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Livermore
Livermore
ZHEN

Cullinan Associates Inc

SEC CIK
0001161670
Latest filing
Jul 29, 2026

The latest 13F from Cullinan Associates Inc covers Q2 2026 (filed Jul 29, 2026): 204 long positions worth $1.32B. The top 10 holdings make up 39.7% of the portfolio, and the largest is Apple Inc. (AAPL) at 8.4%. Livermore has 22 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q2 2026

Share counts compared with Q1 2026: how many positions were new, added to, reduced or sold out, and the biggest buys and sells. Dollar amounts are estimated at the quarter-end prices implied by the filing.

Full comparison
New
7
Est. +$35.7M
Added
36
Est. +$26.5M
Reduced
75
Est. −$79.0M
Sold out
10
Est. −$44.2M

Top 5 holdings

Share of this quarter's portfolio value

  1. AAPLApple Inc.
    8.4%$110.6MHistory
  2. KOCoca Cola Co
    7.0%$92.1MHistory
  3. MSFTMicrosoft Corp
    3.9%$52.1MHistory
  4. SPGIS&P Global Inc.
    3.7%$49.5MHistory
  5. JNJJohnson & Johnson
    3.4%$45.0MHistory

Share of portfolio

Top 5 holdings and the other 199 positions, by share of portfolio value

  1. AAPL8.4%
  2. KO7.0%
  3. MSFT3.9%
  4. SPGI3.7%
  5. JNJ3.4%
  6. Other 199 positions73.6%

Biggest buys

New and added positions, by estimated amount bought

  1. XOMExxonMobil Holdings Corp
    +$28.8MNewHistory
  2. GOOGAlphabet Inc.
    +$7.84MAddedHistory
  3. NVDANVIDIA Corp
    +$6.31MAddedHistory
  4. AJGArthur J. Gallagher & Co.
    +$4.02MNewHistory
  5. JPMJPMorgan Chase & Co
    +$2.95MAddedHistory

Largest weight increases

New and added positions, by percentage points of the portfolio gained

  1. XOMExxonMobil Holdings Corp
    +2.18 pp0.0% → 2.2%History
  2. GOOGAlphabet Inc.
    +0.93 pp2.2% → 3.2%History
  3. NVDANVIDIA Corp
    +0.54 pp0.8% → 1.4%History
  4. AJGArthur J. Gallagher & Co.
    +0.30 pp0.0% → 0.3%History
  5. AMZNAmazon Com Inc
    +0.29 pp2.0% → 2.3%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. XOMExxonMobil Holdings Corp
    −$38.3MSold outHistory
  2. KOCoca Cola Co
    −$14.6MReducedHistory
  3. GOOGLAlphabet Inc.
    −$7.00MReducedHistory
  4. MSFTMicrosoft Corp
    −$6.25MReducedHistory
  5. AAPLApple Inc.
    −$5.43MReducedHistory

Largest weight decreases

Reduced and sold-out positions, by percentage points of the portfolio lost

  1. XOMExxonMobil Holdings Corp
    −3.10 pp3.1% → 0.0%History
  2. KOCoca Cola Co
    −1.12 pp8.1% → 7.0%History
  3. MSFTMicrosoft Corp
    −0.75 pp4.7% → 3.9%History
  4. SPGIS&P Global Inc.
    −0.45 pp4.2% → 3.7%History
  5. CVXChevron Corp
    −0.45 pp1.3% → 0.9%History

Metrics

13F metrics for Q2 2026, computed only from the numbers in the filings. Definitions below.

