CIK: 0001161670
Total reported value
$1.2B
Reporting period: 2026-03-31 · Number of holdings: 207
CULLINAN ASSOCIATES INC disclosed 207 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $1.2B and a quarterly turnover rate of 23.4%.
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Cullinan Associates INC's disclosed holdings carry a Herfindahl concentration index of 0.027 — mathematically equivalent to about 37 equally-sized positions, well below its 207 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 2.14), 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.
Trim WMT
-72.7% -$40.4M
Add KO
-3.9% $4.4M
Trim MSFT
-12.0% -$28.1M
Add XOM
-10.2% $8.1M
Add JNJ
-5.7% $4.6M
Trim EA
-85.6% -$12.4M
Showing top 200 holdings (of 207 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | AAPL | Apple INC | Stock-Tech | 8.23% | — | -10.26% | |
| 2 | KO | Coca-cola Co/the | Stock-Consumer Staples | 8.08% | +1.61% | -3.86% | |
| 3 | MSFT | Microsoft CORP | Stock-Tech | 4.68% | -1.15% | -12.00% | |
| 4 | SPGI | S&p Global INC | Stock-Financials | 4.19% | -0.13% | -0.03% | |
| 5 | JNJ | Johnson & Johnson | Stock-Healthcare | 3.62% | +0.90% | -5.70% | |
| 6 | XOM | Exxon Mobil CORP | Stock-Energy | 3.10% | +1.05% | -10.20% | |
| 7 | SPY | Ss Spdr S&p 500 ETF Trust-us | ETF-Large Cap & Growth | 2.69% | +0.06% | -9.98% | |
| 8 | PG | Procter & Gamble Co/the | Stock-Consumer Staples | 2.64% | +0.12% | -12.87% | |
| 9 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 2.41% | -0.28% | -18.13% | |
| 10 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 2.23% | +0.07% | -5.13% | |
| 11 | AMZN | Amazon.com INC | Stock-Consumer Disc | 1.98% | -0.06% | -9.91% | |
| 12 | IBM | Intl Business Machines CORP | Stock-Tech | 1.89% | -0.50% | -18.86% | |
| 13 | VRTX | Vertex Pharmaceuticals INC | Stock-Healthcare | 1.87% | — | +0.88% | |
| 14 | JPM | Jpmorgan Chase & Co | Stock-Financials | 1.54% | +0.02% | -7.16% | |
| 15 | WMT | Walmart INC | Stock-Consumer Staples | 1.43% | -2.50% | -72.70% | |
| 16 | MCD | Mcdonald's CORP | Stock-Consumer Disc | 1.42% | +0.09% | -11.85% | |
| 17 | AMAT | Applied Materials INC | Stock-Tech | 1.42% | +0.39% | -12.76% | |
| 18 | CVX | Chevron CORP | Stock-Energy | 1.35% | — | -23.94% | |
| 19 | ABBV | Abbvie INC | Stock-Healthcare | 1.29% | — | -11.90% | |
| 20 | AFL | Aflac INC | Stock-Financials | 1.23% | — | -2.68% | |
| 21 | LOW | Lowe's Cos INC | Stock-Consumer Disc | 1.18% | +0.08% | -7.97% | |
| 22 | LRCXEUR | Lam Research CORP | Stock-Tech | 1.11% | -0.02% | -33.51% | |
| 23 | TXN | Texas Instruments INC | Stock-Tech | 1.05% | — | -12.04% | |
| 24 | ORCL | Oracle CORP | Stock-Tech | 1.02% | -0.48% | -24.22% | |
| 25 | AXP | American Express Co | Stock-Financials | 0.99% | -0.10% | -6.33% | |
| 26 | CAT | Caterpillar INC | Stock-Industrials | 0.96% | -0.22% | -44.56% | |
| 27 | DE | Deere & Co | Stock-Industrials | 0.95% | — | -8.89% | |
| 28 | META | Meta Platforms Inc-class A | Stock-Comm Services | 0.92% | -0.03% | -5.89% | |
| 29 | LMT | Lockheed Martin CORP | Stock-Industrials | 0.88% | +0.23% | -9.90% | |
| 30 | KLAC | Kla CORP | Stock-Tech | 0.86% | — | -15.61% | |
| 31 | NVDA | Nvidia CORP | Stock-Tech | 0.84% | -0.20% | -27.97% | |
