Cullen Value Fund's Strategic Holdings: Focus on Tech and Financials
Jim Cullen's Cullen Value Fund portfolio, as of December 31, 2025, shows a concentrated approach with significant allocations to Technology and Financial Services sectors.
As of December 31, 2025, Jim Cullen's Cullen Value Fund demonstrates a concentrated investment strategy focused on select large-cap technology and financial services companies. The portfolio's top holdings, representing the bulk of its value, are dominated by technology stocks, alongside significant allocations to financial institutions.
Top Holdings Analysis
The fund's largest position is in Apple Inc. (AAPL), holding nearly 200,000 shares valued at approximately $50.8 million, accounting for 6.59% of the total portfolio. This is followed by Berkshire Hathaway Inc. (BRK-B), with 100,745 shares valued at $50.3 million (6.52%).
Other major holdings include Microsoft Corp. (MSFT) ($40.0 million, 5.19%), Alphabet Inc. (GOOGL) ($36.2 million, 4.69%), and Walmart Inc. (WMT) ($34.4 million, 4.46%). Collectively, these five largest holdings represent over 27% of the fund's assets, highlighting a significant concentration in a select group of established blue-chip companies.
Portfolio Sector Allocation
The fund exhibits a strong bias towards the Technology sector, with Apple, Microsoft, and Alphabet all falling into this category. Combined, these three companies alone account for nearly 16.47% of the portfolio. Financial Services is the second-largest sector allocation, holding Berkshire Hathaway and JPMorgan Chase, representing 10.67% of the portfolio.
Consumer Defensive (Walmart) and Communication Services (Alphabet) round out the top sectors by allocation, while the portfolio also includes exposure to other sectors like Consumer Cyclical (Amazon) and Industrials (Broadcom). Notably, one holding (Eaton) lacks a sector classification, and NVIDIA is positioned within the Technology sector.
Recent Changes in Holdings
The fund has seen some notable changes in its holdings composition over the past reporting period. Apple saw a reduction in shares (-7.34%), while Berkshire Hathaway experienced a slight increase (+4.16%).
Alphabet saw a significant increase in both shares and value (+18.23%), while Walmart experienced a moderate decrease (-7.57%). Other notable changes include AVGO (-18.24%) and NVDA (-4.09%), indicating turnover in the technology portfolio. Conversely, AMZN showed a modest increase (+6.75%).
Investment Strategy and Outlook
The Cullen Value Fund appears to employ a value-oriented strategy, focusing on high-quality, established companies with significant market capitalization. The portfolio's heavy concentration in Technology and Financial Services suggests a belief in the long-term growth potential and stability of these sectors, albeit through a value lens.
The fund's strategy involves selective concentration, holding a small number of positions with substantial weightings. This approach relies on the conviction that these chosen companies will outperform and provide strong returns over the investment horizon. The fund's holdings reflect a preference for large, fundamentally sound corporations across key growth and defensive sectors.