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VOL. XII · NO. 117Established MMXIV · George Town, Grand CaymanAtlantic Edition · $4.50

The Cayman Journal

Finance · Business · Technology · Caribbean & Global Affairs
13F HOLDINGS REPORT

Cullen Capital Management, LLC

Quarter ended Q3 2023 · Filed August 15, 2023 · Accession 0000950123-23-008276

Total Value
$11.20B
Positions
295
Other Managers
0
Confidential Omitted
No
View on SEC.gov

Holdings (295)

#IssuerTicker / CUSIPSharesValue% of Filing
1Siemens AG (ADR)8261975013,696,503$308.3M2.75%
2Merck & Co. Inc.MRK2,539,794$293.1M2.62%
3Novartis AG (ADR)NVSEF2,795,890$282.1M2.52%
4BCE Inc.BCPPF6,142,393$280.0M2.50%
5JP Morgan Chase & Co.VYLD1,912,873$278.2M2.48%
6Johnson & JohnsonJNJ1,663,710$275.4M2.46%
7Medtronic PLCMDT3,047,150$268.5M2.40%
8Broadcom Ltd.AVGO302,052$262.0M2.34%
9Exxon Mobil Corp.XOM2,429,834$260.6M2.33%
10Philip Morris International In7181721092,666,085$260.3M2.32%
11Cisco Systems Inc.CSCO4,971,044$257.2M2.30%
12Chevron Corp.CVX1,615,791$254.2M2.27%
13Morgan StanleyMS-PQ2,954,606$252.3M2.25%
14RTX CorpRTX2,554,193$250.2M2.23%
15Unilever PLC (ADR)UNLYF4,545,396$237.0M2.12%
16Johnson Controls InternationalG515021053,365,054$229.3M2.05%
17Duke Energy Corp.DUKB2,488,872$223.4M1.99%
18Comcast Corp. (Cl A)CCZ5,357,722$222.6M1.99%
19Vici Properties Inc.9256521096,953,652$218.6M1.95%
20Dow IncDOW4,001,853$213.1M1.90%
21General Dynamics Corp.GD978,801$210.6M1.88%
22Chubb Ltd.CB1,090,502$210.0M1.87%
23Genuine Parts Co.GPC1,220,814$206.6M1.84%
24NextEra Energy Inc.NEE-PW2,565,400$190.4M1.70%
25ConocoPhillipsCOP1,596,606$165.4M1.48%
26Lowe's Companies Inc.548661107716,065$161.6M1.44%
27Citigroup Inc.C-PR3,482,486$160.3M1.43%
28Kimberly-Clark Corp.KMB1,158,334$159.9M1.43%
29Altria Group Inc.MO3,509,531$159.0M1.42%
30Bank of America Corp.0605051045,344,897$153.3M1.37%
31Healthpeak Properties IncDOC7,622,381$153.2M1.37%
32Pfizer Inc.PFE4,069,568$149.3M1.33%
33United Parcel Service Inc.UPS824,828$147.9M1.32%
34Truist Financial Corp89832Q1094,519,587$137.2M1.22%
35Target Corp.TGT948,427$125.1M1.12%
36The Travelers Companies Inc.TRV667,892$116.0M1.04%
37Intel Corp.INTC3,413,676$114.2M1.02%
38Microsoft Corp.MSFT320,404$109.1M0.97%
39AT&T Inc.T-PC6,330,392$101.0M0.90%
40Diageo PLC (ADR)DGEAF573,900$99.6M0.89%
41Verizon Communications Inc.VZ2,012,267$74.8M0.67%
42Rio Tinto PLC (ADR)RTNTF1,120,093$71.5M0.64%
43EOG Resources Inc.EOG607,793$69.6M0.62%
44PPL Corp.PPLC2,552,200$67.5M0.60%
45Bristol-Myers Squibb Co.CELG-RI1,049,506$67.1M0.60%
46BAE Systems PLC (ADR)BAESF1,288,238$61.8M0.55%
47Conagra Brands Inc.CAG1,788,483$60.3M0.54%
48Nippon Telegraph & Telephone CNODK2,022,295$59.7M0.53%
49Coca-Cola Femsa SAB de CV (ADR)COCSF695,613$58.0M0.52%
50Boston Properties Inc.BXP991,922$57.1M0.51%
51Nestle SA (ADR)641069406473,241$57.0M0.51%
52Qualcomm Inc.QCOM462,051$55.0M0.49%
533i Group PLC (ADR)TGOPF4,321,750$54.6M0.49%
54Zurich Insurance Group AG (ADR)9898251041,149,539$54.6M0.49%
