Cullen Capital Management, LLC Top Holdings and 13F Report (2025) About Cullen Capital Management, LLCInvestment ActivityCullen Capital Management, LLC has $8.59 billion in total holdings as of December 31, 2024.Cullen Capital Management, LLC owns shares of 208 different stocks, but just 37 companies or ETFs make up 80% of its holdings.Approximately 4.89% of the portfolio was purchased this quarter.About 7.02% of the portfolio was sold this quarter.This quarter, Cullen Capital Management, LLC has purchased 206 new stocks and bought additional shares in 49 stocks.Cullen Capital Management, LLC sold shares of 122 stocks and completely divested from 20 stocks this quarter.Largest Holdings JPMorgan Chase & Co. $309,378,479Cisco Systems $272,419,045Bank of America $249,973,506Philip Morris International $243,579,683Johnson Controls International $240,535,735 Largest New Holdings this Quarter iShares MSCI EAFE ETF $38,377,973 HoldingiShares Russell 1000 Value ETF $30,199,146 HoldingSPDR EURO STOXX 50 ETF $16,164,966 HoldingConsumer Discretionary Select Sector SPDR Fund $11,282,786 HoldingConsumer Staples Select Sector SPDR Fund $10,810,997 Holding Largest Purchases this Quarter Citigroup 747,974 shares (about $52.65M)Communication Services Select Sector SPDR Fund 419,863 shares (about $40.65M)iShares MSCI EAFE ETF 507,578 shares (about $38.38M)Sysco 500,307 shares (about $38.25M)iShares Russell 1000 Value ETF 163,124 shares (about $30.20M) Largest Sales this Quarter Morgan Stanley 631,848 shares (about $79.44M)Broadcom 287,726 shares (about $66.71M)BCE 2,110,437 shares (about $48.92M)United Parcel Service 272,451 shares (about $34.36M)Mondelez International 544,407 shares (about $32.52M) Sector Allocation Over TimeMap of 500 Largest Holdings ofCullen Capital Management, LLC Selling Neutral Buying Latest 13F Holdings and Changes Since Previous Quarterly FilingIssuer NameHoldings ValueApproximate Purchase/SaleChange in SharesShares Held% of PortfolioSectorJPMJPMorgan Chase & Co.$309,378,479$15,927,765 ▼-4.9%1,290,6373.6%FinanceCSCOCisco Systems$272,419,045$8,249,106 ▼-2.9%4,601,6733.2%Computer and TechnologyBACBank of America$249,973,506$12,533,134 ▼-4.8%5,687,6792.9%FinancePMPhilip Morris International$243,579,683$16,114,260 ▼-6.2%2,023,9282.8%Consumer StaplesJCIJohnson Controls International$240,535,735$14,833,317 ▼-5.8%3,047,4562.8%ConstructionDUKDuke Energy$230,728,346$5,533,742 ▼-2.3%2,141,5292.7%UtilitiesRTXRTX$230,261,937$16,974,270 ▼-6.9%1,989,8202.7%AerospaceMSMorgan Stanley$230,076,265$79,435,927 ▼-25.7%1,830,0692.7%FinanceCBChubb$218,539,762$8,129,575 ▼-3.6%790,9512.5%FinanceCVXChevron$214,665,570$1,641,326 ▼-0.8%1,482,0882.5%Oils/EnergyXOMExxon Mobil$210,773,200$6,293,706 ▼-2.9%1,959,4052.5%Oils/EnergyAVGOBroadcom$210,617,434$66,706,417 ▼-24.1%908,4602.5%Computer and TechnologyNVSNovartis$209,860,558$9,278,410 ▼-4.2%2,156,6192.4%MedicalCCitigroup$208,623,612$52,649,882 ▲33.8%2,963,8252.4%FinanceMDTMedtronic$204,297,813$14,219,439 ▼-6.5%2,557,5592.4%MedicalTFCTruist Financial$199,215,771$2,751,984 ▲1.4%4,592,3412.3%FinanceMRKMerck & Co., Inc.