CC
Cullen Capital Management, LLC Quarterly 13F Portfolio Update (Q2 2026)
Cullen Capital Management, LLCCIK: 0001362535
Diversified strategyMomentum followerQuality / disciplined sizing
Total reported value
$10.2B
Reporting period: 2026-06-30 · Number of holdings: 208
Cullen Capital Management, LLC disclosed 208 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $10.2B and a quarterly turnover rate of 20.8%.
Browse other institutions with $10B to $100B AUMBrowse other institutions starting with "C"
Personality snowflake
- Concentration
- 6.93
- Portfolio Stability
- 20.84
- Momentum
- 100
- Sector conviction
- 37.36
- Diversification
- 100
- Sizing Uniformity
- 83.82
Cullen Capital Management, LLC's disclosed holdings carry a Herfindahl concentration index of 0.017 — mathematically equivalent to about 58 equally-sized positions, well below its 208 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 1.62), 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.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govSold out XOM
New buy 30233Q108
Trim CMCSA
-26.1% -$75.5M
Trim DOW
-35.2% -$61.3M
Add UNH
+0.6% $69.7M
Trim COP
-2.1% -$53.9M
Holdings Map
New buyAddUnchangedTrim
Top 10 holdings by weight
Full holdings list this quarter
Showing top 200 holdings (of 208 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | NVS | Novartis Ag-sponsored Adr | Stock-Healthcare | 3.13% | -0.06% | -0.24% | |
| 2 | CSCO | Cisco Systems Inc | Stock-Tech | 2.95% | +0.05% | -29.84% | |
| 3 | MS | Morgan Stanley | Stock-Financials | 2.91% | +0.49% | -1.40% | |
| 4 | JNJ | Johnson & Johnson | Stock-Healthcare | 2.75% | -0.04% | -1.42% | |
| 5 | C | Citigroup Inc | Stock-Financials | 2.66% | +0.08% | -13.03% | |
| 6 | JPM | Jpmorgan Chase & Co | Stock-Financials | 2.61% | +0.17% | +0.26% | |
| 7 | MRK | Merck & Co. Inc. | Stock-Healthcare | 2.55% | -0.01% | -2.73% | |
| 8 | BAC | Bank Of America CORP | Stock-Financials | 2.43% | -0.15% | -16.05% | |
| 9 | DUK | Duke Energy CORP | Stock-Utilities | 2.41% | -0.17% | +0.62% | |
| 10 | JNJ | Johnson & Johnson | Stock-Healthcare | 2.40% | +0.13% | -1.14% | |
| 11 | GD | General Dynamics CORP | Stock-Industrials | 2.35% | -0.02% | +0.32% | |
| 12 | CB | Chubb Limited | Stock-Financials | 2.26% | +0.01% | +0.10% | |
| 13 | TFC | Truist Financial CORP | Stock-Financials | 2.19% | +0.09% | +0.43% | |
| 14 | RTX | Rtx CORP | Stock-Industrials | 2.15% | -0.13% | -0.06% | |
| 15 | PM | Philip Morris International | Stock-Consumer Staples | 2.13% | +0.12% | +0.89% | |
| 16 | NEE | Nextera Energy Inc | Stock-Utilities | 2.09% | -0.22% | -0.35% | |
| 17 | DOC | Healthpeak Properties Inc | Stock-Real Estate | 2.06% | +0.21% | -11.12% | |
| 18 | ✓ | Stock-Other | 2.01% | +2.01% | NEW | ||
| 19 | MDT | Medtronic plc | Stock-Healthcare | 1.99% | -0.35% | -1.48% | |
| 20 | AVGO | Broadcom Inc | Stock-Tech | 1.98% | +0.29% | -0.29% | |
| 21 | UNH | Unitedhealth Group Inc | Stock-Healthcare | 1.94% | +0.63% | +0.59% | |
| 22 | VICI | Vici Properties Inc | Stock-Real Estate | 1.82% | -0.08% | +2.67% | |
| 23 | COP | Conocophillips | Stock-Energy | 1.79% | -0.63% | -2.06% | |
| 24 | UPS | United Parcel Service-cl B | Stock-Industrials | 1.75% | +0.11% | +2.03% | |
| 25 | QCOM | Qualcomm Inc | Stock-Tech | 1.71% | +0.53% | +4.72% | |
| 26 | GPC | Genuine Parts Co | Stock-Consumer Disc | 1.64% | -0.06% | -9.82% | |
