Cullen's Active Rebalance
Cullen Capital Management Rebalances Portfolio, Boosting Enbridge While Trimming Other Major Holdings
Key Points
Cullen Capital Management reported adding 33,797 Enbridge shares in the fourth quarter, taking its stake to 1,063,905 shares worth about $50.887 million (per its most recent SEC filing).
In PPG Industries, Norges Bank “acquired a new stake” in the fourth quarter valued at approximately $209.355 million—alongside large increases by other institutions.
For Coca-Cola Europacific Partners (CCEP), Norges Bank bought a new position in the fourth quarter valued at about $363.294 million, while Lazard Asset Management increased its stake by 310.4% (to 2,329,999 shares).
Cullen’s Johnson Controls International (JCI) position was about 2.3% of its portfolio and ranked as its 15th biggest holding; Cullen held 1,728,794 shares after selling 120,535 shares in the fourth quarter.
CCEP was also covered recently by Wells Fargo, which initiated coverage with an “overweight” rating and a $110.00 price target (per the filing-related coverage in one of the reports).
Cullen Capital Management LLC added 33,797 shares of Enbridge Inc. in the fourth quarter, bringing its total stake to 1,063,905 shares worth about $50.9 million, according to MarketBeat. The New York-based value manager made the Enbridge buy even as it trimmed several other large holdings, signaling a selective shift rather than a broad retreat.
The moves came alongside dramatic action from other big institutions. Norges Bank — Norway's central bank and one of the world's largest sovereign wealth funds — entered new positions in both PPG Industries ($209.4 million) and Coca-Cola Europacific Partners ($363.3 million) during the same period, per SEC filings.
Cullen Bets on Enbridge While Cutting Industrials
Cullen added Enbridge shares while cutting stakes in Johnson Controls International and PPG Industries. It sold 120,535 Johnson Controls shares — a 6.5% reduction — leaving a position worth about $207 million, per SEC filings. Johnson Controls is now Cullen's 15th-largest holding, making up roughly 2.3% of its portfolio.
Cullen also trimmed PPG Industries by 4.8%, to roughly $39.6 million, and cut Coca-Cola Europacific Partners by 5.6%, to about $44.5 million. Enbridge is a pipeline giant known for steady dividends and utility-like cash flows — exactly the kind of stock a value-focused income manager tends to favor in a late-cycle market.
Norges Bank and Lazard Rush Into Stocks Cullen Is Leaving
While Cullen was selling CCEP, Lazard Asset Management went the other way — increasing its CCEP stake by 310.4% to 2,329,999 shares, according to Fintel. Norges Bank simultaneously opened a brand-new $363.3 million position in the same stock. That kind of divergence is rare and suggests very different views on CCEP's value.
The same split happened in PPG. Cullen trimmed its stake, but Norges Bank bought a new $209.4 million position and Pzena Investment Management raised its holdings by 306%, per SEC filings. Wellington Management also added shares. These are major institutions moving in opposite directions from Cullen — not a consensus exit.
Wells Fargo Goes Bullish on CCEP, JCI Raises Guidance
On June 12, 2026, Wells Fargo analyst Chris Carey started coverage of Coca-Cola Europacific Partners with an "overweight" rating and a $110.00 price target, according to TipRanks. Carey cited CCEP's "critical role in the Coca-Cola system" and its growth into the world's largest Coca-Cola distribution partner by revenue.
Johnson Controls also delivered strong news in May. CEO Joakim Weidemanis said "orders grew 30% and backlog reached a record $20 billion, reflecting strength in data centers," and raised full-year guidance, per PR Newswire. Some analysts have since set price targets as high as $180 on JCI — making Cullen's trim look like early profit-taking.
What Cullen's Moves Say About the Broader Market
Cullen's strategy points to what analysts call "defensive growth" — favoring stable income from energy infrastructure while locking in gains from industrials that have rallied hard. Enbridge fits that mold perfectly. Its pipelines generate predictable cash flows, and its dividend yield makes it attractive as interest rates remain elevated.
The wider picture is one of institutional divergence. Sovereign funds like Norges Bank are building long-term anchor positions in global consumer and industrial names. Active managers like Cullen are making tactical cuts. Neither approach is wrong — they reflect different time horizons and very different mandates, according to Fintel.
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