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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Aug 27, 2025 | Cullen Small Cap Value Equity | 2.1% | -7.6% | AMZN, DENN, DOUG, GLDD, GOOGL, HIW, HP, META, MSFT, NMRK, NVDA, TEX, TREE | AI, Fed policy, real estate, small caps, tariffs, Trade Policy, value | Small caps are emerging from a prolonged earnings recession with improving fundamentals and attractive valuations. Credit spreads have normalized, volatility has fallen, and the yield curve has steepened - all historically favorable conditions for small-cap performance. The environment is becoming more favorable for active managers who focus on fundamentals as quality metrics like return on invested capital start to improve. | NMRK NMRK |
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| 2026 Q1 | Apr 30, 2026 | Cullen Small Cap Value Equity | -2.0% | -2.0% | AVNT, BBSI, BDC, CROX, DOUG, FBIN, GLDD, HIW, HUN, LDI, NMRK, PFSI, POR, TREE, UA, VAC | energy, Geopolitical, Quality, rates, real estate, small caps, value | FBIN BDC BBSI |
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| 2025 Q4 | Feb 17, 2026 | Cullen Small Cap Value Equity | -5.6% | -0.4% | CTRA, CUZ, DOUG, EFSC, HIW, HP, JBSS, LDI, NMRK, POR, SSB, TREE | earnings, energy, financials, rates, small caps, Utilities, value | Small-cap equities ended 2025 on a positive but volatile note with the Russell 2000 returning 12.8% for the year. The outlook for small-cap equities entering 2026 is increasingly constructive, particularly within value-oriented segments, with consensus expectations pointing to meaningful acceleration in small-cap earnings growth in the low-to-mid teens. Value-oriented stocks remain attractively positioned with growth stocks continuing to trade at a meaningful premium to value across most valuation measures. Historically, periods of accelerating profits have favored value leadership, particularly within smaller-cap universes. The strategy's P/E is 12.2x forward earnings versus 15.0x for the Russell 2000 Value. The Federal Reserve's shift toward monetary easing represents an important inflection point for smaller companies, which tend to be more sensitive to changes in interest rates and credit conditions. Following a 25 basis point cut in September, the Federal Reserve cut rates twice in Q4 to the current range of 3.50% to 3.75%. Lower borrowing costs should support refinancing activity, capital investment, and margin recovery. Earnings are central to the manager's optimism with consensus expectations pointing to meaningful acceleration in small-cap earnings in 2026, with growth projected in the low-to-mid teens and exceeding that of large-cap companies. This anticipated rebound reflects easier year-over-year comparisons, improving operating leverage, and broadening demand across cyclical and value-oriented sectors. | JBSS |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | Cullen Small Cap Value Equity | Newmark Group | Real Estate | Real Estate Management & Development | Bull | NASDAQ | commercial real estate, Free Cash Flow, market share gains, Mortgage servicing, property management, Real Estate Services, recurring revenue, share repurchases | View Pitch |
| Dec 5, 2025 | Fund Letters | James Cullen | Newmark Group, Inc. | Real Estate | Real Estate Services | Bull | NASDAQ | cashflow, Governance, Real Estate, recovery, services | View Pitch |
| Manager Name | Fund Name | Fund AUM | Invested Value | Portfolio Weight | Shares Owned | Shares Bought / Sold During Quarter | % Bought / Sold During Quarter | % of Shares Outstanding Owned |
|---|---|---|---|---|---|---|---|---|
| No investor data available. | ||||||||