| 27 | MO | Altria Group Inc | Stock-Consumer Staples | 1.64% | +0.03% | -2.64% | |
| 28 | UL | Unilever Plc-sponsored Adr | Stock-Consumer Staples | 1.62% | +0.07% | +3.69% | |
| 29 | TRV | Travelers Cos Inc/the | Stock-Financials | 1.56% | +0.12% | -0.51% | |
| 30 | TGT | Target CORP | Stock-Consumer Disc | 1.43% | +0.02% | -1.57% | |
| 31 | CVX | Chevron CORP | Stock-Energy | 1.40% | -0.46% | -1.88% | |
| 32 | LOW | Lowe's Cos Inc | Stock-Consumer Disc | 1.37% | -0.12% | +2.71% | |
| 33 | BTI | British American Tob-sp Adr | Stock-Consumer Staples | 1.32% | +0.51% | +61.92% | |
| 34 | CMCSA | Comcast Corp-class A | Stock-Comm Services | 1.28% | -0.82% | -26.05% | |
| 35 | QSR | Restaurant Brands Intern | Stock-Consumer Disc | 1.26% | +0.42% | +60.09% | |
| 36 | BDX | Becton Dickinson And Co | Stock-Healthcare | 1.23% | +0.05% | +13.11% | |
| 37 | T | At&t Inc | Stock-Comm Services | 1.16% | -0.54% | +0.13% | |
| 38 | MSFT | Microsoft CORP | Stock-Tech | 1.07% | +0.30% | +45.29% | |
| 39 | BCE | Bce Inc | Stock-Comm Services | 1.05% | -0.49% | -16.61% | |
| 40 | ASX | Ase Technology Holding -adr | Stock-Tech | 0.93% | +0.04% | -47.88% | |
| 41 | CPA | Copa Holdings, S.A. | Stock-Other | 0.87% | +0.39% | +38.23% | |
| 42 | TSM | Taiwan Semiconductor-sp Adr | Stock-Tech | 0.84% | +0.18% | -6.18% | |
| 43 | OMC | Omnicom Group | Stock-Comm Services | 0.84% | -0.06% | +1.03% | |
| 44 | DEO | Diageo Plc-sponsored Adr | Stock-Consumer Staples | 0.81% | +0.06% | +5.61% | |
| 45 | CCI | Crown Castle Inc | Stock-Real Estate | 0.76% | -0.23% | -13.64% | |
| 46 | IBM | Intl Business Machines CORP | Stock-Tech | 0.70% | +0.28% | +50.74% | |
| 47 | TIGO | Millicom International Cellular S.A. | Stock-Comm Services | 0.70% | +0.06% | -5.14% | |
| 48 | NGG | National Grid Plc-sp Adr | Stock-Utilities | 0.66% | -0.03% | +2.69% | |
| 49 | TM | Toyota Motor CORP -spon Adr | Stock-Consumer Disc | 0.65% | -0.01% | +25.18% | |
| 50 | SYY | Sysco CORP | Stock-Consumer Staples | 0.64% | +0.20% | +28.97% |
1–50 of 200
Portfolio Performance
Performance for Q3 2026
+6.7%
Performance Last 4 Quarters
+24.9%
- Stdev
- +10.5%
- Beta
- +0.52
- Alpha
- +6.4%
- Max Drawdown
- -5.1%
- Annualized Perf
- +17.6%
- Batting Avg vs S&P
- +47.2%
- Sortino
- +3.09
- Stutzer
- +0.46
- Treynor
- +0.32
- Sterling
- +1.25
- Calmar
- +3.41
- Information Ratio
- -0.31
- Tracking Error
- +10.1%
- Stdev Down
- +5.5%
- Winning Months %
- +72.2%
- Losing Months %
- +27.8%
- Best 12 Months
- +29.9%
- Worst 12 Months
- +7.2%
- Efficiency Ratio
- +0.61
- Sharpe
- +1.6
- Stdev Sectors
- +5.5%
- Skewness
- -0.41
- Kurtosis
- -0.63
- Upside Potential
- +4.68
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2026 Q2 | 208 | $10.2B | 21 | ||
| 2026 Q1 | 213 | $9.8B | 21 | ||
| 2025 Q4 | 225 | $9.2B | 20 | ||
| 2025 Q3 | 217 | $9.1B | 16 | ||
| 2025 Q2 | 198 | $8.8B | 21 | ||
| 2025 Q1 | 205 | $8.7B | 100 | ||
| 2024 Q4 | 208 | $8.6B | 0 | ||
| 2024 Q3 | 206 | $9.2B | 0 | ||
| 2024 Q2 | 210 | $8.7B | 0 | ||
| 2024 Q1 | 198 | $9.0B | 0 | ||
| 2023 Q4 | 213 | $6.7B | 0 | ||
| 2023 Q3 | 206 | $8.6B | 0 | ||
| 2023 Q2 | 295 | $11.2B | 0 | ||
| 2023 Q1 | 276 | $10.9B | 0 | ||
| 2022 Q4 | 210 | $7.8B | 0 | ||
| 2022 Q3 | 281 | $9.3B | 0 | ||
| 2022 Q2 | 282 | $10.0B | 0 | ||
| 2022 Q1 | 280 | $10.9B | 0 | ||
