Cullen Capital Management, LLC
In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 12, 2024), Cullen Capital Management, LLC reported 206 stock positions worth $9.2 billion. Its top holding was JPMorgan Chase (JPM) at 3.1% of the portfolio, followed by Philip Morris International (PM, 2.9%) and Novartis AG-Sponsored ADR (NVS, 2.8%). Compared with Q2 2024, it opened 15 new positions, sold out of 18, added to 78 and reduced 90. The biggest buy was Qualcomm (QCOM, shares +6174%) and the biggest sale an exit from Intel (INTC).
- Most Recent 13F
- Q2 2026
- Location
- New York, NY
- CIK
- 0001362535
- Portfolio Value
- $9.2B (Q3 2024)
- SEC Filing
- 0000950123-24-010859 ↗ filed Nov 12, 2024
Holdings Value
Holdings 206 stocks · $9.2B
| JPM JPMorgan Chase & Co. | 3.11% | 1,357,083 | $286.2M | Reduce -10.4% |
| PM Philip Morris International | 2.85% | 2,157,823 | $262.0M | Reduce -8.5% |
| NVS Novartis AG-Sponsored ADR | 2.82% | 2,251,968 | $259.0M | Reduce -21.5% |
| RTX RTX Corp. | 2.82% | 2,136,504 | $258.9M | Add +18.4% |
| MS Morgan Stanley | 2.79% | 2,461,917 | $256.6M | Reduce -4.6% |
| DUK Duke Energy Corp. | 2.75% | 2,192,891 | $252.8M | Reduce -5.9% |
| CSCO Cisco Systems Inc. | 2.75% | 4,741,016 | $252.3M | Reduce -0.9% |
| JCI Johnson Controls Internation | 2.73% | 3,235,386 | $251.1M | Reduce -4.6% |
| MDT Medtronic PLC | 2.68% | 2,735,569 | $246.3M | Add +4.7% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 2.58% | 5,972,847 | $237.0M | Reduce -4.1% |
| CB Chubb Ltd. | 2.58% | 820,374 | $236.6M | Reduce -7.5% |
| XOM Exxon Mobil Corp. | 2.57% | 2,017,913 | $236.5M | Reduce -4.3% |
| MRK Merck & Co. Inc. | 2.54% | 2,051,656 | $233.0M | Add +28.7% |
| GD General Dynamics Corp. | 2.50% | 761,219 | $230.0M | Reduce -3.6% |
| NEE Nextera Energy Inc. | 2.44% | 2,649,652 | $224.0M | Reduce -4.7% |
| CVX Chevron Corp. | 2.39% | 1,493,420 | $219.9M | Add +0.5% |
| VICI Vici Properties Inc. filed as VICI PPTYS INC | 2.37% | 6,536,792 | $217.7M | Add +0.5% |
| KVUE Kenvue Inc. | 2.34% | 9,286,013 | $214.8M | Add +1.8% |
| CMCSA Comcast Corp. Class A | 2.33% | 5,135,262 | $214.5M | Add +3.4% |
| AVGO Broadcom Inc. | 2.25% | 1,196,186 | $206.3M | Reduce -6.4% |
| DOC Healthpeak Properties Inc. | 2.20% | 8,841,100 | $202.2M | Add +35.7% |
| JNJ Johnson & Johnson | 2.18% | 1,234,477 | $200.1M | Add +1.8% |
| BCE Bce Inc. | 2.14% | 5,639,032 | $196.2M | Add +15.5% |
| TFC Truist Financial Corp. | 2.11% | 4,528,902 | $193.7M | Reduce -1.1% |
| DOW Dow Inc. | 2.06% | 3,460,098 | $189.0M | Reduce -1.4% |
| GPC Genuine Parts Co. | 1.96% | 1,288,530 | $180.0M | Add +13.0% |
| UL Unilever PLC | 1.94% | 2,741,267 | $178.1M | Reduce -5.1% |
| TRV The Travelers Cos Inc. | 1.89% | 743,336 | $174.0M | Reduce -3.4% |
