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Institutional

Cullen Capital Management, LLC

CIK 0001362535
$9.75B
Reported AUM
213
Positions
Q1 2026
Period
2026-05-15
Filed

The Brief · Cullen Capital Management, LLC · Q1 2026

AI · grounded in 13F

Cullen Capital Management, LLC established a new position in Restaurant Brands Internationa QSR valued at $81.7M. The fund closed its entire position in PACCAR Inc. PCAR, resulting in a $57.5M reduction. Other notable activity includes increasing share counts for Comcast Corp. (Cl A) CMCSA by 71.9% and United Parcel Service Inc. UPS by 50.1%.

Portfolio · Q1 2026

NVSCSCOJNJXOMBACDUKCMRKJPMMSCOPGDOther$6.69BCL

Top holdings

QoQ vs Q4 2025

#StockIssuerPriceDay %1Y Gr.5Y Gr.Value% of bookΔ shares (QoQ)Status
1NVSNovartis AG (ADR)$149.160.51%30.23%94.68%$311.3M3.19%42,834−2.1%
2CSCOCisco Systems Inc.$121.64-6.43%88.37%153.46%$282.9M2.90%86,896−2.3%
3JNJJohnson & Johnson$232.772.02%53.90%55.59%$272.5M2.79%44,117−3.8%
4XOMExxon Mobil Corp.$149.92-1.39%48.36%212.97%$254.4M2.61%193,525−11.4%
5BACBank of America Corp.$53.83-0.63%23.03%58.61%$251.8M2.58%5,348−0.1%
6DUKDuke Energy Corp.$124.221.97%11.57%43.36%$251.6M2.58%+14,741+0.8%
7CCitigroup Inc.$132.47-1.98%73.11%132.92%$251.6M2.58%84,558−3.7%
8MRKMerck & Co. Inc.$120.790.44%58.51%82.35%$249.4M2.56%217,687−9.5%
9JPMJP Morgan Chase & Co.$312.370.48%19.84%133.52%$237.9M2.44%33,191−3.9%
10MSMorgan Stanley$211.93-2.90%64.65%159.39%$235.9M2.42%71,362−4.7%
11COPConocoPhillips$117.14-1.75%38.76%149.74%$235.7M2.42%129,654−6.8%
12GDGeneral Dynamics Corp.$346.441.45%27.61%96.66%$231.1M2.37%21,992−3.2%
13MDTMedtronic PLC$81.67-0.32%-3.63%-27.91%$228.0M2.34%+135,738+5.4%
14NEENextEra Energy Inc.$85.840.19%23.39%25.67%$225.4M2.31%32,736−1.3%
15RTXRTX Corp$180.990.88%32.19%132.37%$222.2M2.28%38,122−3.2%
16JCIJohnson Controls International$143.65-2.54%39.34%120.13%$221.4M2.27%38,066−2.2%
17CBChubb Ltd.$326.273.74%11.75%106.19%$219.7M2.25%7,696−1.1%
18CMCSAComcast Corp. (Cl A)$23.822.10%-23.54%-49.62%$205.3M2.10%+2,990,457+71.9%
19TFCTruist Financial Corp$49.200.04%26.48%14.80%$204.8M2.10%+107,776+2.5%
20PMPhilip Morris International In$178.291.89%1.58%123.17%$196.3M2.01%4,463−0.4%
21VICIVici Properties Inc.$27.862.39%-6.04%15.20%$185.5M1.90%+1,099,949+19.3%
22CVXChevron Corp.$187.31-0.55%39.19%125.88%$181.3M1.86%+5,275+0.6%
23DOCHealthpeak Properties Inc$19.790.97%22.94%-29.65%$180.6M1.85%+1,743,957+18.9%
24TAT&T Inc.$22.75-0.09%-15.45%46.77%$165.7M1.70%+155+0.0%
25GPCGenuine Parts Co.$98.15-0.49%-18.17%-10.74%$165.5M1.70%+228,030+17.1%
26AVGOBroadcom Ltd.$385.73-7.92%57.48%771.51%$165.2M1.69%+2,288+0.4%
27UPSUnited Parcel Service Inc.$108.54-1.52%18.07%-28.90%$159.7M1.64%+541,971+50.1%
28MOAltria Group Inc.$72.192.25%30.43%117.90%$156.7M1.61%+36,466+1.6%
