0000950123-23-002801.txt : 20230216 0000950123-23-002801.hdr.sgml : 20230216 20230216103317 ACCESSION NUMBER: 0000950123-23-002801 CONFORMED SUBMISSION TYPE: 13F-HR PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20221231 FILED AS OF DATE: 20230216 DATE AS OF CHANGE: 20230216 EFFECTIVENESS DATE: 20230216 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Cullen Capital Management, LLC CENTRAL INDEX KEY: 0001362535 IRS NUMBER: 061614949 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 13F-HR SEC ACT: 1934 Act SEC FILE NUMBER: 028-11905 FILM NUMBER: 23637453 BUSINESS ADDRESS: STREET 1: 645 FIFTH AVE CITY: NEW YORK STATE: NY ZIP: 10022 BUSINESS PHONE: 212-644-1800 MAIL ADDRESS: STREET 1: 645 FIFTH AVE CITY: NEW YORK STATE: NY ZIP: 10022 13F-HR 1 primary_doc.xml X0202 13F-HR LIVE 0001362535 XXXXXXXX 12-31-2022 12-31-2022 false Cullen Capital Management, LLC

645 Fifth Ave New York NY 10022

13F HOLDINGS REPORT 028-11905 N Aiden Kelly 646-200-7609 Aiden Kelly New York NY 02-15-2022 0 210 7792196658 false INFORMATION TABLE 2 21289.xml INFORMATION TABLE FOR FORM 13F 3i Group PLC (ADR) ADR 88579N105 40531909 4948951 SH SOLE 3404839 0 1544112 3M Co. COM 88579Y101 75856476 632559 SH SOLE 423906 0 208653 3R Petroleumon COM 640581005 413216 57870 SH SOLE 57870 0 0 AbbVie Inc. COM 00287Y109 568867 3520 SH SOLE 3520 0 0 Airtel Africa PLC COM 50050N103 4428277 3283183 SH SOLE 3283183 0 0 Altria 1/20/23 $47.5 calls OPT 02209S103 76648 3484 SH SOLE 3484 0 0 Altria Group Inc. COM 02209S103 112632655 2464070 SH SOLE 1830303 0 633767 American Express Co. COM 025816109 2199850 14889 SH SOLE 14889 0 0 Ameris Bancorp COM 03076K108 413041 8762 SH SOLE 8762 0 0 Amgen Inc. COM 031162100 572818 2181 SH SOLE 2181 0 0 Anglo American PLC COM 3662Q1053 6683300 171166 SH SOLE 171166 0 0 Apple Inc. COM 037833100 732805 5640 SH SOLE 5640 0 0 Applied Materials Inc. COM 038222105 1291161 13259 SH SOLE 13259 0 0 Archer-Daniels-Midland Co. COM 039483102 2171947 23392 SH SOLE 23392 0 0 Arrow Electronics Inc. COM 042735100 2758975 26384 SH SOLE 26384 0 0 ASE Technology Holding Co. Ltd ADR 00215W100 28573751 4557217 SH SOLE 3111008 0 1446209 AT&T Inc. COM 00206R102 95064390 5163737 SH SOLE 3329649 0 1834088 BAE Systems PLC (ADR) ADR 05523R107 57196412 1357134 SH SOLE 905538 0 451596 Bank of America Corp. COM 060505104 130906311 3952485 SH SOLE 2671659 0 1280826 Barrett Business Services Inc. COM 068463108 307171 3293 SH SOLE 3293 0 0 BCE Inc. COM 05534B760 208956549 4754415 SH SOLE 3419076 0 1335339 BGSF Inc. COM 05601C105 830635 54219 SH SOLE 54219 0 0 BHP Group Ltd (ADR) ADR 088606108 1493978 24077 SH SOLE 24077 0 0 BNP Paribas SA (ADR) ADR 05565A202 32617054 