Cullen Capital Management, LLC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 5, 2025), Cullen Capital Management, LLC reported 217 stock positions worth $9.1 billion. Its top holding was JPMorgan Chase (JPM) at 3.5% of the portfolio, followed by Bank of America (BAC, 3.1%) and Cisco Systems (CSCO, 2.9%). Compared with Q2 2025, it opened 27 new positions, sold out of 8, added to 53 and reduced 100. The biggest buy was a new position in Unitedhealth (UNH) and the biggest sale AT&T (T, shares −27%).
- Most Recent 13F
- Q2 2026
- Location
- New York, NY
- CIK
- 0001362535
- Portfolio Value
- $9.1B (Q3 2025)
- SEC Filing
- 0001193125-25-265864 ↗ filed Nov 5, 2025
Holdings Value
Holdings 217 stocks · $9.1B
| JPM JPMorgan Chase & Co. | 3.47% | 1,006,665 | $317.5M | Reduce -3.9% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 3.08% | 5,452,072 | $281.3M | Reduce -1.0% |
| CSCO Cisco Systems Inc. | 2.95% | 3,937,772 | $269.4M | Reduce -2.4% |
| NVS Novartis AG-Sponsored ADR | 2.90% | 2,070,377 | $265.5M | Reduce -1.3% |
| MDT Medtronic PLC | 2.78% | 2,672,375 | $254.5M | Reduce -1.1% |
| DUK Duke Energy Corp. | 2.73% | 2,019,977 | $250.0M | Reduce -1.4% |
| C Citigroup Inc. | 2.73% | 2,456,580 | $249.3M | Reduce -10.9% |
| MS Morgan Stanley | 2.72% | 1,562,592 | $248.4M | Reduce -4.5% |
| GD General Dynamics Corp. | 2.69% | 721,016 | $245.9M | Reduce -2.8% |
| RTX RTX Corp. | 2.56% | 1,399,880 | $234.2M | Reduce -5.0% |
| JNJ Johnson & Johnson | 2.42% | 1,195,361 | $221.6M | Reduce -1.3% |
| XOM Exxon Mobil Corp. | 2.36% | 1,912,111 | $215.6M | Reduce -0.9% |
| TFC Truist Financial Corp. | 2.30% | 4,591,783 | $209.9M | Add +10.3% |
| VICI Vici Properties Inc. filed as VICI PPTYS INC | 2.26% | 6,327,308 | $206.3M | Reduce -1.5% |
| JCI Johnson Controls Internation | 2.22% | 1,849,329 | $203.3M | Reduce -6.8% |
| AVGO Broadcom Inc. | 2.16% | 599,849 | $197.9M | Reduce -28.4% |
| MRK Merck & Co. Inc. | 2.15% | 2,343,452 | $196.7M | Add +2.9% |
| DOC Healthpeak Properties Inc. | 2.14% | 10,232,875 | $196.0M | Add +6.7% |
| PM Philip Morris International | 2.13% | 1,198,931 | $194.5M | Reduce -3.3% |
| CB Chubb Ltd. | 2.12% | 685,887 | $193.6M | Reduce -1.4% |
| GPC Genuine Parts Co. | 2.06% | 1,358,998 | $188.4M | Add +0.4% |
| NEE Nextera Energy Inc. | 2.06% | 2,495,106 | $188.4M | Add +0.7% |
| COP Conocophillips | 2.03% | 1,957,016 | $185.1M | Add +1.1% |
| CMCSA Comcast Corp. Class A | 1.84% | 5,343,823 | $167.9M | Add +10.4% |
| T AT&T Inc. | 1.80% | 5,820,629 | $164.4M | Reduce -26.7% |
| MO Altria Group Inc. | 1.79% | 2,480,772 | $163.9M | Reduce -5.2% |
| LOW Lowe's Cos Inc. | 1.71% | 622,033 | $156.3M | Add +6.2% |
| BCE Bce Inc. | 1.64% | 6,389,865 | $149.5M | Add +77.6% |
