Cullen Capital Management, LLC
In its 13F for Q2 2024 (holdings as of June 30, 2024, filed August 13, 2024), Cullen Capital Management, LLC reported 209 stock positions worth $8.7 billion. Its top holding was JPMorgan Chase (JPM) at 3.5% of the portfolio, followed by Novartis AG-Sponsored ADR (NVS, 3.5%) and Morgan Stanley (MS, 2.9%). Compared with Q1 2024, it opened 16 new positions, sold out of 5, added to 50 and reduced 118. The biggest buy was 3M (MMM, shares +6441%) and the biggest sale RTX (RTX, shares −26%).
- Most Recent 13F
- Q2 2026
- Location
- New York, NY
- CIK
- 0001362535
- Portfolio Value
- $8.7B (Q2 2024)
- SEC Filing
- 0000950123-24-007997 ↗ filed Aug 13, 2024
Holdings Value
Holdings 209 stocks · $8.7B
| JPM JPMorgan Chase & Co. | 3.53% | 1,513,906 | $306.2M | Reduce -6.4% |
| NVS Novartis AG-Sponsored ADR | 3.52% | 2,870,381 | $305.6M | Reduce -1.9% |
| MS Morgan Stanley | 2.89% | 2,580,429 | $250.8M | Reduce -4.7% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 2.85% | 6,230,068 | $247.8M | Reduce -5.1% |
| XOM Exxon Mobil Corp. | 2.80% | 2,109,591 | $242.9M | Reduce -2.7% |
| PM Philip Morris International | 2.75% | 2,357,398 | $238.9M | Reduce -4.4% |
| DUK Duke Energy Corp. | 2.69% | 2,330,956 | $233.6M | Reduce -3.4% |
| CVX Chevron Corp. | 2.68% | 1,485,769 | $232.4M | Reduce -2.7% |
| GD General Dynamics Corp. | 2.64% | 789,732 | $229.1M | Reduce -6.0% |
| CSCO Cisco Systems Inc. | 2.62% | 4,782,126 | $227.2M | Reduce -1.7% |
| CB Chubb Ltd. | 2.60% | 886,670 | $226.2M | Reduce -3.5% |
| JCI Johnson Controls Internation | 2.60% | 3,391,370 | $225.4M | Reduce -3.6% |
| MDT Medtronic PLC | 2.37% | 2,613,825 | $205.7M | Reduce -3.4% |
| AVGO Broadcom Inc. | 2.36% | 127,769 | $205.1M | Reduce -15.7% |
| MRK Merck & Co. Inc. | 2.27% | 1,593,766 | $197.3M | Reduce -4.2% |
| NEE Nextera Energy Inc. | 2.27% | 2,780,966 | $196.9M | Reduce -3.0% |
| CMCSA Comcast Corp. Class A | 2.24% | 4,968,296 | $194.6M | Reduce -1.4% |
| VICI Vici Properties Inc. filed as VICI PPTYS INC | 2.15% | 6,504,415 | $186.3M | Reduce -2.1% |
| DOW Dow Inc. | 2.14% | 3,509,797 | $186.2M | Reduce -2.5% |
| RTX RTX Corp. | 2.09% | 1,805,016 | $181.2M | Reduce -26.4% |
| TFC Truist Financial Corp. | 2.05% | 4,578,313 | $177.9M | Reduce -8.0% |
| JNJ Johnson & Johnson | 2.04% | 1,212,969 | $177.3M | Reduce -3.8% |
| KVUE Kenvue Inc. | 1.91% | 9,119,549 | $165.8M | Reduce -5.8% |
| UL Unilever PLC | 1.83% | 2,888,988 | $158.9M | Reduce -3.0% |
| BCE Bce Inc. | 1.82% | 4,882,411 | $158.0M | Reduce -9.0% |
| GPC Genuine Parts Co. | 1.82% | 1,140,191 | $157.7M | Reduce -3.7% |
| TRV The Travelers Cos Inc. | 1.80% | 769,512 | $156.5M | Reduce -2.6% |
| COP Conocophillips | 1.73% | 1,311,136 | $150.0M | Reduce -4.1% |
