Cullinan Associates Inc.
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed January 30, 2026), Cullinan Associates Inc. reported 211 stock positions worth $1.5 billion. Its top holding was Apple (AAPL) at 8.2% of the portfolio, followed by Coca-Cola (KO, 6.5%) and Microsoft (MSFT, 5.8%). Compared with Q3 2025, it opened 5 new positions, sold out of 7, added to 41 and reduced 80. The biggest buy was Alphabet Class A (GOOGL, shares +2%) and the biggest sale Coinbase Global Class A (COIN, shares −99%).
- Most Recent 13F
- Q2 2026
- Location
- LOUISVILLE, KY
- CIK
- 0001161670
- Portfolio Value
- $1.5B (Q4 2025)
- SEC Filing
- 0001161670-26-000001 ↗ filed Jan 30, 2026
Holdings Value
Holdings 211 stocks · $1.5B
| AAPL Apple Inc. | 8.23% | 446,756 | $121.5M | Reduce -1.0% |
| KO The Coca-Cola Co. | 6.47% | 1,365,746 | $95.5M | Reduce -0.4% |
| MSFT Microsoft Corp. | 5.83% | 177,745 | $86.0M | Add +0.4% |
| SPGI S&P Global Inc. | 4.32% | 121,940 | $63.7M | Add +3.1% |
| WMT Walmart Inc. | 3.93% | 521,003 | $58.0M | Reduce -4.4% |
| JNJ Johnson & Johnson | 2.72% | 194,105 | $40.2M | Add +3.8% |
| GOOGL Alphabet Inc. Class A | 2.69% | 126,728 | $39.7M | Add +2.3% |
| SPY SS SPDR S&P 500 ETF Trust-US | 2.63% | 56,861 | $38.8M | Add +4.0% |
| PG The Procter & Gamble Co. | 2.52% | 259,050 | $37.1M | Reduce -1.2% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 2.39% | 119,106 | $35.3M | Reduce -4.6% |
| GOOG Alphabet Inc. Class C | 2.16% | 101,414 | $31.8M | Add +12.0% |
| XOM Exxon Mobil Corp. | 2.05% | 251,604 | $30.3M | Reduce -2.3% |
| AMZN Amazon.com Inc. | 2.04% | 130,713 | $30.2M | Add +15.3% |
| VRTX Vertex Pharmaceuticals Inc. | 1.58% | 51,312 | $23.3M | Reduce -0.2% |
| JPM JPMorgan Chase & Co. | 1.52% | 69,616 | $22.4M | Reduce -14.3% |
| ORCL Oracle Corp. | 1.50% | 113,241 | $22.1M | Add +2.8% |
| MCD McDonald's Corp. | 1.33% | 64,268 | $19.6M | Reduce -1.6% |
| ABBV Abbvie Inc. | 1.29% | 83,375 | $19.1M | Reduce -1.7% |
| CAT Caterpillar Inc. | 1.18% | 30,289 | $17.4M | Reduce -9.7% |
| LRCX Lam Research Corp. | 1.13% | 97,000 | $16.6M | No change |
| LOW Lowe's Cos Inc. | 1.10% | 67,028 | $16.2M | Reduce -19.3% |
| CVX Chevron Corp. | 1.09% | 105,717 | $16.1M | Reduce -6.1% |
| AXP American Express Co. | 1.09% | 43,280 | $16.0M | Reduce -9.1% |
| AFL Aflac Inc. | 1.06% | 142,174 | $15.7M | Add +3.0% |
| NVDA Nvidia Corp. | 1.04% | 82,500 | $15.4M | Reduce -26.8% |
| AMAT Applied Materials Inc. | 1.03% | 58,988 | $15.2M | Reduce -4.8% |
| EA Electronic Arts Inc. | 0.98% | 70,963 | $14.5M | Reduce -13.5% |
| META Meta Platforms Inc. Class A | 0.95% | 21,128 | $13.9M | Add +4.6% |
