Fund Evaluator:

Cullen International High Dividend C Overview

Cullen International High Dividend C (CIHCX) is an actively managed International Equity Foreign Large Value fund. Cullen Funds Trust launched the fund in 2005.

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 high dividend paying common stocks of medium- capitalization companies and large-capitalization companies headquartered outside the United States in common stocks traded on exchanges not located in the United States and in American Depositary Receipts ("ADRs"). As a point of comparison, a high dividend paying 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 MSCI EAFE Stock Index.

About Cullen International High Dividend C (CIHCX)

There are 4 members of the management team with an average tenure of 11.90 years: Rahul Sharma (2007), Pravir Singh (2019), James Cullen (2005), Anuca Laudat (2025). Management tenure is more important for actively managed funds than passive index funds.

The fund has 1 primary benchmark: MSCI EAFE NR USD index with a weighting of 100%. Cullen International High Dividend C has 71 securities in its portfolio. The top 10 holdings constitute 32.5% 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 International High Dividend C is part of the Equity global asset class and is within the International Equity fund group. Cullen International High Dividend C has 96.7% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 96.7% 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 International High Dividend C has 3.2% of the portfolio in cash.

Assets Under Management

The fund has $647 million in total assets, which is below the $976 million average for the Foreign 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.

CIHCX 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 International High Dividend C expense ratio is high compared to funds in the Foreign Large Value category. Cullen International High Dividend C has an expense ratio of 2.00%, which is 91% 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 International High Dividend C has a portfolio turnover rate of 125%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 62% for the Foreign Large Value category.

Recently, in the month of July 2026, Cullen International High Dividend C returned 5.0%, which earned it a grade of B, as the Foreign Large Value category had an average return of 3.8%. 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 International High Dividend C has a trailing yield of 2.67%, which is below the 2.78% category average. The fund normally distributes its income quarterly 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 International High Dividend C Grades

Year to date, the fund has returned 13.4%, 1.5 percentage points worse than the category, which translates into a grade of D. The fund has returned 24.4% over the past year (grade of F), 16.4% over the past three years (grade of F) and 9.3% per year over the past five years (grade of F) and 7.2% per year over the past 10 years (grade of F).

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