29ULUnilever PLC (ADR)$56.723.03%-17.28%4.40%$150.8M1.55%+460,904+21.1%
30BCEBCE Inc.$24.411.37%18.17%-32.35%$150.6M1.54%+273,193+4.8%
31LOWLowe's Companies Inc.$210.741.55%$145.2M1.49%+6,902+1.1%
32TRVThe Travelers Companies Inc.$303.253.35%$140.8M1.44%14,480−2.9%
33TGTTarget Corp.$122.57-1.03%$137.5M1.41%+208,802+22.6%
34UNHUnitedHealth Group Inc.$399.470.76%$127.9M1.31%+139,842+42.0%
35QCOMQualcomm Inc.$215.94-10.98%$115.5M1.18%+34,139+4.0%
36BDXBecton Dickinson & Co.$151.161.07%$114.6M1.18%+31,384+4.5%
37DOWDow Inc$33.97-2.36%$106.8M1.09%+306,133+13.6%
38CCICrown Castle Inc.$94.490.75%$96.6M0.99%+122,051+11.4%
39OMCOmnicom Group Inc.$75.31-0.42%$87.7M0.90%+83,712+7.7%
40ASXASE Technology Holding Company (ADR)$34.03-11.38%$87.0M0.89%1,595,882−28.5%
41QSRRestaurant Brands Internationa$72.661.16%$81.7M0.84%+1,105,654NEW
42BTIBritish American Tobacco PLC (ADR)$59.723.23%$78.6M0.81%+8,715+0.7%
43PFEPfizer Inc.$26.041.36%$75.6M0.78%+596,176+28.4%
44MSFTMicrosoft Corp.$416.67-2.66%$74.6M0.77%1,324−0.7%
45DEODiageo PLC (ADR)$80.431.89%$71.8M0.74%+314,012+48.3%
46EOGEOG Resources Inc.$137.78-2.20%$70.5M0.72%+34,811+7.7%
47BMYBristol-Myers Squibb Co.$57.271.18%$67.9M0.70%57,057−4.8%
48NGGNational Grid PLC (ADR)$81.860.59%$67.2M0.69%+32,229+4.2%
49TSMTaiwan Semiconductor Manufacturing (ADR)$415.17-6.69%$64.8M0.66%46,188−19.4%
50TMToyota Motor Corp. (ADR)$177.16-1.30%$64.4M0.66%+76,250+32.3%
51TIGOMillicom Intl Cellular$82.66-5.30%$62.0M0.64%+171,067+26.1%
52RIORio Tinto PLC (ADR)$100.69-4.47%$61.3M0.63%+157,996+31.7%
53ENBEnbridge Inc.$56.31-0.76%$60.8M0.62%+58,872+5.5%
54PPLPPL Corp.$35.741.65%$58.9M0.60%+32,219+2.1%
55PBRPetroleo Brasileiro SA (ADR)$17.75-1.72%$58.3M0.60%+539,456+23.8%
56TTETotalEnergies SE$88.71-1.62%$58.2M0.60%+440,957+221.4%
57BILState Street SPDR Bloomberg 1-$91.450.04%$52.9M0.54%+565,791+5019.9%
58SWSmurfit Westrock PLC$41.28-2.37%$49.6M0.51%+321,462+34.8%
59HONHoneywell International Inc.$213.97-1.69%$48.3M0.49%+195,452+1081.8%
60CPACopa Holdings SA$133.590.34%$47.0M0.48%+249,715+152.7%
61KDPKeurig Dr Pepper Inc$30.531.56%$46.5M0.48%+285,549+19.3%
62FHNFirst Horizon Corp.$24.16-0.37%$44.7M0.46%65,782−3.2%
63SYYSysco Corp.$76.292.61%$43.3M0.44%12,474−2.0%
64AIGAmerican International Group I$75.492.79%$42.9M0.44%+76,240+15.4%
65PWCDFPower Corporation of Canada$60.24-0.25%$41.7M0.43%+868,276NEW
66KOFCoca-Cola Femsa SAB de CV (ADR$106.47-0.31%$41.3M0.42%500−0.1%
67PPGPPG Industries Inc.$113.801.64%$41.0M0.42%2,733−0.7%
68IBMInternational Business Machine$284.84-5.61%$40.9M0.42%+14,218+9.2%
69VZVerizon Communications Inc.$45.371.11%$40.4M0.41%456,102−36.2%
70PNCThe PNC Financial Services Gro$228.370.57%$37.7M0.39%78,614−30.3%
71UNPUnion Pacific Corp.$272.323.19%$36.8M0.38%3,788−2.4%
72IBNICICI Bank Ltd. (ADR)$25.95-0.54%$33.4M0.34%456,661−26.1%
73CCEPCoca Cola Euro Pacific Partner$94.742.96%$33.1M0.34%126,540−25.8%
