Cullen Capital Management, LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 13, 2026), Cullen Capital Management, LLC reported 225 stock positions worth $9.2 billion. Its top holding was Cisco Systems (CSCO) at 3.1% of the portfolio, followed by Novartis AG-Sponsored ADR (NVS, 3.1%) and Bank of America (BAC, 3.1%). Compared with Q3 2025, it opened 16 new positions, sold out of 11, added to 56 and reduced 121. The biggest buy was SS Comm Select Sector SPDR (XLC, shares +2942%) and the biggest sale Diageo PLC-Sponsored ADR (DEO, shares −50%).
- Most Recent 13F
- Q2 2026
- Location
- New York, NY
- CIK
- 0001362535
- Portfolio Value
- $9.2B (Q4 2025)
- SEC Filing
- 0001193125-26-049837 ↗ filed Feb 13, 2026
Holdings Value
Holdings 225 stocks · $9.2B
| CSCO Cisco Systems Inc. | 3.14% | 3,732,436 | $287.5M | Reduce -5.2% |
| NVS Novartis AG-Sponsored ADR | 3.13% | 2,080,796 | $286.9M | Add +0.5% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 3.11% | 5,170,265 | $284.4M | Reduce -5.2% |
| JPM JPMorgan Chase & Co. | 2.96% | 841,839 | $271.3M | Reduce -16.4% |
| C Citigroup Inc. | 2.93% | 2,302,748 | $268.7M | Reduce -6.3% |
| MS Morgan Stanley | 2.92% | 1,504,927 | $267.2M | Reduce -3.7% |
| MRK Merck & Co. Inc. | 2.63% | 2,291,041 | $241.2M | Reduce -2.2% |
| JNJ Johnson & Johnson | 2.62% | 1,159,046 | $239.9M | Reduce -3.0% |
| MDT Medtronic PLC | 2.62% | 2,495,206 | $239.7M | Reduce -6.6% |
| GD General Dynamics Corp. | 2.56% | 695,181 | $234.0M | Reduce -3.6% |
| DUK Duke Energy Corp. | 2.44% | 1,906,717 | $223.5M | Reduce -5.6% |
| RTX RTX Corp. | 2.38% | 1,190,191 | $218.3M | Reduce -15.0% |
| TFC Truist Financial Corp. | 2.34% | 4,347,033 | $213.9M | Reduce -5.3% |
| CB Chubb Ltd. | 2.32% | 681,729 | $212.8M | Reduce -0.6% |
| JCI Johnson Controls Internation | 2.26% | 1,728,794 | $207.0M | Reduce -6.5% |
| XOM Exxon Mobil Corp. | 2.23% | 1,693,138 | $203.8M | Reduce -11.4% |
| NEE Nextera Energy Inc. | 2.16% | 2,460,053 | $197.5M | Reduce -1.4% |
| PM Philip Morris International | 2.09% | 1,191,567 | $191.1M | Reduce -0.6% |
| AVGO Broadcom Inc. | 2.01% | 531,398 | $183.9M | Reduce -11.4% |
| COP Conocophillips | 1.96% | 1,915,053 | $179.3M | Reduce -2.1% |
| GPC Genuine Parts Co. | 1.79% | 1,336,590 | $164.3M | Reduce -1.6% |
| VICI Vici Properties Inc. filed as VICI PPTYS INC | 1.75% | 5,688,540 | $160.0M | Reduce -10.1% |
| DOC Healthpeak Properties Inc. | 1.62% | 9,247,344 | $148.7M | Reduce -9.6% |
| QCOM Qualcomm Inc. | 1.61% | 863,078 | $147.6M | Add +29.7% |
| LOW Lowe's Cos Inc. | 1.60% | 607,775 | $146.6M | Reduce -2.3% |
| TRV The Travelers Cos Inc. | 1.57% | 497,171 | $144.2M | Reduce -2.2% |
| UL Unilever PLC-Sponsored ADR | 1.56% | 2,186,791 | $143.0M | Reduce -1.3% |
| T AT&T Inc. | 1.55% | 5,714,515 | $141.9M | Reduce -1.8% |
