Cullen Capital Management, LLC
In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 15, 2026), Cullen Capital Management, LLC reported 213 stock positions worth $9.8 billion. Its top holding was Novartis AG-Sponsored ADR (NVS) at 3.2% of the portfolio, followed by Cisco Systems (CSCO, 2.9%) and Johnson & Johnson (JNJ, 2.8%). Compared with Q4 2025, it opened 19 new positions, sold out of 31, added to 91 and reduced 96. The biggest buy was a new position in Restaurant Brands Intern (QSR) and the biggest sale an exit from Paccar (PCAR).
- Most Recent 13F
- Q2 2026
- Location
- New York, NY
- CIK
- 0001362535
- Portfolio Value
- $9.8B (Q1 2026)
- SEC Filing
- 0001193125-26-225525 ↗ filed May 15, 2026
Holdings Value
Holdings 213 stocks · $9.8B
| NVS Novartis AG-Sponsored ADR | 3.19% | 2,037,962 | $311.3M | Reduce -2.1% |
| CSCO Cisco Systems Inc. | 2.90% | 3,645,540 | $282.9M | Reduce -2.3% |
| JNJ Johnson & Johnson | 2.79% | 1,114,929 | $272.5M | Reduce -3.8% |
| XOM Exxon Mobil Corp. | 2.61% | 1,499,613 | $254.4M | Reduce -11.4% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 2.58% | 5,164,917 | $251.8M | Reduce -0.1% |
| DUK Duke Energy Corp. | 2.58% | 1,921,458 | $251.6M | Add +0.8% |
| C Citigroup Inc. | 2.58% | 2,218,190 | $251.6M | Reduce -3.7% |
| MRK Merck & Co. Inc. | 2.56% | 2,073,354 | $249.4M | Reduce -9.5% |
| JPM JPMorgan Chase & Co. | 2.44% | 808,648 | $237.9M | Reduce -3.9% |
| MS Morgan Stanley | 2.42% | 1,433,565 | $235.9M | Reduce -4.7% |
| COP Conocophillips | 2.42% | 1,785,399 | $235.7M | Reduce -6.8% |
| GD General Dynamics Corp. | 2.37% | 673,189 | $231.1M | Reduce -3.2% |
| MDT Medtronic PLC | 2.34% | 2,630,944 | $228.0M | Add +5.4% |
| NEE Nextera Energy Inc. | 2.31% | 2,427,317 | $225.4M | Reduce -1.3% |
| RTX RTX Corp. | 2.28% | 1,152,069 | $222.2M | Reduce -3.2% |
| JCI Johnson Controls Internation | 2.27% | 1,690,728 | $221.4M | Reduce -2.2% |
| CB Chubb Ltd. | 2.25% | 674,033 | $219.7M | Reduce -1.1% |
| CMCSA Comcast Corp. Class A | 2.10% | 7,149,769 | $205.3M | Add +71.9% |
| TFC Truist Financial Corp. | 2.10% | 4,454,809 | $204.8M | Add +2.5% |
| PM Philip Morris International | 2.01% | 1,187,104 | $196.3M | Reduce -0.4% |
| VICI Vici Properties Inc. filed as VICI PPTYS INC | 1.90% | 6,788,489 | $185.5M | Add +19.3% |
| CVX Chevron Corp. | 1.86% | 876,053 | $181.3M | Add +0.6% |
| DOC Healthpeak Properties Inc. | 1.85% | 10,991,301 | $180.6M | Add +18.9% |
| T AT&T Inc. | 1.70% | 5,714,670 | $165.7M | Add +0.0% |
| GPC Genuine Parts Co. | 1.70% | 1,564,620 | $165.5M | Add +17.1% |
| AVGO Broadcom Inc. | 1.69% | 533,686 | $165.2M | Add +0.4% |
| UPS United Parcel Service Class B | 1.64% | 1,623,438 | $159.7M | Add +50.1% |
| MO Altria Group Inc. | 1.61% | 2,374,542 | $156.7M | Add +1.6% |
