Cullen Value Fund: Concentrated Holdings in Financials and Tech

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 top holdings by value are dominated by Financial Services and Technology stocks.

Top Holdings Analysis

The fund's largest position is Berkshire Hathaway Inc. (BRK-B), a Financial Services stock, representing approximately 6.42% of the portfolio. This is followed by Apple Inc. (AAPL), a Technology stock, at 6.29%. Other major holdings include Wal-Mart (WMT) in Consumer Defensive at 4.67%, Alphabet (GOOG) in Communication Services at 4.38%, and Microsoft Corp. (MSFT) in Technology at 4.18%. Collectively, these top ten holdings account for a substantial portion of the fund's assets, reflecting a concentrated investment approach focused on established, large-cap companies across key sectors.

Sector Concentration

The fund exhibits strong sector concentration, with Financial Services and Technology being the most significant allocations. Financial Services allocation stands at 10.59% (combining BRK-B and JPM), while Technology allocation is 10.67% (combining AAPL, GOOG, and MSFT). These two sectors together represent over 21% of the portfolio. Other sectors like Consumer Defensive (WMT), Energy (XOM), and Communication Services (GOOG) also hold notable weight, but the portfolio is clearly tilted towards large, stable corporations in Financials and Tech.

Recent Changes in Holdings

Several holdings show significant changes from the previous period. The fund increased its stake in Berkshire Hathaway Inc. (BRK-B) by 0.68%, adding 685 shares. Similarly, it boosted its position in Alphabet Inc. (GOOG) by 5.35%, adding 5,875 shares. Conversely, the fund significantly reduced its holdings in several stocks. Wal-Mart (WMT) saw a sharp decrease of 5.24% (loss of 15,740 shares), Microsoft Corp. (MSFT) decreased by 2.52% (loss of 2,101 shares), and Eaton (ETN) experienced a substantial decline of 13.12% (loss of 7,814 shares). Other notable decreases include NVIDIA Corp. (NVDA) (-0.28%) and JPMorgan Chase & Co. (JPM) (-6.99%).

Investment Strategy Insights

The portfolio's structure suggests an investment strategy focused on large-cap, established companies, particularly within the Financial Services and Technology sectors. The significant allocation to Berkshire Hathaway and JPMorgan Chase indicates a belief in the stability and long-term value of these financial giants. The Technology sector allocation, while substantial, is diversified across multiple large tech names including Apple, Alphabet, and Microsoft. The inclusion of consumer staples like Wal-Mart and energy players like Exxon Mobil, alongside the tech and financials, points towards a value-oriented approach seeking exposure to a broad base of large, profitable corporations. The recent changes show active management, with the fund trimming positions in some large caps while adding to others, likely in response to market conditions and valuation assessments.