55Baxter International Inc.0718131091,188,029$54.1M0.48%
56United Overseas Bank Ltd. (ADR)UNTCW1,293,493$53.7M0.48%
57Tokio Marine Holdings Inc. (ADR)8890941082,209,054$50.8M0.45%
58DHL Group AG (ADR)25157Y202984,714$48.3M0.43%
59The Allstate Corp.ALL-PJ437,931$47.8M0.43%
60BNP Paribas SA (ADR)05565A2021,491,405$47.2M0.42%
61TotalEnergies SE (ADR)TTE809,242$46.6M0.42%
62Roche Holding AG (ADR)7711951041,152,496$44.0M0.39%
63Veolia Environnement SA (ADR)92334N1032,760,357$43.9M0.39%
64Mercedes-Benz Group AG (ADR)2338252072,119,545$42.6M0.38%
65British American Tobacco PLC (ADR)1104481071,246,957$41.4M0.37%
66Tokyo Electron Ltd. (ADR)889110102572,890$41.2M0.37%
67Sanofi (ADR)SNYNF764,651$41.2M0.37%
68DNB Bank ASA (ADR)23341C1032,142,034$40.5M0.36%
69Shell PLC (ADR)RYDAF665,569$40.2M0.36%
70Muenchener Ruechversicherungs 6261881061,046,795$39.4M0.35%
71Deutsche Telekom AG (ADR)DTEGF1,764,341$38.6M0.34%
72Coca Cola Euro Pacific PartnerCCEP583,526$37.6M0.34%
73Cie de Saint-Gobain (ADR)CODGF2,989,837$36.5M0.33%
74Sonic Healthcare Ltd. (ADR)83546A2031,475,851$35.1M0.31%
75Taiwan Semiconductor Manufactu874039100340,217$34.3M0.31%
76ASE Technology Holding CompanyASX4,350,656$33.9M0.30%
77Power Corporation of Canada7392391011,241,900$33.5M0.30%
78Komatsu Ltd. (ADR)5004584011,192,720$32.3M0.29%
79Woodside Energy Group Ltd. (ADR)WOPEF1,387,117$32.2M0.29%
80Enel SPA (ADR)29265W2074,797,084$32.1M0.29%
81Softbank Corp (ADR)83405K1022,934,913$31.3M0.28%
82Smurfit Kappa Group PLC (ADR)83272W106924,959$30.8M0.28%
83UPM-Kymmene OYJ (ADR)9154362081,026,246$30.5M0.27%
84Iberdrola SA (ADR)450737101576,461$30.1M0.27%
85NN Group NV (ADR)NNBR1,534,246$28.3M0.25%
86ICICI Bank Ltd. (ADR)IBN1,212,597$28.0M0.25%
87Arca Continental SAB de CVP0448R1032,720,023$28.0M0.25%
88Toyota Motor Corp. (ADR)TOYOF166,730$26.8M0.24%
89Real Estate Select Sector SPDR81369Y860706,188$26.6M0.24%
90Prologis Property MexicoPLDGP6,794,689$25.2M0.23%
91AIA Group Ltd.Y002A11052,425,343$24.5M0.22%
92Michelin cie Generale de Estab59410T1061,518,173$22.4M0.20%
93Volvo AB B-Shares (ADR)9288541081,028,845$21.3M0.19%
94OPAP SAX3232T1041,204,994$21.0M0.19%
95Bank Rakyat Indonesia Persero Y0697U11257,628,313$20.9M0.19%
96Svenska Handelsbanken AB (ADR)86959C1034,976,370$20.8M0.19%
97Unimicron Technology Corp.Y906681073,573,770$20.2M0.18%
98Kaspi.kz JSC48581R205244,502$19.5M0.17%
99Financial Select Sector SPDR F81369Y605576,651$19.4M0.17%
100Glencore PLC (ADR)GLCNF1,704,330$19.2M0.17%
101Nippon Telegraph & Telephone CJ5939610113,999,775$16.5M0.15%
102Copa Holdings SACPA148,794$16.5M0.15%
103Xinyi Glass Holdings Ltd. (ADR)98418R100509,168$15.9M0.14%
104Communication Services Select 81369Y852234,149$15.2M0.14%
105Endeavour Mining PLCG3040R158549,759$13.2M0.12%
106Siemens AGD6967121878,446$13.1M0.12%
107Quanta Computer IncY7174J1062,603,315$12.7M0.11%
108Glencore PLCGLDG2,191,743$12.4M0.11%
109Utilities Select Sector SPDR F81369Y886177,544$11.6M0.10%
110Airtel Africa PLCKTB8,427,281$11.5M0.10%
111Mediatek Inc.Y5945U103491,400$10.9M0.10%