| UL Unilever PLC-Sponsored ADR | 1.55% | 2,647,695 | $150.8M | Add +21.1% |
| BCE Bce Inc. | 1.54% | 5,966,886 | $150.6M | Add +4.8% |
| LOW Lowe's Cos Inc. | 1.49% | 614,677 | $145.2M | Add +1.1% |
| TRV The Travelers Cos Inc. | 1.44% | 482,691 | $140.8M | Reduce -2.9% |
| TGT Target Corp. | 1.41% | 1,134,244 | $137.5M | Add +22.6% |
| UNH Unitedhealth Group Inc. | 1.31% | 472,736 | $127.9M | Add +42.0% |
| QCOM Qualcomm Inc. | 1.18% | 897,217 | $115.5M | Add +4.0% |
| BDX Becton Dickinson and Co. | 1.18% | 729,161 | $114.6M | Add +4.5% |
| DOW Dow Inc. filed as DOW HLDGS INC | 1.09% | 2,563,614 | $106.8M | Add +13.6% |
| CCI Crown Castle Inc. | 0.99% | 1,188,440 | $96.6M | Add +11.4% |
| OMC Omnicom Group | 0.90% | 1,164,690 | $87.7M | Add +7.7% |
| ASX Ase Technology Holding -ADR | 0.89% | 4,011,499 | $87.0M | Reduce -28.5% |
| QSR Restaurant Brands Intern | 0.84% | 1,105,654 | $81.7M | New |
| BTI British American Tob-SP ADR | 0.81% | 1,343,678 | $78.6M | Add +0.7% |
| PFE Pfizer Inc. | 0.78% | 2,693,507 | $75.6M | Add +28.4% |
| MSFT Microsoft Corp. | 0.77% | 201,639 | $74.6M | Reduce -0.7% |
| DEO Diageo PLC-Sponsored ADR | 0.74% | 964,223 | $71.8M | Add +48.3% |
| EOG EOG Resources Inc. | 0.72% | 487,665 | $70.5M | Add +7.7% |
| BMY Bristol-Myers Squibb Co. | 0.70% | 1,119,669 | $67.9M | Reduce -4.8% |
| NGG National Grid PLC-SP ADR | 0.69% | 794,204 | $67.2M | Add +4.2% |
| TSM Taiwan Semiconductor-SP ADR | 0.66% | 191,617 | $64.8M | Reduce -19.4% |
| TM Toyota Motor Corp. -Spon ADR | 0.66% | 312,605 | $64.4M | Add +32.3% |
| TIGO Millicom Intl Cellular S.A. | 0.64% | 827,675 | $62.0M | Add +26.1% |
| RIO Rio Tinto PLC-Spon ADR | 0.63% | 656,864 | $61.3M | Add +31.7% |
| ENB Enbridge Inc. | 0.62% | 1,122,777 | $60.8M | Add +5.5% |
| PPL PPL Corp. | 0.60% | 1,541,645 | $58.9M | Add +2.1% |
| PBR Petroleo Brasileiro-Spon ADR | 0.60% | 2,810,725 | $58.3M | Add +23.8% |
| TTE Totalenergies SE | 0.60% | 640,080 | $58.2M | Add +221.4% |
| BIL SS SPDR BB 1-3M T-Bill ETF | 0.54% | 577,062 | $52.9M | Add +5019.9% |
| SW Smurfit Westrock PLC | 0.51% | 1,245,910 | $49.6M | Add +34.8% |
| HON Honeywell International Inc. | 0.49% | 213,520 | $48.3M | Add +1081.8% |
| CPA Copa Holdings SA Class A | 0.48% | 413,272 | $47.0M | Add +152.7% |
| KDP Keurig Dr Pepper Inc. | 0.48% | 1,764,275 | $46.5M | Add +19.3% |
| FHN First Horizon Corp. | 0.46% | 1,964,675 | $44.7M | Reduce -3.2% |
| SYY Sysco Corp. | 0.44% | 606,808 | $43.3M | Reduce -2.0% |
| AIG American International Group | 0.44% | 570,513 | $42.9M | Add +15.4% |
| PWCDF Power Corp. of Canada | 0.43% | 868,276 | $41.7M | New |
| KOF Coca-Cola Femsa Sab-SP ADR | 0.42% | 423,141 | $41.3M | Reduce -0.1% |
| PPG PPG Industries Inc. | 0.42% | 383,417 | $41.0M | Reduce -0.7% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.42% | 168,806 | $40.9M | Add +9.2% |
