Analyzing Changes in Holdings for Cullinan Associates Inc. Fund in Q1 2023: Notable Shifts and Interesting Trends

As we close out Q1 of 2023, it's always interesting to take a look back at the changes in holdings for the Cullinan Associates Inc. fund. Looking at the 13F Holdings Comparison CSV for the period spanning Q4 of 2022 through Q1 of 2023, we can see some notable shifts in the fund's investments.

One of the most significant changes was in the fund's holdings of Wal-Mart Stores Inc (WMT). In Q4 of 2022, the fund held over 1.5 million shares of the retail giant, valued at $225,693,000. However, in Q1 of 2023, the fund's holdings in WMT had decreased to just over 470,000 shares, valued at $69,356,000. This represents a 69.3% decrease in shares held and a significant drop in value for the fund.

While there were many other holdings that increased in value for the fund, the bulk of the increases were concentrated in a small number of companies. For example, the fund's holdings in Apple Inc. (AAPL) increased by 36%, from 657,677 shares in Q4 of 2022 to 704,747 shares in Q1 of 2023. Additionally, the fund's holdings in S&P Global Inc. (SPGI) increased by 2.5%, from 130,759 shares to 130,200 shares. Furthermore, the fund's holdings in Adobe Inc. (ADBE) increased by 38.6%, from 31,362 shares to 37,960 shares.

While there were many holdings that increased in value for the fund, there were also a few holdings that decreased in value. The largest decrease in value was seen in CVS Health Corp (CVS), with the fund's holdings dropping from 190,117 shares in Q4 of 2022 to 195,543 shares in Q1 of 2023. The value of those shares also dropped from $17,717,000 to $14,530,000, a decrease of 18%.

Looking at the changes in the fund's holdings across different sectors, we can see some interesting trends. The Consumer Defensive sector saw a significant decrease in value, with the fund's holdings dropping from $203,447,000 in Q4 of 2022 to $167,327,000 in Q1 of 2023, a decrease of 17.7%.

In contrast, the Information Technology sector saw an increase in value for the fund, with holdings increasing from $375,154,000 in Q4 of 2022 to $456,625,000 in Q1 of 2023, an increase of 21.7%. This was largely due to increases in the fund's holdings in Apple Inc. (AAPL) and Texas Instruments (TXN).

Finally, it's interesting to note that while the fund's holdings in several companies saw significant increases, the fund also increased its holdings of new companies such as PagerDuty, Inc. (PD) and Coinbase Global Inc. (COIN), with the fund purchasing 200,000 shares of each company.

In conclusion, looking at the changes in holdings for the Cullinan Associates Inc. fund across the period of Q4 of 2022 through Q1 of 2023, it's clear that the fund made some significant shifts in its investments. While some holdings increased in value, such as AAPL and SPGI, others saw significant decreases, most notably WMT. It will be interesting to continue to track these changes in the coming quarters and see how the fund continues to navigate the ever-changing investment landscape.