Cullinan Associates Inc.
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed April 22, 2025), Cullinan Associates Inc. reported 216 stock positions worth $1.4 billion. Its top holding was Apple (AAPL) at 7.2% of the portfolio, followed by Coca-Cola (KO, 6.9%) and Microsoft (MSFT, 4.7%). Compared with Q4 2024, it opened 9 new positions, sold out of 10, added to 48 and reduced 78. The biggest buy was Johnson & Johnson (JNJ, shares +0%) and the biggest sale Apple (AAPL, shares −30%).
- Most Recent 13F
- Q2 2026
- Location
- LOUISVILLE, KY
- CIK
- 0001161670
- Portfolio Value
- $1.4B (Q1 2025)
- SEC Filing
- 0001161670-25-000003 ↗ filed Apr 22, 2025
Holdings Value
Holdings 216 stocks · $1.4B
| AAPL Apple Inc. | 7.23% | 460,720 | $102.3M | Reduce -29.9% |
| KO The Coca-Cola Co. | 6.90% | 1,362,063 | $97.6M | Reduce -0.7% |
| MSFT Microsoft Corp. | 4.67% | 176,015 | $66.1M | Add +0.5% |
| SPGI S&P Global Inc. | 4.42% | 123,140 | $62.6M | Reduce -2.2% |
| COIN Coinbase Global Inc. Class A | 3.69% | 302,725 | $52.1M | No change |
| WMT Walmart Inc. | 3.59% | 578,143 | $50.8M | Reduce -27.4% |
| PG The Procter & Gamble Co. | 3.16% | 262,664 | $44.8M | Add +0.3% |
| SPY SS SPDR S&P 500 ETF Trust-US | 2.45% | 62,046 | $34.7M | Reduce -6.8% |
| JNJ Johnson & Johnson | 2.27% | 193,703 | $32.1M | Add +0.1% |
| XOM Exxon Mobil Corp. | 2.19% | 260,798 | $31.0M | Add +0.1% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 2.19% | 124,385 | $30.9M | Add +1.3% |
| VRTX Vertex Pharmaceuticals Inc. | 1.82% | 53,112 | $25.7M | Reduce -0.1% |
| AMZN Amazon.com Inc. | 1.71% | 127,393 | $24.2M | Reduce -5.5% |
| V Visa Inc. Class A | 1.70% | 68,473 | $24.0M | Add +0.2% |
| CVX Chevron Corp. | 1.63% | 137,426 | $23.0M | Reduce -1.9% |
| MCD McDonald's Corp. | 1.51% | 68,501 | $21.4M | Reduce -1.2% |
| LOW Lowe's Cos Inc. | 1.43% | 86,572 | $20.2M | Add +1.9% |
| GOOGL Alphabet Inc. Class A | 1.41% | 128,717 | $19.9M | Reduce -6.3% |
| JPM JPMorgan Chase & Co. | 1.39% | 80,383 | $19.7M | Reduce -3.3% |
| ABBV Abbvie Inc. | 1.36% | 91,716 | $19.2M | Reduce -2.2% |
| ORCL Oracle Corp. | 1.19% | 120,776 | $16.9M | Add +2.4% |
| TXN Texas Instruments Inc. | 1.15% | 90,759 | $16.3M | Add +1.6% |
| EA Electronic Arts Inc. | 1.10% | 108,134 | $15.6M | Reduce -22.2% |
| AXP American Express Co. | 1.02% | 53,766 | $14.5M | Add +1.3% |
| ABNB Airbnb Inc. Class A | 0.99% | 116,936 | $14.0M | Reduce -0.6% |
| AFL Aflac Inc. | 0.98% | 125,259 | $13.9M | Reduce -0.9% |
| META Meta Platforms Inc. Class A | 0.96% | 23,490 | $13.5M | Reduce -8.7% |
| GOOG Alphabet Inc. Class C | 0.95% | 86,121 | $13.5M | Reduce -25.7% |
| NVDA Nvidia Corp. | 0.95% | 123,424 | $13.4M | Reduce -5.2% |
| QLYS Qualys Inc. | 0.92% | 102,800 | $12.9M | No change |