| UL Unilever PLC | 1.62% | 2,492,750 | $147.8M | Reduce -2.1% |
| TRV The Travelers Cos Inc. | 1.55% | 508,253 | $141.9M | Reduce -2.4% |
| CVX Chevron Corp. | 1.52% | 893,771 | $138.8M | Reduce -1.2% |
| BDX Becton Dickinson and Co. | 1.47% | 716,260 | $134.1M | Add +94.3% |
| DEO Diageo PLC-Sponsored ADR | 1.37% | 1,309,258 | $124.9M | Add +67.5% |
| UPS United Parcel Service Class B | 1.27% | 1,395,278 | $116.5M | Add +5.4% |
| QCOM Qualcomm Inc. | 1.21% | 665,454 | $110.7M | Add +22.6% |
| CCI Crown Castle Inc. | 1.19% | 1,131,750 | $109.2M | Reduce -0.1% |
| MSFT Microsoft Corp. | 1.19% | 210,562 | $109.1M | Reduce -3.1% |
| OMC Omnicom Group | 1.06% | 1,184,141 | $96.5M | Add +9.2% |
| TGT Target Corp. | 1.04% | 1,055,509 | $94.7M | Add +9.3% |
| DOW Dow Inc. | 0.94% | 3,758,224 | $86.2M | Add +18.0% |
| UNH Unitedhealth Group Inc. | 0.89% | 236,676 | $81.7M | New |
| BTI British American Tob-SP ADR | 0.78% | 1,334,800 | $70.9M | Reduce -4.8% |
| TSM Taiwan Semiconductor-SP ADR | 0.77% | 251,074 | $70.1M | Add +6.7% |
| PPL PPL Corp. | 0.74% | 1,821,722 | $67.7M | Reduce -1.4% |
| VZ Verizon Communications Inc. | 0.74% | 1,538,023 | $67.6M | Reduce 0.0% |
| EOG EOG Resources Inc. | 0.71% | 576,939 | $64.7M | Add +0.1% |
| ASX Ase Technology Holding -ADR | 0.68% | 5,618,822 | $62.3M | Add +0.7% |
| BMY Bristol-Myers Squibb Co. | 0.66% | 1,340,847 | $60.5M | Add +6.3% |
| PFE Pfizer Inc. | 0.63% | 2,258,687 | $57.6M | Reduce -38.0% |
| SYY Sysco Corp. | 0.62% | 685,779 | $56.5M | Reduce -1.9% |
| PCAR Paccar Inc. | 0.60% | 558,423 | $54.9M | Reduce -0.3% |
| NGG National Grid PLC-SP ADR | 0.58% | 731,561 | $53.2M | Reduce -3.6% |
| IBN Icici Bank Ltd.-Spon ADR | 0.57% | 1,729,815 | $52.3M | Add +24.9% |
| ENB Enbridge Inc. | 0.57% | 1,030,108 | $52.0M | Reduce -3.7% |
| SW Smurfit Westrock PLC | 0.54% | 1,153,374 | $49.1M | Add +124.3% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.53% | 171,000 | $48.2M | Reduce -1.2% |
| CCEP Coca-Cola Europacific Partne | 0.51% | 520,359 | $47.0M | Reduce -9.8% |
| PPG PPG Industries Inc. | 0.47% | 405,491 | $42.6M | Reduce -1.5% |
| PNC PNC Financial Services Group | 0.44% | 201,403 | $40.5M | Reduce -1.7% |
| KVUE Kenvue Inc. | 0.43% | 2,410,641 | $39.1M | Reduce -3.0% |
| KDP Keurig Dr Pepper Inc. | 0.43% | 1,526,172 | $38.9M | Add +1.8% |
| KOF Coca-Cola Femsa Sab-SP ADR | 0.42% | 458,255 | $38.1M | Reduce -13.7% |
| TM Toyota Motor Corp. -Spon ADR | 0.41% | 197,114 | $37.7M | Add +25.2% |
| NSC Norfolk Southern Corp. | 0.40% | 121,351 | $36.5M | Add +31.8% |
| SHEL Shell PLC-ADR | 0.38% | 489,631 | $35.0M | Add +0.9% |
| TIGO Millicom Intl Cellular S.A. | 0.34% | 643,031 | $31.2M | New |
| CPA Copa Holdings SA Class A | 0.27% | 209,401 | $24.9M | Add +13.7% |