| 2021 Q4 | 287 | $10.7B | 0 | ||
| 2021 Q3 | 271 | $10.2B | 0 | ||
| 2021 Q2 | 276 | $10.3B | 94 | ||
| 2021 Q1 | 275 | $9.3B | 100 | ||
| 2020 Q4 | 134 | $1.8B | 21 | ||
| 2020 Q3 | 122 | $1.7B | 30 | ||
| 2020 Q2 | 121 | $1.8B | 38 | ||
| 2020 Q1 | 119 | $1.7B | 49 | ||
| 2019 Q4 | 126 | $2.6B | 21 | ||
| 2019 Q3 | 130 | $2.5B | 24 | ||
| 2019 Q2 | 133 | $2.6B | 24 | ||
| 2019 Q1 | 125 | $2.5B | 13 | ||
| 2018 Q4 | 128 | $2.3B | 19 | ||
| 2018 Q3 | 128 | $2.7B | 22 | ||
| 2018 Q2 | 134 | $2.6B | 23 | ||
| 2018 Q1 | 136 | $2.8B | 15 | ||
| 2017 Q4 | 138 | $2.9B | 10 | ||
| 2017 Q3 | 132 | $2.9B | 18 | ||
| 2017 Q2 | 140 | $2.8B | 12 | ||
| 2017 Q1 | 146 | $2.8B | 10 | ||
| 2016 Q4 | 149 | $2.9B | 19 | ||
| 2016 Q3 | 159 | $3.0B | 19 | ||
| 2016 Q2 | 141 | $2.8B | 18 | ||
| 2016 Q1 | 155 | $2.8B | 11 | ||
| 2015 Q4 | 172 | $3.0B | 12 | ||
| 2015 Q3 | 171 | $2.9B | 24 | ||
| 2015 Q2 | 179 | $3.1B | 23 | ||
| 2015 Q1 | 175 | $3.6B | 12 | ||
| 2014 Q4 | 176 | $3.7B | 11 | ||
| 2014 Q3 | 174 | $3.6B | 13 | ||
| 2014 Q2 | 208 | $3.9B | 17 | ||
| 2014 Q1 | 200 | $3.7B | 21 | ||
| 2013 Q4 | 196 | $3.8B | 13 | ||
| 2013 Q3 | 196 | $3.5B | 12 | ||
| 2013 Q2 | 184 | $3.3B | 0 |
Holding changes this quarter
Cullen Capital Management, LLC's most significant position changes for 2026-06-30: Sold out: Exxon Mobil CORP (XOM); New buy: ; Sold out: Honeywell International Inc (HON); New buy: ; New buy: .
Showing top 200 changes by size (of 226 total)
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | ✓ | +2% | NEW | New buy | |
| 2 | UNH | Unitedhealth Group Inc | +0.6% | +0.59% | Add |
| 3 | QCOM | Qualcomm Inc | +0.5% | +4.72% | Add |
| 4 | BTI | British American Tob-sp Adr | +0.5% | +61.92% | Add |
| 5 | MS | Morgan Stanley | +0.5% | -1.40% | Trim |
| 6 | QSR | Restaurant Brands Intern | +0.4% | +60.09% | Add |
| 7 | CPA | Copa Holdings, S.A. | +0.4% | +38.23% | Add |
| 8 | MSFT | Microsoft CORP | +0.3% | +45.29% | Add |
| 9 | AVGO | Broadcom Inc | +0.3% | -0.29% | Trim |
| 10 | IBM | Intl Business Machines CORP | +0.3% | +50.74% | Add |
| 11 | NVO | Novo-nordisk A/s-spons Adr | +0.3% | +54.60% | Add |
| 12 | ✓ | +0.2% | NEW | New buy | |
| 13 | ✓ | +0.2% | NEW | New buy | |
| 14 | DOC | Healthpeak Properties Inc | +0.2% | -11.12% | Trim |
| 15 | SYY | Sysco CORP | +0.2% | +28.97% | Add |
| 16 | KSPI | Jsc Kaspi.kz Adr | +0.2% | NEW | New buy |
| 17 | TSM | Taiwan Semiconductor-sp Adr | +0.2% | -6.18% | Trim |
| 18 | JPM | Jpmorgan Chase & Co | +0.2% | +0.26% | Add |
| 19 | JNJ | Johnson & Johnson | +0.1% | -1.14% | Trim |
| 20 | IX | Orix - Sponsored Adr | +0.1% | +13.00% | Add |
| 21 | PM | Philip Morris International | +0.1% | +0.89% | Add |
| 22 | TRV | Travelers Cos Inc/the | +0.1% | -0.51% | Trim |
| 23 | UPS | United Parcel Service-cl B | +0.1% | +2.03% | Add |
| 24 | PWCDF | Power CORP Of Canada | +0.1% | +2.13% | Add |
| 25 | SW | Smurfit Westrock Plc | +0.1% | +9.11% | Add |
| 26 | EWY | Ishares Msci South Korea ETF | +0.1% | -11.00% | Trim |
| 27 | TFC | Truist Financial CORP | +0.1% | +0.43% | Add |
| 28 | VZ | Verizon Communications Inc | +0.1% | +48.45% | Add |
| 29 | C | Citigroup Inc | +0.1% | -13.03% | Trim |
| 30 | UL | Unilever Plc-sponsored Adr | +0.1% | +3.69% | Add |
| 31 | KDP | Keurig Dr Pepper Inc | +0.1% | -3.61% | Trim |
| 32 | XLC | Ss Comm Select Sector Spdr | +0.1% | +1199.25% | Add |
