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Cullen Capital Management, LLC

13F for the quarter to June 30, 2026, filed August 13, 2026 · SEC CIK 1362535

Reported value
$10.2bn
90% in companies we cover
Positions we cover
169
Largest CSCO 3.0%
Copy, a year
+11.8%
S&P 500 +14.1%
Copy Sharpe ratio
0.68
S&P 500 0.78

How copying its 13F would have done

$10.0k$20.0k$40.0k 2013201520172019202120232025 $57.0k$43.5k
CopyS&P 500 $10,000 copying Cullen Capital Management, LLC's filed holdings in companies we cover from August 16, 2013, buying on the first trading day after each 13F was filed and holding until the next, against the S&P 500 (total return). Marked weekly, log scale. Before costs and taxes; misses trading within each quarter and anything 13F does not show (shorts, cash, bonds, non-US holdings).

Biggest drop −33.8% (S&P 500 −31.8%); beta 0.84; alpha −0.1% a year (t = −0.08); last 12 months +24.9% against +12.1%.

Reported value by quarter

Cullen Capital Management, LLC: 13F reported value Total value of all positions in each quarter's 13F, as filed (values before 2023 were filed in thousands of dollars and are converted).
$0 $2T $4T $6T $8T Reported value, 2013-06-30: $3.3B Reported value, 2013-09-30: $3.5B Reported value, 2013-12-31: $3.8B Reported value, 2014-03-31: $3.7B Reported value, 2014-06-30: $3.9B Reported value, 2014-09-30: $3.6B Reported value, 2014-12-31: $3.7B Reported value, 2015-03-31: $3.6B Reported value, 2015-06-30: $3.1B Reported value, 2015-09-30: $2.9B Reported value, 2015-12-31: $3B Reported value, 2016-03-31: $2.8B Reported value, 2016-06-30: $2.8B Reported value, 2016-09-30: $3B Reported value, 2016-12-31: $2.9B Reported value, 2017-03-31: $2.8B Reported value, 2017-06-30: $2.8B Reported value, 2017-09-30: $2.9B Reported value, 2017-12-31: $2.9B Reported value, 2018-03-31: $2.8B Reported value, 2018-06-30: $2.6B Reported value, 2018-09-30: $2.7B Reported value, 2018-12-31: $2.3B Reported value, 2019-03-31: $2.5B Reported value, 2019-06-30: $2.6B Reported value, 2019-09-30: $2.5B Reported value, 2019-12-31: $2.6B Reported value, 2020-03-31: $1.7B Reported value, 2020-06-30: $1.8B Reported value, 2020-09-30: $1.7B Reported value, 2020-12-31: $1.8B Reported value, 2021-03-31: $9.3B Reported value, 2021-06-30: $10.3B Reported value, 2021-09-30: $10.2B Reported value, 2021-12-31: $10.7B Reported value, 2022-03-31: $10.9B Reported value, 2022-06-30: $10B Reported value, 2022-09-30: $9.3B Reported value, 2022-12-31: $7.8T Reported value, 2023-03-31: $10.9B Reported value, 2023-06-30: $11.2B Reported value, 2023-09-30: $8.6B Reported value, 2023-12-31: $6.7B Reported value, 2024-03-31: $9B Reported value, 2024-06-30: $8.7B Reported value, 2024-09-30: $9.2B Reported value, 2024-12-31: $8.6B Reported value, 2025-03-31: $8.7B Reported value, 2025-06-30: $8.8B Reported value, 2025-09-30: $9.1B Reported value, 2025-12-31: $9.2B Reported value, 2026-03-31: $9.8B Reported value, 2026-06-30: $10.2B 2013-06-30 2016-03-31 2018-12-31 2021-09-30 2026-06-30 $10.2B
View chart data
Period Reported value
2013-06-30 $3.3B
2013-09-30 $3.5B
2013-12-31 $3.8B
2014-03-31 $3.7B
2014-06-30 $3.9B
2014-09-30 $3.6B
2014-12-31 $3.7B
2015-03-31 $3.6B
2015-06-30 $3.1B
2015-09-30 $2.9B
2015-12-31 $3B
2016-03-31 $2.8B
2016-06-30 $2.8B
2016-09-30 $3B
2016-12-31 $2.9B
2017-03-31 $2.8B
2017-06-30 $2.8B
2017-09-30 $2.9B
2017-12-31 $2.9B
2018-03-31 $2.8B
2018-06-30 $2.6B
2018-09-30 $2.7B
2018-12-31 $2.3B
2019-03-31 $2.5B
2019-06-30 $2.6B
2019-09-30 $2.5B
2019-12-31 $2.6B
2020-03-31 $1.7B
2020-06-30 $1.8B
2020-09-30 $1.7B
2020-12-31 $1.8B
2021-03-31 $9.3B
2021-06-30 $10.3B
2021-09-30 $10.2B
2021-12-31 $10.7B
2022-03-31 $10.9B
2022-06-30 $10B
2022-09-30 $9.3B
2022-12-31 $7.8T
2023-03-31 $10.9B
2023-06-30 $11.2B
2023-09-30 $8.6B
2023-12-31 $6.7B
2024-03-31 $9B
2024-06-30 $8.7B
2024-09-30 $9.2B
2024-12-31 $8.6B
2025-03-31 $8.7B
2025-06-30 $8.8B
2025-09-30 $9.1B
2025-12-31 $9.2B
2026-03-31 $9.8B
2026-06-30 $10.2B

