CULLEN INVESTMENT GROUP, LTD.

CIK 0000797203 · Q1 2026

13F Equity AUM

$757.6M

-1.8% QoQ

Positions

179

+3 QoQ

AUM Rank

#3,347

Top 27%

Skill Alpha (FF)

-2.5%/yr^ns

No Clear Edge

Rank #5,816 · Top 71%

vs S&P -4.5%/yr (unadj.)

Quarters Tracked

~2 years

Portfolio Concentration

Top 5: 25.9%Top 10: 39.2%Top 20: 54.9%

BRK/B6.4%

AAPL6.3%

WMT4.7%

GOOG4.4%

MSFT4.2%

JPM3.5%

NVDA2.5%

XOM2.4%

ETN2.4%

AVGO2.4%

Others (169)60.8%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Technology21.4%

Financial Services19.1%

Industrials13.6%

Healthcare10.1%

Communication Services8.7%

Energy8.2%

Consumer Defensive7.3%

Consumer Cyclical6.2%

Other5.3%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 179Median: 0.18%Avg: 0.56%

0–0.5%

130(19.3%)

0.5–1%

20(15.5%)

1–3%

23(35.8%)

3–5%

4(16.7%)

5%+

2(12.7%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 177Unique: 2vs 20 funds

2.4%Low

179

Fund positions

7,299

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

Most Similar Funds

Top 9 benchmark funds with highest portfolio overlap (Jaccard similarity)

MORGAN STANLEY

3.4%

BANK OF AMERICA CORP /DE/

3.7%

4.4%

3.5%

5.8%

VANGUARD CAPITAL MANAGEMENT LLC

4.8%

GEODE CAPITAL MANAGEMENT, LLC

4.7%

VANGUARD PORTFOLIO MANAGEMENT LLC

5.6%

Jaccard similarity per fund: shared CUSIPs / (fund A + fund B − shared). Higher values indicate more similar portfolios.

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Position Changes This Quarter

New6Increased49Decreased107Exited3

New Positions

AMRZ0.5%

+64K

FERG0.4%

+12K

AON0.3%

+8K

NVO0.1%

+10K

NRP0.0%

+2K

BP0.0%

+5K

Increased

CMCSA1.1%

+55K(+22%)

UL0.8%

+33K(+43%)

4I12.1%

+32K(+48%)

SCHW1.2%

+25K(+34%)

COP1.0%

+19K(+54%)

NVSN1.0%

+17K(+53%)

WFC1.1%

+17K(+18%)

AMZN2.1%

+15K(+25%)

BDX0.6%

+13K(+69%)

BK0.8%

+10K(+27%)

Decreased

BAC0.2%

-50,263(-63%)

BAC0.4%

-45,666(-45%)

SO0.6%

-33,167(-43%)

CNHI0.1%

-20,389(-27%)

PEG0.2%

-18,198(-50%)

UPS0.4%

-17,514(-38%)

WMT4.7%

-15,740(-5%)

PEP0.8%

-15,374(-29%)

FIS0.1%

-14,387(-50%)

O1.1%

-13,169(-9%)

Exited

PYPL

-4,921

-1,000

NDQ

-442

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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