Latest CULLEN CAPITAL MANAGEMENT, LLC Stock Portfolio

CULLEN CAPITAL MANAGEMENT, LLC Performance:

2025 Q1: 2.76%YTD: 2.76%2024: 8.54%

Performance for 2025 Q1 is 2.76%, and YTD is 2.76%, and 2024 is 8.54%.

About CULLEN CAPITAL MANAGEMENT, LLC and 13F Hedge Fund Stock Holdings

Cullen Capital Management, LLC is a hedge fund based in NEW YORK, NY. On 31-Mar-2023, the fund reported that it had an AUM (Regulated Assets under Management) of $9.4 Billions. In it's latest 13F Holdings report, Cullen Capital Management, LLC reported an equity portfolio of $8.7 Billions as of 31 Mar, 2025.

The top stock holdings of Cullen Capital Management, LLC are JPM, RTX, DUK. The fund has invested 3% of it's portfolio in JP MORGAN CHASE & CO. and 3% of portfolio in RTX CORP.

The fund managers got completely rid off ISHARES MSCI EAFE ETF (IJR), BHP GROUP LTD. (ADR) and REAL ESTATE SELECT SECTOR SPDR (XLB) stocks. They significantly reduced their stock positions in ISHARES RUSSELL 1000 VALUE ETF (IJR), SPDR EURO STOXX 50 ETF (CWI) and COMMUNICATION SERVICES SELECT (XLB). Cullen Capital Management, LLC opened new stock positions in OMNICOM GROUP INC. (OMC), KEURIG DR PEPPER INC (KDP) and ALIBABA GROUP HOLDING LTD. (ADR) (BABA). The fund showed a lot of confidence in some stocks as they added substantially to ENBRIDGE INC. (ENB), THE PNC FINANCIAL SERVICES GRO (PNC) and MONDELEZ INTERNATIONAL INC. (MDLZ).

CULLEN CAPITAL MANAGEMENT, LLC Annual Return Estimates Vs S&P 500

Our best estimate is that Cullen Capital Management, LLC made a return of 2.76% in the last quarter. In trailing 12 months, it's portfolio return was 5.26%.

New Buys

Ticker	$ Bought
omnicom group inc.	83,839,400
keurig dr pepper inc	61,524,500
alibaba group holding ltd. (adr)	8,643,080
spdr bloomberg 1-3 month t-bil	2,050,990
wesbanco inc.	981,463
granite real estate investment	383,745
the york water co.	363,273
wp carey inc.	361,494

New stocks bought by CULLEN CAPITAL MANAGEMENT, LLC

Additions

Ticker	% Inc.
enbridge inc.	10,417
the pnc financial services gro	1,014
mondelez international inc.	910
ishares msci south korea etf	385
leslie's inc.	189
california water service group	148
advanced drainage systems inc.	111
global water resources inc.	90.39

Additions to existing portfolio by CULLEN CAPITAL MANAGEMENT, LLC

Reductions

Ticker	% Reduced
ishares russell 1000 value etf	-99.21
spdr euro stoxx 50 etf	-98.8
communication services select	-98.2
health care select sector spdr	-97.95
industrial select sector spdr	-97.86
conagra brands inc.	-96.63
wisdomtree japan hedged equity	-96.6
consumer staples select sector	-96.4

CULLEN CAPITAL MANAGEMENT, LLC reduced stake in above stock

Sold off

Ticker	$ Sold
ishares msci eafe etf	-38,378,000
glencore plc	-825,273
bhp group ltd. (adr)	-6,504,190
real estate select sector spdr	-4,797,390
xtrackers msci eafe high divid	-2,047,210
hudbay minerals inc.	-506,748
invesco s&p global water index	-3,343,820
ishares trust ishares global	-1,232,300

CULLEN CAPITAL MANAGEMENT, LLC got rid off the above stocks

Sector Distribution

Cullen Capital Management, LLC has about 18.3% of it's holdings in Others sector.

Sector	%
Others	18.3
Financial Services	17
Healthcare	10.3
Industrials	9.8
Energy	8.3
Consumer Defensive	7.6
Technology	7.2
Real Estate	6.2
Utilities	6
Communication Services	3.9
Consumer Cyclical	3.5
Basic Materials	1.9

Market Cap. Distribution

Cullen Capital Management, LLC has about 81% of it's portfolio invested in the large-cap and mega-cap stocks.