| BCE Bce Inc. | 1.48% | 5,693,693 | $135.6M | Reduce -10.9% |
| BDX Becton Dickinson and Co. | 1.48% | 697,777 | $135.4M | Reduce -2.6% |
| MO Altria Group Inc. | 1.47% | 2,338,076 | $134.8M | Reduce -5.8% |
| CVX Chevron Corp. | 1.45% | 870,778 | $132.7M | Reduce -2.6% |
| CMCSA Comcast Corp. Class A | 1.36% | 4,159,312 | $124.3M | Reduce -22.2% |
| UNH Unitedhealth Group Inc. | 1.20% | 332,894 | $109.9M | Add +40.6% |
| UPS United Parcel Service Class B | 1.17% | 1,081,467 | $107.3M | Reduce -22.5% |
| MSFT Microsoft Corp. | 1.07% | 202,963 | $98.2M | Reduce -3.6% |
| CCI Crown Castle Inc. | 1.03% | 1,066,389 | $94.8M | Reduce -5.8% |
| TGT Target Corp. | 0.99% | 925,442 | $90.5M | Reduce -12.3% |
| ASX Ase Technology Holding -ADR | 0.99% | 5,607,381 | $90.3M | Reduce -0.2% |
| OMC Omnicom Group | 0.95% | 1,080,978 | $87.3M | Reduce -8.7% |
| BTI British American Tob-SP ADR | 0.83% | 1,334,963 | $75.6M | Add +0.0% |
| TSM Taiwan Semiconductor-SP ADR | 0.79% | 237,805 | $72.3M | Reduce -5.3% |
| BMY Bristol-Myers Squibb Co. | 0.69% | 1,176,726 | $63.5M | Reduce -12.2% |
| NGG National Grid PLC-SP ADR | 0.64% | 761,975 | $58.9M | Add +4.2% |
| XLC SS Comm Select Sector SPDR | 0.63% | 490,271 | $57.7M | Add +2941.6% |
| PCAR Paccar Inc. | 0.63% | 525,036 | $57.5M | Reduce -6.0% |
| DEO Diageo PLC-Sponsored ADR | 0.61% | 650,211 | $56.1M | Reduce -50.3% |
| PNC PNC Financial Services Group | 0.59% | 259,784 | $54.2M | Add +29.0% |
| PPL PPL Corp. | 0.58% | 1,509,426 | $52.9M | Reduce -17.1% |
| DOW Dow Inc. | 0.58% | 2,257,481 | $52.8M | Reduce -39.9% |
| PFE Pfizer Inc. | 0.57% | 2,097,331 | $52.2M | Reduce -7.1% |
| IBN Icici Bank Ltd.-Spon ADR | 0.57% | 1,747,387 | $52.1M | Add +1.0% |
| VZ Verizon Communications Inc. | 0.56% | 1,260,646 | $51.3M | Reduce -18.0% |
| ENB Enbridge Inc. | 0.56% | 1,063,905 | $50.9M | Add +3.3% |
| TM Toyota Motor Corp. -Spon ADR | 0.55% | 236,355 | $50.6M | Add +19.9% |
| FHN First Horizon Corp. | 0.53% | 2,030,457 | $48.5M | Add +3401.0% |
| EOG EOG Resources Inc. | 0.52% | 452,854 | $47.6M | Reduce -21.5% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.50% | 154,588 | $45.8M | Reduce -9.6% |
| SYY Sysco Corp. | 0.50% | 619,282 | $45.6M | Reduce -9.7% |
| CCEP Coca-Cola Europacific Partne | 0.49% | 491,058 | $44.5M | Reduce -5.6% |
| AIG American International Group | 0.46% | 494,273 | $42.3M | New |
| KDP Keurig Dr Pepper Inc. | 0.45% | 1,478,726 | $41.4M | Reduce -3.1% |
| KOF Coca-Cola Femsa Sab-SP ADR | 0.44% | 423,641 | $40.1M | Reduce -7.5% |
| RIO Rio Tinto PLC-Spon ADR | 0.44% | 498,868 | $39.9M | Add +72.2% |
| PPG PPG Industries Inc. | 0.43% | 386,150 | $39.6M | Reduce -4.8% |
| XLI SS Industrial Select Sector | 0.40% | 237,878 | $36.9M | Add +3121.1% |
| TIGO Millicom Intl Cellular S.A. | 0.40% | 656,608 | $36.4M | Add +2.1% |