| C Citigroup Inc. | 1.70% | 2,319,504 | $147.2M | Reduce -2.2% |
| T AT&T Inc. | 1.65% | 7,490,984 | $143.2M | Reduce -2.2% |
| TGT Target Corp. | 1.63% | 956,790 | $141.6M | Reduce -1.5% |
| MO Altria Group Inc. | 1.50% | 2,862,003 | $130.4M | Reduce -2.5% |
| LOW Lowe's Cos Inc. | 1.49% | 586,954 | $129.4M | Reduce -4.9% |
| DOC Healthpeak Properties Inc. | 1.47% | 6,513,457 | $127.7M | Reduce -11.1% |
| UPS United Parcel Service Class B | 1.38% | 877,171 | $120.0M | Reduce -10.0% |
| MSFT Microsoft Corp. | 1.35% | 262,138 | $117.2M | Reduce -6.2% |
| CCI Crown Castle Inc. | 1.29% | 1,144,794 | $111.8M | Add +36.3% |
| PFE Pfizer Inc. | 1.24% | 3,856,844 | $107.9M | Reduce -14.3% |
| INTC Intel Corp. | 0.95% | 2,659,964 | $82.4M | Reduce -4.0% |
| DEO Diageo PLC-Sponsored ADR | 0.84% | 579,945 | $73.1M | Reduce -2.3% |
| VZ Verizon Communications Inc. | 0.82% | 1,734,052 | $71.5M | Reduce -1.6% |
| EOG EOG Resources Inc. | 0.80% | 551,436 | $69.4M | Reduce -3.0% |
| PPL PPL Corp. | 0.73% | 2,299,718 | $63.6M | Reduce -10.6% |
| BMY Bristol-Myers Squibb Co. | 0.71% | 1,486,869 | $61.7M | Add +17.4% |
| RIO Rio Tinto PLC-Spon ADR | 0.70% | 923,961 | $60.9M | Reduce -2.7% |
| CAG Conagra Brands Inc. | 0.64% | 1,958,727 | $55.7M | Reduce -4.0% |
| TSM Taiwan Semiconductor-SP ADR | 0.63% | 314,494 | $54.7M | Reduce -3.8% |
| ASX Ase Technology Holding -ADR | 0.61% | 4,606,706 | $52.6M | Reduce -2.4% |
| MMM 3M Co. | 0.58% | 490,404 | $50.1M | Add +6441.3% |
| BAX Baxter International Inc. | 0.56% | 1,457,484 | $48.8M | Add +20.9% |
| K Kellanova | 0.55% | 824,559 | $47.6M | Reduce -7.1% |
| CCEP Coca-Cola Europacific Partne | 0.53% | 635,698 | $46.3M | Add +15.2% |
| KOF Coca-Cola Femsa Sab-SP ADR | 0.53% | 531,642 | $45.6M | Reduce -1.0% |
| TTE Totalenergies SE -Spon ADR | 0.51% | 664,998 | $44.3M | Add +10.4% |
| KSPI JSC Kaspi.kz ADR filed as KASPI KZ JSC | 0.49% | 330,171 | $42.6M | New |
| PBR Petroleo Brasileiro-Spon ADR | 0.48% | 2,904,686 | $42.1M | Add +0.4% |
| IBN Icici Bank Ltd.-Spon ADR | 0.46% | 1,382,454 | $39.8M | Add +6.9% |
| TM Toyota Motor Corp. -Spon ADR | 0.42% | 179,782 | $36.8M | Reduce -14.1% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.42% | 209,053 | $36.2M | Add +42.6% |
| TCOM Trip.com Group Ltd.-ADR | 0.39% | 703,398 | $33.6M | Add +6.1% |
| XLV SS Health Care Select Sector | 0.38% | 228,476 | $33.3M | Add +8349.6% |
| SHEL Shell PLC-ADR | 0.38% | 453,331 | $32.7M | Add +0.2% |
| BHP BHP Group Ltd.-Spon ADR | 0.32% | 490,366 | $28.0M | Reduce -0.1% |
| BTI British American Tob-SP ADR | 0.31% | 860,167 | $26.6M | Add +24.9% |
| XLC SS Comm Select Sector SPDR | 0.24% | 243,510 | $20.9M | Add +4633.9% |
| SNY Sanofi-ADR | 0.21% | 367,589 | $17.8M | Reduce -1.3% |
| XLI SS Industrial Select Sector | 0.15% | 106,501 | $13.0M | Add +6099.1% |