| COST Costco Wholesale Corp. | 0.90% | 13,483 | $12.8M | Add +4.7% |
| CAT Caterpillar Inc. | 0.82% | 35,022 | $11.6M | Reduce -0.1% |
| HD Home Depot Inc. | 0.80% | 31,020 | $11.4M | Add +11.1% |
| AMGN Amgen Inc. | 0.76% | 34,523 | $10.8M | Reduce -4.2% |
| SO The Southern Co. | 0.75% | 115,609 | $10.6M | Add +50.5% |
| LMT Lockheed Martin Corp. | 0.68% | 21,528 | $9.6M | Reduce -0.1% |
| DE Deere & Co. | 0.67% | 20,281 | $9.5M | Reduce -2.7% |
| AMAT Applied Materials Inc. | 0.67% | 64,980 | $9.4M | Reduce -5.2% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.65% | 74,961 | $9.1M | Add +17.7% |
| UPS United Parcel Service Class B | 0.61% | 78,019 | $8.6M | Reduce -6.5% |
| EMR Emerson Electric Co. | 0.57% | 73,831 | $8.1M | Reduce -7.5% |
| Berkshire Hathaway Cl B | 0.57% | 15,037 | $8.0M | Reduce -2.6% |
| GS Goldman Sachs Group Inc. | 0.56% | 14,401 | $7.9M | Reduce -16.3% |
| UBER Uber Technologies Inc. | 0.55% | 107,519 | $7.8M | Add +7.0% |
| LLY Eli Lilly & Co. | 0.55% | 9,370 | $7.7M | Add +3.5% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.53% | 76,552 | $7.6M | Add +4.1% |
| UNH Unitedhealth Group Inc. | 0.53% | 14,388 | $7.5M | Reduce -22.2% |
| NYT New York Times Co. Class A | 0.51% | 146,272 | $7.3M | Add +6.4% |
| PM Philip Morris International | 0.50% | 44,570 | $7.1M | Add +0.8% |
| LRCX Lam Research Corp. | 0.50% | 97,000 | $7.1M | No change |
| ITW Illinois Tool Works | 0.48% | 27,639 | $6.9M | Add +2.6% |
| HPQ HP Inc. | 0.48% | 247,423 | $6.9M | Add +17.3% |
| KLAC KLA Corp. | 0.48% | 10,052 | $6.8M | Reduce -0.7% |
| CSCO Cisco Systems Inc. | 0.44% | 101,738 | $6.3M | Add +16.0% |
| PRU Prudential Financial Inc. | 0.44% | 56,133 | $6.3M | Add +4.5% |
| TRV The Travelers Cos Inc. | 0.40% | 21,502 | $5.7M | Add +20.5% |
| ECL Ecolab Inc. | 0.38% | 21,011 | $5.3M | Reduce -12.1% |
| DT Dynatrace Inc. | 0.36% | 109,000 | $5.1M | No change |
| CRM Salesforce Inc. | 0.36% | 18,846 | $5.1M | Add +1.4% |
| CME Cme Group Inc. | 0.36% | 18,954 | $5.0M | Add +7.4% |
| YUM Yum! Brands Inc. | 0.35% | 31,304 | $4.9M | Add +4.9% |
| ABT Abbott Laboratories | 0.35% | 37,094 | $4.9M | Reduce -4.9% |
| CL Colgate-Palmolive Co. | 0.33% | 50,439 | $4.7M | No change |
| QCOM Qualcomm Inc. | 0.33% | 30,430 | $4.7M | Add +28.3% |
| CMCSA Comcast Corp. Class A | 0.33% | 124,690 | $4.6M | Reduce -0.8% |
| NSC Norfolk Southern Corp. | 0.32% | 19,400 | $4.6M | Reduce -0.5% |
| AESI Atlas Energy Solutions Inc. | 0.32% | 252,000 | $4.5M | No change |
| ADBE Adobe Inc. | 0.31% | 11,612 | $4.5M | Add +0.1% |
| FAST Fastenal Co. | 0.31% | 55,777 | $4.3M | Add +4.5% |
| MS Morgan Stanley | 0.31% | 37,052 | $4.3M | Reduce -5.5% |
| BMY Bristol-Myers Squibb Co. | 0.30% | 69,920 | $4.3M | Reduce -2.4% |