112DHL Group AGD19225107218,106$10.6M0.09%
113Telkom Indonesia Persero TabakY7147413739,376,253$10.5M0.09%
114iShares MSCI Taiwan ETF46434G772218,577$10.3M0.09%
115SanofiSNYNF94,964$10.2M0.09%
116Britvic PLC (ADR)111190104454,961$10.0M0.09%
117United Overseas Bank Ltd.UNTCW478,989$9.9M0.09%
118Banco Del BajioP1R2ZN1173,251,525$9.9M0.09%
119iShares MSCI South Korea ETF464286772149,365$9.5M0.08%
120iShares MSCI India ETF46429B598202,295$8.8M0.08%
121BNP Paribas SAF1058Q238139,403$8.8M0.08%
122Nestle SAH5731264970,346$8.5M0.08%
123Tokio Marine Holdings Inc.J86298106366,062$8.4M0.08%
124Cie de Saint-GobainFR0343100138,156$8.4M0.08%
125Samsung Electronics Co. Ltd. -Y74718118182,944$8.3M0.07%
126BAE Systems PLCBAESF700,481$8.2M0.07%
127Mytilineos SA (ADR)62866P107229,077$8.2M0.07%
128Petroleo Brasileiro SAP783311321,179,945$8.2M0.07%
129Tesco PLC (ADR)881575401852,042$8.0M0.07%
130Lenovo Group Ltd.Y5257Y1077,681,490$8.0M0.07%
131SLC Agricola SA (ADR)78444J108992,758$7.8M0.07%
132UPM-Kymmene OyjX9518S108259,722$7.7M0.07%
133Capitaland India TrustY0259C1049,133,097$7.7M0.07%
134Zurich Insurance Group AGH9870Y10515,542$7.4M0.07%
135Anglo American PLC3662Q1053256,013$7.3M0.06%
136Samsung Electronics Co. Ltd. -7960502016,311$7.2M0.06%
137Zijin Mining Group Company LtdY9892H1074,756,862$7.0M0.06%
138OPAP SA (ADR)392483103794,510$6.9M0.06%
139Roche Holding AGH6929321721,624$6.6M0.06%
140Oracle Corp.ORCL-PD54,765$6.5M0.06%
141Samsung Electronics Co. Ltd. -7960508884,686$6.5M0.06%
142Eurobank Ergasias Services and29873D1048,018,201$6.5M0.06%
143Sonic Healthcare Ltd.Q8563C107253,231$6.0M0.05%
144Volvo AB B-Shares928856301289,287$6.0M0.05%
145CapitaLand Ascendas REITY0205X1032,876,096$5.8M0.05%
146Energy Transfer LPET-PI447,518$5.7M0.05%
147Smurfit Kappa Group PLCG8248F104162,413$5.4M0.05%
148Mondelez International Inc.60920710572,569$5.3M0.05%
149Sociedad Quimica y Minera de C83363510572,016$5.2M0.05%
150Health Care Select Sector SPDR81369Y20937,244$4.9M0.04%
151Union Pacific Corp.UNP24,112$4.9M0.04%
152Muenchener Ruechversicherungs D5553510413,021$4.9M0.04%
153Power Corporation of Canada739239101173,375$4.7M0.04%
154American Express Co.AXP26,507$4.6M0.04%
155BorgWarner Inc.BWA92,000$4.5M0.04%
156Eaton Corp. PLCETN21,945$4.4M0.04%
157Arrow Electronics Inc.04273510030,011$4.3M0.04%
158Applied Materials Inc.03822210527,449$4.0M0.04%
159The Cigna Group12552310013,721$3.9M0.03%
160Honeywell International Inc.43851610618,068$3.8M0.03%
161PAX Global Technology Ltd.G6955J1034,827,663$3.7M0.03%
162Axalta Coating Systems Ltd.AXTA108,908$3.6M0.03%
163Walmart Inc.WMT21,131$3.3M0.03%
164Petroleo Brasileiro SA (ADR)71654V408237,698$3.3M0.03%
165The Walt Disney Co.25468710635,824$3.2M0.03%
166Novartis AGNVSEF30,947$3.1M0.03%
167Bayerische Motoren Werke AGBYMOF25,025$3.1M0.03%
168Industrial Select Sector SPDR 81369Y70427,672$3.0M0.03%
169Canadian National Railway Co.13637510224,405$3.0M0.03%
170McDonald's Corp.MCD8,934$2.7M0.02%
171BOEING CO/THEBA-PA12,016$2.5M0.02%
