Cullen Capital Management, LLC 13F holdings
Cullen Capital Management, LLC reported 208 positions with a total reported value of $10.2B as of 2026-06-30, in its 13F for Q2 2026, filed 2026-08-13. Top holdings by reported value: NVS Novartis AG (ADR) (3.1%), CSCO Cisco Systems Inc. (3.0%), MS Morgan Stanley (2.9%), JNJ Johnson & Johnson (2.7%), C Citigroup Inc. (2.7%). Against 2026-03-31 it opened 10 new positions and exited 15. Next 13F due by 2026-11-14, the legal deadline 45 days after the quarter ending 2026-09-30.
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Top holdings
25 largest of 208 positions · reported value as of 2026-06-30
| Holding | Shares | Reported value | % of portfolio |
|---|---|---|---|
| NVS Novartis AG (ADR) | 2,033,040 | $318.6M | 3.1% |
| CSCO Cisco Systems Inc. | 2,557,662 | $300.4M | 3.0% |
| MS Morgan Stanley | 1,413,521 | $295.5M | 2.9% |
| JNJ Johnson & Johnson | 1,099,077 | $279.1M | 2.7% |
| C Citigroup Inc. | 1,929,255 | $270.0M | 2.7% |
| JPM JP Morgan Chase & Co. | 810,780 | $265.4M | 2.6% |
| MRK Merck & Co. Inc. | 2,016,795 | $259.2M | 2.5% |
| BAC Bank of America Corp. | 4,335,818 | $247.1M | 2.4% |
| DUK Duke Energy Corp. | 1,933,412 | $244.7M | 2.4% |
| JCI Johnson Controls International | 1,671,438 | $244.2M | 2.4% |
| GD General Dynamics Corp. | 675,358 | $239.2M | 2.4% |
| CB Chubb Ltd. | 674,693 | $229.9M | 2.3% |
| Truist Financial Corp | 4,473,955 | $222.9M | 2.2% |
| RTX RTX Corp | 1,151,388 | $218.5M | 2.1% |
| PM Philip Morris International In | 1,197,637 | $216.7M | 2.1% |
| NEE NextEra Energy Inc. | 2,418,915 | $212.3M | 2.1% |
| DOC Healthpeak Properties Inc | 9,768,642 | $209.0M | 2.1% |
| XOM ExxonMobil Holdings Corp. | 1,492,052 | $204.0M | 2.0% |
| MDT Medtronic PLC | 2,591,898 | $202.8M | 2.0% |
| AVGO Broadcom Ltd. | 532,119 | $201.0M | 2.0% |
| UNH UnitedHealth Group Inc. | 475,519 | $197.6M | 1.9% |
| Vici Properties Inc. | 6,969,674 | $185.0M | 1.8% |
| COP ConocoPhillips | 1,748,628 | $181.8M | 1.8% |
| UPS United Parcel Service Inc. | 1,656,471 | $178.1M | 1.8% |
| QCOM Qualcomm Inc. | 939,601 | $173.6M | 1.7% |
SEC FORM 13F · Q2 2026 · VALUES AS REPORTED, NOT PRICES
New positions this quarter
Held at 2026-06-30, not at 2026-03-31 · 10 in all · reported value as of 2026-06-30
| Holding | Shares | Reported value | % of portfolio |
|---|---|---|---|
| HONA Honeywell Aerospace Inc. | 106,610 | $23.6M | 0.2% |
| Kaspi.kz JSC (ADR) | 234,294 | $20.3M | 0.2% |
| NU Nu Holdings | 162,115 | $2.2M | <0.1% |
| DVN Devon Energy Corp. | 9,969 | $411.9K | <0.1% |
| iShares MSCI Malaysia ETF | 11,560 | $311.5K | <0.1% |
| State Street Utilities Select | 6,250 | $283.4K | <0.1% |
| Royal Bank of Canada | 1,215 | $251.5K | <0.1% |
| MAS Masco Corp. | 3,003 | $244.4K | <0.1% |
| TEX Terex Corp. | 2,896 | $209.6K | <0.1% |
| ERII Energy Recovery Inc. | 18,459 | $166.5K | <0.1% |
Sold out
Held at 2026-03-31, gone by 2026-06-30 · 15 in all · reported value as of 2026-03-31
| Holding | Shares 2026-03-31 | Reported value | % of portfolio then |
|---|---|---|---|
| iShares MSCI Emerging Markets | 20,700 | $1.2M | <0.1% |