| PBR Petroleo Brasileiro-Spon ADR | 0.22% | 1,576,277 | $20.0M | Reduce -40.2% |
| RIO Rio Tinto PLC-Spon ADR | 0.21% | 289,761 | $19.1M | Reduce -67.2% |
| SNY Sanofi-ADR | 0.20% | 384,482 | $18.1M | Reduce -12.2% |
| EWY iShares MSCI South Korea ETF | 0.20% | 222,743 | $17.8M | Add +13.4% |
| EFV iShares MSCI Eafe Value ETF | 0.17% | 231,632 | $15.7M | New |
| LAUR Laureate Education Inc. | 0.14% | 407,979 | $12.9M | Reduce -32.3% |
| EEM iShares MSCI Emerging Market | 0.13% | 229,518 | $12.3M | New |
| TTE Totalenergies SE -Spon ADR | 0.12% | 190,515 | $11.4M | Reduce -24.5% |
| EWT iShares MSCI Taiwan ETF | 0.11% | 156,138 | $9.9M | Reduce -0.5% |
| KB KB Financial Group Inc.-ADR filed as KB FINL GROUP INC | 0.10% | 112,029 | $9.3M | Add +0.5% |
| BABA Alibaba Group Holding-SP ADR | 0.09% | 45,664 | $8.2M | Reduce -29.3% |
| ACWX iShares MSCI Acwi Ex US ETF | 0.09% | 119,661 | $7.8M | New |
| ORCL Oracle Corp. | 0.07% | 21,564 | $6.1M | Reduce -26.6% |
| EWZ iShares MSCI Brazil ETF | 0.07% | 192,956 | $6.0M | New |
| AXP American Express Co. | 0.06% | 17,169 | $5.7M | Add +0.9% |
| ITUB Itau Unibanco H-Spon PRF ADR | 0.05% | 669,412 | $4.9M | Reduce -0.9% |
| ETN Eaton Corp. PLC | 0.05% | 12,824 | $4.8M | Reduce -1.7% |
| AMAT Applied Materials Inc. | 0.05% | 22,193 | $4.5M | Add +10.1% |
| WMT Walmart Inc. | 0.05% | 43,662 | $4.5M | Reduce -0.8% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.05% | 38,973 | $4.5M | Add +18.2% |
| EPI Wisdomtree India Earnings | 0.04% | 92,145 | $4.1M | Reduce -56.1% |
| CI The Cigna Group | 0.04% | 14,025 | $4.0M | Add +0.7% |
| BWA Borgwarner Inc. | 0.04% | 89,667 | $3.9M | Reduce -9.4% |
| HON Honeywell International Inc. | 0.04% | 18,068 | $3.8M | No change |
| ALL Allstate Corp. | 0.04% | 17,585 | $3.8M | Reduce -3.8% |
| MDLZ Mondelez International Inc. Class A | 0.04% | 58,386 | $3.6M | Reduce -2.6% |
| AXTA Axalta Coating Systems Ltd. | 0.03% | 100,422 | $2.9M | Reduce -2.5% |
| ET Energy Transfer LP | 0.03% | 156,835 | $2.7M | Reduce -18.7% |
| ARW Arrow Electronics Inc. | 0.03% | 22,029 | $2.7M | Reduce -1.1% |
| PKG Packaging Corp. of America | 0.03% | 12,215 | $2.7M | Reduce -0.3% |
| EPD Enterprise Products Partners | 0.03% | 84,905 | $2.7M | Reduce -20.5% |
| SRE Sempra | 0.03% | 29,141 | $2.6M | Reduce -40.4% |
| GOOGL Alphabet Inc. Class A | 0.03% | 10,601 | $2.6M | Add +23.3% |
Portfolio Sells Q2 2025 → Q3 2025
| T AT&T Inc. | Reduce -26.7% | 1.80% | −0.82 |
| CAG Conagra Brands Inc. | Reduce -97.5% | 0.01% | −0.63 |
| BAX Baxter International Inc. | Sold out | 0.00% | −0.57 |
| AVGO Broadcom Inc. | Reduce -28.4% | 2.16% | −0.46 |
| PM Philip Morris International | Reduce -3.3% | 2.13% | −0.44 |
| RIO Rio Tinto PLC-Spon ADR | Reduce -67.2% | 0.21% | −0.38 |
