Objective
The Cullen Value Fund seeks long-term capital appreciation and current income.
Portfolio Managers
Performance Through Oct 31, 2024
Hypothetical Growth of $10,000
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Share Class Inception Date: (CVLEX) Aug 31, 2012
Gross Expense Ratio: 2.23%
Net Expense Ratio: 1.00%
Share Class Inception Date: (CVLFX) Aug 31, 2012
Gross Expense Ratio: 3.01%
Net Expense Ratio: 1.75%
Share Class Inception Date: (CVLVX) Aug 31, 2012
Gross Expense Ratio: 1.98%
Net Expense Ratio: 0.75%
Cullen Capital Management LLC has contractually agreed to limit the Net Annual Fund Operating Expenses (excluding Acquired Fund Fees and Expenses, interest, taxes, and extraordinary expenses) to not more than 1.00% for Retail Class shares, 1.75% for Class C shares and 0.75% for Class I shares, through October 31, 2023.
The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted.
The Fund imposes a 2.00% redemption fee if shares are redeemed within 7 days of purchase. Performance data does not reflect the redemption fee. If it had, returns would be reduced.
Cumulative Returns are an aggregate amount, including dividends, that an investment has gained or lost over time, indicative of performance of time involved.
- Beta is a measure of the volatility of a fund relative to the overall market.
- R-Squared represents the percentage of the portfolio’s movements that can be explained by the general movements of the market.
- The up-market capture ratio and the down-market capture ratio are statistical measures of an investment manager's overall performance in up-markets/down-markets against its benchmark.
- Standard Deviation is a statistical measure of the historic volatility of a portfolio.
Average Annual Total Return (%)
| Through Oct 31, 2024 | MTD | QTD | YTD | 1 yr | 3 yr | 5 yr | 10 yr | Inception |
|---|---|---|---|---|---|---|---|---|
| Class Retail | -1.32 | 1.90 | 11.41 | 23.96 | 3.72 | 7.60 | 7.80 | 9.39 |
| Russell 1000 Value Index | -1.10 | 2.96 | 15.40 | 30.98 | 6.85 | 10.14 | 8.87 | 11.07 |
| S&P 500 Index | -0.91 | 3.66 | 20.97 | 38.02 | 9.08 | 15.27 | 13.00 | 14.33 |
| Through Sep 30, 2024 | MTD | QTD | YTD | 1 yr | 3 yr | 5 yr | 10 yr | Inception |
|---|---|---|---|---|---|---|---|---|
| Class Retail | 1.09 | 6.55 | 12.90 | 21.44 | 5.60 | 8.22 | 7.99 | 9.58 |
| Russell 1000 Value Index | 1.39 | 9.43 | 16.68 | 27.76 | 9.03 | 10.69 | 9.23 | 11.26 |
| S&P 500 Index | 2.14 | 5.89 | 22.08 | 36.35 | 11.91 | 15.98 | 13.38 | 14.52 |
Calendar Year Returns (%)
| 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|
| Class Retail | 5.17 | -5.71 | 20.13 | 1.90 | 24.10 |
| Russell 1000 Value Index | 11.46 | -7.54 | 25.16 | 2.80 | 26.54 |
| S&P 500 Index | 26.29 | -18.11 | 28.71 | 18.40 | 31.49 |
Source for all performance data: Paralel Technologies as at Oct 31, 2024.
Risk Measures
| Beta1 | 0.92 |
| R-Squared2 | 96.46% |
| Up-Market Capture3 | 89.98% |
| Down-Market Capture3 | 91.26% |
| Standard Deviation (Fund)4 | 19.51 |
| Standard Deviation (Index)4 | 20.90 |
Share Class Inception Date: (CVLEX) Aug 31, 2012
Gross Expense Ratio: 2.23%
Net Expense Ratio: 1.00%
Share Class Inception Date: (CVLFX) Aug 31, 2012
Gross Expense Ratio: 3.01%
Net Expense Ratio: 1.75%
Share Class Inception Date: (CVLVX) Aug 31, 2012
Gross Expense Ratio: 1.98%
Net Expense Ratio: 0.75%
Cullen Capital Management LLC has contractually agreed to limit the Net Annual Fund Operating Expenses (excluding Acquired Fund Fees and Expenses, interest, taxes, and extraordinary expenses) to not more than 1.00% for Retail Class shares, 1.75% for Class C shares and 0.75% for Class I shares, through October 31, 2023.
