Q4 2025 · 13F-HR
Cullen Capital Management, LLCholdings as filed
Filed 2026-02-13 · accession 0001193125-26-049837
$9.16B
Reported value
225
Positions
2025-12-31
Period end
The Brief · Cullen Capital Management, LLC · Q4 2025
AI · grounded in 13F
Cullen Capital Management, LLC established a new position in Unilever PLC (ADR) UL worth $143.02M. The fund also opened a new position in American International Group I AIG for $42.29M. Other activity included accumulating shares in First Horizon Corp. FHN and State Street Communication Ser XLC, while trimming holdings in Diageo PLC (ADR) DEO by 50.34%.
Holdings as filed
| CUSIP | Ticker | Issuer | Value | % port. | Shares | Class | Voting |
|---|---|---|---|---|---|---|---|
| 17275R102 | CSCO | Cisco Systems Inc. | $287.5M | 3.14% | 3,732,436 | Common | SOLE |
| 66987V109 | NVS | Novartis AG (ADR) | $286.9M | 3.13% | 2,080,796 | Common | SOLE |
| 060505104 | BAC | Bank of America Corp. | $284.4M | 3.11% | 5,170,265 | Common | SOLE |
| 46625H100 | JPM | JP Morgan Chase & Co. | $271.3M | 2.96% | 841,839 | Common | SOLE |
| 172967424 | C | Citigroup Inc. | $268.7M | 2.93% | 2,302,748 | Common | SOLE |
| 617446448 | MS | Morgan Stanley | $267.2M | 2.92% | 1,504,927 | Common | SOLE |
| 58933Y105 | MRK | Merck & Co. Inc. | $241.2M | 2.63% | 2,291,041 | Common | SOLE |
| 478160104 | JNJ | Johnson & Johnson | $239.9M | 2.62% | 1,159,046 | Common | SOLE |
| G5960L103 | MDT | Medtronic PLC | $239.7M | 2.62% | 2,495,206 | Common | SOLE |
| 369550108 | GD | General Dynamics Corp. | $234.0M | 2.56% | 695,181 | Common | SOLE |
| 26441C204 | DUK | Duke Energy Corp. | $223.5M | 2.44% | 1,906,717 | Common | SOLE |
| 75513E101 | RTX | RTX Corp | $218.3M | 2.38% | 1,190,191 | Common | SOLE |
| 89832Q109 | TFC | Truist Financial Corp | $213.9M | 2.34% | 4,347,033 | Common | SOLE |
| H1467J104 | CB | Chubb Ltd. | $212.8M | 2.32% | 681,729 | Common | SOLE |
| G51502105 | JCI | Johnson Controls International | $207.0M | 2.26% | 1,728,794 | Common | SOLE |
| 30231G102 | XOM | Exxon Mobil Corp. | $203.8M | 2.23% | 1,693,138 | Common | SOLE |
| 65339F101 | NEE | NextEra Energy Inc. | $197.5M | 2.16% | 2,460,053 | Common | SOLE |
| 718172109 | PM | Philip Morris International In | $191.1M | 2.09% | 1,191,567 | Common | SOLE |
| 11135F101 | AVGO | Broadcom Ltd. | $183.9M | 2.01% | 531,398 | Common | SOLE |
| 20825C104 | COP | ConocoPhillips | $179.3M | 1.96% | 1,915,053 | Common | SOLE |
| 372460105 | GPC | Genuine Parts Co. | $164.3M | 1.79% | 1,336,590 | Common | SOLE |
| 925652109 | VICI | Vici Properties Inc. | $160.0M | 1.75% | 5,688,540 | Common | SOLE |
| 42250P103 | DOC | Healthpeak Properties Inc | $148.7M | 1.62% | 9,247,344 | Common | SOLE |
| 747525103 | QCOM | Qualcomm Inc. | $147.6M | 1.61% | 863,078 | Common | SOLE |
| 548661107 | LOW | Lowe's Companies Inc. | $146.6M | 1.60% | 607,775 | Common | SOLE |