| T AT&T Inc. | 1.74% | 7,265,075 | $159.8M | Reduce -3.0% |
| LOW Lowe's Cos Inc. | 1.72% | 584,068 | $158.2M | Reduce -0.5% |
| TGT Target Corp. | 1.59% | 935,732 | $145.8M | Reduce -2.2% |
| UPS United Parcel Service Class B | 1.53% | 1,029,500 | $140.4M | Add +17.4% |
| C Citigroup Inc. | 1.51% | 2,215,851 | $138.7M | Reduce -4.5% |
| MO Altria Group Inc. | 1.50% | 2,699,890 | $137.8M | Reduce -5.7% |
| COP Conocophillips | 1.47% | 1,280,187 | $134.8M | Reduce -2.4% |
| CCI Crown Castle Inc. | 1.44% | 1,114,728 | $132.2M | Reduce -2.6% |
| PFE Pfizer Inc. | 1.33% | 4,228,974 | $122.4M | Add +9.7% |
| MSFT Microsoft Corp. | 1.11% | 237,500 | $102.2M | Reduce -9.4% |
| DEO Diageo PLC-Sponsored ADR | 0.92% | 601,339 | $84.4M | Add +3.7% |
| QCOM Qualcomm Inc. | 0.91% | 491,512 | $83.6M | Add +6174.1% |
| EOG EOG Resources Inc. | 0.75% | 560,793 | $68.9M | Add +1.7% |
| BMY Bristol-Myers Squibb Co. | 0.74% | 1,311,003 | $67.8M | Reduce -11.8% |
| VZ Verizon Communications Inc. | 0.72% | 1,474,576 | $66.2M | Reduce -15.0% |
| CAG Conagra Brands Inc. | 0.70% | 1,967,314 | $64.0M | Add +0.4% |
| RIO Rio Tinto PLC-Spon ADR | 0.69% | 896,343 | $63.8M | Reduce -3.0% |
| PPL PPL Corp. | 0.68% | 1,893,948 | $62.7M | Reduce -17.6% |
| SW Smurfit Westrock PLC | 0.66% | 1,231,034 | $60.8M | New |
| BAX Baxter International Inc. | 0.60% | 1,450,037 | $55.1M | Reduce -0.5% |
| TSM Taiwan Semiconductor-SP ADR | 0.58% | 306,211 | $53.2M | Reduce -2.6% |
| CCEP Coca-Cola Europacific Partne | 0.56% | 654,866 | $51.6M | Add +3.0% |
| KOF Coca-Cola Femsa Sab-SP ADR | 0.51% | 525,122 | $46.6M | Reduce -1.2% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.49% | 205,328 | $45.4M | Reduce -1.8% |
| BTI British American Tob-SP ADR | 0.49% | 1,231,176 | $45.0M | Add +43.1% |
| MDLZ Mondelez International Inc. Class A | 0.48% | 603,305 | $44.4M | Add +935.6% |
| IBN Icici Bank Ltd.-Spon ADR | 0.47% | 1,453,901 | $43.4M | Add +5.2% |
| ASX Ase Technology Holding -ADR | 0.47% | 4,409,269 | $43.0M | Reduce -4.3% |
| PBR Petroleo Brasileiro-Spon ADR | 0.39% | 2,501,632 | $36.0M | Reduce -13.9% |
| SHEL Shell PLC-ADR | 0.32% | 447,730 | $29.5M | Reduce -1.2% |
| TTE Totalenergies SE -Spon ADR | 0.29% | 416,765 | $26.9M | Reduce -37.3% |
| TM Toyota Motor Corp. -Spon ADR | 0.25% | 126,911 | $22.7M | Reduce -29.4% |
| KSPI JSC Kaspi.kz ADR filed as KASPI KZ JSC | 0.24% | 207,832 | $22.0M | Reduce -37.0% |
| SNY Sanofi-ADR | 0.18% | 290,535 | $16.7M | Reduce -21.0% |
| CPA Copa Holdings SA Class A | 0.17% | 164,678 | $15.5M | Add +167.0% |
| BHP BHP Group Ltd.-Spon ADR | 0.15% | 219,511 | $13.6M | Reduce -55.2% |
| SYY Sysco Corp. | 0.14% | 169,861 | $13.3M | New |
| LAUR Laureate Education Inc. | 0.14% | 759,760 | $12.6M | Add +4.9% |
