Cullen Capital Management, LLC

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CIK 1362535

13F portfolio (2026-Q1)

$9.8B

Positions

213

Implied 1Y CAGR

modeled · as filed

Long positions in SEC Section 13(f) securities (US-listed stocks, ADRs and ETFs), largest first · Δ vs 2025-Q4. A lagged quarterly snapshot (filed ≤45 days after quarter-end); excludes shorts, options, cash, and shares listed only on non-US exchanges — foreign companies held via a US listing or ADR (e.g. Alibaba, TSMC) ARE included.

Implied return what this book implies · modeled, not advice methodology →

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As filed = each book applied at its quarter-end (what the reported book did) · As copyable = applied at its statutory 45-day filing deadline (what a 13F follower could have earned).

Computing…

Hypothetical modeled performance constructed with hindsight — not actual results, and not indicative of future results. See the Disclaimer.

Exposures · what this manager owns, by sector & size (2026-Q1)

Holdings

213

Top 5

14.1%

Top 10

26.7%

Effective N

56.4

HHI

0.018

This quarter

19 new · 0 exit →

By sector

Financials19.1%

Health Care14.1%

Energy9.7%

Industrials9.6%

Information Technology8.7%

Communication Services7.4%

Consumer Discretionary6.7%

Consumer Staples6.5%

Other18.1%

By market cap

Large ($10–200B)49.6%

Mega (>$200B)31.5%

Unknown18.6%

Mid ($2–10B)0.2%

Small ($300M–2B)0.1%

Micro (<$300M)0.0%

By region

North America85.9%

Europe8.9%

Asia-Pacific2.7%

Other2.5%

By industry group GICS — finer than sector

Industry group	Weight	Names
Banks	11.16%	19
Pharmaceuticals & Biotechnology	10.62%	9
Oil, Gas & Consumable Fuels	9.73%	12
Utilities	6.46%	22
Insurance	5.52%	6
Aerospace & Defense	5.16%	6
Equity Real Estate Investment Trusts (REITs)	4.80%	12
Tobacco	4.42%	3
Diversified Telecommunication Services	4.35%	5
Health Care Equipment & Supplies	3.51%	2
Technology Hardware & Equipment	3.35%	6
Semiconductors & Semiconductor Equipment	3.33%	6
Chemicals	3.15%	13
Media & Entertainment	3.00%	2
Specialty Retail	2.95%	3
Unclassified	2.50%	27
Capital Markets	2.44%	2
Machinery	2.35%	7
Distributors	2.18%	5
Road & Rail	2.06%	5
Beverages	1.99%	6
Communications Equipment	1.19%	2
Hotels, Restaurants & Leisure	0.85%	2
Software	0.81%	3
Automobiles & Components	0.71%	2
Metals & Mining	0.63%	2
Paper & Forest Products	0.54%	4
Food Products	0.08%	4
Entertainment	0.04%	1
Software & IT Services	0.02%	1
Real Estate Management & Development	0.02%	3
Diversified Consumer Services	0.02%	1
Commercial Services & Supplies	0.02%	2
Professional Services	0.01%	2
Household Durables	0.01%	2
Construction & Engineering	0.01%	1
Food & Staples Retailing	0.00%	1
Life Sciences Tools & Services	0.00%	1
Textiles, Apparel & Luxury Goods	0.00%	1

Top holdings

#	Ticker	Name	Sector	Weight
1	NVS	Novartis AG	Health Care	3.19%
2	CSCO	CISCO SYSTEMS, INC.	Information Technology	2.90%
3	JNJ	JOHNSON & JOHNSON	Health Care	2.79%
4	XOM	EXXON MOBIL CORP	Energy	2.61%
5	BAC	BANK OF AMERICA CORP /DE/	Financials	2.58%
6	DUK	Duke Energy CORP	Utilities	2.58%
7	C	CITIGROUP INC	Financials	2.58%
8	MRK	Merck & Co., Inc.	Health Care	2.56%
9	JPM	JPMORGAN CHASE & CO	Financials	2.44%
10	MS	MORGAN STANLEY	Financials	2.42%

186/213 names classified · sector 97.5% of weight · industry 97.5% · mkt cap 81.4%; unclassified names shown, never dropped.

