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Livermore
Livermore
ZHEN

Cullen Capital Management LLC

SEC CIK
0001362535
Latest filing
Aug 13, 2026

The latest 13F from Cullen Capital Management LLC covers Q2 2026 (filed Aug 13, 2026): 208 long positions worth $10.2B. The top 10 holdings make up 26.8% of the portfolio, and the largest is Novartis AG (NVS) at 3.1%. 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
12
Est. +$275.8M
Added
82
Est. +$372.1M
Reduced
100
Est. −$602.3M
Sold out
17
Est. −$309.8M

Top 5 holdings

Share of this quarter's portfolio value

  1. NVSNovartis AG
    3.1%$318.6MHistory
  2. CSCOCisco Systems, Inc.
    3.0%$300.4MHistory
  3. MSMorgan Stanley
    2.9%$295.5MHistory
  4. JNJJohnson & Johnson
    2.7%$279.1MHistory
  5. CCitigroup Inc
    2.7%$270.0MHistory

Share of portfolio

Top 5 holdings and the other 203 positions, by share of portfolio value

  1. NVS3.1%
  2. CSCO3.0%
  3. MS2.9%
  4. JNJ2.7%
  5. C2.7%
  6. Other 203 positions85.6%

Biggest buys

New and added positions, by estimated amount bought

  1. XOMExxonMobil Holdings Corp
    +$204.0MNewHistory
  2. BTIBritish American Tobacco p.l.c.
    +$51.4MAddedHistory
  3. QSRRestaurant Brands International Inc.
    +$48.2MAddedHistory
  4. MSFTMicrosoft Corp
    +$34.1MAddedHistory
  5. CPACopa Holdings, S.A.
    +$24.6MAddedHistory

Largest weight increases

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

  1. XOMExxonMobil Holdings Corp
    +2.01 pp0.0% → 2.0%History
  2. UNHUnitedHealth Group Inc
    +0.63 pp1.3% → 1.9%History
  3. QCOMQualcomm Inc
    +0.52 pp1.2% → 1.7%History
  4. BTIBritish American Tobacco p.l.c.
    +0.52 pp0.8% → 1.3%History
  5. QSRRestaurant Brands International Inc.
    +0.42 pp0.8% → 1.3%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. XOMExxonMobil Holdings Corp
    −$254.4MSold outHistory
  2. CSCOCisco Systems, Inc.
    −$127.8MReducedHistory
  3. ASXASE Technology Holding Co., Ltd.
    −$86.7MReducedHistory
  4. State Street SPDR Bloomberg 1-3 Month T-Bill ETF78468R663
    −$50.9MReduced
  5. HONHoneywell International Inc
    −$48.3MSold outHistory

Largest weight decreases

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

  1. XOMExxonMobil Holdings Corp
    −2.61 pp2.6% → 0.0%History
  2. CMCSAComcast Corp
    −0.83 pp2.1% → 1.3%History
  3. DOWDow Inc.
    −0.65 pp1.1% → 0.4%History
  4. COPConocoPhillips
    −0.63 pp2.4% → 1.8%History
  5. State Street SPDR Bloomberg 1-3 Month T-Bill ETF78468R663
    −0.52 pp0.5% → <0.1%

Metrics

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

Portfolio value
$10.2B
+$415.0M (+4.3%) vs. prior quarter
Positions
208
−5 vs. prior quarter
Top 10 concentration
26.8%
Top 10 as share of value
Turnover
6.5%
Q2 2026, one quarter
Average holding period
17.9 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 $11.2B (Q2 2023)

Q1 2021: $9.25BQ2 2021: $10.3BQ3 2021: $10.2BQ4 2021: $10.7BQ1 2022: $10.9BQ2 2022: $9.96BQ3 2022: $9.33BQ4 2022: $7.79BQ1 2023: $10.9BQ2 2023: $11.2BQ3 2023: $8.57BQ4 2023: $6.74BQ1 2024: $8.98BQ2 2024: $8.68BQ3 2024: $9.18BQ4 2024: $8.58BQ1 2025: $8.66BQ2 2025: $8.78BQ3 2025: $9.14BQ4 2025: $9.16BQ1 2026: $9.75BQ2 2026: $10.2B
Q1 2021Q2 2026
13F filings of Cullen Capital Management LLC by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Aug 13, 2026208$10.2BNVSCSCOMSvs. Q1 2026SEC
Q1 2026May 15, 2026213$9.75BNVSCSCOJNJvs. Q4 2025SEC
Q4 2025Feb 13, 2026225$9.16BCSCONVSBACvs. Q3 2025SEC
Q3 2025Nov 5, 2025217$9.14BJPMBACCSCOvs. Q2 2025SEC
Q2 2025Sep 30, 2025198$8.78BJPMCSCOBACvs. Q1 2025SEC
Q1 2025May 15, 2025205$8.66BJPMRTXDUKvs. Q4 2024SEC
Q4 2024Feb 13, 2025208$8.58BJPMCSCOBACvs. Q3 2024SEC
Q3 2024Nov 12, 2024206$9.18BJPMPMNVSvs. Q2 2024SEC
Q2 2024Aug 13, 2024209$8.68BJPMNVSMSvs. Q1 2024SEC
Q1 2024May 15, 2024197$8.98BJPMNVSMSvs. Q4 2023SEC
Q4 2023Feb 14, 2024212$6.74BJPMMRKMSvs. Q3 2023SEC
Q3 2023Nov 14, 2023205$8.57BNVSXOMJPMvs. Q2 2023SEC
Q2 2023Aug 15, 2023294$11.2BSiemens A G Sponsored ADRMRKNVSvs. Q1 2023SEC
Q1 2023May 15, 2023275$10.9BNVSSiemens A G Sponsored ADRMRKvs. Q4 2022SEC
Q4 2022Feb 16, 2023201$7.79BNVSMRKJNJvs. Q3 2022SEC
Q3 2022Nov 10, 2022280$9.33BJNJNVSXOMvs. Q2 2022SEC
Q2 2022Aug 11, 2022281$9.96BNVSRTXBCEvs. Q1 2022SEC
Q1 2022May 3, 2022279$10.9BBCENVSRTXvs. Q4 2021SEC
Q4 2021Feb 10, 2022286$10.7BJPMBCEJCIvs. Q3 2021SEC
Q3 2021Nov 5, 2021269$10.2BJPMMSBCEvs. Q2 2021SEC
Q2 2021Aug 4, 2021274$10.3BMSJPMNVSvs. Q1 2021SEC
Q1 2021May 10, 2021274$9.25BJPMMSBCE–SEC