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

As of Sep 30, 2025, the Cullen Value Fund portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on Oct 07, 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 Q3 2025, the filing reported:

New Buys – The Bank of New York Mellon Cor (BK), Baker Hughes Company (BKR), Madison Square Garden Entertain (MSGE), Northern Dynasty Minerals, Ltd. (NAK), Phillips 66 (PSX)

Increases – Analog Devices, Inc. (ADI), Allstate Corporation (The) (ALL), Advanced Micro Devices, Inc. (AMD), Amazon.com, Inc. (AMZN), Broadcom Inc. (AVGO), and 61 more

Reductions – Apple Inc. (AAPL), AbbVie Inc. (ABBV), Abbott Laboratories (ABT), Automatic Data Processing, Inc. (ADP), Amgen Inc. (AMGN), and 88 more

Complete Exits – Best Buy Co., Inc. (BBY), Carrier Global Corporation (CARR), Intercontinental Exchange Inc. (ICE), NextEra Energy, Inc. (NEE), Paramount Global (PARA), and 3 more

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

Date	Symbol	Name	Type	Change Qty	% Change	Value	Remaining
Q3 2025	AAPL Apple Inc.	Apple Inc.	Sell	-96	-0.0%	$54.57M	211,496
Q3 2025	ABBV AbbVie Inc.	AbbVie Inc.	Sell	-322	-2.4%	$3.08M	13,166
Q3 2025	ABT Abbott Laboratories	Abbott Laboratories	Sell	-18	-0.5%	$496.47K	3,689
Q3 2025	ADI Analog Devices, Inc.	Analog Devices, Inc.	Buy	+3,322	+13.0%	$7.00M	28,928
Q3 2025	ADP Automatic Data Processing, Inc.	Automatic Data Processing, Inc.	Sell	-8	-1.1%	$204.99K	704
Q3 2025	ALL Allstate Corporation (The)	Allstate Corporation (The)	Buy	+292	+2.1%	$3.04M	14,435
Q3 2025	AMD Advanced Micro Devices, Inc.	Advanced Micro Devices, Inc.	Buy	+222	+1.0%	$3.86M	23,415
Q3 2025	AMGN Amgen Inc.	Amgen Inc.	Sell	-477	-5.8%	$2.30M	7,708
Q3 2025	AMZN Amazon.com, Inc.	Amazon.com, Inc.	Buy	+928	+1.6%	$12.76M	58,130
Q3 2025	APA APA Corporation	APA Corporation	Sell	-345	-3.0%	$273.67K	11,152
Q3 2025	APD Air Products and Chemicals, Inc	Air Products and Chemicals, Inc	Sell	-192	-11.6%	$395.57K	1,457
Q3 2025	AVGO Broadcom Inc.	Broadcom Inc.	Buy	+356	+0.4%	$28.60M	84,526
Q3 2025	AXP American Express Company	American Express Company	Sell	-75	-0.7%	$3.70M	11,198
Q3 2025	BA Boeing Company (The)	Boeing Company (The)	Sell	-360	-15.2%	$435.38K	2,013
Q3 2025	BAC Bank of America Corporation	Bank of America Corporation	Sell	-1,515	-3.9%	$1.91M	37,645
Q3 2025	BBY Best Buy Co., Inc.	Best Buy Co., Inc.	Sell - Position Exit	-77,302	-100.0%	$0.00	-
Q3 2025	BK The Bank of New York Mellon Cor	The Bank of New York Mellon Cor	Buy - Position Entry	+2,162	-	$230.51K	2,162
Q3 2025	BKR Baker Hughes Company	Baker Hughes Company	Buy - Position Entry	+4,234	-	$205.33K	4,234
Q3 2025	BLK BlackRock	BlackRock	Sell	-181	-4.8%	$4.20M	3,622
Q3 2025	BRK-B Berkshire Hathaway Inc. New	Berkshire Hathaway Inc. New	Sell	-691	-0.7%	$48.24M	96,718
Q3 2025	BSM Black Stone Minerals, L.P.	Black Stone Minerals, L.P.	Buy	+374	+2.4%	$213.99K	16,041
Q3 2025	BWA BorgWarner Inc.	BorgWarner Inc.	Buy	+18	+0.3%	$320.23K	7,158
Q3 2025	BX Blackstone Inc.	Blackstone Inc.	Sell	-603	-10.3%	$885.57K	5,257
Q3 2025	CARR Carrier Global Corporation	Carrier Global Corporation	Sell - Position Exit	-2,903	-100.0%	$0.00	-
Q3 2025	CAT Caterpillar, Inc.	Caterpillar, Inc.	Sell	-40	-0.5%	$4.32M	8,670
Q3 2025	CLF Cleveland-Cliffs Inc.	Cleveland-Cliffs Inc.	Sell	-7,000	-11.7%	$676.63K	53,069
Q3 2025	CMCSA Comcast Corporation	Comcast Corporation	Sell	-65,544	-25.6%	$5.87M	190,001
Q3 2025	CME CME Group Inc.	CME Group Inc.	Buy	+8,942	+29.8%	$10.30M	38,919
Q3 2025	CMG Chipotle Mexican Grill, Inc.	Chipotle Mexican Grill, Inc.	Buy	+1,238	+4.1%	$1.31M	31,469
Q3 2025	CMI Cummins Inc.	Cummins Inc.	Sell	-395	-2.5%	$6.62M	15,295