| 32 | COST | Costco Wholesale CORP | Stock-Consumer Staples | 0.81% | +0.01% | -26.75% | |
| 33 | SO | Southern Co/the | Stock-Utilities | 0.81% | +0.04% | -20.41% | |
| 34 | UPS | United Parcel Service-cl B | Stock-Industrials | 0.74% | +0.21% | +18.50% | |
| 35 | UBER | Uber Technologies INC | Stock-Industrials | 0.74% | — | +2.67% | |
| 36 | CME | Cme Group INC | Stock-Financials | 0.73% | +0.01% | -20.81% | |
| 37 | QLYS | Qualys INC | Stock-Tech | 0.73% | -0.20% | — | |
| 38 | AMGN | Amgen INC | Stock-Healthcare | 0.73% | +0.04% | -18.07% | |
| 39 | HD | Home Depot INC | Stock-Consumer Disc | 0.73% | +0.03% | -9.08% | |
| 40 | NYT | New York Times Co-a | Stock-Comm Services | 0.70% | +0.02% | -29.34% | |
| 41 | V | Visa Inc-class A Shares | Stock-Financials | 0.67% | — | +1.85% | |
| 42 | TJX | Tjx Companies INC | Stock-Consumer Disc | 0.66% | — | -6.65% | |
| 43 | DIS | Walt Disney Co/the | Stock-Comm Services | 0.65% | -0.01% | -2.58% | |
| 44 | CSCO | Cisco Systems INC | Stock-Tech | 0.63% | — | +5.70% | |
| 45 | TRV | Travelers Cos Inc/the | Stock-Financials | 0.59% | — | -3.01% | |
| 46 | BAC | Bank Of America CORP | Stock-Financials | 0.58% | — | -6.17% | |
| 47 | QCOM | Qualcomm INC | Stock-Tech | 0.56% | — | +20.72% | |
| 48 | EMR | Emerson Electric Co | Stock-Industrials | 0.55% | -0.03% | -18.86% | |
| 49 | ABNB | Airbnb Inc-class A | Stock-Consumer Disc | 0.55% | — | -0.74% | |
| 50 | GS | Goldman Sachs Group INC | Stock-Financials | 0.53% | -0.22% | -37.87% |
Performance for Q3 2026
+3.5%
Performance Last 4 Quarters
+15.2%
Based on 76% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 207 | $1.2B | 23 | |
| 2025-12-31 | 211 | $1.5B | 18 | |
| 2025-09-30 | 213 | $1.5B | 20 | |
| 2025-06-30 | 210 | $1.5B | 0 | |
| 2025-03-31 | 216 | $1.4B | 100 | |
| 2024-12-31 | 217 | $1.6B | 0 | |
| 2024-09-30 | 232 | $1.8B | 0 | |
| 2024-06-30 | 231 | $1.8B | 0 | |
| 2024-03-31 | 241 | $1.8B | 0 | |
| 2023-12-31 | 235 | $1.8B | 0 | |
| 2023-09-30 | 242 | $1.7B | 0 | |
| 2023-06-30 | 254 | $1.8B | 0 | |
| 2023-03-31 | 243 | $1.7B | 0 | |
| 2022-12-31 | 272 | $1.8B | 0 | |
| 2022-09-30 | 227 | $1.6B | 0 | |
| 2022-06-30 | 225 | $1.6B | 0 | |
| 2022-03-31 | 235 | $1.9B | 0 | |
| 2021-12-31 | 237 | $2.0B | 0 | |
| 2021-09-30 | 235 | $1.8B | 0 | |
| 2021-06-30 | 223 | $1.8B | 100 | |
| 2021-03-31 | 214 | $1.7B | 15 | |
| 2020-12-31 | 194 | $1.7B | 15 | |
| 2020-09-30 | 181 | $1.6B | 19 | |
| 2020-06-30 | 181 | $1.4B | 20 | |
| 2020-03-31 | 170 | $1.2B | 24 | |
| 2019-12-31 | 181 | $1.5B | 13 | |
| 2019-09-30 | 180 | $1.4B | 9 | |
| 2019-06-30 | 183 | $1.4B | 14 | |
| 2019-03-31 | 181 | $1.3B | 19 | |
| 2018-12-31 | 182 | $1.2B | 22 | |
| 2018-09-30 | 179 | $1.4B | 12 | |
| 2018-06-30 | 180 | $1.3B | 18 | |
| 2018-03-31 | 184 | $1.3B | 19 | |
| 2017-12-31 | 186 | $1.4B | 17 | |
| 2017-09-30 | 195 | $1.3B | 10 | |
| 2017-06-30 | 199 | $1.3B | 16 | |
| 2017-03-31 | 199 | $1.2B | 14 | |
| 2016-12-31 | 197 | $1.2B | 11 | |
| 2016-09-30 | 200 | $1.2B | 14 | |
| 2016-06-30 | 201 | $1.2B | 11 | |
| 2016-03-31 | 200 | $1.2B | 15 | |
| 2015-12-31 | 196 | $1.1B | 22 | |
| 2015-09-30 | 211 | $1.1B | 20 | |
| 2015-06-30 | 208 | $1.2B | 13 | |
| 2015-03-31 | 216 | $1.3B | 62 | |
