Q3 2025 · 13F-HR
Cullen Capital Management, LLCholdings as filed
Filed 2025-11-05 · accession 0001193125-25-265864
$9.14B
Reported value
217
Positions
2025-09-30
Period end
The Brief · Cullen Capital Management, LLC · Q3 2025
AI · grounded in 13F
Cullen Capital Management, LLC established a new position in JPM worth $317.5M. The fund also initiated new stakes in BAC for $281.3M and CSCO for $269.4M. Additional new positions include NVS at $265.5M and MDT at $254.5M. Total assets under management stand at $9.1B across 217 positions.
Holdings as filed
| CUSIP | Ticker | Issuer | Value | % port. | Shares | Class | Voting |
|---|---|---|---|---|---|---|---|
| 46625H100 | JPM | JP Morgan Chase & Co. | $317.5M | 3.47% | 1,006,665 | Common | SOLE |
| 060505104 | BAC | Bank of America Corp. | $281.3M | 3.08% | 5,452,072 | Common | SOLE |
| 17275R102 | CSCO | Cisco Systems Inc. | $269.4M | 2.95% | 3,937,772 | Common | SOLE |
| 66987V109 | NVS | Novartis AG (ADR) | $265.5M | 2.90% | 2,070,377 | Common | SOLE |
| G5960L103 | MDT | Medtronic PLC | $254.5M | 2.78% | 2,672,375 | Common | SOLE |
| 26441C204 | DUK | Duke Energy Corp. | $250.0M | 2.73% | 2,019,977 | Common | SOLE |
| 172967424 | C | Citigroup Inc. | $249.3M | 2.73% | 2,456,580 | Common | SOLE |
| 617446448 | MS | Morgan Stanley | $248.4M | 2.72% | 1,562,592 | Common | SOLE |
| 369550108 | GD | General Dynamics Corp. | $245.9M | 2.69% | 721,016 | Common | SOLE |
| 75513E101 | RTX | RTX Corp | $234.2M | 2.56% | 1,399,880 | Common | SOLE |
| 478160104 | JNJ | Johnson & Johnson | $221.6M | 2.42% | 1,195,361 | Common | SOLE |
| 30231G102 | XOM | Exxon Mobil Corp. | $215.6M | 2.36% | 1,912,111 | Common | SOLE |
| 89832Q109 | TFC | Truist Financial Corp | $209.9M | 2.30% | 4,591,783 | Common | SOLE |
| 925652109 | VICI | Vici Properties Inc. | $206.3M | 2.26% | 6,327,308 | Common | SOLE |
| G51502105 | JCI | Johnson Controls International | $203.3M | 2.22% | 1,849,329 | Common | SOLE |
| 11135F101 | AVGO | Broadcom Ltd. | $197.9M | 2.16% | 599,849 | Common | SOLE |
| 58933Y105 | MRK | Merck & Co. Inc. | $196.7M | 2.15% | 2,343,452 | Common | SOLE |
| 42250P103 | DOC | Healthpeak Properties Inc | $196.0M | 2.14% | 10,232,875 | Common | SOLE |
| 718172109 | PM | Philip Morris International In | $194.5M | 2.13% | 1,198,931 | Common | SOLE |
| H1467J104 | CB | Chubb Ltd. | $193.6M | 2.12% | 685,887 | Common | SOLE |
| 372460105 | GPC | Genuine Parts Co. | $188.4M | 2.06% | 1,358,998 | Common | SOLE |
| 65339F101 | NEE | NextEra Energy Inc. | $188.4M | 2.06% | 2,495,106 | Common | SOLE |
| 20825C104 | COP | ConocoPhillips | $185.1M | 2.03% | 1,957,016 | Common | SOLE |
| 20030N101 | CMCSA | Comcast Corp. (Cl A) | $167.9M | 1.84% | 5,343,823 | Common | SOLE |
| 00206R102 | T | AT&T Inc. | $164.4M | 1.80% | 5,820,629 | Common | SOLE |
