Cullen Capital Management, LLC
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Cullen Capital Management, LLC reported 205 stock positions worth $8.7 billion. Its top holding was JPMorgan Chase (JPM) at 3.0% of the portfolio, followed by RTX (RTX, 3.0%) and Duke Energy (DUK, 3.0%). Compared with Q4 2024, it opened 15 new positions, sold out of 18, added to 74 and reduced 108. The biggest buy was a new position in Omnicom (OMC) and the biggest sale Broadcom (AVGO, shares −6%).
- Most Recent 13F
- Q2 2026
- Location
- New York, NY
- CIK
- 0001362535
- Portfolio Value
- $8.7B (Q1 2025)
- SEC Filing
- 0000950123-25-005569 ↗ filed May 15, 2025
Holdings Value
Holdings 205 stocks · $8.7B
| JPM JPMorgan Chase & Co. | 3.02% | 1,067,210 | $261.8M | Reduce -17.3% |
| RTX RTX Corp. | 2.98% | 1,948,742 | $258.1M | Reduce -2.1% |
| DUK Duke Energy Corp. | 2.98% | 2,115,647 | $258.0M | Reduce -1.2% |
| CSCO Cisco Systems Inc. | 2.98% | 4,180,770 | $258.0M | Reduce -9.2% |
| MDT Medtronic PLC | 2.82% | 2,720,879 | $244.5M | Add +6.4% |
| CVX Chevron Corp. | 2.76% | 1,426,319 | $238.6M | Reduce -3.8% |
| NVS Novartis AG-Sponsored ADR | 2.72% | 2,108,684 | $235.1M | Reduce -2.2% |
| XOM Exxon Mobil Corp. | 2.66% | 1,938,646 | $230.6M | Reduce -1.1% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 2.65% | 5,500,100 | $229.5M | Reduce -3.3% |
| JCI Johnson Controls Internation | 2.62% | 2,830,929 | $226.8M | Reduce -7.1% |
| KVUE Kenvue Inc. | 2.51% | 9,050,279 | $217.0M | Reduce -0.6% |
| CB Chubb Ltd. | 2.44% | 699,376 | $211.2M | Reduce -11.6% |
| VICI Vici Properties Inc. filed as VICI PPTYS INC | 2.43% | 6,460,347 | $210.7M | Add +1.9% |
| PM Philip Morris International | 2.37% | 1,292,508 | $205.2M | Reduce -36.1% |
| GD General Dynamics Corp. | 2.37% | 752,071 | $205.0M | Add +1.4% |
| JNJ Johnson & Johnson | 2.37% | 1,234,886 | $204.8M | Add +4.7% |
| DOC Healthpeak Properties Inc. | 2.36% | 10,095,597 | $204.1M | Add +14.4% |
| MRK Merck & Co. Inc. | 2.32% | 2,236,676 | $200.8M | Add +13.8% |
| C Citigroup Inc. | 2.29% | 2,796,368 | $198.5M | Reduce -5.7% |
| CMCSA Comcast Corp. Class A | 2.28% | 5,346,670 | $197.3M | Add +8.2% |
| MS Morgan Stanley | 2.24% | 1,662,599 | $194.0M | Reduce -9.2% |
| TFC Truist Financial Corp. | 2.13% | 4,481,647 | $184.4M | Reduce -2.4% |
| T AT&T Inc. | 2.08% | 6,359,222 | $179.8M | Reduce -9.5% |
| NEE Nextera Energy Inc. | 2.07% | 2,526,739 | $179.1M | Reduce -0.7% |
| MO Altria Group Inc. | 2.00% | 2,882,310 | $173.0M | Add +8.4% |
| GPC Genuine Parts Co. | 1.86% | 1,352,590 | $161.1M | Add +8.1% |
| DOW Dow Inc. | 1.83% | 4,544,766 | $158.7M | Add +21.4% |
| UL Unilever PLC | 1.79% | 2,596,946 | $154.6M | Reduce -1.6% |
| AVGO Broadcom Inc. | 1.64% | 849,894 | $142.3M | Reduce -6.5% |