| 89417E109 | TRV | The Travelers Companies Inc. | $144.2M | 1.57% | 497,171 | Common | SOLE |
| 904767803 | UL | Unilever PLC (ADR) | $143.0M | 1.56% | 2,186,791 | Common | SOLE |
| 00206R102 | T | AT&T Inc. | $141.9M | 1.55% | 5,714,515 | Common | SOLE |
| 05534B760 | BCE | BCE Inc. | $135.6M | 1.48% | 5,693,693 | Common | SOLE |
| 075887109 | BDX | Becton Dickinson & Co. | $135.4M | 1.48% | 697,777 | Common | SOLE |
| 02209S103 | MO | Altria Group Inc. | $134.8M | 1.47% | 2,338,076 | Common | SOLE |
| 166764100 | CVX | Chevron Corp. | $132.7M | 1.45% | 870,778 | Common | SOLE |
| 20030N101 | CMCSA | Comcast Corp. (Cl A) | $124.3M | 1.36% | 4,159,312 | Common | SOLE |
| 91324P102 | UNH | UnitedHealth Group Inc. | $109.9M | 1.20% | 332,894 | Common | SOLE |
| 911312106 | UPS | United Parcel Service Inc. | $107.3M | 1.17% | 1,081,467 | Common | SOLE |
| 594918104 | MSFT | Microsoft Corp. | $98.2M | 1.07% | 202,963 | Common | SOLE |
| 22822V101 | CCI | Crown Castle Inc. | $94.8M | 1.04% | 1,066,389 | Common | SOLE |
| 87612E106 | TGT | Target Corp. | $90.5M | 0.99% | 925,442 | Common | SOLE |
| 00215W100 | ASX | ASE Technology Holding Company (ADR) | $90.3M | 0.99% | 5,607,381 | Common | SOLE |
| 681919106 | OMC | Omnicom Group Inc. | $87.3M | 0.95% | 1,080,978 | Common | SOLE |
| 110448107 | BTI | British American Tobacco PLC (ADR) | $75.6M | 0.83% | 1,334,963 | Common | SOLE |
| 874039100 | TSM | Taiwan Semiconductor Mfg Ltd (ADR) | $72.3M | 0.79% | 237,805 | Common | SOLE |
| 110122108 | BMY | Bristol-Myers Squibb Co. | $63.5M | 0.69% | 1,176,726 | Common | SOLE |
| 636274409 | NGG | National Grid PLC (ADR) | $58.9M | 0.64% | 761,975 | Common | SOLE |
| 81369Y852 | XLC | State Street Communication Ser | $57.7M | 0.63% | 490,271 | Common | SOLE |
| 693718108 | PCAR | PACCAR Inc. | $57.5M | 0.63% | 525,036 | Common | SOLE |
| 25243Q205 | DEO | Diageo PLC (ADR) | $56.1M | 0.61% | 650,211 | Common | SOLE |
| 693475105 | PNC | The PNC Financial Services Gro | $54.2M | 0.59% | 259,784 | Common | SOLE |
| 69351T106 | PPL | PPL Corp. | $52.9M | 0.58% | 1,509,426 | Common | SOLE |
| 260557103 | DOW | Dow Inc | $52.8M | 0.58% | 2,257,481 | Common | NONE |
| 717081103 | PFE | Pfizer Inc. | $52.2M | 0.57% | 2,097,331 | Common | SOLE |
| 45104G104 | IBN | ICICI Bank Ltd. (ADR) | $52.1M | 0.57% | 1,747,387 | Common | SOLE |
| 92343V104 | VZ | Verizon Communications Inc. | $51.3M | 0.56% | 1,260,646 | Common | SOLE |
| 29250N105 | ENB | Enbridge Inc. | $50.9M | 0.56% | 1,063,905 | Common | SOLE |
| 892331307 | TM | Toyota Motor Corp. (ADR) | $50.6M | 0.55% | 236,355 | Common | SOLE |
| 320517105 | FHN | First Horizon Corp. | $48.5M | 0.53% | 2,030,457 | Common | SOLE |
| 26875P101 | EOG | EOG Resources Inc. | $47.6M | 0.52% | 452,854 | Common | SOLE |
| 459200101 | IBM | International Business Machine | $45.8M | 0.50% | 154,588 | Common | SOLE |
| 871829107 | SYY | Sysco Corp. | $45.6M | 0.50% | 619,282 | Common | SOLE |
