Cullen High Dividend Equity Fund

None
Mutual Fund

Cullen High Dividend Equity Fund

Objective

The investment objective of the Cullen High Dividend Equity Fund is to seek long-term capital appreciation and current income.

Fund AUM
$803m (Mar 31, 2024)
Holdings
43
Benchmarks
Russell 1000® Value IndexS&P 500® Index
Inception Date
Aug 1, 2003

Performance Through Jun 30, 2024

Share class

Hypothetical Growth of $10,000

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Share Class Inception Date: (CHDEX) Aug 01, 2003

Gross Expense Ratio: 1.34%
Net Expense Ratio: 1.00%

Share Class Inception Date: (CHVCX) Oct 07, 2004

Gross Expense Ratio: 2.09%
Net Expense Ratio: 1.75%

Share Class Inception Date: (CHDVX) Oct 07, 2004

Gross Expense Ratio: 1.08%
Net Expense Ratio: 0.75%

Share Class Inception Date: (CHDRX) Mar 03, 2010

Gross Expense Ratio: 1.58%
Net Expense Ratio: 1.50%

Share Class Inception Date: (CHDPX) Mar 04, 2010

Gross Expense Ratio: 1.33%
Net Expense Ratio: 1.25%

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, 0.75% for Class I shares, 1.50% for Class R1 shares and 1.25% for Class R2 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.

  1. Beta is a measure of the volatility of a fund relative to the overall market.
  2. R-Squared represents the percentage of the portfolio’s movements that can be explained by the general movements of the market.
  3. 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.
  4. Standard Deviation is a statistical measure of the historic volatility of a portfolio.

Average Annual Total Return (%)

Through Jun 30, 2024
Class Retail
Russell 1000 Value Index
S&P 500 Index
Through Jun 30, 2024 MTDQTDYTD1 yr3 yr5 yr10 yrInception
Class Retail -1.54 -1.56 5.34 7.41 3.90 6.10 6.67 7.65
Russell 1000 Value Index -0.94 -2.17 6.62 13.06 5.52 9.01 8.23 8.73
S&P 500 Index 3.59 4.28 15.29 24.56 10.01 15.05 12.86 10.70
Through Jun 30, 2024
Class Retail
Russell 1000 Value Index
S&P 500 Index
Through Jun 30, 2024 MTDQTDYTD1 yr3 yr5 yr10 yrInception
Class Retail -1.54 -1.56 5.34 7.41 3.90 6.10 6.67 7.65
Russell 1000 Value Index -0.94 -2.17 6.62 13.06 5.52 9.01 8.23 8.73
S&P 500 Index 3.59 4.28 15.29 24.56 10.01 15.05 12.86 10.70

Calendar Year Returns (%)

Class Retail
Russell 1000 Value Index
S&P 500 Index
2023 2022 2021 2020 2019
Class Retail 2.67 -3.73 26.34 -4.31 19.66
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 Jun 30, 2024.

Risk Measures

Over 5 years as compared to the Russell 1000® Value
Beta1 0.91
R-Squared2 96.94%
Up-Market Capture3 86.78%
Down-Market Capture3 88.94%
Standard Deviation (Fund)4 19.44
Standard Deviation (Index)4 20.96

Share Class Inception Date: (CHDEX) Aug 01, 2003

Gross Expense Ratio: 1.34%
Net Expense Ratio: 1.00%

Share Class Inception Date: (CHVCX) Oct 07, 2004

Gross Expense Ratio: 2.09%
Net Expense Ratio: 1.75%

Share Class Inception Date: (CHDVX) Oct 07, 2004

Gross Expense Ratio: 1.08%
Net Expense Ratio: 0.75%

Share Class Inception Date: (CHDRX) Mar 03, 2010

Gross Expense Ratio: 1.58%
Net Expense Ratio: 1.50%

Share Class Inception Date: (CHDPX) Mar 04, 2010

Gross Expense Ratio: 1.33%
Net Expense Ratio: 1.25%

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, 0.75% for Class I shares, 1.50% for Class R1 shares and 1.25% for Class R2 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.