| TCOM Trip.com Group Ltd.-ADR | 0.12% | 185,693 | $11.0M | Reduce -73.6% |
| EWY iShares MSCI South Korea ETF | 0.11% | 161,973 | $10.4M | Reduce -2.4% |
| KB KB Financial Group Inc.-ADR filed as KB FINL GROUP INC | 0.11% | 163,555 | $10.1M | Add +26.9% |
| EPI Wisdomtree India Earnings | 0.10% | 187,038 | $9.4M | Reduce -10.3% |
| EWT iShares MSCI Taiwan ETF | 0.10% | 174,696 | $9.4M | Reduce -6.4% |
| EWM iShares MSCI Malaysia ETF | 0.09% | 306,873 | $8.3M | Add +52.1% |
| INDA iShares MSCI India ETF | 0.08% | 128,123 | $7.5M | Reduce -3.0% |
| XLV SS Health Care Select Sector | 0.08% | 48,488 | $7.5M | Reduce -78.8% |
| KTB Kontoor Brands Inc. | 0.07% | 4,374,513 | $6.7M | New |
| XLF SS Financial Select Sector | 0.07% | 146,880 | $6.7M | Reduce -50.6% |
| ORCL Oracle Corp. | 0.07% | 35,232 | $6.0M | Reduce -11.1% |
| ET Energy Transfer LP | 0.06% | 327,689 | $5.3M | Reduce -3.2% |
| AXP American Express Co. | 0.06% | 19,389 | $5.3M | Reduce -3.7% |
| ETN Eaton Corp. PLC | 0.05% | 14,903 | $4.9M | Add +0.1% |
| GLDG Goldmining Inc. | 0.05% | 781,011 | $4.5M | New |
| CI The Cigna Group | 0.05% | 12,800 | $4.4M | Add +2.6% |
| WMT Walmart Inc. | 0.05% | 54,707 | $4.4M | Reduce -0.3% |
| SRE Sempra | 0.05% | 52,456 | $4.4M | Add +62.1% |
| EPD Enterprise Products Partners | 0.05% | 146,427 | $4.3M | Reduce -4.0% |
| HON Honeywell International Inc. | 0.04% | 18,191 | $3.8M | No change |
| AMAT Applied Materials Inc. | 0.04% | 18,372 | $3.7M | Add +0.0% |
| ALL Allstate Corp. | 0.04% | 18,904 | $3.6M | Reduce -1.3% |
| AXTA Axalta Coating Systems Ltd. | 0.04% | 98,253 | $3.6M | Add +0.5% |
| PNC PNC Financial Services Group | 0.04% | 17,882 | $3.3M | Add +0.3% |
| BWA Borgwarner Inc. | 0.04% | 89,533 | $3.2M | Add +3.4% |
| ARW Arrow Electronics Inc. | 0.03% | 23,250 | $3.1M | Reduce -1.0% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.03% | 31,977 | $3.1M | Add +3.2% |
| PKG Packaging Corp. of America | 0.03% | 13,023 | $2.8M | Reduce -1.1% |
| UNP Union Pacific Corp. | 0.03% | 10,522 | $2.6M | Add +0.4% |
| MCD McDonald's Corp. | 0.03% | 8,094 | $2.5M | Reduce -0.3% |
| TREE Lendingtree Inc. | 0.03% | 39,758 | $2.3M | Add +14.9% |
| CNI Canadian Natl Railway Co. | 0.02% | 18,297 | $2.1M | Reduce -0.7% |
| SPG Simon Property Group Inc. | 0.02% | 10,700 | $1.8M | Add +22.5% |
| PG The Procter & Gamble Co. | 0.02% | 9,504 | $1.6M | No change |
Portfolio Sells Q2 2024 → Q3 2024
| INTC Intel Corp. | Sold out | 0.00% | −0.95 |
| NVS Novartis AG-Sponsored ADR | Reduce -21.5% | 2.82% | −0.70 |
| MMM 3M Co. | Reduce -98.5% | 0.01% | −0.57 |
| K Kellanova | Sold out | 0.00% | −0.55 |
| JPM JPMorgan Chase & Co. | Reduce -10.4% | 3.11% | −0.41 |
| XLV SS Health Care Select Sector | Reduce -78.8% | 0.08% | −0.30 |
| BAC Bank of America Corp. | Reduce -4.1% | 2.58% | −0.27 |
