Jim Cullen – Cullen Value Fund Portfolio Activity & Recent Trades (Jun 30, 2025)

As of Jun 30, 2025, the Cullen Value Fund portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on Jul 01, 2025. The activity included new positions, additions to existing holdings, reductions, and complete exits, providing a clear view of how the portfolio evolved during the quarter.

During Q2 2025, the filing reported:

New Buys – Tractor Supply Company (TSCO), Credo Technology (G25457105), Vicor Corporation (VICR), Carrier Global Corporation (CARR), Oracle Corporation (ORCL), and 3 more

Increases – Pepsico, Inc. (PEP), Cleveland-Cliffs Inc. (CLF), Liberty Latin America Ltd (LILAK), Realty Income Corporation (O), O'Reilly Automotive, Inc. (ORLY), and 68 more

Reductions – GE Vernova Inc. (GEV), Sherwin-Williams Company (The) (SHW), Keurig Dr Pepper Inc. (KDP), Boeing Company (The) (BA), GE Aerospace (GE), and 84 more

Complete Exits – Phillips 66 (PSX), BP p.l.c. (BP), Intel Corporation (INTC), Chubb Limited (CB)

These updates highlight how the portfolio adjusted across different sectors and market conditions, offering insights into allocation shifts and investment trends.

Cullen Value Fund Activity

Date	Symbol	Name	Type	Quantity	Value	Remaining
Q2 2024Jun 30, 2024	NFG National Fuel Gas Company	National Fuel Gas Company	Sell	-1,976-6.2%	$1.62M	29,819
Q2 2024Jun 30, 2024	PG Procter & Gamble Company (The)	Procter & Gamble Company (The)	Sell	-1,997-6.0%	$5.12M	31,020
Q2 2024Jun 30, 2024	SO Southern Company (The)	Southern Company (The)	Sell	-2,004-10.5%	$1.32M	17,008
Q2 2024Jun 30, 2024	T AT&T Inc.	AT&T Inc.	Sell	-2,193-3.2%	$1.25M	65,440
Q2 2024Jun 30, 2024	INTC Intel Corporation	Intel Corporation	Sell	-2,287-15.9%	$374.42K	12,090
Q2 2024Jun 30, 2024	NYCB NY Community Bancorp	NY Community Bancorp	Sell	-2,375-6.8%	$105.61K	32,797
Q2 2024Jun 30, 2024	VZ Verizon Communications Inc.	Verizon Communications Inc.	Sell	-2,661-1.7%	$6.45M	156,292
Q2 2024Jun 30, 2024	CSX CSX Corporation	CSX Corporation	Sell	-2,729-6.9%	$1.23M	36,710
Q2 2024Jun 30, 2024	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-2,743-3.0%	$39.23M	87,774
Q2 2024Jun 30, 2024	GLW Corning Incorporated	Corning Incorporated	Sell	-2,846-3.5%	$3.03M	78,013
Q2 2024Jun 30, 2024	BRK-B Berkshire Hathaway Inc. New	Berkshire Hathaway Inc. New	Sell	-3,311-3.2%	$40.90M	100,538
Q2 2024Jun 30, 2024	PFE Pfizer, Inc.	Pfizer, Inc.	Sell	-3,420-7.5%	$1.18M	42,300
Q2 2024Jun 30, 2024	PEP Pepsico, Inc.	Pepsico, Inc.	Sell	-3,642-8.6%	$6.36M	38,588
Q2 2024Jun 30, 2024	V Visa Inc.	Visa Inc.	Sell	-3,724-10.2%	$8.65M	32,942
Q2 2024Jun 30, 2024	BEN Franklin Resources, Inc.	Franklin Resources, Inc.	Sell	-4,199-21.8%	$337.18K	15,086
Q2 2024Jun 30, 2024	UL Unilever PLC	Unilever PLC	Sell - Position Exit	-4,344-100.0%	$0.00	-
Q2 2024Jun 30, 2024	GOOG Alphabet Inc.	Alphabet Inc.	Sell	-4,722-4.5%	$18.29M	99,692
Q2 2024Jun 30, 2024	WMT Walmart Inc.	Walmart Inc.	Sell	-5,205-1.6%	$22.08M	326,077
Q2 2024Jun 30, 2024	MKC McCormick & Company, Incorporat	McCormick & Company, Incorporat	Sell	-5,295-6.6%	$5.36M	75,527
Q2 2024Jun 30, 2024	CVS CVS Health Corporation	CVS Health Corporation	Sell	-5,767-15.6%	$1.84M	31,234
Q2 2024Jun 30, 2024	KHC The Kraft Heinz Company	The Kraft Heinz Company	Sell - Position Exit	-6,004-100.0%	$0.00	-
Q2 2024Jun 30, 2024	HBCP Home Bancorp, Inc.	Home Bancorp, Inc.	Sell	-6,072-18.9%	$1.04M	26,079
Q2 2024Jun 30, 2024	F Ford Motor Company	Ford Motor Company	Sell	-6,304-24.4%	$245.29K	19,560
Q2 2024Jun 30, 2024	SBUX Starbucks Corporation	Starbucks Corporation	Sell	-6,708-6.2%	$7.89M	101,311
Q2 2024Jun 30, 2024	ENB Enbridge Inc	Enbridge Inc	Sell	-9,532-12.2%	$2.43M	68,375
Q2 2024Jun 30, 2024	AAPL Apple Inc.	Apple Inc.	Sell	-10,037-4.4%	$46.33M	219,989
Q2 2024Jun 30, 2024	ADX Adams Diversified Equity Fund I	Adams Diversified Equity Fund I	Sell - Position Exit	-10,090-100.0%	$0.00	-
Q2 2024Jun 30, 2024	CVX Chevron Corporation	Chevron Corporation	Sell	-10,240-30.1%	$3.71M	23,745
Q2 2024Jun 30, 2024	IIIV i3 Verticals, Inc.	i3 Verticals, Inc.	Sell	-12,280-17.3%	$1.30M	58,757
Q2 2024Jun 30, 2024	GAB Gabelli Equity Trust, Inc. (The	Gabelli Equity Trust, Inc. (The	Sell - Position Exit	-16,072-100.0%	$0.00	-

Page 29 of 41 • 1220 total trades

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