Cullen Capital Management, LLC
In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 15, 2024), Cullen Capital Management, LLC reported 197 stock positions worth $9.0 billion. Its top holding was JPMorgan Chase (JPM) at 3.6% of the portfolio, followed by Novartis AG-Sponsored ADR (NVS, 3.1%) and Morgan Stanley (MS, 2.8%). Compared with Q4 2023, it opened 19 new positions, sold out of 34, added to 101 and reduced 65. The biggest buy was Bank of America (BAC, shares +87%) and the biggest sale an exit from Realty Income (O).
- Most Recent 13F
- Q2 2026
- Location
- New York, NY
- CIK
- 0001362535
- Portfolio Value
- $9.0B (Q1 2024)
- SEC Filing
- 0000950123-24-005721 ↗ filed May 15, 2024
Holdings Value
Holdings 197 stocks · $9.0B
| JPM JPMorgan Chase & Co. | 3.61% | 1,618,109 | $324.1M | Add +25.1% |
| NVS Novartis AG-Sponsored ADR | 3.15% | 2,924,424 | $282.9M | Add +79.5% |
| MS Morgan Stanley | 2.84% | 2,706,302 | $254.8M | Add +25.5% |
| XOM Exxon Mobil Corp. | 2.81% | 2,168,869 | $252.1M | Add +27.9% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 2.77% | 6,561,816 | $248.8M | Add +86.8% |
| CSCO Cisco Systems Inc. | 2.70% | 4,864,489 | $242.8M | Add +42.4% |
| CVX Chevron Corp. | 2.68% | 1,526,412 | $240.8M | Add +27.1% |
| RTX RTX Corp. | 2.66% | 2,451,588 | $239.1M | Add +21.0% |
| CB Chubb Ltd. | 2.65% | 918,307 | $238.0M | Add +29.0% |
| GD General Dynamics Corp. | 2.64% | 840,051 | $237.3M | Add +24.2% |
| MDT Medtronic PLC | 2.62% | 2,704,790 | $235.7M | Add +31.3% |
| DUK Duke Energy Corp. | 2.60% | 2,411,631 | $233.2M | Add +26.9% |
| JCI Johnson Controls Internation | 2.56% | 3,518,639 | $229.8M | Add +26.2% |
| PM Philip Morris International | 2.51% | 2,465,699 | $225.9M | Add +31.8% |
| MRK Merck & Co. Inc. | 2.44% | 1,663,663 | $219.5M | Reduce -12.7% |
| CMCSA Comcast Corp. Class A | 2.43% | 5,040,210 | $218.5M | Add +29.7% |
| DOW Dow Inc. | 2.32% | 3,599,767 | $208.5M | Add +31.1% |
| KVUE Kenvue Inc. | 2.31% | 9,677,157 | $207.7M | Add +41.3% |
| AVGO Broadcom Inc. | 2.24% | 151,486 | $200.8M | Add +28.7% |
| JNJ Johnson & Johnson | 2.22% | 1,260,729 | $199.4M | Add +37.3% |
| VICI Vici Properties Inc. filed as VICI PPTYS INC | 2.20% | 6,642,636 | $197.9M | Add +24.3% |
| TFC Truist Financial Corp. | 2.16% | 4,974,632 | $193.9M | Add +61.0% |
| GPC Genuine Parts Co. | 2.04% | 1,184,532 | $183.5M | Add +34.6% |
| NEE Nextera Energy Inc. | 2.04% | 2,868,452 | $183.3M | Add +64.8% |
| BCE Bce Inc. | 2.03% | 5,362,702 | $182.2M | Add +49.6% |
| TRV The Travelers Cos Inc. | 2.02% | 789,764 | $181.8M | Add +23.7% |
| COP Conocophillips | 1.94% | 1,366,759 | $174.0M | Add +27.8% |
| TGT Target Corp. | 1.92% | 971,140 | $172.1M | Add +42.0% |
| LOW Lowe's Cos Inc. | 1.75% | 617,288 | $157.2M | Add +25.9% |