| TFC Truist Financial Corp. | 0.30% | 103,235 | $4.2M | Reduce -32.5% |
| UNP Union Pacific Corp. | 0.30% | 17,770 | $4.2M | Reduce -2.2% |
| MDT Medtronic PLC | 0.29% | 46,326 | $4.2M | Reduce -3.9% |
| PEP Pepsico Inc. | 0.29% | 27,493 | $4.1M | Add +4.2% |
| MRK Merck & Co. Inc. | 0.29% | 45,319 | $4.1M | Add +1.0% |
| VOO Vanguard S&P 500 ETF | 0.28% | 7,830 | $4.0M | No change |
| CHRW C.H. Robinson Worldwide Inc. | 0.28% | 38,000 | $3.9M | Reduce -2.7% |
| TEAM Atlassian Corp. Class A | 0.27% | 18,017 | $3.8M | No change |
| AMT American Tower Corp. | 0.27% | 17,321 | $3.8M | Reduce -10.3% |
| PLD Prologis Inc. | 0.26% | 33,202 | $3.7M | Add +2.1% |
| OKTA Okta Inc. | 0.26% | 34,450 | $3.6M | Reduce -1.3% |
| ADP Automatic Data Processing | 0.23% | 10,800 | $3.3M | No change |
| CMI Cummins Inc. | 0.22% | 10,066 | $3.2M | Reduce -4.8% |
| MDLZ Mondelez International Inc. Class A | 0.22% | 46,387 | $3.1M | Add +1.4% |
| WFC Wells Fargo & Co. | 0.22% | 42,946 | $3.1M | Add +1.7% |
| DUK Duke Energy Corp. | 0.21% | 24,912 | $3.0M | Reduce -6.1% |
| CVS CVS Health Corp. | 0.21% | 44,459 | $3.0M | Add +12.2% |
| ROP Roper Technologies Inc. | 0.21% | 5,000 | $2.9M | No change |
| CCI Crown Castle Intl Corp. Com | 0.21% | 28,159 | $2.9M | No change |
| TSLA Tesla Inc. | 0.21% | 11,200 | $2.9M | Reduce -55.6% |
| NOC Northrop Grumman Corp. | 0.20% | 5,592 | $2.9M | Add +0.8% |
| SYK Stryker Corp. | 0.20% | 7,625 | $2.8M | Add +28.7% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.20% | 67,325 | $2.8M | Add +6.2% |
| IWF iShares Russell 1000 Growth | 0.18% | 7,200 | $2.6M | No change |
| BSX Boston Scientific Corp. | 0.18% | 25,700 | $2.6M | Reduce -6.2% |
| ACN Accenture PLC Class A | 0.18% | 8,234 | $2.6M | Reduce -1.1% |
| MA Mastercard Inc. Class A | 0.18% | 4,575 | $2.5M | Reduce -6.6% |
| ISRG Intuitive Surgical Inc. | 0.17% | 4,900 | $2.4M | No change |
| RTX RTX Corp. | 0.17% | 18,133 | $2.4M | Reduce -26.1% |
Portfolio Sells Q4 2024 → Q1 2025
| AAPL Apple Inc. | Reduce -29.9% | 7.23% | −3.32 |
| WMT Walmart Inc. | Reduce -27.4% | 3.59% | −1.03 |
| WST West Pharmaceutical Services | Sold out | 0.00% | −0.63 |
| GOOG Alphabet Inc. Class C | Reduce -25.7% | 0.95% | −0.47 |
| TSLA Tesla Inc. | Reduce -55.6% | 0.21% | −0.45 |
| WSM Williams-Sonoma Inc. | Reduce -89.4% | 0.03% | −0.27 |
| GOOGL Alphabet Inc. Class A | Reduce -6.3% | 1.41% | −0.26 |
| EA Electronic Arts Inc. | Reduce -22.2% | 1.10% | −0.20 |
| MSTR Strategy Inc. | Sold out | 0.00% | −0.19 |
| AMZN Amazon.com Inc. | Reduce -5.5% | 1.71% | −0.19 |
| NVDA Nvidia Corp. | Reduce -5.2% | 0.95% | −0.18 |
| TFC Truist Financial Corp. | Reduce -32.5% | 0.30% | −0.13 |
| GS Goldman Sachs Group Inc. | Reduce -16.3% | 0.56% | −0.08 |
