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CULLINAN ASSOCIATES INC

295 N. HUBBARDS LANE SUITE 203, LOUISVILLE, KY 40207 • 5028930300

Q2 2025 · Filed 2025-07-22
Market Value
$1.5B
+7.2%
Holdings
212
-5
New Purchases
4
Added To
36
Closed
10
Reduced
74
Top 10 Concentration
43.3%
Turnover
6.6%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
COIN 7.10% 3.74% +3.36% $106M
MSFT 5.66% 4.74% +0.91% $84M
ORCL 1.76% 1.21% +0.55% $26M
NVDA 1.27% 0.96% +0.31% $19M
IBM 2.39% 2.22% +0.17% $36M
UBER 0.71% 0.56% +0.15% $11M
GOOGL 1.57% 1.43% +0.14% $23M
AXP 1.17% 1.04% +0.13% $17M
AMZN 1.87% 1.74% +0.13% $28M
JPM 1.52% 1.41% +0.11% $23M
AMAT 0.78% 0.68% +0.11% $12M
GS 0.67% 0.56% +0.10% $10M
CAT 0.93% 0.83% +0.10% $14M
KLAC 0.59% 0.49% +0.10% $9M
SPY 2.57% 2.49% +0.08% $38M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
AAPL 6.23% 7.34% -1.11% $93M
CVX 1.13% 1.65% -0.51% $17M
KO 6.52% 7.00% -0.47% $97M
PG 2.80% 3.21% -0.41% $42M
JNJ 1.93% 2.30% -0.38% $29M
XOM 1.90% 2.23% -0.33% $28M
UNH 0.22% 0.54% -0.32% $3M
VRTX 1.55% 1.85% -0.30% $23M
ABBV 1.10% 1.38% -0.28% $16M
ABNB 0.72% 1.00% -0.28% $11M
MCD 1.30% 1.54% -0.23% $19M
TJX 0.45% 0.66% -0.20% $7M
LOW 1.25% 1.45% -0.19% $19M
HPQ 0.34% 0.49% -0.15% $5M
V 1.58% 1.72% -0.14% $24M

Sector Allocation Over Time

Industry Breakdown

IndustryWeight
Technology 25.8%
Financial Services 17.6%
Consumer Defensive 14.7%
Healthcare 10.9%
Industrials 7.9%

Market Cap Concentration

TierHoldingsValueWeight
Mega Cap 56 $909M 60.9%
Large Cap 140 $556M 37.2%
Mid Cap 15 $28M 1.9%
Small Cap 1 $603K 0.0%

Portfolio Analytics

Avg Market Cap
$294.3B
Median Market Cap
$100.3B
Avg P/E
34.6
Median P/E
25.6
Avg Dividend Yield
0.02%
Avg Beta
0.92
# Stocks
207
# ETFs / Funds
5