Holdings and moves

CompanyShare of portfolioValueSharesChange in shares
CSCOCisco2.96%$300.4m2.56M−29.8% Reduced
MSMorgan Stanley2.91%$295.5m1.41M−1.4% Reduced
JNJJohnson & Johnson2.75%$279.1m1.10M−1.4% Reduced
CCitigroup2.66%$270.0m1.93M−13.0% Reduced
JPMJPMorgan Chase2.61%$265.4m810.8K+0.3%
MRKMerck & Co.2.55%$259.2m2.02M−2.7% Reduced
BACBank of America2.43%$247.1m4.34M−16.1% Reduced
DUKDuke Energy2.41%$244.7m1.93M+0.6% Added
JCIJohnson Controls2.40%$244.2m1.67M−1.1% Reduced
GDGeneral Dynamics2.35%$239.2m675.4K+0.3%
CBChubb Limited2.26%$229.9m674.7K+0.1%
TFCTruist Financial2.19%$222.9m4.47M+0.4%
RTXRTX Corporation2.15%$218.5m1.15M−0.1%
PMPhilip Morris International2.13%$216.7m1.20M+0.9% Added
NEENextEra Energy2.09%$212.3m2.42M−0.3%
DOCHealthpeak Properties2.06%$209.0m9.77M−11.1% Reduced
XOMExxonMobil2.01%$204.0m1.49MNew
MDTMedtronic1.99%$202.8m2.59M−1.5% Reduced
AVGOBroadcom1.98%$201.0m532.1K−0.3%
UNHUnitedHealth Group1.94%$197.6m475.5K+0.6% Added
VICIVici Properties1.82%$185.0m6.97M+2.7% Added
COPConocoPhillips1.79%$181.8m1.75M−2.1% Reduced
UPSUnited Parcel Service1.75%$178.1m1.66M+2.0% Added
QCOMQualcomm1.71%$173.6m939.6K+4.7% Added
GPCGenuine Parts Company1.64%$166.5m1.41M−9.8% Reduced
MOAltria1.64%$166.3m2.31M−2.6% Reduced
ULUnilever PLC1.62%$165.1m2.75M+3.7% Added
TRVThe Travelers Companies1.56%$158.5m480.2K−0.5% Reduced
TGTTarget Corporation1.43%$145.8m1.12M−1.6% Reduced
CVXChevron Corporation1.40%$142.5m859.6K−1.9% Reduced
LOWLowe's1.37%$139.2m631.4K+2.7% Added
BTIBritish American Tobacco P.l.c.1.32%$134.4m2.18M+61.9% Added
CMCSAComcast1.28%$129.8m5.29M−26.1% Reduced
QSRRestaurant Brands International Inc.1.26%$128.3m1.77M+60.1% Added
BDXBecton Dickinson1.23%$124.8m824.7K+13.1% Added
TAT&T1.17%$118.4m5.72M+0.1%
MSFTMicrosoft Corporation1.07%$109.3m293.0K+45.3% Added
BCEBCE Inc1.05%$107.0m4.98M−16.6% Reduced
ASXASE Technology Holding Co., Ltd.0.93%$94.3m2.09M−47.9% Reduced
TSMTaiwan Semiconductor Manufacturing Co LTD0.84%$85.9m179.8K−6.2% Reduced
OMCOmnicom Group0.84%$85.7m1.18M+1.0% Added
CCICrown Castle0.76%$77.7m1.03M−13.6% Reduced
IBMIBM0.70%$71.6m254.5K+50.7% Added
TIGOMillicom International Cellular SA0.70%$71.3m785.1K−5.1% Reduced
TMToyota Motor Corp/0.65%$65.9m391.3K+25.2% Added
SYYSysco0.64%$65.4m782.6K+29.0% Added
BMYBristol Myers Squibb0.64%$65.2m1.13M+1.1% Added
SWSmurfit Westrock0.62%$62.9m1.36M+9.1% Added
EOGEOG Resources0.61%$62.3m480.0K−1.6% Reduced
ENBEnbridge Inc0.61%$62.1m1.15M+2.0% Added
PFEPfizer0.58%$58.9m2.45M−9.1% Reduced
NVONovo Nordisk A S0.58%$58.7m1.22M+54.6% Added
KDPKeurig Dr Pepper0.55%$55.7m1.70M−3.6% Reduced
PPLPPL Corporation0.54%$54.6m1.50M−2.5% Reduced
VZVerizon0.50%$50.6m1.19M+48.4% Added