| QLYS Qualys Inc. | 0.93% | 102,800 | $13.7M | No change |
| TXN Texas Instruments Inc. | 0.90% | 76,302 | $13.2M | Reduce -7.9% |
| COST Costco Wholesale Corp. | 0.80% | 13,717 | $11.8M | Add +2.5% |
| SO The Southern Co. | 0.77% | 129,777 | $11.3M | Reduce -0.1% |
| GS Goldman Sachs Group Inc. | 0.75% | 12,525 | $11.0M | Reduce -3.7% |
| DE Deere & Co. | 0.72% | 22,834 | $10.6M | Add +11.0% |
| CME Cme Group Inc. | 0.72% | 38,753 | $10.6M | Add +9.3% |
| KLAC KLA Corp. | 0.70% | 8,521 | $10.4M | Reduce -5.0% |
| HD Home Depot Inc. | 0.70% | 30,001 | $10.3M | Reduce -3.2% |
| AMGN Amgen Inc. | 0.69% | 31,143 | $10.2M | Reduce -1.0% |
| UBER Uber Technologies Inc. | 0.68% | 123,524 | $10.1M | Add +3.7% |
| NYT New York Times Co. Class A | 0.68% | 145,310 | $10.1M | Reduce -2.4% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.66% | 85,182 | $9.7M | Add +5.9% |
| LMT Lockheed Martin Corp. | 0.65% | 19,948 | $9.6M | Reduce -1.8% |
| V Visa Inc. Class A | 0.64% | 27,045 | $9.5M | Reduce -4.7% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.58% | 156,371 | $8.6M | Add +166.3% |
| LLY Eli Lilly & Co. | 0.58% | 7,978 | $8.6M | Reduce -10.8% |
| EMR Emerson Electric Co. | 0.58% | 63,961 | $8.5M | Reduce -6.3% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.57% | 54,937 | $8.4M | Add +1.0% |
| CHRW C.H. Robinson Worldwide Inc. | 0.55% | 50,300 | $8.1M | Add +64.4% |
| UPS United Parcel Service Class B | 0.53% | 78,301 | $7.8M | Add +9.4% |
| QCOM Qualcomm Inc. | 0.51% | 44,294 | $7.6M | Add +6.5% |
| TRV The Travelers Cos Inc. | 0.51% | 25,876 | $7.5M | Add +1.5% |
| CSCO Cisco Systems Inc. | 0.50% | 95,625 | $7.4M | Add +8.1% |
| ABNB Airbnb Inc. Class A | 0.50% | 54,022 | $7.3M | Reduce -33.5% |
| PM Philip Morris International | 0.48% | 44,429 | $7.1M | No change |
| Berkshire Hathaway Cl B | 0.45% | 13,287 | $6.7M | Reduce -11.3% |
| ECL Ecolab Inc. | 0.45% | 25,200 | $6.6M | Add +5.9% |
| NSC Norfolk Southern Corp. | 0.38% | 19,400 | $5.6M | No change |
| PYPL PayPal Holdings Inc. | 0.37% | 93,813 | $5.5M | Reduce -6.4% |
| PRU Prudential Financial Inc. | 0.36% | 47,554 | $5.4M | Reduce -6.1% |
| MRK Merck & Co. Inc. | 0.36% | 50,534 | $5.3M | Add +1.8% |
| TSLA Tesla Inc. | 0.35% | 11,600 | $5.2M | No change |
| YUM Yum! Brands Inc. | 0.33% | 32,395 | $4.9M | Add +0.6% |
| FAST Fastenal Co. | 0.33% | 121,782 | $4.9M | Reduce -0.8% |
| CMI Cummins Inc. | 0.32% | 9,304 | $4.7M | Reduce -0.8% |
| MS Morgan Stanley | 0.32% | 26,744 | $4.7M | Reduce -21.7% |
| DT Dynatrace Inc. | 0.32% | 109,000 | $4.7M | No change |
