The curated database of hedge funds that publish investor letters. Research by geography, strategy, and schools of thought.
| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
Schafer Cullen's Value Equity strategy returned 2.9% gross in Q1 2026, outperforming both the Russell 1000 Value (2.1%) and S&P 500 (-4.3%) during a volatile quarter dominated by geopolitical conflict and AI disruption concerns. The Iran war and closure of the Strait of Hormuz drove oil prices up 77% to $101 per barrel, while software stocks declined sharply on fears that AI advances could render traditional business models obsolete. The manager benefited from strong stock selection in Healthcare, with Johnson & Johnson, Merck, and Pfizer all posting double-digit gains on strong fundamentals and new product cycles. Technology holdings Applied Materials and Arrow Electronics also outperformed on AI infrastructure demand. The quarter marked an acceleration of the Growth-to-Value rotation, with Russell 1000 Value outperforming Growth by 11.9 percentage points and achieving a technical Golden Cross signal. The manager sees this as the beginning of a durable trend, given AI disruption risks, historic market concentration levels, and narrowing earnings differentials between mega-cap technology stocks and the broader market.
Value stocks are experiencing a significant rotation as AI disruption risks and historic market concentration create compelling opportunities in defensive, cash-generative businesses trading at attractive valuations.
The manager sees a compelling case for value investing given AI disruption risks, geopolitical uncertainty, and historic concentration levels in growth stocks. They expect the rotation from Growth to Value to continue as earnings differentials narrow and capital intensity pressures free cash flow generation of mega-cap technology companies.
As of Mar 31, 2026
Founded in 1983 by James P. Cullen, Cullen Capital Management operates as a 100% employee-owned investment firm managing $9.1 billion in assets. The firm employs 65 industry professionals and serves over 7,400 client accounts, including high net worth individuals and institutional investors. James Cullen brings over 50 years of investment experience and founded the firm after serving as Vice President at Donaldson, Lufkin & Jenrette.
The Fund seeks long-term capital appreciation and current income by investing in large capitalization companies with low price/earnings ratios and strong prospects for earnings and dividend growth. The fund applies a disciplined, value approach focusing on quality companies benefiting from specific catalysts that drive price and earnings appreciation over three to five year investment horizons.
Lead Portfolio Manager
Moderate Conviction Bullish
Market Conviction
The manager demonstrates high conviction by maintaining all positions unchanged during volatile markets and expressing strong views on the Value rotation thesis. They name specific holdings with detailed fundamental analysis and size their bets meaningfully, though the diversified nature of the portfolio prevents an even higher score.
Growth Outlook
The manager acknowledges multiple headwinds including AI disruption, geopolitical conflict, and credit stress, but frames these as creating opportunities for value investing. They see the rotation to Value as a positive structural shift despite near-term uncertainties.
Risk Appetite
The manager maintained all positions unchanged during the quarter, showing steady conviction. They remain fully invested in their value strategy while acknowledging risks, demonstrating moderate risk appetite with selective positioning.
Capital Deployment
No changes were made to the portfolio during the quarter, indicating neither deployment nor de-risking. The manager maintained existing positions without adding or reducing exposure, representing neutral capital activity.
Forward Guidance
The manager expresses confidence that the Growth-to-Value rotation will continue and sees compelling opportunities ahead. They believe the case for value investing has rarely been more compelling, indicating a constructive deployment bias.
Language Signal
Language is balanced with significant discussion of risks and headwinds, but also emphasizes opportunities, attractive valuations, and compelling investment case. Slightly more opportunity-focused than risk-focused overall.
Perceived Risk
The manager identifies multiple significant risks including AI disruption of entire industries, geopolitical conflicts, private credit stress, and historic market concentration levels. These are discussed in detail with specific examples and historical parallels, indicating high perceived environmental risk.
Opportunity Density
The manager sees selective but meaningful opportunities in Value stocks, describing the case as rarely more compelling. They identify specific sectors and themes benefiting from the rotation while acknowledging the need for selectivity given various headwinds.
Time Horizon
The manager discusses multi-year themes like the Growth-to-Value rotation and references historical cycles, indicating a medium to long-term investment horizon. They focus on structural shifts rather than near-term catalysts, though some positions benefit from specific upcoming events.
Top Conviction Themes
Key Catalysts
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