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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
+4.11%
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
$251M
AUM Growth
+$3.26M
Cap. Flow
-$57.3M
Cap. Flow %
-22.86%
Top 10 Hldgs %
41.98%
Holding
110
New
10
Increased
24
Reduced
25
Closed
8

Top Buys

1
CCI.PRA
Crown Castle International Corp.
CCI.PRA
+$6.65M
2
RIG icon
Transocean
RIG
+$4.66M
3
LXP icon
LXP Industrial Trust
LXP
+$1.82M
4
VER
VEREIT, Inc.
VER
+$1.57M
5
GM.WS.A
GENERAL MOTORS COMPANY WARRANT (EXPIRES 07/10/2016)
GM.WS.A
+$1.15M

Top Sells

1
OCR.PRB
OMNICARE CAP TR II SER B 4% TR PFD INCM EQTY REDM SEC PIERS
OCR.PRB
+$4.93M
2
SNV
Synovus
SNV
+$2.61M
3
MET icon
MetLife
MET
+$2.57M
4
GT.PRA
GOODYEAR TIRE & RUBR CO PFD CONV (OH)
GT.PRA
+$1.87M
5
UIS.PRA
UNISYS CORP 6.25% MANDATORY CNV PFD
UIS.PRA
+$1.66M

Sector Composition

1 Financials 15.03%
2 Healthcare 9.91%
3 Energy 8.82%
4 Real Estate 5.95%
5 Technology 1.68%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
LXP icon
1
LXP Industrial Trust
LXP
$3.42B
$14.9M 5.95%
291,869
+33,395
+13% +$1.82M
GT.PRA
2
DELISTED
GOODYEAR TIRE & RUBR CO PFD CONV (OH)
GT.PRA
$12.3M 4.91%
183,857
-28,000
-13% -$1.87M
MET icon
3
MetLife
MET
$60.3B
$10.7M 4.26%
222,021
-57,377
-21% -$2.57M
GM.PRB
4
DELISTED
GENERAL MTRS CO JR PFD CONV SER B (DE)
GM.PRB
$10.4M 4.15%
254,505
+20,630
+9% +$1.05M
SNY icon
5
Sanofi
SNY
$106B
$10.1M 4.03%
188,362
+9,325
+5% +$481K
LXP.PRC icon
6
LXP Industrial Trust 6.5% Series C Preferred Stock
LXP.PRC
$90.3M
$9.48M 3.78%
214,752
-2,900
-1% -$131K
RPT.PRD
7
DELISTED
RPT Realty 7.25% Series D Cumulative Convertible Perpetual Preferred Shares of Beneficial Interest
RPT.PRD
$9.4M 3.75%
160,437
– –
HCI icon
8
HCI Group
HCI
$2.28B
$8.03M 3.2%
150,000
– –
MLU
9
DELISTED
METLIFE, INC. COM EQUITY UNIT
MLU
$7.62M 3.04%
241,450
-32,000
-12% -$961K
SNV
10
DELISTED
Synovus
SNV
$7.47M 2.98%
296,264
-110,624
-27% -$2.61M
MRK icon
11
Merck
MRK
$315B
$7.4M 2.95%
154,872
-5,240
-3% -$240K
FLG
12
Flagstar Bank National Association
FLG
$6.4B
$7.02M 2.8%
138,799
-11,950
-8% -$579K
CCI.PRA
13
DELISTED
Crown Castle International Corp.
CCI.PRA
$6.63M 2.64%
+66,010
New +$6.65M
ESV
14
DELISTED
Ensco Rowan plc
ESV
$6.46M 2.58%
28,246
+800
+3% +$185K
NOV icon
15
NOV
NOV
$6.99B
$6.06M 2.42%
84,545
-8,317
-9% -$605K
PFE icon
16
Pfizer
PFE
$143B
$5.2M 2.08%
178,931
-51,760
-22% -$1.51M
RIG icon
17
Transocean
RIG
$5.67B
$4.71M 1.88%
+95,255
New +$4.66M
AAPL icon
18
Apple
AAPL
$4.89T
$3.92M 1.57%
195,804
+8,400
+4% +$159K
EPR.PRC icon
19
EPR Properties 5.75% Series C Preferred Shares
EPR.PRC
$147M
$3.74M 1.49%
182,752
+53,900
+42% +$1.13M
KSS icon
20
Kohl's
KSS
$1.98B
$3.16M 1.26%
55,625
-400
-0.7% -$21.9K
UIS.PRA
21
DELISTED
UNISYS CORP 6.25% MANDATORY CNV PFD
UIS.PRA
$2.85M 1.14%
31,910
-22,155
-41% -$1.66M
VER
22
DELISTED
VEREIT, Inc.
VER
$2.78M 1.11%
43,244
+24,244
+128% +$1.57M
APA icon
23
APA Corp
APA
$12.1B
$2.58M 1.03%
30,046
-15,200
-34% -$1.35M
ORI icon
24
Old Republic International
ORI
$10.1B
$2.25M 0.9%
130,000
– –
COF.WS
25
DELISTED
Capital One Financial Corp
COF.WS
$2.14M 0.86%
60,500
+5,500
+10% +$170K
1
2 3

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RPA
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EC
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ATI
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MB
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Cutler Capital Management's Q4 2013 Portfolio in Review

As of Q4 2013, Cutler Capital Management held 110 positions worth $251M, up 1.3% from $247M the previous quarter. Its ten largest holdings account for 42% of the portfolio.

Cutler Capital Management withdrew a net $57.3M in Q4 2013, closing 8 positions and reducing 25 holdings. Its most notable exit was OMNICARE CAP TR II SER B 4% TR PFD INCM EQTY REDM SEC PIERS, an estimated $4.93M position sold in full.

By sector, the portfolio is most concentrated in Financials at 15% of assets, down from 16% a quarter earlier, followed by Healthcare and Energy.

Against the trend, Cutler Capital Management opened a new position in Crown Castle International Corp. worth $6.63M.

  • Cutler Capital Management's largest Q4 2013 buy was Crown Castle International Corp.: 66,010 shares worth $6.63M.
  • Cutler Capital Management added most to LXP Industrial Trust in Q4 2013, an estimated $1.82M increase.
  • Cutler Capital Management's biggest Q4 2013 reduction was Synovus, cutting an estimated $2.61M.
  • Cutler Capital Management fully exited OMNICARE CAP TR II SER B 4% TR PFD INCM EQTY REDM SEC PIERS in Q4 2013, selling an estimated $4.93M.
  • Cutler Capital Management's ten largest holdings make up 42% of its $251M portfolio in Q4 2013.
  • Cutler Capital Management opened 10 new positions and closed 8 in Q4 2013.
  • Cutler Capital Management's portfolio value rose 1.3% quarter-over-quarter to $251M.

Based on Cutler Capital Management's 13F filing for Q4 2013, filed 10 Feb 2014.