PBRPetrobras - Petroleo Brasileiro SA0.46%$47.2m2.92M+4.0% Added
FHNFirst Horizon Corp0.46%$47.0m1.83M−6.8% Reduced
DOWDow Inc.0.45%$45.4m1.66M−35.2% Reduced
PPGPPG Industries0.45%$45.3m373.7K−2.5% Reduced
PNCPNC Financial Services0.44%$44.6m181.3K+0.1%
AIGAmerican International Group0.42%$42.8m574.0K+0.6% Added
UNPUnion Pacific Corporation0.41%$41.4m152.4K+0.3%
SHELShell plc0.34%$34.8m448.5K+50.0% Added
CCEPCoca-cola Europacific Partners plc0.30%$30.5m305.0K−16.3% Reduced
HONHoneywell Technologies0.23%$23.9m106.6KNew
HONAHoneywell Aerospace0.23%$23.6m106.6KNew
AMATApplied Materials0.12%$11.9m16.4K−12.9% Reduced
ETNEaton Corporation0.06%$6.1m14.3K−1.3% Reduced
AXPAmerican Express0.05%$5.0m14.9K+3.0% Added
BWABorgwarner Inc0.05%$4.9m74.4K−17.6% Reduced
ARWArrow Electronics, Inc.0.04%$4.5m21.0K−1.7% Reduced
WMTWalmart0.04%$4.4m38.7K−6.8% Reduced
DISThe Walt Disney Company0.04%$4.1m42.5K+9.2% Added
ALLAllstate0.04%$4.0m17.0K−0.9% Reduced
CICigna0.04%$4.0m14.4K−0.6% Reduced
MDLZMondelez International0.03%$3.5m60.2K+2.5% Added
AXTAAxalta Coating Systems Ltd.0.03%$3.3m97.6K−0.6% Reduced
ORCLOracle Corporation0.03%$3.3m22.7K+11.3% Added
SRESempra0.03%$3.3m35.8K+30.5% Added
EPDEnterprise Products Partners L.p.0.03%$2.9m80.1K−19.8% Reduced
PKGPackaging Corporation of America0.03%$2.8m11.7K−1.0% Reduced
MUMicron Technology0.03%$2.6m2.2K−54.6% Reduced
RJFRaymond James Financial0.03%$2.6m16.9K0.0%
CSXCSX Corporation0.02%$2.4m50.0K+8.5% Added
GOOGLAlphabet Inc. (Class A)0.02%$2.4m6.6K0.0%
SJMThe J.M. Smucker Company0.02%$2.3m20.6K−10.4% Reduced
SPGSimon Property Group0.02%$2.2m9.8K0.0%
NUNu Holdings Ltd.0.02%$2.2m162.1KNew
DDDuPont0.02%$2.1m15.3KNew
ABBVAbbVie0.02%$1.8m7.2K+397.7% Added
BABoeing0.02%$1.7m7.8K+1.9% Added
ADMArcher Daniels Midland0.02%$1.7m21.6K−1.1% Reduced
STSensata Technologies Holding plc0.01%$1.4m29.6K−1.0% Reduced
VACMarriott Vacations Worldwide Corp0.01%$1.3m12.9K−2.7% Reduced
MCDMcDonald's0.01%$1.1m4.1K−5.2% Reduced
ADBEAdobe Inc.0.01%$1.1m5.4K+21.9% Added
CLXClorox0.01%$1.0m10.7K+6.7% Added
AVNTAvient Corp0.01%$1.0m27.4K−1.9% Reduced
WPCW. P. Carey Inc.0.01%$987,91613.8K0.0%
XYLXylem Inc.0.01%$965,4218.2K−6.9% Reduced
VLTOVeralto0.01%$935,30810.5K−0.1%
PEPPepsiCo0.01%$842,7306.2K0.0%
ABCBAmeris Bancorp0.01%$825,1579.1K−1.2% Reduced
AWRAmerican States Water Co0.01%$816,2199.9K+0.9% Added
WMSAdvanced Drainage Systems, Inc.0.01%$813,6815.2K+21.5% Added
ZTSZoetis0.01%$801,38311.2K+18.5% Added
SWIMLatham Group, Inc.0.01%$799,239123.5K+15.0% Added
AAPLApple Inc.0.01%$763,9102.6K0.0%
PNRPentair0.01%$752,0359.8K+0.8% Added
WTRGEssential Utilities, Inc.0.01%$728,42619.0K−29.3% Reduced