| PEP Pepsico Inc. | 0.32% | 32,893 | $4.7M | Add +20.1% |
| WFC Wells Fargo & Co. | 0.31% | 49,666 | $4.6M | Add +7.5% |
| MA Mastercard Inc. Class A | 0.29% | 7,600 | $4.3M | Add +72.7% |
| MDT Medtronic PLC | 0.28% | 43,292 | $4.2M | Reduce -1.1% |
| UNP Union Pacific Corp. | 0.28% | 17,960 | $4.2M | Reduce -0.1% |
| ABT Abbott Laboratories | 0.28% | 32,540 | $4.1M | Reduce -2.9% |
| VOO Vanguard S&P 500 ETF | 0.28% | 6,500 | $4.1M | Reduce -1.1% |
| CVS CVS Health Corp. | 0.25% | 47,387 | $3.8M | Reduce -1.9% |
| CL Colgate-Palmolive Co. | 0.25% | 47,039 | $3.7M | Reduce -6.7% |
| DUK Duke Energy Corp. | 0.24% | 29,648 | $3.5M | Add +22.7% |
| ITW Illinois Tool Works | 0.23% | 14,006 | $3.4M | Reduce -36.6% |
| HPQ HP Inc. | 0.23% | 152,725 | $3.4M | Reduce -21.3% |
| IWF iShares Russell 1000 Growth | 0.22% | 6,915 | $3.3M | Reduce -2.6% |
| RTX RTX Corp. | 0.22% | 17,650 | $3.2M | Reduce -1.0% |
| CMCSA Comcast Corp. Class A | 0.21% | 106,088 | $3.2M | Reduce -11.9% |
| CRM Salesforce Inc. | 0.21% | 11,900 | $3.2M | Reduce -17.9% |
| NOC Northrop Grumman Corp. | 0.21% | 5,492 | $3.1M | No change |
| AVGO Broadcom Inc. | 0.21% | 8,880 | $3.1M | Reduce -8.4% |
| ADBE Adobe Inc. | 0.21% | 8,650 | $3.0M | Reduce -25.4% |
| SYK Stryker Corp. | 0.20% | 8,545 | $3.0M | Add +4.3% |
| TEAM Atlassian Corp. Class A | 0.20% | 18,017 | $2.9M | No change |
| PLD Prologis Inc. | 0.19% | 22,447 | $2.9M | Reduce -6.8% |
| TFC Truist Financial Corp. | 0.19% | 57,435 | $2.8M | No change |
| ASML ASML Holding NV-NY Reg SHS | 0.19% | 2,600 | $2.8M | Add +766.7% |
| ISRG Intuitive Surgical Inc. | 0.19% | 4,900 | $2.8M | No change |
| BMY Bristol-Myers Squibb Co. | 0.19% | 50,994 | $2.8M | Reduce -8.3% |
| ADP Automatic Data Processing | 0.18% | 10,300 | $2.6M | No change |
| OKTA Okta Inc. | 0.17% | 28,300 | $2.4M | No change |
| AESI Atlas Energy Solutions Inc. | 0.16% | 252,000 | $2.4M | No change |
| MDLZ Mondelez International Inc. Class A | 0.16% | 43,687 | $2.4M | Reduce -4.4% |
| ADI Analog Devices Inc. | 0.16% | 8,446 | $2.3M | Reduce -1.4% |
| ROP Roper Technologies Inc. | 0.15% | 5,000 | $2.2M | No change |
| UNH Unitedhealth Group Inc. | 0.15% | 6,529 | $2.2M | Reduce -27.3% |
| INTC Intel Corp. | 0.14% | 56,389 | $2.1M | Reduce -0.3% |
Portfolio Sells Q3 2025 → Q4 2025
| COIN Coinbase Global Inc. Class A | Reduce -99.1% | 0.04% | −5.63 |
| NVDA Nvidia Corp. | Reduce -26.8% | 1.04% | −0.33 |
| LOW Lowe's Cos Inc. | Reduce -19.3% | 1.10% | −0.26 |
| AMT American Tower Corp. | Reduce -86.5% | 0.03% | −0.18 |
| JPM JPMorgan Chase & Co. | Reduce -14.3% | 1.52% | −0.15 |
| ABNB Airbnb Inc. Class A | Reduce -33.5% | 0.50% | −0.15 |
