Cullen Capital Management, LLC
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 13, 2025), Cullen Capital Management, LLC reported 208 stock positions worth $8.6 billion. Its top holding was JPMorgan Chase (JPM) at 3.6% of the portfolio, followed by Cisco Systems (CSCO, 3.2%) and Bank of America (BAC, 2.9%). Compared with Q3 2024, it opened 22 new positions, sold out of 20, added to 49 and reduced 122. The biggest buy was Citigroup (C, shares +34%) and the biggest sale Bce (BCE, shares −37%).
- Most Recent 13F
- Q2 2026
- Location
- New York, NY
- CIK
- 0001362535
- Portfolio Value
- $8.6B (Q4 2024)
- SEC Filing
- 0000950123-25-001885 ↗ filed Feb 13, 2025
Holdings Value
Holdings 208 stocks · $8.6B
| JPM JPMorgan Chase & Co. | 3.60% | 1,290,637 | $309.4M | Reduce -4.9% |
| CSCO Cisco Systems Inc. | 3.17% | 4,601,673 | $272.4M | Reduce -2.9% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 2.91% | 5,687,679 | $250.0M | Reduce -4.8% |
| PM Philip Morris International | 2.84% | 2,023,928 | $243.6M | Reduce -6.2% |
| JCI Johnson Controls Internation | 2.80% | 3,047,456 | $240.5M | Reduce -5.8% |
| DUK Duke Energy Corp. | 2.69% | 2,141,529 | $230.7M | Reduce -2.3% |
| RTX RTX Corp. | 2.68% | 1,989,820 | $230.3M | Reduce -6.9% |
| MS Morgan Stanley | 2.68% | 1,830,069 | $230.1M | Reduce -25.7% |
| CB Chubb Ltd. | 2.55% | 790,951 | $218.5M | Reduce -3.6% |
| CVX Chevron Corp. | 2.50% | 1,482,088 | $214.7M | Reduce -0.8% |
| XOM Exxon Mobil Corp. | 2.46% | 1,959,405 | $210.8M | Reduce -2.9% |
| AVGO Broadcom Inc. | 2.45% | 908,460 | $210.6M | Reduce -24.1% |
| NVS Novartis AG-Sponsored ADR | 2.44% | 2,156,619 | $209.9M | Reduce -4.2% |
| C Citigroup Inc. | 2.43% | 2,963,825 | $208.6M | Add +33.8% |
| MDT Medtronic PLC | 2.38% | 2,557,559 | $204.3M | Reduce -6.5% |
| TFC Truist Financial Corp. | 2.32% | 4,592,341 | $199.2M | Add +1.4% |
| MRK Merck & Co. Inc. | 2.28% | 1,965,710 | $195.5M | Reduce -4.2% |
| GD General Dynamics Corp. | 2.28% | 741,965 | $195.5M | Reduce -2.5% |
| KVUE Kenvue Inc. | 2.26% | 9,100,496 | $194.3M | Reduce -2.0% |
| CMCSA Comcast Corp. Class A | 2.16% | 4,939,981 | $185.4M | Reduce -3.8% |
| VICI Vici Properties Inc. filed as VICI PPTYS INC | 2.16% | 6,336,668 | $185.1M | Reduce -3.1% |
| NEE Nextera Energy Inc. | 2.13% | 2,545,339 | $182.5M | Reduce -3.9% |
| DOC Healthpeak Properties Inc. | 2.08% | 8,820,838 | $178.8M | Reduce -0.2% |
| JNJ Johnson & Johnson | 1.99% | 1,179,982 | $170.6M | Reduce -4.4% |
| TRV The Travelers Cos Inc. | 1.98% | 706,849 | $170.3M | Reduce -4.9% |
| T AT&T Inc. | 1.86% | 7,029,523 | $160.1M | Reduce -3.2% |
| DOW Dow Inc. | 1.75% | 3,742,943 | $150.2M | Add +8.2% |
| UL Unilever PLC | 1.74% | 2,639,907 | $149.7M | Reduce -3.7% |
| GPC Genuine Parts Co. | 1.70% | 1,251,234 | $146.1M | Reduce -2.9% |