| G25839104 | CCEP | Coca Cola Euro Pacific Partner | $44.5M | 0.49% | 491,058 | Common | SOLE |
| 026874784 | AIG | American International Group I | $42.3M | 0.46% | 494,273 | Common | SOLE |
| 49271V100 | KDP | Keurig Dr Pepper Inc | $41.4M | 0.45% | 1,478,726 | Common | SOLE |
| 191241108 | KOF | Coca-Cola Femsa SAB de CV (ADR) | $40.1M | 0.44% | 423,641 | Common | SOLE |
| 767204100 | RIO | Rio Tinto PLC (ADR) | $39.9M | 0.44% | 498,868 | Common | SOLE |
| 693506107 | PPG | PPG Industries Inc. | $39.6M | 0.43% | 386,150 | Common | SOLE |
| 81369Y704 | XLI | State Street Industrial Select | $36.9M | 0.40% | 237,878 | Common | SOLE |
| L6388F110 | TIGO | Millicom Intl Cellular | $36.4M | 0.40% | 656,608 | Common | SOLE |
| 907818108 | UNP | Union Pacific Corp. | $36.0M | 0.39% | 155,665 | Common | SOLE |
| 81369Y308 | XLP | State Street Consumer Staples | $35.8M | 0.39% | 461,242 | Common | SOLE |
| G8267P108 | SW | Smurfit Westrock PLC | $35.7M | 0.39% | 924,448 | Common | SOLE |
| 780259305 | SHEL | Shell PLC (ADR) | $35.3M | 0.39% | 480,347 | Common | SOLE |
| 81369Y860 | XLRE | State Street Real Estate Selec | $32.9M | 0.36% | 816,329 | Common | SOLE |
| 81369Y100 | XLB | State Street Materials Select | $28.4M | 0.31% | 626,265 | Common | SOLE |
| 670100205 | NVO | Novo Nordisk A/S (ADR) | $27.9M | 0.30% | 547,520 | Common | SOLE |
| 71654V408 | PBR | Petroleo Brasileiro SA (ADR) | $26.9M | 0.29% | 2,271,269 | Common | SOLE |
| 464286772 | EWY | iShares MSCI South Korea ETF | $26.2M | 0.29% | 269,232 | Common | SOLE |
| P31076105 | CPA | Copa Holdings SA | $19.7M | 0.22% | 163,557 | Common | SOLE |
| 80105N105 | SNY | Sanofi (ADR) | $17.5M | 0.19% | 360,777 | Common | NONE |
| 464288877 | EFV | iShares MSCI EAFE Value ETF | $15.6M | 0.17% | 217,890 | Common | SOLE |
| 81369Y209 | XLV | State Street Health Care Selec | $14.6M | 0.16% | 94,269 | Common | SOLE |
| F92124100 | TTE | TotalEnergies SE | $13.0M | 0.14% | 199,123 | Common | SOLE |
| 464288240 | ACWX | iShares MSCI ACWI ex US ETF | $12.5M | 0.14% | 186,200 | Common | SOLE |
| 464287234 | EEM | iShares MSCI Emerging Markets | $10.2M | 0.11% | 187,165 | Common | SOLE |
| 46434G772 | EWT | iShares MSCI Taiwan ETF | $9.8M | 0.11% | 154,975 | Common | SOLE |
| 48241A105 | KB | KB Financial Group Inc. (ADR) | $9.5M | 0.10% | 110,730 | Common | SOLE |
| 81369Y506 | XLE | State Street Energy Select Sec | $9.1M | 0.10% | 204,009 | Common | SOLE |
| 464287598 | IWD | iShares Russell 1000 Value ETF | $6.4M | 0.07% | 30,562 | Common | SOLE |
| 518613203 | LAUR | Laureate Education Inc. | $6.3M | 0.07% | 186,590 | Common | SOLE |
| 025816109 | AXP | American Express Co. | $6.3M | 0.07% | 16,977 | Common | SOLE |
| 01609W102 | BABA | Alibaba Group Holding Ltd. (ADR) | $6.2M | 0.07% | 42,462 | Common | SOLE |
| 038222105 | AMAT | Applied Materials Inc. | $5.2M | 0.06% | 20,110 | Common | SOLE |
