Cullen Capital Management, LLC
In its 13F for Q2 2026 (holdings as of June 30, 2026, filed August 13, 2026), Cullen Capital Management, LLC reported 208 stock positions worth $10.2 billion. Its top holding was Novartis AG-Sponsored ADR (NVS) at 3.1% of the portfolio, followed by Cisco Systems (CSCO, 3.0%) and Morgan Stanley (MS, 2.9%). Compared with Q1 2026, it opened 9 new positions, sold out of 15, added to 82 and reduced 103. The biggest buy was Unitedhealth (UNH, shares +1%) and the biggest sale Comcast Class A (CMCSA, shares −26%).
- Most Recent 13F
- Q2 2026
- Location
- New York, NY
- CIK
- 0001362535
- Portfolio Value
- $10.2B (Q2 2026)
- SEC Filing
- 0001193125-26-349619 ↗ filed Aug 13, 2026
Holdings Value
Holdings 208 stocks · $10.2B
| NVS Novartis AG-Sponsored ADR | 3.13% | 2,033,040 | $318.6M | Reduce -0.2% |
| CSCO Cisco Systems Inc. | 2.95% | 2,557,662 | $300.4M | Reduce -29.8% |
| MS Morgan Stanley | 2.91% | 1,413,521 | $295.5M | Reduce -1.4% |
| JNJ Johnson & Johnson | 2.75% | 1,099,077 | $279.1M | Reduce -1.4% |
| C Citigroup Inc. | 2.66% | 1,929,255 | $270.0M | Reduce -13.0% |
| JPM JPMorgan Chase & Co. | 2.61% | 810,780 | $265.4M | Add +0.3% |
| MRK Merck & Co. Inc. | 2.55% | 2,016,795 | $259.2M | Reduce -2.7% |
| BAC Bank of America Corp. | 2.43% | 4,335,818 | $247.1M | Reduce -16.1% |
| DUK Duke Energy Corp. | 2.41% | 1,933,412 | $244.7M | Add +0.6% |
| JCI Johnson Controls Internation | 2.40% | 1,671,438 | $244.2M | Reduce -1.1% |
| GD General Dynamics Corp. | 2.35% | 675,358 | $239.2M | Add +0.3% |
| CB Chubb Ltd. | 2.26% | 674,693 | $229.9M | Add +0.1% |
| TFC Truist Financial Corp. | 2.19% | 4,473,955 | $222.9M | Add +0.4% |
| RTX RTX Corp. | 2.15% | 1,151,388 | $218.5M | Reduce -0.1% |
| PM Philip Morris International | 2.13% | 1,197,637 | $216.7M | Add +0.9% |
| NEE Nextera Energy Inc. | 2.09% | 2,418,915 | $212.3M | Reduce -0.3% |
| DOC Healthpeak Properties Inc. | 2.06% | 9,768,642 | $209.0M | Reduce -11.1% |
| XOM Exxonmobil Holdings Corp. | 2.01% | 1,492,052 | $204.0M | Reduce -0.5% |
| MDT Medtronic PLC | 1.99% | 2,591,898 | $202.8M | Reduce -1.5% |
| AVGO Broadcom Inc. | 1.98% | 532,119 | $201.0M | Reduce -0.3% |
| UNH Unitedhealth Group Inc. | 1.94% | 475,519 | $197.6M | Add +0.6% |
| VICI Vici Properties Inc. filed as VICI PPTYS INC | 1.82% | 6,969,674 | $185.0M | Add +2.7% |
| COP Conocophillips | 1.79% | 1,748,628 | $181.8M | Reduce -2.1% |
| UPS United Parcel Service Class B | 1.75% | 1,656,471 | $178.1M | Add +2.0% |
| QCOM Qualcomm Inc. | 1.71% | 939,601 | $173.6M | Add +4.7% |
| GPC Genuine Parts Co. | 1.64% | 1,411,008 | $166.5M | Reduce -9.8% |
| MO Altria Group Inc. | 1.64% | 2,311,947 | $166.3M | Reduce -2.6% |
| UL Unilever PLC-Sponsored ADR | 1.62% | 2,745,360 | $165.1M | Add +3.7% |
| TRV The Travelers Cos Inc. | 1.56% | 480,235 | $158.5M | Reduce -0.5% |
| TGT Target Corp. | 1.43% | 1,116,467 | $145.8M | Reduce -1.6% |
