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
Q4 2023Dec 31, 2023	PFE Pfizer, Inc.	Pfizer, Inc.	Buy - Position Entry	+51,547	$1.48M	51,547
Q4 2023Dec 31, 2023	KMI Kinder Morgan, Inc.	Kinder Morgan, Inc.	Buy - Position Entry	+51,262	$904.27K	51,262
Q4 2023Dec 31, 2023	XOM Exxon Mobil Corporation	Exxon Mobil Corporation	Buy - Position Entry	+47,404	$4.74M	47,404
Q4 2023Dec 31, 2023	UNP Union Pacific Corporation	Union Pacific Corporation	Buy - Position Entry	+47,394	$11.64M	47,394
Q4 2023Dec 31, 2023	MPC Marathon Petroleum Corporation	Marathon Petroleum Corporation	Buy - Position Entry	+45,437	$6.74M	45,437
Q4 2023Dec 31, 2023	WEN Wendy's Company (The)	Wendy's Company (The)	Buy - Position Entry	+44,842	$873.53K	44,842
Q4 2023Dec 31, 2023	PEP Pepsico, Inc.	Pepsico, Inc.	Buy - Position Entry	+43,012	$7.31M	43,012
Q4 2023Dec 31, 2023	CVS CVS Health Corporation	CVS Health Corporation	Buy - Position Entry	+42,062	$3.32M	42,062
Q4 2023Dec 31, 2023	CLF Cleveland-Cliffs Inc.	Cleveland-Cliffs Inc.	Buy - Position Entry	+38,944	$795.23K	38,944
Q4 2023Dec 31, 2023	BAC Bank of America Corporation	Bank of America Corporation	Buy - Position Entry	+38,038	$1.28M	38,038
Q4 2023Dec 31, 2023	CSX CSX Corporation	CSX Corporation	Buy - Position Entry	+37,771	$1.31M	37,771
Q4 2023Dec 31, 2023	IRDM Iridium Communications Inc	Iridium Communications Inc	Buy - Position Entry	+37,605	$1.55M	37,605
Q4 2023Dec 31, 2023	V Visa Inc.	Visa Inc.	Buy - Position Entry	+37,466	$9.75M	37,466
Q4 2023Dec 31, 2023	SU Suncor Energy Inc.	Suncor Energy Inc.	Buy - Position Entry	+35,886	$1.15M	35,886
Q4 2023Dec 31, 2023	CP Canadian Pacific Kansas City Li	Canadian Pacific Kansas City Li	Buy - Position Entry	+34,970	$2.76M	34,970
Q4 2023Dec 31, 2023	DIS Walt Disney Company (The)	Walt Disney Company (The)	Buy - Position Entry	+34,195	$3.09M	34,195
Q4 2023Dec 31, 2023	GRMN Garmin	Garmin	Buy - Position Entry	+33,504	$4.31M	33,504
Q4 2023Dec 31, 2023	NFG National Fuel Gas Company	National Fuel Gas Company	Buy - Position Entry	+33,371	$1.67M	33,371
Q4 2023Dec 31, 2023	PG Procter & Gamble Company (The)	Procter & Gamble Company (The)	Buy - Position Entry	+32,852	$4.81M	32,852
Q4 2023Dec 31, 2023	F Ford Motor Company	Ford Motor Company	Buy - Position Entry	+32,099	$391.28K	32,099
Q4 2023Dec 31, 2023	RJF Raymond James Financial, Inc.	Raymond James Financial, Inc.	Buy - Position Entry	+31,078	$3.47M	31,078
Q4 2023Dec 31, 2023	LOW Lowe's Companies, Inc.	Lowe's Companies, Inc.	Buy - Position Entry	+30,445	$6.78M	30,445
Q4 2023Dec 31, 2023	HBCP Home Bancorp, Inc.	Home Bancorp, Inc.	Buy - Position Entry	+28,697	$1.21M	28,697
Q4 2023Dec 31, 2023	DE Deere & Company	Deere & Company	Buy - Position Entry	+28,067	$11.22M	28,067
Q4 2023Dec 31, 2023	DRI Darden Restaurants, Inc.	Darden Restaurants, Inc.	Buy - Position Entry	+27,807	$4.57M	27,807
Q4 2023Dec 31, 2023	CVX Chevron Corporation	Chevron Corporation	Buy - Position Entry	+27,728	$4.14M	27,728
Q4 2023Dec 31, 2023	TT Trane Technologies	Trane Technologies	Buy - Position Entry	+27,627	$6.74M	27,627
Q4 2023Dec 31, 2023	NYCB		Buy - Position Entry	+27,598	$282.33K	27,598
Q4 2023Dec 31, 2023	PEO Adams Natural Resources Fund, I	Adams Natural Resources Fund, I	Buy - Position Entry	+27,526	$567.85K	27,526
Q4 2023Dec 31, 2023	CNRD Conrad Industries	Conrad Industries	Buy - Position Entry	+26,834	$254.92K	26,834

Page 37 of 41 • 1220 total trades

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