Top Holdings (212 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 COIN 7.10% 302,725 $106M $350.49 $54M
2 KO 6.52% 1,377,472 $97M $70.75 -$95K +15,409 +1.1%
3 AAPL 6.23% 453,593 $93M $205.17 -$9M -7,127 -1.6%
4 MSFT 5.66% 169,827 $84M $497.41 $18M -6,188 -3.5%
5 SPGI 4.36% 123,440 $65M $527.29 $3M +300 +0.2%
6 WMT 3.72% 567,621 $56M $97.78 $5M -10,522 -1.8%
7 PG 2.80% 262,392 $42M $159.32 -$3M -272 -0.1%
8 SPY 2.57% 62,181 $38M $617.85 $4M +135 +0.2%
9 IBM 2.39% 121,143 $36M $294.78 $5M -3,242 -2.6%
10 JNJ 1.93% 188,677 $29M $152.75 -$3M -5,026 -2.6%
11 XOM 1.90% 262,966 $28M $107.80 -$3M +2,168 +0.8%
12 AMZN 1.87% 127,093 $28M $219.39 $4M -300 -0.2%
13 ORCL 1.76% 120,008 $26M $218.63 $9M -768 -0.6%
14 V 1.58% 66,595 $24M $355.05 -$353K -1,878 -2.7%
15 GOOGL 1.57% 132,690 $23M $176.23 $3M +3,973 +3.1%
16 VRTX 1.55% 52,012 $23M $445.20 -$3M -1,100 -2.1%
17 JPM 1.52% 78,342 $23M $289.91 $3M -2,041 -2.5%
18 MCD 1.30% 66,707 $19M $292.17 -$2M -1,794 -2.6%
19 NVDA 1.27% 119,824 $19M $157.99 $6M -3,600 -2.9%
20 LOW 1.25% 84,475 $19M $221.87 -$1M -2,097 -2.4%
21 TXN 1.22% 87,915 $18M $207.62 $2M -2,844 -3.1%
22 AXP 1.17% 54,805 $17M $318.98 $3M +1,039 +1.9%
23 EA 1.14% 106,392 $17M $159.70 $1M -1,742 -1.6%
24 CVX 1.13% 118,357 $17M $143.19 -$6M -19,069 -13.9%
25 ABBV 1.10% 88,143 $16M $185.62 -$3M -3,573 -3.9%
26 GOOG 1.05% 88,021 $16M $177.39 $2M +1,900 +2.2%
27 META 1.03% 20,855 $15M $738.08 $2M -2,635 -11.2%
28 QLYS 0.98% 102,800 $15M $142.87 $2M
29 CAT 0.93% 35,666 $14M $388.21 $2M +644 +1.8%
30 COST 0.92% 13,825 $14M $989.94 $934K +342 +2.5%
31 AFL 0.90% 127,250 $13M $105.46 -$508K +1,991 +1.6%
32 HD 0.81% 33,041 $12M $366.64 $746K +2,021 +6.5%
33 AMAT 0.78% 63,823 $12M $183.07 $2M -1,157 -1.8%
34 SO 0.77% 125,152 $11M $91.83 $862K +9,543 +8.2%
35 ABNB 0.72% 81,236 $11M $132.34 -$3M -35,700 -30.5%
36 UBER 0.71% 113,469 $11M $93.30 $3M +5,950 +5.5%
37 DE 0.69% 20,254 $10M $508.49 $780K -27 -0.1%
38 GS 0.67% 14,058 $10M $707.77 $2M -343 -2.4%
39 LMT 0.66% 21,358 $10M $463.15 $275K -170 -0.8%
40 AMGN 0.64% 34,046 $10M $279.21 -$1M -477 -1.4%
41 EMR 0.63% 70,200 $9M $133.33 $1M -3,631 -4.9%
42 DIS 0.62% 74,183 $9M $124.01 $2M -2,369 -3.1%
43 KLAC 0.59% 9,761 $9M $895.77 $2M -291 -2.9%
44 NYT 0.57% 152,156 $9M $55.98 $1M +5,884 +4.0%
45 PM 0.53% 43,254 $8M $182.13 $803K -1,316 -3.0%
46 UPS 0.49% 72,382 $7M $100.94 -$1M -5,637 -7.2%
47 TJX 0.45% 54,986 $7M $123.49 -$2M -19,975 -26.6%
48 CSCO 0.44% 94,369 $7M $69.38 $269K -7,369 -7.2%
49 LLY 0.44% 8,370 $7M $779.49 -$1M -1,000 -10.7%
50 ITW 0.43% 26,265 $6M $247.25 -$361K -1,374 -5.0%
51 ECL 0.42% 23,466 $6M $269.44 $996K +2,455 +11.7%
52 TRV 0.42% 23,311 $6M $267.54 $550K +1,809 +8.4%