Portfolio value
$1.32B
+$86.8M (+7.0%) vs. prior quarter
Positions
204
−3 vs. prior quarter
Top 10 concentration
39.7%
Top 10 as share of value
Turnover
4.9%
Q2 2026, one quarter
Average holding period
20.6 quarters
Weighted by value

How these are calculated

  • Portfolio value: the market value of all long positions in the 13F, as reported at quarter end, excluding options.
  • Top 10 concentration: the combined value of the 10 largest positions as a share of portfolio value.
  • Turnover: the smaller of this quarter's estimated purchases and estimated sales, divided by the average of this and last quarter's portfolio value. Estimates multiply the change in shares by the quarter-end price implied by the filing (market value divided by shares); new positions use this quarter's value and sold-out positions last quarter's. Only positions reported in shares count, and it is not calculated when the previous quarter was not filed.
  • Average holding period: how many consecutive quarters each current position has been held (including this one; a quarter without the position or without a filing starts the count over), weighted by this quarter's value. Counting starts with the first 13F in Livermore (Q1 2021), so positions held before then are understated.

13F filings by quarter

22 quarters, going back to Q1 2021. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $1.96B (Q4 2021)

Q1 2021: $1.74BQ2 2021: $1.79BQ3 2021: $1.81BQ4 2021: $1.96BQ1 2022: $1.91BQ2 2022: $1.64BQ3 2022: $1.58BQ4 2022: $1.80BQ1 2023: $1.71BQ2 2023: $1.82BQ3 2023: $1.72BQ4 2023: $1.79BQ1 2024: $1.78BQ2 2024: $1.77BQ3 2024: $1.77BQ4 2024: $1.56BQ1 2025: $1.41BQ2 2025: $1.52BQ3 2025: $1.54BQ4 2025: $1.48BQ1 2026: $1.24BQ2 2026: $1.32B
Q1 2021Q2 2026
13F filings of Cullinan Associates Inc by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Jul 29, 2026204$1.32BAAPLKOMSFTvs. Q1 2026SEC
Q1 2026May 1, 2026207$1.24BAAPLKOMSFTvs. Q4 2025SEC
Q4 2025Jan 30, 2026211$1.48BAAPLKOMSFTvs. Q3 2025SEC
Q3 2025Oct 27, 2025213$1.54BAAPLMSFTKOvs. Q2 2025SEC
Q2 2025Jul 22, 2025210$1.52BCOINKOAAPLvs. Q1 2025SEC
Q1 2025Apr 22, 2025216$1.41BAAPLKOMSFTvs. Q4 2024SEC
Q4 2024Jan 24, 2025217$1.56BAAPLKOCOINvs. Q3 2024SEC
Q3 2024Oct 23, 2024232$1.77BAAPLWMTKOvs. Q2 2024SEC
Q2 2024Jul 10, 2024231$1.77BAAPLWMTMSFTvs. Q1 2024SEC
Q1 2024Apr 18, 2024241$1.78BAAPLWMTMSFTvs. Q4 2023SEC
Q4 2023Jan 24, 2024235$1.79BAAPLWMTMSFTvs. Q3 2023SEC
Q3 2023Oct 11, 2023242$1.72BWMTAAPLMSFTvs. Q2 2023SEC
Q2 2023Jul 14, 2023254$1.82BAAPLWMTKOvs. Q1 2023SEC
Q1 2023Apr 5, 2023243$1.71BAAPLKOMSFTvs. Q4 2022SEC
Q4 2022Jan 11, 2023272$1.80BWMTSPYKOvs. Q3 2022SEC
Q3 2022Oct 19, 2022227$1.58BWMTAAPLKOvs. Q2 2022SEC
Q2 2022Jul 8, 2022225$1.64BWMTAAPLKOvs. Q1 2022SEC
Q1 2022Apr 21, 2022235$1.91BWMTAAPLKOvs. Q4 2021SEC
Q4 2021Jan 7, 2022237$1.96BWMTAAPLKOvs. Q3 2021SEC
Q3 2021Oct 8, 2021235$1.81BWMTAAPLKOvs. Q2 2021SEC
Q2 2021Jul 7, 2021223$1.79BWMTKOAAPLvs. Q1 2021SEC
Q1 2021Apr 20, 2021214$1.74BWMTKOAAPL–SEC