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CULLINAN ASSOCIATES INC

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

Q4 2025 · Filed 2026-01-30
Market Value
$1.4B
-4.1%
Holdings
210
+1
New Purchases
5
Added To
42
Closed
7
Reduced
75
Top 10 Concentration
42.5%
Turnover
5.7%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
AAPL 8.39% 7.61% +0.78% $121M
GOOGL 2.74% 2.00% +0.74% $40M
GOOG 2.20% 1.46% +0.74% $32M
SPGI 4.40% 3.81% +0.59% $64M
KO 6.60% 6.02% +0.57% $95M
JNJ 2.78% 2.30% +0.48% $40M
AMZN 2.08% 1.65% +0.43% $30M
BAC 0.59% 0.20% +0.39% $9M
CHRW 0.56% 0.27% +0.29% $8M
WMT 4.01% 3.72% +0.29% $58M
VRTX 1.61% 1.33% +0.27% $23M
SPY 2.68% 2.41% +0.27% $39M
AMAT 1.05% 0.84% +0.21% $15M
ASML 0.19% 0.02% +0.17% $3M
XOM 2.09% 1.92% +0.17% $30M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
COIN 0.04% 5.77% -5.73% $548K
ORCL 1.52% 2.05% -0.53% $22M
NVDA 1.06% 1.39% -0.33% $15M
LOW 1.12% 1.38% -0.27% $16M
AMT 0.03% 0.21% -0.18% $386K
JPM 1.55% 1.70% -0.15% $22M
ABNB 0.51% 0.65% -0.15% $7M
ITW 0.24% 0.38% -0.14% $3M
MSFT 5.94% 6.08% -0.14% $86M
HD 0.71% 0.83% -0.12% $10M
HPQ 0.24% 0.35% -0.11% $3M
PG 2.56% 2.67% -0.10% $37M
EA 1.00% 1.10% -0.09% $14M
TXN 0.91% 1.01% -0.09% $13M
UBER 0.70% 0.77% -0.08% $10M

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 55 $981M 67.8%
Large Cap 139 $443M 30.6%
Mid Cap 14 $23M 1.6%
Small Cap 2 $513K 0.0%

Portfolio Analytics

Avg Market Cap
$296.7B
Median Market Cap
$99.3B
Avg P/E
34.8
Median P/E
25.6
Avg Dividend Yield
0.02%
Avg Beta
0.92
# Stocks
203
# ETFs / Funds
7