| TCOM Trip.com Group Ltd.-ADR | Reduce -73.6% | 0.12% | −0.27 |
| COP Conocophillips | Reduce -2.4% | 1.47% | −0.26 |
| KSPI JSC Kaspi.kz ADR | Reduce -37.0% | 0.24% | −0.25 |
| MSFT Microsoft Corp. | Reduce -9.4% | 1.11% | −0.24 |
| XLC SS Comm Select Sector SPDR | Reduce -97.5% | 0.01% | −0.23 |
| XOM Exxon Mobil Corp. | Reduce -4.3% | 2.57% | −0.22 |
| TTE Totalenergies SE -Spon ADR | Reduce -37.3% | 0.29% | −0.22 |
| C Citigroup Inc. | Reduce -4.5% | 1.51% | −0.19 |
| TM Toyota Motor Corp. -Spon ADR | Reduce -29.4% | 0.25% | −0.18 |
| BHP BHP Group Ltd.-Spon ADR | Reduce -55.2% | 0.15% | −0.17 |
| XLI SS Industrial Select Sector | Reduce -95.6% | 0.01% | −0.14 |
| XLP SS Consumer Staples Sel Sect | Sold out | 0.00% | −0.14 |
| ASX Ase Technology Holding -ADR | Reduce -4.3% | 0.47% | −0.14 |
| GD General Dynamics Corp. | Reduce -3.6% | 2.50% | −0.13 |
| XLRE SS Real Estate Select Sector | Sold out | 0.00% | −0.13 |
| AVGO Broadcom Inc. | Reduce -6.4% | 2.25% | −0.12 |
| VZ Verizon Communications Inc. | Reduce -15.0% | 0.72% | −0.10 |
| MS Morgan Stanley | Reduce -4.6% | 2.79% | −0.09 |
| PBR Petroleo Brasileiro-Spon ADR | Reduce -13.9% | 0.39% | −0.09 |
| DOW Dow Inc. | Reduce -1.4% | 2.06% | −0.09 |
| XLF SS Financial Select Sector | Reduce -50.6% | 0.07% | −0.07 |
| XLK SS Technology Select Sector | Sold out | 0.00% | −0.06 |
| SHEL Shell PLC-ADR | Reduce -1.2% | 0.32% | −0.06 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -2.6% | 0.58% | −0.05 |
| PPL PPL Corp. | Reduce -17.6% | 0.68% | −0.05 |
| XLY SS Consumer Disc Select Sect | Sold out | 0.00% | −0.04 |
| TGT Target Corp. | Reduce -2.2% | 1.59% | −0.04 |
| CB Chubb Ltd. | Reduce -7.5% | 2.58% | −0.03 |
| SNY Sanofi-ADR | Reduce -21.0% | 0.18% | −0.02 |
| ITUB Itau Unibanco H-Spon PRF ADR | Reduce -80.8% | 0.01% | −0.02 |
| KOF Coca-Cola Femsa Sab-SP ADR | Reduce -1.2% | 0.51% | −0.02 |
| BIL SS SPDR BB 1-3M T-Bill ETF | Reduce -55.2% | 0.01% | −0.01 |
| EWT iShares MSCI Taiwan ETF | Reduce -6.4% | 0.10% | −0.01 |
| EWY iShares MSCI South Korea ETF | Reduce -2.4% | 0.11% | −0.01 |
| EPI Wisdomtree India Earnings | Reduce -10.3% | 0.10% | −0.01 |
| RIO Rio Tinto PLC-Spon ADR | Reduce -3.0% | 0.69% | −0.01 |
| ET Energy Transfer LP | Reduce -3.2% | 0.06% | −0.01 |
| XLU St Sr Utl SL SE SPDR ETF-Usd | Sold out | 0.00% | −0.01 |
| EPD Enterprise Products Partners | Reduce -4.0% | 0.05% | −0.00 |
| CBRL Cracker Barrel Old Country | Sold out | 0.00% | −0.00 |
| BABA Alibaba Group Holding-SP ADR | Sold out | 0.00% | −0.00 |
| BA The Boeing Co. | Reduce -1.3% | 0.01% | −0.00 |
| CIVI Civitas Resources Inc. | Reduce -29.5% | 0.00% | −0.00 |
Portfolio Buys Q2 2024 → Q3 2024
| QCOM Qualcomm Inc. | Add +6174.1% | 0.91% | +0.89 |
| RTX RTX Corp. | Add +18.4% | 2.82% | +0.73 |