| MO Altria Group Inc. | 1.62% | 2,659,415 | $139.1M | Reduce -1.5% |
| LOW Lowe's Cos Inc. | 1.61% | 558,710 | $137.9M | Reduce -4.3% |
| PFE Pfizer Inc. | 1.48% | 4,774,380 | $126.7M | Add +12.9% |
| COP Conocophillips | 1.47% | 1,268,684 | $125.8M | Reduce -0.9% |
| TGT Target Corp. | 1.42% | 899,074 | $121.5M | Reduce -3.9% |
| CCI Crown Castle Inc. | 1.16% | 1,095,142 | $99.4M | Reduce -1.8% |
| MSFT Microsoft Corp. | 1.15% | 234,375 | $98.8M | Reduce -1.3% |
| UPS United Parcel Service Class B | 1.11% | 757,049 | $95.5M | Reduce -26.5% |
| DEO Diageo PLC-Sponsored ADR | 1.07% | 720,763 | $91.6M | Add +19.9% |
| BCE Bce Inc. | 0.95% | 3,528,595 | $81.8M | Reduce -37.4% |
| QCOM Qualcomm Inc. | 0.79% | 440,847 | $67.7M | Reduce -10.3% |
| EOG EOG Resources Inc. | 0.77% | 541,575 | $66.4M | Reduce -3.4% |
| BMY Bristol-Myers Squibb Co. | 0.77% | 1,166,177 | $66.0M | Reduce -11.1% |
| SW Smurfit Westrock PLC | 0.76% | 1,210,923 | $65.2M | Reduce -1.6% |
| PPL PPL Corp. | 0.71% | 1,890,093 | $61.4M | Reduce -0.2% |
| TSM Taiwan Semiconductor-SP ADR | 0.69% | 300,623 | $59.4M | Reduce -1.8% |
| VZ Verizon Communications Inc. | 0.66% | 1,420,807 | $56.8M | Reduce -3.6% |
| SYY Sysco Corp. | 0.60% | 670,168 | $51.2M | Add +294.5% |
| RIO Rio Tinto PLC-Spon ADR | 0.58% | 841,278 | $49.5M | Reduce -6.1% |
| CAG Conagra Brands Inc. | 0.57% | 1,767,076 | $49.0M | Reduce -10.2% |
| CCEP Coca-Cola Europacific Partne | 0.56% | 626,177 | $48.1M | Reduce -4.4% |
| ASX Ase Technology Holding -ADR | 0.52% | 4,424,100 | $44.6M | Add +0.3% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.51% | 199,367 | $43.8M | Reduce -2.9% |
| BTI British American Tob-SP ADR | 0.50% | 1,180,659 | $42.9M | Reduce -4.1% |
| XLC SS Comm Select Sector SPDR | 0.48% | 426,063 | $41.2M | Add +6772.0% |
| IBN Icici Bank Ltd.-Spon ADR | 0.48% | 1,381,220 | $41.2M | Reduce -5.0% |
| BAX Baxter International Inc. | 0.47% | 1,386,281 | $40.4M | Reduce -4.4% |
| EFA iShares MSCI Eafe ETF | 0.45% | 507,578 | $38.4M | New |
| KOF Coca-Cola Femsa Sab-SP ADR | 0.43% | 475,123 | $37.0M | Reduce -9.5% |
| XLV SS Health Care Select Sector | 0.38% | 234,759 | $32.3M | Add +384.2% |
| IWD iShares Russell 1000 Value E | 0.35% | 163,124 | $30.2M | New |
| XLI SS Industrial Select Sector | 0.34% | 219,974 | $29.0M | Add +4620.5% |
| SHEL Shell PLC-ADR | 0.32% | 443,854 | $27.8M | Reduce -0.9% |
| TM Toyota Motor Corp. -Spon ADR | 0.30% | 131,337 | $25.6M | Add +3.5% |
| PBR Petroleo Brasileiro-Spon ADR | 0.25% | 1,669,761 | $21.5M | Reduce -33.3% |
| KSPI JSC Kaspi.kz ADR filed as KASPI KZ JSC | 0.20% | 185,086 | $17.5M | Reduce -10.9% |
| LAUR Laureate Education Inc. | 0.19% | 905,067 | $16.6M | Add +19.1% |
| FEZ State Street SPDR Euro Stoxx | 0.19% | 335,721 | $16.2M | New |
| TTE Totalenergies SE -Spon ADR | 0.18% | 281,366 | $15.3M | Reduce -32.5% |