1145664 SH SOLE 759029 0 386635 BOEING CO/THE COM 097023105 1805083 9476 SH SOLE 9476 0 0 BorgWarner Inc. COM 099724106 1903463 47291 SH SOLE 47291 0 0 Boston Properties Inc. COM 101121101 49130525 726998 SH SOLE 477488 0 249510 Bristol-Myers Squibb Co. COM 110122108 46920816 652131 SH SOLE 652131 0 0 British American Tobacco PLC ( ADR 110448107 41055786 1026908 SH SOLE 707217 0 319691 Britvic PLC (ADR) ADR 111190104 21274988 1102331 SH SOLE 699751 0 402580 Broadcom Ltd. COM 11135F101 178908805 319977 SH SOLE 232503 0 87474 Canadian National Railway Co. COM 136375102 2595269 21831 SH SOLE 21831 0 0 Canadian Pacific Railway Ltd. COM 13645T100 466038 6248 SH SOLE 6248 0 0 Carrier Global Corporation COM 14448C104 234011 5673 SH SOLE 5673 0 0 Carter's Inc. COM 146229109 229650 3078 SH SOLE 3078 0 0 Caterpillar Inc. COM 149123101 215604 900 SH SOLE 900 0 0 Central Asia Metals COM 874080104 460106 153783 SH SOLE 153783 0 0 Chevron Corp. COM 166764100 215107142 1198435 SH SOLE 895409 0 303026 Cie de Saint-Gobain (ADR) ADR 204280309 28618126 2932185 SH SOLE 1966146 0 966039 Cigna Corp. COM 125523100 2543035 7675 SH SOLE 7675 0 0 Cisco Systems Inc. COM 17275R102 153272910 3217315 SH SOLE 2387056 0 830259 Citigroup Inc. COM 172967424 106759766 2360375 SH SOLE 1676184 0 684191 Citigroup Inc. 1/20/23 $50 calls OPT 172967424 83052 4614 SH SOLE 4614 0 0 Civitas Resources Inc. COM 17888H103 289187 4992 SH SOLE 4992 0 0 Coca-Cola Femsa SAB de CV (ADR ADR 191241108 40733770 600085 SH SOLE 407889 0 192196 Comcast Corp. (Cl A) COM 20030N101 110890517 3171019 SH SOLE 2391300 0 779719 Communication Services Select COM 81369Y852 14059198 292961 SH SOLE 292961 0 0 ConAgra Brands Inc. COM 205887102 43097822 1113639 SH SOLE 1113639 0 0 ConocoPhillips COM 20825C104 135780361 1150681 SH SOLE 834764 0 315917 Consumer Discretionary Select COM 81369Y407 1305937 10111 SH SOLE 10111 0 0 Consumer Staples Select Sector COM 81369Y308 3115072 41785 SH SOLE 41785 0 0 Coterra Energy Inc. COM 127097103 546167 22229 SH SOLE 22229 0 0 Denny's Corp. COM 24869P104 501871 54492 SH SOLE 54492 0 0 Deutsche Post AG (ADR) ADR 25157Y202 34902450 930732 SH SOLE 634710 0 296022 Deutsche Telekom AG (ADR) ADR 251566105 35312692 1767402 SH SOLE 1177381 0 590021 Diageo PLC (ADR) ADR 25243Q205 78584807 441017 SH SOLE 310088 0 130929 DNB Bank ASA (ADR) ADR 23341C103 42463311 2147866 SH SOLE 1448896 0 698970 Dominion Resources Inc. COM 25746U109 464376 7573 SH SOLE 7573 0 0 Dow Inc COM 260557103 128218283 2544518 SH SOLE 1949899 0 594619 Duke Energy Corp. COM 26441C204 189400774 1839021 SH SOLE 1371646 0 467375 Duke Energy Corp. 1/20/23 $105 calls OPT 26441C204 319960 3368 SH SOLE 3368 0 