Sector allocation over time · how the GICS mix & top names shifted quarter by quarter

top 5/sector, rest → “Other” · 52 quarters

FinancialsJPM, TRV, BAC, MET, TFC · other

Health CareJNJ, MRK, NVS, PFE, LLY · other

Information TechnologyCSCO, MSFT, INTC, GE, AVGO · other

Consumer StaplesPM, MO, DEO, BTI, CVS · other

IndustrialsMMM, JCI, RTX, GD, BA · other

EnergyCVX, COP, XOM, EOG, SHEL · other

Communication ServicesT, BCE, CMCSA, VZ, VOD · other

Consumer DiscretionaryGPC, TGT, LOW, TM, QSR · other

MaterialsKMB, DOW, GLW, KVUE, UL · other

UtilitiesNEE, DUK, PPL, D, NGG · other

Real EstateWELL, DOC, VICI, CCI, BXP · other

UnclassifiedRAYTHEON CO, UNILEVER N V, ROYAL DUTCH SHELL PLC, DOWDUPONT INC, VODAFONE GP PLC · other

Sector is classified on each name's CURRENT fundamentals, not point-in-time — apparent sector drift can reflect the market re-rating a holding, not a manager trade. 13F is a lagged quarterly snapshot of long positions in US-listed securities only — foreign companies held via a US listing or ADR ARE included, but shares listed only on non-US exchanges (plus shorts, options and cash) are not. Latest quarter: 97.5% of the book is sector-classified (unclassified names shown, never dropped).

Style box · size × value-growth placement of the reported book (2026-Q1), classified on current fundamentals (not point-in-time) — load it into PORT to overlay your own portfolio

holdings, colored by sector (149 classified)Cullen Capital Management, LLC centroid (Large Value)

FinancialsHealth CareIndustrialsEnergyInformation TechnologyConsumer DiscretionaryUtilitiesCommunication ServicesReal EstateConsumer StaplesMaterials

Style box summary for Cullen Capital Management, LLC: centroid Large Value. Heaviest cells: Large Value 34.4%, Large Core 26.2%, Mid Value 12.5%.

Classified: 81.2% of book weight (149/213 names) · unclassified 18.8%: NVS, UL, BCE, ASX, BTI, DEO, NGG, TSM, TM, TIGO +54 more. Size: cap 70/20/10 bands; style: value/growth composite on our own metrics — not Morningstar's model.

Contribution holdings-based, any period

No contribution data for this period.

