Jim Cullen Q3 2026 Investment Activity: Focus on Tech, Financials, and New Holdings

As of September 30, 2026, Jim Cullen's Cullen Value Fund continued to demonstrate a strategic focus on major Technology and Financial Services companies, while also incorporating several new positions and divesting from certain sectors. The fund's overall portfolio value stood at approximately $856 million.

Top Holdings and Sectors

The fund's largest allocations remained concentrated in the Technology and Financial Services sectors. Apple Inc. (AAPL) maintained its position as the largest holding, representing 7.22% of the portfolio, followed by Berkshire Hathaway Inc. (BRK-B) at 6.38% and Microsoft Corp. (MSFT) at 5.36%. These three companies alone accounted for nearly 19% of the total value. Other significant Technology holdings included NVIDIA Corp. (NVDA) at 2.84%. Financial Services was led by Wells Fargo & Co. (WFC) at 1.24% and Charles Schwab Corp. (SCHW) at 1.37%. Collectively, Technology and Financial Services sectors held a substantial 42.55% of the portfolio.

Recent Purchases and Significant Increases

The fund made several notable purchases during the quarter, significantly increasing its stake in certain companies. Charles Schwab Corp. (SCHW) saw a substantial 13.04% increase in its portfolio allocation, rising to 1.37%. This was achieved through buying 13,921 additional shares. Similarly, the fund significantly boosted its position in Ferguson Enterprises Inc. (FERG), acquiring 10,647 shares, resulting in an 75.56% increase in its allocation to 0.64%. Another significant addition was Space Exploration Technology Corp. (SPCX), where the fund purchased 15,611 shares, increasing its allocation by 100% to 0.3%. Furthermore, the fund added a considerable position in Philip Morris International Inc. (PM), increasing its allocation by 8.88% to 2.45%, achieved by buying 8,482 shares.

Recent Sales and Significant Decreases

Conversely, the fund also divested from certain holdings during the quarter. Netflix Inc. (NFLX) experienced a significant 100% decrease in its allocation, dropping from its previous position to just 0.48%, following the sale of all 58,695 shares held prior to the period. The fund also sold shares in Verizon Communications Inc. (VZ), reducing its allocation by 46.78% to 0.11%. Additionally, the fund sold shares in Amrize Ltd. (AMRZ), decreasing its allocation by 28.59% to 0.39%. In the sector allocation data, Unilever (UNH) and Public Service Enterprise Group (PEG) are mentioned as significant sell symbols, indicating potential reductions in those holdings, although the exact figures aren't provided in the top holdings list.

New Positions and Minor Changes

Several companies entered the portfolio for the first time or saw minor changes. The fund established new positions in Communication Services stocks like Netflix Inc. (NFLX) and Verizon Communications Inc. (VZ), albeit with very small allocations (0.48% and 0.11%, respectively). It also added positions in Industrials stocks such as Amrize Ltd. (AMRZ), CNH Indl NV, and Space Exploration Technology Corp. (SPCX). Minor increases were also noted in other sectors, including a 0.07% allocation increase for NVIDIA Corp. (NVDA) and a 0.3% increase for Amazon.com Inc. (AMZN). Similarly, minor decreases occurred in holdings like Unilever PLC ADR (UL) and JPMorgan Chase & Co. (JPM), though these were not among the top holdings.

Overall Portfolio Changes

The portfolio saw a net increase in position count during the quarter, rising from 164 positions prior to the period to 178 positions as of September 30, 2026. The fund simultaneously increased its Technology allocation by 0.07% (to 24.31%) and decreased its Financial Services allocation by 0.17% (to 18.21%). Other sectors like Industrials, Healthcare, and Consumer Defensive also experienced minor shifts, while Energy, Consumer Cyclical, and Real Estate allocations remained relatively stable or saw slight decreases. The fund's top five holdings accounted for 27.27% of the portfolio, maintaining a significant concentration.

For detailed information on Jim Cullen's investment activities, visit Cullen Value Fund. You can find specific data on the stocks held by the fund at Apple Inc., Berkshire Hathaway Inc., Microsoft Corp., and many others listed in the portfolio.