Cullen Capital Management, LLC

hedge fundUpdated 28 days ago

Managed by Cullen Capital Management, Llc • Latest filing Q2 2026

Portfolio value

$10.2B

Q2 2026

Filings

14

Quarterly 13F history

Top-10 concentration

100.0%

Weight of largest holdings

Annualized return

-2.2%

Implied from 13F holdings

Portfolio value history

13F-disclosed portfolio value over 14 quarters

Show data table

Period	Portfolio value
Q1 2023	$10.9B
Q2 2023	$11.2B
Q3 2023	$8.6B
Q4 2023	$6.7B
Q1 2024	$9B
Q2 2024	$8.7B
Q3 2024	$9.2B
Q4 2024	$8.6B
Q1 2025	$8.7B
Q2 2025	$8.8B
Q3 2025	$9.1B
Q4 2025	$9.2B
Q1 2026	$9.8B
Q2 2026	$10.2B

Top holdings

208 positions as of Q2 2026

#	Stock	Value	Shares	% Portfolio	Change
1	N NVSEF Novartis AG (ADR)	$318.6M	2.03M	3.13%	Trimmed(-0.2%)
2	C CSCO Cisco Systems Inc.	$300.4M	2.56M	2.95%	Trimmed(-29.8%)
3	M MS-PP Morgan Stanley	$295.5M	1.41M	2.91%	Trimmed(-1.4%)
4	J JNJ Johnson & Johnson	$279.1M	1.10M	2.75%	Trimmed(-1.4%)
5	C C-PR Citigroup Inc.	$270M	1.93M	2.66%	Trimmed(-13.0%)
6	J JPM-PM JP Morgan Chase & Co.	$265.4M	810.8K	2.61%	Added(+0.3%)
7	M MRK Merck & Co. Inc.	$259.2M	2.02M	2.55%	Trimmed(-2.7%)
8	B BAC-PS Bank of America Corp.	$247.1M	4.34M	2.43%	Trimmed(-16.1%)
9	D DUK-PA Duke Energy Corp.	$244.7M	1.93M	2.41%	Added(+0.6%)
10	J JCI Johnson Controls International	$244.2M	1.67M	2.40%	Trimmed(-1.1%)
11	G GD General Dynamics Corp.	$239.2M	675.4K	2.35%	Added(+0.3%)
12	C CB Chubb Ltd.	$229.9M	674.7K	2.26%	Added(+0.1%)
13	T TFC-PR Truist Financial Corp	$222.9M	4.47M	2.19%	Added(+0.4%)
14	R RTX RTX Corp	$218.5M	1.15M	2.15%	Trimmed(-0.1%)
15	P PM Philip Morris International In	$216.7M	1.20M	2.13%	Added(+0.9%)
16	N NEE-PS NextEra Energy Inc.	$212.3M	2.42M	2.09%	Trimmed(-0.3%)
17	D DOC Healthpeak Properties Inc	$209M	9.77M	2.06%	Trimmed(-11.1%)
18	X XOM ExxonMobil Holdings Corp.	$204M	1.49M	2.01%	—
19	M MDT Medtronic PLC	$202.8M	2.59M	1.99%	Trimmed(-1.5%)
20	A AVGO Broadcom Ltd.	$201M	532.1K	1.98%	Trimmed(-0.3%)

N

Novartis AG (ADR)

-0.2%

Value

$318.6M

Shares

2.03M

% Port

3.13%

C

Cisco Systems Inc.

-29.8%

Value

$300.4M

Shares

2.56M

% Port

2.95%

M

Morgan Stanley

-1.4%

Value

$295.5M

Shares

1.41M

% Port

2.91%

J

Johnson & Johnson

-1.4%

Value

$279.1M

Shares

1.10M

% Port

2.75%

C

Citigroup Inc.

-13.0%

Value

$270M

Shares

1.93M

% Port

2.66%

J

JP Morgan Chase & Co.

+0.3%

Value

$265.4M

Shares

810.8K

% Port

2.61%

M

Merck & Co. Inc.

-2.7%

Value

$259.2M

Shares

2.02M

% Port

2.55%

B

Bank of America Corp.

-16.1%

Value

$247.1M

Shares

4.34M

% Port

2.43%

D

Duke Energy Corp.

+0.6%

Value

$244.7M

Shares

1.93M

% Port

2.41%

J

10.JCI

Johnson Controls International

-1.1%

Value

$244.2M

Shares

1.67M

% Port

2.40%

G

11.GD

General Dynamics Corp.

+0.3%

Value

$239.2M

Shares

675.4K

% Port

2.35%

C

12.CB

Chubb Ltd.

+0.1%

Value

$229.9M

Shares

674.7K

% Port

2.26%

T

Truist Financial Corp

+0.4%

Value

$222.9M

Shares

4.47M

% Port

2.19%

R

14.RTX

RTX Corp

-0.1%

Value

$218.5M

Shares

1.15M

% Port

2.15%

P

15.PM

Philip Morris International In

+0.9%

Value

$216.7M

Shares

1.20M

% Port

2.13%

N

NextEra Energy Inc.

-0.3%

Value

$212.3M

Shares

2.42M

% Port

2.09%

D

17.DOC

Healthpeak Properties Inc

-11.1%

Value

$209M

Shares

9.77M

% Port

2.06%

X

18.XOM

ExxonMobil Holdings Corp.

Value

$204M

Shares

1.49M

% Port

2.01%

M

19.MDT

Medtronic PLC

-1.5%

Value

$202.8M

Shares

2.59M

% Port

1.99%

A

Broadcom Ltd.

-0.3%

Value

$201M

Shares

532.1K

% Port

1.98%

View full portfolio (208 holdings) →

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