Cullen Capital Management, LLC
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed September 30, 2025), Cullen Capital Management, LLC reported 198 stock positions worth $8.8 billion. Its top holding was JPMorgan Chase (JPM) at 3.5% of the portfolio, followed by Cisco Systems (CSCO, 3.2%) and Bank of America (BAC, 3.0%). Compared with Q1 2025, it opened 11 new positions, sold out of 18, added to 79 and reduced 85. The biggest buy was a new position in Becton Dickinson and (BDX) and the biggest sale Kenvue (KVUE, shares −73%).
- Most Recent 13F
- Q2 2026
- Location
- New York, NY
- CIK
- 0001362535
- Portfolio Value
- $8.8B (Q2 2025)
- SEC Filing
- 0001193125-25-224592 ↗ filed Sep 30, 2025
Holdings Value
Holdings 198 stocks · $8.8B
| JPM JPMorgan Chase & Co. | 3.46% | 1,047,243 | $303.6M | Reduce -1.9% |
| CSCO Cisco Systems Inc. | 3.19% | 4,035,596 | $280.0M | Reduce -3.5% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 2.97% | 5,507,486 | $260.6M | Add +0.1% |
| NVS Novartis AG-Sponsored ADR | 2.89% | 2,096,852 | $253.7M | Reduce -0.6% |
| DUK Duke Energy Corp. | 2.75% | 2,049,613 | $241.9M | Reduce -3.1% |
| MDT Medtronic PLC | 2.68% | 2,701,420 | $235.5M | Reduce -0.7% |
| C Citigroup Inc. | 2.67% | 2,757,364 | $234.7M | Reduce -1.4% |
| AVGO Broadcom Inc. | 2.63% | 837,455 | $230.8M | Reduce -1.5% |
| MS Morgan Stanley | 2.62% | 1,636,014 | $230.4M | Reduce -1.6% |
| T AT&T Inc. | 2.62% | 7,944,442 | $229.9M | Add +24.9% |
| PM Philip Morris International | 2.57% | 1,240,048 | $225.8M | Reduce -4.1% |
| GD General Dynamics Corp. | 2.46% | 741,984 | $216.4M | Reduce -1.3% |
| RTX RTX Corp. | 2.45% | 1,473,335 | $215.1M | Reduce -24.4% |
| VICI Vici Properties Inc. filed as VICI PPTYS INC | 2.39% | 6,426,523 | $209.5M | Reduce -0.5% |
| JCI Johnson Controls Internation | 2.39% | 1,983,526 | $209.5M | Reduce -29.9% |
| XOM Exxon Mobil Corp. | 2.37% | 1,929,306 | $208.0M | Reduce -0.5% |
| CB Chubb Ltd. | 2.29% | 695,502 | $201.5M | Reduce -0.6% |
| JNJ Johnson & Johnson | 2.11% | 1,211,617 | $185.1M | Reduce -1.9% |
| MRK Merck & Co. Inc. | 2.05% | 2,276,476 | $180.2M | Add +1.8% |
| TFC Truist Financial Corp. | 2.04% | 4,164,716 | $179.0M | Reduce -7.1% |
| COP Conocophillips | 1.98% | 1,934,767 | $173.6M | Add +52.7% |
| CMCSA Comcast Corp. Class A | 1.97% | 4,838,708 | $172.7M | Reduce -9.5% |
| NEE Nextera Energy Inc. | 1.96% | 2,476,861 | $171.9M | Reduce -2.0% |
| DOC Healthpeak Properties Inc. | 1.91% | 9,591,104 | $167.9M | Reduce -5.0% |
| GPC Genuine Parts Co. | 1.87% | 1,353,327 | $164.2M | Add +0.1% |
| UL Unilever PLC | 1.77% | 2,546,500 | $155.8M | Reduce -1.9% |
| MO Altria Group Inc. | 1.75% | 2,617,603 | $153.5M | Reduce -9.2% |
| TRV The Travelers Cos Inc. | 1.59% | 520,886 | $139.4M | Reduce -1.4% |