| PFE Pfizer Inc. | Reduce -38.0% | 0.63% | −0.38 |
| CSCO Cisco Systems Inc. | Reduce -2.4% | 2.95% | −0.24 |
| XLC SS Comm Select Sector SPDR | Reduce -92.2% | 0.02% | −0.23 |
| XLV SS Health Care Select Sector | Reduce -94.0% | 0.01% | −0.21 |
| CB Chubb Ltd. | Reduce -1.4% | 2.12% | −0.18 |
| KOF Coca-Cola Femsa Sab-SP ADR | Reduce -13.7% | 0.42% | −0.17 |
| KVUE Kenvue Inc. | Reduce -3.0% | 0.43% | −0.16 |
| JCI Johnson Controls Internation | Reduce -6.8% | 2.22% | −0.16 |
| UL Unilever PLC | Reduce -2.1% | 1.62% | −0.16 |
| PBR Petroleo Brasileiro-Spon ADR | Reduce -40.2% | 0.22% | −0.16 |
| CCI Crown Castle Inc. | Reduce -0.1% | 1.19% | −0.13 |
| VICI Vici Properties Inc. | Reduce -1.5% | 2.26% | −0.13 |
| XLF SS Financial Select Sector | Sold out | 0.00% | −0.11 |
| CCEP Coca-Cola Europacific Partne | Reduce -9.8% | 0.51% | −0.09 |
| XLI SS Industrial Select Sector | Reduce -87.9% | 0.01% | −0.09 |
| XLK SS Technology Select Sector | Sold out | 0.00% | −0.08 |
| EPI Wisdomtree India Earnings | Reduce -56.1% | 0.04% | −0.07 |
| PPG PPG Industries Inc. | Reduce -1.5% | 0.47% | −0.07 |
| NGG National Grid PLC-SP ADR | Reduce -3.6% | 0.58% | −0.06 |
| IBM Intl Business Machines Corp. | Reduce -1.2% | 0.53% | −0.05 |
| TTE Totalenergies SE -Spon ADR | Reduce -24.5% | 0.12% | −0.05 |
| SNY Sanofi-ADR | Reduce -12.2% | 0.20% | −0.04 |
| XLB SS Materials Select Sector | Reduce -90.8% | 0.00% | −0.04 |
| EWM iShares MSCI Malaysia ETF | Reduce -67.0% | 0.02% | −0.04 |
| MSFT Microsoft Corp. | Reduce -3.1% | 1.19% | −0.04 |
| TRV The Travelers Cos Inc. | Reduce -2.4% | 1.55% | −0.03 |
| KSPI JSC Kaspi.kz ADR | Reduce -85.4% | 0.00% | −0.03 |
| BIL SS SPDR BB 1-3M T-Bill ETF | Reduce -68.2% | 0.01% | −0.03 |
| LAUR Laureate Education Inc. | Reduce -32.3% | 0.14% | −0.02 |
| DUK Duke Energy Corp. | Reduce -1.4% | 2.73% | −0.02 |
| VZ Verizon Communications Inc. | Reduce 0.0% | 0.74% | −0.02 |
| WBD Warner Bros Discovery Inc. | Sold out | 0.00% | −0.01 |
| INDA iShares MSCI India ETF | Reduce -32.0% | 0.02% | −0.01 |
| SRE Sempra | Reduce -40.4% | 0.03% | −0.01 |
| ET Energy Transfer LP | Reduce -18.7% | 0.03% | −0.01 |
| XLU St Sr Utl SL SE SPDR ETF-Usd | Sold out | 0.00% | −0.01 |
| XOM Exxon Mobil Corp. | Reduce -0.9% | 2.36% | −0.01 |
| EPD Enterprise Products Partners | Reduce -20.5% | 0.03% | −0.01 |
| PSA Public Storage | Reduce -75.9% | 0.00% | −0.01 |
| MU Micron Technology Inc. | Reduce -50.8% | 0.01% | −0.01 |
| ORCL Oracle Corp. | Reduce -26.6% | 0.07% | −0.01 |
| MDLZ Mondelez International Inc. Class A | Reduce -2.6% | 0.04% | −0.01 |
| PCAR Paccar Inc. | Reduce -0.3% | 0.60% | −0.01 |
| CROX Crocs Inc. | Sold out | 0.00% | −0.00 |
Portfolio Buys Q2 2025 → Q3 2025
| UNH Unitedhealth Group Inc. | New | 0.89% | +0.89 |