| 465562106 | ITUB | Itau Unibanco Holding SA (ADR) | $4.9M | 0.05% | 685,872 | Common | SOLE |
| 931142103 | WMT | Walmart Inc. | $4.7M | 0.05% | 42,019 | Common | SOLE |
| G29183103 | ETN | Eaton Corp. PLC | $4.6M | 0.05% | 14,304 | Common | SOLE |
| 254687106 | DIS | The Walt Disney Co. | $4.3M | 0.05% | 37,453 | Common | SOLE |
| 68389X105 | ORCL | Oracle Corp. | $4.2M | 0.05% | 21,445 | Common | SOLE |
| 97717W422 | EPI | WisdomTree India Earnings Fund | $4.1M | 0.04% | 88,959 | Common | SOLE |
| 099724106 | BWA | BorgWarner Inc. | $4.0M | 0.04% | 88,811 | Common | SOLE |
| 81369Y605 | XLF | State Street Financial Select | $3.9M | 0.04% | 71,693 | Common | SOLE |
| 125523100 | CI | The Cigna Group | $3.8M | 0.04% | 13,912 | Common | SOLE |
| 020002101 | ALL | The Allstate Corp. | $3.7M | 0.04% | 17,556 | Common | SOLE |
| 438516106 | HON | Honeywell International Inc. | $3.5M | 0.04% | 18,068 | Common | SOLE |
| 81369Y407 | XLY | State Street Consumer Discreti | $3.5M | 0.04% | 29,126 | Common | SOLE |
| G0750C108 | AXTA | Axalta Coating Systems Ltd. | $3.2M | 0.03% | 98,191 | Common | SOLE |
| 15234Q207 | AXIA | Axia Energia ADR | $3.0M | 0.03% | 330,217 | Common | SOLE |
| 609207105 | MDLZ | Mondelez International Inc. | $3.0M | 0.03% | 56,137 | Common | SOLE |
| 464287168 | DVY | iShares Select Dividend ETF | $3.0M | 0.03% | 21,130 | Common | SOLE |
| 293792107 | EPD | Enterprise Products Partners L | $2.5M | 0.03% | 78,203 | Common | SOLE |
| 695156109 | PKG | Packaging Corp. of America | $2.5M | 0.03% | 12,116 | Common | SOLE |
| 042735100 | ARW | Arrow Electronics Inc. | $2.4M | 0.03% | 21,848 | Common | SOLE |
| 29273V100 | ET | Energy Transfer LP | $2.2M | 0.02% | 134,221 | Common | SOLE |
| 46429B598 | INDA | iShares MSCI India ETF | $2.2M | 0.02% | 40,331 | Common | SOLE |
| 816851109 | SRE | Sempra | $2.2M | 0.02% | 24,450 | Common | SOLE |
| 754730109 | RJF | Raymond James Financial Inc. | $2.1M | 0.02% | 13,284 | Common | SOLE |
| 580135101 | MCD | McDonald's Corp. | $2.0M | 0.02% | 6,647 | Common | SOLE |
| 369604301 | GE | General Electric Co. | $2.0M | 0.02% | 6,451 | Common | SOLE |
| 136375102 | CNI | Canadian National Railway Co. | $1.8M | 0.02% | 18,516 | Common | SOLE |
| 02079K305 | GOOGL | Alphabet Inc. | $1.8M | 0.02% | 5,782 | Common | SOLE |
| 46138E263 | CGW | Invesco S&P Global Water Index | $1.7M | 0.02% | 27,203 | Common | SOLE |
| 828806109 | SPG | Simon Property Group Inc. | $1.7M | 0.02% | 9,250 | Common | SOLE |
| 097023105 | BA | BOEING CO/THE | $1.7M | 0.02% | 7,836 | Common | SOLE |
| 126408103 | CSX | CSX Corp. | $1.7M | 0.02% | 45,854 | Common | SOLE |
| 595112103 | MU | Micron Technology Inc. | $1.6M | 0.02% | 5,490 | Common | SOLE |
| 00724F101 | ADBE | Adobe Systems Inc. | $1.6M | 0.02% | 4,435 | Common | SOLE |
| 832696405 | SJM | The JM Smucker Co. | $1.5M | 0.02% | 15,304 | Common | SOLE |