Holdings· 213 positions (2026-Q1) · largest first · Δ vs 2025-Q4

#	Security	Shares	Value	Weight	Δ QoQ
1	NVSNOVARTIS AG	2,037,962	$311M	3.2%	TRIM −2%
2	CSCOCISCO SYS INC	3,645,540	$283M	2.9%	TRIM −2%
3	JNJJOHNSON & JOHNSON	1,114,929	$273M	2.8%	TRIM −4%
4	XOMEXXON MOBIL CORP	1,499,613	$254M	2.6%	TRIM −11%
5	BACBANK AMERICA CORP	5,164,917	$252M	2.6%	HOLD
6	DUKDUKE ENERGY CORP NEW	1,921,458	$252M	2.6%	HOLD
7	CCITIGROUP INC	2,218,190	$252M	2.6%	TRIM −4%
8	MRKMERCK & CO INC	2,073,354	$249M	2.6%	TRIM −10%
9	JPMJPMORGAN CHASE & CO	808,648	$238M	2.4%	TRIM −4%
10	MSMORGAN STANLEY	1,433,565	$236M	2.4%	TRIM −5%
11	COPCONOCOPHILLIPS	1,785,399	$236M	2.4%	TRIM −7%
12	GDGENERAL DYNAMICS CORP	673,189	$231M	2.4%	TRIM −3%
13	MDTMEDTRONIC PLC	2,630,944	$228M	2.3%	ADD 5%
14	NEENEXTERA ENERGY INC	2,427,317	$225M	2.3%	HOLD
15	RTXRTX CORPORATION	1,152,069	$222M	2.3%	TRIM −3%
16	JCIJOHNSON CONTROLS INTERNATION	1,690,728	$221M	2.3%	TRIM −2%
17	CBCHUBB LIMITED	674,033	$220M	2.3%	HOLD
18	CMCSACOMCAST CORP NEW	7,149,769	$205M	2.1%	ADD 72%
19	TFCTRUIST FINL CORP	4,454,809	$205M	2.1%	ADD 2%
20	PMPHILIP MORRIS INTL INC	1,187,104	$196M	2.0%	HOLD
21	VICIVICI PPTYS INC	6,788,489	$185M	1.9%	ADD 19%
22	CVXCHEVRON CORP NEW	876,053	$181M	1.9%	HOLD
23	DOCHEALTHPEAK PROPERTIES INC	10,991,301	$181M	1.9%	ADD 19%
24	TAT&T INC	5,714,670	$166M	1.7%	HOLD
25	GPCGENUINE PARTS CO	1,564,620	$165M	1.7%	ADD 17%
26	AVGOBROADCOM INC	533,686	$165M	1.7%	HOLD
27	UPSUNITED PARCEL SERVICE INC	1,623,438	$160M	1.6%	ADD 50%
28	MOALTRIA GROUP INC	2,374,542	$157M	1.6%	HOLD
29	ULUNILEVER PLC	2,647,695	$151M	1.5%	ADD 21%
30	BCEBCE INC	5,966,886	$151M	1.5%	ADD 5%
31	LOWLOWES COS INC	614,677	$145M	1.5%	HOLD
32	TRVTRAVELERS COMPANIES INC	482,691	$141M	1.4%	TRIM −3%
33	TGTTARGET CORP	1,134,244	$137M	1.4%	ADD 23%
34	UNHUNITEDHEALTH GROUP INC	472,736	$128M	1.3%	ADD 42%
35	QCOMQUALCOMM INC	897,217	$116M	1.2%	ADD 4%
36	BDXBECTON DICKINSON & CO	729,161	$115M	1.2%	ADD 4%
37	DOWDOW HLDGS INC	2,563,614	$107M	1.1%	ADD 14%
38	CCICROWN CASTLE INC	1,188,440	$97M	1.0%	ADD 11%
39	OMCOMNICOM GROUP INC	1,164,690	$88M	0.9%	ADD 8%
40	ASXASE TECHNOLOGY HLDG CO LTD	4,011,499	$87M	0.9%	TRIM −28%
41	QSRRESTAURANT BRANDS INTL INC	1,105,654	$82M	0.8%	NEW
42	BTIBRITISH AMERN TOB PLC	1,343,678	$79M	0.8%	HOLD
43	PFEPFIZER INC	2,693,507	$76M	0.8%	ADD 28%
44	MSFTMICROSOFT CORP	201,639	$75M	0.8%	HOLD
45	DEODIAGEO PLC	964,223	$72M	0.7%	ADD 48%
46	EOGEOG RES INC	487,665	$71M	0.7%	ADD 8%
47	BMYBRISTOL-MYERS SQUIBB CO	1,119,669	$68M	0.7%	TRIM −5%
48	NGGNATIONAL GRID PLC	794,204	$67M	0.7%	ADD 4%
49	TSMTAIWAN SEMICONDUCTOR MFG LTD	191,617	$65M	0.7%	TRIM −19%