| ITW Illinois Tool Works | Reduce -36.6% | 0.23% | −0.14 |
| HD Home Depot Inc. | Reduce -3.2% | 0.70% | −0.12 |
| HPQ HP Inc. | Reduce -21.3% | 0.23% | −0.11 |
| PG The Procter & Gamble Co. | Reduce -1.2% | 2.52% | −0.11 |
| EA Electronic Arts Inc. | Reduce -13.5% | 0.98% | −0.09 |
| TXN Texas Instruments Inc. | Reduce -7.9% | 0.90% | −0.09 |
| PYPL PayPal Holdings Inc. | Reduce -6.4% | 0.37% | −0.07 |
| ADBE Adobe Inc. | Reduce -25.4% | 0.21% | −0.06 |
| FAST Fastenal Co. | Reduce -0.8% | 0.33% | −0.06 |
| UNH Unitedhealth Group Inc. | Reduce -27.3% | 0.15% | −0.06 |
| PFE Pfizer Inc. | Reduce -37.2% | 0.09% | −0.05 |
| DOV Dover Corp. | Sold out | 0.00% | −0.05 |
| CVX Chevron Corp. | Reduce -6.1% | 1.09% | −0.05 |
| SHW The Sherwin-Williams Co. | Sold out | 0.00% | −0.04 |
| CCI Crown Castle Intl Corp. Com | Reduce -18.8% | 0.14% | −0.04 |
| Berkshire Hathaway Cl B | Reduce -11.3% | 0.45% | −0.04 |
| SO The Southern Co. | Reduce -0.1% | 0.77% | −0.03 |
| T AT&T Inc. | Reduce -56.1% | 0.02% | −0.03 |
| MS Morgan Stanley | Reduce -21.7% | 0.32% | −0.03 |
| CMCSA Comcast Corp. Class A | Reduce -11.9% | 0.21% | −0.03 |
| MDLZ Mondelez International Inc. Class A | Reduce -4.4% | 0.16% | −0.03 |
| SEE Sealed Air Corp. | Sold out | 0.00% | −0.02 |
| Quantum Scape Corp | Reduce -14.9% | 0.06% | −0.02 |
| CARG Cargurus Inc. | Reduce -44.3% | 0.03% | −0.02 |
| HOOD Robinhood Markets Inc. Class A | Reduce -4.3% | 0.07% | −0.02 |
| BLK BlackRock Finance Inc. | Reduce -51.9% | 0.01% | −0.02 |
| HON Honeywell International Inc. | Reduce -9.7% | 0.11% | −0.02 |
| ABT Abbott Laboratories | Reduce -2.9% | 0.28% | −0.02 |
| KMB Kimberly-Clark Corp. | Reduce -25.5% | 0.03% | −0.02 |
| OKLO Oklo Inc. | Sold out | 0.00% | −0.01 |
| AEP American Electric Power | Sold out | 0.00% | −0.01 |
| EXC Exelon Corp. | Sold out | 0.00% | −0.01 |
| DEO Diageo PLC-Sponsored ADR | Sold out | 0.00% | −0.01 |
| ETN Eaton Corp. PLC | Reduce -1.5% | 0.09% | −0.01 |
| ACN Accenture PLC Class A | Reduce -20.5% | 0.10% | −0.01 |
| CL Colgate-Palmolive Co. | Reduce -6.7% | 0.25% | −0.01 |
| GE General Electric | Reduce -14.4% | 0.11% | −0.01 |
| PLTR Palantir Technologies Inc. Class A | Reduce -28.1% | 0.03% | −0.01 |
| CRM Salesforce Inc. | Reduce -17.9% | 0.21% | −0.01 |
| GEV GE Vernova Inc. | Reduce -21.4% | 0.05% | −0.01 |
| EMR Emerson Electric Co. | Reduce -6.3% | 0.58% | −0.01 |
| LMT Lockheed Martin Corp. | Reduce -1.8% | 0.65% | −0.01 |
| VZ Verizon Communications Inc. | Reduce -6.0% | 0.03% | −0.00 |
| LIN Linde PLC | Reduce -3.6% | 0.02% | −0.00 |
Portfolio Buys Q3 2025 → Q4 2025