74IXORIX Corp. (ADR)$37.88-4.73%$32.4M0.33%+1,080,361NEW
75NVONovo Nordisk A/S (ADR)$42.96-1.81%$29.1M0.30%+244,835+44.7%
76SNYSanofi (ADR)$45.021.44%$28.6M0.29%+232,524+64.5%
77EWYiShares MSCI South Korea ETF$175.19-14.11%$27.9M0.29%42,592−15.8%
78SHELShell PLC (ADR)$85.40-1.53%$27.8M0.29%181,313−37.7%
79EWTiShares MSCI Taiwan ETF$98.08-7.25%$11.0M0.11%+539+0.3%
80KBKB Financial Group Inc. (ADR)$107.910.40%$10.6M0.11%3,979−3.6%
81AXIAAxia Energia ADR$9.80-1.80%$8.3M0.08%+403,917+122.3%
82ITUBItau Unibanco Holding SA (ADR)$7.54-1.31%$7.4M0.08%+192,807+28.1%
83AMATApplied Materials Inc.$453.01-9.71%$6.4M0.07%1,242−6.2%
84EFViShares MSCI EAFE Value ETF$76.90-1.91%$5.8M0.06%139,235−63.9%
85KTKT Corp. (ADR)$18.12-0.49%$5.6M0.06%+251,366+2180.1%
86ETNEaton Corp. PLC$395.94-5.42%$5.2M0.05%+215+1.5%
87WMTWalmart Inc.$118.880.97%$5.2M0.05%495−1.2%
88BWABorgWarner Inc.$72.63-5.71%$4.9M0.05%+1,412+1.6%
89EPIWisdomTree India Earnings Fund$41.52-1.63%$4.7M0.05%+25,188+28.3%
90AXPAmerican Express Co.$310.66-0.60%$4.4M0.04%2,497−14.7%
91ETEnergy Transfer LP$4.1M0.04%+75,696+56.4%
92CIThe Cigna Group$289.483.14%$3.9M0.04%+585+4.2%
93EPDEnterprise Products Partners L$37.81-0.97%$3.8M0.04%+21,612+27.6%
94DISThe Walt Disney Co.$99.710.37%$3.8M0.04%+1,478+3.9%
95ALLThe Allstate Corp.$3.5M0.04%456−2.6%
96MDLZMondelez International Inc.$62.041.72%$3.4M0.03%+2,586+4.6%
97ECHiShares MSCI Chile ETF$38.62-3.45%$3.3M0.03%+83,412NEW
98ARWArrow Electronics Inc.$219.09-2.36%$3.1M0.03%503−2.3%
99ORCLOracle Corp.$213.68-9.59%$3.0M0.03%1,012−4.7%
100AXTAAxalta Coating Systems Ltd.$32.181.29%$2.7M0.03%14−0.0%
101SRESempra$2.7M0.03%+2,978+12.2%
102PKGPackaging Corp. of America$2.5M0.03%313−2.6%
103RJFRaymond James Financial Inc.$2.4M0.03%+3,582+27.0%
104SJMThe JM Smucker Co.$2.2M0.02%+7,683+50.2%
105IWDiShares Russell 1000 Value ETF$2.1M0.02%20,536−67.2%
106CNICanadian National Railway Co.$2.0M0.02%+546+2.9%
107GOOGLAlphabet Inc.$1.9M0.02%+861+14.9%
108CSXCSX Corp.$1.9M0.02%+208+0.5%
109SPGSimon Property Group Inc.$1.8M0.02%+571+6.2%
110XLREState Street Real Estate Selec$1.8M0.02%772,367−94.6%
111MUMicron Technology Inc.$1.7M0.02%593−10.8%
112ADMArcher-Daniels-Midland Co.$1.6M0.02%637−2.8%
113LAURLaureate Education Inc.$1.6M0.02%141,662−75.9%
114BABOEING CO/THE$1.5M0.02%165−2.1%
115MCDMcDonald's Corp.$1.4M0.01%2,281−34.3%
116INDAiShares MSCI India ETF$1.3M0.01%11,943−29.6%
117EEMiShares MSCI Emerging Markets$1.2M0.01%166,465−88.9%
118ZTSZoetis Inc.$1.1M0.01%+9,409NEW
119ADBEAdobe Systems Inc.$1.1M0.01%+22+0.5%
120WTRGEssential Utilites Inc.$1.1M0.01%+1,701+6.7%
121XLVState Street Health Care Selec$1.1M0.01%86,889−92.2%
122DDDuPont De Nemours Inc.$1.1M0.01%+107+0.5%
123FISFidelity National Information$1.1M0.01%+497+2.2%
124STSensata Technologies Holding P$1.1M0.01%195−0.6%