172Enterprise Products Partners L29379210786,753$2.3M0.02%
173SempraSREA15,459$2.3M0.02%
174Vale SA (ADR)VALE166,618$2.2M0.02%
175The PNC Financial Services Gro69347510517,379$2.2M0.02%
176Silicon Motion Technology CorpSIMO29,906$2.1M0.02%
177Archer-Daniels-Midland Co.ADM27,031$2.0M0.02%
178Packaging Corp. of America69515610915,244$2.0M0.02%
179The JM Smucker Co.83269640513,203$1.9M0.02%
180The Procter & Gamble Co.74271810912,650$1.9M0.02%
181Materials Select Sector SPDR F81369Y10021,677$1.8M0.02%
182Sensata Technologies Holding PST39,093$1.8M0.02%
183Ralph Lauren Corp.RL14,071$1.7M0.02%
184Unilever PLCUNLYF32,545$1.7M0.02%
185Great Lakes Dredge & Dock CorpGLDD202,883$1.7M0.01%
186Consumer Staples Select Sector81369Y30822,137$1.6M0.01%
187Consumer Discretionary Select 81369Y4079,444$1.6M0.01%
188PepsiCo Inc.PEP8,605$1.6M0.01%
189Grupo Mexico SAB de CVP49538112307,926$1.5M0.01%
190Thermo Fisher Scientific Inc.TMO2,690$1.4M0.01%
191SK Telecom Company Ltd. (ADR)SKM67,320$1.3M0.01%
192CSX Corp.CSX33,448$1.1M0.01%
193Itau Unibanco Holding SA (ADR)465562106192,771$1.1M0.01%
194DuPont De Nemours Inc.DD15,718$1.1M0.01%
195Apple Inc.AAPL5,640$1.1M0.01%
196Denny's Corp.24869P10487,472$1.1M0.01%
197National Bank of CanadaNBHC14,374$1.1M0.01%
198Spirit AeroSystems Holdings In84857410936,130$1.1M0.01%
199Britvic PLCG1738710494,233$1.0M0.01%
200Simon Property Group Inc.8288061098,714$1.0M0.01%
201Haemonetics Corp.HAE11,160$950,1620.01%
202Credicorp Ltd.BAP6,033$890,7120.01%
203Sitio Royalties Corp82983N10833,462$879,0470.01%
204Coterra Energy Inc.CTRA34,145$863,8690.01%
2053M Co.MMM8,008$801,4730.01%
206Host Hotels & Resorts Inc.HST46,668$785,4220.01%
207The Timken Co.TKR8,524$780,2020.01%
208First Interstate Bancsystem In32055Y20132,656$778,5190.01%
209Varex Imaging Corp.VREX32,859$774,4870.01%
210International Business MachineINTR5,648$755,7590.01%
211General Electric Co.3696043016,551$719,6270.01%
212Public Service Enterprise Grou74457310610,948$685,4540.01%
213Huntsman Corp.HUN25,220$681,4440.01%
214ANI Pharmaceuticals Inc.ANIP12,436$669,4300.01%
215Ecovyst IncECVT57,859$663,0640.01%
216Gold CircuitNVGLF137,800$645,7850.01%
217Mahindra & Mahindra Reg S (GDRY5416411935,518$628,6690.01%
218Kindred Group PLCX9415A11955,186$587,6400.01%
219Spire Inc.SRJN8,897$564,4260.01%
220Vector Group Ltd.92240M10843,761$560,5780.01%
221Public StoragePSA-PS1,891$551,9450.00%
222Simons First National Corp.82873020031,803$548,6020.00%
223Civitas Resources Inc.17888H1037,895$547,6760.00%
224Parkway Life Real Estate InvesY67202104182,000$524,8450.00%
225BGSF Inc.BGSF54,427$518,6890.00%
226The Coca-Cola Co.KO8,569$516,0250.00%
227Carter's Inc.CRI7,009$508,8530.00%
228Standard Motor Products Inc.85366610513,334$500,2920.00%
229Weyerhaeuser Co.WY14,917$499,8690.00%
230HP Inc.HPQ15,830$486,1390.00%
231Under Armour Inc. (class C)UA71,317$478,5370.00%
232Canadian Pacific Kansas City LCP5,917$477,9160.00%
233Dominion Energy Inc.D8,945$463,2620.00%
234Ameris BancorpABCB13,521$462,5530.00%
235AbbVie Inc.ABBV3,432$462,3930.00%
