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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
+2.58%
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
$247M
AUM Growth
+$18.7M
Cap. Flow
-$46.1M
Cap. Flow %
-18.66%
Top 10 Hldgs %
43.63%
Holding
110
New
9
Increased
22
Reduced
26
Closed
6

Top Buys

Rank Stock Value
1
SNY icon
Sanofi
SNY
+$6.7M
2
MET icon
MetLife
MET
+$6.02M
3
NOV icon
NOV
NOV
+$3.78M
4
ESV
Ensco Rowan plc
ESV
+$3.36M
5
APA icon
APA Corp
APA
+$3.22M

Top Sells

Rank Stock Value
1
MLU
METLIFE, INC. COM EQUITY UNIT
MLU
+$7.22M
2
APA.PRD
APACHE CORP DEP SHS REPSTG 1/20TH PFD CONV (DE)
APA.PRD
+$6.37M
3
GT.PRA
GOODYEAR TIRE & RUBR CO PFD CONV (OH)
GT.PRA
+$3.89M
4
FLG
Flagstar Bank National Association
FLG
+$2.91M
5
UIS.PRA
UNISYS CORP 6.25% MANDATORY CNV PFD
UIS.PRA
+$2.05M

Sector Composition

Rank Sector Weight
1 Financials 15.96%
2 Healthcare 9.93%
3 Energy 7.79%
4 Real Estate 5.87%
5 Technology 1.46%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
LXP icon
1
LXP Industrial Trust
LXP
$3.53B
$14.5M 5.87%
258,474
-11,093
-4% -$669K
GT.PRA
2
DELISTED
GOODYEAR TIRE & RUBR CO PFD CONV (OH)
GT.PRA
$13.5M 5.46%
211,857
-61,107
-22% -$3.89M
GM.PRB
3
DELISTED
GENERAL MTRS CO JR PFD CONV SER B (DE)
GM.PRB
$11.7M 4.74%
233,875
-6,600
-3% -$329K
MET icon
4
MetLife
MET
$61B
$11.7M 4.73%
279,398
+139,763
+100% +$6.02M
LXP.PRC icon
5
LXP Industrial Trust 6.5% Series C Preferred Stock
LXP.PRC
$95.1M
$9.98M 4.04%
217,652
-1,831
-0.8% -$87K
RPT.PRD
6
DELISTED
RPT Realty 7.25% Series D Cumulative Convertible Perpetual Preferred Shares of Beneficial Interest
RPT.PRD
$9.44M 3.82%
160,437
-565
-0.4% -$32.9K
SNV
7
DELISTED
Synovus
SNV
$9.4M 3.8%
406,888
-88,982
-18% -$2.03M
SNY icon
8
Sanofi
SNY
$104B
$9.06M 3.67%
179,037
+131,615
+278% +$6.7M
MLU
9
DELISTED
METLIFE, INC. COM EQUITY UNIT
MLU
$7.84M 3.17%
273,450
-207,263
-43% -$7.22M
MRK icon
10
Merck
MRK
$324B
$7.27M 2.94%
160,112
-3,329
-2% -$152K
FLG
11
Flagstar Bank National Association
FLG
$5.77B
$6.83M 2.76%
150,749
-64,694
-30% -$2.91M
NOV icon
12
NOV
NOV
$7.45B
$6.54M 2.64%
92,862
+56,459
+155% +$3.78M
PFE icon
13
Pfizer
PFE
$140B
$6.29M 2.54%
230,691
-64,923
-22% -$1.77M
HCI icon
14
HCI Group
HCI
$2.28B
$6.13M 2.48%
150,000
– –
ESV
15
DELISTED
Ensco Rowan plc
ESV
$5.9M 2.39%
27,446
+14,671
+115% +$3.36M
OCR.PRB
16
DELISTED
OMNICARE CAP TR II SER B 4% TR PFD INCM EQTY REDM SEC PIERS
OCR.PRB
$4.93M 2%
72,262
– –
APA icon
17
APA Corp
APA
$12.8B
$3.85M 1.56%
45,246
+38,746
+596% +$3.22M
UIS.PRA
18
DELISTED
UNISYS CORP 6.25% MANDATORY CNV PFD
UIS.PRA
$3.74M 1.51%
54,065
-29,520
-35% -$2.05M
OCR.PRA
19
DELISTED
OMNICARE CAP TR I TR PFD INCM EQTY REDM SEC (PIERS)
OCR.PRA
$3.68M 1.49%
34,940
– –
AAPL icon
20
Apple
AAPL
$4.89T
$3.19M 1.29%
187,404
+17,024
+10% +$282K
KSS icon
21
Kohl's
KSS
$2.03B
$2.9M 1.17%
56,025
+37,025
+195% +$1.93M
EPR.PRC icon
22
EPR Properties 5.75% Series C Preferred Shares
EPR.PRC
$151M
$2.74M 1.11%
128,852
+10,338
+9% +$228K
WELL.PRI
23
DELISTED
Welltower Inc.
WELL.PRI
$2.27M 0.92%
+39,386
New +$2.33M
ORI icon
24
Old Republic International
ORI
$10.3B
$2M 0.81%
130,000
– –
NVS icon
25
Novartis
NVS
$295B
$1.63M 0.66%
23,748
-4,967
-17% -$329K
1
2 3

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RPA
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MB
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AM
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MHP
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Cutler Capital Management's Q3 2013 Portfolio in Review

As of Q3 2013, Cutler Capital Management held 110 positions worth $247M, up 8.2% from $229M the previous quarter. Its ten largest holdings account for 44% of the portfolio.

Cutler Capital Management withdrew a net $46.1M in Q3 2013, closing 6 positions and reducing 26 holdings. Its most notable exit was APACHE CORP DEP SHS REPSTG 1/20TH PFD CONV (DE), an estimated $6.37M position sold in full.

By sector, the portfolio is most concentrated in Financials at 16% of assets, down from 16% a quarter earlier, followed by Healthcare and Energy.

Against the trend, Cutler Capital Management opened a new position in Welltower Inc. worth $2.27M.

  • Cutler Capital Management's largest Q3 2013 buy was Welltower Inc.: 39,386 shares worth $2.27M.
  • Cutler Capital Management added most to Sanofi in Q3 2013, an estimated $6.7M increase.
  • Cutler Capital Management's biggest Q3 2013 reduction was METLIFE, INC. COM EQUITY UNIT, cutting an estimated $7.22M.
  • Cutler Capital Management fully exited APACHE CORP DEP SHS REPSTG 1/20TH PFD CONV (DE) in Q3 2013, selling an estimated $6.37M.
  • Cutler Capital Management's ten largest holdings make up 44% of its $247M portfolio in Q3 2013.
  • Cutler Capital Management opened 9 new positions and closed 6 in Q3 2013.
  • Cutler Capital Management's portfolio value rose 8.2% quarter-over-quarter to $247M.

Based on Cutler Capital Management's 13F filing for Q3 2013, filed 29 Oct 2013.