| XLP SS Consumer Staples Sel Sect | 0.14% | 161,192 | $12.3M | Add +5246.3% |
| XLF SS Financial Select Sector | 0.14% | 297,562 | $12.2M | New |
| EWY iShares MSCI South Korea ETF | 0.13% | 165,951 | $11.0M | Reduce -14.6% |
| XLRE SS Real Estate Select Sector | 0.13% | 285,250 | $11.0M | Add +5288.2% |
| LAUR Laureate Education Inc. | 0.12% | 724,146 | $10.8M | Add +1012.2% |
| EWT iShares MSCI Taiwan ETF | 0.12% | 186,639 | $10.1M | Reduce -8.2% |
| EPI Wisdomtree India Earnings | 0.12% | 208,436 | $10.1M | Reduce -14.2% |
| INDA iShares MSCI India ETF | 0.08% | 132,084 | $7.4M | Reduce -22.9% |
| KB KB Financial Group Inc.-ADR filed as KB FINL GROUP INC | 0.08% | 128,883 | $7.3M | Add +10.5% |
| CPA Copa Holdings SA Class A | 0.07% | 61,671 | $5.9M | Reduce -2.4% |
| ORCL Oracle Corp. | 0.06% | 39,641 | $5.6M | Reduce -1.1% |
| ET Energy Transfer LP | 0.06% | 338,579 | $5.5M | Reduce -1.8% |
| XLK SS Technology Select Sector | 0.06% | 21,739 | $4.9M | New |
| ETN Eaton Corp. PLC | 0.05% | 14,885 | $4.7M | Reduce -3.3% |
| AXP American Express Co. | 0.05% | 20,128 | $4.7M | Add +0.2% |
| EWM iShares MSCI Malaysia ETF | 0.05% | 201,686 | $4.5M | New |
| EPD Enterprise Products Partners | 0.05% | 152,567 | $4.4M | Add +7.2% |
| AMAT Applied Materials Inc. | 0.05% | 18,369 | $4.3M | Reduce -3.2% |
| CI The Cigna Group | 0.05% | 12,475 | $4.1M | Add +3.0% |
| HON Honeywell International Inc. | 0.04% | 18,191 | $3.9M | No change |
| XLY SS Consumer Disc Select Sect | 0.04% | 21,061 | $3.8M | New |
| MDLZ Mondelez International Inc. Class A | 0.04% | 58,258 | $3.8M | Add +3.0% |
| WMT Walmart Inc. | 0.04% | 54,872 | $3.7M | Reduce -1.4% |
| AXTA Axalta Coating Systems Ltd. | 0.04% | 97,775 | $3.3M | Add +3.4% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.04% | 30,981 | $3.1M | Add +4.1% |
| ALL Allstate Corp. | 0.04% | 19,149 | $3.1M | Reduce -2.6% |
| ARW Arrow Electronics Inc. | 0.03% | 23,488 | $2.8M | Reduce -0.9% |
| BWA Borgwarner Inc. | 0.03% | 86,614 | $2.8M | Add +3.0% |
| PNC PNC Financial Services Group | 0.03% | 17,834 | $2.8M | Add +5.3% |
| SRE Sempra | 0.03% | 32,362 | $2.5M | Add +6.5% |
| PKG Packaging Corp. of America | 0.03% | 13,167 | $2.4M | Reduce -1.2% |
| ITUB Itau Unibanco H-Spon PRF ADR | 0.03% | 411,456 | $2.4M | Reduce -63.4% |
| UNP Union Pacific Corp. | 0.03% | 10,482 | $2.4M | Reduce -3.3% |
Portfolio Sells Q1 2024 → Q2 2024
| RTX RTX Corp. | Reduce -26.4% | 2.09% | −0.57 |
| INTC Intel Corp. | Reduce -4.0% | 0.95% | −0.41 |
| KVUE Kenvue Inc. | Reduce -5.8% | 1.91% | −0.40 |
| TGT Target Corp. | Reduce -1.5% | 1.63% | −0.28 |
| LOW Lowe's Cos Inc. | Reduce -4.9% | 1.49% | −0.26 |
| MDT Medtronic PLC | Reduce -3.4% | 2.37% | −0.25 |
| UPS United Parcel Service Class B | Reduce -10.0% | 1.38% | −0.23 |
