96% | Add |
| 42 | MS | Morgan Stanley | -0.5% | -4.74% | Trim |
| 43 | JPM | Jpmorgan Chase & Co | -0.5% | -3.94% | Trim |
| 44 | BAC | Bank Of America CORP | -0.5% | -0.10% | Trim |
| 45 | XLC | Ss Comm Select Sector Spdr | -0.6% | -98.80% | Trim |
| 46 | QSR | Restaurant Brands Intern | — | NEW | New buy |
| 47 | PCAR | Paccar INC | — | EXIT | Sold out |
| 48 | PWCDF | Power CORP Of Canada | — | NEW | New buy |
| 49 | IX | Orix - Sponsored Adr | — | NEW | New buy |
| 50 | XLB | Ss Materials Select Sector | — | EXIT | Sold out |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-15 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-13 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-05 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-09-30 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-15 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-13 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-12 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-13 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-15 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-14 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-11-14 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-08-15 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-15 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-16 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-11-10 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-11 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-05-03 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-10 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-11-05 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-08-04 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-05-10 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-01-26 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-11-02 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-07-31 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-05-13 | Amendment | View on EDGAR |
| 2020-03-31 | 2020-05-05 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-01-31 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2019-11-15 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-07-30 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-05-15 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-02-14 | 13F-HR | View on EDGAR |
| 2018-09-30 | 2018-11-15 | 13F-HR | View on EDGAR |
| 2018-06-30 | 2018-08-14 | 13F-HR | View on EDGAR |
| 2018-03-31 | 2018-05-14 | 13F-HR | View on EDGAR |
| 2017-12-31 | 2018-02-15 | 13F-HR | View on EDGAR |
| 2017-09-30 | 2017-11-14 | 13F-HR | View on EDGAR |
| 2017-06-30 | 2017-08-16 | 13F-HR | View on EDGAR |
| 2017-03-31 | 2017-05-11 | 13F-HR | View on EDGAR |
| 2016-12-31 | 2017-02-13 | 13F-HR | View on EDGAR |
| 2016-09-30 | 2016-11-16 | 13F-HR | View on EDGAR |
| 2016-06-30 | 2016-08-16 | 13F-HR | View on EDGAR |
| 2016-03-31 | 2016-05-12 | 13F-HR | View on EDGAR |
| 2015-12-31 | 2016-01-29 | 13F-HR | View on EDGAR |
| 2015-09-30 | 2015-11-12 | 13F-HR | View on EDGAR |
| 2015-06-30 | 2015-08-13 | 13F-HR | View on EDGAR |
| 2015-03-31 | 2015-05-14 | 13F-HR | View on EDGAR |
| 2014-12-31 | 2015-02-12 | 13F-HR | View on EDGAR |
| 2014-09-30 | 2014-11-13 | 13F-HR | View on EDGAR |
| 2014-06-30 | 2014-08-11 | 13F-HR | View on EDGAR |
| 2014-03-31 | 2014-05-14 | 13F-HR | View on EDGAR |
| 2013-12-31 | 2014-02-13 | 13F-HR | View on EDGAR |
| 2013-09-30 | 2013-11-14 | 13F-HR | View on EDGAR |
| 2013-06-30 | 2013-08-15 | 13F-HR | View on EDGAR |
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