| VZ Verizon Communications Inc. | 0.41% | 804,544 | $40.4M | Reduce -36.2% |
| PNC PNC Financial Services Group | 0.39% | 181,170 | $37.7M | Reduce -30.3% |
| UNP Union Pacific Corp. | 0.38% | 151,877 | $36.8M | Reduce -2.4% |
| IBN Icici Bank Ltd.-Spon ADR | 0.34% | 1,290,726 | $33.4M | Reduce -26.1% |
| CCEP Coca-Cola Europacific Partne | 0.34% | 364,518 | $33.1M | Reduce -25.8% |
| IX Orix - Sponsored ADR filed as ORIX CORP | 0.33% | 1,080,361 | $32.4M | New |
| NVO Novo-Nordisk A/S-Spons ADR | 0.30% | 792,355 | $29.1M | Add +44.7% |
| SNY Sanofi-ADR | 0.29% | 593,301 | $28.6M | Add +64.5% |
| EWY iShares MSCI South Korea ETF | 0.29% | 226,640 | $27.9M | Reduce -15.8% |
| SHEL Shell PLC-ADR | 0.29% | 299,034 | $27.8M | Reduce -37.8% |
| EWT iShares MSCI Taiwan ETF | 0.11% | 155,514 | $11.0M | Add +0.3% |
| KB KB Financial Group Inc.-ADR filed as KB FINL GROUP INC | 0.11% | 106,751 | $10.6M | Reduce -3.6% |
| AXIAY Axia Energia-ADR filed as CENTRAIS ELET BRAS SA | 0.08% | 734,134 | $8.3M | Add +122.3% |
| ITUB Itau Unibanco H-Spon PRF ADR | 0.08% | 878,679 | $7.4M | Add +28.1% |
| AMAT Applied Materials Inc. | 0.07% | 18,868 | $6.4M | Reduce -6.2% |
| EFV iShares MSCI Eafe Value ETF | 0.06% | 78,655 | $5.8M | Reduce -63.9% |
| KT KT Corp.-SP ADR | 0.06% | 262,896 | $5.6M | Add +2180.1% |
| ETN Eaton Corp. PLC | 0.05% | 14,519 | $5.2M | Add +1.5% |
| WMT Walmart Inc. | 0.05% | 41,524 | $5.2M | Reduce -1.2% |
| BWA Borgwarner Inc. | 0.05% | 90,223 | $4.9M | Add +1.6% |
| EPI Wisdomtree India Earnings | 0.05% | 114,147 | $4.7M | Add +28.3% |
| AXP American Express Co. | 0.04% | 14,480 | $4.4M | Reduce -14.7% |
| ET Energy Transfer LP | 0.04% | 209,917 | $4.1M | Add +56.4% |
| CI The Cigna Group | 0.04% | 14,497 | $3.9M | Add +4.2% |
| EPD Enterprise Products Partners | 0.04% | 99,815 | $3.8M | Add +27.6% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.04% | 38,931 | $3.8M | Add +4.0% |
| ALL Allstate Corp. | 0.04% | 17,100 | $3.5M | Reduce -2.6% |
| MDLZ Mondelez International Inc. Class A | 0.03% | 58,723 | $3.4M | Add +4.6% |
| ECH iShares MSCI Chile ETF | 0.03% | 83,412 | $3.3M | New |
| ARW Arrow Electronics Inc. | 0.03% | 21,345 | $3.1M | Reduce -2.3% |
| ORCL Oracle Corp. | 0.03% | 20,433 | $3.0M | Reduce -4.7% |
| AXTA Axalta Coating Systems Ltd. | 0.03% | 98,177 | $2.7M | Reduce -0.0% |
Portfolio Sells Q4 2025 → Q1 2026
| PCAR Paccar Inc. | Sold out | 0.00% | −0.63 |
| XLC SS Comm Select Sector SPDR | Reduce -98.8% | 0.01% | −0.62 |
| BAC Bank of America Corp. | Reduce -0.1% | 2.58% | −0.52 |
| JPM JPMorgan Chase & Co. | Reduce -3.9% | 2.44% | −0.52 |
| MS Morgan Stanley | Reduce -4.7% | 2.42% | −0.50 |
| XLI SS Industrial Select Sector | Reduce -97.9% | 0.01% | −0.39 |
