Fund Evaluator:
Cullen Value Retail (CVLEX)
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Best Performing in Large Value Over the Last Year
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Fund Details
Cullen Value Retail Overview
Cullen Value Retail (CVLEX) is an actively managed U.S. Equity Large Value fund. Cullen Funds Trust launched the fund in 2012.
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 common stocks of companies across all market capitalizations. It may invest up to 30% of its assets in foreign securities, including up to 10% of its assets in securities of emerging market issuers. The fund generally invests substantially all of its assets in common stocks and ADRs but may invest in other equity securities.
About Cullen Value Retail (CVLEX)
There are 3 members of the management team with an average tenure of 13.30 years: Brooks Cullen (2012), Jennifer Chang (2014), James Cullen (2012). 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 Value Retail has 43 securities in its portfolio. The top 10 holdings constitute 37.3% 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 Value Retail is part of the Equity global asset class and is within the U.S. Equity fund group. Cullen Value Retail has 11.5% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 86.9%. There is 11.5% 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 Value Retail has 1.6% of the portfolio in cash.
Assets Under Management
The fund has $2 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.
CVLEX 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 Value Retail expense ratio is high compared to funds in the Large Value category. Cullen Value Retail has an expense ratio of 1.00%, which is 8% higher than its category average, making the fund expense ratio grade a D. 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 Value Retail has a portfolio turnover rate of 19%, indicating that holds its assets around 0.1 years. By way of comparison, the average portfolio turnover is 62% for the Large Value category.
Recently, in the month of June 2026, Cullen Value Retail returned 5.2%, which earned it a grade of A, as the Large Value category had an average return of 1.6%. 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 Value Retail has a trailing yield of 1.27%, which is above the 1.25% 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 Value Retail Grades
Year to date, the fund has returned 17.7%, 6.6 percentage points better than the category, which translates into a grade of A. The fund has returned 30.3% over the past year (grade of A), 16.7% over the past three years (grade of B) and 10.2% per year over the past five years (grade of C) and 10.9% per year over the past 10 years (grade of D).
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CVLEX Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| CVLEX Return (NAV) | 5.2% | 14.2% | 30.3% | 16.7% | 10.2% | 10.9% |
| CVLEX Grade | A | A | A | B | C | D |
| +/- Category | 3.6% | 4.4% | 9.3% | 0.8% | -0.2% | -0.4% |
| Large Value Avg | 1.6% | 9.8% | 21.0% | 15.9% | 10.4% | 11.3% |
| CVLEX Tax Cost Ratio | na | na | 1.1% | 1.5% | 1.9% | 2.0% |
CVLEX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| CVLEX Return (NAV) | 17.7% | 20.4% | 9.3% | 5.2% | -5.7% | 20.1% | 1.9% | 24.1% | -5.2% | 17.6% | 13.9% |
| CVLEX Grade | A | A | F | F | C | F | D | D | A | B | C |
| +/- Category | 6.6% | 5.2% | -4.8% | -6.7% | 0.3% | -5.7% | -1.9% | -1.5% | 3.3% | 1.2% | -0.7% |
| Large Value Avg | 11.1% | 15.2% | 14.1% | 11.8% | -6.1% | 25.8% | 3.8% | 25.6% | -8.5% | 16.4% | 14.5% |
| Risk Measures | |
| Standard Deviation: | 12.0% |
| Total Risk Index: | 0.99 - Average |
| Category Risk Index: | 0.99 - Average |
| Category Risk Grade: | C (49% Rank) |
| Beta: | 0.72 |
| R-Squared: | 60% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Value |
| Bond Investment Style: | na |
| Yield: | 1.3% |
| Dividend Distribution: | Quarterly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $32 Mil |
| Fund Total Assets: | $ 2 Mil |
| Share Class Type: | Adv |
| Portfolio Turnover: | 19% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 13.8 years | |||
| Average Tenure: 13.3 years | |||
| Managers (Year): Cullen Brooks (2012), Cullen James (2012), Chang Jennifer (2014) | |||
Portfolio Composition (as of 12/31/25)
| # of Holdings: | 43 |
| % in Top 10 Holdings: | 37.3% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 11.5% |
Portfolio Allocation |
|
| Domestic Stock: | 86.9% |
| Foreign Stock: | 11.5% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 1.6% |
Purchase Information
| Fund Family: | Cullen Funds Trust |
| Phone Number: | 877-485-8586 |
| Website: | www.cullenfunds.com |
| Status: | Open |
| Inception Date: | August 31, 2012 |
| Min. Initial Purchase: | $1,000 |
| Min. Initial IRA Purchase: | $ 250 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 2.00% |
| 12b-1 Fee: | 0.25% |
Expenses and Fees | |
| Expense Ratio (%): | 1.00% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.93% |
| Share Class: | Cullen Value I |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 50 |