50	TMTOYOTA MOTOR CORP	312,605	$64M	0.7%	ADD 32%
51	TIGOMILLICOM INTL CELLULAR S A	827,675	$62M	0.6%	ADD 26%
52	RIORIO TINTO PLC	656,864	$61M	0.6%	ADD 32%
53	ENBENBRIDGE INC	1,122,777	$61M	0.6%	ADD 6%
54	PPLPPL CORP	1,541,645	$59M	0.6%	ADD 2%
55	PBRPETROLEO BRASILEIRO S A	2,810,725	$58M	0.6%	ADD 24%
56	TTETotalEnergies SE	640,080	$58M	0.6%	ADD 221%
57	BILSPDR SERIES TRUST	577,062	$53M	0.5%	ADD 5020%
58	SWSMURFIT WESTROCK PLC	1,245,910	$50M	0.5%	ADD 35%
59	HONHONEYWELL INTL INC	213,520	$48M	0.5%	ADD 1082%
60	CPACOPA HOLDINGS SA	413,272	$47M	0.5%	ADD 153%
61	KDPKEURIG DR PEPPER INC	1,764,275	$46M	0.5%	ADD 19%
62	FHNFIRST HORIZON CORPORATION	1,964,675	$45M	0.5%	TRIM −3%
63	SYYSYSCO CORP	606,808	$43M	0.4%	TRIM −2%
64	AIGAMERICAN INTL GROUP INC	570,513	$43M	0.4%	ADD 15%
65	PWCDFPOWER CORP CDA SHS ISIN CA7392391016	868,276	$42M	0.4%	NEW
66	KOFCOCA-COLA FEMSA SAB DE CV	423,141	$41M	0.4%	HOLD
67	PPGPPG INDS INC	383,417	$41M	0.4%	HOLD
68	IBMINTERNATIONAL BUSINESS MACHS	168,806	$41M	0.4%	ADD 9%
69	VZVERIZON COMMUNICATIONS INC	804,544	$40M	0.4%	TRIM −36%
70	PNCPNC FINL SVCS GROUP INC	181,170	$38M	0.4%	TRIM −30%
71	UNPUNION PAC CORP	151,877	$37M	0.4%	TRIM −2%
72	IBNICICI BANK LIMITED	1,290,726	$33M	0.3%	TRIM −26%
73	CCEPCOCA-COLA EUROPACIFIC PARTNE	364,518	$33M	0.3%	TRIM −26%
74	IXORIX CORP	1,080,361	$32M	0.3%	NEW
75	NVONOVO-NORDISK A S	792,355	$29M	0.3%	ADD 45%
76	SNYSANOFI SA	593,301	$29M	0.3%	ADD 64%
77	EWYISHARES INC MSCI STH KOR ETF	226,640	$28M	0.3%	TRIM −16%
78	SHELSHELL PLC	299,034	$28M	0.3%	TRIM −38%
79	EWTISHARES INC MSCI TAIWAN ETF	155,514	$11M	0.1%	HOLD
80	KBKB FINL GROUP INC	106,751	$11M	0.1%	TRIM −4%
81	AXIACENTRAIS ELET BRAS SA	734,134	$8M	0.1%	ADD 122%
82	ITUBITAU UNIBANCO HLDG S A	878,679	$7M	0.1%	ADD 28%
83	AMATAPPLIED MATLS INC	18,868	$6M	0.1%	TRIM −6%
84	EFVISHARES TR	78,655	$6M	0.1%	TRIM −64%
85	KTKT CORP	262,896	$6M	0.1%	ADD 2180%
86	ETNEATON CORP PLC	14,519	$5M	0.1%	HOLD
87	WMTWALMART INC	41,524	$5M	0.1%	HOLD
88	BWABORGWARNER INC	90,223	$5M	0.1%	HOLD
89	EPIWISDOMTREE TR	114,147	$5M	0.0%	ADD 28%
90	AXPAMERICAN EXPRESS CO	14,480	$4M	0.0%	TRIM −15%
91	ETENERGY TRANSFER L P	209,917	$4M	0.0%	ADD 56%
92	CITHE CIGNA GROUP	14,497	$4M	0.0%	ADD 4%
93	EPDENTERPRISE PRODS PARTNERS L	99,815	$4M	0.0%	ADD 28%
94	DISDISNEY WALT CO	38,931	$4M	0.0%	ADD 4%
95	ALLALLSTATE CORP	17,100	$4M	0.0%	TRIM −3%
96	MDLZMONDELEZ INTL INC	58,723	$3M	0.0%	ADD 5%
97	ECHISHARES INC MSCI CHILE ETF	83,412	$3M	0.0%	NEW
98	ARWArrow Electronics	21,345	$3M	0.0%	TRIM −2%
99	ORCLORACLE CORP	20,433	$3M	0.0%	TRIM −5%
100	AXTAAXALTA COATING SYS LTD	98,177	$3M	0.0%	HOLD
101	SRESEMPRA	27,428	$3M	0.0%	ADD 12%