| 02209S103 | MO | Altria Group Inc. | $163.9M | 1.79% | 2,480,772 | Common | SOLE |
| 548661107 | LOW | Lowe's Companies Inc. | $156.3M | 1.71% | 622,033 | Common | SOLE |
| 05534B760 | BCE | BCE Inc. | $149.5M | 1.64% | 6,389,865 | Common | SOLE |
| 904767704 | — | Unilever PLC (ADR) | $147.8M | 1.62% | 2,492,750 | Common | SOLE |
| 89417E109 | TRV | The Travelers Companies Inc. | $141.9M | 1.55% | 508,253 | Common | SOLE |
| 166764100 | CVX | Chevron Corp. | $138.8M | 1.52% | 893,771 | Common | SOLE |
| 075887109 | BDX | Becton Dickinson & Co. | $134.1M | 1.47% | 716,260 | Common | SOLE |
| 25243Q205 | DEO | Diageo PLC (ADR) | $124.9M | 1.37% | 1,309,258 | Common | SOLE |
| 911312106 | UPS | United Parcel Service Inc. | $116.5M | 1.27% | 1,395,278 | Common | SOLE |
| 747525103 | QCOM | Qualcomm Inc. | $110.7M | 1.21% | 665,454 | Common | SOLE |
| 22822V101 | CCI | Crown Castle Inc. | $109.2M | 1.19% | 1,131,750 | Common | SOLE |
| 594918104 | MSFT | Microsoft Corp. | $109.1M | 1.19% | 210,562 | Common | SOLE |
| 681919106 | OMC | Omnicom Group Inc. | $96.5M | 1.06% | 1,184,141 | Common | SOLE |
| 87612E106 | TGT | Target Corp. | $94.7M | 1.04% | 1,055,509 | Common | SOLE |
| 260557103 | DOW | Dow Inc | $86.2M | 0.94% | 3,758,224 | Common | SOLE |
| 91324P102 | UNH | UnitedHealth Group Inc. | $81.7M | 0.89% | 236,676 | Common | SOLE |
| 110448107 | BTI | British American Tobacco PLC (ADR) | $70.9M | 0.78% | 1,334,800 | Common | SOLE |
| 874039100 | TSM | Taiwan Semiconductor Manufacturing (ADR) | $70.1M | 0.77% | 251,074 | Common | SOLE |
| 69351T106 | PPL | PPL Corp. | $67.7M | 0.74% | 1,821,722 | Common | SOLE |
| 92343V104 | VZ | Verizon Communications Inc. | $67.6M | 0.74% | 1,538,023 | Common | SOLE |
| 26875P101 | EOG | EOG Resources Inc. | $64.7M | 0.71% | 576,939 | Common | SOLE |
| 00215W100 | ASX | ASE Technology Holding Company (ADR) | $62.3M | 0.68% | 5,618,822 | Common | SOLE |
| 110122108 | BMY | Bristol-Myers Squibb Co. | $60.5M | 0.66% | 1,340,847 | Common | SOLE |
| 717081103 | PFE | Pfizer Inc. | $57.6M | 0.63% | 2,258,687 | Common | SOLE |
| 871829107 | SYY | Sysco Corp. | $56.5M | 0.62% | 685,779 | Common | SOLE |
| 693718108 | PCAR | PACCAR Inc. | $54.9M | 0.60% | 558,423 | Common | SOLE |
| 636274409 | NGG | National Grid PLC (ADR) | $53.2M | 0.58% | 731,561 | Common | SOLE |
| 45104G104 | IBN | ICICI Bank Ltd. (ADR) | $52.3M | 0.57% | 1,729,815 | Common | SOLE |
| 29250N105 | ENB | Enbridge Inc. | $52.0M | 0.57% | 1,030,108 | Common | SOLE |
| G8267P108 | SW | Smurfit Westrock PLC | $49.1M | 0.54% | 1,153,374 | Common | SOLE |
| 459200101 | IBM | International Business Machine | $48.2M | 0.53% | 171,000 | Common | SOLE |
| G25839104 | CCEP | Coca Cola Euro Pacific Partner | $47.0M | 0.51% | 520,359 | Common | SOLE |