| BCE Bce Inc. | 1.63% | 6,159,929 | $141.4M | Add +74.6% |
| TRV The Travelers Cos Inc. | 1.61% | 528,196 | $139.7M | Reduce -25.3% |
| UPS United Parcel Service Class B | 1.54% | 1,211,014 | $133.2M | Add +60.0% |
| COP Conocophillips | 1.54% | 1,266,926 | $133.1M | Reduce -0.1% |
| LOW Lowe's Cos Inc. | 1.47% | 544,029 | $126.9M | Reduce -2.6% |
| PFE Pfizer Inc. | 1.38% | 4,723,322 | $119.7M | Reduce -1.1% |
| CCI Crown Castle Inc. | 1.33% | 1,101,789 | $114.8M | Add +0.6% |
| TGT Target Corp. | 1.13% | 939,473 | $98.0M | Add +4.5% |
| MSFT Microsoft Corp. | 0.97% | 224,053 | $84.1M | Reduce -4.4% |
| OMC Omnicom Group | 0.97% | 1,011,210 | $83.8M | New |
| DEO Diageo PLC-Sponsored ADR | 0.95% | 784,044 | $82.2M | Add +8.8% |
| QCOM Qualcomm Inc. | 0.88% | 493,511 | $75.8M | Add +11.9% |
| EOG EOG Resources Inc. | 0.82% | 550,717 | $70.6M | Add +1.7% |
| VZ Verizon Communications Inc. | 0.79% | 1,507,977 | $68.4M | Add +6.1% |
| BMY Bristol-Myers Squibb Co. | 0.79% | 1,118,589 | $68.2M | Reduce -4.1% |
| PPL PPL Corp. | 0.78% | 1,864,500 | $67.3M | Reduce -1.4% |
| KDP Keurig Dr Pepper Inc. | 0.71% | 1,797,912 | $61.5M | New |
| RIO Rio Tinto PLC-Spon ADR | 0.64% | 926,500 | $55.7M | Add +10.1% |
| SYY Sysco Corp. | 0.59% | 685,214 | $51.4M | Add +2.3% |
| BAX Baxter International Inc. | 0.59% | 1,496,127 | $51.2M | Add +7.9% |
| BTI British American Tob-SP ADR | 0.57% | 1,199,582 | $49.6M | Add +1.6% |
| CCEP Coca-Cola Europacific Partne | 0.57% | 563,792 | $49.1M | Reduce -10.0% |
| KOF Coca-Cola Femsa Sab-SP ADR | 0.55% | 518,743 | $47.4M | Add +9.2% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.54% | 187,670 | $46.7M | Reduce -5.9% |
| IBN Icici Bank Ltd.-Spon ADR | 0.50% | 1,383,721 | $43.6M | Add +0.2% |
| MDLZ Mondelez International Inc. Class A | 0.47% | 595,344 | $40.4M | Add +910.8% |
| ASX Ase Technology Holding -ADR | 0.46% | 4,497,235 | $39.4M | Add +1.6% |
| SW Smurfit Westrock PLC | 0.44% | 851,665 | $38.4M | Reduce -29.7% |
| ENB Enbridge Inc. | 0.42% | 826,654 | $36.6M | Add +10417.2% |
| PBR Petroleo Brasileiro-Spon ADR | 0.42% | 2,506,251 | $35.9M | Add +50.1% |
| PNC PNC Financial Services Group | 0.40% | 197,397 | $34.7M | Add +1014.9% |
| SHEL Shell PLC-ADR | 0.39% | 460,039 | $33.7M | Add +3.6% |
| TM Toyota Motor Corp. -Spon ADR | 0.32% | 159,055 | $28.1M | Add +21.1% |
| TSM Taiwan Semiconductor-SP ADR | 0.32% | 164,444 | $27.3M | Reduce -45.3% |
| SNY Sanofi-ADR | 0.26% | 401,110 | $22.2M | Add +53.6% |
| LAUR Laureate Education Inc. | 0.20% | 864,715 | $17.7M | Reduce -4.5% |
| TTE Totalenergies SE -Spon ADR | 0.17% | 229,097 | $14.8M | Reduce -18.6% |
| BABA Alibaba Group Holding-SP ADR | 0.10% | 65,364 | $8.6M | New |
| CPA Copa Holdings SA Class A | 0.09% | 87,260 | $8.1M | Add +65.6% |
