Fund Evaluator:
Cullen High Dividend Equity C (CHVCX)
Follow This Fund
Best Performing in Large Value Over the Last Year
| 38.6% | American Beacon Man Lg Cp Value Inv (BWLIX) |
| 37.5% | LSV Conservative Value Equity Investor (LVAVX) |
| 36.8% | PGIM Quant Solutions Large-Cap Val Z (SUVZX) |
| 36.0% | Fidelity Advisor Blue Chip Value Z (FFVPX) |
| 35.9% | Fidelity Blue Chip Value (FBCVX) |
Fund Details
Cullen High Dividend Equity C Overview
Cullen High Dividend Equity C (CHVCX) is an actively managed U.S. Equity Large Value fund. Cullen Funds Trust launched the fund in 2004.
The investment seeks long-term capital appreciation and current income. The fund invests at least 80% of its net assets, plus borrowings for investment purposes, in dividend paying common stocks of medium-capitalization companies and large-capitalization companies. As a point of comparison, a high dividend common stock that the fund would invest in would generally have a dividend yield greater than the average dividend yield of the equity securities in the S&P 500® Index. It may invest up to 30% of its assets in foreign securities.
About Cullen High Dividend Equity C (CHVCX)
There are 2 members of the management team with an average tenure of 17.66 years: Jennifer Chang (2014), James Cullen (2003). Management tenure is more important for actively managed funds than passive index funds.
The fund has 1 primary benchmark: S&P 500 (TR) (1970) index with a weighting of 100%. Cullen High Dividend Equity C has 45 securities in its portfolio. The top 10 holdings constitute 36.2% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Cullen High Dividend Equity C is part of the Equity global asset class and is within the U.S. Equity fund group. Cullen High Dividend Equity C has 14.7% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 84.6%. There is 14.7% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Cullen High Dividend Equity C has 0.7% of the portfolio in cash.
Assets Under Management
The fund has $19 million in total assets, which is below the $1 billion average for the Large Value category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
CHVCX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Cullen High Dividend Equity C expense ratio is high compared to funds in the Large Value category. Cullen High Dividend Equity C has an expense ratio of 1.75%, which is 89% higher than its category average, making the fund expense ratio grade a F. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Cullen High Dividend Equity C has a portfolio turnover rate of 37%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 62% for the Large Value category.
Recently, in the month of July 2026, Cullen High Dividend Equity C returned 4.1%, which earned it a grade of B, as the Large Value category had an average return of 2.9%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Cullen High Dividend Equity C has a trailing yield of 0.94%, which is below the 1.20% category average. The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Cullen High Dividend Equity C Grades
Year to date, the fund has returned 13.3%, 0.9 percentage points worse than the category, which translates into a grade of C. The fund has returned 22.6% over the past year (grade of C), 12.8% over the past three years (grade of F) and 8.2% per year over the past five years (grade of F) and 8.1% per year over the past 10 years (grade of F).
For more mutual fund grades, analysis and screening tools to help your investment discovery, join AAII for a $2, full-access trial. Learn more here: https://invest.aaii.com/membership.
Otherwise, for more information about Cullen High Dividend Equity C, including its riskiness, submit your email to unlock the rest of the article.
Gain access to exclusive AAII member-only content.
CHVCX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| CHVCX Return (NAV) | 4.1% | 5.5% | 22.6% | 12.8% | 8.2% | 8.1% |
| CHVCX Grade | B | C | C | F | F | F |
| +/- Category | 1.2% | -0.7% | -1.3% | -2.9% | -2.6% | -3.2% |
| Large Value Avg | 2.9% | 6.2% | 23.8% | 15.7% | 10.9% | 11.3% |
| CHVCX Tax Cost Ratio | na | na | 3.4% | 3.2% | 2.9% | 2.6% |
CHVCX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| CHVCX Return (NAV) | 13.3% | 17.1% | 8.3% | 1.9% | -4.4% | 25.4% | -5.0% | 18.8% | -5.6% | 15.7% | 9.7% |
| CHVCX Grade | C | B | F | F | B | C | F | F | B | D | F |
| +/- Category | -0.9% | 2.0% | -5.7% | -9.9% | 1.6% | -0.3% | -8.9% | -6.8% | 2.8% | -0.7% | -4.8% |
| Large Value Avg | 14.3% | 15.2% | 14.1% | 11.8% | -6.0% | 25.8% | 3.8% | 25.6% | -8.5% | 16.4% | 14.6% |
| Risk Measures | |
| Standard Deviation: | 10.7% |
| Total Risk Index: | 0.87 - Average |
| Category Risk Index: | 0.89 - Low |
| Category Risk Grade: | A (11% Rank) |
| Beta: | 0.54 |
| R-Squared: | 44% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Value |
| Bond Investment Style: | na |
| Yield: | 0.9% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $667 Mil |
| Fund Total Assets: | $ 20 Mil |
| Share Class Type: | C |
| Portfolio Turnover: | 37% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 23.0 years | |||
| Average Tenure: 17.7 years | |||
| Managers (Year): Cullen James (2003), Chang Jennifer (2014) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 45 |
| % in Top 10 Holdings: | 36.2% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 14.7% |
Portfolio Allocation |
|
| Domestic Stock: | 84.6% |
| Foreign Stock: | 14.7% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.7% |
Purchase Information
| Fund Family: | Cullen Funds Trust |
| Phone Number: | 877-485-8586 |
| Website: | www.cullenfunds.com |
| Status: | Open |
| Inception Date: | October 7, 2004 |
| Min. Initial Purchase: | $1,000 |
| Min. Initial IRA Purchase: | $ 250 |
| True No-Load: | No |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 2.00% |
| 12b-1 Fee: | 1.00% |
Expenses and Fees | |
| Expense Ratio (%): | 1.75% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.93% |
| Share Class: | Cullen High Dividend Equity Retail |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 50 |