Category	%
LARGE-CAP	62.4
MEGA-CAP	18.6
UNALLOCATED	18.3

Stocks belong to which Index?

About 82.8% of the stocks held by Cullen Capital Management, LLC either belong to S&P 500 or RUSSELL 2000 index.

Index	%
S&P 500	82.8
Others	16.7

Top 5 Winners (%)		%
KTB	airtel africa plc	41.2 %
PM	philip morris international in	29.6 %
TREE	lendingtree inc.	29.4 %
T	at&t inc.	23.5 %
MSEX	middlesex water co.	22.1 %

Top 5 Winners ($)		$
PM	philip morris international in	72.0 M
T	at&t inc.	37.6 M
RTX	rtx corp	33.1 M
CVX	chevron corp.	32.7 M
DUK	duke energy corp.	30.3 M

Top 5 Losers (%)		%
LESL	leslie's inc.	-56.6 %
DENN	denny's corp.	-39.1 %
LDI	loandepot inc.	-35.5 %
UIS	unisys corp.	-27.1 %
AVGO	broadcom ltd.	-26.4 %

Top 5 Losers ($)		$
AVGO	broadcom ltd.	-55.5 M
TGT	target corp.	-28.5 M
DOW	dow inc	-22.4 M
MRK	merck & co. inc.	-20.0 M
UPS	united parcel service inc.	-15.1 M

CULLEN CAPITAL MANAGEMENT, LLC Holdings Map

This heatmap illustrates the top 50 positions within the fund's portfolio.

Current Stock Holdings of CULLEN CAPITAL MANAGEMENT, LLC

Cullen Capital Management, LLC has 205 stocks in it's portfolio. About 28.2% of the portfolio is in top 10 stocks. AVGO proved to be the most loss making stock for the portfolio. PM was the most profitable stock for Cullen Capital Management, LLC last quarter.

Last Reported on: 15 May, 2025

	Ticker	Namesorted descending	% Portfolio	Shares Held	$ Value	Type	% Change
	JPM	jp morgan chase & co.	3.02	1,067,210	261,787,000	reduced	-17.31
Historical Trend of JP MORGAN CHASE & CO. Position Held By CULLEN CAPITAL MANAGEMENT, LLC What % of Portfolio is JPM?: Number of JPM shares held: Change in No. of Shares Held:
	RTX	rtx corp	2.98	1,948,740	258,130,000	reduced	-2.06

	DUK	duke energy corp.	2.98	2,115,650	258,045,000	reduced	-1.21

	CSCO	cisco systems inc.	2.98	4,180,770	257,995,000	reduced	-9.15

	MDT	medtronic plc	2.82	2,720,880	244,498,000	added	6.39

	CVX	chevron corp.	2.76	1,426,320	238,609,000	reduced	-3.76

		novartis ag (adr)	2.71	2,108,680	235,076,000	reduced	-2.22

	XOM	exxon mobil corp.	2.66	1,938,650	230,563,000	reduced	-1.06

	BAC	bank of america corp.	2.65	5,500,100	229,519,000	reduced	-3.3

	JCI	johnson controls international	2.62	2,830,930	226,786,000	reduced	-7.11

		kenvue inc	2.51	9,050,280	217,026,000	reduced	-0.55

	CB	chubb ltd.	2.44	699,376	211,205,000	reduced	-11.58

	VICI	vici properties inc.	2.43	6,460,350	210,737,000	added	1.95

	PM	philip morris international in	2.37	1,292,510	205,160,000	reduced	-36.14

	GD	general dynamics corp.	2.37	752,071	204,999,000	added	1.36

	JNJ	johnson & johnson	2.37	1,234,890	204,793,000	added	4.65

	PEAK	healthpeak properties inc	2.36	10,095,600	204,133,000	added	14.45

	MRK	merck & co. inc.	2.32	2,236,680	200,764,000	added	13.78

	C	citigroup inc.	2.29	2,796,370	198,514,000	reduced	-5.65

	CMCSA	comcast corp. (cl a)	2.28	5,346,670	197,292,000	added	8.23