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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
SSB icon
51
SouthState Bank Corp
SSB
$10.5B
$340K 0.13%
5,355
– –
SBCF icon
52
Seacoast Banking Corp of Florida
SBCF
$3.35B
$338K 0.13%
10,000
– –
VXX icon
53
iPath Series B S&P 500 VIX Short-Term Futures ETN
VXX
$147M
$299K 0.11%
672
+16
+2% +$7.17K
BTI icon
54
British American Tobacco
BTI
$128B
$252K 0.1%
7,134
+1,160
+19% +$43.5K
GLP icon
55
Global Partners
GLP
$1.7B
$246K 0.09%
11,600
– –
MBBB icon
56
VanEck Moody's Analytics BBB Corporate Bond ETF
MBBB
$4.73M
$241K 0.09%
9,600
+500
+5% +$12.7K
MIG icon
57
VanEck Moody's Analytics IG Corporate Bond ETF
MIG
$19.4M
$227K 0.09%
9,100
+500
+6% +$12.6K
QABA icon
58
First Trust NASDAQ ABA Community Bank Index Fund
QABA
$93.2M
$220K 0.08%
+3,910
New +$212K
GDX icon
59
VanEck Gold Miners ETF
GDX
$27.4B
$195K 0.07%
6,610
+2,925
+79% +$95.3K
MOAT icon
60
VanEck Morningstar Wide Moat ETF
MOAT
$12.3B
$183K 0.07%
2,495
+20
+0.8% +$1.5K
MSFT icon
61
Microsoft
MSFT
$3.71T
$169K 0.06%
600
– –
JPM icon
62
JPMorgan Chase
JPM
$950B
$164K 0.06%
1,000
– –
AMD icon
63
Advanced Micro Devices
AMD
$789B
– –
0
– –
MOTG icon
64
VanEck Morningstar Global Wide Moat ETF
MOTG
$18.7M
$124K 0.05%
+3,225
New +$128K
GSK icon
65
GSK
GSK
$106B
$120K 0.05%
2,521
+32
+1% +$1.61K
CWB icon
66
State Street SPDR Bloomberg Convertible Securities ETF
CWB
$5.69B
$118K 0.04%
+1,379
New +$119K
BRK.B icon
67
Berkshire Hathaway Class B
BRK.B
$1.13T
$117K 0.04%
430
– –
BUD icon
68
AB InBev
BUD
$165B
$116K 0.04%
2,066
+161
+8% +$10.1K
LXP.PRC icon
69
LXP Industrial Trust 6.5% Series C Preferred Stock
LXP.PRC
$95.1M
– –
-8,000
Closed -$482K
OGN icon
70
Organon & Co
OGN
$3.57B
– –
-7,189
Closed -$218K
IFFT
71
DELISTED
International Flavors & Fragrances Inc. 6.00% Tangible Equity Units
IFFT
– –
-152,122
Closed -$7.7M
FTV.PRA
72
DELISTED
Fortive Corporation 5.00% Mandatory Convertible Preferred Stock, Series A
FTV.PRA
– –
-6,278
Closed -$6.17M
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.