Cullen Capital Management portfolio

What changed this quarter

174 positions with a change (9 new, 69 added to, 83 trimmed, 13 sold); also, 2 exited through an acquisition or merger, 1 entered through a spin-off. 4 are listed here: those of 0.5 points of the portfolio or more (up to 12).

• Cisco Systems−30%fewer sharesReduced
  2.9% → 3.0%
• ASE Technology Holding−48%fewer sharesReduced
  0.9% → 0.9%
• British American Tobacco p.l.c.+62%more sharesIncreased
  0.8% → 1.3%
• State Street SPDR BB 1-3m T-bill ETF−96%fewer sharesReduced
  0.5% → under 0.1%

The figure on the right: for positions added to or trimmed, the change in the number of shares (%); for new and sold ones, the points of the portfolio moved (pp). Below, the portfolio weight before → after. Traded weight?: what it bought or sold, excluding price effects.

Top holdings

• NovartisNVS3.1%
• Cisco SystemsCSCO3.0%
• Morgan StanleyMS2.9%
• Johnson & JohnsonJNJ2.7%
• CitigroupC2.7%
• JPMorgan ChaseJPM2.6%
• MerckMRK2.5%
• Bank of AmericaBAC2.4%
• Duke EnergyDUK2.4%
• Johnson Controls InternationalJCI2.4%
• General DynamicsGD2.4%
• ChubbCB2.3%
• Truist FinancialTFC2.2%
• RTXRTX2.1%
• Philip Morris InternationalPM2.1%
• Nextera EnergyNEE2.1%
• Healthpeak PropertiesDOC2.1%
• Exxon MobilXOM2.0%
• MedtronicMDT2.0%
• BroadcomAVGO2.0%
• UnitedHealth GroupUNH1.9%
• VICI PropertiesVICI1.8%
• ConocoPhillipsCOP1.8%
• United Parcel ServiceUPS1.8%
• QualcommQCOM1.7%
• Genuine PartsGPC1.6%
• Altria GroupMO1.6%
• UnileverUL1.6%
• Travelers CompaniesTRV1.6%
• TargetTGT1.4%
• ChevronCVX1.4%
• Lowe'sLOW1.4%
• British American Tobacco p.l.c.BTI1.3%
• ComcastCMCSA1.3%
• Restaurant Brands InternationalQSR1.3%
• Becton, DickinsonBDX1.2%
• At&tT1.2%
• MicrosoftMSFT1.1%
• BCEBCE1.1%
• ASE Technology HoldingASX0.9%
• Copa HoldingsCPA0.9%
• Taiwan Semiconductor ManufacturingTSM0.8%
• Omnicom GroupOMC0.8%
• DiageoDEO0.8%
• Crown CastleCCI0.8%
• International Business MachinesIBM0.7%
• Millicom International CellularTIGO0.7%
• National GridNGG0.7%
• Toyota Motor Corp/TM0.6%
• SyscoSYY0.6%
• Bristol-myers SquibbBMY0.6%
• RIO TintoRIO0.6%
• Smurfit WestrockSW0.6%
• EOG ResourcesEOG0.6%
• EnbridgeENB0.6%
• PfizerPFE0.6%
• Novo Nordisk A/sNVO0.6%
• TotalEnergiesTTE0.5%
• Keurig Dr PepperKDP0.5%
• Power Corp CDAPWCDF0.5%
• PPLPPL0.5%
• Verizon CommunicationsVZ0.5%
• Coca Cola Femsa SAB De CVKOF0.5%
• Petrobras - Petroleo BrasileiroPBR0.5%
• First HorizonFHN0.5%
• OrixIX0.5%
• DowDOW0.4%
• PPG IndustriesPPG0.4%
• PNC Financial Services GroupPNC0.4%
• American International GroupAIG0.4%
• Union PacificUNP0.4%
• IsharesEWY0.4%
• ShellSHEL0.3%
• Coca-cola Europacific PartnersCCEP0.3%
• Icici BankIBN0.3%
• SanofiSNY0.3%
• Honeywell InternationalHON0.2%
• Honeywell AerospaceHONA0.2%
• Joint Stock Company Kaspi.kzKSPI0.2%
• IsharesEWT0.2%
• KB Financial GroupKB0.1%
• Applied MaterialsAMAT0.1%
• AXIA EnergiaAXIAY0.1%
• State Street Comm Select Sector SPDR ETFXLC0.1%
• State Street Health Care Select Sector ETFXLV0.1%
• Itau Unibanco HoldingITUB0.1%
• KTKT0.1%
• EatonETN0.1%
• American ExpressAXPunder 0.1%
• BorgwarnerBWAunder 0.1%
• Arrow ElectronicsARWunder 0.1%
• WalmartWMTunder 0.1%
• Walt DisneyDISunder 0.1%
• AllstateALLunder 0.1%
• WisdomTree India Earnings ETFEPIunder 0.1%
• Cigna GroupCIunder 0.1%
• IsharesECHunder 0.1%
• Mondelez InternationalMDLZunder 0.1%
• Axalta Coating SystemsAXTAunder 0.1%
• OracleORCLunder 0.1%