| 693506107 | PPG | PPG Industries Inc. | $42.6M | 0.47% | 405,491 | Common | SOLE |
| 693475105 | PNC | The PNC Financial Services Gro | $40.5M | 0.44% | 201,403 | Common | SOLE |
| 49177J102 | KVUE | Kenvue Inc | $39.1M | 0.43% | 2,410,641 | Common | SOLE |
| 49271V100 | KDP | Keurig Dr Pepper Inc | $38.9M | 0.43% | 1,526,172 | Common | SOLE |
| 191241108 | KOF | Coca-Cola Femsa SAB de CV (ADR) | $38.1M | 0.42% | 458,255 | Common | SOLE |
| 892331307 | TM | Toyota Motor Corp. (ADR) | $37.7M | 0.41% | 197,114 | Common | SOLE |
| 655844108 | NSC | Norfolk Southern Corp. | $36.5M | 0.40% | 121,351 | Common | SOLE |
| 780259305 | SHEL | Shell PLC (ADR) | $35.0M | 0.38% | 489,631 | Common | SOLE |
| L6388F110 | TIGO | Millicom Intl Cellular | $31.2M | 0.34% | 643,031 | Common | SOLE |
| P31076105 | CPA | Copa Holdings SA | $24.9M | 0.27% | 209,401 | Common | SOLE |
| 71654V408 | PBR | Petroleo Brasileiro SA (ADR) | $20.0M | 0.22% | 1,576,277 | Common | NONE |
| 767204100 | RIO | Rio Tinto PLC (ADR) | $19.1M | 0.21% | 289,761 | Common | NONE |
| 80105N105 | SNY | Sanofi (ADR) | $18.1M | 0.20% | 384,482 | Common | NONE |
| 464286772 | EWY | iShares MSCI South Korea ETF | $17.8M | 0.20% | 222,743 | Common | SOLE |
| 464288877 | EFV | iShares MSCI EAFE Value ETF | $15.7M | 0.17% | 231,632 | Common | SOLE |
| 518613203 | LAUR | Laureate Education Inc. | $12.9M | 0.14% | 407,979 | Common | SOLE |
| 464287234 | EEM | iShares MSCI Emerging Markets | $12.3M | 0.13% | 229,518 | Common | SOLE |
| 89151E109 | TTEN | TotalEnergies SE (ADR) | $11.4M | 0.12% | 190,515 | Common | SOLE |
| 46434G772 | EWT | iShares MSCI Taiwan ETF | $9.9M | 0.11% | 156,138 | Common | SOLE |
| 48241A105 | KB | KB Financial Group Inc. (ADR) | $9.3M | 0.10% | 112,029 | Common | SOLE |
| 01609W102 | BABA | Alibaba Group Holding Ltd. (ADR) | $8.2M | 0.09% | 45,664 | Common | SOLE |
| 464288240 | ACWX | iShares MSCI ACWI ex US ETF | $7.8M | 0.09% | 119,661 | Common | SOLE |
| 68389X105 | ORCL | Oracle Corp. | $6.1M | 0.07% | 21,564 | Common | SOLE |
| 464286400 | EWZ | iShares MSCI Brazil ETF | $6.0M | 0.07% | 192,956 | Common | SOLE |
| 025816109 | AXP | American Express Co. | $5.7M | 0.06% | 17,169 | Common | SOLE |
| 465562106 | ITUB | Itau Unibanco Holding SA (ADR) | $4.9M | 0.05% | 669,412 | Common | SOLE |
| G29183103 | ETN | Eaton Corp. PLC | $4.8M | 0.05% | 12,824 | Common | SOLE |
| 038222105 | AMAT | Applied Materials Inc. | $4.5M | 0.05% | 22,193 | Common | SOLE |
| 931142103 | WMT | Walmart Inc. | $4.5M | 0.05% | 43,662 | Common | SOLE |
| 254687106 | DIS | The Walt Disney Co. | $4.5M | 0.05% | 38,973 | Common | SOLE |
| 97717W422 | EPI | WisdomTree India Earnings Fund | $4.1M | 0.04% | 92,145 | Common | SOLE |
| 125523100 | CI | The Cigna Group | $4.0M | 0.04% | 14,025 | Common | SOLE |