| UPS United Parcel Service Class B | 1.52% | 1,323,656 | $133.6M | Add +9.3% |
| LOW Lowe's Cos Inc. | 1.48% | 585,937 | $130.0M | Add +7.7% |
| CVX Chevron Corp. | 1.48% | 904,996 | $129.6M | Reduce -36.5% |
| CCI Crown Castle Inc. | 1.33% | 1,132,720 | $116.4M | Add +2.8% |
| MSFT Microsoft Corp. | 1.23% | 217,237 | $108.1M | Reduce -3.0% |
| TGT Target Corp. | 1.08% | 965,219 | $95.2M | Add +2.7% |
| PFE Pfizer Inc. | 1.01% | 3,643,578 | $88.3M | Reduce -22.9% |
| QCOM Qualcomm Inc. | 0.98% | 542,906 | $86.5M | Add +10.0% |
| DOW Dow Inc. | 0.96% | 3,184,041 | $84.3M | Reduce -29.9% |
| BCE Bce Inc. | 0.91% | 3,597,380 | $79.8M | Reduce -41.6% |
| DEO Diageo PLC-Sponsored ADR | 0.90% | 781,444 | $78.8M | Reduce -0.3% |
| OMC Omnicom Group | 0.89% | 1,084,737 | $78.0M | Add +7.3% |
| EOG EOG Resources Inc. | 0.79% | 576,470 | $69.0M | Add +4.7% |
| VZ Verizon Communications Inc. | 0.76% | 1,538,098 | $66.6M | Add +2.0% |
| BTI British American Tob-SP ADR | 0.76% | 1,401,922 | $66.4M | Add +16.9% |
| BDX Becton Dickinson and Co. | 0.72% | 368,568 | $63.5M | New |
| PPL PPL Corp. | 0.71% | 1,847,742 | $62.6M | Reduce -0.9% |
| BMY Bristol-Myers Squibb Co. | 0.66% | 1,261,070 | $58.4M | Add +12.7% |
| ASX Ase Technology Holding -ADR | 0.66% | 5,580,176 | $57.6M | Add +24.1% |
| NGG National Grid PLC-SP ADR | 0.64% | 758,795 | $56.5M | New |
| CAG Conagra Brands Inc. | 0.64% | 2,740,013 | $56.1M | Add +4497.6% |
| CCEP Coca-Cola Europacific Partne | 0.61% | 576,776 | $53.5M | Add +2.3% |
| TSM Taiwan Semiconductor-SP ADR | 0.61% | 235,376 | $53.3M | Add +43.1% |
| PCAR Paccar Inc. | 0.61% | 560,405 | $53.3M | New |
| SYY Sysco Corp. | 0.60% | 698,965 | $52.9M | Add +2.0% |
| KVUE Kenvue Inc. | 0.59% | 2,484,940 | $52.0M | Reduce -72.5% |
| RIO Rio Tinto PLC-Spon ADR | 0.59% | 882,679 | $51.5M | Reduce -4.7% |
| KOF Coca-Cola Femsa Sab-SP ADR | 0.58% | 531,055 | $51.4M | Add +2.4% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.58% | 173,053 | $51.0M | Reduce -7.8% |
| BAX Baxter International Inc. | 0.57% | 1,651,542 | $50.0M | Add +10.4% |
| KDP Keurig Dr Pepper Inc. | 0.56% | 1,498,536 | $49.5M | Reduce -16.6% |
| ENB Enbridge Inc. | 0.55% | 1,070,038 | $48.5M | Add +29.4% |
| PPG PPG Industries Inc. | 0.53% | 411,757 | $46.8M | New |
| IBN Icici Bank Ltd.-Spon ADR | 0.53% | 1,384,763 | $46.6M | Add +0.1% |
| PNC PNC Financial Services Group | 0.43% | 204,875 | $38.2M | Add +3.8% |
| SHEL Shell PLC-ADR | 0.39% | 485,378 | $34.2M | Add +5.5% |
| PBR Petroleo Brasileiro-Spon ADR | 0.38% | 2,636,074 | $33.0M | Add +5.2% |
| TM Toyota Motor Corp. -Spon ADR | 0.31% | 157,494 | $27.1M | Reduce -1.0% |
| NSC Norfolk Southern Corp. | 0.27% | 92,087 | $23.6M | New |
| XLC SS Comm Select Sector SPDR | 0.25% | 205,981 | $22.4M | Add +2592.9% |