$195,548,829$8,549,908 ▼-4.2%1,965,7102.3%MedicalGDGeneral Dynamics$195,500,384$5,073,237 ▼-2.5%741,9652.3%AerospaceKVUEKenvue$194,295,585$3,960,788 ▼-2.0%9,100,4962.3%Consumer StaplesCMCSAComcast$185,397,498$7,328,896 ▼-3.8%4,939,9812.2%Consumer DiscretionaryVICIVICI Properties$185,094,077$5,845,622 ▼-3.1%6,336,6682.2%FinanceNEENextEra Energy$182,475,327$7,478,198 ▼-3.9%2,545,3392.1%UtilitiesPEAKHealthpeak Properties$178,798,385$410,711 ▼-0.2%8,820,8382.1%FinanceJNJJohnson & Johnson$170,648,970$7,881,066 ▼-4.4%1,179,9822.0%MedicalTRVTravelers Companies$170,272,957$8,789,359 ▼-4.9%706,8492.0%FinanceTAT&T$160,062,249$5,363,519 ▼-3.2%7,029,5231.9%Computer and TechnologyDOWDOW$150,204,318$11,350,571 ▲8.2%3,742,9431.7%Basic MaterialsULUnilever$149,682,746$5,747,113 ▼-3.7%2,639,9071.7%Consumer StaplesGPCGenuine Parts$146,094,029$4,354,679 ▼-2.9%1,251,2341.7%Retail/WholesaleMOAltria Group$139,060,808$2,116,438 ▼-1.5%2,659,4151.6%Consumer StaplesLOWLowe's Companies$137,889,620$6,258,354 ▼-4.3%558,7101.6%Retail/WholesalePFEPfizer$126,664,306$14,469,622 ▲12.9%4,774,3801.5%MedicalCOPConocoPhillips$125,815,367$1,140,752 ▼-0.9%1,268,6841.5%Oils/EnergyTGTTarget$121,536,852$4,955,430 ▼-3.9%899,0741.4%Retail/WholesaleCCICrown Castle$99,395,047$1,777,625 ▼-1.8%1,095,1421.2%FinanceMSFTMicrosoft$98,789,263$1,317,190 ▼-1.3%234,3751.2%Computer and TechnologyUPSUnited Parcel Service$95,463,852$34,356,061 ▼-26.5%757,0491.1%TransportationDEODiageo$91,630,645$15,182,381 ▲19.9%720,7631.1%Consumer StaplesBCEBCE$81,792,822$48,919,924 ▼-37.4%3,528,5951.0%UtilitiesQCOMQUALCOMM$67,722,858$7,783,151 ▼-10.3%440,8470.8%Computer and TechnologyEOGEOG Resources$66,386,211$2,355,741 ▼-3.4%541,5750.8%Oils/EnergyBMYBristol-Myers Squibb$65,958,998$8,191,362 ▼-11.0%1,166,1770.8%MedicalSmurfit Westrock PLC$65,220,312$1,083,178 ▼-1.6%1,210,9230.8%COMPPLPPL$61,352,414$125,133 ▼-0.2%1,890,0930.7%UtilitiesTSMTaiwan Semiconductor Manufacturing$59,370,036$1,103,574 ▼-1.8%300,6230.7%Computer and TechnologyVZVerizon Communications$56,818,065$2,150,222 ▼-3.6%1,420,8070.7%Computer and TechnologySYYSysco$51,241,045$38,253,473 ▲294.5%670,1680.6%Consumer StaplesRIORio Tinto Group$49,475,569$3,238,373 ▼-6.1%841,2780.6%Basic MaterialsCAGConagra Brands$49,036,351$5,556,604 ▼-10.2%1,767,0760.6%Consumer StaplesCoca Cola Euro Pacific Partner$48,096,619$2,203,600 ▼-4.4%626,1770.6%COMASXASE Technology$44,550,686$149,348 ▲0.3%4,424,1000.5%Computer and TechnologyIBMInternational Business Machines$43,826,888$1,310,408 ▼-2.9%199,3670.5%Computer and TechnologyBTIBritish American Tobacco$42,881,535$1,834,777 ▼-4.1%1,180,6590.5%Consumer StaplesXLCCommunication Services Select Sector SPDR Fund$41,247,159$40,646,937 ▲6,772.0%426,0630.5%ETFIBNICICI Bank$41,243,229$2,170,255 ▼-5.0%1,381,2200.5%FinanceBAXBaxter International$40,423,960$1,859,125 ▼-4.4%1,386,2810.5%MedicalEFAiShares MSCI EAFE ETF$38,377,973$38,377,973 ▲New Holding507,5780.4%FinanceKOFCoca-Cola FEMSA$37,007,325$3,894,422 ▼-9.5%475,1230.4%Consumer StaplesXLVHealth Care Select Sector SPDR Fund$32,295,796$25,625,302 ▲384.2%234,7590.4%ETFIWDiShares Russell 1000 Value ETF$30,199,146$30,199,146 ▲New Holding163,1240.4%ETFXLIIndustrial Select Sector SPDR Fund$28,983,774$28,369,772 ▲4,620.5%219,9740.3%ETFSHELShell$27,807,461$242,831 ▼-0.9%443,8540.3%Oils/EnergyTMToyota Motor$25,559,462$861,343 ▲3.5%131,3370.3%Auto/Tires/TrucksPBRPetróleo Brasileiro S.A. - Petrobras$21,473,129$10,697,862 ▼-33.3%1,669,7610.3%Oils/EnergyKaspi.kz JSC$17,529,495$2,154,274 ▼-10.9%185,0860.2%ADRLAURLaureate Education$16,553,675$2,657,665 ▲19.1%905,0670.2%Consumer DiscretionaryFEZSPDR EURO STOXX 50 ETF$16,164,966$16,164,966 ▲New Holding335,7210.2%ETFTTETotalEnergies$15,334,441$7,379,243 ▼-32.5%281,3660.2%Oils/EnergyEWTiShares MSCI Taiwan ETF$14,994,665$5,952,400 ▲65.8%289,6960.2%ETFXLBMaterials Select Sector SPDR Fund$14,667,706$14,329,042 ▲4,231.1%174,3250.2%ETFEPIWisdomTree India Earnings Fund$13,028,117$4,560,907 ▲53.9%287,7870.2%FinanceEWMiShares MSCI Malaysia ETF$12,602,435$5,074,840 ▲67.4%513,7560.1%FinanceSNYSanofi$12,593,416$1,419,070 ▼-10.1%261,1120.1%MedicalTCOMTrip.com Group$12,032,047$717,634 ▼-5.6%175,2410.1%Consumer DiscretionaryXLYConsumer Discretionary Select Sector SPDR Fund$11,282,786$11,282,786 ▲New Holding50,2910.1%FinanceXLPConsumer Staples Select Sector SPDR Fund$10,810,997$10,810,997 ▲New Holding137,5270.1%ETFKBKB Financial Group$7,259,643$2,046,636 ▼-22.0%127,5860.1%FinanceDXJWisdomTree Japan Hedged Equity Fund$7,104,661$7,104,661 ▲New Holding64,4180.1%FinanceXLKTechnology Select Sector SPDR Fund$6,700,064$6,700,064 ▲New Holding28,8150.1%ETFBHPBHP Group$6,504,190$4,214,508 ▼-39.3%133,2010.1%Basic MaterialsETEnergy Transfer$5,504,868$914,559 ▼-14.2%281,0040.1%Oils/EnergyORCLOracle$5,123,513$747,547 ▼-12.7%30,7460.1%Computer and TechnologyAXPAmerican Express$5,095,291$659,171 ▼-11.5%17,1680.1%FinanceXLREReal Estate Select Sector SPDR Fund$4,797,393$4,797,393 ▲New Holding117,9590.1%ETFETNEaton$4,706,580$239,278 ▼-4.8%14,1820.1%Industrial ProductsWMTWalmart$4,700,730$242,048 ▼-4.9%52,0280.1%Retail/WholesaleCPACopa$4,630,661$9,841,242 ▼-68.0%52,6930.1%TransportationEPDEnterprise Products Partners$4,509,411$82,540 ▼-1.8%143,7950.1%Oils/EnergySRESempra$4,451,702$149,738 ▼-3.3%50,7490.1%UtilitiesINDAiShares MSCI India ETF$4,274,315$2,470,079 ▼-36.6%81,1990.0%ETFHONHoneywell International$4,111,5300.0%18,1910.0%Multi-Sector ConglomeratesSPYSPDR S&P 500 ETF Trust$3,925,564$3,265,638 ▲494.8%6,6980.0%FinanceCIThe Cigna Group$3,803,276$268,684 ▲7.6%13,7730.0%MedicalDISWalt Disney$3,582,909$22,270 ▲0.6%32,1770.0%Consumer DiscretionaryALLAllstate$3,582,617$61,886 ▼-1.7%18,5830.0%FinanceMDLZMondelez International$3,517,978$32,517,434 ▼-90.2%58,8980.0%Consumer StaplesAXTAAxalta Coating Systems$3,450,608$88,390 ▲2.6%100,8360.0%Basic MaterialsXLEEnergy Select Sector SPDR Fund$3,449,785$3,030,822 ▲723.4%40,2730.0%ETFDVYiShares Select Dividend ETF$3,426,669$3,426,669 ▲New Holding26,1000.0%ETFPNCThe PNC Financial Services Group$3,414,602$33,942 ▼-1.0%17,7060.0%FinanceShowing largest 100 holdings. 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