Fund Evaluator:
Cullen Small Cap Value I (CUSIX)
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Best Performing in Small Value Over the Last Year
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Fund Details
Cullen Small Cap Value I Overview
Cullen Small Cap Value I (CUSIX) is an actively managed U.S. Equity Small Value fund. Cullen Funds Trust launched the fund in 2009.
The investment seeks long-term capital appreciation. The fund invests at least 80% of its net assets, plus borrowings for investment purposes, in small-capitalization companies. It may invest up to 30% of its assets in securities of companies headquartered outside the United States. The advisor intends to invest in the securities of companies located in developed countries and, to a lesser extent, those located in emerging markets, and the advisor may consider investments in companies in any of the world's developed or emerging stock markets.
About Cullen Small Cap Value I (CUSIX)
There are 3 members of the management team with an average tenure of 14.48 years: Brooks Cullen (2009), Brian Drubetsky (2016), James Cullen (2009). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Russell 1000 TR USD index with a weighting of 100% and Russell 2000 Value TR USD index with a weighting of 100%. Cullen Small Cap Value I has 35 securities in its portfolio. The top 10 holdings constitute 48.9% 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 Small Cap Value I is part of the Equity global asset class and is within the U.S. Equity fund group. Cullen Small Cap Value I has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 99.6%. There is 0.0% 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 Small Cap Value I has 0.4% of the portfolio in cash.
Assets Under Management
The fund has $9 million in total assets, which is below the $417 million average for the Small 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.
CUSIX 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 Small Cap Value I expense ratio is high compared to funds in the Small Value category. Cullen Small Cap Value I has an expense ratio of 1.00%, which is 14% lower than its category average, making the fund expense ratio grade a C. 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 Small Cap Value I has a portfolio turnover rate of 38%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 128% for the Small Value category.
Recently, in the month of July 2026, Cullen Small Cap Value I returned -2.2%, which earned it a grade of F, as the Small Value category had an average return of -0.4%. 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 Small Cap Value I has a trailing yield of 1.28%, which is above the 0.77% 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 Small Cap Value I Grades
Year to date, the fund has returned 8.9%, 11.2 percentage points worse than the category, which translates into a grade of F. The fund has returned 13.1% over the past year (grade of F), 4.8% over the past three years (grade of F) and 4.9% per year over the past five years (grade of F) and 8.1% per year over the past 10 years (grade of F).
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CUSIX 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 |
|
| CUSIX Return (NAV) | -2.2% | 3.8% | 13.1% | 4.8% | 4.9% | 8.1% |
| CUSIX Grade | F | F | F | F | F | F |
| +/- Category | -1.8% | -2.5% | -17.6% | -8.5% | -4.2% | -1.9% |
| Small Value Avg | -0.4% | 6.4% | 30.6% | 13.4% | 9.1% | 9.9% |
| CUSIX Tax Cost Ratio | na | na | 0.5% | 0.9% | 1.6% | 1.5% |
CUSIX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| CUSIX Return (NAV) | 8.9% | -1.2% | 4.8% | 5.8% | 0.4% | 21.9% | 12.1% | 22.8% | -9.7% | 1.8% | 19.2% |
| CUSIX Grade | F | F | F | F | A | F | A | C | A | F | F |
| +/- Category | -11.2% | -7.8% | -4.9% | -10.1% | 10.6% | -8.4% | 8.0% | -0.2% | 5.0% | -8.5% | -5.5% |
| Small Value Avg | 20.1% | 6.6% | 9.7% | 15.8% | -10.3% | 30.3% | 4.1% | 23.0% | -14.7% | 10.2% | 24.7% |
| Risk Measures | |
| Standard Deviation: | 21.0% |
| Total Risk Index: | 1.71 - High |
| Category Risk Index: | 1.16 - High |
| Category Risk Grade: | F (96% Rank) |
| Beta: | 1.00 |
| R-Squared: | 39% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Small-Cap Value |
| Bond Investment Style: | na |
| Yield: | 1.3% |
| Dividend Distribution: | Quarterly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $9 Mil |
| Fund Total Assets: | $ 9 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 38% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 16.8 years | |||
| Average Tenure: 14.5 years | |||
| Managers (Year): Cullen Brooks (2009), Cullen James (2009), Drubetsky Brian (2016) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 35 |
| % in Top 10 Holdings: | 48.9% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 99.6% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.4% |
Purchase Information
| Fund Family: | Cullen Funds Trust |
| Phone Number: | 877-485-8586 |
| Website: | www.cullenfunds.com |
| Status: | Open |
| Inception Date: | October 1, 2009 |
| Min. Initial Purchase: | $1,000,000 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 2.00% |
| 12b-1 Fee: | 0.00% |
Expenses and Fees | |
| Expense Ratio (%): | 1.00% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.17% |
| Share Class: | Cullen Small Cap Value I |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 0 |