| SW Smurfit Westrock PLC | 0.25% | 514,091 | $22.2M | Reduce -39.6% |
| SNY Sanofi-ADR | 0.24% | 437,824 | $21.2M | Add +9.2% |
| CPA Copa Holdings SA Class A | 0.23% | 184,228 | $20.3M | Add +111.1% |
| XLV SS Health Care Select Sector | 0.22% | 143,463 | $19.3M | Add +2879.5% |
| TTE Totalenergies SE -Spon ADR | 0.18% | 252,335 | $15.5M | Add +10.1% |
| EWY iShares MSCI South Korea ETF | 0.16% | 196,402 | $14.1M | Add +94.0% |
| LAUR Laureate Education Inc. | 0.16% | 602,831 | $14.1M | Reduce -30.3% |
| EPI Wisdomtree India Earnings | 0.11% | 210,075 | $10.0M | Add +15.9% |
| XLF SS Financial Select Sector | 0.11% | 185,424 | $9.7M | Add +4370.2% |
| KB KB Financial Group Inc.-ADR filed as KB FINL GROUP INC | 0.10% | 111,477 | $9.2M | Add +19.6% |
| XLI SS Industrial Select Sector | 0.10% | 61,155 | $9.0M | Add +1197.9% |
| EWT iShares MSCI Taiwan ETF | 0.10% | 156,851 | $9.0M | Add +24.6% |
| BABA Alibaba Group Holding-SP ADR | 0.08% | 64,542 | $7.3M | Reduce -1.3% |
| XLK SS Technology Select Sector | 0.08% | 27,478 | $7.0M | Add +1363.9% |
| ORCL Oracle Corp. | 0.07% | 29,363 | $6.4M | Reduce -1.5% |
| AXP American Express Co. | 0.06% | 17,007 | $5.4M | Add +2.1% |
| EWM iShares MSCI Malaysia ETF | 0.06% | 206,733 | $5.0M | Reduce -1.0% |
| ETN Eaton Corp. PLC | 0.05% | 13,051 | $4.7M | Reduce -2.6% |
| CI The Cigna Group | 0.05% | 13,931 | $4.6M | Add +2.5% |
| ITUB Itau Unibanco H-Spon PRF ADR | 0.05% | 675,383 | $4.6M | New |
| WMT Walmart Inc. | 0.05% | 44,033 | $4.3M | Reduce -6.2% |
| HON Honeywell International Inc. | 0.05% | 18,068 | $4.2M | Reduce -0.7% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.05% | 32,982 | $4.1M | Add +3.5% |
| MDLZ Mondelez International Inc. Class A | 0.05% | 59,970 | $4.0M | Reduce -89.9% |
| XLB SS Materials Select Sector | 0.05% | 45,086 | $4.0M | Add +474.6% |
| SRE Sempra | 0.04% | 48,858 | $3.7M | Reduce -8.3% |
| AMAT Applied Materials Inc. | 0.04% | 20,163 | $3.7M | Add +2.7% |
| ALL Allstate Corp. | 0.04% | 18,283 | $3.7M | Add +2.9% |
| ET Energy Transfer LP | 0.04% | 192,994 | $3.5M | Reduce -15.5% |
| BWA Borgwarner Inc. | 0.04% | 98,970 | $3.3M | Add +4.2% |
| EPD Enterprise Products Partners | 0.04% | 106,851 | $3.3M | Reduce -1.9% |
| BIL SS SPDR BB 1-3M T-Bill ETF | 0.04% | 35,596 | $3.3M | Add +59.2% |
Portfolio Sells Q1 2025 → Q2 2025
| KVUE Kenvue Inc. | Reduce -72.5% | 0.59% | −1.91 |
| CVX Chevron Corp. | Reduce -36.5% | 1.48% | −1.28 |
| DOW Dow Inc. | Reduce -29.9% | 0.96% | −0.87 |
| BCE Bce Inc. | Reduce -41.6% | 0.91% | −0.73 |
| RTX RTX Corp. | Reduce -24.4% | 2.45% | −0.53 |
| DOC Healthpeak Properties Inc. | Reduce -5.0% | 1.91% | −0.45 |
| MDLZ Mondelez International Inc. Class A | Reduce -89.9% | 0.05% | −0.42 |
| PFE Pfizer Inc. | Reduce -22.9% | 1.01% | −0.38 |
