Cullen Capital Management, LLC — Q2 2025 13F Holdings

Name: Cullen Capital Management, LLC — 13F Holdings, Q2 2025
Creator: AlphaSMO
License: https://www.sec.gov/forms

CIK: 0001362535

Total reported value

$9.8B

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Full holdings list this quarter

#	Ticker	Issuer	Asset Subclass	Weight	Weight Change	Shares Change
1	JPM	Jpmorgan Chase & Co	Stock-Financials	3.46%	-0.52%	-1.87%
2	CSCO	Cisco Systems INC	Stock-Tech	3.19%	—	-3.47%
3	BAC	Bank Of America CORP	Stock-Financials	2.97%	-0.53%	+0.13%
4	NVS	Novartis Ag-sponsored Adr	Stock-Healthcare	2.89%	+0.06%	-0.56%
5	DUK	Duke Energy CORP	Stock-Utilities	2.75%	+0.14%	-3.12%
6	MDT	Medtronic plc	Stock-Healthcare	2.68%	—	-0.72%
7	C	Citigroup INC	Stock-Financials	2.67%	-0.35%	-1.39%
8	AVGO	Broadcom INC	Stock-Tech	2.63%	-0.32%	-1.46%
9	MS	Morgan Stanley	Stock-Financials	2.62%	-0.50%	-1.60%
10	T	At&t INC	Stock-Comm Services	2.62%	+0.15%	+24.93%
11	PM	Philip Morris International	Stock-Consumer Staples	2.57%	—	-4.06%
12	GD	General Dynamics CORP	Stock-Industrials	2.46%	—	-1.34%
13	RTX	Rtx CORP	Stock-Industrials	2.45%	—	-24.40%
14	VICI	Vici Properties INC	Stock-Real Estate	2.39%	+0.15%	-0.52%
15	JNJ	Johnson & Johnson	Stock-Healthcare	2.39%	+0.01%	-29.93%
16	XOM	Exxon Mobil CORP	Stock-Energy	2.37%	+0.38%	-0.48%
17	CB	Chubb Limited	Stock-Financials	2.29%	—	-0.55%
18	JNJ	Johnson & Johnson	Stock-Healthcare	2.11%	+0.17%	-1.88%
19	MRK	Merck & Co. INC.	Stock-Healthcare	2.05%	—	+1.78%
20	TFC	Truist Financial CORP	Stock-Financials	2.04%	—	-7.07%
21	COP	Conocophillips	Stock-Energy	1.98%	+0.46%	+52.71%
22	CMCSA	Comcast Corp-class A	Stock-Comm Services	1.97%	+0.74%	-9.50%
23	NEE	Nextera Energy INC	Stock-Utilities	1.96%	+0.15%	-1.97%
24	DOC	Healthpeak Properties INC	Stock-Real Estate	1.91%	+0.23%	-5.00%
25	GPC	Genuine Parts Co	Stock-Consumer Disc	1.87%	—	+0.05%
26	UL	Unilever PLC	Stock-Consumer Staples	1.77%	—	-1.94%
27	MO	Altria Group INC	Stock-Consumer Staples	1.75%	+0.14%	-9.18%
28	TRV	Travelers Cos Inc/the	Stock-Financials	1.59%	—	-1.38%
29	UPS	United Parcel Service-cl B	Stock-Industrials	1.52%	+0.47%	+9.30%
30	LOW	Lowe's Cos INC	Stock-Consumer Disc	1.48%	—	+7.70%
31	CVX	Chevron CORP	Stock-Energy	1.48%	+0.41%	-36.55%
32	CCI	Crown Castle INC	Stock-Real Estate	1.33%	—	+2.81%
33	MSFT	Microsoft CORP	Stock-Tech	1.23%	-0.30%	-3.04%
34	TGT	Target CORP	Stock-Consumer Disc	1.08%	+0.42%	+2.74%
35	PFE	Pfizer INC	Stock-Healthcare	1.01%	+0.21%	-22.86%
36	QCOM	Qualcomm INC	Stock-Tech	0.98%	-0.43%	+10.01%
37	DOW	Dow INC	Stock-Materials	0.96%	+0.51%	-29.94%
38	BCE	Bce INC	Stock-Comm Services	0.91%	+0.06%	-41.60%
39	DEO	Diageo Plc-sponsored Adr	Stock-Consumer Staples	0.90%	+0.13%	-0.33%
40	OMC	Omnicom Group	Stock-Comm Services	0.89%	—	+7.27%
41	EOG	Eog Resources INC	Stock-Energy	0.79%	+0.20%	+4.68%
42	VZ	Verizon Communications INC	Stock-Comm Services	0.76%	—	+2.00%
43	BTI	British American Tob-sp Adr	Stock-Consumer Staples	0.76%	—	+16.87%
44	BDX	Becton Dickinson And Co	Stock-Healthcare	0.72%	-0.30%	—
45	PPL	Ppl CORP	Stock-Utilities	0.71%	—	-0.90%
46	BMY	Bristol-myers Squibb Co	Stock-Healthcare	0.66%	—	+12.74%
47	ASX	Ase Technology Holding -adr	Stock-Tech	0.66%	—	+24.08%
48	NGG	National Grid Plc-sp Adr	Stock-Utilities	0.64%	—	—
49	CAG	Conagra Brands INC	Stock-Consumer Staples	0.64%	—	+4497.65%
50	KO	The Coca-Cola Company	Stock-Consumer Staples	0.61%	—	+2.30%

