• CVF maintains a diversified portfolio across 12 sectors
• Top 5 holdings represent 27.8% of the portfolio
• Largest position: BERKSHIRE HATHAWAY INCORPORATED DEL CLASS B NEW (BRK-B) at 6.7%

Trends by sector

Investment Adjustments from Previous Filing

Cullen Value Fund Holdings

Symbol	Company	Portfolio %	Price	Quantity	Change Qty	Change Value	% Change	Total Value
GEV GE VERNOVA INCORPORATED	GE VERNOVA INCORPORATED	0.08%	$528.93	1,069	-2	-$1,058	-0.19%	$565,421
EL LAUDER ESTEE COMPANIES INCORPORATED CLASS A	LAUDER ESTEE COMPANIES INCORPORATED CLASS A	0.08%	$80.80	6,902	-2,954	-$238,684	-29.97%	$557,684
MCK MCKESSON CORPORATION	MCKESSON CORPORATION	0.07%	$732.41	717	-14	-$10,254	-1.92%	$525,136
ABT ABBOTT LABS	ABBOTT LABS	0.07%	$136.02	3,707	-293	-$39,853	-7.32%	$504,215
BA BOEING COMPANY	BOEING COMPANY	0.07%	$209.50	2,373	-6	-$1,257	-0.25%	$497,140
TJX TJX COMPANIES INCORPORATED NEW	TJX COMPANIES INCORPORATED NEW	0.07%	$123.49	3,951	-10,387	-$1,282,656	-72.44%	$487,896
WDFC WD 40 COMPANY	WD 40 COMPANY	0.07%	$228.05	2,081	-68	-$15,507	-3.16%	$474,575
APD AIR PRODUCTS & CHEMICALS INCORPORATED	AIR PRODUCTS & CHEMICALS INCORPORATED	0.07%	$281.98	1,649	-1,769	-$498,816	-51.76%	$464,979
CLF CLEVELAND-CLIFFS INCORPORATED NEW	CLEVELAND-CLIFFS INCORPORATED NEW	0.06%	$7.60	60,069	15,000	$114,000	33.28%	$456,525
HON HONEYWELL INTERNATIONAL INCORPORATED	HONEYWELL INTERNATIONAL INCORPORATED	0.06%	$232.89	1,865	-299	-$69,635	-13.82%	$434,343
PYPL PAYPAL HLDGS INCORPORATED	PAYPAL HLDGS INCORPORATED	0.06%	$74.32	5,807	-1,158	-$86,063	-16.63%	$431,576
COP CONOCOPHILLIPS	CONOCOPHILLIPS	0.06%	$89.75	4,730	36	$3,231	0.77%	$424,509
LMT LOCKHEED MARTIN CORPORATION	LOCKHEED MARTIN CORPORATION	0.06%	$463.07	885	-32	-$14,818	-3.49%	$409,817
FHN FIRST HORIZON CORPORATION	FIRST HORIZON CORPORATION	0.06%	$21.20	19,146	111	$2,353	0.58%	$405,887
WEN WENDYS COMPANY	WENDYS COMPANY	0.06%	$11.42	35,512	-2,546	-$29,075	-6.69%	$405,549
HAL HALLIBURTON COMPANY	HALLIBURTON COMPANY	0.06%	$20.38	19,696	-7,693	-$156,787	-28.09%	$401,413
ITW ILLINOIS TOOL WKS INCORPORATED	ILLINOIS TOOL WKS INCORPORATED	0.05%	$247.33	1,482	-21	-$5,194	-1.40%	$366,547
TSCO TRACTOR SUPPLY COMPANY	TRACTOR SUPPLY COMPANY	0.05%	$52.77	6,675	6,675	$352,241	100.00%	$352,241
SEIC SEI INVTS COMPANY	SEI INVTS COMPANY	0.05%	$89.85	3,884	22	$1,977	0.57%	$348,991
TRN TRINITY INDUSTRIES INCORPORATED	TRINITY INDUSTRIES INCORPORATED	0.05%	$27.01	12,701	-755	-$20,393	-5.61%	$343,060
XYL XYLEM INCORPORATED	XYLEM INCORPORATED	0.05%	$129.38	2,477	-	-	-	$320,477
WWD WOODWARD INCORPORATED	WOODWARD INCORPORATED	0.05%	$245.16	1,307	1	$245	0.08%	$320,421