| XLP SS Consumer Staples Sel Sect | Reduce -97.5% | 0.01% | −0.38 |
| C Citigroup Inc. | Reduce -3.7% | 2.58% | −0.36 |
| XLRE SS Real Estate Select Sector | Reduce -94.6% | 0.02% | −0.34 |
| XLB SS Materials Select Sector | Sold out | 0.00% | −0.31 |
| MSFT Microsoft Corp. | Reduce -0.7% | 0.77% | −0.31 |
| CSCO Cisco Systems Inc. | Reduce -2.3% | 2.90% | −0.24 |
| IBN Icici Bank Ltd.-Spon ADR | Reduce -26.1% | 0.34% | −0.23 |
| PNC PNC Financial Services Group | Reduce -30.3% | 0.39% | −0.21 |
| GD General Dynamics Corp. | Reduce -3.2% | 2.37% | −0.19 |
| XLV SS Health Care Select Sector | Reduce -92.2% | 0.01% | −0.15 |
| CCEP Coca-Cola Europacific Partne | Reduce -25.8% | 0.34% | −0.15 |
| VZ Verizon Communications Inc. | Reduce -36.2% | 0.41% | −0.15 |
| TRV The Travelers Cos Inc. | Reduce -2.9% | 1.44% | −0.13 |
| ACWX iShares MSCI Acwi Ex US ETF | Reduce -92.6% | 0.01% | −0.13 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -19.4% | 0.66% | −0.13 |
| EFV iShares MSCI Eafe Value ETF | Reduce -63.9% | 0.06% | −0.11 |
| RTX RTX Corp. | Reduce -3.2% | 2.28% | −0.11 |
| SHEL Shell PLC-ADR | Reduce -37.8% | 0.29% | −0.10 |
| EEM iShares MSCI Emerging Market | Reduce -88.9% | 0.01% | −0.10 |
| XLE SS Energy Select Sector | Sold out | 0.00% | −0.10 |
| ASX Ase Technology Holding -ADR | Reduce -28.5% | 0.89% | −0.09 |
| MRK Merck & Co. Inc. | Reduce -9.5% | 2.56% | −0.08 |
| PM Philip Morris International | Reduce -0.4% | 2.01% | −0.07 |
| FHN First Horizon Corp. | Reduce -3.2% | 0.46% | −0.07 |
| CB Chubb Ltd. | Reduce -1.1% | 2.25% | −0.07 |
| BABA Alibaba Group Holding-SP ADR | Sold out | 0.00% | −0.07 |
| SYY Sysco Corp. | Reduce -2.0% | 0.44% | −0.05 |
| LAUR Laureate Education Inc. | Reduce -75.9% | 0.02% | −0.05 |
| IWD iShares Russell 1000 Value E | Reduce -67.2% | 0.02% | −0.05 |
| XLF SS Financial Select Sector | Reduce -89.9% | 0.00% | −0.04 |
| DVY iShares Select Dividend ETF | Sold out | 0.00% | −0.03 |
| XLY SS Consumer Disc Select Sect | Reduce -74.4% | 0.01% | −0.03 |
| AXP American Express Co. | Reduce -14.7% | 0.04% | −0.02 |
| GE General Electric | Sold out | 0.00% | −0.02 |
| CGW Invesco S&P Global Water Ind | Sold out | 0.00% | −0.02 |
| UNP Union Pacific Corp. | Reduce -2.4% | 0.38% | −0.02 |
| KOF Coca-Cola Femsa Sab-SP ADR | Reduce -0.1% | 0.42% | −0.01 |
| ORCL Oracle Corp. | Reduce -4.7% | 0.03% | −0.01 |
| MMM 3M Co. | Sold out | 0.00% | −0.01 |
| PPG PPG Industries Inc. | Reduce -0.7% | 0.42% | −0.01 |
| GEV GE Vernova Inc. | Sold out | 0.00% | −0.01 |
| Q Qnity Electronics Inc. | Sold out | 0.00% | −0.01 |
| INDA iShares MSCI India ETF | Reduce -29.6% | 0.01% | −0.01 |
| XLU St Sr Utl SL SE SPDR ETF-Usd | Sold out | 0.00% | −0.01 |
Portfolio Buys Q4 2025 → Q1 2026
| QSR Restaurant Brands Intern | New | 0.84% | +0.84 |