| BDX Becton Dickinson and Co. | Add +94.3% | 1.47% | +0.74 |
| BCE Bce Inc. | Add +77.6% | 1.64% | +0.73 |
| DEO Diageo PLC-Sponsored ADR | Add +67.5% | 1.37% | +0.47 |
| TIGO Millicom Intl Cellular S.A. | New | 0.34% | +0.34 |
| SW Smurfit Westrock PLC | Add +124.3% | 0.54% | +0.28 |
| TFC Truist Financial Corp. | Add +10.3% | 2.30% | +0.26 |
| DOC Healthpeak Properties Inc. | Add +6.7% | 2.14% | +0.23 |
| LOW Lowe's Cos Inc. | Add +6.2% | 1.71% | +0.23 |
| QCOM Qualcomm Inc. | Add +22.6% | 1.21% | +0.23 |
| GPC Genuine Parts Co. | Add +0.4% | 2.06% | +0.19 |
| EFV iShares MSCI Eafe Value ETF | New | 0.17% | +0.17 |
| OMC Omnicom Group | Add +9.2% | 1.06% | +0.17 |
| TSM Taiwan Semiconductor-SP ADR | Add +6.7% | 0.77% | +0.16 |
| EEM iShares MSCI Emerging Market | New | 0.13% | +0.13 |
| NSC Norfolk Southern Corp. | Add +31.8% | 0.40% | +0.13 |
| TM Toyota Motor Corp. -Spon ADR | Add +25.2% | 0.41% | +0.10 |
| NEE Nextera Energy Inc. | Add +0.7% | 2.06% | +0.10 |
| MRK Merck & Co. Inc. | Add +2.9% | 2.15% | +0.10 |
| ACWX iShares MSCI Acwi Ex US ETF | New | 0.09% | +0.09 |
| EWZ iShares MSCI Brazil ETF | New | 0.07% | +0.07 |
| COP Conocophillips | Add +1.1% | 2.03% | +0.05 |
| IBN Icici Bank Ltd.-Spon ADR | Add +24.9% | 0.57% | +0.04 |
| CPA Copa Holdings SA Class A | Add +13.7% | 0.27% | +0.04 |
| EWY iShares MSCI South Korea ETF | Add +13.4% | 0.20% | +0.03 |
| ASX Ase Technology Holding -ADR | Add +0.7% | 0.68% | +0.03 |
| MCHI iShares MSCI China ETF | New | 0.02% | +0.02 |
| ADBE Adobe Inc. | New | 0.01% | +0.01 |
| GOOGL Alphabet Inc. Class A | Add +23.3% | 0.03% | +0.01 |
| IWM iShares Russell 2000 ETF | New | 0.01% | +0.01 |
| KT KT Corp.-SP ADR | New | 0.01% | +0.01 |
| LDI Loandepot Inc. Class A | Add +49.8% | 0.01% | +0.01 |
| AMAT Applied Materials Inc. | Add +10.1% | 0.05% | +0.01 |
| TREE Lendingtree Inc. | Add +5.1% | 0.02% | +0.01 |
| AVNT Avient Corp. | New | 0.01% | +0.01 |
| CVS CVS Health Corp. | New | 0.01% | +0.01 |
| DOUG Douglas Elliman Inc. | Add +26.5% | 0.01% | +0.00 |
| ADM Archer-Daniels-Midland Co. | Add +29.2% | 0.01% | +0.00 |
| KWR Quaker Chemical Corporation | New | 0.00% | +0.00 |
| ILF iShares Latin America 40 ETF | New | 0.00% | +0.00 |
| IWD iShares Russell 1000 Value E | New | 0.00% | +0.00 |
| CIVI Civitas Resources Inc. | New | 0.00% | +0.00 |
| DD Dupont DE Nemours Inc. | Add +8.3% | 0.02% | +0.00 |
| HP Helmerich & Payne | New | 0.00% | +0.00 |
| WPC WP Carey Inc. | Add +32.3% | 0.01% | +0.00 |
| BX Blackstone Inc. | New | 0.00% | +0.00 |
| VAC Marriott Vacations World | Add +48.3% | 0.01% | +0.00 |
| MBC Masterbrand Inc. | Add +30.3% | 0.01% | +0.00 |
| RYN Rayonier Inc. | New | 0.00% | +0.00 |
| RY Royal Bank of Canada | 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 |