| CMCSA Comcast Corp. Class A | Reduce -9.5% | 1.97% | −0.31 |
| XOM Exxon Mobil Corp. | Reduce -0.5% | 2.37% | −0.29 |
| JNJ Johnson & Johnson | Reduce -1.9% | 2.11% | −0.26 |
| MO Altria Group Inc. | Reduce -9.2% | 1.75% | −0.25 |
| JCI Johnson Controls Internation | Reduce -29.9% | 2.39% | −0.23 |
| DUK Duke Energy Corp. | Reduce -3.1% | 2.75% | −0.23 |
| SW Smurfit Westrock PLC | Reduce -39.6% | 0.25% | −0.19 |
| KDP Keurig Dr Pepper Inc. | Reduce -16.6% | 0.56% | −0.15 |
| CB Chubb Ltd. | Reduce -0.6% | 2.29% | −0.15 |
| MDT Medtronic PLC | Reduce -0.7% | 2.68% | −0.14 |
| NEE Nextera Energy Inc. | Reduce -2.0% | 1.96% | −0.11 |
| TFC Truist Financial Corp. | Reduce -7.1% | 2.04% | −0.09 |
| TCOM Trip.com Group Ltd.-ADR | Sold out | 0.00% | −0.08 |
| PPL PPL Corp. | Reduce -0.9% | 0.71% | −0.06 |
| RIO Rio Tinto PLC-Spon ADR | Reduce -4.7% | 0.59% | −0.06 |
| DEO Diageo PLC-Sponsored ADR | Reduce -0.3% | 0.90% | −0.05 |
| KSPI JSC Kaspi.kz ADR | Reduce -58.5% | 0.03% | −0.05 |
| VICI Vici Properties Inc. | Reduce -0.5% | 2.39% | −0.05 |
| LAUR Laureate Education Inc. | Reduce -30.3% | 0.16% | −0.04 |
| KTB Kontoor Brands Inc. | Sold out | 0.00% | −0.04 |
| TRV The Travelers Cos Inc. | Reduce -1.4% | 1.59% | −0.03 |
| BABA Alibaba Group Holding-SP ADR | Reduce -1.3% | 0.08% | −0.02 |
| TM Toyota Motor Corp. -Spon ADR | Reduce -1.0% | 0.31% | −0.02 |
| VNOM Viper Energy Inc. | Sold out | 0.00% | −0.01 |
| UL Unilever PLC | Reduce -1.9% | 1.77% | −0.01 |
| BX Blackstone Inc. | Sold out | 0.00% | −0.01 |
| ET Energy Transfer LP | Reduce -15.5% | 0.04% | −0.01 |
| SSB Southstate Bank Corp. | Sold out | 0.00% | −0.01 |
| EFV iShares MSCI Eafe Value ETF | Sold out | 0.00% | −0.01 |
| VWO Vanguard Ftse Emerging Marke | Reduce -60.0% | 0.00% | −0.01 |
| TREE Lendingtree Inc. | Reduce -14.0% | 0.01% | −0.01 |
| EPD Enterprise Products Partners | Reduce -1.9% | 0.04% | −0.01 |
| AAPL Apple Inc. | Reduce -22.1% | 0.01% | −0.00 |
| PFSI Pennymac Financial Services | Reduce -48.6% | 0.00% | −0.00 |
| AWK American Water Works Co. Inc. | Reduce -26.0% | 0.01% | −0.00 |
| STR Sitio Royalties Corp. Class A | Sold out | 0.00% | −0.00 |
| ZWS Zurn Elkay Water Solutions C | Sold out | 0.00% | −0.00 |
| IWN iShares Russell 2000 Value E | Sold out | 0.00% | −0.00 |
| UNP Union Pacific Corp. | Reduce -8.2% | 0.02% | −0.00 |
| MBC Masterbrand Inc. | Reduce -27.4% | 0.00% | −0.00 |
| XLY SS Consumer Disc Select Sect | Reduce -57.3% | 0.00% | −0.00 |
| ABBV Abbvie Inc. | Reduce -46.8% | 0.00% | −0.00 |
Portfolio Buys Q1 2025 → Q2 2025
| BDX Becton Dickinson and Co. | New | 0.72% | +0.72 |
| NGG National Grid PLC-SP ADR | New | 0.64% | +0.64 |
| CAG Conagra Brands Inc. | Add +4497.6% | 0.64% | +0.62 |
| PCAR Paccar Inc. | New | 0.61% | +0.61 |