| UNP Union Pacific Corp. | 0.39% | 155,665 | $36.0M | Add +1612.7% |
| XLP SS Consumer Staples Sel Sect | 0.39% | 461,242 | $35.8M | Add +6016.5% |
| SW Smurfit Westrock PLC | 0.39% | 924,448 | $35.7M | Reduce -19.9% |
| SHEL Shell PLC-ADR | 0.39% | 480,347 | $35.3M | Reduce -1.9% |
| XLRE SS Real Estate Select Sector | 0.36% | 816,329 | $32.9M | Add +11070.4% |
| XLB SS Materials Select Sector | 0.31% | 626,265 | $28.4M | Add +7414.6% |
| NVO Novo-Nordisk A/S-Spons ADR | 0.30% | 547,520 | $27.9M | New |
| PBR Petroleo Brasileiro-Spon ADR | 0.29% | 2,271,269 | $26.9M | Add +44.1% |
| EWY iShares MSCI South Korea ETF | 0.29% | 269,232 | $26.2M | Add +20.9% |
| CPA Copa Holdings SA Class A | 0.22% | 163,557 | $19.7M | Reduce -21.9% |
| SNY Sanofi-ADR | 0.19% | 360,777 | $17.5M | Reduce -6.2% |
| EFV iShares MSCI Eafe Value ETF | 0.17% | 217,890 | $15.6M | Reduce -5.9% |
| XLV SS Health Care Select Sector | 0.16% | 94,269 | $14.6M | Add +994.9% |
| TTE Totalenergies SE | 0.14% | 199,123 | $13.0M | Add +4.5% |
| ACWX iShares MSCI Acwi Ex US ETF | 0.14% | 186,200 | $12.5M | Add +55.6% |
| EEM iShares MSCI Emerging Market | 0.11% | 187,165 | $10.2M | Reduce -18.4% |
| EWT iShares MSCI Taiwan ETF | 0.11% | 154,975 | $9.8M | Reduce -0.7% |
| KB KB Financial Group Inc.-ADR filed as KB FINL GROUP INC | 0.10% | 110,730 | $9.5M | Reduce -1.2% |
| XLE SS Energy Select Sector | 0.10% | 204,009 | $9.1M | New |
| IWD iShares Russell 1000 Value E | 0.07% | 30,562 | $6.4M | Add +1791.2% |
| LAUR Laureate Education Inc. | 0.07% | 186,590 | $6.3M | Reduce -54.3% |
| AXP American Express Co. | 0.07% | 16,977 | $6.3M | Reduce -1.1% |
| BABA Alibaba Group Holding-SP ADR | 0.07% | 42,462 | $6.2M | Reduce -7.0% |
| AMAT Applied Materials Inc. | 0.06% | 20,110 | $5.2M | Reduce -9.4% |
| ITUB Itau Unibanco H-Spon PRF ADR | 0.05% | 685,872 | $4.9M | Add +2.5% |
| WMT Walmart Inc. | 0.05% | 42,019 | $4.7M | Reduce -3.8% |
| ETN Eaton Corp. PLC | 0.05% | 14,304 | $4.6M | Add +11.5% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.05% | 37,453 | $4.3M | Reduce -3.9% |
| ORCL Oracle Corp. | 0.05% | 21,445 | $4.2M | Reduce -0.6% |
| EPI Wisdomtree India Earnings | 0.04% | 88,959 | $4.1M | Reduce -3.5% |
| BWA Borgwarner Inc. | 0.04% | 88,811 | $4.0M | Reduce -0.9% |
| XLF SS Financial Select Sector | 0.04% | 71,693 | $3.9M | New |
| CI The Cigna Group | 0.04% | 13,912 | $3.8M | Reduce -0.8% |
Portfolio Sells Q3 2025 → Q4 2025
| DEO Diageo PLC-Sponsored ADR | Reduce -50.3% | 0.61% | −0.75 |
| DOC Healthpeak Properties Inc. | Reduce -9.6% | 1.62% | −0.52 |
| JPM JPMorgan Chase & Co. | Reduce -16.4% | 2.96% | −0.51 |
| VICI Vici Properties Inc. | Reduce -10.1% | 1.75% | −0.51 |
| CMCSA Comcast Corp. Class A | Reduce -22.2% | 1.36% | −0.48 |
| KVUE Kenvue Inc. | Reduce -99.6% | 0.00% | −0.43 |