| C Citigroup Inc. | 1.67% | 2,372,345 | $150.0M | Add +83.3% |
| UL Unilever PLC | 1.66% | 2,978,870 | $149.5M | Reduce -2.1% |
| UPS United Parcel Service Class B | 1.61% | 974,610 | $144.9M | Add +141.9% |
| DOC Healthpeak Properties Inc. | 1.53% | 7,323,488 | $137.3M | Add +23.1% |
| T AT&T Inc. | 1.50% | 7,659,877 | $134.8M | Add +77.2% |
| MO Altria Group Inc. | 1.43% | 2,936,768 | $128.1M | Add +29.7% |
| PFE Pfizer Inc. | 1.39% | 4,498,231 | $124.8M | Add +74.5% |
| INTC Intel Corp. | 1.36% | 2,770,509 | $122.4M | Add +20.8% |
| MSFT Microsoft Corp. | 1.31% | 279,517 | $117.6M | Add +20.4% |
| CCI Crown Castle Inc. | 0.99% | 840,244 | $88.9M | Add +37.1% |
| DEO Diageo PLC-Sponsored ADR | 0.98% | 593,777 | $88.3M | Add +46.4% |
| VZ Verizon Communications Inc. | 0.82% | 1,762,421 | $74.0M | Add +1.6% |
| EOG EOG Resources Inc. | 0.81% | 568,230 | $72.6M | Add +5.2% |
| PPL PPL Corp. | 0.79% | 2,573,488 | $70.8M | Add +4.3% |
| BMY Bristol-Myers Squibb Co. | 0.76% | 1,266,511 | $68.7M | Add +11.9% |
| RIO Rio Tinto PLC-Spon ADR | 0.67% | 949,792 | $60.5M | Add +26.4% |
| CAG Conagra Brands Inc. | 0.67% | 2,039,330 | $60.4M | Add +11.3% |
| TM Toyota Motor Corp. -Spon ADR | 0.59% | 209,223 | $52.7M | Add +74.1% |
| KOF Coca-Cola Femsa Sab-SP ADR | 0.58% | 537,184 | $52.2M | Add +51.9% |
| ASX Ase Technology Holding -ADR | 0.58% | 4,717,410 | $51.8M | Add +64.6% |
| BAX Baxter International Inc. | 0.57% | 1,205,904 | $51.5M | Reduce -2.2% |
| K Kellanova | 0.57% | 887,685 | $50.9M | New |
| TSM Taiwan Semiconductor-SP ADR | 0.50% | 327,039 | $44.5M | Reduce -14.4% |
| PBR Petroleo Brasileiro-Spon ADR | 0.49% | 2,893,791 | $44.0M | Add +391.7% |
| TTE Totalenergies SE -Spon ADR | 0.46% | 602,405 | $41.5M | Add +63.7% |
| CCEP Coca-Cola Europacific Partne | 0.43% | 552,053 | $38.6M | Add +77.1% |
| IBN Icici Bank Ltd.-Spon ADR | 0.38% | 1,293,518 | $34.2M | Reduce -2.1% |
| SHEL Shell PLC-ADR | 0.34% | 452,286 | $30.3M | Add +60.7% |
| TCOM Trip.com Group Ltd.-ADR | 0.33% | 662,895 | $29.2M | New |
| BHP BHP Group Ltd.-Spon ADR | 0.32% | 490,798 | $28.3M | Add +73.8% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.31% | 146,645 | $28.0M | Add +2496.4% |
| BTI British American Tob-SP ADR | 0.23% | 688,793 | $21.0M | Add +97.7% |
| SNY Sanofi-ADR | 0.20% | 372,316 | $18.1M | Add +55.4% |
| EWY iShares MSCI South Korea ETF | 0.15% | 194,266 | $13.0M | Add +43.2% |
| EPI Wisdomtree India Earnings | 0.12% | 242,945 | $10.6M | Reduce -0.3% |
| EWT iShares MSCI Taiwan ETF | 0.11% | 203,331 | $9.9M | Reduce -1.7% |
| INDA iShares MSCI India ETF | 0.10% | 171,238 | $8.8M | Reduce -20.2% |
| ITUB Itau Unibanco H-Spon PRF ADR | 0.09% | 1,123,471 | $7.8M | Reduce -0.5% |
| CPA Copa Holdings SA Class A | 0.07% | 63,181 | $6.6M | Reduce -22.8% |
