Cullen Capital Management’s State Street Materials Select Sector SPDR ETF XLB Stock Holding History

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Change in Stake	Trade Value	Portfolio Weight	Portfolio Position
2026 Q1	–	Sell	-626,265	Closed	-$28.4M	–	239
2025 Q4	$28.4M	Buy	626,265 +617,931	+7,415%	+$27.3M	0.31%	73
2025 Q3	$373K	Sell	8,334 -81,838	-91%	-$3.7M	﹤0.01%	181
2025 Q2	$3.96M	Buy	90,172 +74,480	+475%	+$3.16M	0.05%	93
2025 Q1	$675K	Sell	15,692 -332,958	-95%	-$14.5M	0.01%	140
2024 Q4	$14.7M	Buy	348,650 +340,600	+4,231%	+$15.8M	0.17%	70
2024 Q3	$388K	Sell	8,050 -1,304	-14%	-$59.5K	﹤0.01%	180
2024 Q2	$413K	Buy	+9,354	New	+$423K	﹤0.01%	164
2024 Q1	–	Sell	-160,926	Closed	-$6.88M	–	225
2023 Q4	$6.88M	Buy	+160,926	New	+$6.43M	0.1%	83
2023 Q3	–	Sell	-43,354	Closed	-$1.8M	–	213
2023 Q2	$1.8M	Buy	+43,354	New	+$1.72M	0.02%	180
2023 Q1	–	Sell	-77,142	Closed	-$3M	–	289
2022 Q4	$3M	Buy	77,142 +36,466	+90%	+$1.4M	0.04%	112
2022 Q3	$1.38M	Buy	40,676 +28,956	+247%	+$1.09M	0.01%	178
2022 Q2	$431K	Buy	+11,720	New	+$490K	﹤0.01%	226
2022 Q1	–	Sell	-117,358	Closed	-$5.32M	–	296
2021 Q4	$5.32M	Buy	+117,358	New	+$5.07M	0.05%	134
2019 Q3	–	Sell	-276,000	Closed	-$8.07M	–	136
2019 Q2	$8.07M	Buy	+276,000	New	+$7.79M	0.32%	53