| EPI Wisdomtree India Earnings | 0.09% | 181,173 | $7.9M | Reduce -37.0% |
| KSPI JSC Kaspi.kz ADR filed as KASPI KZ JSC | 0.08% | 76,826 | $7.1M | Reduce -58.5% |
| TCOM Trip.com Group Ltd.-ADR | 0.08% | 104,366 | $6.6M | Reduce -40.4% |
| EWT iShares MSCI Taiwan ETF | 0.07% | 125,835 | $6.0M | Reduce -56.6% |
| EWY iShares MSCI South Korea ETF | 0.06% | 101,217 | $5.5M | Add +385.1% |
| KB KB Financial Group Inc.-ADR filed as KB FINL GROUP INC | 0.06% | 93,222 | $5.0M | Reduce -26.9% |
| EWM iShares MSCI Malaysia ETF | 0.06% | 208,826 | $4.8M | Reduce -59.4% |
| AXP American Express Co. | 0.05% | 16,664 | $4.5M | Reduce -2.9% |
| CI The Cigna Group | 0.05% | 13,590 | $4.5M | Reduce -1.3% |
| ET Energy Transfer LP | 0.05% | 228,496 | $4.2M | Reduce -18.7% |
| ORCL Oracle Corp. | 0.05% | 29,799 | $4.2M | Reduce -3.1% |
| WMT Walmart Inc. | 0.05% | 46,922 | $4.1M | Reduce -9.8% |
| HON Honeywell International Inc. | 0.04% | 18,191 | $3.9M | No change |
| SRE Sempra | 0.04% | 53,260 | $3.8M | Add +5.0% |
| EPD Enterprise Products Partners | 0.04% | 108,870 | $3.7M | Reduce -24.3% |
| ALL Allstate Corp. | 0.04% | 17,774 | $3.7M | Reduce -4.3% |
| ETN Eaton Corp. PLC | 0.04% | 13,406 | $3.6M | Reduce -5.5% |
| KTB Kontoor Brands Inc. | 0.04% | 1,558,688 | $3.3M | Reduce -17.5% |
| AXTA Axalta Coating Systems Ltd. | 0.04% | 99,446 | $3.3M | Reduce -1.4% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.04% | 31,869 | $3.1M | Reduce -1.0% |
| INDA iShares MSCI India ETF | 0.03% | 56,115 | $2.9M | Reduce -30.9% |
| AMAT Applied Materials Inc. | 0.03% | 19,635 | $2.8M | Add +1.9% |
| BWA Borgwarner Inc. | 0.03% | 94,968 | $2.7M | Add +3.8% |
| PKG Packaging Corp. of America | 0.03% | 12,245 | $2.4M | Reduce -4.8% |
| UNP Union Pacific Corp. | 0.03% | 10,035 | $2.4M | Reduce -3.8% |
| ARW Arrow Electronics Inc. | 0.03% | 22,158 | $2.3M | Reduce -4.4% |
| MCD McDonald's Corp. | 0.03% | 7,041 | $2.2M | Reduce -9.4% |
| SJM The JM Smucker Co. filed as SMUCKER J M CO | 0.02% | 17,324 | $2.1M | Add +14.3% |
| BIL SS SPDR BB 1-3M T-Bill ETF | 0.02% | 22,359 | $2.1M | New |
| RJF Raymond James Financial Inc. | 0.02% | 13,117 | $1.8M | Add +8.9% |
| CNI Canadian Natl Railway Co. | 0.02% | 16,863 | $1.6M | Reduce -5.0% |
| PG The Procter & Gamble Co. | 0.02% | 9,393 | $1.6M | No change |
Portfolio Sells Q4 2024 → Q1 2025
| AVGO Broadcom Inc. | Reduce -6.5% | 1.64% | −0.81 |
| JPM JPMorgan Chase & Co. | Reduce -17.3% | 3.02% | −0.58 |
| CAG Conagra Brands Inc. | Reduce -96.6% | 0.02% | −0.55 |
| XLC SS Comm Select Sector SPDR | Reduce -98.2% | 0.01% | −0.47 |
| PM Philip Morris International | Reduce -36.1% | 2.37% | −0.47 |
| EFA iShares MSCI Eafe ETF | Sold out | 0.00% | −0.45 |
| MS Morgan Stanley | Reduce -9.2% | 2.24% | −0.44 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -45.3% | 0.32% | −0.38 |