| KB KB Financial Group Inc.-ADR filed as KB FINL GROUP INC | 0.07% | 116,666 | $6.1M | New |
| ET Energy Transfer LP | 0.06% | 344,779 | $5.4M | Reduce -1.3% |
| ORCL Oracle Corp. | 0.06% | 40,070 | $5.0M | Add +1.9% |
| ETN Eaton Corp. PLC | 0.05% | 15,387 | $4.8M | Reduce -3.1% |
| AXP American Express Co. | 0.05% | 20,094 | $4.6M | Add +9.9% |
| CI The Cigna Group | 0.05% | 12,113 | $4.4M | Reduce -1.9% |
| EPD Enterprise Products Partners | 0.05% | 142,326 | $4.2M | Reduce -1.5% |
| MDLZ Mondelez International Inc. Class A | 0.04% | 56,538 | $4.0M | Reduce -0.5% |
| AMAT Applied Materials Inc. | 0.04% | 18,984 | $3.9M | Reduce -6.5% |
| HON Honeywell International Inc. | 0.04% | 18,191 | $3.7M | Add +0.7% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.04% | 29,752 | $3.6M | Add +2.1% |
| ALL Allstate Corp. | 0.04% | 19,653 | $3.4M | Reduce -4.1% |
| WMT Walmart Inc. | 0.04% | 55,640 | $3.3M | Reduce -12.7% |
| AXTA Axalta Coating Systems Ltd. | 0.04% | 94,548 | $3.3M | Add +2.3% |
| ARW Arrow Electronics Inc. | 0.03% | 23,703 | $3.1M | Reduce -0.4% |
| BWA Borgwarner Inc. | 0.03% | 84,057 | $2.9M | Add +9.1% |
| PNC PNC Financial Services Group | 0.03% | 16,933 | $2.7M | Reduce -86.4% |
| UNP Union Pacific Corp. | 0.03% | 10,838 | $2.7M | Reduce -93.3% |
| PKG Packaging Corp. of America | 0.03% | 13,326 | $2.5M | Reduce -0.7% |
| CNI Canadian Natl Railway Co. | 0.03% | 18,706 | $2.5M | Reduce -0.7% |
| MCD McDonald's Corp. | 0.03% | 8,343 | $2.4M | Reduce -5.4% |
| SRE Sempra | 0.02% | 30,401 | $2.2M | Add +5.6% |
| ADM Archer-Daniels-Midland Co. | 0.02% | 26,407 | $1.7M | Reduce -0.2% |
| BA The Boeing Co. | 0.02% | 8,511 | $1.6M | Reduce -4.5% |
| GLDD Great Lakes Dredge & Dock Co. | 0.02% | 179,693 | $1.6M | Reduce -7.7% |
| TREE Lendingtree Inc. | 0.02% | 36,632 | $1.6M | Reduce -15.4% |
| PG The Procter & Gamble Co. | 0.02% | 9,429 | $1.5M | Reduce -12.4% |
| QCOM Qualcomm Inc. | 0.02% | 8,906 | $1.5M | Reduce -93.9% |
| PEP Pepsico Inc. | 0.02% | 8,585 | $1.5M | No change |
| SJM The JM Smucker Co. filed as SMUCKER J M CO | 0.02% | 11,719 | $1.5M | Reduce -2.5% |
| VNOM Viper Energy Inc. | 0.02% | 36,599 | $1.4M | Add +278.5% |
| CSX CSX Corp. | 0.01% | 35,755 | $1.3M | Add +11.7% |
Portfolio Sells Q4 2023 → Q1 2024
| O Realty Income Corp. | Sold out | 0.00% | −0.83 |
| MRK Merck & Co. Inc. | Reduce -12.7% | 2.44% | −0.64 |
| UNP Union Pacific Corp. | Reduce -93.3% | 0.03% | −0.56 |
| UL Unilever PLC | Reduce -2.1% | 1.66% | −0.52 |
| XLV SS Health Care Select Sector | Reduce -98.8% | 0.00% | −0.46 |
| XLP SS Consumer Staples Sel Sect | Reduce -99.3% | 0.00% | −0.44 |
| EFA iShares MSCI Eafe ETF | Sold out | 0.00% | −0.42 |
| XLF SS Financial Select Sector | Sold out | 0.00% | −0.38 |