0 Enbridge Inc. COM 29250N105 229752 5876 SH SOLE 5876 0 0 Enel SPA (ADR) ADR 29265W207 8322305 1558484 SH SOLE 517750 0 1040734 Energy Select Sector SPDR Fund COM 81369Y506 321190 3672 SH SOLE 3672 0 0 Energy Transfer LP COM 29273V100 5012048 422245 SH SOLE 422245 0 0 Enterprise Products Partners L COM 293792107 621211 25755 SH SOLE 25755 0 0 EOG Resources Inc. COM 26875P101 46619732 359942 SH SOLE 359942 0 0 Eurobank Ergasias SA (ADR) ADR 29873D104 4631919 8907537 SH SOLE 8907537 0 0 Exxon 1/20/23 $115 calls OPT 30231G102 210984 1788 SH SOLE 1788 0 0 Exxon Mobil Corp. COM 30231G102 216110385 1959296 SH SOLE 1450453 0 508843 Financial Select Sector SPDR F COM 81369Y605 15868526 463992 SH SOLE 463992 0 0 First Horizon Corp. COM 320517105 737891 30118 SH SOLE 30118 0 0 First Interstate Bancsystem In COM 32055Y201 759820 19659 SH SOLE 19659 0 0 General Dynamics Corp. COM 369550108 139547616 562443 SH SOLE 375233 0 187210 General Electric Co. COM 369604301 548908 6551 SH SOLE 6551 0 0 General Mills Inc. COM 370334104 224466 2677 SH SOLE 2677 0 0 Genuine Parts Co. COM 372460105 175568572 1011864 SH SOLE 729833 0 282031 Gran Tierra Energy Inc. COM 38500T101 14885 15035 SH SOLE 15035 0 0 Great Lakes Dredge & Dock Corp COM 390607109 115275 19374 SH SOLE 19374 0 0 Haemonetics Corp. COM 405024100 740175 9411 SH SOLE 9411 0 0 Health Care Select Sector SPDR COM 81369Y209 11271746 82972 SH SOLE 82972 0 0 Healthpeak Properties Inc COM 42250P103 138178373 5511702 SH SOLE 4138648 0 1373054 HF Sinclair Corporation COM 403949100 388760 7492 SH SOLE 7492 0 0 Honeywell International Inc. COM 438516106 4067157 18985 SH SOLE 18985 0 0 Host Hotels & Resorts Inc. COM 44107P104 233174 14528 SH SOLE 14528 0 0 Huntsman Corp. COM 447011107 386094 14050 SH SOLE 14050 0 0 Iberdola SA (ADR) ADR 450737101 26510068 566939 SH SOLE 362406 0 204533 ICICI Bank Ltd. (ADR) ADR 45104G104 10223352 467033 SH SOLE 467033 0 0 Industrial Select Sector SPDR COM 81369Y704 5419228 55180 SH SOLE 55180 0 0 Intel Corp. COM 458140100 108898597 4120265 SH SOLE 3048273 0 1071992 International Business Machine COM 459200101 518193 3678 SH SOLE 3678 0 0 iShares MSCI EAFE Value ETF COM 464288877 7423476 161802 SH SOLE 161802 0 0 iShares MSCI India ETF COM 46429B598 8283595 198457 SH SOLE 198457 0 0 iShares MSCI Japan ETF COM 46434G822 1477665 27143 SH SOLE 27143 0 0 iShares MSCI Norway ETF COM 46429B499 1471905 59931 SH SOLE 59931 0 0 iShares MSCI South Korea ETF COM 464286772 6592459 116722 SH SOLE 116722 0 0 iShares MSCI Switzerland ETF COM 464286749 1828316 43604 SH SOLE 43604 0 0 iShares MSCI Taiwan ETF COM 46434G772 4733458 117865 SH SOLE 117865 0 0 iShares Russell 1000 Value ETF