1–50 of 198

Holding changes this quarter

Position changes disclosed by Cullen Capital Management, LLC for the quarter ending Q2 2025, including ticker, issuer, weight change, shares change, and action
#	Ticker	Issuer	Weight Change	Shares Change	Action
1	AVGO	Broadcom INC	+1%	-1.46%	Trim
2	CAG	Conagra Brands INC	+0.6%	+4497.65%	Add
3	T	At&t INC	+0.5%	+24.93%	Add
4	JPM	Jpmorgan Chase & Co	+0.4%	-1.87%	Trim
5	COP	Conocophillips	+0.4%	+52.71%	Add
6	MS	Morgan Stanley	+0.4%	-1.60%	Trim
7	C	Citigroup INC	+0.4%	-1.39%	Trim
8	BAC	Bank Of America CORP	+0.3%	+0.13%	Add
9	TSM	Taiwan Semiconductor-sp Adr	+0.3%	+43.13%	Add
10	MSFT	Microsoft CORP	+0.3%	-3.04%	Trim
11	XLC	Ss Comm Select Sector Spdr	+0.2%	+2592.91%	Add
12	CSCO	Cisco Systems INC	+0.2%	-3.47%	Trim
13	XLV	Ss Health Care Select Sector	+0.2%	+2879.50%	Add
14	PM	Philip Morris International	+0.2%	-4.06%	Trim
15	ASX	Ase Technology Holding -adr	+0.2%	+24.08%	Add
16	BTI	British American Tob-sp Adr	+0.2%	+16.87%	Add
17	NVS	Novartis Ag-sponsored Adr	+0.2%	-0.56%	Trim
18	CPA	Copa Holdings, S.A.	+0.1%	+111.13%	Add
19	ENB	Enbridge INC	+0.1%	+29.44%	Add
20	XLF	Ss Financial Select Sector	+0.1%	+4370.20%	Add
21	QCOM	Qualcomm INC	+0.1%	+10.01%	Add
22	EWY	Ishares Msci South Korea ETF	+0.1%	+94.04%	Add
23	GD	General Dynamics CORP	+0.1%	-1.34%	Trim
24	XLI	Ss Industrial Select Sector	+0.1%	+1197.86%	Add
25	NEE	Nextera Energy INC	-0.1%	-1.97%	Trim
26	BMY	Bristol-myers Squibb Co	-0.1%	+12.74%	Add
27	MDT	Medtronic plc	-0.1%	-0.72%	Trim
28	KDP	Keurig Dr Pepper INC	-0.2%	-16.65%	Trim
29	CB	Chubb Limited	-0.2%	-0.55%	Trim
30	SW	Smurfit Westrock Plc	-0.2%	-39.64%	Trim
31	JNJ	Johnson & Johnson	-0.2%	-29.93%	Trim
32	DUK	Duke Energy CORP	-0.2%	-3.12%	Trim
33	MO	Altria Group INC	-0.3%	-9.18%	Trim
34	JNJ	Johnson & Johnson	-0.3%	-1.88%	Trim
35	MRK	Merck & Co. INC.	-0.3%	+1.78%	Add
36	XOM	Exxon Mobil CORP	-0.3%	-0.48%	Trim
37	CMCSA	Comcast Corp-class A	-0.3%	-9.50%	Trim
38	PFE	Pfizer INC	-0.4%	-22.86%	Trim
39	MDLZ	Mondelez International Inc-a	-0.4%	-89.93%	Trim
40	DOC	Healthpeak Properties INC	-0.5%	-5.00%	Trim
41	RTX	Rtx CORP	-0.5%	-24.40%	Trim
42	BCE	Bce INC	-0.7%	-41.60%	Trim
43	DOW	Dow INC	-0.9%	-29.94%	Trim
44	CVX	Chevron CORP	-1.3%	-36.55%	Trim
45	KVUE	Kenvue INC	-1.9%	-72.54%	Trim
46	BDX	Becton Dickinson And Co	—	NEW	New buy
47	NGG	National Grid Plc-sp Adr	—	NEW	New buy
48	PCAR	Paccar INC	—	NEW	New buy
49	PPG	Ppg Industries INC	—	NEW	New buy
50	NSC	Norfolk Southern CORP	—	NEW	New buy