Cullinan's Portfolio Rebalance
Cullinan Associates Trims Exposure in Dynatrace, NYT, Deere, and Atlassian
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Key Points
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In Dynatrace (DT), while Cullinan trimmed 50% to 54,500 shares, other hedge funds also adjusted positions in the quarter—Cim LLC up to 22,184 shares (~$1.08M), Orion Portfolio Solutions LLC to 16,983 shares (~$823k), GAMMA Investing LLC to 3,460 shares (~$150k), Assetmark Inc. to 36,629 shares (~$1.59M) and Northwestern Mutual Wealth Management Co. to 1,548 shares (~$85k). Citigroup meanwhile cut DT's price objective from $60 to $50 while maintaining a Buy rating.
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New York Times (NYT) shows very high institutional ownership (about 95.37%), with major holders increasing or initiating stakes: AQR Capital Management to 6,241,489 shares (+35.3% in the 4Q), Wellington Management to 5,211,824 shares (+9.3%), Berkshire Hathaway establishing a new stake in 4Q (~$351.7M), State Street to 5,027,198 shares, and Geode Capital Management to 3,922,565 shares.
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Deere & Company (DE): Cullinan reduced its stake by 8.9% to 20,804 shares (0.9% of Cullinan’s total and 27th largest holding). In contrast, several other institutions increased their Deere positions in 4Q: Vanguard up to 22,583,185 shares (+0.9%), State Street to 10,485,949 (+0.9%), Capital World Investors up to 9,592,004 (+53.9%), Price T. Rowe Associates to 7,692,877 (+2.1%), and Geode Capital to 5,600,552 (+0.3%).
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Atlassian Corporation PLC (TEAM): Cullinan cut its stake by 49.7% to 9,058 shares (~$618k). Other institutional moves in TEAM included Citizens Financial Group RI boosting to 3,768 shares, Fifth Third Bancorp up to 14,120 shares, Candriam S.C.A. to 55,699 shares, Sequoia Financial Advisors to 8,370 shares, and HSBC Holdings PLC to 173,242 shares, with institutions owning about 94.45% of the stock.
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Analyst coverage note: Evercore restated an outperform rating on NYT and set a $92.00 target price, reflecting ongoing attention from the analyst community even as institutional activity remains concentrated among leading holders.
Cullinan Associates Inc. trimmed its holdings across several major stocks in the first quarter, with cuts ranging from 8.9% to nearly 86% across tech, media, and industrial names, according to Ticker Report and Watchlist News. The firm's biggest moves included slashing its Dynatrace stake by 50% and cutting Atlassian by nearly half.
The wave of selling was not limited to one sector. Cullinan also reduced positions in Electronic Arts by 85.6%, UnitedHealth Group by 36.4%, Morgan Stanley by 42.8%, and CME Group by 20.8% in the same quarter, per Watchlist News and Ticker Report. The pattern points to targeted pruning rather than a full portfolio overhaul.
Dynatrace and Atlassian See Steepest Cuts
Cullinan cut its Dynatrace (DT) position by 50%, dropping to 54,500 shares worth about $2.02 million, according to Watchlist News. At the same time, Citigroup lowered its price target on DT from $60 to $50, while keeping a Buy rating. Other funds moved in the opposite direction — Assetmark Inc. grew its DT stake to 36,629 shares worth roughly $1.59 million, and Cim LLC climbed to 22,184 shares worth about $1.08 million.
Atlassian (TEAM) took an even bigger hit from Cullinan, which cut its stake by 49.7% to just 9,058 shares worth around $618,000. Yet broader institutional interest in TEAM remained firm. HSBC Holdings PLC held 173,242 shares, and Candriam S.C.A. grew its position to 55,699 shares. Institutions own about 94.45% of Atlassian's stock overall.
New York Times Draws Major Institutional Interest
Cullinan reduced its New York Times (NYT) stake by 29.3%, holding 102,672 shares worth about $8.60 million. But the broader picture tells a very different story. Institutions own roughly 95.37% of NYT shares. Berkshire Hathaway established a brand new position in the fourth quarter worth approximately $351.7 million — a major vote of confidence from Warren Buffett's firm.
Other large funds also added to NYT. AQR Capital Management grew its stake by 35.3% to 6,241,489 shares. Wellington Management rose 9.3% to 5,211,824 shares. Evercore kept an outperform rating on the stock and set a $92.00 price target, signaling that analyst confidence in NYT remains high even as some funds trim.
Deere Position Trimmed as Big Funds Buy More
Cullinan cut its Deere & Company (DE) stake by 8.9%, settling at 20,804 shares worth about $11.72 million. That makes it Cullinan's 27th-largest holding, equal to 0.9% of its total portfolio. The move was modest compared to other cuts, but it still ran against the grain of what major funds were doing.
Vanguard grew its Deere position to 22,583,185 shares, up 0.9%. Capital World Investors made the boldest move, jumping 53.9% to reach 9,592,004 shares. State Street held 10,485,949 shares, also up 0.9%. While Cullinan pulled back slightly, the world's largest asset managers were adding to their Deere exposure at the same time.
Broader Cullinan Selloff Spans Multiple Sectors
The trimming at Cullinan went well beyond the four headline names. The firm sold 60,774 shares of Electronic Arts, cutting that position by 85.6% to just 10,189 shares, per Ticker Report. It also slashed UnitedHealth Group by 36.4% to 4,154 shares, and cut Morgan Stanley by 42.8% to 15,295 shares, according to Watchlist News.
CME Group fell 20.8% in Cullinan's portfolio, dropping to 30,687 shares after the firm sold 8,066 shares. Taken together, the Q1 moves show a firm actively reducing risk across tech, healthcare, financials, and industrials — not just one corner of the market.
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