| 099724106 | BWA | BorgWarner Inc. | $3.9M | 0.04% | 89,667 | Common | SOLE |
| 438516106 | HON | Honeywell International Inc. | $3.8M | 0.04% | 18,068 | Common | SOLE |
| 020002101 | ALL | The Allstate Corp. | $3.8M | 0.04% | 17,585 | Common | SOLE |
| 609207105 | MDLZ | Mondelez International Inc. | $3.6M | 0.04% | 58,386 | Common | SOLE |
| G0750C108 | AXTA | Axalta Coating Systems Ltd. | $2.9M | 0.03% | 100,422 | Common | SOLE |
| 29273V100 | ET | Energy Transfer LP | $2.7M | 0.03% | 156,835 | Common | SOLE |
| 042735100 | ARW | Arrow Electronics Inc. | $2.7M | 0.03% | 22,029 | Common | SOLE |
| 695156109 | PKG | Packaging Corp. of America | $2.7M | 0.03% | 12,215 | Common | SOLE |
| 293792107 | EPD | Enterprise Products Partners L | $2.7M | 0.03% | 84,905 | Common | SOLE |
| 816851109 | SRE | Sempra | $2.6M | 0.03% | 29,141 | Common | SOLE |
| 02079K305 | GOOGL | Alphabet Inc. | $2.6M | 0.03% | 10,601 | Common | SOLE |
| 754730109 | RJF | Raymond James Financial Inc. | $2.3M | 0.03% | 13,392 | Common | SOLE |
| 907818108 | UNP | Union Pacific Corp. | $2.1M | 0.02% | 9,089 | Common | SOLE |
| 580135101 | MCD | McDonald's Corp. | $2.1M | 0.02% | 6,906 | Common | SOLE |
| 832696405 | SJM | The JM Smucker Co. | $2.1M | 0.02% | 19,062 | Common | SOLE |
| 46429B671 | MCHI | iShares MSCI China ETF | $2.1M | 0.02% | 31,256 | Common | SOLE |
| 46429B598 | INDA | iShares MSCI India ETF | $2.0M | 0.02% | 38,665 | Common | SOLE |
| 369604301 | GE | General Electric Co. | $1.9M | 0.02% | 6,451 | Common | SOLE |
| 81369Y852 | XLC | Communication Services Select | $1.9M | 0.02% | 16,119 | Common | SOLE |
| 26614N102 | DD | DuPont De Nemours Inc. | $1.8M | 0.02% | 23,553 | Common | SOLE |
| 46434G814 | EWM | iShares MSCI Malaysia ETF | $1.8M | 0.02% | 68,275 | Common | SOLE |
| 828806109 | SPG | Simon Property Group Inc. | $1.8M | 0.02% | 9,398 | Common | SOLE |
| 097023105 | BA | BOEING CO/THE | $1.7M | 0.02% | 7,852 | Common | SOLE |
| 126408103 | CSX | CSX Corp. | $1.7M | 0.02% | 46,589 | Common | SOLE |
| 136375102 | CNI | Canadian National Railway Co. | $1.6M | 0.02% | 17,293 | Common | SOLE |
| 52603B107 | TREE | LendingTree Inc. | $1.6M | 0.02% | 24,802 | Common | SOLE |
| 31620M106 | FIS | Fidelity National Information | $1.5M | 0.02% | 23,068 | Common | SOLE |
| 742718109 | PG | The Procter & Gamble Co. | $1.4M | 0.02% | 9,269 | Common | SOLE |
| 039483102 | ADM | Archer-Daniels-Midland Co. | $1.3M | 0.01% | 22,592 | Common | SOLE |
| 320517105 | FHN | First Horizon Corp. | $1.3M | 0.01% | 57,996 | Common | SOLE |
| 037833100 | AAPL | Apple Inc. | $1.3M | 0.01% | 4,940 | Common | SOLE |
| 25961D105 | DOUG | Douglas Elliman Inc. | $1.3M | 0.01% | 438,860 | Common | SOLE |
| 205887102 | CAG | Conagra Brands Inc. | $1.2M | 0.01% | 67,022 | Common | SOLE |