Top Holdings (210 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 AAPL 8.39% 446,756 $121M $271.86 $7M -4,525 -1.0%
2 KO 6.60% 1,365,746 $95M $69.91 $5M -5,300 -0.4%
3 MSFT 5.94% 177,745 $86M $483.62 -$6M +680 +0.4%
4 SPGI 4.40% 121,940 $64M $522.59 $6M +3,700 +3.1%
5 WMT 4.01% 521,003 $58M $111.41 $2M -24,175 -4.4%
6 JNJ 2.78% 194,105 $40M $206.95 $5M +7,051 +3.8%
7 GOOGL 2.74% 126,728 $40M $313.00 $10M +2,807 +2.3%
8 SPY 2.68% 56,861 $39M $681.92 $2M +2,194 +4.0%
9 PG 2.56% 259,050 $37M $143.31 -$3M -3,100 -1.2%
10 IBM 2.44% 119,106 $35M $296.21 $61K -5,716 -4.6%
11 GOOG 2.20% 101,414 $32M $313.80 $10M +10,890 +12.0%
12 XOM 2.09% 251,604 $30M $120.34 $1M -5,807 -2.3%
13 AMZN 2.08% 130,713 $30M $230.82 $5M +17,320 +15.3%
14 VRTX 1.61% 51,312 $23M $453.36 $3M -100 -0.2%
15 JPM 1.55% 69,616 $22M $322.22 -$3M -11,616 -14.3%
16 ORCL 1.52% 113,241 $22M $194.91 -$9M +3,049 +2.8%
17 MCD 1.36% 64,268 $20M $305.63 -$204K -1,038 -1.6%
18 ABBV 1.32% 83,375 $19M $228.49 -$581K -1,411 -1.7%
19 CAT 1.20% 30,289 $17M $572.87 $1M -3,236 -9.7%
20 LOW 1.12% 67,028 $16M $241.16 -$5M -16,009 -19.3%
21 CVX 1.11% 105,717 $16M $152.41 -$1M -6,850 -6.1%
22 AXP 1.11% 43,280 $16M $369.95 $196K -4,333 -9.1%
23 AFL 1.08% 142,174 $16M $110.27 $266K +4,205 +3.0%
24 NVDA 1.06% 82,500 $15M $186.50 -$6M -30,194 -26.8%
25 AMAT 1.05% 58,988 $15M $256.99 $2M -2,986 -4.8%
26 EA 1.00% 70,963 $14M $204.33 -$2M -11,082 -13.5%
27 META 0.96% 21,128 $14M $660.09 -$892K +923 +4.6%
28 QLYS 0.94% 102,800 $14M $132.90 $59K
29 TXN 0.91% 76,302 $13M $173.49 -$2M -6,560 -7.9%
30 COST 0.82% 13,717 $12M $862.34 -$565K +328 +2.5%
31 SO 0.78% 129,777 $11M $87.20 -$994K -124 -0.1%
32 GS 0.76% 12,525 $11M $879.00 $651K -482 -3.7%
33 DE 0.73% 22,834 $11M $465.57 $1M +2,267 +11.0%
34 CME 0.73% 38,753 $11M $273.08 $1M +3,303 +9.3%
35 KLAC 0.72% 8,521 $10M $1,215.12 $681K -447 -5.0%
36 HD 0.71% 30,001 $10M $344.10 -$2M -996 -3.2%
37 AMGN 0.70% 31,143 $10M $327.31 $1M -301 -1.0%
38 UBER 0.70% 123,524 $10M $81.71 -$2M +4,371 +3.7%
39 NYT 0.70% 145,310 $10M $69.42 $2M -3,558 -2.4%
40 DIS 0.67% 85,182 $10M $113.77 $483K +4,762 +5.9%
41 LMT 0.67% 19,948 $10M $483.68 -$487K -355 -1.8%
42 V 0.66% 27,045 $9M $350.71 -$200K -1,325 -4.7%
43 BAC 0.59% 156,371 $9M $55.00 $6M +97,640 +166.2%
44 LLY 0.59% 7,978 $9M $1,074.63 $2M -965 -10.8%
45 EMR 0.59% 63,961 $8M $132.72 -$468K -4,317 -6.3%
46 TJX 0.58% 54,937 $8M $153.61 $576K +538 +1.0%
47 CHRW 0.56% 50,300 $8M $160.76 $4M +19,700 +64.4%
48 UPS 0.54% 78,301 $8M $99.19 $2M +6,751 +9.4%
49 QCOM 0.52% 44,294 $8M $171.05 $659K +2,714 +6.5%
50 TRV 0.52% 25,876 $8M $290.06 $390K +392 +1.5%
