CULLINAN ASSOCIATES INC

CIK

1161670

Location

LOUISVILLE, KY

Portfolio Value

Mid $1,176,407,067

Diversification

Diversified

Filing Date

Global Rank

#1,612 / 8,604 ▼ 123 · as of Mar 2026

Top Industry

Beverages - Non-Alcoholic 9.2%

3Y Alpha vs SPY

-3.8%

Period ended 3 months ago

Filed May 1, 2026 · 2mo

25 quarters · since Mar 2020

Clone Performance

Jul 2023–Jul 2026 · vs SPY

Hypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.

Cloned portfolio

+63.0%

SPY

+76.5%

Annualised alpha

-3.2%

Max drawdown

−18.0%

Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.

Portfolio Concentration

192 positions · as of Mar 31, 2026 · Δ vs Dec 31, 2025

Top Position

8.6%

+0.0 pts

Top 5

30.3%

+0.1 pts

Top 10

43.7%

−0.0 pts

HHI

289

Diversified+9

Portfolio Trend

25 quarters · across all stocks

Sector Breakdown

As of Mar 31, 2026

Sector	% Portfolio	Value	Positions
Technology	26.9%	$316,956,113	39
Consumer Defensive	15.1%	$177,914,628	12
Financial Services	14.6%	$171,388,066	30
Healthcare	11.2%	$132,159,586	26
Industrials	7.9%	$92,875,629	30
Consumer Cyclical	7.5%	$88,514,369	14
Communication Services	5.7%	$67,169,613	12
Energy	5.6%	$65,410,294	11
Unclassified	2.9%	$34,005,306	2
Utilities	1.5%	$17,812,233	6
Basic Materials	0.7%	$8,100,808	7
Real Estate	0.3%	$4,100,422	3

Last Quarter's Activity

Export CSV

Mar 31, 2026 vs Dec 31, 2025

Added To

Positions the filer increased

25 positions

Ticker	Company	Δ Shares	Shares	Value
HPQ	Hp Inc	+36,062	188,787	$3,626,598
WFC	Wells Fargo & Company/Mn	+23,680	73,346	$5,839,075
CARR	CARRIER GLOBAL Corp	+19,700	28,700	$1,616,097
PYPL	PayPal Holdings, Inc.	+17,007	110,820	$5,012,388
UPS	United Parcel Service Inc	+14,488	92,789	$9,128,581
UBS	UBS Group AG	+11,407	40,407	$1,578,701
BSX	Boston Scientific Corp	+11,399	23,799	$1,493,387
QCOM	Qualcomm Inc/De	+9,178	53,472	$6,886,124
CSCO	Cisco Systems, Inc.	+5,448	101,073	$7,842,254
CVS	CVS HEALTH Corp	+3,844	51,231	$3,679,410
NFLX	Netflix Inc	+3,500	17,200	$1,653,780
UBER	Uber Technologies, Inc	+3,300	126,824	$9,122,450
AVGO	Broadcom Inc.	+2,892	11,772	$3,643,551
FULT	Fulton Financial Corp	+2,600	16,600	$337,644
PLD	Prologis, Inc.	+2,010	24,457	$3,232,726
FAST	Fastenal Co	+1,414	123,196	$5,716,294
CL	Colgate Palmolive Co	+1,200	48,239	$4,111,409
INTC	Intel Corp	+1,100	57,489	$2,536,989
DUK	Duke Energy CORP	+1,040	30,688	$4,018,286
V	Visa Inc.	+500	27,545	$8,325,200
VRTX	Vertex Pharmaceuticals Inc / Ma	+450	51,762	$23,113,803
BA	Boeing Co	+300	6,475	$1,288,719
CTVA	Corteva, Inc.	+200	6,067	$507,868
PANW	Palo Alto Networks Inc	+100	6,100	$977,952
COF	Capital One Financial Corp	+100	1,119	$204,139
No positions match the current search.