| NSC Norfolk Southern Corp. | Reduce -99.4% | 0.00% | −0.40 |
| DOW Dow Inc. | Reduce -39.9% | 0.58% | −0.37 |
| MO Altria Group Inc. | Reduce -5.8% | 1.47% | −0.32 |
| DUK Duke Energy Corp. | Reduce -5.6% | 2.44% | −0.29 |
| GPC Genuine Parts Co. | Reduce -1.6% | 1.79% | −0.27 |
| T AT&T Inc. | Reduce -1.8% | 1.55% | −0.25 |
| EOG EOG Resources Inc. | Reduce -21.5% | 0.52% | −0.19 |
| VZ Verizon Communications Inc. | Reduce -18.0% | 0.56% | −0.18 |
| RTX RTX Corp. | Reduce -15.0% | 2.38% | −0.18 |
| MDT Medtronic PLC | Reduce -6.6% | 2.62% | −0.17 |
| PPL PPL Corp. | Reduce -17.1% | 0.58% | −0.16 |
| CCI Crown Castle Inc. | Reduce -5.8% | 1.03% | −0.16 |
| AVGO Broadcom Inc. | Reduce -11.4% | 2.01% | −0.16 |
| BCE Bce Inc. | Reduce -10.9% | 1.48% | −0.15 |
| SW Smurfit Westrock PLC | Reduce -19.9% | 0.39% | −0.15 |
| GD General Dynamics Corp. | Reduce -3.6% | 2.56% | −0.13 |
| XOM Exxon Mobil Corp. | Reduce -11.4% | 2.23% | −0.13 |
| MSFT Microsoft Corp. | Reduce -3.6% | 1.07% | −0.12 |
| SYY Sysco Corp. | Reduce -9.7% | 0.50% | −0.12 |
| LOW Lowe's Cos Inc. | Reduce -2.3% | 1.60% | −0.11 |
| UPS United Parcel Service Class B | Reduce -22.5% | 1.17% | −0.10 |
| OMC Omnicom Group | Reduce -8.7% | 0.95% | −0.10 |
| MICC The Magnum Ice Cream Co. NV | Reduce -96.2% | 0.00% | −0.08 |
| LAUR Laureate Education Inc. | Reduce -54.3% | 0.07% | −0.07 |
| CVX Chevron Corp. | Reduce -2.6% | 1.45% | −0.07 |
| COP Conocophillips | Reduce -2.1% | 1.96% | −0.07 |
| EWZ iShares MSCI Brazil ETF | Sold out | 0.00% | −0.07 |
| PFE Pfizer Inc. | Reduce -7.1% | 0.57% | −0.06 |
| CPA Copa Holdings SA Class A | Reduce -21.9% | 0.22% | −0.06 |
| UL Unilever PLC-Sponsored ADR | Reduce -1.3% | 1.56% | −0.05 |
| TGT Target Corp. | Reduce -12.3% | 0.99% | −0.05 |
| PM Philip Morris International | Reduce -0.6% | 2.09% | −0.04 |
| PPG PPG Industries Inc. | Reduce -4.8% | 0.43% | −0.03 |
| CCEP Coca-Cola Europacific Partne | Reduce -5.6% | 0.49% | −0.03 |
| IBM Intl Business Machines Corp. | Reduce -9.6% | 0.50% | −0.03 |
| EEM iShares MSCI Emerging Market | Reduce -18.4% | 0.11% | −0.02 |
| BABA Alibaba Group Holding-SP ADR | Reduce -7.0% | 0.07% | −0.02 |
| ORCL Oracle Corp. | Reduce -0.6% | 0.05% | −0.02 |
| EWM iShares MSCI Malaysia ETF | Sold out | 0.00% | −0.02 |
| MCHI iShares MSCI China ETF | Reduce -51.7% | 0.01% | −0.01 |
| IWM iShares Russell 2000 ETF | Sold out | 0.00% | −0.01 |
| DD Dupont DE Nemours Inc. | Reduce -1.6% | 0.01% | −0.01 |
| GOOGL Alphabet Inc. Class A | Reduce -45.5% | 0.02% | −0.01 |
| SNY Sanofi-ADR | Reduce -6.2% | 0.19% | −0.01 |
Portfolio Buys Q3 2025 → Q4 2025
| XLC SS Comm Select Sector SPDR | Add +2941.6% | 0.63% | +0.61 |
| FHN First Horizon Corp. | Add +3401.0% | 0.53% | +0.52 |
| AIG American International Group | New | 0.46% | +0.46 |