| TRV The Travelers Cos Inc. | Reduce -25.3% | 1.61% | −0.37 |
| XLV SS Health Care Select Sector | Reduce -98.0% | 0.01% | −0.37 |
| IWD iShares Russell 1000 Value E | Reduce -99.2% | 0.00% | −0.35 |
| XLI SS Industrial Select Sector | Reduce -97.9% | 0.01% | −0.33 |
| SW Smurfit Westrock PLC | Reduce -29.7% | 0.44% | −0.32 |
| BAC Bank of America Corp. | Reduce -3.3% | 2.65% | −0.26 |
| CSCO Cisco Systems Inc. | Reduce -9.2% | 2.98% | −0.19 |
| TFC Truist Financial Corp. | Reduce -2.4% | 2.13% | −0.19 |
| FEZ State Street SPDR Euro Stoxx | Reduce -98.8% | 0.00% | −0.19 |
| JCI Johnson Controls Internation | Reduce -7.1% | 2.62% | −0.18 |
| MSFT Microsoft Corp. | Reduce -4.4% | 0.97% | −0.18 |
| XLB SS Materials Select Sector | Reduce -95.5% | 0.01% | −0.16 |
| LOW Lowe's Cos Inc. | Reduce -2.6% | 1.47% | −0.14 |
| C Citigroup Inc. | Reduce -5.7% | 2.29% | −0.14 |
| XLY SS Consumer Disc Select Sect | Reduce -95.0% | 0.01% | −0.13 |
| KSPI JSC Kaspi.kz ADR | Reduce -58.5% | 0.08% | −0.12 |
| XLP SS Consumer Staples Sel Sect | Reduce -96.4% | 0.00% | −0.12 |
| CB Chubb Ltd. | Reduce -11.6% | 2.44% | −0.11 |
| EWT iShares MSCI Taiwan ETF | Reduce -56.6% | 0.07% | −0.11 |
| PFE Pfizer Inc. | Reduce -1.1% | 1.38% | −0.09 |
| EWM iShares MSCI Malaysia ETF | Reduce -59.4% | 0.06% | −0.09 |
| DXJ Wisdomtree Japan Hedged Eq | Reduce -96.6% | 0.00% | −0.08 |
| BHP BHP Group Ltd.-Spon ADR | Sold out | 0.00% | −0.08 |
| XLK SS Technology Select Sector | Reduce -93.5% | 0.00% | −0.07 |
| TCOM Trip.com Group Ltd.-ADR | Reduce -40.4% | 0.08% | −0.06 |
| EPI Wisdomtree India Earnings | Reduce -37.0% | 0.09% | −0.06 |
| NEE Nextera Energy Inc. | Reduce -0.7% | 2.07% | −0.06 |
| XLRE SS Real Estate Select Sector | Sold out | 0.00% | −0.06 |
| SPY SS SPDR S&P 500 ETF Trust-US | Sold out | 0.00% | −0.05 |
| CGW Invesco S&P Global Water Ind | Sold out | 0.00% | −0.04 |
| DVY iShares Select Dividend ETF | Reduce -94.1% | 0.00% | −0.04 |
| XLE SS Energy Select Sector | Reduce -93.3% | 0.00% | −0.04 |
| KB KB Financial Group Inc.-ADR | Reduce -26.9% | 0.06% | −0.03 |
| IOO iShares Global 100 ETF | Sold out | 0.00% | −0.03 |
| HDEF Xtrackers MSCI Eafe High Div | Sold out | 0.00% | −0.02 |
| VWO Vanguard Ftse Emerging Marke | Reduce -65.6% | 0.01% | −0.02 |
| INDA iShares MSCI India ETF | Reduce -30.9% | 0.03% | −0.02 |
| XLU St Sr Utl SL SE SPDR ETF-Usd | Sold out | 0.00% | −0.02 |
| ET Energy Transfer LP | Reduce -18.7% | 0.05% | −0.01 |
| REET iShares Global REIT ETF | Sold out | 0.00% | −0.01 |
| DEM Wisdomtree Emerging Markets | Sold out | 0.00% | −0.01 |
| ETN Eaton Corp. PLC | Reduce -5.5% | 0.04% | −0.01 |
Portfolio Buys Q4 2024 → Q1 2025
| OMC Omnicom Group | New | 0.97% | +0.97 |
| KDP Keurig Dr Pepper Inc. | New | 0.71% | +0.71 |