| XLC SS Comm Select Sector SPDR | Reduce -98.5% | 0.00% | −0.36 |
| XLI SS Industrial Select Sector | Reduce -99.2% | 0.00% | −0.36 |
| IWD iShares Russell 1000 Value E | Sold out | 0.00% | −0.31 |
| QCOM Qualcomm Inc. | Reduce -93.9% | 0.02% | −0.30 |
| PWCDF Power Corp. of Canada | Sold out | 0.00% | −0.29 |
| XLRE SS Real Estate Select Sector | Reduce -98.9% | 0.00% | −0.28 |
| PNC PNC Financial Services Group | Reduce -86.4% | 0.03% | −0.25 |
| ACWX iShares MSCI Acwi Ex US ETF | Sold out | 0.00% | −0.23 |
| XLU St Sr Utl SL SE SPDR ETF-Usd | Sold out | 0.00% | −0.22 |
| WDS Woodside Energy Group-ADR | Sold out | 0.00% | −0.14 |
| BAX Baxter International Inc. | Reduce -2.2% | 0.57% | −0.13 |
| XLK SS Technology Select Sector | Sold out | 0.00% | −0.10 |
| XLB SS Materials Select Sector | Sold out | 0.00% | −0.10 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -14.4% | 0.50% | −0.09 |
| IBN Icici Bank Ltd.-Spon ADR | Reduce -2.1% | 0.38% | −0.09 |
| XLE SS Energy Select Sector | Sold out | 0.00% | −0.08 |
| KNG FT Vest S&P 500 DVD Arst TRG | Sold out | 0.00% | −0.06 |
| DVY iShares Select Dividend ETF | Sold out | 0.00% | −0.06 |
| XLY SS Consumer Disc Select Sect | Sold out | 0.00% | −0.06 |
| INDA iShares MSCI India ETF | Reduce -20.2% | 0.10% | −0.06 |
| CPA Copa Holdings SA Class A | Reduce -22.8% | 0.07% | −0.06 |
| EWT iShares MSCI Taiwan ETF | Reduce -1.7% | 0.11% | −0.03 |
| EPI Wisdomtree India Earnings | Reduce -0.3% | 0.12% | −0.03 |
| ITUB Itau Unibanco H-Spon PRF ADR | Reduce -0.5% | 0.09% | −0.03 |
| MDLZ Mondelez International Inc. Class A | Reduce -0.5% | 0.04% | −0.02 |
| BA The Boeing Co. | Reduce -4.5% | 0.02% | −0.02 |
| VONV Vanguard Russell 1000 Value | Sold out | 0.00% | −0.02 |
| DWM Wisdomtree International Equ | Sold out | 0.00% | −0.01 |
| VALE Vale SA-SP ADR | Reduce -21.3% | 0.01% | −0.01 |
| IYR iShares US Real Estate ETF | Sold out | 0.00% | −0.01 |
| MCD McDonald's Corp. | Reduce -5.4% | 0.03% | −0.01 |
| WMT Walmart Inc. | Reduce -12.7% | 0.04% | −0.01 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -57.1% | 0.01% | −0.01 |
| VWO Vanguard Ftse Emerging Marke | Sold out | 0.00% | −0.01 |
| BAP Credicorp Ltd. | Sold out | 0.00% | −0.01 |
| ET Energy Transfer LP | Reduce -1.3% | 0.06% | −0.01 |
| FIBK First Interstate Bancsys-A | Reduce -60.0% | 0.00% | −0.01 |
| EPD Enterprise Products Partners | Reduce -1.5% | 0.05% | −0.01 |
| ADM Archer-Daniels-Midland Co. | Reduce -0.2% | 0.02% | −0.01 |
| DEM Wisdomtree Emerging Markets | Sold out | 0.00% | −0.01 |
| CUZ Cousins Properties Inc. | Reduce -42.0% | 0.01% | −0.01 |
| DOUG Douglas Elliman Inc. | Reduce -60.7% | 0.00% | −0.01 |
Portfolio Buys Q4 2023 → Q1 2024
| BAC Bank of America Corp. | Add +86.8% | 2.77% | +1.02 |