| T AT&T Inc. | Add +24.9% | 2.62% | +0.54 |
| PPG PPG Industries Inc. | New | 0.53% | +0.53 |
| COP Conocophillips | Add +52.7% | 1.98% | +0.44 |
| BAC Bank of America Corp. | Add +0.1% | 2.97% | +0.32 |
| TSM Taiwan Semiconductor-SP ADR | Add +43.1% | 0.61% | +0.29 |
| NSC Norfolk Southern Corp. | New | 0.27% | +0.27 |
| XLC SS Comm Select Sector SPDR | Add +2592.9% | 0.25% | +0.25 |
| XLV SS Health Care Select Sector | Add +2879.5% | 0.22% | +0.21 |
| ASX Ase Technology Holding -ADR | Add +24.1% | 0.66% | +0.20 |
| BTI British American Tob-SP ADR | Add +16.9% | 0.76% | +0.18 |
| CPA Copa Holdings SA Class A | Add +111.1% | 0.23% | +0.14 |
| ENB Enbridge Inc. | Add +29.4% | 0.55% | +0.13 |
| QCOM Qualcomm Inc. | Add +10.0% | 0.98% | +0.11 |
| XLF SS Financial Select Sector | Add +4370.2% | 0.11% | +0.11 |
| EWY iShares MSCI South Korea ETF | Add +94.0% | 0.16% | +0.10 |
| XLI SS Industrial Select Sector | Add +1197.9% | 0.10% | +0.10 |
| XLK SS Technology Select Sector | Add +1363.9% | 0.08% | +0.07 |
| ITUB Itau Unibanco H-Spon PRF ADR | New | 0.05% | +0.05 |
| KB KB Financial Group Inc.-ADR | Add +19.6% | 0.10% | +0.05 |
| CCEP Coca-Cola Europacific Partne | Add +2.3% | 0.61% | +0.04 |
| KOF Coca-Cola Femsa Sab-SP ADR | Add +2.4% | 0.58% | +0.04 |
| XLB SS Materials Select Sector | Add +474.6% | 0.05% | +0.04 |
| PNC PNC Financial Services Group | Add +3.8% | 0.43% | +0.03 |
| EWT iShares MSCI Taiwan ETF | Add +24.6% | 0.10% | +0.03 |
| IBN Icici Bank Ltd.-Spon ADR | Add +0.1% | 0.53% | +0.03 |
| EPI Wisdomtree India Earnings | Add +15.9% | 0.11% | +0.02 |
| LOW Lowe's Cos Inc. | Add +7.7% | 1.48% | +0.01 |
| BIL SS SPDR BB 1-3M T-Bill ETF | Add +59.2% | 0.04% | +0.01 |
| DIS The Walt Disney Co. | Add +3.5% | 0.05% | +0.01 |
| AXP American Express Co. | Add +2.1% | 0.06% | +0.01 |
| XLU St Sr Utl SL SE SPDR ETF-Usd | New | 0.01% | +0.01 |
| AMAT Applied Materials Inc. | Add +2.7% | 0.04% | +0.01 |
| SYY Sysco Corp. | Add +2.0% | 0.60% | +0.01 |
| GPC Genuine Parts Co. | Add +0.1% | 1.87% | +0.01 |
| PSA Public Storage | Add +314.8% | 0.01% | +0.01 |
| SSB Southstate Bank Corp. | New | 0.01% | +0.01 |
| MU Micron Technology Inc. | Add +7.3% | 0.02% | +0.01 |
| BWA Borgwarner Inc. | Add +4.2% | 0.04% | +0.01 |
| ARW Arrow Electronics Inc. | Add +0.5% | 0.03% | +0.01 |
| SBS Cia Saneamento Basico DE-ADR | Add +163.4% | 0.01% | +0.01 |
| TTE Totalenergies SE -Spon ADR | Add +10.1% | 0.18% | +0.01 |
| NMRK Newmark Group Inc. Class A | New | 0.01% | +0.01 |
| XLRE SS Real Estate Select Sector | New | 0.00% | +0.00 |
| VNOM Viper Energy Inc. Class A | New | 0.00% | +0.00 |
| TTEK Tetra Tech Inc. | Add +56.3% | 0.01% | +0.00 |
| RJF Raymond James Financial Inc. | Add +7.4% | 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 |