PEGPublic Service Enterprise Group0.01%$726,2208.9K0.0%
KOThe Coca-Cola Company0.01%$721,5968.9K0.0%
WSBCWesbanco Inc0.01%$704,68718.1K−1.8% Reduced
YORWYork Water Co0.01%$701,85422.9K+93.9% Added
FIBKFirst Interstate Bancsystem Inc0.01%$700,90518.2K−1.2% Reduced
SBSCompanhia DE Saneamento Basico DO Estado DE SAO Paulo-sabesp0.01%$694,334120.1K+320.8% Added
FBINFortune Brands Innovations, Inc.0.01%$678,18012.4K+56.9% Added
MBCMasterbrand, Inc.0.01%$669,32365.0K+7.6% Added
TTEKTetra Tech Inc0.01%$667,24323.1K+16.4% Added
BMIBadger Meter Inc0.01%$658,2144.4K+112.0% Added
CNMCore & Main, Inc.0.01%$643,17313.3K+3.3% Added
CWTCalifornia Water Service Group0.01%$635,36913.1K−0.1%
KWRQuaker Chemical Corp0.01%$628,3314.0K−3.3% Reduced
TREELendingtree, Inc.0.01%$623,95814.1K−29.4% Reduced
POOLPool Corp0.01%$602,5802.8K−13.3% Reduced
SSBSouthstate Bank Corp0.01%$600,0996.0K−1.7% Reduced
BBSIBarrett Business Services Inc0.01%$598,29916.8K+8.6% Added
LAURLaureate Education, Inc.0.01%$592,74216.3K−63.7% Reduced
HTOH2o America0.01%$568,7469.4K−18.3% Reduced
SFNCSimmons First National Corp0.01%$567,83625.1K−2.1% Reduced
AWKAmerican Water Works0.01%$561,5834.3K−20.0% Reduced
DOUGDouglas Elliman Inc.0.01%$547,442309.3K−25.2% Reduced
PFSIPennymac Financial Services, Inc.0.01%$545,7696.3K+9.1% Added
CUZCousins Properties Inc0.01%$518,77417.3K−25.9% Reduced
WTTRSelect Water Solutions, Inc.0.01%$497,52224.9K−28.2% Reduced
STNStantec Inc0.01%$494,4297.2K+2.8% Added
CVSCVS Health0.01%$490,8704.7K0.0%
PGProcter & Gamble0.01%$487,2853.3K−6.6% Reduced
DVNDevon Energy0.00%$411,91910.0KNew
BDCBelden Inc.0.00%$407,8143.4K−3.3% Reduced
CPCanadian Pacific Kansas City LTD0.00%$404,3094.7K−4.9% Reduced
SOLSSolstice Advanced Materials Inc.0.00%$400,1184.5K0.0%
HIWHighwoods Properties, Inc.0.00%$398,62513.2K−3.3% Reduced
PLDPrologis0.00%$395,5722.9K0.0%
PORPortland General Electric Co0.00%$394,5307.6K−0.8% Reduced
ARTNAArtesian Resources Corp0.00%$393,70611.6K+31.2% Added
HUNHuntsman Corp0.00%$393,18437.0K−3.3% Reduced
MSEXMiddlesex Water Co0.00%$389,9196.9K+32.4% Added
EFSCEnterprise Financial Services Corp0.00%$383,4875.8K−3.3% Reduced
DDominion Energy0.00%$365,0785.3K−0.2%
CompanyBought (value)Shares
XOMExxonMobil$204.0m1.49M
BTIBritish American Tobacco P.l.c.$51.4m832.0K
QSRRestaurant Brands International Inc.$48.2m664.4K
MSFTMicrosoft Corporation$34.1m91.3K
IBMIBM$24.1m85.7K
HONHoneywell Technologies$23.9m106.6K
HONAHoneywell Aerospace$23.6m106.6K
NVONovo Nordisk A S$20.7m432.6K
VZVerizon$16.5m389.8K
SYYSysco$14.7m175.8K
BDXBecton Dickinson$14.5m95.6K
TMToyota Motor Corp/$13.3m78.7K
SHELShell plc$11.6m149.4K
QCOMQualcomm$7.8m42.4K
ULUnilever PLC$5.9m97.7K