236Amgen Inc.AMGN1,998$443,5960.00%
237Linde PLCLIN1,160$442,0530.00%
238Western Alliance BancorpWAL-PA12,106$441,5060.00%
239iShares MSCI EAFE ETF4642874656,086$441,2350.00%
240iShares MSCI ACWI ex US ETF4642882408,918$438,9440.00%
241Royal Bank of Canada7800871024,535$433,1380.00%
242Sasol Ltd.SASOF32,557$403,4920.00%
243The Bank of Kyoto Ltd.J039901088,100$403,2030.00%
244Unisys Corp.UIS100,502$399,9980.00%
245WP Carey Inc.92936U1095,655$382,0520.00%
246Technology Select Sector SPDR 81369Y8032,053$356,9350.00%
247NAC Kazatomprom JSCJYNT13,100$351,7350.00%
248Bizlink Holding Inc.G1147410633,976$351,1670.00%
249Stora Enso OyjX2134911729,610$343,3070.00%
250Rayonier Inc.RYN10,713$336,3880.00%
251American Water Works Company I0304201032,303$328,7530.00%
252Select Water Solutions Inc.WTTR39,855$322,8260.00%
253Steven Madden Ltd.5562691089,608$314,0860.00%
254Seagate Technology Holdings PLSE4,982$308,2360.00%
255HF Sinclair Corp.DINO6,729$300,1810.00%
256Acadian Timber Corp.00427210023,435$293,4060.00%
257Link REITY5281M11152,500$291,4430.00%
258SouthState Corp.SSB4,413$290,3460.00%
259Premier Financial Corp74052F10818,028$288,8090.00%
260PotlatchDeltic Corp7376301035,346$282,5360.00%
261Carrier Global CorporationCARR5,588$277,7790.00%
262Forrester Research Inc.3465631099,321$271,1480.00%
263Energy Select Sector SPDR Fund81369Y5063,255$264,2080.00%
264The Wendy's Co.95058W10011,900$258,8250.00%
265Central Asia Metals PLCTAL111,423$254,9640.00%
266Columbia Sportswear Co.COLM3,262$251,9570.00%
267Prologis Inc.PLDGP2,009$246,3640.00%
268Enbridge Inc.ENNPF6,536$242,8120.00%
269Otis Worldwide Corp.OTIS2,646$235,5200.00%
270Vale Indonesia Tabak PTY39128148560,000$235,3100.00%
271Cabot Corp.CBT3,481$232,8440.00%
272VanEck Vietnam ETF92189F81717,350$230,7550.00%
273Helmerich & Payne Inc.HP6,457$228,9010.00%
274Caterpillar Inc.CAT900$221,4450.00%
275Companhia de Saneamento BasicoSBS18,527$219,3600.00%
276Essential Utilites Inc.29670G1025,264$210,0860.00%
277General Mills Inc.3703341042,677$205,3260.00%
278Pool Corp.POOL536$200,8070.00%
279Nickel Asia Corp.NODK1,753,000$189,6030.00%
280Schwab Treasury Obligations Mo808515621187,917$187,9170.00%
281Global Water Resources Inc.37946310213,245$167,9470.00%
282RLJ Lodging TrustRLJ-PA15,170$155,7960.00%
283Suzano SA (ADR)SUZ16,465$151,8070.00%
284Bank of the Phillipine IslandsY0967S16975,000$147,5880.00%
285Comtech Telecommunications Cor20582620914,875$135,9580.00%
286Rolls-Royce Holdings PLC (ADR)77578120648,000$90,2400.00%
287MMC Norilsk Nickel PJSC (ADR)55315J10227,487$83,0110.00%
288Singapore Technologies EngineeY7996W10328,365$77,1840.00%
289Latham Group Inc.SWIM16,850$62,5140.00%
290Klabin SAKLAC13,190$59,9700.00%
291Schwab Government Money Fund -80851561348,289$48,2890.00%
292NagaCorporation Ltd.G6382M10959,196$31,2000.00%
293Indo Tambangraya Megah Tabak PY7124410016,000$25,7450.00%
294Puradelta Lestari Tabak PTY713A01091,828,000$20,8490.00%
295Globaltrans Investment PLC GDR37949E20498,448$00.00%