| UPS United Parcel Service Class B | Reduce -6.5% | 0.61% | −0.07 |
| UNH Unitedhealth Group Inc. | Reduce -22.2% | 0.53% | −0.07 |
| EMR Emerson Electric Co. | Reduce -7.5% | 0.57% | −0.06 |
| BX Blackstone Inc. | Reduce -42.6% | 0.06% | −0.05 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -6.8% | 2.45% | −0.05 |
| AMAT Applied Materials Inc. | Reduce -5.2% | 0.67% | −0.05 |
| AVGO Broadcom Inc. | Reduce -8.4% | 0.10% | −0.04 |
| GILD Gilead Sciences Inc. | Reduce -50.0% | 0.06% | −0.03 |
| DASH DoorDash Inc. Class A | Reduce -45.4% | 0.05% | −0.03 |
| MU Micron Technology Inc. | Sold out | 0.00% | −0.03 |
| NEE Nextera Energy Inc. | Reduce -25.2% | 0.11% | −0.02 |
| ZTS Zoetis Inc. | Reduce -49.0% | 0.03% | −0.02 |
| STZ Constellation Brands Inc. Class A | Sold out | 0.00% | −0.02 |
| KMI Kinder Morgan Inc. | Sold out | 0.00% | −0.02 |
| WELL Welltower Inc. | Reduce -37.4% | 0.09% | −0.02 |
| RMD Resmed Inc. | Sold out | 0.00% | −0.01 |
| CI Cigna Holding Co. | Sold out | 0.00% | −0.01 |
| FBIN Fortune Brands Innovations I | Sold out | 0.00% | −0.01 |
| CMI Cummins Inc. | Reduce -4.8% | 0.22% | −0.01 |
| FDX FedEx Corp. | Sold out | 0.00% | −0.01 |
| ASML ASML Holding NV-NY Reg SHS | Sold out | 0.00% | −0.01 |
| BLK BlackRock Finance Inc. | Reduce -21.8% | 0.05% | −0.01 |
| RTX RTX Corp. | Reduce -26.1% | 0.17% | −0.01 |
| MCHP Microchip Technology Inc. | Reduce -22.0% | 0.03% | −0.01 |
| MS Morgan Stanley | Reduce -5.5% | 0.31% | −0.01 |
| DEO Diageo PLC-Sponsored ADR | Reduce -32.3% | 0.02% | −0.01 |
| META Meta Platforms Inc. Class A | Reduce -8.7% | 0.96% | −0.01 |
| DOW Dow Inc. | Reduce -13.9% | 0.04% | −0.01 |
| GEV GE Vernova Inc. | Reduce -19.6% | 0.03% | −0.01 |
| VLO Valero Energy Corp. | Reduce -35.7% | 0.02% | −0.01 |
| ACN Accenture PLC Class A | Reduce -1.1% | 0.18% | −0.01 |
| MMM 3M Co. | Reduce -30.6% | 0.04% | −0.01 |
| ABNB Airbnb Inc. Class A | Reduce -0.6% | 0.99% | −0.01 |
| ROST Ross Stores Inc. | Reduce -5.5% | 0.03% | −0.00 |
| CARR Carrier Global Corp. | Reduce -5.3% | 0.04% | −0.00 |
| IP International Paper Co. | Reduce -11.8% | 0.02% | −0.00 |
| BA The Boeing Co. | Reduce -6.1% | 0.07% | −0.00 |
Portfolio Buys Q4 2024 → Q1 2025
| JNJ Johnson & Johnson | Add +0.1% | 2.27% | +0.48 |
| IBM Intl Business Machines Corp. | Add +1.3% | 2.19% | +0.45 |
| XOM Exxon Mobil Corp. | Add +0.1% | 2.19% | +0.39 |
| SO The Southern Co. | Add +50.5% | 0.75% | +0.35 |
| PG The Procter & Gamble Co. | Add +0.3% | 3.16% | +0.34 |
| V Visa Inc. Class A | Add +0.2% | 1.70% | +0.31 |
| UBER Uber Technologies Inc. | Add +7.0% | 0.55% | +0.16 |
| PM Philip Morris International | Add +0.8% | 0.50% | +0.16 |
| TJX TJX Companies Inc. | Add +17.7% | 0.65% | +0.15 |
| COST Costco Wholesale Corp. | Add +4.7% | 0.90% | +0.14 |
