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CCM

Cutler Capital Management Portfolio holdings

AUM $370M
1-Year Est. Return 15.34%
This Fund
S&P 500
This Quarter Est. Return
-16.02%
1 Year Est. Return
+15.34%
3 Year Est. Return
+34.05%
5 Year Est. Return
+30.59%
10 Year Est. Return
+61.15%
AUM
$198M
AUM Growth
-$86.4M
Cap. Flow
-$47.4M
Cap. Flow %
-23.98%
Top 10 Hldgs %
29.61%
Holding
114
New
6
Increased
38
Reduced
20
Closed
14

Top Buys

Rank Stock Value
1
CNP.PRB
CenterPoint Energy, Inc. Depositary Shares Each Representing a 1/20th Interest in a Share of 7.00% S
CNP.PRB
+$1.59M
2
SRE.PRB
Sempra 6.75% Mandatory Convertible Preferred Stock, Series B
SRE.PRB
+$1.56M
3
DAL icon
Delta Air Lines
DAL
+$1.41M
4
COFS icon
Choiceone Financial
COFS
+$1.34M
5
FTV.PRA
Fortive Corporation 5.00% Mandatory Convertible Preferred Stock, Series A
FTV.PRA
+$1.14M

Top Sells

Rank Stock Value
1
MGP
MGM Growth Properties LLC Class A common shares representing limited liability company interests
MGP
+$5.88M
2
CCI icon
Crown Castle
CCI
+$2.76M
3
LXP icon
LXP Industrial Trust
LXP
+$1.77M
4
AAPL icon
Apple
AAPL
+$1.09M
5
MNSB icon
MainStreet Bancshares
MNSB
+$816K

Sector Composition

Rank Sector Weight
1 Financials 22.74%
2 Real Estate 7.41%
3 Healthcare 2.47%
4 Utilities 2.29%
5 Consumer Staples 1%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
SRE.PRA
26
DELISTED
Sempra Energy 6% Mandatory Convertible Preferred Stock, Series A
SRE.PRA
$1.44M 0.73%
15,600
+6,475
+71% +$738K
FRAF icon
27
Franklin Financial Services
FRAF
$280M
$1.42M 0.72%
51,688
– –
SRE.PRB
28
DELISTED
Sempra 6.75% Mandatory Convertible Preferred Stock, Series B
SRE.PRB
$1.3M 0.66%
+13,875
New +$1.56M
SRC
29
DELISTED
SPIRIT REALTY CAPITAL, INC.
SRC
$1.3M 0.66%
49,800
– –
GABC icon
30
German American Bancorp
GABC
$1.9B
$1.22M 0.62%
44,500
– –
COFS icon
31
Choiceone Financial
COFS
$510M
$1.2M 0.61%
+47,399
New +$1.34M
DAL icon
32
Delta Air Lines
DAL
$60.1B
$1.14M 0.57%
39,825
+28,525
+252% +$1.41M
WEBK
33
DELISTED
Wellesley Bancorp, Inc.
WEBK
$1.01M 0.51%
36,775
+868
+2% +$32.9K
ORRF icon
34
Orrstown Financial Services
ORRF
$838M
$968K 0.49%
70,300
+147
+0.2% +$2.81K
VGM icon
35
Invesco Trust Investment Grade Municipals
VGM
$564M
$968K 0.49%
80,063
+916
+1% +$11.7K
FLIC
36
DELISTED
First of Long Island Corp
FLIC
$960K 0.49%
55,350
-800
-1% -$16.7K
FCCO icon
37
First Community Corp
FCCO
$322M
$959K 0.49%
61,000
– –
MRK icon
38
Merck
MRK
$318B
$923K 0.47%
12,576
+3,773
+43% +$297K
FBIZ icon
39
First Business Financial Services
FBIZ
$595M
$814K 0.41%
52,500
– –
SJIU
40
DELISTED
South Jersey Industries, Inc.
SJIU
– –
0
– –
FCBP
41
DELISTED
First Choice Bancorp Common Stock
FCBP
$735K 0.37%
49,000
+2,280
+5% +$51.2K
FXNC icon
42
First National Corp
FXNC
$287M
$728K 0.37%
48,500
+7,500
+18% +$142K
MNSB icon
43
MainStreet Bancshares
MNSB
$172M
$670K 0.34%
40,000
-39,398
-50% -$816K
VSBN
44
DELISTED
VSB BANCORP INC (NY)
VSBN
$598K 0.3%
+29,900
New +$598K
LBAI
45
DELISTED
Lakeland Bancorp Inc
LBAI
$595K 0.3%
55,000
– –
PEO
46
Adams Natural Resources Fund
PEO
$725M
$456K 0.23%
57,171
+5,198
+10% +$66.2K
LXP.PRC icon
47
LXP Industrial Trust 6.5% Series C Preferred Stock
LXP.PRC
$95.1M
$440K 0.22%
10,000
-627
-6% -$34.4K
FISI icon
48
Financial Institutions
FISI
$821M
$327K 0.17%
18,000
+7,000
+64% +$188K
CSFL
49
DELISTED
CenterState Bank Corporation Common Stock
CSFL
$313K 0.16%
18,185
+4,400
+32% +$95.3K
FHN icon
50
First Horizon
FHN
$12.1B
$302K 0.15%
+37,500
New +$520K
1
2
3

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Cutler Capital Management's Q1 2020 Portfolio in Review

As of Q1 2020, Cutler Capital Management held 114 positions worth $198M, down 30% from $284M the previous quarter. Its ten largest holdings account for 30% of the portfolio.

Cutler Capital Management withdrew a net $47.4M in Q1 2020, closing 14 positions and reducing 20 holdings. Its most notable exit was MGM Growth Properties LLC Class A common shares representing limited liability company interests, an estimated $5.88M position sold in full.

By sector, the portfolio is most concentrated in Financials at 23% of assets, down from 26% a quarter earlier, followed by Real Estate and Healthcare.

Against the trend, Cutler Capital Management opened a new position in Sempra 6.75% Mandatory Convertible Preferred Stock, Series B worth $1.3M.

  • Cutler Capital Management's largest Q1 2020 buy was Sempra 6.75% Mandatory Convertible Preferred Stock, Series B: 13,875 shares worth $1.3M.
  • Cutler Capital Management added most to CenterPoint Energy, Inc. Depositary Shares Each Representing a 1/20th Interest in a Share of 7.00% S in Q1 2020, an estimated $1.59M increase.
  • Cutler Capital Management's biggest Q1 2020 reduction was Crown Castle, cutting an estimated $2.76M.
  • Cutler Capital Management fully exited MGM Growth Properties LLC Class A common shares representing limited liability company interests in Q1 2020, selling an estimated $5.88M.
  • Cutler Capital Management's ten largest holdings make up 30% of its $198M portfolio in Q1 2020.
  • Cutler Capital Management opened 6 new positions and closed 14 in Q1 2020.
  • Cutler Capital Management's portfolio value fell 30% quarter-over-quarter to $198M.

Based on Cutler Capital Management's 13F filing for Q1 2020, filed 12 May 2020.