| CVX Chevron Corp. | 1.40% | 859,592 | $142.5M | Reduce -1.9% |
| LOW Lowe's Cos Inc. | 1.37% | 631,354 | $139.2M | Add +2.7% |
| BTI British American Tob-SP ADR | 1.32% | 2,175,636 | $134.4M | Add +61.9% |
| CMCSA Comcast Corp. Class A | 1.28% | 5,287,200 | $129.8M | Reduce -26.1% |
| QSR Restaurant Brands Intern | 1.26% | 1,770,095 | $128.3M | Add +60.1% |
| BDX Becton Dickinson and Co. | 1.23% | 824,720 | $124.8M | Add +13.1% |
| T AT&T Inc. | 1.16% | 5,722,075 | $118.4M | Add +0.1% |
| MSFT Microsoft Corp. | 1.07% | 292,959 | $109.3M | Add +45.3% |
| BCE Bce Inc. | 1.05% | 4,975,496 | $107.0M | Reduce -16.6% |
| ASX Ase Technology Holding -ADR | 0.93% | 2,090,788 | $94.3M | Reduce -47.9% |
| CPA Copa Holdings SA Class A | 0.87% | 571,263 | $88.9M | Add +38.2% |
| TSM Taiwan Semiconductor-SP ADR | 0.84% | 179,777 | $85.9M | Reduce -6.2% |
| OMC Omnicom Group | 0.84% | 1,176,691 | $85.7M | Add +1.0% |
| DEO Diageo PLC-Sponsored ADR | 0.81% | 1,018,308 | $81.9M | Add +5.6% |
| CCI Crown Castle Inc. | 0.76% | 1,026,370 | $77.7M | Reduce -13.6% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.70% | 254,463 | $71.6M | Add +50.7% |
| TIGO Millicom Intl Cellular S.A. | 0.70% | 785,131 | $71.3M | Reduce -5.1% |
| NGG National Grid PLC-SP ADR | 0.66% | 815,548 | $67.6M | Add +2.7% |
| TM Toyota Motor Corp. -Spon ADR | 0.65% | 391,325 | $65.9M | Add +25.2% |
| SYY Sysco Corp. | 0.64% | 782,576 | $65.4M | Add +29.0% |
| BMY Bristol-Myers Squibb Co. | 0.64% | 1,132,367 | $65.2M | Add +1.1% |
| RIO Rio Tinto PLC-Spon ADR | 0.64% | 684,440 | $65.0M | Add +4.2% |
| SW Smurfit Westrock PLC | 0.62% | 1,359,382 | $62.9M | Add +9.1% |
| EOG EOG Resources Inc. | 0.61% | 479,999 | $62.3M | Reduce -1.6% |
| ENB Enbridge Inc. | 0.61% | 1,145,111 | $62.1M | Add +2.0% |
| PFE Pfizer Inc. | 0.58% | 2,447,200 | $58.9M | Reduce -9.1% |
| NVO Novo-Nordisk A/S-Spons ADR | 0.58% | 1,224,955 | $58.7M | Add +54.6% |
| TTE Totalenergies SE | 0.55% | 718,986 | $55.9M | Add +12.3% |
| KDP Keurig Dr Pepper Inc. | 0.55% | 1,700,621 | $55.7M | Reduce -3.6% |
| PWCDF Power Corp. of Canada | 0.54% | 886,766 | $55.1M | Add +2.1% |
| PPL PPL Corp. | 0.54% | 1,502,353 | $54.6M | Reduce -2.5% |
| VZ Verizon Communications Inc. | 0.50% | 1,194,320 | $50.6M | Add +48.5% |
| KOF Coca-Cola Femsa Sab-SP ADR | 0.47% | 447,737 | $47.6M | Add +5.8% |
| PBR Petroleo Brasileiro-Spon ADR | 0.46% | 2,922,208 | $47.2M | Add +4.0% |
| FHN First Horizon Corp. | 0.46% | 1,831,996 | $47.0M | Reduce -6.8% |
| IX Orix - Sponsored ADR filed as ORIX CORP | 0.46% | 1,220,846 | $46.4M | Add +13.0% |
| DOW Dow Inc. filed as DOW HLDGS INC | 0.45% | 1,660,870 | $45.4M | Reduce -35.2% |
| PPG PPG Industries Inc. | 0.45% | 373,663 | $45.3M | Reduce -2.5% |
| PNC PNC Financial Services Group | 0.44% | 181,298 | $44.6M | Add +0.1% |
| AIG American International Group | 0.42% | 573,977 | $42.8M | Add +0.6% |