| 81369Y209 | XLV | Health Care Select Sector SPDR | $1.2M | 0.01% | 8,610 | Common | SOLE |
| 595112103 | MU | Micron Technology Inc. | $1.2M | 0.01% | 6,984 | Common | SOLE |
| 713448108 | PEP | PepsiCo Inc. | $1.1M | 0.01% | 8,118 | Common | SOLE |
| 81369Y704 | XLI | Industrial Select Sector SPDR | $1.1M | 0.01% | 7,385 | Common | SOLE |
| 88579Y101 | MMM | 3M Co. | $1.1M | 0.01% | 7,315 | Common | SOLE |
| 53946R106 | LDI | LoanDepot Inc. | $1.1M | 0.01% | 364,912 | Common | SOLE |
| 00724F101 | ADBE | Adobe Systems Inc. | $1.1M | 0.01% | 3,047 | Common | SOLE |
| 29670G102 | WTRG | Essential Utilites Inc. | $1.1M | 0.01% | 26,704 | Common | SOLE |
| 78468R663 | BIL | SPDR Bloomberg 1-3 Month T-Bil | $1.0M | 0.01% | 11,332 | Common | SOLE |
| 03076K108 | ABCB | Ameris Bancorp | $998,116 | 0.01% | 13,615 | Common | SOLE |
| 36828A101 | GEV | GE Vernova LLC | $983,840 | 0.01% | 1,600 | Common | SOLE |
| 222795502 | CUZ | Cousins Properties Inc. | $944,804 | 0.01% | 32,647 | Common | SOLE |
| 57164Y107 | VAC | Marriot Vacations Worldwide Co | $938,097 | 0.01% | 14,094 | Common | SOLE |
| 92936U109 | WPC | WP Carey Inc. | $935,642 | 0.01% | 13,847 | Common | SOLE |
| 464287655 | IWM | iShares Russell 2000 ETF | $926,707 | 0.01% | 3,830 | Common | SOLE |
| 48268K101 | KT | KT Corp. (ADR) | $902,577 | 0.01% | 46,286 | Common | SOLE |
| 390607109 | GLDD | Great Lakes Dredge & Dock Corp | $895,389 | 0.01% | 74,678 | Common | SOLE |
| 030420103 | AWK | American Water Works Company I | $875,644 | 0.01% | 6,291 | Common | SOLE |
| 494368103 | KMB | Kimberly-Clark Corp. | $854,353 | 0.01% | 6,870 | Common | SOLE |
| 20441A102 | SBS | Companhia de Saneamento Basico (ADR) | $771,242 | 0.01% | 30,986 | Common | SOLE |
| 21874C102 | CNM | Core & Main Inc | $754,858 | 0.01% | 14,023 | Common | SOLE |
| 98419M100 | XYL | Xylem Inc. | $752,398 | 0.01% | 5,101 | Common | SOLE |
| 744573106 | PEG | Public Service Enterprise Grou | $751,057 | 0.01% | 8,999 | Common | SOLE |
| 88162G103 | TTEK | Tetra Tech Inc. | $749,081 | 0.01% | 22,441 | Common | SOLE |
| 92338C103 | VLTO | Veralto Corp. | $725,374 | 0.01% | 6,804 | Common | SOLE |
| G8060N102 | ST | Sensata Technologies Holding P | $724,402 | 0.01% | 23,712 | Common | SOLE |
| 51819L107 | SWIM | Latham Group Inc. | $718,605 | 0.01% | 94,429 | Common | SOLE |
| 950810101 | WSBC | WesBanco Inc. | $715,424 | 0.01% | 22,406 | Common | SOLE |
| 191216100 | KO | The Coca-Cola Co. | $691,651 | 0.01% | 10,429 | Common | SOLE |
| 84472E102 | SSB | SouthState Bank Corp. | $677,505 | 0.01% | 6,852 | Common | SOLE |
| G7S00T104 | PNR | Pentair PLC | $661,569 | 0.01% | 5,973 | Common | SOLE |
| 57638P104 | MBC | Masterbrand Inc. | $652,218 | 0.01% | 49,523 | Common | SOLE |
| 736508847 | POR | Portland General Electric Co. | $645,348 | 0.01% | 14,667 | Common | SOLE |