| 33 | XLV | Ss Health Care Select Sector | +0.1% | +596.69% | Add |
| 34 | DEO | Diageo Plc-sponsored Adr | +0.1% | +5.61% | Add |
| 35 | TIGO | Millicom International Cellular S.A. | +0.1% | -5.14% | Trim |
| 36 | EWT | Ishares Msci Taiwan ETF | +0.1% | +3.01% | Add |
| 37 | CSCO | Cisco Systems Inc | +0.1% | -29.84% | Trim |
| 38 | BDX | Becton Dickinson And Co | +0.1% | +13.11% | Add |
| 39 | SHEL | Shell Plc-adr | +0.1% | +49.97% | Add |
| 40 | PNC | Pnc Financial Services Group | +0.1% | +0.07% | Add |
| 41 | KOF | Coca-cola Femsa Sab-sp Adr | +0.1% | +5.81% | Add |
| 42 | AMAT | Applied Materials Inc | +0.1% | -12.87% | Trim |
| 43 | ASX | Ase Technology Holding -adr | 0% | -47.88% | Trim |
| 44 | MO | Altria Group Inc | 0% | -2.64% | Trim |
| 45 | UNP | Union Pacific CORP | 0% | +0.31% | Add |
| 46 | PPG | Ppg Industries Inc | 0% | -2.54% | Trim |
| 47 | AXIA | Axia Energia-adr | 0% | +41.48% | Add |
| 48 | TGT | Target CORP | 0% | -1.57% | Trim |
| 49 | KB | Kb Financial Group Inc-adr | 0% | +21.91% | Add |
| 50 | NU | Nu Holdings Ltd. | 0% | NEW | New buy |
1–50 of 200
* This report is exclusively curated by the AlphaSMO team. AlphaSMO is the web's most authoritative 13F / Inside Trader database, delivering precise insider trading and institutional holdings insights.
Filing History
FAQ
What is Cullen Capital Management, LLC and what type of investor is it?
Cullen Capital Management, LLC is an investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-06-30), the firm manages a tracked equity portfolio valued at approximately $10.2B, spread across 208 disclosed positions.
What are Cullen Capital Management, LLC's largest equity positions?
Based on the latest 13F filing, Cullen Capital Management, LLC's top holdings by market value are:
1. Novartis Ag-sponsored Adr (NVS) — $318.6M (3.1%)
2. Cisco Systems Inc (CSCO) — $300.4M (3.0%)
3. Morgan Stanley (MS) — $295.5M (2.9%)
4. Johnson & Johnson (JNJ) — $279.1M (2.8%)
5. Citigroup Inc (C) — $270.0M (2.7%)
What changes did Cullen Capital Management, LLC make in its most recent portfolio filing?
In the latest reported quarter, Cullen Capital Management, LLC made 190 notable position adjustments: 13 new positions were initiated, 76 existing holdings were added to, 83 positions were partially reduced, and 18 were completely exited. The largest of these moves: Sold out: Exxon Mobil CORP (XOM); New buy: ; Sold out: Honeywell International Inc (HON); New buy: ; New buy:
What sectors does Cullen Capital Management, LLC focus on?
Cullen Capital Management, LLC is concentrated in the following sectors based on its current disclosed equity portfolio:
• Financials: 20.0%
• Health Care: 19.4%
• Information Technology: 11.2%
• Consumer Staples: 9.8%
• Consumer Discretionary: 7.6%
• Industrials: 7.4%
Investment Profile
Cullen Capital Management, LLC returned an annualized 17.6% over the trailing 36 months — outperforming the S&P 500 by 6.4 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 0.52 (less volatile than the market) and a 47% quarterly batting average against the index.
Its portfolio is broadly diversified and moderately active.
It has added to its UNH position over the past two quarters (+$87.7M, now $197.6M), while trimming BAC over the same stretch (-$37.3M, still holding $247.1M).
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