COM 464287598 4652622 30680 SH SOLE 30680 0 0 Johnson & Johnson COM 478160104 218867315 1238988 SH SOLE 901675 0 337313 JP Morgan Chase & Co. COM 46625H100 213855983 1594750 SH SOLE 1149374 0 445376 Kaspi.kz JSC COM 48581R205 5652004 79049 SH SOLE 79049 0 0 Kimberly-Clark Corp. COM 494368103 122000447 898714 SH SOLE 579590 0 319124 Lowe's Cos. Inc. COM 548661107 102713673 515527 SH SOLE 359794 0 155733 Materials Select Sector SPDR F COM 81369Y100 2996195 38571 SH SOLE 38571 0 0 McDonald's Corp. COM 580135101 2369925 8993 SH SOLE 8993 0 0 Merck & Co. Inc. COM 58933Y105 232262011 2093394 SH SOLE 1607847 0 485547 Merck 1/20/23 $113 calls OPT 58933Y105 403254 3126 SH SOLE 3126 0 0 Michelin cie Generale de Estab ADR 59410T106 20656468 1487147 SH SOLE 943975 0 543172 Microsoft Corp. COM 594918104 58087863 242214 SH SOLE 174896 0 67318 MMC Norilsk Nickel PJSC (ADR) ADR 55315J102 85747 28393 SH SOLE 28393 0 0 Mondelez International Inc. COM 609207105 3467999 52033 SH SOLE 52033 0 0 Morgan Stanley COM 617446448 191977400 2258026 SH SOLE 1670879 0 587147 Morgan Stanley 1/20/23 $93 calls OPT 617446448 111444 3012 SH SOLE 3012 0 0 Mytilineos SA (ADR) ADR 62866P107 4255925 195583 SH SOLE 195583 0 0 National Bank of Canada COM 633067103 970245 14374 SH SOLE 14374 0 0 Nestle SA (ADR) ADR 641069406 52283276 453297 SH SOLE 305278 0 148019 Newmont Corp. COM 651639106 257948 5465 SH SOLE 5465 0 0 NextEra Energy Inc COM 65339F101 171525537 2051741 SH SOLE 1361662 0 690079 Nippon Telegraph & Telephone C ADR 654624105 58159659 2058749 SH SOLE 1371234 0 687515 NN Group NV (ADR) ADR 629334103 30261163 1485575 SH SOLE 994987 0 490588 Norfolk Southern Corp. COM 655844108 215618 875 SH SOLE 875 0 0 Novartis 1/20/23 $92.5 calls OPT 66987V109 226730 2870 SH SOLE 2870 0 0 Novartis AG (ADR) ADR 66987V109 252640958 2784843 SH SOLE 1998294 0 786549 OPAP SA (ADR) ADR 392483103 6214058 957482 SH SOLE 957482 0 0 Oracle Corp. COM 68389X105 3221455 39411 SH SOLE 39411 0 0 Otis Worldwide Corporation COM 68902V107 207208 2646 SH SOLE 2646 0 0 Packaging Corp. of America COM 695156109 1672807 13078 SH SOLE 13078 0 0 PepsiCo Inc. COM 713448108 1591615 8810 SH SOLE 8810 0 0 Petroleo Brasileiro SA (ADR) ADR 71654V408 2332989 219060 SH SOLE 219060 0 0 Pfizer Inc. COM 717081103 156135452 3047140 SH SOLE 2113690 0 933450 Philip Morris International In COM 718172109 184110005 1819089 SH SOLE 1275328 0 543761 Power Corporation of Canada COM 739239101 28332732 1204111 SH SOLE 767571 0 436540 PPL Corp. COM 69351T106 47851442 1637626 SH SOLE 1637626 0 0 Public Service Enterprise Grou COM 744573106 573487 9360 SH SOLE 9360 0 0 Public Storage COM 74460D109 529839 1891 SH SOLE 1891 0 0 Quest