51 CSCO 0.51% 95,625 $7M $77.03 $1M +7,194 +8.1%
52 ABNB 0.51% 54,022 $7M $135.72 -$3M -27,214 -33.5%
53 PM 0.49% 44,429 $7M $160.40 -$80K
54 ECL 0.46% 25,200 $7M $262.52 $96K +1,394 +5.9%
55 NSC 0.39% 19,400 $6M $288.72 -$227K
56 PYPL 0.38% 93,813 $5M $58.38 -$1M -6,407 -6.4%
57 PRU 0.37% 47,554 $5M $112.88 $115K -3,085 -6.1%
58 MRK 0.37% 50,534 $5M $105.26 $1M +910 +1.8%
59 TSLA 0.36% 11,600 $5M $449.72 $58K
60 YUM 0.34% 32,395 $5M $151.28 $7K +200 +0.6%
61 FAST 0.34% 121,782 $5M $40.13 -$1M -1,050 -0.8%
62 CMI 0.33% 9,304 $5M $510.47 $786K -79 -0.8%
63 MS 0.33% 26,744 $5M $177.53 -$681K -7,406 -21.7%
64 DT 0.33% 109,000 $5M $43.34 -$557K
65 PEP 0.33% 32,893 $5M $143.52 $874K +5,500 +20.1%
66 WFC 0.32% 49,666 $5M $93.20 $755K +3,450 +7.5%
67 MA 0.30% 7,600 $4M $570.88 $2M +3,200 +72.7%
68 MDT 0.29% 43,292 $4M $96.06 -$10K -473 -1.1%
69 UNP 0.29% 17,960 $4M $231.32 -$93K -10 -0.1%
70 ABT 0.28% 32,540 $4M $125.29 -$410K -960 -2.9%
71 VOO 0.28% 6,500 $4M $627.13 $53K -70 -1.1%
72 CVS 0.26% 47,387 $4M $79.36 $121K -893 -1.9%
73 CL 0.26% 47,039 $4M $79.02 -$315K -3,400 -6.7%
74 DUK 0.24% 29,648 $3M $117.21 $485K +5,489 +22.7%
75 ITW 0.24% 14,006 $3M $246.30 -$2M -8,095 -36.6%
76 HPQ 0.24% 152,725 $3M $22.28 -$2M -41,251 -21.3%
77 IWF 0.23% 6,915 $3M $473.30 -$53K -185 -2.6%
78 RTX 0.22% 17,650 $3M $183.40 $253K -183 -1.0%
79 CMCSA 0.22% 106,088 $3M $29.89 -$615K -14,402 -11.9%
80 CRM 0.22% 11,900 $3M $264.92 -$284K -2,600 -17.9%
81 NOC 0.22% 5,492 $3M $570.21 -$215K
82 AVGO 0.21% 8,880 $3M $346.11 -$127K -820 -8.4%
83 ADBE 0.21% 8,650 $3M $349.99 -$1M -2,950 -25.4%
84 SYK 0.21% 8,545 $3M $351.47 -$26K +350 +4.3%
85 TEAM 0.20% 18,017 $3M $162.14 $44K
86 PLD 0.20% 22,447 $3M $127.66 $107K -1,640 -6.8%
87 TFC 0.20% 57,435 $3M $49.21 $200K
88 ASML 0.19% 2,600 $3M $1,069.86 $2M +2,300 +766.7%
89 ISRG 0.19% 4,900 $3M $566.36 $584K
90 BMY 0.19% 50,994 $3M $53.94 $242K -4,625 -8.3%
91 ADP 0.18% 10,300 $3M $257.23 -$374K
92 OKTA 0.17% 28,300 $2M $86.47 -$148K
93 AESI 0.16% 252,000 $2M $9.42 -$491K
94 MDLZ 0.16% 43,687 $2M $53.83 -$502K -2,000 -4.4%
95 ADI 0.16% 8,446 $2M $271.21 $185K -122 -1.4%
96 ROP 0.15% 5,000 $2M $445.13 -$268K
97 UNH 0.15% 6,529 $2M $330.11 -$944K -2,448 -27.3%
98 INTC 0.14% 56,389 $2M $36.90 $182K -200 -0.3%
99 COP 0.14% 21,432 $2M $93.61 -$68K -500 -2.3%
100 FSLR 0.14% 7,500 $2M $261.23 $305K

New Positions

SymbolValue% Port
VUG $319K 0.02%
VTWG $312K 0.02%
VONG $309K 0.02%
DOCU $294K 0.02%
FDX $217K 0.01%

Sold Out Positions

SymbolValue% Port
SHW —%
DOV —%
OKLO —%
DEO —%
EXC —%
AEP —%
SEE —%
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