| 31620M106 | FIS | Fidelity National Information | $1.5M | 0.02% | 22,168 | Common | SOLE |
| 037833100 | AAPL | Apple Inc. | $1.3M | 0.01% | 4,940 | Common | SOLE |
| 742718109 | PG | The Procter & Gamble Co. | $1.3M | 0.01% | 9,131 | Common | SOLE |
| 52603B107 | TREE | LendingTree Inc. | $1.3M | 0.01% | 24,636 | Common | SOLE |
| 039483102 | ADM | Archer-Daniels-Midland Co. | $1.3M | 0.01% | 22,518 | Common | SOLE |
| 88579Y101 | MMM | 3M Co. | $1.2M | 0.01% | 7,319 | Common | SOLE |
| 713448108 | PEP | PepsiCo Inc. | $1.2M | 0.01% | 8,074 | Common | SOLE |
| 25961D105 | DOUG | Douglas Elliman Inc. | $1.2M | 0.01% | 488,258 | Common | SOLE |
| 36828A101 | GEV | GE Vernova LLC | $1.0M | 0.01% | 1,600 | Common | SOLE |
| 78468R663 | BIL | State Street SPDR Bloomberg 1- | $1.0M | 0.01% | 11,271 | Common | SOLE |
| G8060N102 | ST | Sensata Technologies Holding P | $1.0M | 0.01% | 30,125 | Common | SOLE |
| 20441A102 | SBS | Companhia de Saneamento Basico (ADR) | $986,199 | 0.01% | 41,350 | Common | SOLE |
| 390607109 | GLDD | Great Lakes Dredge & Dock Corp | $979,775 | 0.01% | 74,678 | Common | SOLE |
| 29670G102 | WTRG | Essential Utilites Inc. | $966,710 | 0.01% | 25,201 | Common | SOLE |
| 74743L100 | Q | Qnity Electronics Inc | $961,347 | 0.01% | 11,774 | Common | SOLE |
| 81369Y886 | XLU | State Street Utilities Select | $933,716 | 0.01% | 21,872 | Common | SOLE |
| 26614N102 | DD | DuPont De Nemours Inc. | $931,957 | 0.01% | 23,183 | Common | SOLE |
| 46429B671 | MCHI | iShares MSCI China ETF | $906,937 | 0.01% | 15,098 | Common | SOLE |
| 92936U109 | WPC | WP Carey Inc. | $891,193 | 0.01% | 13,847 | Common | SOLE |
| 222795502 | CUZ | Cousins Properties Inc. | $841,640 | 0.01% | 32,647 | Common | SOLE |
| 205887102 | CAG | Conagra Brands Inc. | $821,585 | 0.01% | 47,463 | Common | SOLE |
| 05368V106 | AVNT | Avient Corp. | $813,458 | 0.01% | 26,039 | Common | SOLE |
| 92338C103 | VLTO | Veralto Corp. | $771,898 | 0.01% | 7,736 | Common | SOLE |
| 98419M100 | XYL | Xylem Inc. | $769,553 | 0.01% | 5,651 | Common | SOLE |
| 55305B101 | MHO | M/I Homes Inc. | $761,942 | 0.01% | 5,955 | Common | SOLE |
| 57164Y107 | VAC | Marriot Vacations Worldwide Co | $754,989 | 0.01% | 13,087 | Common | SOLE |
| 53946R106 | LDI | LoanDepot Inc. | $752,099 | 0.01% | 363,333 | Common | SOLE |
| 950810101 | WSBC | WesBanco Inc. | $744,775 | 0.01% | 22,406 | Common | SOLE |
| 191216100 | KO | The Coca-Cola Co. | $729,091 | 0.01% | 10,429 | Common | SOLE |
| 744573106 | PEG | Public Service Enterprise Grou | $718,524 | 0.01% | 8,948 | Common | SOLE |
| 15236F100 | AXIA/PC | Axia Energia Preferred C (ADR) | $715,382 | 0.01% | 82,991 | Common | SOLE |
| 03076K108 | ABCB | Ameris Bancorp | $701,183 | 0.01% | 9,441 | Common | SOLE |
| G7S00T104 | PNR | Pentair PLC | $684,304 | 0.01% | 6,571 | Common | SOLE |
| 51819L107 | SWIM | Latham Group Inc. | $662,299 | 0.01% | 104,299 | Common | SOLE |