| EWT iShares MSCI Taiwan ETF | 0.17% | 289,696 | $15.0M | Add +65.8% |
| XLB SS Materials Select Sector | 0.17% | 174,325 | $14.7M | Add +4231.1% |
| EPI Wisdomtree India Earnings | 0.15% | 287,787 | $13.0M | Add +53.9% |
| EWM iShares MSCI Malaysia ETF | 0.15% | 513,756 | $12.6M | Add +67.4% |
| SNY Sanofi-ADR | 0.15% | 261,112 | $12.6M | Reduce -10.1% |
| TCOM Trip.com Group Ltd.-ADR | 0.14% | 175,241 | $12.0M | Reduce -5.6% |
| XLY SS Consumer Disc Select Sect | 0.13% | 50,291 | $11.3M | New |
| XLP SS Consumer Staples Sel Sect | 0.13% | 137,527 | $10.8M | New |
| KB KB Financial Group Inc.-ADR filed as KB FINL GROUP INC | 0.08% | 127,586 | $7.3M | Reduce -22.0% |
| DXJ Wisdomtree Japan Hedged Eq | 0.08% | 64,418 | $7.1M | New |
| XLK SS Technology Select Sector | 0.08% | 28,815 | $6.7M | New |
| BHP BHP Group Ltd.-Spon ADR | 0.08% | 133,201 | $6.5M | Reduce -39.3% |
| ET Energy Transfer LP | 0.06% | 281,004 | $5.5M | Reduce -14.3% |
| ORCL Oracle Corp. | 0.06% | 30,746 | $5.1M | Reduce -12.7% |
| AXP American Express Co. | 0.06% | 17,168 | $5.1M | Reduce -11.4% |
| XLRE SS Real Estate Select Sector | 0.06% | 117,959 | $4.8M | New |
| ETN Eaton Corp. PLC | 0.05% | 14,182 | $4.7M | Reduce -4.8% |
| WMT Walmart Inc. | 0.05% | 52,028 | $4.7M | Reduce -4.9% |
| CPA Copa Holdings SA Class A | 0.05% | 52,693 | $4.6M | Reduce -68.0% |
| EPD Enterprise Products Partners | 0.05% | 143,795 | $4.5M | Reduce -1.8% |
| SRE Sempra | 0.05% | 50,749 | $4.5M | Reduce -3.3% |
| INDA iShares MSCI India ETF | 0.05% | 81,199 | $4.3M | Reduce -36.6% |
| HON Honeywell International Inc. | 0.05% | 18,191 | $4.1M | No change |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.05% | 6,698 | $3.9M | Add +494.9% |
| CI The Cigna Group | 0.04% | 13,773 | $3.8M | Add +7.6% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.04% | 32,177 | $3.6M | Add +0.6% |
| ALL Allstate Corp. | 0.04% | 18,583 | $3.6M | Reduce -1.7% |
| MDLZ Mondelez International Inc. Class A | 0.04% | 58,898 | $3.5M | Reduce -90.2% |
| AXTA Axalta Coating Systems Ltd. | 0.04% | 100,836 | $3.5M | Add +2.6% |
| XLE SS Energy Select Sector | 0.04% | 40,273 | $3.4M | Add +723.4% |
| DVY iShares Select Dividend ETF | 0.04% | 26,100 | $3.4M | New |
| PNC PNC Financial Services Group | 0.04% | 17,706 | $3.4M | Reduce -1.0% |
Portfolio Sells Q3 2024 → Q4 2024
| BCE Bce Inc. | Reduce -37.4% | 0.95% | −1.18 |
| MDLZ Mondelez International Inc. Class A | Reduce -90.2% | 0.04% | −0.44 |
| UPS United Parcel Service Class B | Reduce -26.5% | 1.11% | −0.42 |
| NVS Novartis AG-Sponsored ADR | Reduce -4.2% | 2.44% | −0.38 |
| NEE Nextera Energy Inc. | Reduce -3.9% | 2.13% | −0.31 |
| MDT Medtronic PLC | Reduce -6.5% | 2.38% | −0.30 |
| CCI Crown Castle Inc. | Reduce -1.8% | 1.16% | −0.28 |
