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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
+9.58%
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
$230M
AUM Growth
+$46.3M
Cap. Flow
-$21.9M
Cap. Flow %
-9.53%
Top 10 Hldgs %
35.23%
Holding
95
New
8
Increased
24
Reduced
26
Closed
6

Top Buys

Rank Stock Value
1
T icon
AT&T
T
+$2.73M
2
ENR.PRA
Energizer Holdings, Inc. 7.50% Series A Mandatory Convertible Preferred Stock
ENR.PRA
+$2.52M
3
ACI icon
Albertsons Companies
ACI
+$1.92M
4
AEM icon
Agnico Eagle Mines
AEM
+$1.66M
5
EQC
Equity Commonwealth
EQC
+$1.36M

Top Sells

Rank Stock Value
1
IFFT
International Flavors & Fragrances Inc. 6.00% Tangible Equity Units
IFFT
+$4.34M
2
EPR.PRC icon
EPR Properties 5.75% Series C Preferred Shares
EPR.PRC
+$1.61M
3
RPT.PRD
RPT Realty 7.25% Series D Cumulative Convertible Perpetual Preferred Shares of Beneficial Interest
RPT.PRD
+$1.51M
4
CZWI icon
Citizens Community Bancorp
CZWI
+$1.42M
5
FLG.PRU
Flagstar Bank National Association Bifurcated Option Note Unit Securities
FLG.PRU
+$1.06M

Sector Composition

Rank Sector Weight
1 Financials 21.69%
2 Utilities 8.27%
3 Real Estate 6.54%
4 Healthcare 4.23%
5 Consumer Staples 2.34%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
ABCB icon
26
Ameris Bancorp
ABCB
$5.89B
$1.88M 0.82%
49,447
-5,295
-10% -$171K
AEM icon
27
Agnico Eagle Mines
AEM
$90.5B
$1.57M 0.68%
+22,250
New +$1.66M
FNCB
28
DELISTED
FNCB Bancorp Inc. Common Stock
FNCB
$1.49M 0.65%
233,422
-34,098
-13% -$216K
GABC icon
29
German American Bancorp
GABC
$1.9B
$1.47M 0.64%
44,500
– –
CATC
30
DELISTED
CAMBRIDGE BANCORP
CATC
$1.47M 0.64%
21,000
– –
EPR.PRC icon
31
EPR Properties 5.75% Series C Preferred Shares
EPR.PRC
$148M
$1.28M 0.56%
55,724
-77,199
-58% -$1.61M
FBIZ icon
32
First Business Financial Services
FBIZ
$595M
$1.27M 0.55%
69,000
+10,000
+17% +$181K
SRE.PRB
33
DELISTED
Sempra 6.75% Mandatory Convertible Preferred Stock, Series B
SRE.PRB
$1.15M 0.5%
11,100
-2,475
-18% -$259K
AIG icon
34
American International
AIG
$41.3B
$1.1M 0.48%
29,000
+7,000
+32% +$247K
ORRF icon
35
Orrstown Financial Services
ORRF
$838M
$1.09M 0.48%
66,000
+3,657
+6% +$56.4K
VGM icon
36
Invesco Trust Investment Grade Municipals
VGM
$564M
$1.09M 0.47%
82,563
+1,025
+1% +$13.1K
FLIC
37
DELISTED
First of Long Island Corp
FLIC
$1.06M 0.46%
59,225
+29,550
+100% +$499K
FCCO icon
38
First Community Corp
FCCO
$322M
$1.04M 0.45%
61,000
– –
FRAF icon
39
Franklin Financial Services
FRAF
$280M
$1.02M 0.44%
37,742
-2,945
-7% -$75.5K
FHN icon
40
First Horizon
FHN
$12.1B
$951K 0.41%
74,500
+19,500
+35% +$228K
COFS icon
41
Choiceone Financial
COFS
$510M
$924K 0.4%
30,000
– –
CRWD icon
42
CrowdStrike
CRWD
$218B
$897K 0.39%
+16,948
New +$660K
FXNC icon
43
First National Corp
FXNC
$287M
$870K 0.38%
51,500
+1,965
+4% +$29.7K
LBAI
44
DELISTED
Lakeland Bancorp Inc
LBAI
$838K 0.36%
66,000
– –
MNSB icon
45
MainStreet Bancshares
MNSB
$172M
$782K 0.34%
46,247
+9,000
+24% +$140K
VTRS icon
46
Viatris
VTRS
$18.9B
$722K 0.31%
+38,510
New +$628K
LXP.PRC icon
47
LXP Industrial Trust 6.5% Series C Preferred Stock
LXP.PRC
$95.1M
$475K 0.21%
8,000
– –
FISI icon
48
Financial Institutions
FISI
$821M
$428K 0.19%
19,000
+1,000
+6% +$19.4K
HWC icon
49
Hancock Whitney
HWC
$6.24B
$425K 0.18%
12,500
– –
SSB icon
50
SouthState Bank Corp
SSB
$10.5B
$416K 0.18%
5,755
-20
-0.3% -$1.31K
1
2
3

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Cutler Capital Management's Q4 2020 Portfolio in Review

As of Q4 2020, Cutler Capital Management held 95 positions worth $230M, up 25% from $184M the previous quarter. Its ten largest holdings account for 35% of the portfolio.

Cutler Capital Management withdrew a net $21.9M in Q4 2020, closing 6 positions and reducing 26 holdings. Its most notable exit was International Flavors & Fragrances Inc. 6.00% Tangible Equity Units, an estimated $4.34M position sold in full.

By sector, the portfolio is most concentrated in Financials at 22% of assets, up from 21% a quarter earlier, followed by Utilities and Real Estate.

Against the trend, Cutler Capital Management opened a new position in AT&T worth $2.75M.

  • Cutler Capital Management's largest Q4 2020 buy was AT&T: 126,651 shares worth $2.75M.
  • Cutler Capital Management added most to Equity Commonwealth in Q4 2020, an estimated $1.36M increase.
  • Cutler Capital Management's biggest Q4 2020 reduction was EPR Properties 5.75% Series C Preferred Shares, cutting an estimated $1.61M.
  • Cutler Capital Management fully exited International Flavors & Fragrances Inc. 6.00% Tangible Equity Units in Q4 2020, selling an estimated $4.34M.
  • Cutler Capital Management's ten largest holdings make up 35% of its $230M portfolio in Q4 2020.
  • Cutler Capital Management opened 8 new positions and closed 6 in Q4 2020.
  • Cutler Capital Management's portfolio value rose 25% quarter-over-quarter to $230M.

Based on Cutler Capital Management's 13F filing for Q4 2020, filed 28 Jan 2021.