EBAY EBAY INCORPORATED.	EBAY INCORPORATED.	0.04%	$74.46	3,929	-231	-$17,201	-5.55%	$292,564
ORCL ORACLE CORPORATION	ORACLE CORPORATION	0.04%	$218.66	1,305	-156	-$34,111	-10.68%	$285,351
NSC NORFOLK SOUTHN CORPORATION	NORFOLK SOUTHN CORPORATION	0.04%	$255.97	1,099	-217	-$55,545	-16.49%	$281,311
SHW SHERWIN WILLIAMS COMPANY	SHERWIN WILLIAMS COMPANY	0.04%	$343.48	799	-3	-$1,030	-0.37%	$274,440
YUM YUM BRANDS INCORPORATED	YUM BRANDS INCORPORATED	0.04%	$148.14	1,798	-	-	-	$266,360
BATRA ATLANTA BRAVES HLDGS INCORPORATED COM SER A	ATLANTA BRAVES HLDGS INCORPORATED COM SER A	0.04%	$49.21	5,300	-	-	-	$260,813
COST COSTCO WHOLESALE CORPORATION NEW	COSTCO WHOLESALE CORPORATION NEW	0.04%	$990.69	263	-	-	-	$260,552
CNI CANADIAN NATL RY COMPANY	CANADIAN NATL RY COMPANY	0.04%	$104.05	2,435	13	$1,353	0.54%	$253,373
JOE ST JOE COMPANY	ST JOE COMPANY	0.03%	$47.70	5,148	9	$429	0.18%	$245,556
BWA BORGWARNER INCORPORATED	BORGWARNER INCORPORATED	0.03%	$33.48	7,140	18	$603	0.25%	$239,035
VLO VALERO ENERGY CORPORATION	VALERO ENERGY CORPORATION	0.03%	$134.39	1,772	-	-	-	$238,136
THO THOR INDUSTRIES INCORPORATED	THOR INDUSTRIES INCORPORATED	0.03%	$88.80	2,597	-58	-$5,150	-2.18%	$230,603
ATO ATMOS ENERGY CORPORATION	ATMOS ENERGY CORPORATION	0.03%	$154.10	1,487	8	$1,233	0.54%	$229,146
EMR EMERSON ELEC COMPANY	EMERSON ELEC COMPANY	0.03%	$133.34	1,705	-229	-$30,534	-11.84%	$227,337
ADP AUTOMATIC DATA PROCESSING INCORPORATED	AUTOMATIC DATA PROCESSING INCORPORATED	0.03%	$308.26	712	-	-	-	$219,483
QQQ INVESCO QQQ TR	INVESCO QQQ TR	0.03%	$551.26	386	386	$212,788	100.00%	$212,788
CARR CARRIER GLOBAL CORPORATION	CARRIER GLOBAL CORPORATION	0.03%	$73.20	2,903	-306	-$22,398	-9.54%	$212,492
APA APA CORPORATION	APA CORPORATION	0.03%	$18.29	11,497	637	$11,651	5.87%	$210,289
ICE INTERCONTINENTAL EXCHANGE INCORPORATED	INTERCONTINENTAL EXCHANGE INCORPORATED	0.03%	$183.51	1,133	-6,191	-$1,136,084	-84.53%	$207,912
BSM BLACK STONE MINERALS L P COM UNIT	BLACK STONE MINERALS L P COM UNIT	0.03%	$13.08	15,667	413	$5,402	2.71%	$204,924
WSM WILLIAMS SONOMA INCORPORATED	WILLIAMS SONOMA INCORPORATED	0.03%	$163.31	1,243	8	$1,307	0.65%	$202,999
NEE NEXTERA ENERGY INCORPORATED	NEXTERA ENERGY INCORPORATED	0.03%	$69.42	2,908	-503	-$34,918	-14.75%	$201,873
VICR VICOR CORPORATION	VICOR CORPORATION	0.03%	$45.36	4,450	4,450	$201,852	100.00%	$201,852
TRV TRAVELERS COMPANIES INCORPORATED	TRAVELERS COMPANIES INCORPORATED	0.03%	$267.42	748	748	$200,031	100.00%	$200,031
LILAK LIBERTY LATIN AMERICA LIMITED COM CLASS C	LIBERTY LATIN AMERICA LIMITED COM CLASS C	0.03%	$6.22	32,100	15,000	$93,300	87.72%	$199,662

Page 3 of 3 • 167 total holdings

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