Cullen Capital Management, LLC

Long Only Manager • Value

Cullen Capital Management, LLC is a Value-focused institution based in New York, NY led by James Patrick Cullen, managing $9.1B across 216 long positions as of Q3 2025 with JPM as the largest holding (3% allocation).

CEOJames Patrick Cullen

Portfolio Value: $9.1B
Positions: 216
Top Holding: JPM at 3.47%
Last Reported: Q3 2025

Address645 Fifth Avenue, 12th Floor, New York, NY, 10022, United States

Top Holdings

Largest long holdings in Cullen Capital Management, LLC's portfolio (28.6% of total portfolio)

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Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 JPMorgan Chase JPM	Banks - Diversified Financial Services	$317.5M	3.47%	-$12.8M Sold	0.04% 1.0M shares	≤ Q2 2013 Held for 12y 5m+
2 Bank of America BAC	Banks - Diversified Financial Services	$281.3M	3.08%	-$2.9M Sold	0.07% 5.5M shares	Q2 2019 Held for 6y 5m
3 Cisco Systems, Inc. CSCO	Communication Equipment Technology	$269.4M	2.95%	-$6.7M Sold	0.10% 3.9M shares	≤ Q2 2013 Held for 12y 5m+
4 NVS Novartis NVS	Unknown Unknown	$265.5M	2.90%	-$3.4M Sold	— 2.1M shares	Q4 2022 Held for 2y 11m
5 Medtronic MDT	Medical - Devices Healthcare	$254.5M	2.78%	-$2.8M Sold	0.21% 2.7M shares	≤ Q2 2013 Held for 12y 5m+
6 Duke Energy DUK	Regulated Electric Utilities	$250.0M	2.73%	-$3.7M Sold	0.26% 2.0M shares	Q1 2018 Held for 7y 8m
7 Citigroup C	Banks - Diversified Financial Services	$249.3M	2.73%	-$30.5M Sold	0.13% 2.5M shares	≤ Q2 2013 Held for 12y 5m+
8 Morgan Stanley MS	Financial - Capital Markets Financial Services	$248.4M	2.72%	-$11.7M Sold	0.10% 1.6M shares	Q2 2015 Held for 10y 5m
9 General Dynamics GD	Aerospace & Defense Industrials	$245.9M	2.69%	-$7.2M Sold	0.27% 721.0K shares	Q1 2020 Held for 5y 8m
10 Raytheon Technologies RTX	Aerospace & Defense Industrials	$234.2M	2.56%	-$12.3M Sold	0.10% 1.4M shares	Q2 2020 Held for 5y 5m

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Changes

Portfolio activity, position movements, and quarter-over-quarter changes in Cullen Capital Management, LLC's latest filing

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Market Value

$9.1B

Prior: $8.8B

Q/Q Change

+4.11%

+$360.4M

Net Flows % of MV

-1.18%

Turnover Ratio

5.83%

New Purchases

12 stocks

$125.4M

Added To

53 stocks

+$376.7M

Sold Out Of

8 stocks

$69.5M

Reduced Holdings

98 stocks

-$540.5M

Increased Positions

Position	Shares Δ	Change
1 UnitedHealth Group UNH	New	0 → 236.7K +$81.7M
2 Millicom International Cellular TIGO	New	0 → 643.0K +$31.2M
3 iShares MSCI Brazil EWZ	New	0 → 193.0K +$6.0M
4 iShares MSCI China MCHI	New	0 → 31.3K +$2.1M
5 Adobe ADBE	New	0 → 3.0K +$1.1M

Decreased Positions

Position	Shares Δ	Change
1 Baxter International BAX	Sold	1.7M → 0 −$50.0M
2 Financial Select Sector SPDR Fund XLF	Sold	185.4K → 0 −$9.7M
3 Technology Select Sector SPDR Fund XLK	Sold	27.5K → 0 −$7.0M
4 Warner Bros. Discovery, Inc. WBD	Sold	109.7K → 0 −$1.3M
5 Utilities Select Sector SPDR Fund XLU	Sold	10.7K → 0 −$877.7K

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Analytics

Portfolio insights and performance metrics for Cullen Capital Management, LLC

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Sector Allocation

Financial Services

18.60%

Healthcare

11.10%

Industrials

10.30%

Technology

9.00%

Communication Services

7.50%

Consumer Defensive

7.30%

Energy

7.30%

Real Estate

5.70%

Utilities

5.60%

Consumer Cyclical

3.90%

Basic Materials

1.50%

ETF

1.00%

Market Cap Distribution

Mega Cap (> $200B)

32.29%

Large Cap ($10B - $200B)

54.11%

Mid Cap ($2B - $10B)

1.02%

Small Cap ($300M - $2B)

0.09%

Micro Cap ($50M - $300M)

0.02%

Nano Cap (< $50M)

0.00%

N/A (ETF or Unknown)

12.47%

Portfolio Concentration

Top 10 Holdings %

28.62%

Top 20 Holdings %

50.89%

Top 50 Holdings %

88.45%

Top 100 Holdings %

99.03%