| GPC Genuine Parts Co. | Reduce -3.7% | 1.82% | −0.23 |
| TRV The Travelers Cos Inc. | Reduce -2.6% | 1.80% | −0.22 |
| COP Conocophillips | Reduce -4.1% | 1.73% | −0.21 |
| BCE Bce Inc. | Reduce -9.0% | 1.82% | −0.21 |
| CMCSA Comcast Corp. Class A | Reduce -1.4% | 2.24% | −0.19 |
| JNJ Johnson & Johnson | Reduce -3.8% | 2.04% | −0.18 |
| DOW Dow Inc. | Reduce -2.5% | 2.14% | −0.18 |
| MRK Merck & Co. Inc. | Reduce -4.2% | 2.27% | −0.17 |
| TM Toyota Motor Corp. -Spon ADR | Reduce -14.1% | 0.42% | −0.16 |
| PFE Pfizer Inc. | Reduce -14.3% | 1.24% | −0.15 |
| DEO Diageo PLC-Sponsored ADR | Reduce -2.3% | 0.84% | −0.14 |
| TFC Truist Financial Corp. | Reduce -8.0% | 2.05% | −0.11 |
| CSCO Cisco Systems Inc. | Reduce -1.7% | 2.62% | −0.09 |
| JPM JPMorgan Chase & Co. | Reduce -6.4% | 3.53% | −0.08 |
| ITUB Itau Unibanco H-Spon PRF ADR | Reduce -63.4% | 0.03% | −0.06 |
| DOC Healthpeak Properties Inc. | Reduce -11.1% | 1.47% | −0.06 |
| VICI Vici Properties Inc. | Reduce -2.1% | 2.15% | −0.06 |
| PPL PPL Corp. | Reduce -10.6% | 0.73% | −0.06 |
| KOF Coca-Cola Femsa Sab-SP ADR | Reduce -1.0% | 0.53% | −0.06 |
| CB Chubb Ltd. | Reduce -3.5% | 2.60% | −0.04 |
| CAG Conagra Brands Inc. | Reduce -4.0% | 0.64% | −0.03 |
| EWY iShares MSCI South Korea ETF | Reduce -14.6% | 0.13% | −0.02 |
| K Kellanova | Reduce -7.1% | 0.55% | −0.02 |
| INDA iShares MSCI India ETF | Reduce -22.9% | 0.08% | −0.01 |
| XOM Exxon Mobil Corp. | Reduce -2.7% | 2.80% | −0.01 |
| DENN Denny's Corp. | Sold out | 0.00% | −0.01 |
| EOG EOG Resources Inc. | Reduce -3.0% | 0.80% | −0.01 |
| VALE Vale SA-SP ADR | Reduce -78.4% | 0.00% | −0.01 |
| HP Helmerich & Payne | Sold out | 0.00% | −0.01 |
| SPR Spirit Aerosystems Hold Class A | Reduce -60.3% | 0.00% | −0.01 |
| CPA Copa Holdings SA Class A | Reduce -2.4% | 0.07% | −0.01 |
| TEX Terex Corp. | Reduce -47.7% | 0.00% | −0.00 |
| CVX Chevron Corp. | Reduce -2.7% | 2.68% | −0.00 |
| VREX Varex Imaging Corp. | Reduce -56.1% | 0.00% | −0.00 |
| ECVT Ecovyst Inc. | Reduce -39.0% | 0.00% | −0.00 |
| RLJ RLJ Lodging Trust | Sold out | 0.00% | −0.00 |
| GD General Dynamics Corp. | Reduce -6.0% | 2.64% | −0.00 |
| CRI Carter's Inc. | Reduce -28.6% | 0.00% | −0.00 |
| ALL Allstate Corp. | Reduce -2.6% | 0.04% | −0.00 |
| FELE Franklin Electric Co. Inc. | Sold out | 0.00% | −0.00 |
| CNI Canadian Natl Railway Co. | Reduce -1.5% | 0.03% | −0.00 |
| UNP Union Pacific Corp. | Reduce -3.3% | 0.03% | −0.00 |
| MCD McDonald's Corp. | Reduce -2.6% | 0.02% | −0.00 |
Portfolio Buys Q1 2024 → Q2 2024
| MMM 3M Co. | Add +6441.3% | 0.58% | +0.57 |
| KSPI JSC Kaspi.kz ADR | New | 0.49% | +0.49 |
| XLV SS Health Care Select Sector | Add +8349.6% | 0.38% | +0.38 |
| CCI Crown Castle Inc. | Add +36.3% | 1.29% | +0.30 |
