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 2025Jun 30, 2025	TT Trane Technologies	Trane Technologies	Sell	-309-1.1%	$11.71M	26,762
Q2 2025Jun 30, 2025	AXP American Express Company	American Express Company	Sell	-310-2.7%	$3.60M	11,273
Q2 2025Jun 30, 2025	GRMN Garmin	Garmin	Sell	-315-1.0%	$6.47M	30,992
Q2 2025Jun 30, 2025	HBCP Home Bancorp, Inc.	Home Bancorp, Inc.	Sell	-328-1.3%	$1.25M	24,140
Q2 2025Jun 30, 2025	MDLZ Mondelez International, Inc.	Mondelez International, Inc.	Sell	-336-1.9%	$1.16M	17,159
Q2 2025Jun 30, 2025	KO Coca-Cola Company (The)	Coca-Cola Company (The)	Sell	-341-2.5%	$946.84K	13,383
Q2 2025Jun 30, 2025	MCD McDonald's Corporation	McDonald's Corporation	Sell	-344-14.7%	$583.02K	1,995
Q2 2025Jun 30, 2025	GD General Dynamics Corporation	General Dynamics Corporation	Sell	-421-8.6%	$1.31M	4,488
Q2 2025Jun 30, 2025	NVS Novartis AG	Novartis AG	Sell	-465-8.6%	$597.27K	4,936
Q2 2025Jun 30, 2025	CRM Salesforce, Inc.	Salesforce, Inc.	Sell	-497-3.3%	$3.97M	14,557
Q2 2025Jun 30, 2025	ET Energy Transfer LP	Energy Transfer LP	Sell	-500-0.8%	$1.16M	63,900
Q2 2025Jun 30, 2025	NEE NextEra Energy, Inc.	NextEra Energy, Inc.	Sell	-503-14.7%	$201.87K	2,908
Q2 2025Jun 30, 2025	PGR Progressive Corporation (The)	Progressive Corporation (The)	Sell	-553-6.4%	$2.18M	8,152
Q2 2025Jun 30, 2025	TGT Target Corporation	Target Corporation	Sell	-559-8.8%	$574.31K	5,822
Q2 2025Jun 30, 2025	GILD Gilead Sciences, Inc.	Gilead Sciences, Inc.	Sell	-581-4.0%	$1.55M	13,997
Q2 2025Jun 30, 2025	MA Mastercard Incorporated	Mastercard Incorporated	Sell	-700-9.3%	$3.86M	6,866
Q2 2025Jun 30, 2025	PEO Adams Natural Resources Fund, I	Adams Natural Resources Fund, I	Sell	-700-2.4%	$613.38K	28,703
Q2 2025Jun 30, 2025	IRDM Iridium Communications Inc	Iridium Communications Inc	Sell	-742-2.4%	$923.04K	30,595
Q2 2025Jun 30, 2025	CVX Chevron Corporation	Chevron Corporation	Sell	-753-3.1%	$3.35M	23,426
Q2 2025Jun 30, 2025	TRN Trinity Industries, Inc.	Trinity Industries, Inc.	Sell	-755-5.6%	$343.06K	12,701
Q2 2025Jun 30, 2025	NFG National Fuel Gas Company	National Fuel Gas Company	Sell	-781-2.7%	$2.36M	27,827
Q2 2025Jun 30, 2025	LOW Lowe's Companies, Inc.	Lowe's Companies, Inc.	Sell	-880-3.5%	$5.41M	24,392
Q2 2025Jun 30, 2025	KMI Kinder Morgan, Inc.	Kinder Morgan, Inc.	Sell	-880-1.7%	$1.53M	52,079
Q2 2025Jun 30, 2025	GOOG Alphabet Inc.	Alphabet Inc.	Sell	-935-1.0%	$16.69M	94,105
Q2 2025Jun 30, 2025	DE Deere & Company	Deere & Company	Sell	-997-4.0%	$12.28M	24,153
Q2 2025Jun 30, 2025	PYPL PayPal Holdings, Inc.	PayPal Holdings, Inc.	Sell	-1,158-16.6%	$431.58K	5,807
Q2 2025Jun 30, 2025	ICLR ICON	ICON	Sell	-1,251-30.2%	$419.77K	2,886
Q2 2025Jun 30, 2025	T AT&T Inc.	AT&T Inc.	Sell	-1,295-2.0%	$1.86M	64,280
Q2 2025Jun 30, 2025	PG Procter & Gamble Company (The)	Procter & Gamble Company (The)	Sell	-1,475-5.3%	$4.20M	26,370
Q2 2025Jun 30, 2025	V Visa Inc.	Visa Inc.	Sell	-1,498-5.0%	$10.13M	28,545

Page 5 of 41 • 1220 total trades

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