Jim Cullen - Cullen Value Fund 13F Activity & Position Changes (Q3 2025)

According to the SEC 13F filed on Oct 07, 2025, the Cullen Value Fund portfolio showed several notable changes in holdings as of quarter-end Sep 30, 2025. The activity included new positions, additions to existing holdings, reductions, and complete exits, providing a clear view of how the portfolio evolved during the quarter.

During Q3 2025, the filing reported:

New Buys - The Bank of New York Mellon Cor, Baker Hughes Company, Madison Square Garden Entertain, Northern Dynasty Minerals, Ltd., Phillips 66

Increases - Analog Devices, Inc., Allstate Corporation (The), Advanced Micro Devices, Inc., Amazon.com, Inc., Broadcom Inc., and 61 more

Reductions - Apple Inc., AbbVie Inc., Abbott Laboratories, Automatic Data Processing, Inc., Amgen Inc., and 88 more

Complete Exits - Best Buy Co., Inc., Carrier Global Corporation, Intercontinental Exchange Inc., NextEra Energy, Inc., Paramount Global, and 3 more

These updates highlight how the portfolio adjusted across different sectors and market conditions, offering insights into allocation shifts and investment trends.

Date	Symbol	Name	Type	Change Qty	% Change	Value	Remaining
Q3 2025	AAPL Apple Inc.	Apple Inc.	Sell	-96	-0.0%	$54.57M	211,496
Q3 2025	ABBV AbbVie Inc.	AbbVie Inc.	Sell	-322	-2.4%	$3.08M	13,166
Q3 2025	ABT Abbott Laboratories	Abbott Laboratories	Sell	-18	-0.5%	$496.47K	3,689
Q3 2025	ADI Analog Devices, Inc.	Analog Devices, Inc.	Buy	+3,322	+13.0%	$7.00M	28,928
Q3 2025	ADP Automatic Data Processing, Inc.	Automatic Data Processing, Inc.	Sell	-8	-1.1%	$204.99K	704
Q3 2025	ALL Allstate Corporation (The)	Allstate Corporation (The)	Buy	+292	+2.1%	$3.04M	14,435
Q3 2025	AMD Advanced Micro Devices, Inc.	Advanced Micro Devices, Inc.	Buy	+222	+1.0%	$3.86M	23,415
Q3 2025	AMGN Amgen Inc.	Amgen Inc.	Sell	-477	-5.8%	$2.30M	7,708
Q3 2025	AMZN Amazon.com, Inc.	Amazon.com, Inc.	Buy	+928	+1.6%	$12.76M	58,130
Q3 2025	APA APA Corporation	APA Corporation	Sell	-345	-3.0%	$273.67K	11,152
Q3 2025	APD Air Products and Chemicals, Inc	Air Products and Chemicals, Inc	Sell	-192	-11.6%	$395.57K	1,457
Q3 2025	AVGO Broadcom Inc.	Broadcom Inc.	Buy	+356	+0.4%	$28.60M	84,526
Q3 2025	AXP American Express Company	American Express Company	Sell	-75	-0.7%	$3.70M	11,198
Q3 2025	BA Boeing Company (The)	Boeing Company (The)	Sell	-360	-15.2%	$435.38K	2,013
Q3 2025	BAC Bank of America Corporation	Bank of America Corporation	Sell	-1,515	-3.9%	$1.91M	37,645
Q3 2025	BBY Best Buy Co., Inc.	Best Buy Co., Inc.	Sell - Position Exit	-77,302	-100.0%	$0.00	-
Q3 2025	BK The Bank of New York Mellon Cor	The Bank of New York Mellon Cor	Buy - Position Entry	+2,162	-	$230.51K	2,162
Q3 2025	BKR Baker Hughes Company	Baker Hughes Company	Buy - Position Entry	+4,234	-	$205.33K	4,234
Q3 2025	BLK BlackRock, Inc.	BlackRock, Inc.	Sell	-181	-4.8%	$4.20M	3,622
Q3 2025	BRK-B Berkshire Hathaway Inc. New	Berkshire Hathaway Inc. New	Sell	-691	-0.7%	$48.24M	96,718
Q3 2025	BSM Black Stone Minerals, L.P.	Black Stone Minerals, L.P.	Buy	+374	+2.4%	$213.99K	16,041
Q3 2025	BWA BorgWarner Inc.	BorgWarner Inc.	Buy	+18	+0.3%	$320.23K	7,158
Q3 2025	BX Blackstone Inc.	Blackstone Inc.	Sell	-603	-10.3%	$885.57K	5,257
Q3 2025	CARR Carrier Global Corporation	Carrier Global Corporation	Sell - Position Exit	-2,903	-100.0%	$0.00	-
Q3 2025	CAT Caterpillar, Inc.	Caterpillar, Inc.	Sell	-40	-0.5%	$4.32M	8,670
Q3 2025	CLF Cleveland-Cliffs Inc.	Cleveland-Cliffs Inc.	Sell	-7,000	-11.7%	$676.63K	53,069
Q3 2025	CMCSA Comcast Corporation	Comcast Corporation	Sell	-65,544	-25.6%	$5.87M	190,001
Q3 2025	CME CME Group Inc.	CME Group Inc.	Buy	+8,942	+29.8%	$10.30M	38,919
Q3 2025	CMG Chipotle Mexican Grill, Inc.	Chipotle Mexican Grill, Inc.	Buy	+1,238	+4.1%	$1.31M	31,469
Q3 2025	CMI Cummins Inc.	Cummins Inc.	Sell	-395	-2.5%	$6.62M	15,295

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