SEC 13F Intelligence

Managers / Q4 2025 · view latest →

Cullen Capital Management, LLC

CIK 0001362535 · 645 FIFTH AVE, NEW YORK, NY, 10022 · 212-644-1800

Reported Value
$9.2B
Q4 2025
Positions
225
Filings on Record
31
2019–present window
Filed
Feb 13, 2026
original filing

Summary

Cullen Capital Management, LLC reported $9.2B in U.S.-listed holdings across 225 positions for Q4 2025.

Its largest position, CSCO, represents 3.1% of the portfolio.

Compared with Q3 2025, the fund opened 21 new positions and exited 13.

Portfolio Metrics

Turnover
+9.9%
vs prior filed quarter
Top-10 Concentration
+28.6%
share of reported value
Largest Position
+3.1%
Cisco Systems
New / Exited
21 / 13
positions this quarter

Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.

Reported Value by Quarter

13F Reported Value
Q4 ’18: $2.3BQ4 ’18Q1 ’19: $2.5BQ2 ’19: $2.6BQ3 ’19: $2.5BQ4 ’19: $2.6BQ4 ’19Q1 ’20: $1.7BQ2 ’20: $1.8BQ3 ’20: $1.7BQ4 ’20: $1.8BQ4 ’20Q1 ’21: $9.3BQ2 ’21: $10.3BQ3 ’21: $10.2BQ4 ’21: $10.7BQ4 ’21Q1 ’22: $10.9BQ2 ’22: $10.0BQ3 ’22: $9.3BQ4 ’22: $7.8BQ4 ’22Q1 ’23: $10.9BQ2 ’23: $11.2BQ3 ’23: $8.6BQ4 ’23: $6.7BQ4 ’23Q1 ’24: $9.0BQ2 ’24: $8.7BQ3 ’24: $9.2BQ4 ’24: $8.6BQ4 ’24Q1 ’25: $8.7BQ3 ’25: $9.1BQ4 ’25: $9.2BQ1 ’26: $9.8BQ1 ’26filingsflow.com

Portfolio Composition

By security type
Common Stock: 71.0%ADR: 12.0%Other: 9.0%REIT: 4.5%ETP: 3.5%Other: 0.1%
  • Common Stock · 71.0% · $6.5B
  • ADR · 12.0% · $1.1B
  • Other · 9.0% · $820M
  • REIT · 4.5% · $409M
  • ETP · 3.5% · $320M
  • Other · 0.1% · $5M

Quarter-over-Quarter Changes full breakdown →

vs Q3 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
ULUnilever PLC (ADR)NEW+2.19M2.19M+$143M$143M
AIGAmerican International Group INEW+494.3K494.3K+$42M$42M
NVONovo Nordisk A/S (ADR)NEW+547.5K547.5K+$28M$28M
TotalEnergies SENEW+199.1K199.1K+$13M$13M
XLEState Street Energy Select SecNEW+204.0K204.0K+$9M$9M
XLFState Street Financial SelectNEW+71.7K71.7K+$4M$4M
Axia Energia ADRNEW+330.2K330.2K+$3M$3M
iShares Select Dividend ETFNEW+21.1K21.1K+$3M$3M