| QCOM Qualcomm Inc. | Add +29.7% | 1.61% | +0.40 |
| XLI SS Industrial Select Sector | Add +3121.1% | 0.40% | +0.39 |
| XLP SS Consumer Staples Sel Sect | Add +6016.5% | 0.39% | +0.38 |
| UNP Union Pacific Corp. | Add +1612.7% | 0.39% | +0.37 |
| XLRE SS Real Estate Select Sector | Add +11070.4% | 0.36% | +0.36 |
| XLB SS Materials Select Sector | Add +7414.6% | 0.31% | +0.31 |
| UNH Unitedhealth Group Inc. | Add +40.6% | 1.20% | +0.31 |
| NVO Novo-Nordisk A/S-Spons ADR | New | 0.30% | +0.30 |
| NVS Novartis AG-Sponsored ADR | Add +0.5% | 3.13% | +0.23 |
| RIO Rio Tinto PLC-Spon ADR | Add +72.2% | 0.44% | +0.23 |
| PNC PNC Financial Services Group | Add +29.0% | 0.59% | +0.15 |
| XLV SS Health Care Select Sector | Add +994.9% | 0.16% | +0.15 |
| TM Toyota Motor Corp. -Spon ADR | Add +19.9% | 0.55% | +0.14 |
| XLE SS Energy Select Sector | New | 0.10% | +0.10 |
| EWY iShares MSCI South Korea ETF | Add +20.9% | 0.29% | +0.09 |
| PBR Petroleo Brasileiro-Spon ADR | Add +44.1% | 0.29% | +0.08 |
| IWD iShares Russell 1000 Value E | Add +1791.2% | 0.07% | +0.07 |
| NGG National Grid PLC-SP ADR | Add +4.2% | 0.64% | +0.06 |
| TIGO Millicom Intl Cellular S.A. | Add +2.1% | 0.40% | +0.06 |
| ACWX iShares MSCI Acwi Ex US ETF | Add +55.6% | 0.14% | +0.05 |
| BTI British American Tob-SP ADR | Add +0.0% | 0.83% | +0.05 |
| XLF SS Financial Select Sector | New | 0.04% | +0.04 |
| XLY SS Consumer Disc Select Sect | Add +875.4% | 0.04% | +0.03 |
| AXIAY Axia Energia-ADR | New | 0.03% | +0.03 |
| DVY iShares Select Dividend ETF | New | 0.03% | +0.03 |
| CGW Invesco S&P Global Water Ind | New | 0.02% | +0.02 |
| TTE Totalenergies SE | Add +4.5% | 0.14% | +0.02 |
| XLU St Sr Utl SL SE SPDR ETF-Usd | New | 0.01% | +0.01 |
| AXICY Axia Energia-ADR Pref C | New | 0.01% | +0.01 |
| REET iShares Global REIT ETF | New | 0.01% | +0.01 |
| ADBE Adobe Inc. | Add +45.5% | 0.02% | +0.01 |
| WOOD iShares Global Timber & Fore | New | 0.01% | +0.01 |
| PPH Vaneck Pharmaceutical ETF | New | 0.01% | +0.01 |
| POOL Pool Corp. | New | 0.01% | +0.01 |
| AVNT Avient Corp. | Add +74.4% | 0.01% | +0.00 |
| XLK SS Technology Select Sector | New | 0.00% | +0.00 |
| ST Sensata Technologies Holdplc | Add +27.1% | 0.01% | +0.00 |
| JBSS John B. Sanfilippo & Son Inc. | New | 0.00% | +0.00 |
| KWR Quaker Chemical Corporation | Add +54.2% | 0.01% | +0.00 |
| CRI Carter's Inc. | New | 0.00% | +0.00 |
| SBS Cia Saneamento Basico DE-ADR | Add +33.5% | 0.01% | +0.00 |
| CNI Canadian Natl Railway Co. | Add +7.1% | 0.02% | +0.00 |
| ABBV Abbvie Inc. | Add +60.1% | 0.01% | +0.00 |
| INDA iShares MSCI India ETF | Add +4.3% | 0.02% | +0.00 |
| MHO M/I Homes Inc. | Add +38.5% | 0.01% | +0.00 |
| VREX Varex Imaging Corp. | Add +83.6% | 0.00% | +0.00 |
| HUN Huntsman Corp. | Add +49.4% | 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 |