Diagnostics Inc. COM 74834L100 216826 1386 SH SOLE 1386 0 0 Ralph Lauren Corp. COM 751212101 388126 3673 SH SOLE 3673 0 0 Rayonier Inc. COM 754907103 280918 8523 SH SOLE 8523 0 0 Raytheon Technologies Corp. COM 75513E101 204014182 2021544 SH SOLE 1535113 0 486431 Real Estate Select Sector SPDR COM 81369Y860 9411352 254843 SH SOLE 254843 0 0 Rio Tinto 1/20/23 $74.1 calls OPT 767204100 199920 2352 SH SOLE 2352 0 0 Rio Tinto PLC (ADR) ADR 767204100 75228656 1056582 SH SOLE 822753 0 233829 Roche Holding AG (ADR) ADR 771195104 43906099 1121484 SH SOLE 755441 0 366043 Rolls-Royce Holdings PLC (ADR) ADR 775781206 51360 48000 SH SOLE 48000 0 0 Royal Bank of Canada COM 780087102 498776 5305 SH SOLE 5305 0 0 Samsung Electronics Co. Ltd. - COM 796050201 4387000 4387 SH SOLE 4387 0 0 Samsung Electronics GDR COM 796050888 2128230 1926 SH SOLE 1926 0 0 San Juan Basin Royalty Trust COM 798241105 911887 79850 SH SOLE 79850 0 0 Sanofi (ADR) ADR 80105N105 26712438 551568 SH SOLE 374133 0 177435 Sasol Ltd. COM 803866102 2524694 159470 SH SOLE 159470 0 0 Schwab Fundamental Internation COM 808524755 265496 9133 SH SOLE 9133 0 0 Sempra Energy COM 816851109 982256 6356 SH SOLE 6356 0 0 Shell PLC (ADR) ADR 780259305 56034757 983929 SH SOLE 665154 0 318775 Shinhan Financial Group Compan ADR 824596100 3207649 114846 SH SOLE 114846 0 0 Siemens AG (ADR) ADR 826197501 215764650 3136570 SH SOLE 2255869 0 880701 Silicon Motion Technology Corp ADR 82706C108 1900308 29240 SH SOLE 29240 0 0 Sitio Royalties Corp COM 82983N108 464860 16113 SH SOLE 16113 0 0 SK Telecom Co Ltd (ADR) ADR 78440P306 2535842 123159 SH SOLE 123159 0 0 SLC Agricola SA (ADR) ADR 78444J108 6654351 741019 SH SOLE 741019 0 0 Smurfit Kappa Group PLC (ADR) ADR 83272W106 27608165 743434 SH SOLE 497132 0 246302 Softbank Corp (ADR) ADR 83405K102 37305574 3316051 SH SOLE 2087713 0 1228338 Sonic Healthcare Ltd. (ADR) ADR 83546A203 21235745 1041412 SH SOLE 649878 0 391534 SouthState Corp. COM 840441109 282003 3693 SH SOLE 3693 0 0 Spdr DJ Wilshire Global COM 78463X749 809166 19784 SH SOLE 19784 0 0 SPDR S&P Emerging Asia Pacific COM 78463X301 1115464 11617 SH SOLE 11617 0 0 Suzano SA (ADR) ADR 86959K105 263848 28555 SH SOLE 28555 0 0 Svenska Handelsbanken AB (ADR) ADR 86959C103 40337114 8099822 SH SOLE 5632777 0 2467045 Taiwan Semiconductor Manufactu ADR 874039100 8734325 117255 SH SOLE 117255 0 0 Target Corp. COM 87612E106 99408114 666989 SH SOLE 442616 0 224373 Technology Select Sector SPDR COM 81369Y803 8568814 68859 SH SOLE 68859 0 0 Tesco PLC (ADR) ADR 881575401 19085241 2360574 SH SOLE 1460145 0 900429 The Allstate Corp 1/20/23 $140 calls OPT 020002101 163875 1425 SH SOLE 1425 0 0 The Allstate