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q4 2025

50 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1CSCOCisco Systems Inc.history →COM3.14%$288M3.73M
2NVSNNovartis AG (ADR)history →ADR3.13%$287M2.08M
3BACBank of America Corp.history →COM3.11%$284M5.17M
4JPMJP Morgan Chase & Co.history →COM2.96%$271M841.8K
5TRVCCitigroup Inc.history →COM2.93%$269M2.30M
6DWDMorgan Stanleyhistory →COM2.92%$267M1.50M
7MRKMerck & Co. Inc.history →COM2.63%$241M2.29M
8JNJJohnson & Johnsonhistory →COM2.62%$240M1.16M
9Medtronic PLCCOM2.62%$240M2.50M
10GDGeneral Dynamics Corp.history →COM2.56%$234M695.2K
11DUKDuke Energy Corp.history →COM2.44%$223M1.91M
12RTXRTX Corphistory →COM2.38%$218M1.19M
13TFCTruist Financial Corphistory →COM2.34%$214M4.35M
14Chubb Ltd.COM2.32%$213M681.7K
15Johnson Controls InternationalCOM2.26%$207M1.73M
16EXMOCExxon Mobil Corp.history →COM2.23%$204M1.69M
17NEENextEra Energy Inc.history →COM2.16%$197M2.46M
184I1Philip Morris International Inhistory →COM2.09%$191M1.19M
19AVGOBroadcom Ltd.history →COM2.01%$184M531.4K
20COPConocoPhillipshistory →COM1.96%$179M1.92M
21GPCGenuine Parts Co.history →COM1.79%$164M1.34M
22VICIVici Properties Inc.history →COM1.75%$160M5.69M
23DOCHealthpeak Properties Inchistory →COM1.62%$149M9.25M
24QCOMQualcomm Inc.history →COM1.61%$148M863.1K
25LOWLowe's Companies Inc.history →COM1.60%$147M607.8K
26TRVThe Travelers Companies Inc.history →COM1.57%$144M497.2K
27ULUnilever PLC (ADR)history →ADR1.56%$143M2.19M
28TAT&T Inc.history →COM1.55%$142M5.71M
29BCEBCE Inc.history →COM1.48%$136M5.69M
30BDXBecton Dickinson & Co.history →COM1.48%$135M697.8K
31MOAltria Group Inc.history →COM1.47%$135M2.34M
32CHVChevron Corp.history →COM1.45%$133M870.8K
33CMCSAComcast Corp. (Cl A)history →COM1.36%$124M4.16M
34UNHUnitedHealth Group Inc.history →COM1.20%$110M332.9K
35UPSUnited Parcel Service Inc.history →COM1.17%$107M1.08M
36MSFTMicrosoft Corp.history →COM1.07%$98M203.0K
378CWCrown Castle Inc.history →COM1.04%$95M1.07M
38DYHTarget Corp.history →COM0.99%$90M925.4K
39ASXASE Technology Holding Company (ADR)history →ADR0.99%$90M5.61M
40OMCOmnicom Group Inc.history →COM0.95%$87M1.08M
41BMTABritish American Tobacco PLC (ADR)history →ADR0.83%$76M1.33M
42TSMTaiwan Semiconductor Mfg Ltd (ADR)history →ADR0.79%$72M237.8K
43BMYBristol-Myers Squibb Co.history →COM0.69%$63M1.18M
44NGGNational Grid PLC (ADR)history →ADR0.64%$59M762.0K
45XLCState Street Communication Serhistory →COM0.63%$58M490.3K
46PCARPACCAR Inc.history →COM0.63%$57M525.0K
47DGEDDiageo PLC (ADR)history →ADR0.61%$56M650.2K
48PNCThe PNC Financial Services Grohistory →COM0.59%$54M259.8K
49PPLPPL Corp.history →COM0.58%$53M1.51M
50DOWDow Inchistory →COM0.58%$53M2.26M

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$9.8B213May 15, 202613F-HRchanges · EDGAR ↗
Q4 2025$9.2B225Feb 13, 202613F-HRchanges · EDGAR ↗
Q3 2025$9.1B217Nov 5, 202513F-HRchanges · EDGAR ↗
Q1 2025$8.7B205May 15, 202513F-HRchanges · EDGAR ↗
Q4 2024$8.6B208Feb 13, 202513F-HRchanges · EDGAR ↗
Q3 2024$9.2B206Nov 12, 202413F-HRchanges · EDGAR ↗
Q2 2024$8.7B210Aug 13, 202413F-HRchanges · EDGAR ↗
Q1 2024$9.0B198May 15, 202413F-HRchanges · EDGAR ↗
Q4 2023$6.7B213Feb 14, 202413F-HRchanges · EDGAR ↗
Q3 2023$8.6B206Nov 14, 202313F-HRchanges · EDGAR ↗
Q2 2023$11.2B295Aug 15, 202313F-HRchanges · EDGAR ↗
Q1 2023$10.9B276May 15, 202313F-HRchanges · EDGAR ↗
Q4 2022$7.8B210Feb 16, 202313F-HRchanges · EDGAR ↗
Q3 2022$9.3B281Nov 10, 202213F-HRchanges · EDGAR ↗
Q2 2022$10.0B282Aug 11, 202213F-HRchanges · EDGAR ↗
Q1 2022$10.9B280May 3, 202213F-HRchanges · EDGAR ↗
Q4 2021$10.7B287Feb 10, 202213F-HRchanges · EDGAR ↗
Q3 2021$10.2B271Nov 5, 202113F-HRchanges · EDGAR ↗
Q2 2021$10.3B276Aug 4, 202113F-HRchanges · EDGAR ↗
Q1 2021$9.3B275May 10, 202113F-HRchanges · EDGAR ↗
Q4 2020$1.8B134Jan 26, 202113F-HRchanges · EDGAR ↗
Q3 2020$1.7B122Nov 2, 202013F-HRchanges · EDGAR ↗
Q2 2020$1.8B121Jul 31, 202013F-HRchanges · EDGAR ↗
Q1 2020$1.7B119May 13, 2020RESTATEMENTchanges · EDGAR ↗
Q4 2019$2.6B126Jan 31, 202013F-HRchanges · EDGAR ↗
Q3 2019$2.5B130Nov 15, 201913F-HRchanges · EDGAR ↗
Q2 2019$2.6B133Jul 30, 201913F-HRchanges · EDGAR ↗
Q1 2019$2.5B125May 15, 201913F-HRchanges · EDGAR ↗
Q4 2018$2.3B128Feb 14, 201913F-HRchanges · EDGAR ↗

13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.