Institutional Manager · CIK 0001362535

Cullen Capital Management, LLC

New York, NY · File #028-11905

Latest AUM

$9.16B

Positions

225

Top-10 Concentration

33.6%

Filings

Portfolio Value Over Time

2024-03

2024-06

2024-09

2024-12

2025-03

2025-09

2025-12

Biggest QoQ Changes

Ranked by conviction flow (share change × current price) so mark-to-market moves don't dominate. Price effect column shows how much of the $ change was just the stock moving.

Action	Issuer	Ticker / CUSIP	Δ Shares	Flow ($)	Price Effect
EXITED	Unilever PLC (ADR)	904767704	-2,492,750	-$147.8M	$0
NEW	Unilever PLC (ADR)	UNLYF	+2,186,791	+$143.0M	$0
REDUCE	Diageo PLC (ADR)	DGEAF	-659,047	-$56.9M	-$12.0M
ADD	State Street Communication Ser	81369Y852	+474,152	+$55.8M	-$10,477
REDUCE	JP Morgan Chase & Co.	VYLD	-164,826	-$53.1M	+$6.8M
ADD	First Horizon Corp.	FHN-PH	+1,972,461	+$47.1M	+$74,814
NEW	American International Group I	026874784	+494,273	+$42.3M	$0
REDUCE	Kenvue Inc	KVUE	-2,400,428	-$41.4M	+$2.5M
REDUCE	RTX Corp	RTX	-209,689	-$38.5M	+$22.5M
ADD	State Street Industrial Select	81369Y704	+230,493	+$35.8M	+$6,572

Sector Allocation

11.1%$1.02B

8.9%$813.9M

7.5%$687.7M

6.3%$578.1M

5.1%$469.9M

4.1%$373.0M

2.7%$245.3M

Consumer Discretionary

2.3%$208.8M

Communication Services

1.5%$138.9M

Materials

0.6%$58.6M

Utilities

0.0%$2.1M

Filing History

Feb 13, 202613F HOLDINGS REPORTQ/E Dec 2025225 pos · $9.16B
Nov 5, 202513F HOLDINGS REPORTQ/E Sep 2025217 pos · $9.14B
Sep 30, 202513F HOLDINGS REPORTQ/E Sep 2025198 pos · $8.78B
May 15, 202513F HOLDINGS REPORTQ/E Mar 2025205 pos · $8.66B
Feb 13, 202513F HOLDINGS REPORTQ/E Dec 2024208 pos · $8.59B
Nov 12, 202413F HOLDINGS REPORTQ/E Sep 2024206 pos · $9.19B
Aug 13, 202413F HOLDINGS REPORTQ/E Jun 2024210 pos · $8.68B
May 15, 202413F HOLDINGS REPORTQ/E Mar 2024198 pos · $8.98B
Nov 14, 202313F HOLDINGS REPORTQ/E Dec 2023206 pos · $8.57B

Top 20 Holdings — Dec 2025

#	Issuer	Ticker	Shares	Value	% of Portfolio
1	Cisco Systems Inc.	CSCO	3,732,436	$287.5M	3.69%
2	Novartis AG (ADR)	NVSEF	2,080,796	$286.9M	3.68%
3	Bank of America Corp.	060505104	5,170,265	$284.4M	3.65%
4	JP Morgan Chase & Co.	VYLD	841,839	$271.3M	3.48%
5	Citigroup Inc.	C-PR	2,302,748	$268.7M	3.45%
6	Morgan Stanley	MS-PQ	1,504,927	$267.2M	3.43%
7	Merck & Co. Inc.	MRK	2,291,041	$241.2M	3.10%
8	Johnson & Johnson	JNJ	1,159,046	$239.9M	3.08%
9	Medtronic PLC	MDT	2,495,206	$239.7M	3.08%
10	General Dynamics Corp.	GD	695,181	$234.0M	3.00%
11	Duke Energy Corp.	DUKB	1,906,717	$223.5M	2.87%
12	RTX Corp	RTX	1,190,191	$218.3M	2.80%
13	Truist Financial Corp	89832Q109	4,347,033	$213.9M	2.75%
14	Chubb Ltd.	CB	681,729	$212.8M	2.73%
15	Johnson Controls International	G51502105	1,728,794	$207.0M	2.66%
16	Exxon Mobil Corp.	XOM	1,693,138	$203.8M	2.62%
17	NextEra Energy Inc.	NEE-PW	2,460,053	$197.5M	2.54%
18	Philip Morris International In	718172109	1,191,567	$191.1M	2.45%
19	Broadcom Ltd.	AVGO	531,398	$183.9M	2.36%
20	ConocoPhillips	COP	1,915,053	$179.3M	2.30%