Change in shares on the previous quarter's 13F, valued at this quarter's reported price.

CompanySold (value)Shares
CSCOCisco−$127.8m−1.09M
ASXASE Technology Holding Co., Ltd.−$86.7m−1.92M
BACBank of America−$47.2m−829.1K
CMCSAComcast−$45.7m−1.86M
CCitigroup−$40.4m−288.9K
DOCHealthpeak Properties−$26.2m−1.22M
DOWDow Inc.−$24.7m−902.7K
BCEBCE Inc−$21.3m−991.4K
GPCGenuine Parts Company−$18.1m−153.6K
CCICrown Castle−$12.3m−162.1K
MRKMerck & Co.−$7.3m−56.6K
CCEPCoca-cola Europacific Partners plc−$6.0m−59.5K
PFEPfizer−$5.9m−246.3K
TSMTaiwan Semiconductor Manufacturing Co LTD−$5.7m−11.8K
MOAltria−$4.5m−62.6K

Change in shares on the previous quarter's 13F, valued at this quarter's reported price.

CompanyValue last quarterShares
FISFidelity National Information Services$1.1m22.7K
PSIXPower Solutions International, Inc.$370,7596.1K
WYWeyerhaeuser$349,76414.3K
WATWaters Corporation$303,8451.0K
SMSM Energy Co$255,8638.2K
NOCNorthrop Grumman$227,868334
RYNRayonier Inc$222,20110.8K
  • Financials20.2%
  • Health Care13.7%
  • Technology11.6%
  • Industrials10.9%
  • Consumer Staples10.9%
  • Energy8.1%
  • Communication Services6.2%
  • Utilities5.7%
  • Consumer Discretionary5.6%
  • Real Estate5.2%
  • Materials1.8%

Share of the value held in companies we cover, by sector.

PeriodCopy, a yearS&P 500SharpeS&P 500Biggest dropBeta
Whole backtestAugust 16, 2013 to November 2, 2026+11.8%+14.1%0.680.78−33.8%0.84
2018 onwardsJanuary 5, 2018 to November 2, 2026+10.7%+13.9%0.520.66−33.8%0.82
Last three yearsNovember 3, 2023 to November 2, 2026+20.3%+21.8%1.281.16−10.9%0.55
Last yearNovember 7, 2025 to November 2, 2026+25.1%+14.2%1.970.84−5.9%0.27

From SEC Form 13F data sets. A 13F lists long positions in US-listed shares at the quarter's end, filed up to 45 days later; it does not show shorts, cash, bonds, non-US holdings or trades within the quarter. Positions in companies outside our coverage are not listed here. Research, not investment advice.