Trimmed

Positions the filer reduced

25 positions

Ticker	Company	Δ Shares	Shares	Value
WMT	Walmart Inc.	−378,782	142,221	$17,675,225
EA	Electronic Arts Inc.	−60,774	10,189	$2,077,231
DT	Dynatrace, Inc.	−54,500	54,500	$2,015,410
KO	Coca Cola Co	−52,759	1,312,987	$99,852,661
AAPL	Apple Inc.	−45,850	400,906	$101,745,933
NYT	New York Times Co	−42,638	102,672	$8,596,726
PG	PROCTER & GAMBLE Co	−33,337	225,713	$32,601,985
ORCL	Oracle Corp	−27,432	85,809	$12,623,361
SO	Southern Co	−26,493	103,284	$9,968,971
XOM	Exxon Mobil Corp	−25,671	225,933	$38,331,792
CVX	Chevron Corp	−25,309	80,408	$16,636,415
NVDA	Nvidia Corp	−23,075	59,425	$10,363,720
GOOGL	Alphabet Inc.	−22,974	103,754	$29,835,500
IBM	International Business Machines Corp	−22,461	96,645	$23,425,781
MSFT	Microsoft Corp	−21,338	156,407	$57,897,179
MO	Altria Group, Inc.	−17,827	12,600	$831,474
PM	Philip Morris International Inc.	−15,074	29,355	$4,853,555
MDLZ	Mondelez International, Inc.	−13,590	30,097	$1,734,791
CAT	Caterpillar Inc	−13,496	16,793	$11,897,168
AMZN	Amazon Com Inc	−12,960	117,753	$24,524,417
EMR	Emerson Electric Co	−12,064	51,897	$6,799,544
MS	Morgan Stanley	−11,449	15,295	$2,517,098
JNJ	Johnson & Johnson	−11,067	183,038	$44,741,808
ABBV	AbbVie Inc.	−9,920	73,455	$15,975,727
BAC	Bank Of America Corp /De/	−9,646	146,725	$7,152,843
No positions match the current search.

New Positions

Positions the filer opened this quarter

5 positions

Ticker	Company	Shares	Value
PODD	Insulet Corp	2,500	$524,600
VRSK	Verisk Analytics, Inc.	2,320	$440,220
MSI	Motorola Solutions, Inc.	515	$223,494
EXC	Exelon Corp	4,500	$220,590
DOW	Dow Inc.	4,908	$204,418
No positions match the current search.

Sold Out

Positions the filer fully exited

10 positions

Ticker	Company	Shares	Value
CHRW	C. H. Robinson Worldwide, Inc.	50,300	$8,086,228
PBR	Petrobras - Petroleo Brasileiro SA	33,200	$393,420
AMT	American Tower Corp /Ma/	2,200	$386,254
DOCU	Docusign, Inc.	4,300	$294,120
APPF	Appfolio Inc	1,200	$279,180
MET	Metlife Inc	3,308	$261,133
KHC	Kraft Heinz Co	10,408	$252,394
GLW	Corning Inc /Ny	2,470	$216,273
LEVI	Levi Strauss & Co	10,000	$207,400
BDX	Becton Dickinson & Co	1,113	$169,811
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

192 positions · $1,176,407,067 total · as of Mar 31, 2026

All sectors Basic Materials Communication Services Consumer Cyclical Consumer Defensive Energy Financial Services Healthcare Industrials Real Estate Technology Utilities