| BCE Bce Inc. | Add +74.6% | 1.63% | +0.68 |
| MDT Medtronic PLC | Add +6.4% | 2.82% | +0.44 |
| UPS United Parcel Service Class B | Add +60.0% | 1.54% | +0.43 |
| MDLZ Mondelez International Inc. Class A | Add +910.8% | 0.47% | +0.43 |
| ENB Enbridge Inc. | Add +10417.2% | 0.42% | +0.42 |
| MO Altria Group Inc. | Add +8.4% | 2.00% | +0.38 |
| JNJ Johnson & Johnson | Add +4.7% | 2.37% | +0.38 |
| PNC PNC Financial Services Group | Add +1014.9% | 0.40% | +0.36 |
| VICI Vici Properties Inc. | Add +1.9% | 2.43% | +0.28 |
| DOC Healthpeak Properties Inc. | Add +14.4% | 2.36% | +0.28 |
| CCI Crown Castle Inc. | Add +0.6% | 1.33% | +0.17 |
| PBR Petroleo Brasileiro-Spon ADR | Add +50.1% | 0.42% | +0.17 |
| GPC Genuine Parts Co. | Add +8.1% | 1.86% | +0.16 |
| VZ Verizon Communications Inc. | Add +6.1% | 0.79% | +0.13 |
| BAX Baxter International Inc. | Add +7.9% | 0.59% | +0.12 |
| CMCSA Comcast Corp. Class A | Add +8.2% | 2.28% | +0.12 |
| KOF Coca-Cola Femsa Sab-SP ADR | Add +9.2% | 0.55% | +0.12 |
| SNY Sanofi-ADR | Add +53.6% | 0.26% | +0.11 |
| BABA Alibaba Group Holding-SP ADR | New | 0.10% | +0.10 |
| GD General Dynamics Corp. | Add +1.4% | 2.37% | +0.09 |
| QCOM Qualcomm Inc. | Add +11.9% | 0.88% | +0.09 |
| DOW Dow Inc. | Add +21.4% | 1.83% | +0.08 |
| BTI British American Tob-SP ADR | Add +1.6% | 0.57% | +0.07 |
| RIO Rio Tinto PLC-Spon ADR | Add +10.1% | 0.64% | +0.07 |
| SHEL Shell PLC-ADR | Add +3.6% | 0.39% | +0.07 |
| EWY iShares MSCI South Korea ETF | Add +385.1% | 0.06% | +0.05 |
| EOG EOG Resources Inc. | Add +1.7% | 0.82% | +0.04 |
| MRK Merck & Co. Inc. | Add +13.8% | 2.32% | +0.04 |
| CPA Copa Holdings SA Class A | Add +65.6% | 0.09% | +0.04 |
| TM Toyota Motor Corp. -Spon ADR | Add +21.1% | 0.32% | +0.03 |
| BIL SS SPDR BB 1-3M T-Bill ETF | New | 0.02% | +0.02 |
| IBN Icici Bank Ltd.-Spon ADR | Add +0.2% | 0.50% | +0.02 |
| WSBC Wesbanco Inc. | New | 0.01% | +0.01 |
| AWK American Water Works Co. Inc. | Add +51.4% | 0.01% | +0.01 |
| WTRG Essential Utilities Inc. | Add +54.6% | 0.01% | +0.00 |
| GRTUF Granite Real Estate Investme | New | 0.00% | +0.00 |
| CWT California Water Service Grp | Add +148.1% | 0.01% | +0.00 |
| SJM The JM Smucker Co. | Add +14.3% | 0.02% | +0.00 |
| WPC WP Carey Inc. | New | 0.00% | +0.00 |
| YORW York Water Co. | New | 0.00% | +0.00 |
| STN Stantec Inc. | New | 0.00% | +0.00 |
| PLD Prologis Inc. | New | 0.00% | +0.00 |
| TREE Lendingtree Inc. | Add +1.3% | 0.02% | +0.00 |
| HTO H2O America | New | 0.00% | +0.00 |
| AWR American States Water Co. | Add +56.0% | 0.01% | +0.00 |
| DD Dupont DE Nemours Inc. | Add +25.9% | 0.02% | +0.00 |
| PCH Potlatchdeltic Corp. | New | 0.00% | +0.00 |
| ARTNA Artesian Resources Corp. Class A | 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 |