Cullen Value Fund: Concentrated Holdings in Financials and Tech
Jim Cullen's Cullen Value Fund, as of March 31, 2026, maintains a concentrated portfolio heavily weighted towards Financial Services and Technology sectors, with significant allocations to Berkshire Hathaway, Apple, and Microsoft.
Portfolio Overview
The Cullen Value Fund, managed by Jim Cullen, holds a portfolio as of March 31, 2026, characterized by significant concentration in specific sectors and a select group of large-cap stocks. The fund's largest holdings by value are Berkshire Hathaway (BRK-B) and Apple (AAPL), each representing approximately 6.4% and 6.3% of the portfolio, respectively. Other major positions include Walmart (WMT), Alphabet (GOOG), Microsoft (MSFT), and Exxon Mobil (XOM).
Top Holdings and Sector Focus
The fund's top ten holdings, as listed, account for a substantial portion of the portfolio's value. Financial Services is the most heavily represented sector, encompassing Berkshire Hathaway and JPMorgan Chase (JPM), totaling nearly 10% of the portfolio. Technology is the second largest sector, home to Apple, Alphabet, Microsoft, and NVIDIA (NVDA), collectively representing over 15% of the holdings. Notably, the fund also holds a significant allocation to Energy (Exxon Mobil) and Consumer Defensive (Walmart).
Recent Changes and Strategy
The fund has seen some notable changes in its top holdings compared to the previous period. Berkshire Hathaway (BRK-B) saw an increase in shares held, albeit a small one, while Alphabet (GOOG) also increased its stake. Conversely, the fund reduced its positions in several major holdings, including significantly cutting back on Walmart (WMT), Microsoft (MSFT), and Eaton (ETN). These changes, along with the overall concentration, suggest a strategy focused on holding large, established companies, particularly in Financials and Technology, while also maintaining exposure to Energy and Consumer Staples.
The fund's holdings in JPMorgan Chase and several Technology giants like Microsoft and Alphabet indicate a continued confidence in large financial institutions and the tech sector. The inclusion of consumer staples like Walmart and energy companies like Exxon Mobil points towards a value-oriented approach, seeking stability and dividends alongside growth potential in technology. The fund's strategy appears to be centered on investing in high-quality, large-cap companies across key sectors, with a particular emphasis on Financial Services and Technology.
Concentration and Stability
The portfolio exhibits a clear concentration in Financial Services and Technology, which together account for a significant portion of the fund's allocation. This concentration can offer potential for high returns but also implies higher exposure to the performance of these specific sectors. The fund's largest holdings are generally stable, blue-chip names, contributing to a sense of stability in the portfolio. The changes observed, while notable for some stocks, are relatively modest for the largest holdings, suggesting a generally stable long-term strategy focused on these core positions.