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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
-6.1%
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
$216M
AUM Growth
-$43.4M
Cap. Flow
-$15M
Cap. Flow %
-6.96%
Top 10 Hldgs %
31.84%
Holding
112
New
3
Increased
52
Reduced
16
Closed
10

Top Buys

Rank Stock Value
1
ALRS icon
Alerus Financial
ALRS
+$3.63M
2
RPT.PRD
RPT Realty 7.25% Series D Cumulative Convertible Perpetual Preferred Shares of Beneficial Interest
RPT.PRD
+$1.1M
3
XRN
Chiron Real Estate Inc
XRN
+$920K
4
SHEL icon
Shell
SHEL
+$865K
5
APLE icon
Apple Hospitality REIT
APLE
+$689K

Top Sells

Rank Stock Value
1
D icon
Dominion Energy
D
+$4.72M
2
FHN icon
First Horizon
FHN
+$1.16M
3
COFS icon
Choiceone Financial
COFS
+$874K
4
ORRF icon
Orrstown Financial Services
ORRF
+$662K
5
HCI icon
HCI Group
HCI
+$592K

Sector Composition

Rank Sector Weight
1 Financials 30.33%
2 Healthcare 8.25%
3 Real Estate 5.74%
4 Consumer Staples 5.07%
5 Materials 4.81%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
FXNC icon
26
First National Corp
FXNC
$287M
$2.79M 1.29%
182,243
+1,743
+1% +$29.9K
VZ icon
27
Verizon
VZ
$196B
$2.61M 1.21%
68,816
+1,482
+2% +$66K
CATC
28
DELISTED
CAMBRIDGE BANCORP
CATC
$2.54M 1.18%
31,900
+3,200
+11% +$263K
VICI icon
29
VICI Properties
VICI
$29.4B
$2.25M 1.04%
75,457
+8,532
+13% +$282K
ABCB icon
30
Ameris Bancorp
ABCB
$5.89B
$2.01M 0.93%
45,026
-1,837
-4% -$84.2K
HCI icon
31
HCI Group
HCI
$2.41B
$1.97M 0.91%
50,318
-10,316
-17% -$592K
FNCB
32
DELISTED
FNCB Bancorp Inc. Common Stock
FNCB
$1.9M 0.88%
252,581
-8,508
-3% -$67.1K
MNSB icon
33
MainStreet Bancshares
MNSB
$172M
$1.81M 0.84%
79,182
+11,531
+17% +$271K
HBI
34
DELISTED
Hanesbrands
HBI
$1.76M 0.81%
252,338
+27,293
+12% +$268K
ORRF icon
35
Orrstown Financial Services
ORRF
$838M
$1.72M 0.8%
72,000
-26,000
-27% -$662K
XRN
36
Chiron Real Estate Inc
XRN
$477M
$1.63M 0.75%
38,226
+16,682
+77% +$920K
LBAI
37
DELISTED
Lakeland Bancorp Inc
LBAI
$1.55M 0.72%
97,000
– –
AIG icon
38
American International
AIG
$41.3B
$1.54M 0.72%
32,500
+500
+2% +$26.3K
FCCO icon
39
First Community Corp
FCCO
$322M
$1.36M 0.63%
77,896
– –
EBMT icon
40
Eagle Bancorp Montana
EBMT
$190M
$1.32M 0.61%
69,500
+1,499
+2% +$29K
FRAF icon
41
Franklin Financial Services
FRAF
$280M
$1.05M 0.49%
33,251
-567
-2% -$18K
MET icon
42
MetLife
MET
$62.1B
$1.05M 0.48%
165,280
+566
+0.3% +$36.2K
EPR.PRC icon
43
EPR Properties 5.75% Series C Preferred Shares
EPR.PRC
$148M
$961K 0.45%
55,613
+3,350
+6% +$74.8K
FISI icon
44
Financial Institutions
FISI
$821M
$867K 0.4%
36,000
+1,000
+3% +$26K
VGM icon
45
Invesco Trust Investment Grade Municipals
VGM
$564M
$806K 0.37%
86,117
– –
FLIC
46
DELISTED
First of Long Island Corp
FLIC
$765K 0.35%
44,349
-844
-2% -$15.6K
PACWP
47
DELISTED
PacWest Bancorp Depositary Shares Each Representing a 1/40th Interest in a Share of % Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A
PACWP
$645K 0.3%
26,050
+1,700
+7% +$43.6K
RCA
48
DELISTED
Ready Capital Corporation 7.00% Convertible Senior Notes due 2023
RCA
$642K 0.3%
25,690
+4,550
+22% +$114K
AJXA
49
DELISTED
Great Ajax Corp.7.25% Convertible Senior Notes due 2024
AJXA
$629K 0.29%
26,346
+3,649
+16% +$90.5K
APLE icon
50
Apple Hospitality REIT
APLE
$3.82B
$611K 0.28%
+43,432
New +$689K
1
2
3

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Cutler Capital Management's Q3 2022 Portfolio in Review

As of Q3 2022, Cutler Capital Management held 112 positions worth $216M, down 17% from $259M the previous quarter. Its ten largest holdings account for 32% of the portfolio.

Cutler Capital Management withdrew a net $15M in Q3 2022, closing 10 positions and reducing 16 holdings. Its most notable exit was Dominion Energy, an estimated $4.72M position sold in full.

By sector, the portfolio is most concentrated in Financials at 30% of assets, up from 29% a quarter earlier, followed by Healthcare and Real Estate.

Against the trend, Cutler Capital Management opened a new position in Alerus Financial worth $3.4M.

  • Cutler Capital Management's largest Q3 2022 buy was Alerus Financial: 153,866 shares worth $3.4M.
  • Cutler Capital Management added most to RPT Realty 7.25% Series D Cumulative Convertible Perpetual Preferred Shares of Beneficial Interest in Q3 2022, an estimated $1.1M increase.
  • Cutler Capital Management's biggest Q3 2022 reduction was Orrstown Financial Services, cutting an estimated $662K.
  • Cutler Capital Management fully exited Dominion Energy in Q3 2022, selling an estimated $4.72M.
  • Cutler Capital Management's ten largest holdings make up 32% of its $216M portfolio in Q3 2022.
  • Cutler Capital Management opened 3 new positions and closed 10 in Q3 2022.
  • Cutler Capital Management's portfolio value fell 17% quarter-over-quarter to $216M.

Based on Cutler Capital Management's 13F filing for Q3 2022, filed 14 Nov 2022.