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CULLINAN ASSOCIATES INC

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

Q3 2025 · Filed 2025-10-27
Market Value
$1.5B
+1.1%
Holdings
209
-3
New Purchases
7
Added To
34
Closed
4
Reduced
78
Top 10 Concentration
42.7%
Turnover
5.3%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
AAPL 7.61% 6.23% +1.38% $115M
GOOGL 2.00% 1.57% +0.43% $30M
MSFT 6.08% 5.66% +0.42% $92M
GOOG 1.46% 1.05% +0.42% $22M
JNJ 2.30% 1.93% +0.37% $35M
PYPL 0.45% 0.13% +0.32% $7M
ORCL 2.05% 1.76% +0.30% $31M
CME 0.63% 0.36% +0.28% $10M
ABBV 1.30% 1.10% +0.21% $20M
JPM 1.70% 1.52% +0.18% $26M
CAT 1.06% 0.93% +0.13% $16M
LOW 1.38% 1.25% +0.13% $21M
NVDA 1.39% 1.27% +0.13% $21M
AFL 1.02% 0.90% +0.12% $15M
TSLA 0.34% 0.25% +0.10% $5M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
COIN 5.77% 7.10% -1.34% $87M
V 0.64% 1.58% -0.94% $10M
SPGI 3.81% 4.36% -0.55% $58M
KO 6.02% 6.52% -0.50% $91M
AMZN 1.65% 1.87% -0.22% $25M
VRTX 1.33% 1.55% -0.22% $20M
TXN 1.01% 1.22% -0.21% $15M
HIMS 0.00% 0.19% -0.19% $0
SPY 2.41% 2.57% -0.16% $36M
PG 2.67% 2.80% -0.13% $40M
AXP 1.05% 1.17% -0.12% $16M
TFC 0.17% 0.30% -0.12% $3M
COST 0.82% 0.92% -0.10% $12M
CRM 0.23% 0.32% -0.09% $3M
UPS 0.40% 0.49% -0.09% $6M

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 54 $949M 62.9%
Large Cap 140 $536M 35.5%
Mid Cap 14 $24M 1.6%
Small Cap 1 $486K 0.0%

Portfolio Analytics

Avg Market Cap
$297.3B
Median Market Cap
$100.9B
Avg P/E
35.0
Median P/E
25.6
Avg Dividend Yield
0.02%
Avg Beta
0.92
# Stocks
204
# ETFs / Funds
5