  1. Beta is a measure of the volatility of a fund relative to the overall market.
  2. R-Squared represents the percentage of the portfolio’s movements that can be explained by the general movements of the market.
  3. 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.
  4. Standard Deviation is a statistical measure of the historic volatility of a portfolio.

Holdings As at Mar 31, 2024

Top 10 Holdings (%)

Top 10 Holdings
Rest of Portfolio
JP Morgan Chase 4.1
Morgan Stanley 3.3
Lowe's 3.2
Chubb 3.1
Exxon Mobil 3.1
Raytheon Technologies 3.0
ConocoPhillips 3.0
Target Corporation 3.0
Comcast 2.9
Johnson & Johnson 2.9

Portfolio Characteristics

Average P/E Ratio 14.8x
Average Debt to Equity Ratio 38.7x
Weighted Average Market Cap $266.43bn
Median Market Cap $126.83bn
Number of Holdings 42

Sector Breakdown (%)

Fund R1000V NR
Financials 18.3 22.7
Consumer Staples 12.8 7.7
Industrials 12.4 14.3
Health Care 12.2 14.3
Information Technology 10.4 9.4
Energy 8.9 8.1
Communication Services 6.4 4.6
Consumer Discretionary 6.0 5.0
Utilities 4.9 4.7
Real Estate 4.6 4.6
Materials 2.3 4.8
Cash & Equivalents 0.8 -

Geographical Breakdown (%)

United States 87.2
United Kingdom 4.2
Switzerland 2.6
Germany 2.5
Ireland 2.0
Canada 1.6
Cash & Equivalents 0.8

Regional Allocation (%)

North America Developed 88.0
Europe Developed 11.2
Cash & Equivalents 0.8

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.

Income

Share class

Yields (CHDEX)

12 Month Trailing Distributed Yield^ 10.48%
Subsidized 30 Day SEC Yield^^ 2.00%
Unsubsidized 30 Day SEC Yield^^^ 1.63%

Dividend History (CHDEX)

  • ^ 12 Month Trailing Distributed Yield represents all distributions for over the past 12 months, divided by the net asset value as at Mar 31, 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 monthly 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.

Share Class Details

Share class
TickerCHDEX
CUSIP230001208
Gross Expense Ratio (%)1.34
Net Expense Ratio (%)1.00
Redemption Fee (%)2.00
Minimum Investment$1,000
TickerCHVCX
CUSIP230001307
Gross Expense Ratio (%)2.09
Net Expense Ratio (%)1.75
Redemption Fee (%)2.00
Minimum Investment$1,000
TickerCHDVX
CUSIP230001406
Gross Expense Ratio (%)1.08
Net Expense Ratio (%)0.75
Redemption Fee (%)2.00
Minimum Investment$1,000,000
TickerCHDRX
CUSIP230001877
Gross Expense Ratio (%)1.58
Net Expense Ratio (%)1.50
Redemption Fee (%)2.00
Minimum Investment-
TickerCHDPX
CUSIP230001869
Gross Expense Ratio (%)1.33
Net Expense Ratio (%)1.25
Redemption Fee (%)2.00
Minimum Investment-

The Fund imposes a 2.00% redemption fee if shares are redeemed within 7 days of purchase.

Prices

Date
Share class

Prices

Date
Class
Retail Class
Class C
Class I
Class R1
Class R2
ClassPriceChange (%)TickerCUSIP
Retail Class 14.47 -1.09 CHDEX 230001208
Class C 14.11 -1.05 CHVCX 230001307
Class I 14.49 -1.09 CHDVX 230001406
Class R1 11.02 -1.08 CHDRX 230001877
Class R2 11.35 -1.05 CHDPX 230001869

The Fund imposes a 2.00% redemption fee if shares are redeemed within 7 days of purchase.

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.

Read Prospectus
To obtain a hardcopy of the prospectus via mail, please call 877-485-8586.

Apply today

Application forms and required reading

Cost Basis Form
Coverdell Education Savings Account Applications
Coverdell Education Savings Account Transfer of Assets Form
Designation/Change of IRA Beneficiary
IRA Additional Investment Form
IRA Application Form
IRA Distribution Form
IRA Transfer Form
Letter of Instruction

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.

Application Form & How to Invest