| 55305B101 | MHO | M/I Homes Inc. | $620,948 | 0.01% | 4,299 | Common | SOLE |
| 32055Y201 | FIBK | First Interstate Bancsystem In | $596,415 | 0.01% | 18,714 | Common | SOLE |
| 029899101 | AWR | American States Water Co. | $591,986 | 0.01% | 8,074 | Common | SOLE |
| 81369Y308 | XLP | Consumer Staples Select Sector | $590,988 | 0.01% | 7,541 | Common | SOLE |
| 81617J301 | WTTR | Select Water Solutions Inc. | $578,928 | 0.01% | 54,156 | Common | SOLE |
| 784305104 | HTO | H2O America | $574,173 | 0.01% | 11,790 | Common | SOLE |
| 130788102 | CWT | California Water Service Group | $573,028 | 0.01% | 12,487 | Common | SOLE |
| 127097103 | CTRA | Coterra Energy Inc. | $570,060 | 0.01% | 24,104 | Common | SOLE |
| 431284108 | HIW | Highwoods Properties Inc. | $565,728 | 0.01% | 17,779 | Common | SOLE |
| 828730200 | SFNC | Simons First National Corp. | $541,092 | 0.01% | 28,226 | Common | SOLE |
| 64361Q101 | VNOM | Viper Energy Inc | $511,460 | 0.01% | 13,382 | Common | SOLE |
| 00790R104 | WMS | Advanced Drainage Systems Inc. | $501,123 | 0.01% | 3,613 | Common | SOLE |
| 05368V106 | AVNT | Avient Corp. | $491,944 | 0.01% | 14,930 | Common | SOLE |
| 126650100 | CVS | CVS Health Corp. | $486,642 | 0.01% | 6,455 | Common | SOLE |
| G54950103 | LIN | Linde PLC | $463,600 | 0.01% | 976 | Common | SOLE |
| 387437205 | GRTUF | Granite Real Estate Investment | $455,078 | 0.00% | 8,190 | Common | SOLE |
| 920253101 | VMI | Valmont Industries Inc. | $452,869 | 0.00% | 1,168 | Common | SOLE |
| 500643200 | KFY | Korn Ferry | $431,217 | 0.00% | 6,162 | Common | SOLE |
| 379463102 | GWRS | Global Water Resources Inc. | $415,358 | 0.00% | 40,326 | Common | SOLE |
| 149123101 | CAT | Caterpillar Inc. | $414,643 | 0.00% | 869 | Common | SOLE |
| G23773107 | CWCO | Consolidated Water Company Ltd | $408,437 | 0.00% | 11,577 | Common | SOLE |
| 747316107 | KWR | Quaker Chemical Corp. | $396,041 | 0.00% | 3,006 | Common | SOLE |
| 293712105 | EFSC | Enterprise Financial Services | $387,364 | 0.00% | 6,681 | Common | SOLE |
| 464287390 | ILF | iShares S&P Latin America 40 E | $381,290 | 0.00% | 13,198 | Common | SOLE |
| 48581R205 | KSPI | Kaspi.kz JSC | $379,077 | 0.00% | 4,641 | Common | SOLE |
| 81369Y100 | XLB | Materials Select Sector SPDR F | $373,447 | 0.00% | 4,167 | Common | SOLE |
| 574599106 | MAS | Masco Corp. | $371,448 | 0.00% | 5,277 | Common | SOLE |
| 56117J100 | MBUU | Malibu Boats Inc. | $366,068 | 0.00% | 11,281 | Common | SOLE |
| 13646K108 | CP | Canadian Pacific Kansas City L | $365,299 | 0.00% | 4,904 | Common | SOLE |
| 81369Y407 | XLY | Consumer Discretionary Select | $357,783 | 0.00% | 1,493 | Common | SOLE |
| 70932M107 | PFSI | PennyMac Financial Services In | $357,518 | 0.00% | 2,886 | Common | SOLE |