125XYLXylem Inc.$1.0M0.01%+3,124+55.3%
126CLXThe Clorox Co.$1.0M0.01%+10,018NEW
127AVNTAvient Corp.$1.0M0.01%+1,921+7.4%
128PEPPepsiCo Inc.$967K0.01%1,850−22.9%
129XLPState Street Consumer Staples$959K0.01%449,539−97.5%
130ACWXiShares MSCI ACWI ex US ETF$945K0.01%172,394−92.6%
131WPCWP Carey Inc.$939K0.01%30−0.2%
132VLTOVeralto Corp.$933K0.01%+2,819+36.4%
133SBSCompanhia de Saneamento Basico (ADR)$871K0.01%12,805−31.0%
134VACMarriot Vacations Worldwide Co$861K0.01%+140+1.1%
135AXIA/PCAxia Energia Preferred C (ADR)$860K0.01%4,254−5.1%
136TREELendingTree Inc.$855K0.01%4,695−19.1%
137PNRPentair PLC$848K0.01%+3,165+48.2%
138XLYState Street Consumer Discreti$814K0.01%21,658−74.4%
139XLIState Street Industrial Select$798K0.01%232,943−97.9%
140XLKState Street Technology Select$745K0.01%+3,472+162.7%
141AWRAmerican States Water Co.$740K0.01%+1,848+23.3%
142AWKAmerican Water Works Company I$726K0.01%+839+18.7%
143PEGPublic Service Enterprise Grou$724K0.01%HELD
144ABCBAmeris Bancorp$721K0.01%190−2.0%
145MHOM/I Homes Inc.$721K0.01%66−1.1%
146DOUGDouglas Elliman Inc.$678K0.01%75,033−15.4%
147KOThe Coca-Cola Co.$675K0.01%1,550−14.9%
148HTOH2O America$672K0.01%+4,116+56.1%
149AAPLApple Inc.$670K0.01%2,300−46.6%
150POOLPool Corp.$655K0.01%+1,235+61.7%
151XLCState Street Communication Ser$652K0.01%484,393−98.8%
152CNMCore & Main Inc$638K0.01%+347+2.8%
153WSBCWesBanco Inc.$634K0.01%4,015−17.9%
154FIBKFirst Interstate Bancsystem In$614K0.01%321−1.7%
155STNStantec Inc.$603K0.01%+3,688+112.0%
156TTEKTetra Tech Inc.$597K0.01%+5,404+37.4%
157CWTCalifornia Water Service Group$593K0.01%+5,954+83.6%
158WMSAdvanced Drainage Systems Inc.$585K0.01%+266+6.6%
159SWIMLatham Group Inc.$577K0.01%+3,095+3.0%
160SSBSouthState Bank Corp.$565K0.01%471−7.2%
161WTTRSelect Water Solutions Inc.$530K0.01%24,161−41.1%
162CUZCousins Properties Inc.$527K0.01%9,296−28.5%
163PGThe Procter & Gamble Co.$514K0.01%5,575−61.1%
164HUNHuntsman Corp.$509K0.01%+18,036+89.2%
165KWRQuaker Chemical Corp.$508K0.01%545−11.8%
166CTRACoterra Energy Inc.$507K0.01%3,458−19.3%
167MBCMasterbrand Inc.$502K0.01%+10,932+22.1%
168PFSIPennyMac Financial Services In$502K0.01%+3,806+196.5%
169SFNCSimons First National Corp.$498K0.01%4,724−15.6%
170GLDDGreat Lakes Dredge & Dock Corp$492K0.01%45,715−61.2%
171BBSIBarrett Business Services Inc.$453K0.00%+15,512NEW
172PORPortland General Electric Co.$405K0.00%2,564−25.0%
173BDCBelden Inc.$404K0.00%+3,516NEW
174PLDPrologis Inc.$386K0.00%HELD
175CPCanadian Pacific Kansas City L$386K0.00%HELD
176WOODiShares Global Timber & Forest$385K0.00%1,130−17.2%
177LDILoanDepot Inc.$377K0.00%97,728−26.9%
178PSIXPower Solutions International$371K0.00%+6,090NEW
179YORWThe York Water Co.$360K0.00%+939+8.6%
180XLFState Street Financial Select$357K0.00%64,471−89.9%
181WYWeyerhaeuser Co.$350K0.00%80−0.6%
182SOLSSolstice Advanced Materials In$344K0.00%HELD