| TRV The Travelers Cos Inc. | Add +20.5% | 0.40% | +0.13 |
| CSCO Cisco Systems Inc. | Add +16.0% | 0.44% | +0.11 |
| HD Home Depot Inc. | Add +11.1% | 0.80% | +0.11 |
| CVS CVS Health Corp. | Add +12.2% | 0.21% | +0.10 |
| LLY Eli Lilly & Co. | Add +3.5% | 0.55% | +0.10 |
| QCOM Qualcomm Inc. | Add +28.3% | 0.33% | +0.10 |
| PCOR Procore Technologies Inc. | New | 0.09% | +0.09 |
| CME Cme Group Inc. | Add +7.4% | 0.36% | +0.09 |
| YUM Yum! Brands Inc. | Add +4.9% | 0.35% | +0.09 |
| LOW Lowe's Cos Inc. | Add +1.9% | 1.43% | +0.08 |
| TXN Texas Instruments Inc. | Add +1.6% | 1.15% | +0.08 |
| SYK Stryker Corp. | Add +28.7% | 0.20% | +0.06 |
| FAST Fastenal Co. | Add +4.5% | 0.31% | +0.06 |
| NYT New York Times Co. Class A | Add +6.4% | 0.51% | +0.05 |
| MDLZ Mondelez International Inc. Class A | Add +1.4% | 0.22% | +0.05 |
| ITW Illinois Tool Works | Add +2.6% | 0.48% | +0.05 |
| HPQ HP Inc. | Add +17.3% | 0.48% | +0.04 |
| PLD Prologis Inc. | Add +2.1% | 0.26% | +0.04 |
| VRT Vertiv Holdings Co. Class A | New | 0.04% | +0.04 |
| NOC Northrop Grumman Corp. | Add +0.8% | 0.20% | +0.04 |
| PRU Prudential Financial Inc. | Add +4.5% | 0.44% | +0.03 |
| PEP Pepsico Inc. | Add +4.2% | 0.29% | +0.03 |
| Quantum Scape Corp | New | 0.03% | +0.03 |
| GE General Electric | Add +7.5% | 0.09% | +0.03 |
| WFC Wells Fargo & Co. | Add +1.7% | 0.22% | +0.03 |
| COP Conocophillips | Add +0.9% | 0.17% | +0.02 |
| BAC Bank of America Corp. | Add +6.2% | 0.20% | +0.02 |
| CB Chubb Ltd. | New | 0.02% | +0.02 |
| ALL Allstate Corp. | New | 0.02% | +0.02 |
| CEG Constellation Energy | New | 0.02% | +0.02 |
| TMUS T-Mobile US Inc. | New | 0.02% | +0.02 |
| EXC Exelon Corp. | New | 0.01% | +0.01 |
| OTIS Otis Worldwide Corp. | New | 0.01% | +0.01 |
| SCHW Schwab (charles) Corp. | Add +3.5% | 0.07% | +0.01 |
| HOOD Robinhood Markets Inc. Class A | Add +36.8% | 0.03% | +0.01 |
| AXP American Express Co. | Add +1.3% | 1.02% | +0.01 |
| SWK Stanley Black & Decker Inc. | Add +1.6% | 0.14% | +0.01 |
| DIS The Walt Disney Co. | Add +4.1% | 0.53% | +0.01 |
| PFE Pfizer Inc. | Add +2.2% | 0.12% | +0.01 |
| MRK Merck & Co. Inc. | Add +1.0% | 0.29% | +0.00 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 204 | $1.3B | AAPL, KO, MSFT, SPGI, JNJ |
| Q1 2026 | 207 | $1.2B | AAPL, KO, MSFT, SPGI, JNJ |
| Q4 2025 | 211 | $1.5B | AAPL, KO, MSFT, SPGI, WMT |
| Q3 2025 | 213 | $1.5B | AAPL, MSFT, KO, COIN, SPGI |
| Q2 2025 | 210 | $1.5B | COIN, KO, AAPL, MSFT, SPGI |
| Q1 2025 | 216 | $1.4B | AAPL, KO, MSFT, SPGI, COIN |
| Q4 2024 | 217 | $1.6B | AAPL, KO, COIN, MSFT, WMT |
| Q3 2024 | 232 | $1.8B | AAPL, WMT, KO, MSFT, SPGI |
| Q2 2024 | 231 | $1.8B | AAPL, WMT, MSFT, KO, COIN |
| Q1 2024 | 241 | $1.8B | AAPL, WMT, MSFT, COIN, KO |