The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted.
The Fund imposes a 2.00% redemption fee if shares are redeemed within 7 days of purchase. Performance data does not reflect the redemption fee. If it had, returns would be reduced.
Cumulative Returns are an aggregate amount, including dividends, that an investment has gained or lost over time, indicative of performance of time involved.
- Beta is a measure of the volatility of a fund relative to the overall market.
- R-Squared represents the percentage of the portfolio’s movements that can be explained by the general movements of the market.
- The up-market capture ratio and the down-market capture ratio are statistical measures of an investment manager's overall performance in up-markets/down-markets against its benchmark.
- Standard Deviation is a statistical measure of the historic volatility of a portfolio.
Holdings As at Sep 30, 2024
Top 10 Holdings (%)
| JP Morgan Chase | 3.8 |
| Lowe's | 3.5 |
| Applied Materials | 3.5 |
| RTX | 3.5 |
| Allstate | 3.4 |
| Chubb | 3.4 |
| Unilever | 3.3 |
| Citigroup | 3.3 |
| Morgan Stanley | 3.3 |
| Oracle | 3.2 |
Portfolio Characteristics
| Average P/E Ratio | 14.1x |
| Average Debt to Equity Ratio | 37.2x |
| Weighted Average Market Cap | $134.96bn |
| Median Market Cap | $98.41bn |
| Number of Holdings | 41 |
Regional Allocation (%)
| North America Developed | 88.3 | |
| Europe Developed | 10.0 | |
| Cash & Equivalents | 1.7 |
Totals may not equal 100% due to rounding
The Fund’s holding and sector allocations may change at any time due to ongoing portfolio management. References to specific investments should not be construed as a recommendation by the Fund or Cullen Capital Management to buy or sell the securities.
Documents
Regulatory Documents
Form N-PX: Proxy Voting Records
Jun 30, 2024
- 2023/24
- 2022/23
- 2021/22
- 2020/21
- 2019/20
Income
Yields (CVLEX)
| 12 Month Trailing Distributed Yield^ | 7.73% |
| Subsidized 30 Day SEC Yield^^ | 1.36% |
| Unsubsidized 30 Day SEC Yield^^^ | - |
Dividend History (CVLEX)
- ^ 12 Month Trailing Distributed Yield represents all distributions for over the past 12 months, divided by the net asset value as at Sep 30, 2024 plus any capital gains distributed over the past year. Capital gains are added back to estimate what the fund’s ending price would have been had those gains not been distributed. While the Fund endeavors to pay quarterly distributions, dividends are not guaranteed and a company’s future ability to pay dividends may be limited and cease at any time.
- ^^ Subsidized 30 Day SEC Yield is a compounded and annualized figure calculated according to a formula set by the SEC. The formula requires use of a specific methodology for calculating dividends and interest earned, and expenses accrued, during the period, and reflects the maximum offering price per fund share. The standardized computation is designed to facilitate yield comparisons among different funds.
- ^^^ Unsubsidized 30 Day SEC Yield is the subsidized 30 Day SEC Yield in the absence of temporary expense waivers or reimbursements by the Adviser.
Prices
Prices & Share Classes
Contacts
Below you will find the application form as well as other relevant forms. Please read the prospectus first before proceeding. Please do not send account or personal information via e-mail.
Each Fund may also be available through your existing brokerage account. Check with your financial adviser.
You should consider each Fund’s investment objectives, risks and charges and expenses carefully before investing or sending money. This and other important information about the investment company can be found in each Fund’s prospectus. Please read the prospectus carefully before investing.
Apply today
Application forms and required reading
Where to mail the application form
Regular mail
Cullen Funds
P.O. Box 2170
Denver, CO 80201
Overnight mail
Cullen Funds
1700 Broadway, Suite 1850
Denver, CO 80290
Contact Representative
Phones open 8:00am - 5:00pm MT, Monday - Friday.
877.485.8586
info@cullenfunds.com- Please do not send account or personal information via e-mail.