| 2014-12-31 | 88 | $944.7M | 26 | |
| 2014-09-30 | 90 | $878.0M | 47 | |
| 2014-06-30 | 80 | $614.6M | 48 | |
| 2014-03-31 | 88 | $879.2M | 9 | |
| 2013-12-31 | 86 | $862.6M | 31 | |
| 2013-09-30 | 86 | $745.9M | 19 | |
| 2013-06-30 | 87 | $739.7M | — |
Cullinan Associates INC's most significant position changes for 2026-03-31: Sold out: C.h. Robinson Worldwide INC (CHRW); Trim: Walmart INC (WMT) — shares -72.70%; Trim: Coca-cola Co/the (KO) — shares -3.86%; Trim: Microsoft CORP (MSFT) — shares -12.00%; Trim: Exxon Mobil CORP (XOM) — shares -10.20%.
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | KO | Coca-cola Co/the | +1.6% | -3.86% | Trim |
| 2 | XOM | Exxon Mobil CORP | +1.1% | -10.20% | Trim |
| 3 | JNJ | Johnson & Johnson | +0.9% | -5.70% | Trim |
| 4 | AMAT | Applied Materials INC | +0.4% | -12.76% | Trim |
| 5 | LMT | Lockheed Martin CORP | +0.2% | -9.90% | Trim |
| 6 | UPS | United Parcel Service-cl B | +0.2% | +18.50% | Add |
| 7 | PG | Procter & Gamble Co/the | +0.1% | -12.87% | Trim |
| 8 | MCD | Mcdonald's CORP | +0.1% | -11.85% | Trim |
| 9 | LOW | Lowe's Cos INC | +0.1% | -7.97% | Trim |
| 10 | GOOG | Alphabet Inc-cl C | +0.1% | -5.13% | Trim |
| 11 | SPY | Ss Spdr S&p 500 ETF Trust-us | +0.1% | -9.98% | Trim |
| 12 | SO | Southern Co/the | 0% | -20.41% | Trim |
| 13 | AMGN | Amgen INC | 0% | -18.07% | Trim |
| 14 | HD | Home Depot INC | 0% | -9.08% | Trim |
| 15 | JPM | Jpmorgan Chase & Co | 0% | -7.16% | Trim |
| 16 | NYT | New York Times Co-a | 0% | -29.34% | Trim |
| 17 | COST | Costco Wholesale CORP | 0% | -26.75% | Trim |
| 18 | CME | Cme Group INC | 0% | -20.81% | Trim |
| 19 | AAPL | Apple INC | — | -10.26% | Trim |
| 20 | ABBV | Abbvie INC | — | -11.90% | Trim |
| 21 | BAC | Bank Of America CORP | — | -6.17% | Trim |
| 22 | DIS | Walt Disney Co/the | 0% | -2.58% | Trim |
| 23 | LRCXEUR | Lam Research CORP | 0% | -33.51% | Trim |
| 24 | META | Meta Platforms Inc-class A | 0% | -5.89% | Trim |
| 25 | EMR | Emerson Electric Co | 0% | -18.86% | Trim |
| 26 | AMZN | Amazon.com INC | -0.1% | -9.91% | Trim |
| 27 | LLY | Eli Lilly & Co | -0.1% | -12.53% | Trim |
| 28 | ABT | Abbott Laboratories | -0.1% | -18.56% | Trim |
| 29 | CRM | Salesforce INC | -0.1% | -28.95% | Trim |
| 30 | PM | Philip Morris International | -0.1% | -33.93% | Trim |
| 31 | WELL | Welltower INC | -0.1% | -77.42% | Trim |
| 32 | AXP | American Express Co | -0.1% | -6.33% | Trim |
| 33 | ADBE | Adobe INC | -0.1% | -32.72% | Trim |
| 34 | MS | Morgan Stanley | -0.1% | -42.81% | Trim |
| 35 | SPGI | S&p Global INC | -0.1% | -0.03% | Trim |
| 36 | CMI | Cummins INC | -0.1% | -53.47% | Trim |
| 37 | TEAM | Atlassian Corp-cl A | -0.2% | -49.73% | Trim |
| 38 | DT | Dynatrace INC | -0.2% | -50.00% | Trim |
| 39 | NVDA | Nvidia CORP | -0.2% | -27.97% | Trim |
| 40 | QLYS | Qualys INC | -0.2% | — | Unchanged |
| 41 | CAT | Caterpillar INC | -0.2% | -44.56% | Trim |
| 42 | GS | Goldman Sachs Group INC | -0.2% | -37.87% | Trim |
| 43 | TSLA | Tesla INC | -0.3% | -73.28% | Trim |
| 44 | GOOGL | Alphabet Inc-cl A | -0.3% | -18.13% | Trim |
| 45 | ORCL | Oracle CORP | -0.5% | -24.22% | Trim |
| 46 | IBM | Intl Business Machines CORP | -0.5% | -18.86% | Trim |
| 47 | EA | Electronic Arts INC | -0.8% | -85.64% | Trim |