183CVSCVS Health Corp.$341K0.00%HELD
184VNOMViper Energy Inc$334K0.00%2,874−28.8%
185DDominion Energy Inc.$331K0.00%244−4.4%
186CWCOConsolidated Water Company Ltd$330K0.00%2,568−20.5%
187EFSCEnterprise Financial Services$326K0.00%664−9.9%
188ILFiShares S&P Latin America 40 E$324K0.00%+9,108NEW
189BMIBadger Meter Inc.$319K0.00%+2,092NEW
190ABBVAbbVie Inc.$313K0.00%560−28.0%
191FBINFortune Brands Innovations Inc$307K0.00%+7,875NEW
192WATWaters Corp.$304K0.00%+1,020NEW
193HIWHighwoods Properties Inc.$292K0.00%4,118−23.2%
194MBUUMalibu Boats Inc.$288K0.00%155−1.4%
195AOSA.O. Smith Corp.$288K0.00%513−10.5%
196JBSSJohn B. Sanfilippo & Son Inc.$283K0.00%59−1.6%
197ARTNAArtesian Resources Corp.$281K0.00%+664+8.1%
198MSEXMiddlesex Water Co.$273K0.00%+191+3.8%
199ECLEcolab Inc.$257K0.00%+11+1.2%
200VMIValmont Industries Inc.$257K0.00%645−50.1%
201SMSM Energy Co.$256K0.00%+8,206NEW
202GWRSGlobal Water Resources Inc.$254K0.00%+9,306+38.4%
203NMRKNewmark Group Inc.$254K0.00%268−1.6%
204DIASPDR Dow Jones Industrial Aver$241K0.00%+520NEW
205CRICarter's Inc.$230K0.00%78−1.2%
206NOCNorthrop Grumman Corp.$228K0.00%+334NEW
207VREXVarex Imaging Corp.$224K0.00%346−1.6%
208ADCAgree Realty Corp.$222K0.00%HELD
209RYNRayonier Inc.$222K0.00%+10,776NEW
210LNNLindsay Corp.$220K0.00%+128+7.4%
211EPRTEssential Properties Realty Tr$216K0.00%HELD
212SUZSuzano SA (ADR)$215K0.00%+21,440NEW
213NOKNokia OYJ (ADR)$97K0.00%+12,060NEW
214PCARPACCAR Inc.525,036EXITED
215XLBState Street Materials Select626,265EXITED
216XLEState Street Energy Select Sec204,009EXITED
217BABAAlibaba Group Holding Ltd. (ADR)42,462EXITED
218DVYiShares Select Dividend ETF21,130EXITED
219GEGeneral Electric Co.6,451EXITED
220CGWInvesco S&P Global Water Index27,203EXITED
221MMM3M Co.7,319EXITED
222GEVGE Vernova LLC1,600EXITED
223QQnity Electronics Inc11,774EXITED
224XLUState Street Utilities Select21,872EXITED
225MCHIiShares MSCI China ETF15,098EXITED
226CAGConagra Brands Inc.47,463EXITED
227REETiShares Trust iShares Global23,559EXITED
228CATCaterpillar Inc.869EXITED
229GRTUFGranite Real Estate Investment8,190EXITED
230PPHVanEck Vectors Pharmaceutical4,620EXITED
231LINLinde PLC976EXITED
232KMBKimberly-Clark Corp.4,094EXITED
233HPHelmerich & Payne Inc.11,846EXITED
234VWOVanguard FTSE Emerging Markets5,575EXITED
235MICCThe Magnum Ice Cream Company N18,727EXITED
236RYRoyal Bank of Canada1,505EXITED
237PCHPotlatchDeltic Corp5,926EXITED
238MASMasco Corp.3,547EXITED
239BXBlackstone Inc1,402EXITED
240NSCNorfolk Southern Corp.747EXITED
241CIVICivitas Resources Inc.7,956EXITED
242SPYSPDR S&P500 ETF Trust309EXITED
243KVUEKenvue Inc10,213EXITED
244UAUnder Armour Inc. (class C)24,403EXITED

Source: SEC EDGAR · accession 0001193125-26-225525. 13F discloses long positions only — shorts, foreign equities, and options are excluded.