| 962166104 | WY | Weyerhaeuser Co. | $356,902 | 0.00% | 14,397 | Common | SOLE |
| 25746U109 | D | Dominion Energy Inc. | $354,786 | 0.00% | 5,800 | Common | SOLE |
| 74340W103 | PLD | Prologis Inc. | $334,398 | 0.00% | 2,920 | Common | SOLE |
| 464287598 | IWD | iShares Russell 1000 Value ETF | $329,001 | 0.00% | 1,616 | Common | SOLE |
| 65158N102 | NMRK | Newmark Group Inc. | $320,929 | 0.00% | 17,208 | Common | SOLE |
| 987184108 | YORW | The York Water Co. | $318,650 | 0.00% | 10,475 | Common | SOLE |
| 85472N109 | STN | Stantec Inc. | $312,943 | 0.00% | 2,903 | Common | SOLE |
| 81369Y860 | XLRE | Real Estate Select Sector SPDR | $307,886 | 0.00% | 7,308 | Common | SOLE |
| 922042858 | VWO | Vanguard FTSE Emerging Markets | $302,054 | 0.00% | 5,575 | Common | SOLE |
| 00287Y109 | ABBV | AbbVie Inc. | $288,730 | 0.00% | 1,247 | Common | SOLE |
| 831865209 | AOS | A.O. Smith Corp. | $284,317 | 0.00% | 3,873 | Common | SOLE |
| 17888H103 | CIVI | Civitas Resources Inc. | $279,468 | 0.00% | 8,599 | Common | SOLE |
| 423452101 | HP | Helmerich & Payne Inc. | $261,678 | 0.00% | 11,846 | Common | SOLE |
| 043113208 | ARTNA | Artesian Resources Corp. | $257,077 | 0.00% | 7,887 | Common | SOLE |
| 596680108 | MSEX | Middlesex Water Co. | $254,093 | 0.00% | 4,695 | Common | SOLE |
| 737630103 | PCH | PotlatchDeltic Corp | $241,485 | 0.00% | 5,926 | Common | SOLE |
| 09260D107 | BX | Blackstone Inc | $239,532 | 0.00% | 1,402 | Common | SOLE |
| 535555106 | LNN | Lindsay Corp. | $239,514 | 0.00% | 1,704 | Common | SOLE |
| 278865100 | ECL | Ecolab Inc. | $238,806 | 0.00% | 872 | Common | SOLE |
| 780087102 | RY | Royal Bank of Canada | $221,717 | 0.00% | 1,505 | Common | SOLE |
| 754907103 | RYN | Rayonier Inc. | $219,273 | 0.00% | 8,262 | Common | SOLE |
| 29670E107 | EPRT | Essential Properties Realty Tr | $211,891 | 0.00% | 7,120 | Common | SOLE |
| 008492100 | ADC | Agree Realty Corp. | $209,568 | 0.00% | 2,950 | Common | SOLE |
| 74460D109 | PSA | Public Storage | $208,261 | 0.00% | 721 | Common | SOLE |
| 78462F103 | SPY | SPDR S&P500 ETF Trust | $205,850 | 0.00% | 309 | Common | SOLE |
| 666807102 | NOC | Northrop Grumman Corp. | $203,513 | 0.00% | 334 | Common | SOLE |
| 86959K105 | SUZ | Suzano SA (ADR) | $184,193 | 0.00% | 19,595 | Common | SOLE |
| 92214X106 | VREX | Varex Imaging Corp. | $144,981 | 0.00% | 11,692 | Common | SOLE |
| 447011107 | HUN | Huntsman Corp. | $121,643 | 0.00% | 13,546 | Common | SOLE |
| 904311206 | UA | Under Armour Inc. (class C) | $117,866 | 0.00% | 24,403 | Common | SOLE |
| 444097109 | — | Hudson Pacific Properties, Inc | $33,120 | 0.00% | 12,000 | Common | SOLE |
Source: SEC EDGAR · raw 13F holdings as filed. The Class column shows the option type when reported (Put/Call) or Common when the issuer's equity is held directly. 13F discloses long positions only.