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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
+1.17%
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
$265M
AUM Growth
+$4M
Cap. Flow
-$19.5M
Cap. Flow %
-7.36%
Top 10 Hldgs %
29.86%
Holding
115
New
10
Increased
49
Reduced
13
Closed
6

Top Buys

Rank Stock Value
1
IFF icon
International Flavors & Fragrances
IFF
+$7.43M
2
CNP.PRB
CenterPoint Energy, Inc. Depositary Shares Each Representing a 1/20th Interest in a Share of 7.00% S
CNP.PRB
+$7.12M
3
ENR.PRA
Energizer Holdings, Inc. 7.50% Series A Mandatory Convertible Preferred Stock
ENR.PRA
+$1.91M
4
FXNC icon
First National Corp
FXNC
+$1.42M
5
FHN icon
First Horizon
FHN
+$1.01M

Top Sells

Rank Stock Value
1
IFFT
International Flavors & Fragrances Inc. 6.00% Tangible Equity Units
IFFT
+$7.7M
2
FTV.PRA
Fortive Corporation 5.00% Mandatory Convertible Preferred Stock, Series A
FTV.PRA
+$6.17M
3
FLG.PRU
Flagstar Bank National Association Bifurcated Option Note Unit Securities
FLG.PRU
+$1.57M
4
ACI icon
Albertsons Companies
ACI
+$534K
5
LXP.PRC icon
LXP Industrial Trust 6.5% Series C Preferred Stock
LXP.PRC
+$482K

Sector Composition

Rank Sector Weight
1 Financials 26.77%
2 Real Estate 6.79%
3 Healthcare 5.74%
4 Materials 4.44%
5 Consumer Staples 3.17%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
CCI icon
26
Crown Castle
CCI
$32.2B
$2.48M 0.94%
14,300
– –
ABCB icon
27
Ameris Bancorp
ABCB
$5.89B
$2.31M 0.87%
44,475
-3,652
-8% -$178K
ORRF icon
28
Orrstown Financial Services
ORRF
$838M
$2.29M 0.87%
98,000
+24,562
+33% +$570K
CATC
29
DELISTED
CAMBRIDGE BANCORP
CATC
$2.16M 0.81%
24,500
+244
+1% +$20.5K
FNCB
30
DELISTED
FNCB Bancorp Inc. Common Stock
FNCB
$2.02M 0.76%
244,970
+949
+0.4% +$7.33K
ENBL
31
DELISTED
ENABLE MIDSTREAM PARTNERS, LP
ENBL
$2.01M 0.76%
247,100
+28,000
+13% +$229K
D icon
32
Dominion Energy
D
$59.3B
$1.86M 0.7%
25,476
– –
FHN icon
33
First Horizon
FHN
$12.1B
$1.81M 0.68%
111,000
+63,500
+134% +$1.01M
GABC icon
34
German American Bancorp
GABC
$1.9B
$1.78M 0.67%
46,000
– –
AIG icon
35
American International
AIG
$41.8B
$1.76M 0.66%
32,000
+1,000
+3% +$51.5K
LBAI
36
DELISTED
Lakeland Bancorp Inc
LBAI
$1.64M 0.62%
93,000
+13,500
+17% +$224K
VTRS icon
37
Viatris
VTRS
$19.1B
$1.61M 0.61%
118,522
+30,127
+34% +$427K
FCCO icon
38
First Community Corp
FCCO
$322M
$1.54M 0.58%
78,000
– –
EQC
39
DELISTED
Equity Commonwealth
EQC
$1.53M 0.58%
58,940
-900
-2% -$23.7K
MNSB icon
40
MainStreet Bancshares
MNSB
$172M
$1.2M 0.45%
50,000
+1,500
+3% +$35.4K
EPR.PRC icon
41
EPR Properties 5.75% Series C Preferred Shares
EPR.PRC
$148M
$1.19M 0.45%
45,448
– –
VGM icon
42
Invesco Trust Investment Grade Municipals
VGM
$564M
$1.17M 0.44%
85,407
+904
+1% +$12.7K
COFS icon
43
Choiceone Financial
COFS
$510M
$1.11M 0.42%
45,000
+2,500
+6% +$61.4K
FRAF icon
44
Franklin Financial Services
FRAF
$280M
$1.07M 0.4%
33,742
-4,000
-11% -$130K
FLIC
45
DELISTED
First of Long Island Corp
FLIC
$1.03M 0.39%
50,254
-6,500
-11% -$137K
FISI icon
46
Financial Institutions
FISI
$821M
$996K 0.38%
32,500
+7,500
+30% +$227K
HWC icon
47
Hancock Whitney
HWC
$6.24B
$471K 0.18%
10,000
– –
PBCT
48
DELISTED
People's United Financial Inc
PBCT
$397K 0.15%
22,743
– –
SPY icon
49
State Street SPDR S&P 500 ETF Trust
SPY
$823B
$369K 0.14%
859
+244
+40% +$108K
KEY icon
50
KeyCorp
KEY
$24.4B
$357K 0.13%
16,490
-480
-3% -$9.7K
1
2
3

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Cutler Capital Management's Q3 2021 Portfolio in Review

As of Q3 2021, Cutler Capital Management held 115 positions worth $265M, up 1.5% from $261M the previous quarter. Its ten largest holdings account for 30% of the portfolio.

Cutler Capital Management withdrew a net $19.5M in Q3 2021, closing 6 positions and reducing 13 holdings. Its most notable exit was International Flavors & Fragrances Inc. 6.00% Tangible Equity Units, an estimated $7.7M position sold in full.

By sector, the portfolio is most concentrated in Financials at 27% of assets, up from 25% a quarter earlier, followed by Real Estate and Healthcare.

Against the trend, Cutler Capital Management opened a new position in International Flavors & Fragrances worth $6.76M.

  • Cutler Capital Management's largest Q3 2021 buy was International Flavors & Fragrances: 50,594 shares worth $6.76M.
  • 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 Q3 2021, an estimated $7.12M increase.
  • Cutler Capital Management's biggest Q3 2021 reduction was Flagstar Bank National Association Bifurcated Option Note Unit Securities, cutting an estimated $1.57M.
  • Cutler Capital Management fully exited International Flavors & Fragrances Inc. 6.00% Tangible Equity Units in Q3 2021, selling an estimated $7.7M.
  • Cutler Capital Management's ten largest holdings make up 30% of its $265M portfolio in Q3 2021.
  • Cutler Capital Management opened 10 new positions and closed 6 in Q3 2021.
  • Cutler Capital Management's portfolio value rose 1.5% quarter-over-quarter to $265M.

Based on Cutler Capital Management's 13F filing for Q3 2021, filed 12 Nov 2021.