Top Holdings (209 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 AAPL 7.61% 451,281 $115M $254.63 $22M -2,312 -0.5%
2 MSFT 6.08% 177,065 $92M $517.95 $7M +7,238 +4.3%
3 KO 6.02% 1,371,046 $91M $66.32 -$7M -6,426 -0.5%
4 COIN 5.77% 257,925 $87M $337.49 -$19M -44,800 -14.8%
5 SPGI 3.81% 118,240 $58M $486.71 -$8M -5,200 -4.2%
6 WMT 3.72% 545,178 $56M $103.06 $684K -22,443 -4.0%
7 PG 2.67% 262,150 $40M $153.65 -$2M -242 -0.1%
8 SPY 2.41% 54,667 $36M $666.18 -$2M -7,514 -12.1%
9 IBM 2.33% 124,822 $35M $282.16 -$491K +3,679 +3.0%
10 JNJ 2.30% 187,054 $35M $185.42 $6M -1,623 -0.9%
11 ORCL 2.05% 110,192 $31M $281.24 $5M -9,816 -8.2%
12 GOOGL 2.00% 123,921 $30M $243.10 $7M -8,769 -6.6%
13 XOM 1.92% 257,411 $29M $112.75 $675K -5,555 -2.1%
14 JPM 1.70% 81,232 $26M $315.43 $3M +2,890 +3.7%
15 AMZN 1.65% 113,393 $25M $219.57 -$3M -13,700 -10.8%
16 GOOG 1.46% 90,524 $22M $243.55 $6M +2,503 +2.8%
17 NVDA 1.39% 112,694 $21M $186.58 $2M -7,130 -6.0%
18 LOW 1.38% 83,037 $21M $251.31 $2M -1,438 -1.7%
19 VRTX 1.33% 51,412 $20M $391.64 -$3M -600 -1.1%
20 MCD 1.31% 65,306 $20M $303.89 $356K -1,401 -2.1%
21 ABBV 1.30% 84,786 $20M $231.54 $3M -3,357 -3.8%
22 CVX 1.16% 112,567 $17M $155.29 $533K -5,790 -4.9%
23 EA 1.10% 82,045 $17M $201.70 -$442K -24,347 -22.9%
24 CAT 1.06% 33,525 $16M $477.15 $2M -2,141 -6.0%
25 AXP 1.05% 47,613 $16M $332.16 -$2M -7,192 -13.1%
26 AFL 1.02% 137,969 $15M $111.70 $2M +10,719 +8.4%
27 TXN 1.01% 82,862 $15M $183.73 -$3M -5,053 -5.8%
28 META 0.98% 20,205 $15M $734.37 -$555K -650 -3.1%
29 QLYS 0.90% 102,800 $14M $132.33 -$1M
30 AMAT 0.84% 61,974 $13M $204.74 $1M -1,849 -2.9%
31 HD 0.83% 30,997 $13M $405.19 $446K -2,044 -6.2%
32 COST 0.82% 13,389 $12M $925.63 -$1M -436 -3.1%
33 SO 0.82% 129,901 $12M $94.77 $818K +4,749 +3.8%
34 UBER 0.77% 119,153 $12M $97.97 $1M +5,684 +5.0%
35 GS 0.69% 13,007 $10M $796.35 $408K -1,051 -7.5%
36 LMT 0.67% 20,303 $10M $499.22 $244K -1,055 -4.9%
37 ABNB 0.65% 81,236 $10M $121.42 -$887K
38 V 0.64% 28,370 $10M $341.38 -$14M -38,225 -57.4%
39 KLAC 0.64% 8,968 $10M $1,078.63 $930K -793 -8.1%
40 CME 0.63% 35,450 $10M $270.19 $4M +16,050 +82.7%
41 DE 0.62% 20,567 $9M $457.26 -$894K +313 +1.6%
42 DIS 0.61% 80,420 $9M $114.50 $9K +6,237 +8.4%
43 EMR 0.59% 68,278 $9M $131.18 -$403K -1,922 -2.7%
44 AMGN 0.59% 31,444 $9M $282.20 -$633K -2,602 -7.6%
45 NYT 0.57% 148,868 $9M $57.40 $27K -3,288 -2.2%
46 TJX 0.52% 54,399 $8M $144.54 $1M -587 -1.1%
47 PM 0.48% 44,429 $7M $162.20 -$671K +1,175 +2.7%
48 TRV 0.47% 25,484 $7M $279.22 $879K +2,173 +9.3%
49 QCOM 0.46% 41,580 $7M $166.36 $1M +5,685 +15.8%
50 LLY 0.45% 8,943 $7M $762.97 $299K +573 +6.8%