| MRK Merck & Co. Inc. | Reduce -4.2% | 2.28% | −0.26 |
| GPC Genuine Parts Co. | Reduce -2.9% | 1.70% | −0.26 |
| GD General Dynamics Corp. | Reduce -2.5% | 2.28% | −0.23 |
| VICI Vici Properties Inc. | Reduce -3.1% | 2.16% | −0.21 |
| UL Unilever PLC | Reduce -3.7% | 1.74% | −0.20 |
| JNJ Johnson & Johnson | Reduce -4.4% | 1.99% | −0.19 |
| CMCSA Comcast Corp. Class A | Reduce -3.8% | 2.16% | −0.18 |
| TGT Target Corp. | Reduce -3.9% | 1.42% | −0.17 |
| PBR Petroleo Brasileiro-Spon ADR | Reduce -33.3% | 0.25% | −0.14 |
| RTX RTX Corp. | Reduce -6.9% | 2.68% | −0.14 |
| BAX Baxter International Inc. | Reduce -4.4% | 0.47% | −0.13 |
| CAG Conagra Brands Inc. | Reduce -10.2% | 0.57% | −0.13 |
| QCOM Qualcomm Inc. | Reduce -10.3% | 0.79% | −0.12 |
| XOM Exxon Mobil Corp. | Reduce -2.9% | 2.46% | −0.12 |
| DOC Healthpeak Properties Inc. | Reduce -0.2% | 2.08% | −0.12 |
| RIO Rio Tinto PLC-Spon ADR | Reduce -6.1% | 0.58% | −0.12 |
| LOW Lowe's Cos Inc. | Reduce -4.3% | 1.61% | −0.12 |
| TTE Totalenergies SE -Spon ADR | Reduce -32.5% | 0.18% | −0.11 |
| CPA Copa Holdings SA Class A | Reduce -68.0% | 0.05% | −0.11 |
| MS Morgan Stanley | Reduce -25.7% | 2.68% | −0.11 |
| EWY iShares MSCI South Korea ETF | Reduce -87.1% | 0.01% | −0.10 |
| KOF Coca-Cola Femsa Sab-SP ADR | Reduce -9.5% | 0.43% | −0.08 |
| KVUE Kenvue Inc. | Reduce -2.0% | 2.26% | −0.07 |
| BHP BHP Group Ltd.-Spon ADR | Reduce -39.3% | 0.08% | −0.07 |
| DUK Duke Energy Corp. | Reduce -2.3% | 2.69% | −0.06 |
| XLF SS Financial Select Sector | Reduce -87.9% | 0.01% | −0.06 |
| VZ Verizon Communications Inc. | Reduce -3.6% | 0.66% | −0.06 |
| KTB Kontoor Brands Inc. | Reduce -56.8% | 0.03% | −0.04 |
| GLDG Goldmining Inc. | Reduce -76.2% | 0.01% | −0.04 |
| KSPI JSC Kaspi.kz ADR | Reduce -10.9% | 0.20% | −0.04 |
| SNY Sanofi-ADR | Reduce -10.1% | 0.15% | −0.04 |
| INDA iShares MSCI India ETF | Reduce -36.6% | 0.05% | −0.03 |
| CB Chubb Ltd. | Reduce -3.6% | 2.55% | −0.03 |
| KB KB Financial Group Inc.-ADR | Reduce -22.0% | 0.08% | −0.03 |
| PM Philip Morris International | Reduce -6.2% | 2.84% | −0.01 |
| RL Ralph Lauren Corp. | Sold out | 0.00% | −0.01 |
| TREE Lendingtree Inc. | Reduce -31.8% | 0.01% | −0.01 |
| BIL SS SPDR BB 1-3M T-Bill ETF | Sold out | 0.00% | −0.01 |
| VNM Vaneck Vietnam ETF | Sold out | 0.00% | −0.01 |
| TEX Terex Corp. | Sold out | 0.00% | −0.01 |
| CROX Crocs Inc. | Reduce -49.1% | 0.00% | −0.01 |
| AWK American Water Works Co. Inc. | Reduce -35.3% | 0.01% | −0.01 |
| ORCL Oracle Corp. | Reduce -12.7% | 0.06% | −0.01 |
Portfolio Buys Q3 2024 → Q4 2024
| C Citigroup Inc. | Add +33.8% | 2.43% | +0.92 |
| XLC SS Comm Select Sector SPDR | Add +6772.0% | 0.48% | +0.47 |
| SYY Sysco Corp. | Add +294.5% | 0.60% | +0.45 |
| EFA iShares MSCI Eafe ETF | New | 0.45% | +0.45 |
