1y return+19.1%S&P 500 +20.9%
3y return+38.7%S&P 500 +68.5%
5y return+36.1%S&P 500 +74.5%
10y return+82.1%S&P 500 +256.5%
These returns are for its stock picks as disclosed on Form 13F: last quarter's holdings, valued at this quarter's prices. They miss trades within each quarter, short positions, options, bonds, cash and fees, so they aren't the returns its clients got.
$100 invested in its stock picks
Since June 30, 2016: $182 against $357 in the S&P 500.2
Cullen Capital Management, LLCS&P 500 (SPY)
Top holdings
At the end of June 30, 2026. Change is in shares since the quarter before.2
| Stock | Value | Share of portfolio | Change |
|---|---|---|---|
| NVSNovartis AG (ADR) | $318.6M | 3.1% | |
| CSCOCisco Systems Inc. | $300.4M | 3.0% | −29.8% |
| MSMorgan Stanley | $295.5M | 2.9% | −1.4% |
| JNJJohnson & Johnson | $279.1M | 2.7% | −1.4% |
| CCitigroup Inc. | $270.0M | 2.7% | −13.0% |
| JPMJP Morgan Chase & Co. | $265.4M | 2.6% | |
| MRKMerck & Co. Inc. | $259.2M | 2.5% | −2.7% |
| BACBank of America Corp. | $247.1M | 2.4% | −16.1% |
| DUKDuke Energy Corp. | $244.7M | 2.4% | |
| Johnson Controls InternationalCUSIP G51502105 | $244.2M | 2.4% | −1.1% |
| GDGeneral Dynamics Corp. | $239.2M | 2.4% | |
| Chubb Ltd.CUSIP H1467J104 | $229.9M | 2.3% | |
| TFCTruist Financial Corp | $222.9M | 2.2% | |
| RTXRTX Corp | $218.5M | 2.1% | |
| PMPhilip Morris International In | $216.7M | 2.1% | |
| NEENextEra Energy Inc. | $212.3M | 2.1% | |
| DOCHealthpeak Properties Inc | $209.0M | 2.1% | −11.1% |
| XOMExxonMobil Holdings Corp. | $204.0M | 2.0% | New |
| Medtronic PLCCUSIP G5960L103 | $202.8M | 2.0% | −1.5% |
| AVGOBroadcom Ltd. | $201.0M | 2.0% | |
| UNHUnitedHealth Group Inc. | $197.6M | 1.9% | |
| VICIVici Properties Inc. | $185.0M | 1.8% | +2.7% |
| COPConocoPhillips | $181.8M | 1.8% | −2.1% |
| UPSUnited Parcel Service Inc. | $178.1M | 1.8% | +2.0% |
| QCOMQualcomm Inc. | $173.6M | 1.7% | +4.7% |
Best picks still held
How each current holding has done since the quarter it first appeared in its filings (up to six years back).
| Stock | Held since | Return since | Now worth |
|---|---|---|---|
| AVGOBroadcom Ltd. | September 30, 2020 | +936.9% | $201.0M |
| ASXASE Technology Holding Company (ADR) | June 30, 2020 | +893.9% | $94.3M |
| MSMorgan Stanley | June 30, 2020 | +332.8% | $295.5M |
| JPMJP Morgan Chase & Co. | June 30, 2020 | +248.0% | $265.4M |
| RTXRTX Corp | June 30, 2020 | +207.9% | $218.5M |
| TRVThe Travelers Companies Inc. | June 30, 2020 | +189.5% | $158.5M |
| CCitigroup Inc. | June 30, 2020 | +173.9% | $270.0M |
| PMPhilip Morris International In | June 30, 2020 | +158.2% | $216.7M |
| CSCOCisco Systems Inc. | June 30, 2020 | +151.8% | $300.4M |
| COPConocoPhillips | June 30, 2020 | +147.4% | $181.8M |
Sold off last quarter
- Exxon Mobil Corp.CUSIP 30231G102 was $254.4M
- Honeywell International Inc.CUSIP 438516106 was $48.3M
- EEMiShares MSCI Emerging Markets was $1.2M
- DuPont De Nemours Inc.CUSIP 26614N102 was $1.1M
- FISFidelity National Information was $1.1M
- ACWXiShares MSCI ACWI ex US ETF was $945K
- CTRACoterra Energy Inc. was $507K
- GLDDGreat Lakes Dredge & Dock Corp was $492K
- WOODiShares Global Timber & Forest was $385K
- PSIXPower Solutions International was $371K
Quarter by quarter
| Quarter | Its picks | S&P 500 |
|---|---|---|
| June 30, 2026 | +6.2% | +14.8% |
| March 31, 2026 | +4.0% | −4.6% |
| December 31, 2025 | +3.0% | +2.4% |
| September 30, 2025 | +4.8% | +7.8% |
| June 30, 2025 | +2.5% | +10.5% |
| March 31, 2025 | +2.9% | −4.6% |
| December 31, 2024 | −4.2% | +2.1% |
| September 30, 2024 | +8.7% | +5.4% |
| June 30, 2024 | −1.7% | +4.0% |
| March 31, 2024 | +6.1% | +10.0% |
| December 31, 2023 | +7.2% | +11.2% |
| September 30, 2023 | −5.2% | −3.6% |
| June 30, 2023 | +1.3% | +8.3% |
| March 31, 2023 | −0.8% | +7.0% |
| December 31, 2022 | +15.6% | +7.1% |
| September 30, 2022 | −7.7% | −5.3% |
| June 30, 2022 | −11.5% | −16.5% |
| March 31, 2022 | −1.7% | −4.9% |
| December 31, 2021 | +6.5% | +10.7% |
| September 30, 2021 | −1.3% | +0.3% |
Sources
Every number on this page points here. Each one links to the public record.
- 1SEC EDGAR: Cullen Capital Management, LLC Form 13F filingshttps://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1362535&type=13F-HR&dateb=&owner=include&count=40CIK 1362535
- 2SEC: 13F for the quarter ended June 30, 2026https://www.sec.gov/Archives/edgar/data/1362535/000119312526349619/Filed August 13, 2026 · accession 0001193125-26-349619