| DOC Healthpeak Properties Inc. | Add +35.7% | 2.20% | +0.73 |
| SW Smurfit Westrock PLC | New | 0.66% | +0.66 |
| MDLZ Mondelez International Inc. Class A | Add +935.6% | 0.48% | +0.44 |
| KVUE Kenvue Inc. | Add +1.8% | 2.34% | +0.43 |
| BCE Bce Inc. | Add +15.5% | 2.14% | +0.32 |
| MDT Medtronic PLC | Add +4.7% | 2.68% | +0.31 |
| MRK Merck & Co. Inc. | Add +28.7% | 2.54% | +0.26 |
| VICI Vici Properties Inc. | Add +0.5% | 2.37% | +0.22 |
| BTI British American Tob-SP ADR | Add +43.1% | 0.49% | +0.18 |
| UPS United Parcel Service Class B | Add +17.4% | 1.53% | +0.15 |
| SYY Sysco Corp. | New | 0.14% | +0.14 |
| GPC Genuine Parts Co. | Add +13.0% | 1.96% | +0.14 |
| JNJ Johnson & Johnson | Add +1.8% | 2.18% | +0.14 |
| CPA Copa Holdings SA Class A | Add +167.0% | 0.17% | +0.10 |
| CMCSA Comcast Corp. Class A | Add +3.4% | 2.33% | +0.09 |
| PFE Pfizer Inc. | Add +9.7% | 1.33% | +0.09 |
| DEO Diageo PLC-Sponsored ADR | Add +3.7% | 0.92% | +0.08 |
| KTB Kontoor Brands Inc. | New | 0.07% | +0.07 |
| CAG Conagra Brands Inc. | Add +0.4% | 0.70% | +0.06 |
| GLDG Goldmining Inc. | New | 0.05% | +0.05 |
| EWM iShares MSCI Malaysia ETF | Add +52.1% | 0.09% | +0.04 |
| CCEP Coca-Cola Europacific Partne | Add +3.0% | 0.56% | +0.03 |
| KB KB Financial Group Inc.-ADR | Add +26.9% | 0.11% | +0.03 |
| SRE Sempra | Add +62.1% | 0.05% | +0.02 |
| IBN Icici Bank Ltd.-Spon ADR | Add +5.2% | 0.47% | +0.01 |
| GOOGL Alphabet Inc. Class A | New | 0.01% | +0.01 |
| RJF Raymond James Financial Inc. | New | 0.01% | +0.01 |
| LAUR Laureate Education Inc. | Add +4.9% | 0.14% | +0.01 |
| MHO M/I Homes Inc. | New | 0.01% | +0.01 |
| DOUG Douglas Elliman Inc. | Add +252.7% | 0.01% | +0.01 |
| MBC Masterbrand Inc. | New | 0.01% | +0.01 |
| TREE Lendingtree Inc. | Add +14.9% | 0.03% | +0.01 |
| DENN Denny's Corp. | New | 0.01% | +0.01 |
| LDI Loandepot Inc. Class A | Add +66.8% | 0.01% | +0.01 |
| MBUU Malibu Boats Inc. Class A | New | 0.01% | +0.01 |
| HIW Highwoods Properties Inc. | Add +99.3% | 0.01% | +0.01 |
| CROX Crocs Inc. | Add +88.3% | 0.01% | +0.00 |
| VWO Vanguard Ftse Emerging Marke | New | 0.00% | +0.00 |
| SWIM Latham Group Inc. | Add +1.0% | 0.01% | +0.00 |
| TAL Tal Education Group- ADR | New | 0.00% | +0.00 |
| SPG Simon Property Group Inc. | Add +22.5% | 0.02% | +0.00 |
| PFSI Pennymac Financial Services | Add +79.2% | 0.01% | +0.00 |
| ABCB Ameris Bancorp | Add +31.2% | 0.01% | +0.00 |
| CNM Core & Main Inc. Class A | Add +91.9% | 0.01% | +0.00 |
| FHN First Horizon Corp. | Add +53.3% | 0.01% | +0.00 |
| PNC PNC Financial Services Group | Add +0.3% | 0.04% | +0.00 |
| BWA Borgwarner Inc. | Add +3.4% | 0.04% | +0.00 |
| KFY Korn Ferry | Add +37.8% | 0.01% | +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 |