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	DEO Diageo plc	Diageo plc	Buy - Position Entry	+3,253	$473.87K	3,253
Q4 2023Dec 31, 2023	UNH UnitedHealth Group Incorporated	UnitedHealth Group Incorporated	Buy - Position Entry	+3,096	$1.63M	3,096
Q4 2023Dec 31, 2023	IBM International Business Machines	International Business Machines	Buy - Position Entry	+3,003	$491.11K	3,003
Q4 2023Dec 31, 2023	MCHP Microchip Technology Incorporat	Microchip Technology Incorporat	Buy - Position Entry	+2,914	$262.77K	2,914
Q4 2023Dec 31, 2023	THO Thor Industries, Inc.	Thor Industries, Inc.	Buy - Position Entry	+2,865	$338.79K	2,865
Q4 2023Dec 31, 2023	HON Honeywell International Inc.	Honeywell International Inc.	Buy - Position Entry	+2,815	$590.38K	2,815
Q4 2023Dec 31, 2023	XYL Xylem Inc.	Xylem Inc.	Buy - Position Entry	+2,477	$283.32K	2,477
Q4 2023Dec 31, 2023	CNI Canadian National Railway Compa	Canadian National Railway Compa	Buy - Position Entry	+2,370	$297.69K	2,370
Q4 2023Dec 31, 2023	YUM Yum! Brands, Inc.	Yum! Brands, Inc.	Buy - Position Entry	+2,274	$297.06K	2,274
Q4 2023Dec 31, 2023	WDFC WD-40 Company	WD-40 Company	Buy - Position Entry	+2,237	$534.79K	2,237
Q4 2023Dec 31, 2023	MCD McDonald's Corporation	McDonald's Corporation	Buy - Position Entry	+2,208	$654.71K	2,208
Q4 2023Dec 31, 2023	EOG EOG Resources, Inc.	EOG Resources, Inc.	Buy - Position Entry	+1,906	$230.58K	1,906
Q4 2023Dec 31, 2023	PSX Phillips 66	Phillips 66	Buy - Position Entry	+1,729	$230.16K	1,729
Q4 2023Dec 31, 2023	ORLY O'Reilly Automotive, Inc.	O'Reilly Automotive, Inc.	Buy - Position Entry	+1,518	$1.44M	1,518
Q4 2023Dec 31, 2023	ITW Illinois Tool Works Inc.	Illinois Tool Works Inc.	Buy - Position Entry	+1,483	$388.37K	1,483
Q4 2023Dec 31, 2023	SHW Sherwin-Williams Company (The)	Sherwin-Williams Company (The)	Buy - Position Entry	+1,461	$455.73K	1,461
Q4 2023Dec 31, 2023	NSC Norfolk Southern Corporation	Norfolk Southern Corporation	Buy - Position Entry	+1,190	$281.29K	1,190
Q4 2023Dec 31, 2023	MCK McKesson Corporation	McKesson Corporation	Buy - Position Entry	+866	$400.93K	866
Q4 2023Dec 31, 2023	LMT Lockheed Martin Corporation	Lockheed Martin Corporation	Buy - Position Entry	+849	$385.01K	849
Q4 2023Dec 31, 2023	VOO Vanguard S&P 500 ETF	Vanguard S&P 500 ETF	Buy - Position Entry	+538	$235.00K	538

Page 41 of 41 • 1220 total trades

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