| 21874C102 | CNM | Core & Main Inc | $652,691 | 0.01% | 12,559 | Common | SOLE |
| 32055Y201 | FIBK | First Interstate Bancsystem In | $647,504 | 0.01% | 18,714 | Common | SOLE |
| 747316107 | KWR | Quaker Chemical Corp. | $636,295 | 0.01% | 4,634 | Common | SOLE |
| 84472E102 | SSB | SouthState Bank Corp. | $619,196 | 0.01% | 6,579 | Common | SOLE |
| 81617J301 | WTTR | Select Water Solutions Inc. | $618,828 | 0.01% | 58,824 | Common | SOLE |
| 46434V647 | REET | iShares Trust iShares Global | $587,797 | 0.01% | 23,559 | Common | SOLE |
| 030420103 | AWK | American Water Works Company I | $586,859 | 0.01% | 4,497 | Common | SOLE |
| 00790R104 | WMS | Advanced Drainage Systems Inc. | $579,610 | 0.01% | 4,002 | Common | SOLE |
| 029899101 | AWR | American States Water Co. | $575,709 | 0.01% | 7,943 | Common | SOLE |
| 828730200 | SFNC | Simons First National Corp. | $571,626 | 0.01% | 30,325 | Common | SOLE |
| 57638P104 | MBC | Masterbrand Inc. | $546,734 | 0.01% | 49,523 | Common | SOLE |
| 920253101 | VMI | Valmont Industries Inc. | $518,188 | 0.01% | 1,288 | Common | SOLE |
| 149123101 | CAT | Caterpillar Inc. | $497,824 | 0.01% | 869 | Common | SOLE |
| 736508847 | POR | Portland General Electric Co. | $491,226 | 0.01% | 10,236 | Common | SOLE |
| 387437205 | GRTUF | Granite Real Estate Investment | $488,613 | 0.01% | 8,190 | Common | SOLE |
| 88162G103 | TTEK | Tetra Tech Inc. | $484,083 | 0.01% | 14,433 | Common | SOLE |
| 92189F692 | PPH | VanEck Vectors Pharmaceutical | $476,645 | 0.01% | 4,620 | Common | SOLE |
| 464288174 | WOOD | iShares Global Timber & Forest | $472,386 | 0.01% | 6,560 | Common | SOLE |
| 127097103 | CTRA | Coterra Energy Inc. | $471,102 | 0.01% | 17,899 | Common | SOLE |
| 431284108 | HIW | Highwoods Properties Inc. | $459,054 | 0.01% | 17,779 | Common | SOLE |
| 73278L105 | POOL | Pool Corp. | $457,729 | 0.00% | 2,001 | Common | SOLE |
| 00287Y109 | ABBV | AbbVie Inc. | $456,295 | 0.00% | 1,997 | Common | SOLE |
| G23773107 | CWCO | Consolidated Water Company Ltd | $442,501 | 0.00% | 12,539 | Common | SOLE |
| G54950103 | LIN | Linde PLC | $416,244 | 0.00% | 976 | Common | SOLE |
| 494368103 | KMB | Kimberly-Clark Corp. | $413,003 | 0.00% | 4,094 | Common | SOLE |
| 64361Q101 | VNOM | Viper Energy Inc | $385,412 | 0.00% | 9,977 | Common | SOLE |
| 126650100 | CVS | CVS Health Corp. | $376,563 | 0.00% | 4,745 | Common | SOLE |
| 74340W103 | PLD | Prologis Inc. | $372,767 | 0.00% | 2,920 | Common | SOLE |
| 13646K108 | CP | Canadian Pacific Kansas City L | $361,082 | 0.00% | 4,904 | Common | SOLE |
| 293712105 | EFSC | Enterprise Financial Services | $360,774 | 0.00% | 6,681 | Common | SOLE |
| 784305104 | HTO | H2O America | $359,685 | 0.00% | 7,342 | Common | SOLE |
| 987184108 | YORW | The York Water Co. | $346,037 | 0.00% | 10,868 | Common | SOLE |
| 962166104 | WY | Weyerhaeuser Co. | $341,065 | 0.00% | 14,397 | Common | SOLE |