Corp. COM 020002101 36508197 269234 SH SOLE 269234 0 0 The Chemours Co. COM 163851108 330543 10795 SH SOLE 10795 0 0 The Coca-Cola Co. COM 191216100 391138 6149 SH SOLE 6149 0 0 The JM Smucker Co. COM 832696405 342907 2164 SH SOLE 2164 0 0 The PNC Financial Services Gro COM 693475105 1750449 11083 SH SOLE 11083 0 0 The Procter & Gamble Co. COM 742718109 2300984 15182 SH SOLE 15182 0 0 The Timken Co. COM 887389104 366353 5184 SH SOLE 5184 0 0 The Travelers Companies Inc. COM 89417E109 98701264 526435 SH SOLE 364677 0 161758 The Walt Disney Co. COM 254687106 1741423 20044 SH SOLE 20044 0 0 Thermo Fisher Scientific Inc. COM 883556102 1198301 2176 SH SOLE 2176 0 0 Tokio Marine Holdings Inc. (AD ADR 889094108 56055694 2615758 SH SOLE 1798919 0 816839 Tokyo Electron Ltd. (ADR) ADR 889110102 24283548 332060 SH SOLE 230651 0 101409 TotalEnergies SE (ADR) ADR 89151E109 61329639 987913 SH SOLE 686785 0 301128 Toyota Motor Corp. (ADR) ADR 892331307 42673602 312444 SH SOLE 211444 0 101000 Truist Financial Corp COM 89832Q109 127375643 2960159 SH SOLE 2200384 0 759775 UBS Group AG (ADR) ADR H42097107 1248164 66854 SH SOLE 33593 0 33261 Under Armour Inc. (class C) COM 904311206 97406 10920 SH SOLE 10920 0 0 Unilever PLC (ADR) ADR 904767704 164806036 3273208 SH SOLE 2332508 0 940700 Union Pacific Corp. COM 907818108 2882207 13919 SH SOLE 13919 0 0 Unisys Corp. COM 909214306 123146 24099 SH SOLE 24099 0 0 United Overseas Bank Ltd. (ADR ADR 911271302 64460477 1407434 SH SOLE 951996 0 455438 United Parcel Service Inc. COM 911312106 108676630 625153 SH SOLE 434193 0 190960 UPM-Kymmene OYJ (ADR) ADR 915436208 32972786 882097 SH SOLE 598280 0 283817 Utilities Select Sector SPDR F COM 81369Y886 935535 13270 SH SOLE 13270 0 0 Vale SA (ADR) ADR 91912E105 52983341 3122177 SH SOLE 2235526 0 886651 VanEck Vietnam ETF COM 92189F817 119987 10134 SH SOLE 10134 0 0 Vector Group Ltd. COM 92240M108 157003 13238 SH SOLE 13238 0 0 Veolia Environnement S.A. (ADR ADR 92334N103 21397941 830988 SH SOLE 559053 0 271935 Verizon Communications Inc. COM 92343V104 49650295 1260160 SH SOLE 1260160 0 0 Vici Properties Inc. COM 925652109 160860106 4964818 SH SOLE 3857920 0 1106898 Volvo AB B-Shares (ADR) ADR 928854108 17700523 981182 SH SOLE 652401 0 328781 Wal-Mart Stores Inc. COM 931142103 3327102 23465 SH SOLE 23465 0 0 Weyerhaeuser Co. COM 962166104 462427 14917 SH SOLE 14917 0 0 Woodside Energy Group Ltd. (AD ADR 980228308 301415 12450 SH SOLE 12450 0 0 WP Carey Inc. COM 92936U109 532592 6815 SH SOLE 6815 0 0 Xinyi Glass Holdings Ltd. (ADR ADR 98418R100 15547060 417102 SH SOLE 257945 0 159157 Zurich Insurance Group AG (ADR ADR 989825104 57326013 1198161 SH SOLE 813954 0 384207