Showing 1–50 of 192 positions by value · page 1 of 4

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
AAPL	Apple Inc. Technology	Reduced	400,906	-45,850	$101,745,933	−16.2%	8.65%
KO	Coca Cola Co Consumer Defensive	Reduced	1,312,987	-52,759	$99,852,661	+4.6%	8.49%
MSFT	Microsoft Corp Technology	Reduced	156,407	-21,338	$57,897,179	−32.6%	4.92%
SPGI	S&P Global Inc. Financial Services	Reduced	121,900	-40	$51,848,946	−18.6%	4.41%
JNJ	Johnson & Johnson Healthcare	Reduced	183,038	-11,067	$44,741,808	+11.4%	3.80%
XOM	Exxon Mobil Corp Energy	Reduced	225,933	-25,671	$38,331,792	+26.6%	3.26%
SPY	Spdr S&P 500 ETF Trust	Reduced	51,188	-5,673	$33,289,603	−14.1%	2.83%
PG	PROCTER & GAMBLE Co Consumer Defensive	Reduced	225,713	-33,337	$32,601,985	−12.2%	2.77%
GOOGL	Alphabet Inc. Communication Services	Reduced	103,754	-22,974	$29,835,500	−24.8%	2.54%
AMZN	Amazon Com Inc Consumer Cyclical	Reduced	117,753	-12,960	$24,524,417	−18.7%	2.08%
IBM	International Business Machines Corp Technology	Reduced	96,645	-22,461	$23,425,781	−33.6%	1.99%
VRTX	Vertex Pharmaceuticals Inc / Ma Healthcare	Added	51,762	+450	$23,113,803	−0.6%	1.96%
JPM	Jpmorgan Chase & Co Financial Services	Reduced	64,633	-4,983	$19,012,443	−15.2%	1.62%
WMT	Walmart Inc. Consumer Defensive	Reduced	142,221	-378,782	$17,675,225	−69.5%	1.50%
MCD	Mcdonalds Corp Consumer Cyclical	Reduced	56,651	-7,617	$17,606,564	−10.4%	1.50%
AMAT	Applied Materials Inc /De Technology	Reduced	51,461	-7,527	$17,588,855	+16.0%	1.50%
CVX	Chevron Corp Energy	Reduced	80,408	-25,309	$16,636,415	+3.3%	1.41%
ABBV	AbbVie Inc. Healthcare	Reduced	73,455	-9,920	$15,975,727	−16.1%	1.36%
AFL	Aflac Inc Financial Services	Reduced	138,359	-3,815	$15,179,365	−3.2%	1.29%
LOW	Lowes Companies Inc Consumer Cyclical	Reduced	61,687	-5,341	$14,575,404	−9.8%	1.24%
TXN	Texas Instruments Inc Technology	Reduced	67,117	-9,185	$13,030,094	−1.6%	1.11%
ORCL	Oracle Corp Technology	Reduced	85,809	-27,432	$12,623,361	−42.8%	1.07%
AXP	American Express Co Financial Services	Reduced	40,540	-2,740	$12,262,539	−23.4%	1.04%
CAT	Caterpillar Inc Industrials	Reduced	16,793	-13,496	$11,897,168	−31.4%	1.01%
DE	Deere & Co Industrials	Reduced	20,804	-2,030	$11,718,893	+10.2%	1.00%
META	Meta Platforms, Inc. Communication Services	Reduced	19,883	-1,245	$11,375,660	−18.4%	0.97%
LMT	Lockheed Martin Corp Industrials	Reduced	17,974	-1,974	$10,863,305	+12.6%	0.92%
KLAC	Kla Corp Technology	Reduced	7,191	-1,330	$10,588,100	+2.3%	0.90%
NVDA	Nvidia Corp Technology	Reduced	59,425	-23,075	$10,363,720	−32.6%	0.88%
COST	Costco Wholesale Corp /New Consumer Defensive	Reduced	10,048	-3,669	$10,012,128	−15.4%	0.85%
SO	Southern Co Utilities	Reduced	103,284	-26,493	$9,968,971	−11.9%	0.85%
UPS	United Parcel Service Inc Industrials	Added	92,789	+14,488	$9,128,581	+17.5%	0.78%
UBER	Uber Technologies, Inc Technology	Added	126,824	+3,300	$9,122,450	−9.6%	0.78%
CME	Cme Group Inc. Financial Services	Reduced	30,687	-8,066	$9,063,405	−14.4%	0.77%
QLYS	Qualys, Inc. Technology	Held	102,800	0	$9,030,980	−33.9%	0.77%
AMGN	Amgen Inc Healthcare	Reduced	25,516	-5,627	$8,977,804	−11.9%	0.76%
HD	Home Depot, Inc. Consumer Cyclical	Reduced	27,278	-2,723	$8,971,461	−13.1%	0.76%
NYT	New York Times Co Communication Services	Reduced	102,672	-42,638	$8,596,726	−14.8%	0.73%
V	Visa Inc. Financial Services	Added	27,545	+500	$8,325,200	−12.2%	0.71%
TJX	Tjx Companies Inc /De/ Consumer Cyclical	Reduced	51,281	-3,656	$8,189,575	−3.0%	0.70%
DIS	Walt Disney Co Communication Services	Reduced	82,982	-2,200	$7,997,805	−17.5%	0.68%
CSCO	Cisco Systems, Inc. Technology	Added	101,073	+5,448	$7,842,254	+6.5%	0.67%
TRV	Travelers Companies, Inc. Financial Services	Reduced	25,096	-780	$7,320,001	−2.5%	0.62%
BAC	Bank Of America Corp /De/ Financial Services	Reduced	146,725	-9,646	$7,152,843	−16.8%	0.61%
QCOM	Qualcomm Inc/De Technology	Added	53,472	+9,178	$6,886,124	−9.1%	0.59%
EMR	Emerson Electric Co Industrials	Reduced	51,897	-12,064	$6,799,544	−19.9%	0.58%
ABNB	Airbnb, Inc. Consumer Cyclical	Reduced	53,622	-400	$6,771,386	−7.6%	0.58%
GS	Goldman Sachs Group Inc Financial Services	Reduced	7,782	-4,743	$6,583,494	−40.2%	0.56%
LLY	ELI LILLY & Co Healthcare	Reduced	6,978	-1,000	$6,418,155	−25.1%	0.55%
ECL	Ecolab Inc. Basic Materials	Reduced	22,326	-2,874	$5,939,162	−10.2%	0.50%