| XLC SS Comm Select Sector SPDR | Add +4633.9% | 0.24% | +0.24 |
| XLI SS Industrial Select Sector | Add +6099.1% | 0.15% | +0.15 |
| XLF SS Financial Select Sector | New | 0.14% | +0.14 |
| XLP SS Consumer Staples Sel Sect | Add +5246.3% | 0.14% | +0.14 |
| XLRE SS Real Estate Select Sector | Add +5288.2% | 0.13% | +0.12 |
| LAUR Laureate Education Inc. | Add +1012.2% | 0.12% | +0.11 |
| IBM Intl Business Machines Corp. | Add +42.6% | 0.42% | +0.10 |
| CCEP Coca-Cola Europacific Partne | Add +15.2% | 0.53% | +0.10 |
| IBN Icici Bank Ltd.-Spon ADR | Add +6.9% | 0.46% | +0.08 |
| BTI British American Tob-SP ADR | Add +24.9% | 0.31% | +0.07 |
| TCOM Trip.com Group Ltd.-ADR | Add +6.1% | 0.39% | +0.06 |
| XLK SS Technology Select Sector | New | 0.06% | +0.06 |
| EWM iShares MSCI Malaysia ETF | New | 0.05% | +0.05 |
| TTE Totalenergies SE -Spon ADR | Add +10.4% | 0.51% | +0.05 |
| XLY SS Consumer Disc Select Sect | New | 0.04% | +0.04 |
| SHEL Shell PLC-ADR | Add +0.2% | 0.38% | +0.04 |
| BIL SS SPDR BB 1-3M T-Bill ETF | New | 0.03% | +0.03 |
| KB KB Financial Group Inc.-ADR | Add +10.5% | 0.08% | +0.02 |
| HBM Hudbay Minerals Inc. | New | 0.01% | +0.01 |
| XLU St Sr Utl SL SE SPDR ETF-Usd | New | 0.01% | +0.01 |
| DVN Devon Energy Corp. | New | 0.01% | +0.01 |
| XLE SS Energy Select Sector | New | 0.01% | +0.01 |
| FIS Fidelity National Info Serv | Add +37.7% | 0.02% | +0.00 |
| XLB SS Materials Select Sector | New | 0.00% | +0.00 |
| EPD Enterprise Products Partners | Add +7.2% | 0.05% | +0.00 |
| CBRL Cracker Barrel Old Country | New | 0.00% | +0.00 |
| BABA Alibaba Group Holding-SP ADR | New | 0.00% | +0.00 |
| SRE Sempra | Add +6.5% | 0.03% | +0.00 |
| DD Dupont DE Nemours Inc. | Add +14.9% | 0.01% | +0.00 |
| AXP American Express Co. | Add +0.2% | 0.05% | +0.00 |
| DWM Wisdomtree International Equ | New | 0.00% | +0.00 |
| IP International Paper Co. | New | 0.00% | +0.00 |
| LNN Lindsay Corp. | New | 0.00% | +0.00 |
| AXTA Axalta Coating Systems Ltd. | Add +3.4% | 0.04% | +0.00 |
| CWCO Consolidated Water Co.-Ord SH | Add +95.8% | 0.00% | +0.00 |
| PNR Pentair PLC | Add +66.6% | 0.01% | +0.00 |
| HUN Huntsman Corp. | Add +50.4% | 0.01% | +0.00 |
| SPG Simon Property Group Inc. | Add +11.1% | 0.02% | +0.00 |
| SJM The JM Smucker Co. | Add +22.1% | 0.02% | +0.00 |
| PNC PNC Financial Services Group | Add +5.3% | 0.03% | +0.00 |
| CWT California Water Service Grp | Add +13.8% | 0.01% | +0.00 |
| POOL Pool Corp. | Add +63.2% | 0.01% | +0.00 |
| AWR American States Water Co. | Add +13.6% | 0.01% | +0.00 |
| WTRG Essential Utilities Inc. | Add +7.8% | 0.01% | +0.00 |
| MAS Masco Corp. | Add +36.0% | 0.01% | +0.00 |
| PG The Procter & Gamble Co. | Add +0.8% | 0.02% | +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 |