53 DT 0.40% 109,000 $6M $55.21 $879K
54 PRU 0.39% 54,321 $6M $107.44 -$433K -1,812 -3.2%
55 QCOM 0.38% 35,895 $6M $159.26 $1M +5,465 +18.0%
56 MS 0.38% 40,472 $6M $140.86 $1M +3,420 +9.2%
57 CME 0.36% 19,400 $5M $275.62 $319K +446 +2.4%
58 HPQ 0.34% 205,739 $5M $24.46 -$2M -41,684 -16.9%
59 NSC 0.33% 19,400 $5M $255.97 $371K
60 FAST 0.33% 117,130 $5M $42.00 $594K +61,353 +110.0%
61 CRM 0.32% 17,600 $5M $272.69 -$258K -1,246 -6.6%
62 YUM 0.32% 31,811 $5M $148.18 -$212K +507 +1.6%
63 ABT 0.31% 34,094 $5M $136.01 -$283K -3,000 -8.1%
64 CL 0.31% 50,439 $5M $90.90 -$141K
65 ADBE 0.30% 11,600 $4M $386.88 $34K -12 -0.1%
66 CMCSA 0.30% 124,690 $4M $35.69 -$151K
67 TFC 0.30% 102,535 $4M $42.99 $160K -700 -0.7%
68 MDT 0.29% 49,106 $4M $87.17 $118K +2,780 +6.0%
69 UNP 0.28% 18,070 $4M $230.08 -$40K +300 +1.7%
70 MRK 0.26% 49,594 $4M $79.16 -$142K +4,275 +9.4%
71 VOO 0.25% 6,570 $4M $568.03 -$292K -1,260 -16.1%
72 PEP 0.25% 28,193 $4M $132.04 -$400K +700 +2.5%
73 TSLA 0.25% 11,600 $4M $317.66 $782K +400 +3.6%
74 AMT 0.25% 16,611 $4M $221.02 -$98K -710 -4.1%
75 TEAM 0.24% 18,017 $4M $203.09 -$164K
76 WFC 0.23% 43,166 $3M $80.12 $375K +220 +0.5%
77 AESI 0.23% 252,000 $3M $13.37 -$1M
78 ADP 0.22% 10,800 $3M $308.40 $31K
79 CMI 0.22% 10,103 $3M $327.51 $154K +37 +0.4%
80 CVS 0.22% 47,467 $3M $68.98 $262K +3,008 +6.8%
81 UNH 0.22% 10,398 $3M $311.97 -$4M -3,990 -27.7%
82 SYK 0.22% 8,145 $3M $395.63 $384K +520 +6.8%
83 MDLZ 0.21% 45,587 $3M $67.44 -$73K -800 -1.7%
84 IWF 0.20% 7,200 $3M $424.58 $457K
85 BMY 0.20% 65,931 $3M $46.29 -$1M -3,989 -5.7%
86 CHRW 0.20% 31,300 $3M $95.95 -$888K -6,700 -17.6%
87 DUK 0.19% 24,244 $3M $118.00 -$178K -668 -2.7%
88 ROP 0.19% 5,000 $3M $566.84 -$114K
89 OKTA 0.19% 28,300 $3M $99.97 -$796K -6,150 -17.9%
90 HIMS 0.19% 56,200 $3M $49.85 $1M
91 NOC 0.19% 5,592 $3M $499.98 -$67K
92 PLD 0.18% 26,269 $3M $105.12 -$950K -6,933 -20.9%
93 AVGO 0.18% 9,700 $3M $275.66 $1M +1,000 +11.5%
94 BAC 0.18% 56,325 $3M $47.32 -$144K -11,000 -16.3%
95 ISRG 0.18% 4,900 $3M $543.41 $236K
96 RTX 0.17% 17,833 $3M $146.02 $202K -300 -1.6%
97 MA 0.17% 4,500 $3M $561.94 $21K -75 -1.6%
98 ACN 0.17% 8,379 $3M $298.89 -$65K +145 +1.8%
99 ADI 0.15% 9,307 $2M $238.03 $338K
100 INTU 0.15% 2,770 $2M $787.63 $481K

New Positions

SymbolValue% Port
DOV $861K 0.06%
APP $459K 0.03%
COF $281K 0.02%
ASML $240K 0.02%

Sold Out Positions

SymbolValue% Port
BDX —%
OTIS —%
BRO —%
IP —%
DOW —%
RY —%
EXC —%
TMUS —%
SNAP —%
PAYX —%
View SEC EDGAR Filings for CULLINAN ASSOCIATES INC →

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For informational purposes only. Not investment advice. Data sourced from SEC filings. Privacy Terms