| IWD iShares Russell 1000 Value E | New | 0.35% | +0.35 |
| XLI SS Industrial Select Sector | Add +4620.5% | 0.34% | +0.33 |
| XLV SS Health Care Select Sector | Add +384.2% | 0.38% | +0.29 |
| TFC Truist Financial Corp. | Add +1.4% | 2.32% | +0.21 |
| FEZ State Street SPDR Euro Stoxx | New | 0.19% | +0.19 |
| XLB SS Materials Select Sector | Add +4231.1% | 0.17% | +0.17 |
| DEO Diageo PLC-Sponsored ADR | Add +19.9% | 1.07% | +0.15 |
| PFE Pfizer Inc. | Add +12.9% | 1.48% | +0.14 |
| XLY SS Consumer Disc Select Sect | New | 0.13% | +0.13 |
| XLP SS Consumer Staples Sel Sect | New | 0.13% | +0.13 |
| DXJ Wisdomtree Japan Hedged Eq | New | 0.08% | +0.08 |
| XLK SS Technology Select Sector | New | 0.08% | +0.08 |
| EWT iShares MSCI Taiwan ETF | Add +65.8% | 0.17% | +0.07 |
| EWM iShares MSCI Malaysia ETF | Add +67.4% | 0.15% | +0.06 |
| XLRE SS Real Estate Select Sector | New | 0.06% | +0.06 |
| LAUR Laureate Education Inc. | Add +19.1% | 0.19% | +0.06 |
| TM Toyota Motor Corp. -Spon ADR | Add +3.5% | 0.30% | +0.05 |
| ASX Ase Technology Holding -ADR | Add +0.3% | 0.52% | +0.05 |
| EPI Wisdomtree India Earnings | Add +53.9% | 0.15% | +0.05 |
| DVY iShares Select Dividend ETF | New | 0.04% | +0.04 |
| CGW Invesco S&P Global Water Ind | New | 0.04% | +0.04 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +494.9% | 0.05% | +0.04 |
| XLE SS Energy Select Sector | Add +723.4% | 0.04% | +0.04 |
| VWO Vanguard Ftse Emerging Marke | Add +550.1% | 0.03% | +0.03 |
| IOO iShares Global 100 ETF | New | 0.03% | +0.03 |
| HDEF Xtrackers MSCI Eafe High Div | New | 0.02% | +0.02 |
| XLU St Sr Utl SL SE SPDR ETF-Usd | New | 0.02% | +0.02 |
| REET iShares Global REIT ETF | New | 0.01% | +0.01 |
| EFV iShares MSCI Eafe Value ETF | New | 0.01% | +0.01 |
| DEM Wisdomtree Emerging Markets | New | 0.01% | +0.01 |
| MU Micron Technology Inc. | New | 0.01% | +0.01 |
| EEM iShares MSCI Emerging Market | New | 0.01% | +0.01 |
| WOOD iShares Global Timber & Fore | New | 0.01% | +0.01 |
| RJF Raymond James Financial Inc. | Add +19.1% | 0.02% | +0.01 |
| DIS The Walt Disney Co. | Add +0.6% | 0.04% | +0.01 |
| FHN First Horizon Corp. | Add +6.0% | 0.02% | +0.01 |
| EFSC Enterprise Financial Service | Add +86.7% | 0.01% | +0.01 |
| IWN iShares Russell 2000 Value E | New | 0.00% | +0.00 |
| WBD Warner Bros Discovery Inc. | Add +12.1% | 0.01% | +0.00 |
| PFC Premier Financial Corp. | Add +21.4% | 0.01% | +0.00 |
| GOOGL Alphabet Inc. Class A | Add +3.7% | 0.02% | +0.00 |
| CUZ Cousins Properties Inc. | Add +22.1% | 0.01% | +0.00 |
| SFNC Simmons First Natl Corp. Class A | Add +36.0% | 0.01% | +0.00 |
| FXI iShares China Large-Cap ETF | New | 0.00% | +0.00 |
| SJM The JM Smucker Co. | Add +15.7% | 0.02% | +0.00 |
| MBUU Malibu Boats Inc. Class A | Add +20.4% | 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 |