| 48 | MSFT | Microsoft CORP | -1.2% | -12.00% | Trim |
| 49 | WMT | Walmart INC | -2.5% | -72.70% | Trim |
| 50 | CHRW | C.h. Robinson Worldwide INC | — | EXIT | Sold out |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-01 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-01-30 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-10-27 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-07-22 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-04-22 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-01-24 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-10-23 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-07-10 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-04-18 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-01-24 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-10-11 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-07-14 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-04-05 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-01-11 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-10-19 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-07-08 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-04-21 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-01-07 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-10-08 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-07-07 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-04-20 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-01-14 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-10-09 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-07-07 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-04-01 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-01-15 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2019-10-01 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-07-16 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-04-30 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-01-11 | 13F-HR | View on EDGAR |
| 2018-09-30 | 2018-10-19 | 13F-HR | View on EDGAR |
| 2018-06-30 | 2018-07-09 | 13F-HR | View on EDGAR |
| 2018-03-31 | 2018-04-27 | 13F-HR | View on EDGAR |
| 2017-12-31 | 2018-01-17 | 13F-HR | View on EDGAR |
| 2017-09-30 | 2017-10-16 | 13F-HR | View on EDGAR |
| 2017-06-30 | 2017-07-12 | 13F-HR | View on EDGAR |
| 2017-03-31 | 2017-04-17 | 13F-HR | View on EDGAR |
| 2016-12-31 | 2017-01-30 | 13F-HR | View on EDGAR |
| 2016-09-30 | 2016-10-03 | 13F-HR | View on EDGAR |
| 2016-06-30 | 2016-07-01 | 13F-HR | View on EDGAR |
| 2016-03-31 | 2016-05-20 | 13F-HR | View on EDGAR |
| 2015-12-31 | 2016-01-12 | 13F-HR | View on EDGAR |
| 2015-09-30 | 2015-10-05 | 13F-HR | View on EDGAR |
| 2015-06-30 | 2015-07-06 | 13F-HR | View on EDGAR |
| 2015-03-31 | 2015-04-14 | 13F-HR | View on EDGAR |
| 2014-12-31 | 2015-01-21 | 13F-HR | View on EDGAR |
| 2014-09-30 | 2014-11-12 | 13F-HR | View on EDGAR |
| 2014-06-30 | 2014-08-15 | 13F-HR | View on EDGAR |
| 2014-03-31 | 2014-05-08 | 13F-HR | View on EDGAR |
| 2013-12-31 | 2014-02-14 | 13F-HR | View on EDGAR |
| 2013-09-30 | 2013-10-18 | 13F-HR | View on EDGAR |
| 2013-06-30 | 2013-08-13 | 13F-HR | View on EDGAR |
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