102	PKGPACKAGING CORP AMER	11,803	$3M	0.0%	TRIM −3%
103	RJFRAYMOND JAMES FINL INC	16,866	$2M	0.0%	ADD 27%
104	SJMSMUCKER J M CO	22,987	$2M	0.0%	ADD 50%
105	IWDISHARES TR	10,026	$2M	0.0%	TRIM −67%
106	CNICANADIAN NATL RY CO	19,062	$2M	0.0%	ADD 3%
107	GOOGLALPHABET INC	6,643	$2M	0.0%	ADD 15%
108	CSXCSX CORP	46,062	$2M	0.0%	HOLD
109	SPGSIMON PPTY GROUP INC NEW	9,821	$2M	0.0%	ADD 6%
110	XLRESELECT SECTOR SPDR TR	43,962	$2M	0.0%	TRIM −95%
111	MUMICRON TECHNOLOGY INC	4,897	$2M	0.0%	TRIM −11%
112	ADMARCHER DANIELS MIDLAND CO	21,881	$2M	0.0%	TRIM −3%
113	LAURLAUREATE EDUCATION INC	44,928	$2M	0.0%	TRIM −76%
114	BABOEING CO	7,671	$2M	0.0%	TRIM −2%
115	MCDMCDONALDS CORP	4,366	$1M	0.0%	TRIM −34%
116	INDAISHARES TR	28,388	$1M	0.0%	TRIM −30%
117	EEMISHARES TR	20,700	$1M	0.0%	TRIM −89%
118	ZTSZOETIS INC	9,409	$1M	0.0%	NEW
119	ADBEADOBE INC	4,457	$1M	0.0%	HOLD
120	WTRGESSENTIAL UTILS INC	26,902	$1M	0.0%	ADD 7%
121	XLVSELECT SECTOR SPDR TR	7,380	$1M	0.0%	TRIM −92%
122	DDDUPONT DE NEMOURS INC	23,290	$1M	0.0%	HOLD
123	FISFIDELITY NATL INFORMATION SV	22,665	$1M	0.0%	ADD 2%
124	STSENSATA TECHNOLOGIES HLDG PL	29,930	$1M	0.0%	HOLD
125	XYLXYLEM INC	8,775	$1M	0.0%	ADD 55%
126	CLXCLOROX CO DEL	10,018	$1M	0.0%	NEW
127	AVNTAVIENT CORPORATION	27,960	$1M	0.0%	ADD 7%
128	PEPPEPSICO INC	6,224	$966,525	0.0%	TRIM −23%
129	XLPSELECT SECTOR SPDR TR	11,703	$959,412	0.0%	TRIM −97%
130	ACWXISHARES TR	13,806	$945,297	0.0%	TRIM −93%
131	WPCW. P. Carey Inc.	13,817	$939,003	0.0%	HOLD
132	VLTOVERALTO CORP	10,555	$933,273	0.0%	ADD 36%
133	SBSCOMPANHIA DE SANEAMENTO BASI	28,545	$870,908	0.0%	TRIM −31%
134	VACMARRIOTT VACATIONS WORLDWIDE	13,227	$861,342	0.0%	HOLD
135	AXIA.PCCENTRAIS ELET BRAS SA	78,737	$859,808	0.0%	TRIM −5%
136	TREELENDINGTREE INC NEW	19,941	$855,070	0.0%	TRIM −19%
137	PNRPENTAIR PLC	9,736	$848,103	0.0%	ADD 48%
138	XLYSELECT SECTOR SPDR TR	7,468	$813,863	0.0%	TRIM −74%
139	XLISELECT SECTOR SPDR TR	4,935	$798,138	0.0%	TRIM −98%
140	XLKSELECT SECTOR SPDR TR	5,606	$745,037	0.0%	ADD 163%
141	AWRAMER STATES WTR CO	9,791	$740,395	0.0%	ADD 23%
142	AWKAMERICAN WTR WKS CO INC NEW	5,336	$726,176	0.0%	ADD 19%
143	PEGPUBLIC SVC ENTERPRISE GROUP	8,948	$724,341	0.0%	HOLD
144	ABCBAMERIS BANCORP	9,251	$721,485	0.0%	TRIM −2%
145	MHOM/I HOMES INC	5,889	$721,108	0.0%	HOLD
146	DOUGDOUGLAS ELLIMAN INC	413,225	$677,689	0.0%	TRIM −15%
147	KOCOCA COLA CO	8,879	$675,248	0.0%	TRIM −15%
148	HTOH2O AMERICA	11,458	$672,241	0.0%	ADD 56%
149	AAPLAPPLE INC	2,640	$670,006	0.0%	TRIM −47%
150	POOLPOOL CORP	3,236	$654,740	0.0%	ADD 62%
151	XLCSELECT SECTOR SPDR TR	5,878	$651,635	0.0%	TRIM −99%
152	CNMCORE & MAIN INC	12,906	$637,556	0.0%	ADD 3%
