1y return+14.9%S&P 500 +20.9%
3y return+53.7%S&P 500 +68.5%
5y return+58.5%S&P 500 +74.5%
10y return+195.9%S&P 500 +256.5%
These returns are for its stock picks as disclosed on Form 13F: last quarter's holdings, valued at this quarter's prices. They miss trades within each quarter, short positions, options, bonds, cash and fees, so they aren't the returns its clients got.
$100 invested in its stock picks
Since June 30, 2016: $296 against $357 in the S&P 500.2
Cullinan Associates IncS&P 500 (SPY)
Top holdings
At the end of June 30, 2026. Change is in shares since the quarter before.2
| Stock | Value | Share of portfolio | Change |
|---|---|---|---|
| AAPLApple Inc | $110.6M | 8.4% | −4.7% |
| KOCoca-Cola Company | $92.1M | 7.0% | −13.7% |
| MSFTMicrosoft Corp | $52.1M | 3.9% | −10.7% |
| SPGIS&P Global Inc. | $49.5M | 3.7% | |
| JNJJohnson & Johnson | $45.0M | 3.4% | −3.3% |
| GOOGAlphabet Class C | $41.8M | 3.2% | +23.1% |
| SPYSPDR S&P 500 Trust | $38.5M | 2.9% | |
| AMATApplied Materials | $33.6M | 2.5% | −9.8% |
| PGProcter & Gamble Co | $32.6M | 2.5% | −1.6% |
| AMZNAmazon | $30.1M | 2.3% | +7.2% |
| GOOGLAlphabet Class A | $30.1M | 2.3% | −18.9% |
| XOMExxonmobil Holdings | $28.8M | 2.2% | New |
| Lam Research CorpCUSIP 512807108 | $27.9M | 2.1% | |
| VRTXVertex Pharmaceutical | $25.7M | 1.9% | |
| IBMIntl Business Machines Corp | $25.4M | 1.9% | −6.7% |
| JPMJ P Morgan Chase & Co | $24.1M | 1.8% | +13.9% |
| TXNTexas Instruments | $18.7M | 1.4% | −6.6% |
| NVDANvidia Corp | $18.2M | 1.4% | +53.1% |
| KLACKLA Corporation | $18.0M | 1.4% | +729.4% |
| ABBVAbbVie Inc | $17.3M | 1.3% | −6.3% |
| WMTWal-Mart Stores Inc | $16.2M | 1.2% | |
| AFLAFLAC Inc | $16.2M | 1.2% | |
| CATCaterpillar | $16.1M | 1.2% | −9.9% |
| QLYSQualys Inc | $14.1M | 1.1% | |
| MCDMcDonalds Corp | $13.1M | 1.0% | −14.2% |
Best picks still held
How each current holding has done since the quarter it first appeared in its filings (up to six years back).
| Stock | Held since | Return since | Now worth |
|---|---|---|---|
| NVDANvidia Corp | September 30, 2020 | +1378.8% | $18.2M |
| Lam Research CorpCUSIP 512807108 | June 30, 2020 | +1239.7% | $27.9M |
| AMATApplied Materials | September 30, 2022 | +782.5% | $33.6M |
| CATCaterpillar | September 30, 2020 | +614.0% | $16.1M |
| GOOGLAlphabet Class A | June 30, 2020 | +404.0% | $30.1M |
| DEDeere & Company | June 30, 2020 | +303.7% | $12.4M |
| AXPAmerican Express Co | June 30, 2020 | +255.3% | $13.1M |
| JPMJ P Morgan Chase & Co | June 30, 2020 | +248.0% | $24.1M |
| GOOGAlphabet Class C | March 31, 2021 | +241.6% | $41.8M |
| AFLAFLAC Inc | June 30, 2020 | +225.4% | $16.2M |
Sold off last quarter
- Exxon MobilCUSIP 30231G102 was $38.3M
- DTDynatrace Holdings LLC was $2.0M
- FSLRFirst Solar Inc was $1.5M
- SYYSysco Corp was $606K
- WSMWilliams-Sonoma was $492K
- ZTSZoetis Inc was $296K
- TAT&T Inc was $258K
- PLTRPalantir Technologies Inc was $249K
- AEMAgnico Eagle Mines Limit was $244K
- DOWDow Inc was $204K
Quarter by quarter
| Quarter | Its picks | S&P 500 |
|---|---|---|
| June 30, 2026 | +10.1% | +14.8% |
| March 31, 2026 | −1.8% | −4.6% |
| December 31, 2025 | +1.1% | +2.4% |
| September 30, 2025 | +5.1% | +7.8% |
| June 30, 2025 | +9.3% | +10.5% |
| March 31, 2025 | −2.9% | −4.6% |
| December 31, 2024 | +0.3% | +2.1% |
| September 30, 2024 | +6.7% | +5.4% |
| June 30, 2024 | +2.4% | +4.0% |
| March 31, 2024 | +7.9% | +10.0% |
| December 31, 2023 | +10.6% | +11.2% |
| September 30, 2023 | −3.5% | −3.6% |
| June 30, 2023 | +4.9% | +8.3% |
| March 31, 2023 | +4.6% | +7.0% |
| December 31, 2022 | +8.4% | +7.1% |
| September 30, 2022 | −4.7% | −5.3% |
| June 30, 2022 | −13.4% | −16.5% |
| March 31, 2022 | −2.5% | −4.9% |
| December 31, 2021 | +8.8% | +10.7% |
| September 30, 2021 | −1.0% | +0.3% |
Sources
Every number on this page points here. Each one links to the public record.
- 1SEC EDGAR: Cullinan Associates Inc Form 13F filingshttps://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1161670&type=13F-HR&dateb=&owner=include&count=40CIK 1161670
- 2SEC: 13F for the quarter ended June 30, 2026https://www.sec.gov/Archives/edgar/data/1161670/000116167026000003/Filed July 29, 2026 · accession 0001161670-26-000003