51 PYPL 0.45% 100,220 $7M $67.06 $5M +74,405 +288.2%
52 ECL 0.43% 23,806 $7M $273.86 $197K +340 +1.4%
53 CSCO 0.40% 88,431 $6M $68.42 -$497K -5,938 -6.3%
54 FAST 0.40% 122,832 $6M $49.04 $1M +5,702 +4.9%
55 UPS 0.40% 71,550 $6M $83.53 -$1M -832 -1.1%
56 NSC 0.39% 19,400 $6M $300.41 $862K
57 ITW 0.38% 22,101 $6M $260.76 -$731K -4,164 -15.8%
58 MS 0.36% 34,150 $5M $158.96 -$272K -6,322 -15.6%
59 HPQ 0.35% 193,976 $5M $27.23 $250K -11,763 -5.7%
60 DT 0.35% 109,000 $5M $48.45 -$737K
61 PRU 0.35% 50,639 $5M $103.74 -$583K -3,682 -6.8%
62 TSLA 0.34% 11,600 $5M $444.72 $1M
63 YUM 0.32% 32,195 $5M $152.00 $180K +384 +1.2%
64 ABT 0.30% 33,500 $4M $133.94 -$150K -594 -1.7%
65 UNP 0.28% 17,970 $4M $236.37 $90K -100 -0.6%
66 MDT 0.28% 43,765 $4M $95.24 -$112K -5,341 -10.9%
67 MRK 0.28% 49,624 $4M $83.93 $239K +30 +0.1%
68 ADBE 0.27% 11,600 $4M $352.75 -$396K
69 CHRW 0.27% 30,600 $4M $132.40 $1M -700 -2.2%
70 CL 0.27% 50,439 $4M $79.94 -$553K
71 VOO 0.27% 6,570 $4M $612.38 $291K
72 CMI 0.26% 9,383 $4M $422.39 $654K -720 -7.1%
73 WFC 0.26% 46,216 $4M $83.82 $415K +3,050 +7.1%
74 PEP 0.25% 27,393 $4M $140.44 $124K -800 -2.8%
75 CMCSA 0.25% 120,490 $4M $31.42 -$664K -4,200 -3.4%
76 CVS 0.24% 48,280 $4M $75.39 $366K +813 +1.7%
77 CRM 0.23% 14,500 $3M $237.00 -$1M -3,100 -17.6%
78 NOC 0.22% 5,492 $3M $609.32 $550K -100 -1.8%
79 IWF 0.22% 7,100 $3M $468.41 $269K -100 -1.4%
80 AVGO 0.21% 9,700 $3M $329.92 $526K
81 AMT 0.21% 16,311 $3M $192.32 -$534K -300 -1.8%
82 UNH 0.21% 8,977 $3M $345.30 -$144K -1,421 -13.7%
83 BAC 0.20% 58,731 $3M $51.59 $365K +2,406 +4.3%
84 SYK 0.20% 8,195 $3M $369.67 -$193K +50 +0.6%
85 ADP 0.20% 10,300 $3M $293.50 -$308K -500 -4.6%
86 DUK 0.20% 24,159 $3M $123.75 $129K -85 -0.3%
87 RTX 0.20% 17,833 $3M $167.33 $380K
88 TEAM 0.19% 18,017 $3M $159.70 -$782K
89 AESI 0.19% 252,000 $3M $11.37 -$504K
90 MDLZ 0.19% 45,687 $3M $62.47 -$220K +100 +0.2%
91 PLD 0.18% 24,087 $3M $114.52 -$3K -2,182 -8.3%
92 TFC 0.17% 57,435 $3M $45.72 -$2M -45,100 -44.0%
93 OKTA 0.17% 28,300 $3M $91.70 -$234K
94 BMY 0.17% 55,619 $3M $45.10 -$544K -10,312 -15.6%
95 MA 0.17% 4,400 $3M $568.81 -$26K -100 -2.2%
96 ROP 0.17% 5,000 $2M $498.69 -$341K
97 PFE 0.15% 88,001 $2M $25.48 $388K +11,500 +15.0%
98 ISRG 0.15% 4,900 $2M $447.23 -$471K
99 GTLB 0.14% 47,000 $2M $45.08 -$1K
100 ADI 0.14% 8,568 $2M $245.71 -$110K -739 -7.9%

New Positions

SymbolValue% Port
FIS $447K 0.03%
OKLO $223K 0.01%
BDX $206K 0.01%
EXC $203K 0.01%
AEP $202K 0.01%
AEM $202K 0.01%
GLW $201K 0.01%

Sold Out Positions

SymbolValue% Port
HIMS —%
CNI —%
VRT —%
GLD —%
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