| UNP Union Pacific Corp. | 0.41% | 152,353 | $41.4M | Add +0.3% |
| EWY iShares MSCI South Korea ETF | 0.40% | 201,699 | $40.7M | Reduce -11.0% |
| SHEL Shell PLC-ADR | 0.34% | 448,464 | $34.8M | Add +50.0% |
| CCEP Coca-Cola Europacific Partne | 0.30% | 304,979 | $30.5M | Reduce -16.3% |
| IBN Icici Bank Ltd.-Spon ADR | 0.30% | 1,050,299 | $30.5M | Reduce -18.6% |
| SNY Sanofi-ADR | 0.26% | 615,593 | $26.3M | Add +3.8% |
| HON Honeywell International Inc. | 0.23% | 106,631 | $23.9M | Reduce -0.1% |
| HONA Honeywell Aerospace Inc. | 0.23% | 106,610 | $23.6M | Reduce -0.1% |
| KSPI JSC Kaspi.kz ADR filed as KASPI KZ JSC | 0.20% | 234,294 | $20.3M | New |
| EWT iShares MSCI Taiwan ETF | 0.17% | 160,199 | $17.4M | Add +3.0% |
| KB KB Financial Group Inc.-ADR filed as KB FINL GROUP INC | 0.13% | 130,140 | $13.7M | Add +21.9% |
| AMAT Applied Materials Inc. | 0.12% | 16,439 | $11.9M | Reduce -12.9% |
| AXIAY Axia Energia-ADR | 0.11% | 1,038,647 | $11.0M | Add +41.5% |
| XLC SS Comm Select Sector SPDR | 0.08% | 76,370 | $8.2M | Add +1199.3% |
| XLV SS Health Care Select Sector | 0.08% | 51,416 | $8.2M | Add +596.7% |
| ITUB Itau Unibanco H-Spon PRF ADR | 0.07% | 929,368 | $7.6M | Add +5.8% |
| KT KT Corp.-SP ADR | 0.06% | 378,147 | $6.5M | Add +43.8% |
| ETN Eaton Corp. PLC | 0.06% | 14,337 | $6.1M | Reduce -1.3% |
| AXP American Express Co. | 0.05% | 14,915 | $5.0M | Add +3.0% |
| BWA Borgwarner Inc. | 0.05% | 74,351 | $4.9M | Reduce -17.6% |
| ARW Arrow Electronics Inc. | 0.04% | 20,980 | $4.5M | Reduce -1.7% |
| WMT Walmart Inc. | 0.04% | 38,704 | $4.4M | Reduce -6.8% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.04% | 42,518 | $4.1M | Add +9.2% |
| ALL Allstate Corp. | 0.04% | 16,951 | $4.0M | Reduce -0.9% |
| EPI Wisdomtree India Earnings | 0.04% | 93,411 | $4.0M | Reduce -18.2% |
| CI The Cigna Group | 0.04% | 14,417 | $4.0M | Reduce -0.6% |
| ECH iShares MSCI Chile ETF | 0.03% | 88,688 | $3.5M | Add +6.3% |
| MDLZ Mondelez International Inc. Class A | 0.03% | 60,200 | $3.5M | Add +2.5% |
| AXTA Axalta Coating Systems Ltd. | 0.03% | 97,586 | $3.3M | Reduce -0.6% |
| ORCL Oracle Corp. | 0.03% | 22,741 | $3.3M | Add +11.3% |
Portfolio Sells Q1 2026 → Q2 2026
| CMCSA Comcast Corp. Class A | Reduce -26.1% | 1.28% | −0.83 |
| DOW Dow Inc. | Reduce -35.2% | 0.45% | −0.65 |
| COP Conocophillips | Reduce -2.1% | 1.79% | −0.63 |
| XOM Exxonmobil Holdings Corp. | Reduce -0.5% | 2.01% | −0.60 |
| BIL SS SPDR BB 1-3M T-Bill ETF | Reduce -96.2% | 0.02% | −0.52 |
| BCE Bce Inc. | Reduce -16.6% | 1.05% | −0.49 |
| CVX Chevron Corp. | Reduce -1.9% | 1.40% | −0.46 |
| MDT Medtronic PLC | Reduce -1.5% | 1.99% | −0.34 |
| HON Honeywell International Inc. | Reduce -0.1% | 0.23% | −0.26 |
| CCI Crown Castle Inc. | Reduce -13.6% | 0.76% | −0.23 |
| NEE Nextera Energy Inc. | Reduce -0.3% | 2.09% | −0.22 |
| PFE Pfizer Inc. | Reduce -9.1% | 0.58% | −0.20 |
