Cullen Value Fund

None
Mutual Fund

Cullen Value Fund

Objective

The Cullen Value Fund seeks long-term capital appreciation and current income. 

Fund AUM
$27.1m (Sep 30, 2021)
Holdings
36
Benchmarks
S&P 500®Russell 1000® Value
Inception Date
Aug 31, 2012

Performance Through Sep 30, 2021

Share class

Hypothetical Growth of $10,000

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Share Class Inception Date: (CVLEX) Aug 31, 2012

Gross Expense Ratio: 2.25%
Net Expense Ratio: 1.00%

Share Class Inception Date: (CVLFX) Aug 31, 2012

Gross Expense Ratio: 2.93%
Net Expense Ratio: 1.75%

Share Class Inception Date: (CVLVX) Aug 31, 2012

Gross Expense Ratio: 1.88%
Net Expense Ratio: 0.75%

The performance data quoted represents past performance. 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 Sep 30, 2021
Class Retail
S&P 500
Russell 1000 Value
Through Sep 30, 2021 MTDQTDYTD1 yr3 yr5 yr10 yrInception
Class Retail -3.47 0.61 14.21 30.66 9.24 11.21 - 10.92
S&P 500 -4.65 0.58 15.92 30.00 15.99 16.90 - 15.39
Russell 1000 Value -3.48 -0.78 16.14 35.01 10.07 10.94 - 12.00
Through Sep 30, 2021
Class Retail
S&P 500
Russell 1000 Value
Through Sep 30, 2021 MTDQTDYTD1 yr3 yr5 yr10 yrInception
Class Retail -3.47 0.61 14.21 30.66 9.24 11.21 - 10.92
S&P 500 -4.65 0.58 15.92 30.00 15.99 16.90 - 15.39
Russell 1000 Value -3.48 -0.78 16.14 35.01 10.07 10.94 - 12.00

Calendar Year Returns (%)

Class Retail
S&P 500
Russell 1000 Value
2020 2019 2018 2017 2016
Class Retail 1.90 24.10 -5.17 17.61 13.89
S&P 500 18.40 31.49 -4.38 21.83 11.96
Russell 1000 Value 2.80 26.54 -8.27 13.66 17.34

Source for all performance data: ALPS Mutual Funds Services Inc. as at Sep 30, 2021.

Risk Measures

Over 5 years as compared to the Russell 1000® Value
Beta1 0.92
R-Squared2 96.82%
Up-Market Capture3 91.90%
Down-Market Capture3 90.67%
Standard Deviation (Fund)4 18.25
Standard Deviation (Index)4 19.44

Share Class Inception Date: (CVLEX) Aug 31, 2012

Gross Expense Ratio: 2.25%
Net Expense Ratio: 1.00%

Share Class Inception Date: (CVLFX) Aug 31, 2012

Gross Expense Ratio: 2.93%
Net Expense Ratio: 1.75%

Share Class Inception Date: (CVLVX) Aug 31, 2012

Gross Expense Ratio: 1.88%
Net Expense Ratio: 0.75%

The performance data quoted represents past performance. 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 Sep 30, 2021

Top 10 Holdings (%)

Top 10 Holdings
Rest of Portfolio
Morgan Stanley 4.4
JP Morgan Chase 4.2
Thermo Fisher Scientific 3.8
Siemens 3.7
Chubb 3.7
Pfizer 3.5
Citigroup 3.3
Allstate 3.3
Medtronic 3.2
Bristol-Myers Squibb 3.2

Portfolio Characteristics

Average P/E Ratio 16.2x
Average Debt to Equity Ratio 36x
Weighted Average Market Cap $190.61bn
Median Market Cap $139.31bn
Number of Holdings 39

Sector Breakdown (%)

Fund R1000V NR
Health Care 23.7 17.3
Financials 23.6 21.4
Industrials 15.8 11.6
Information Technology 11.1 10.2
Communication Services 7.8 8.3
Consumer Staples 5.1 7.1
Energy 5.0 5.1
Consumer Discretionary 4.2 5.6
Materials 3.0 3.6
Utilities - 4.9
Real Estate - 4.7
Cash & Equivalents 0.7 -

Geographical Breakdown (%)

United States 84.8
United Kingdom 4.0
Germany 3.7
Ireland 3.2
Switzerland 2.5
Canada 1.1
Cash & Equivalents 0.7

Regional Allocation (%)

North America 85.9
Europe 13.4
Cash & Equivalents 0.7

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

Income

Share class

Yields (CVLEX)

12 Month Trailing Distributed Yield^ 0.52%
Subsidized 30 Day SEC Yield^^ 1.22%
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 Jun 30, 2021 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
TickerCVLEX
CUSIP230001778
Gross Expense Ratio (%)2.25
Net Expense Ratio (%)1.00
Redemption Fee (%)2.00
Minimum Investment$1,000
TickerCVLFX
CUSIP230001794
Gross Expense Ratio (%)2.93
Net Expense Ratio (%)1.75
Redemption Fee (%)2.00
Minimum Investment$1,000
TickerCVLVX
CUSIP230001786
Gross Expense Ratio (%)1.88
Net Expense Ratio (%)0.75
Redemption Fee (%)2.00
Minimum Investment$1,000,000

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
ClassPriceChange (%)TickerCUSIP
Retail Class 16.60 -0.20 CVLEX 230001778
Class C 16.54 -0.20 CVLFX 230001794
Class I 16.55 -0.20 CVLVX 230001786

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

Account Options
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 13584
Denver, CO 80201

Overnight mail

Cullen Funds
1290 Broadway, Suite 1000
Denver, CO 80203

Contact Representative

Phones open 8:00am - 5:00pm MT, Monday - Friday.

Application Form & How to Invest