| 423452101 | HP | Helmerich & Payne Inc. | $339,743 | 0.00% | 11,846 | Common | SOLE |
| 25746U109 | D | Dominion Energy Inc. | $328,104 | 0.00% | 5,600 | Common | SOLE |
| 831865209 | AOS | A.O. Smith Corp. | $326,040 | 0.00% | 4,875 | Common | SOLE |
| 56117J100 | MBUU | Malibu Boats Inc. | $318,237 | 0.00% | 11,281 | Common | SOLE |
| 85472N109 | STN | Stantec Inc. | $310,633 | 0.00% | 3,292 | Common | SOLE |
| 130788102 | CWT | California Water Service Group | $308,726 | 0.00% | 7,125 | Common | SOLE |
| 81369Y803 | XLK | State Street Technology Select | $307,232 | 0.00% | 2,134 | Common | SOLE |
| 922042858 | VWO | Vanguard FTSE Emerging Markets | $299,712 | 0.00% | 5,575 | Common | SOLE |
| 65158N102 | NMRK | Newmark Group Inc. | $298,387 | 0.00% | 17,208 | Common | SOLE |
| N5505D105 | MICC | The Magnum Ice Cream Company N | $296,823 | 0.00% | 18,727 | Common | SOLE |
| 043113208 | ARTNA | Artesian Resources Corp. | $258,096 | 0.00% | 8,165 | Common | SOLE |
| 780087102 | RY | Royal Bank of Canada | $256,587 | 0.00% | 1,505 | Common | SOLE |
| 800422107 | JBSS | John B. Sanfilippo & Son Inc. | $255,854 | 0.00% | 3,624 | Common | SOLE |
| 70932M107 | PFSI | PennyMac Financial Services In | $255,374 | 0.00% | 1,937 | Common | SOLE |
| 596680108 | MSEX | Middlesex Water Co. | $254,772 | 0.00% | 5,053 | Common | SOLE |
| 278865100 | ECL | Ecolab Inc. | $250,969 | 0.00% | 956 | Common | SOLE |
| 92214X106 | VREX | Varex Imaging Corp. | $250,091 | 0.00% | 21,467 | Common | SOLE |
| 737630103 | PCH | PotlatchDeltic Corp | $235,736 | 0.00% | 5,926 | Common | SOLE |
| 574599106 | MAS | Masco Corp. | $225,093 | 0.00% | 3,547 | Common | SOLE |
| 83443Q103 | SOLS | Solstice Advanced Materials In | $219,387 | 0.00% | 4,516 | Common | SOLE |
| 48268K101 | KT | KT Corp. (ADR) | $218,724 | 0.00% | 11,530 | Common | SOLE |
| 09260D107 | BX | Blackstone Inc | $216,104 | 0.00% | 1,402 | Common | SOLE |
| 655844108 | NSC | Norfolk Southern Corp. | $215,674 | 0.00% | 747 | Common | SOLE |
| 17888H103 | CIVI | Civitas Resources Inc. | $215,528 | 0.00% | 7,956 | Common | SOLE |
| 008492100 | ADC | Agree Realty Corp. | $212,489 | 0.00% | 2,950 | Common | SOLE |
| 146229109 | CRI | Carter's Inc. | $211,249 | 0.00% | 6,514 | Common | SOLE |
| 29670E107 | EPRT | Essential Properties Realty Tr | $211,179 | 0.00% | 7,120 | Common | SOLE |
| 78462F103 | SPY | SPDR S&P500 ETF Trust | $210,713 | 0.00% | 309 | Common | SOLE |
| 379463102 | GWRS | Global Water Resources Inc. | $204,642 | 0.00% | 24,218 | Common | SOLE |
| 535555106 | LNN | Lindsay Corp. | $202,736 | 0.00% | 1,720 | Common | SOLE |
| 447011107 | HUN | Huntsman Corp. | $202,310 | 0.00% | 20,231 | Common | SOLE |
| 49177J102 | KVUE | Kenvue Inc | $176,174 | 0.00% | 10,213 | Common | SOLE |
| 904311206 | UA | Under Armour Inc. (class C) | $117,134 | 0.00% | 24,403 | 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.