SEC Filing Summary: Cullen (Form 13F)
Business Context and Reporting Period
Company: Cullen (Reporting Manager)
Filing Type: Form 13F Information Table
Reporting Period: The filing text contains a metadata date of "2026 Mar 31," but the document content is a standard Form 13F Information Table listing equity holdings. Form 13F filings are quarterly reports of beneficial ownership of equity securities by institutional investment managers. The text provided lists the specific securities held, their values, and voting authority as of the reporting date.
Key Financial Metrics
Revenue, Profit, Cash Flow, Margins, Debt, Liquidity: The filing text does not provide these metrics. Form 13F is a disclosure of portfolio holdings, not a financial statement of the reporting manager's own operations (such as revenue or profit).
Portfolio Composition: The filing lists a diversified portfolio of equity securities, including common stocks, ETFs, and closed-end funds. Key holdings by value include:
- Apple Inc.: $479,657,132 (1,889,977 shares)
- Microsoft Corp: $337,355,265 (911,352 shares)
- NVIDIA Corp: $286,823,962 (1,644,633 shares)
- Amazon.com Inc: $198,029,566 (950,831 shares)
- Alphabet Inc (Class A): $188,014,304 (653,826 shares)
- Alphabet Inc (Class C): $143,897,877 (501,631 shares)
- Meta Platforms Inc: $118,701,451 (207,473 shares)
- Costco Wholesale Corp: $88,131,913 (88,448 shares)
- Exxon Mobil Corp: $85,295,375 (502,743 shares)
- Chevron Corp: $85,329,146 (412,417 shares)
Voting Authority: The manager reports Sole, Shared, and None voting authority across various positions. For example, Sole authority is reported for Apple (1,748,463 shares) and Microsoft (880,147 shares), while Shared authority is reported for positions like Alphabet and Amazon.
Material Changes
The filing text does not provide a prior period for comparison. Therefore, material changes in holdings versus the prior comparable period cannot be determined from this document alone.
Guidance, Outlook, and Risks
Guidance and Outlook: The filing text does not contain management commentary, guidance, or outlook. Form 13F is a regulatory disclosure of holdings and does not include forward-looking statements.
Risks and Contingencies: The filing includes a standard disclaimer: "The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete. The reader should not assume that the information is accurate and complete."
Unusual Items: The portfolio includes a mix of large-cap technology, energy, consumer staples, and financials, as well as significant holdings in ETFs (e.g., iShares, Vanguard, SPDR) and closed-end funds. There are no specific unusual items or contingencies disclosed in the text.
Important Facts for Investors to Verify
- Reporting Date Accuracy: Verify the actual quarter end date for this filing, as the metadata "2026 Mar 31" appears to be a future date relative to the current real-time context, potentially indicating a data entry error or a specific scenario date.
- Portfolio Concentration: Verify the concentration risk in the top 10 holdings, which are heavily weighted toward large-cap technology and energy sectors.
- Voting Rights: Confirm the extent of "Shared" vs. "Sole" voting authority, as this impacts the manager's influence on corporate governance for the listed securities.
- ETF Exposure: Assess the overlap between direct stock holdings and the numerous ETF positions (e.g., iShares Core S&P 500, Vanguard Total Stock Market) to understand true sector exposure.
- Manager Identity: Confirm the full legal name of the investment manager, as "Cullen" is likely a shorthand for "Cullen/Frost Bankers" or a similar entity, based on the presence of "Cullen Frost Bankers Inc" in the holdings list.