| FIS Fidelity National Information | 22,665 | $1.1M | <0.1% |
| iShares MSCI ACWI ex US ETF | 13,806 | $945.3K | <0.1% |
| Coterra Energy Inc. | 14,441 | $507.5K | <0.1% |
| Great Lakes Dredge & Dock Corp | 28,963 | $492.4K | <0.1% |
| iShares Global Timber & Forest | 5,430 | $385.3K | <0.1% |
| PSIX Power Solutions International | 6,090 | $370.8K | <0.1% |
| WY Weyerhaeuser Co. | 14,317 | $349.8K | <0.1% |
| iShares S&P Latin America 40 E | 9,108 | $323.5K | <0.1% |
| WAT Waters Corp. | 1,020 | $303.8K | <0.1% |
| SM SM Energy Co. | 8,206 | $255.9K | <0.1% |
| SPDR Dow Jones Industrial Aver | 520 | $240.9K | <0.1% |
| NOC Northrop Grumman Corp. | 334 | $227.9K | <0.1% |
| RYN Rayonier Inc. | 10,776 | $222.2K | <0.1% |
| SUZ Suzano SA (ADR) | 21,440 | $214.6K | <0.1% |
Biggest increases and decreases
Positions held at both quarter ends, by change in shares · reported value as of 2026-06-30
Increases
| Holding | Shares 2026-03-31 | Shares 2026-06-30 | Change | Reported value |
|---|---|---|---|---|
| British American Tobacco PLC (ADR) | 1,343,678 | 2,175,636 | +61.9% | $134.4M |
| QSR Restaurant Brands Internationa | 1,105,654 | 1,770,095 | +60.1% | $128.3M |
| MSFT Microsoft Corp. | 201,639 | 292,959 | +45.3% | $109.3M |
| CPA Copa Holdings SA | 413,272 | 571,263 | +38.2% | $88.9M |
| IBM International Business Machine | 168,806 | 254,463 | +50.7% | $71.6M |
| NVO Novo Nordisk A/S (ADR) | 792,355 | 1,224,955 | +54.6% | $58.7M |
| VZ Verizon Communications Inc. | 804,544 | 1,194,320 | +48.4% | $50.6M |
| SYY Sysco Corp. | 606,808 | 782,576 | +29.0% | $65.4M |
| BDX Becton Dickinson & Co. | 729,161 | 824,720 | +13.1% | $124.8M |
| TM Toyota Motor Corp. (ADR) | 312,605 | 391,325 | +25.2% | $65.9M |
| SHEL Shell PLC (ADR) | 299,034 | 448,464 | +50.0% | $34.8M |
| QCOM Qualcomm Inc. | 897,217 | 939,601 | +4.7% | $173.6M |
Decreases
| Holding | Shares 2026-03-31 | Shares 2026-06-30 | Change | Reported value |
|---|---|---|---|---|
| CSCO Cisco Systems Inc. | 3,645,540 | 2,557,662 | -29.8% | $300.4M |
| ASX ASE Technology Holding Company (ADR) | 4,011,499 | 2,090,788 | -47.9% | $94.3M |
| State Street SPDR Bloomberg 1- | 577,062 | 22,099 | -96.2% | $2.0M |
| BAC Bank of America Corp. | 5,164,917 | 4,335,818 | -16.1% | $247.1M |
| CMCSA Comcast Corp. (Cl A) | 7,149,769 | 5,287,200 | -26.1% | $129.8M |
| C Citigroup Inc. | 2,218,190 | 1,929,255 | -13.0% | $270.0M |
| DOC Healthpeak Properties Inc | 10,991,301 | 9,768,642 | -11.1% | $209.0M |
| DOW Dow Inc | 2,563,614 | 1,660,870 | -35.2% | $45.4M |
| Honeywell International Inc. | 213,520 | 106,631 | -50.1% | $23.9M |
| BCE BCE Inc. | 5,966,886 | 4,975,496 | -16.6% | $107.0M |
| GPC Genuine Parts Co. | 1,564,620 | 1,411,008 | -9.8% | $166.5M |
| CCI Crown Castle Inc. | 1,188,440 | 1,026,370 | -13.6% | $77.7M |
CIK 1362535 · 13F FILINGS ON EDGAR · INFORMATIONAL ONLY
More 13F data
Source: U.S. Securities and Exchange Commission (EDGAR) and other official
government data · Updated 2026-10-12 ·
For informational purposes only, not investment advice.
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