| NVS Novartis AG-Sponsored ADR | Add +79.5% | 3.15% | +0.71 |
| C Citigroup Inc. | Add +83.3% | 1.67% | +0.68 |
| UPS United Parcel Service Class B | Add +141.9% | 1.61% | +0.67 |
| K Kellanova | New | 0.57% | +0.57 |
| NEE Nextera Energy Inc. | Add +64.8% | 2.04% | +0.47 |
| TGT Target Corp. | Add +42.0% | 1.92% | +0.47 |
| TFC Truist Financial Corp. | Add +61.0% | 2.16% | +0.47 |
| T AT&T Inc. | Add +77.2% | 1.50% | +0.43 |
| PBR Petroleo Brasileiro-Spon ADR | Add +391.7% | 0.49% | +0.35 |
| JPM JPMorgan Chase & Co. | Add +25.1% | 3.61% | +0.34 |
| TCOM Trip.com Group Ltd.-ADR | New | 0.33% | +0.33 |
| IBM Intl Business Machines Corp. | Add +2496.4% | 0.31% | +0.30 |
| XOM Exxon Mobil Corp. | Add +27.9% | 2.81% | +0.29 |
| PFE Pfizer Inc. | Add +74.5% | 1.39% | +0.29 |
| AVGO Broadcom Inc. | Add +28.7% | 2.24% | +0.29 |
| CB Chubb Ltd. | Add +29.0% | 2.65% | +0.26 |
| TM Toyota Motor Corp. -Spon ADR | Add +74.1% | 0.59% | +0.26 |
| GPC Genuine Parts Co. | Add +34.6% | 2.04% | +0.24 |
| TRV The Travelers Cos Inc. | Add +23.7% | 2.02% | +0.22 |
| ASX Ase Technology Holding -ADR | Add +64.6% | 0.58% | +0.18 |
| JCI Johnson Controls Internation | Add +26.2% | 2.56% | +0.18 |
| CSCO Cisco Systems Inc. | Add +42.4% | 2.70% | +0.14 |
| RTX RTX Corp. | Add +21.0% | 2.66% | +0.13 |
| LOW Lowe's Cos Inc. | Add +25.9% | 1.75% | +0.13 |
| KVUE Kenvue Inc. | Add +41.3% | 2.31% | +0.13 |
| CCEP Coca-Cola Europacific Partne | Add +77.1% | 0.43% | +0.12 |
| DEO Diageo PLC-Sponsored ADR | Add +46.4% | 0.98% | +0.11 |
| MDT Medtronic PLC | Add +31.3% | 2.62% | +0.11 |
| COP Conocophillips | Add +27.8% | 1.94% | +0.10 |
| TTE Totalenergies SE -Spon ADR | Add +63.7% | 0.46% | +0.09 |
| DOW Dow Inc. | Add +31.1% | 2.32% | +0.09 |
| JNJ Johnson & Johnson | Add +37.3% | 2.22% | +0.09 |
| KOF Coca-Cola Femsa Sab-SP ADR | Add +51.9% | 0.58% | +0.09 |
| BTI British American Tob-SP ADR | Add +97.7% | 0.23% | +0.08 |
| MO Altria Group Inc. | Add +29.7% | 1.43% | +0.07 |
| KB KB Financial Group Inc.-ADR | New | 0.07% | +0.07 |
| SHEL Shell PLC-ADR | Add +60.7% | 0.34% | +0.06 |
| GD General Dynamics Corp. | Add +24.2% | 2.64% | +0.04 |
| BHP BHP Group Ltd.-Spon ADR | Add +73.8% | 0.32% | +0.03 |
| SNY Sanofi-ADR | Add +55.4% | 0.20% | +0.02 |
| CVX Chevron Corp. | Add +27.1% | 2.68% | +0.02 |
| MSFT Microsoft Corp. | Add +20.4% | 1.31% | +0.01 |
| EWY iShares MSCI South Korea ETF | Add +43.2% | 0.15% | +0.01 |
| VAC Marriott Vacations World | New | 0.01% | +0.01 |
| VNOM Viper Energy Inc. | Add +278.5% | 0.02% | +0.01 |
| FIS Fidelity National Info Serv | New | 0.01% | +0.01 |
| TEX Terex Corp. | New | 0.01% | +0.01 |
| VNM Vaneck Vietnam ETF | Add +312.6% | 0.01% | +0.01 |
| KFY Korn Ferry | New | 0.01% | +0.01 |
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 |