153	WSBCWESBANCO INC	18,391	$634,306	0.0%	TRIM −18%
154	FIBKFIRST INTST BANCSYSTEM INC	18,393	$614,326	0.0%	HOLD
155	STNSTANTEC INC	6,980	$603,072	0.0%	ADD 112%
156	TTEKTETRA TECH INC NEW	19,837	$597,490	0.0%	ADD 37%
157	CWTCALIFORNIA WTR SVC GROUP	13,079	$593,002	0.0%	ADD 84%
158	WMSADVANCED DRAIN SYS INC DEL	4,268	$585,271	0.0%	ADD 7%
159	SWIMLATHAM GROUP INC	107,394	$576,706	0.0%	ADD 3%
160	SSBSOUTHSTATE BK CORP	6,108	$565,112	0.0%	TRIM −7%
161	WTTRSELECT WATER SOLUTIONS INC	34,663	$530,344	0.0%	TRIM −41%
162	CUZCOUSINS PPTYS INC	23,351	$527,032	0.0%	TRIM −28%
163	PGPROCTER AND GAMBLE CO	3,556	$513,629	0.0%	TRIM −61%
164	HUNHUNTSMAN CORP	38,267	$509,334	0.0%	ADD 89%
165	KWRQUAKER HOUGHTON	4,089	$507,976	0.0%	TRIM −12%
166	CTRACOTERRA ENERGY INC	14,441	$507,457	0.0%	TRIM −19%
167	MBCMASTERBRAND INC	60,455	$502,381	0.0%	ADD 22%
168	PFSIPENNYMAC FINL SVCS INC NEW	5,743	$501,938	0.0%	ADD 196%
169	SFNCSIMMONS FIRST NATL CORP	25,601	$497,939	0.0%	TRIM −16%
170	GLDDGREAT LAKES DREDGE & DOCK CO	28,963	$492,371	0.0%	TRIM −61%
171	BBSIBARRETT BUSINESS SVCS INC	15,512	$452,640	0.0%	NEW
172	PORPORTLAND GEN ELEC CO	7,672	$404,851	0.0%	TRIM −25%
173	BDCBELDEN INC	3,516	$403,742	0.0%	NEW
174	PLDPROLOGIS INC.	2,920	$385,966	0.0%	HOLD
175	CPCANADIAN PACIFIC KANSAS CITY	4,904	$385,749	0.0%	HOLD
176	WOODISHARES TR	5,430	$385,256	0.0%	TRIM −17%
177	LDILOANDEPOT INC	265,605	$377,159	0.0%	TRIM −27%
178	PSIXPOWER SOLUTIONS INTL INC	6,090	$370,759	0.0%	NEW
179	YORWYORK WTR CO	11,807	$359,523	0.0%	ADD 9%
180	XLFSELECT SECTOR SPDR TR	7,222	$356,550	0.0%	TRIM −90%
181	WYWEYERHAEUSER CO	14,317	$349,764	0.0%	HOLD
182	SOLSSOLSTICE ADVANCED MATLS INC	4,516	$343,939	0.0%	HOLD
183	CVSCVS HEALTH CORP	4,745	$340,786	0.0%	HOLD
184	VNOMVIPER ENERGY INC	7,103	$333,770	0.0%	TRIM −29%
185	DDOMINION ENERGY INC	5,356	$331,108	0.0%	TRIM −4%
186	CWCOCONSOLIDATED WATER CO INC	9,971	$330,240	0.0%	TRIM −20%
187	EFSCENTERPRISE FINL SVCS CORP	6,017	$325,580	0.0%	TRIM −10%
188	ILFISHARES TR	9,108	$323,516	0.0%	NEW
189	BMIBADGER METER INC	2,092	$318,716	0.0%	NEW
190	ABBVABBVIE INC	1,437	$312,533	0.0%	TRIM −28%
191	FBINFORTUNE BRANDS INNOVATIONS I	7,875	$306,889	0.0%	NEW
192	WATWATERS CORP	1,020	$303,845	0.0%	NEW
193	HIWHIGHWOODS PPTYS INC	13,661	$292,482	0.0%	TRIM −23%
194	MBUUMALIBU BOATS INC	11,126	$288,386	0.0%	HOLD
195	AOSSMITH A O CORP	4,362	$287,630	0.0%	TRIM −11%
196	JBSSSANFILIPPO JOHN B & SON INC	3,565	$282,811	0.0%	HOLD
197	ARTNAARTESIAN RES CORP	8,829	$281,204	0.0%	ADD 8%
198	MSEXMIDDLESEX WTR CO	5,244	$272,950	0.0%	ADD 4%
199	ECLECOLAB INC	967	$257,241	0.0%	HOLD
200	VMIVALMONT INDS INC	643	$256,924	0.0%	TRIM −50%