| BAC Bank of America Corp. | Reduce -16.1% | 2.43% | −0.15 |
| RTX RTX Corp. | Reduce -0.1% | 2.15% | −0.13 |
| EOG EOG Resources Inc. | Reduce -1.6% | 0.61% | −0.11 |
| PPL PPL Corp. | Reduce -2.5% | 0.54% | −0.07 |
| GPC Genuine Parts Co. | Reduce -9.8% | 1.64% | −0.06 |
| NVS Novartis AG-Sponsored ADR | Reduce -0.2% | 3.13% | −0.06 |
| JNJ Johnson & Johnson | Reduce -1.4% | 2.75% | −0.05 |
| IBN Icici Bank Ltd.-Spon ADR | Reduce -18.6% | 0.30% | −0.04 |
| CCEP Coca-Cola Europacific Partne | Reduce -16.3% | 0.30% | −0.04 |
| EFV iShares MSCI Eafe Value ETF | Reduce -51.6% | 0.03% | −0.03 |
| IWD iShares Russell 1000 Value E | Reduce -80.0% | 0.00% | −0.02 |
| XLRE SS Real Estate Select Sector | Reduce -69.0% | 0.01% | −0.01 |
| EEM iShares MSCI Emerging Market | Sold out | 0.00% | −0.01 |
| ET Energy Transfer LP | Reduce -22.3% | 0.03% | −0.01 |
| FIS Fidelity National Info Serv | Sold out | 0.00% | −0.01 |
| INDA iShares MSCI India ETF | Reduce -77.4% | 0.00% | −0.01 |
| HONA Honeywell Aerospace Inc. | Reduce -0.1% | 0.23% | −0.01 |
| LAUR Laureate Education Inc. | Reduce -63.7% | 0.01% | −0.01 |
| EPD Enterprise Products Partners | Reduce -19.8% | 0.03% | −0.01 |
| WMT Walmart Inc. | Reduce -6.8% | 0.04% | −0.01 |
| ACWX iShares MSCI Acwi Ex US ETF | Sold out | 0.00% | −0.01 |
| EPI Wisdomtree India Earnings | Reduce -18.2% | 0.04% | −0.01 |
| MRK Merck & Co. Inc. | Reduce -2.7% | 2.55% | −0.01 |
| CTRA Coterra Energy Inc. | Sold out | 0.00% | −0.01 |
| GLDD Great Lakes Dredge & Dock Co. | Sold out | 0.00% | −0.01 |
| WOOD iShares Global Timber & Fore | Sold out | 0.00% | −0.00 |
| WTRG Essential Utilities Inc. | Reduce -29.3% | 0.01% | −0.00 |
| PSIX Power Solutions Internationa | Sold out | 0.00% | −0.00 |
| WY Weyerhaeuser Co. | Sold out | 0.00% | −0.00 |
| ILF iShares Latin America 40 ETF | Sold out | 0.00% | −0.00 |
| WAT Waters Corp. | Sold out | 0.00% | −0.00 |
| MCD McDonald's Corp. | Reduce -5.3% | 0.01% | −0.00 |
| XLI SS Industrial Select Sector | Reduce -39.9% | 0.01% | −0.00 |
| TREE Lendingtree Inc. | Reduce -29.4% | 0.01% | −0.00 |
| SM SM Energy Co. | Sold out | 0.00% | −0.00 |
| DIA SS SPDR Dow Jones Indus Avg | Sold out | 0.00% | −0.00 |
| NOC Northrop Grumman Corp. | Sold out | 0.00% | −0.00 |
| RYN Rayonier Inc. | Sold out | 0.00% | −0.00 |
Portfolio Buys Q1 2026 → Q2 2026
| UNH Unitedhealth Group Inc. | Add +0.6% | 1.94% | +0.63 |
| QCOM Qualcomm Inc. | Add +4.7% | 1.71% | +0.52 |
| BTI British American Tob-SP ADR | Add +61.9% | 1.32% | +0.52 |
| QSR Restaurant Brands Intern | Add +60.1% | 1.26% | +0.42 |
| CPA Copa Holdings SA Class A | Add +38.2% | 0.87% | +0.39 |
| MSFT Microsoft Corp. | Add +45.3% | 1.07% | +0.31 |
| IBM Intl Business Machines Corp. | Add +50.7% | 0.70% | +0.28 |
| NVO Novo-Nordisk A/S-Spons ADR | Add +54.6% | 0.58% | +0.28 |
| KSPI JSC Kaspi.kz ADR | New | 0.20% | +0.20 |