| GOOGL Alphabet Inc. Class A | Add +2.3% | 2.69% | +0.73 |
| GOOG Alphabet Inc. Class C | Add +12.0% | 2.16% | +0.72 |
| SPGI S&P Global Inc. | Add +3.1% | 4.32% | +0.57 |
| JNJ Johnson & Johnson | Add +3.8% | 2.72% | +0.46 |
| AMZN Amazon.com Inc. | Add +15.3% | 2.04% | +0.42 |
| BAC Bank of America Corp. | Add +166.3% | 0.58% | +0.39 |
| CHRW C.H. Robinson Worldwide Inc. | Add +64.4% | 0.55% | +0.28 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +4.0% | 2.63% | +0.26 |
| ASML ASML Holding NV-NY Reg SHS | Add +766.7% | 0.19% | +0.17 |
| UPS United Parcel Service Class B | Add +9.4% | 0.53% | +0.14 |
| MA Mastercard Inc. Class A | Add +72.7% | 0.29% | +0.13 |
| DE Deere & Co. | Add +11.0% | 0.72% | +0.11 |
| CSCO Cisco Systems Inc. | Add +8.1% | 0.50% | +0.11 |
| CME Cme Group Inc. | Add +9.3% | 0.72% | +0.09 |
| MRK Merck & Co. Inc. | Add +1.8% | 0.36% | +0.09 |
| PEP Pepsico Inc. | Add +20.1% | 0.32% | +0.07 |
| QCOM Qualcomm Inc. | Add +6.5% | 0.51% | +0.06 |
| WFC Wells Fargo & Co. | Add +7.5% | 0.31% | +0.06 |
| TJX TJX Companies Inc. | Add +1.0% | 0.57% | +0.06 |
| AFL Aflac Inc. | Add +3.0% | 1.06% | +0.06 |
| DIS The Walt Disney Co. | Add +5.9% | 0.66% | +0.06 |
| PANW Palo Alto Networks Inc. | Add +275.0% | 0.07% | +0.05 |
| TRV The Travelers Cos Inc. | Add +1.5% | 0.51% | +0.05 |
| DUK Duke Energy Corp. | Add +22.7% | 0.24% | +0.04 |
| ECL Ecolab Inc. | Add +5.9% | 0.45% | +0.02 |
| VUG Vanguard Mrngstar GR ETF-Sui | New | 0.02% | +0.02 |
| VTWG Vanguard Russell 2000 Growth | New | 0.02% | +0.02 |
| VONG Vanguard Russell 1000 Growth | New | 0.02% | +0.02 |
| DOCU Docusign Inc. | New | 0.02% | +0.02 |
| FDX FedEx Corp. | New | 0.01% | +0.01 |
| YUM Yum! Brands Inc. | Add +0.6% | 0.33% | +0.01 |
| SYK Stryker Corp. | Add +4.3% | 0.20% | +0.01 |
| GILD Gilead Sciences Inc. | Add +1.9% | 0.04% | +0.01 |
| BP BP PLC-Spons ADR | Add +26.7% | 0.02% | +0.00 |
| HUM Humana Inc. | Add +4.9% | 0.03% | +0.00 |
| GLW Corning Inc. | Add +1.0% | 0.01% | +0.00 |
| BDX Becton Dickinson and Co. | Add +1.2% | 0.01% | +0.00 |
| MET Metlife Inc. | Add +6.4% | 0.02% | +0.00 |
| NKE Nike Inc. Class B | Add +0.2% | 0.04% | −0.00 |
| CARR Carrier Global Corp. | Add +1.1% | 0.03% | −0.00 |
| COST Costco Wholesale Corp. | Add +2.5% | 0.80% | −0.01 |
| NFLX Netflix Inc. | Add +5.4% | 0.09% | −0.01 |
| META Meta Platforms Inc. Class A | Add +4.6% | 0.95% | −0.02 |
| UBER Uber Technologies Inc. | Add +3.7% | 0.68% | −0.08 |
| MSFT Microsoft Corp. | Add +0.4% | 5.83% | −0.15 |
| ORCL Oracle Corp. | Add +2.8% | 1.50% | −0.52 |
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 |