showing the top 200 by weight

Position trends· top 15 holdings · shares held over 6 quarters

green added · red trimmed

Security

2024-Q4

2025-Q1

2025-Q2

2025-Q3

2025-Q4

2026-Q1

Latest value

NVSNOVARTIS AG

2.2M

2.1M

2.0M

$311M

CSCOCISCO SYS INC

4.6M

4.2M

4.0M

3.9M

3.7M

3.6M

$283M

JNJJOHNSON & JOHNSON

1.2M

1.1M

$273M

XOMEXXON MOBIL CORP

2.0M

1.9M

1.7M

1.5M

$254M

BACBANK AMERICA CORP

5.7M

5.5M

5.2M

$252M

DUKDUKE ENERGY CORP NEW

2.1M

2.0M

1.9M

$252M

CCITIGROUP INC

3.0M

2.8M

2.5M

2.3M

2.2M

$252M

MRKMERCK & CO INC

2.0M

2.2M

2.3M

2.1M

$249M

JPMJPMORGAN CHASE & CO

1.3M

1.1M

1.0M

842K

809K

$238M

MSMORGAN STANLEY

1.8M

1.7M

1.6M

1.5M

1.4M

$236M

COPCONOCOPHILLIPS

1.3M

1.9M

2.0M

1.9M

1.8M

$236M

GDGENERAL DYNAMICS CORP

742K

752K

742K

721K

695K

673K

$231M

MDTMEDTRONIC PLC

2.6M

2.7M

2.5M

2.6M

$228M

NEENEXTERA ENERGY INC

2.5M

2.4M

$225M

RTXRTX CORPORATION

2.0M

1.9M

1.5M

1.4M

1.2M

$222M

Shares reported each quarter by the largest current holdings. Green = added vs the prior filing of that name, red = trimmed, grey = roughly held; a dash is a quarter with no 13F on file (a gap is skipped, not read as an exit). 13F is filed up to 45 days after quarter-end. Up to 40 quarters (10 years) available — use the selector above.

☆Cullen Capital Management, LLC

Implied return what this book implies · modeled, not advice methodology →

Exposures · what this manager owns, by sector & size (2026-Q1)

By sector

By market cap

By region

By industry group GICS — finer than sector

Top holdings

Sector allocation over time · how the GICS mix & top names shifted quarter by quarter

Style box · size × value-growth placement of the reported book (2026-Q1), classified on current fundamentals (not point-in-time) — load it into PORT to overlay your own portfolio

Contribution holdings-based, any period

Holdings· 213 positions (2026-Q1) · largest first · Δ vs 2025-Q4

Position trends· top 15 holdings · shares held over 6 quarters

Related· where to look next

Cullen Capital Management, LLC