| SYY Sysco Corp. | Add +29.0% | 0.64% | +0.20 |
| JPM JPMorgan Chase & Co. | Add +0.3% | 2.61% | +0.17 |
| IX Orix - Sponsored ADR | Add +13.0% | 0.46% | +0.12 |
| PM Philip Morris International | Add +0.9% | 2.13% | +0.12 |
| PWCDF Power Corp. of Canada | Add +2.1% | 0.54% | +0.11 |
| UPS United Parcel Service Class B | Add +2.0% | 1.75% | +0.11 |
| SW Smurfit Westrock PLC | Add +9.1% | 0.62% | +0.11 |
| TFC Truist Financial Corp. | Add +0.4% | 2.19% | +0.09 |
| VZ Verizon Communications Inc. | Add +48.5% | 0.50% | +0.08 |
| UL Unilever PLC-Sponsored ADR | Add +3.7% | 1.62% | +0.08 |
| XLC SS Comm Select Sector SPDR | Add +1199.3% | 0.08% | +0.07 |
| XLV SS Health Care Select Sector | Add +596.7% | 0.08% | +0.07 |
| DEO Diageo PLC-Sponsored ADR | Add +5.6% | 0.81% | +0.07 |
| EWT iShares MSCI Taiwan ETF | Add +3.0% | 0.17% | +0.06 |
| SHEL Shell PLC-ADR | Add +50.0% | 0.34% | +0.06 |
| PNC PNC Financial Services Group | Add +0.1% | 0.44% | +0.05 |
| BDX Becton Dickinson and Co. | Add +13.1% | 1.23% | +0.05 |
| KOF Coca-Cola Femsa Sab-SP ADR | Add +5.8% | 0.47% | +0.04 |
| UNP Union Pacific Corp. | Add +0.3% | 0.41% | +0.03 |
| KB KB Financial Group Inc.-ADR | Add +21.9% | 0.13% | +0.03 |
| AXIAY Axia Energia-ADR | Add +41.5% | 0.11% | +0.02 |
| NU Nu Holdings Ltd./Cayman Isl-A | New | 0.02% | +0.02 |
| ABBV Abbvie Inc. | Add +397.7% | 0.02% | +0.01 |
| RIO Rio Tinto PLC-Spon ADR | Add +4.2% | 0.64% | +0.01 |
| DD Dupont DE Nemours Inc. | Add +97.6% | 0.02% | +0.01 |
| CB Chubb Ltd. | Add +0.1% | 2.26% | +0.01 |
| KT KT Corp.-SP ADR | Add +43.8% | 0.06% | +0.01 |
| SRE Sempra | Add +30.6% | 0.03% | +0.01 |
| AXP American Express Co. | Add +3.0% | 0.05% | +0.00 |
| DVN Devon Energy Corp. | New | 0.00% | +0.00 |
| CSX CSX Corp. | Add +8.5% | 0.02% | +0.00 |
| FBIN Fortune Brands Innovations I | Add +56.9% | 0.01% | +0.00 |
| BMI Badger Meter Inc. | Add +112.0% | 0.01% | +0.00 |
| YORW York Water Co. | Add +93.9% | 0.01% | +0.00 |
| EWM iShares MSCI Malaysia ETF | New | 0.00% | +0.00 |
| XLY SS Consumer Disc Select Sect | Add +31.7% | 0.01% | +0.00 |
| XLU St Sr Utl SL SE SPDR ETF-Usd | New | 0.00% | +0.00 |
| CNI Canadian Natl Railway Co. | Add +1.1% | 0.02% | +0.00 |
| RY Royal Bank of Canada | New | 0.00% | +0.00 |
| MAS Masco Corp. | New | 0.00% | +0.00 |
| TEX Terex Corp. | New | 0.00% | +0.00 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 208 | $10.2B | NVS, CSCO, MS, JNJ, C |
| Q1 2026 | 213 | $9.8B | NVS, CSCO, JNJ, XOM, BAC |
| Q4 2025 | 225 | $9.2B | CSCO, NVS, BAC, JPM, C |
| Q3 2025 | 217 | $9.1B | JPM, BAC, CSCO, NVS, MDT |
| Q2 2025 | 198 | $8.8B | JPM, CSCO, BAC, NVS, DUK |
| Q1 2025 | 205 | $8.7B | JPM, RTX, DUK, CSCO, MDT |
| Q4 2024 | 208 | $8.6B | JPM, CSCO, BAC, PM, JCI |
| Q3 2024 | 206 | $9.2B | JPM, PM, NVS, RTX, MS |
| Q2 2024 | 209 | $8.7B | JPM, NVS, MS, BAC, XOM |
| Q1 2024 | 197 | $9.0B | JPM, NVS, MS, XOM, BAC |