| CMCSA Comcast Corp. Class A | Add +71.9% | 2.10% | +0.75 |
| BIL SS SPDR BB 1-3M T-Bill ETF | Add +5019.9% | 0.54% | +0.53 |
| DOW Dow Inc. | Add +13.6% | 1.09% | +0.52 |
| UPS United Parcel Service Class B | Add +50.1% | 1.64% | +0.47 |
| HON Honeywell International Inc. | Add +1081.8% | 0.49% | +0.46 |
| TTE Totalenergies SE | Add +221.4% | 0.60% | +0.45 |
| PWCDF Power Corp. of Canada | New | 0.43% | +0.43 |
| TGT Target Corp. | Add +22.6% | 1.41% | +0.42 |
| CVX Chevron Corp. | Add +0.6% | 1.86% | +0.41 |
| IX Orix - Sponsored ADR | New | 0.33% | +0.33 |
| PBR Petroleo Brasileiro-Spon ADR | Add +23.8% | 0.60% | +0.30 |
| CPA Copa Holdings SA Class A | Add +152.7% | 0.48% | +0.27 |
| TIGO Millicom Intl Cellular S.A. | Add +26.1% | 0.64% | +0.24 |
| DOC Healthpeak Properties Inc. | Add +18.9% | 1.85% | +0.23 |
| PFE Pfizer Inc. | Add +28.4% | 0.78% | +0.21 |
| EOG EOG Resources Inc. | Add +7.7% | 0.72% | +0.20 |
| RIO Rio Tinto PLC-Spon ADR | Add +31.7% | 0.63% | +0.19 |
| VICI Vici Properties Inc. | Add +19.3% | 1.90% | +0.15 |
| T AT&T Inc. | Add +0.0% | 1.70% | +0.15 |
| DUK Duke Energy Corp. | Add +0.8% | 2.58% | +0.14 |
| MO Altria Group Inc. | Add +1.6% | 1.61% | +0.13 |
| DEO Diageo PLC-Sponsored ADR | Add +48.3% | 0.74% | +0.12 |
| SW Smurfit Westrock PLC | Add +34.8% | 0.51% | +0.12 |
| UNH Unitedhealth Group Inc. | Add +42.0% | 1.31% | +0.11 |
| TM Toyota Motor Corp. -Spon ADR | Add +32.3% | 0.66% | +0.11 |
| SNY Sanofi-ADR | Add +64.5% | 0.29% | +0.10 |
| ENB Enbridge Inc. | Add +5.5% | 0.62% | +0.07 |
| BCE Bce Inc. | Add +4.8% | 1.54% | +0.06 |
| KT KT Corp.-SP ADR | Add +2180.1% | 0.06% | +0.06 |
| AXIAY Axia Energia-ADR | Add +122.3% | 0.08% | +0.05 |
| NGG National Grid PLC-SP ADR | Add +4.2% | 0.69% | +0.05 |
| ECH iShares MSCI Chile ETF | New | 0.03% | +0.03 |
| PPL PPL Corp. | Add +2.1% | 0.60% | +0.03 |
| KDP Keurig Dr Pepper Inc. | Add +19.3% | 0.48% | +0.02 |
| ITUB Itau Unibanco H-Spon PRF ADR | Add +28.1% | 0.08% | +0.02 |
| ET Energy Transfer LP | Add +56.4% | 0.04% | +0.02 |
| ZTS Zoetis Inc. | New | 0.01% | +0.01 |
| EPD Enterprise Products Partners | Add +27.6% | 0.04% | +0.01 |
| CLX Clorox Company | New | 0.01% | +0.01 |
| BWA Borgwarner Inc. | Add +1.6% | 0.05% | +0.01 |
| SJM The JM Smucker Co. | Add +50.2% | 0.02% | +0.01 |
| EWT iShares MSCI Taiwan ETF | Add +0.3% | 0.11% | +0.01 |
| BBSI Barrett Business SVCS Inc. | New | 0.00% | +0.00 |
| XLK SS Technology Select Sector | Add +162.7% | 0.01% | +0.00 |
| BDC Belden Inc. | New | 0.00% | +0.00 |
| PSIX Power Solutions Internationa | New | 0.00% | +0.00 |
| SRE Sempra | Add +12.2% | 0.03% | +0.00 |
| ETN Eaton Corp. PLC | Add +1.5% | 0.05% | +0.00 |
| BMI Badger Meter Inc. | 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 |