Cutler Capital Management, LLC
Long book
$309.8M
Q1 2026
Positions
95
Top-10 weight
38%
concentration
Last quarter
+6.1%
SPY +14.8%
Turnover
7%
of book per quarter
Strategy in plain words
auto-generated from filingsCutler Capital Management, LLC is a diversified fundamental manager, running a $309.8M US long book across 95 positions.
The portfolio is moderately concentrated (top 10 ≈ 38% of the book). The book barely moves quarter to quarter — a patient, low-turnover holder. Current anchor positions: AGNICO EAGLE MINES LTD, METLIFE INC, CTO REALTY GROWTH INC, TIMBERLAND BANCORP INC, EXCHANGE BANK SANTA ROSA CAL.
Over the last 9 quarters its long book ran on average 0.2pp per quarter ahead of the S&P 500, beating the index in 4 of 9 quarters. We rate its filings as signal-bearing: position changes reflect genuine views.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-1.1%
Q2 2024
+10.8%
Q3 2024
-0.3%
Q4 2024
+1.9%
Q1 2025
+1.5%
Q2 2025
+7.7%
Q3 2025
+6.0%
Q4 2025
+9.3%
Q1 2026
+6.1%
Sector allocation
Financials 42%
Other 18%
Materials 10%
Healthcare 8%
Consumer staples 5%
Communications 4%
Utilities 3%
Industrials 2%
Long book by quarter
What does Cutler Capital own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| AEM AGNICO EAGLE MINES LTD | Materials | 118.6K | $24.1M | 7.8% | -1.3% |
| MET METLIFE INC | Financials | 175.8K | $12.4M | 4.0% | +5.8% |
| TSBK TIMBERLAND BANCORP INC | Financials | 291.2K | $11.5M | 3.7% | -0.2% |
| EXSR EXCHANGE BANK SANTA ROSA CAL | — | 75.8K | $11.0M | 3.6% | -0.3% |
| BG BUNGE GLOBAL SA | Consumer staples | 79.4K | $10.1M | 3.3% | -0.7% |
| PKBK PARKE BANCORP INC | Financials | 317.4K | $9.0M | 2.9% | +0.3% |
| FBIZ FIRST BUSINESS FINANCIAL SER | Financials | 154.6K | $8.3M | 2.7% | +0.5% |
| SBFG SB FINANCIAL GROUP INC | Financials | 390.1K | $8.2M | 2.6% | -0.2% |
| ET ENERGY TRANSFER LP | Utilities | 377.2K | $7.3M | 2.3% | +1.0% |
| VZ VERIZON COMMUNICATIONS INC | Communications | 141.4K | $7.1M | 2.3% | +2.6% |
| MRK MERCK & CO. INC. | Healthcare | 58.4K | $7.0M | 2.3% | -0.2% |
| PFE PFIZER INC | Healthcare | 248.8K | $7.0M | 2.3% | -0.4% |
| BMBN BENCHMARK BANKSHARES INC | Financials | 173.1K | $6.3M | 2.0% | +0.1% |
| VTRS VIATRIS INC | Healthcare | 456.3K | $6.2M | 2.0% | -0.3% |
| BORT BANK OF BOTETOURT BUCHANAN V | — | 122.5K | $5.8M | 1.9% | +10.3% |
| LFGP LEDYARD FINANCIAL GROUP INC | — | 335.7K | $5.7M | 1.8% | -0.1% |
| CPKF CHESAPEAKE FINL SHS INC | Financials | 178.5K | $5.7M | 1.8% | Held |
| FXNC FIRST NATIONAL CORP/VA | Financials | 204.1K | $5.5M | 1.8% | +0.5% |
| KIM KIMCO REALTY CORP | Real estate | 89.9K | $5.4M | 1.7% | -0.1% |
| PTBS POTOMAC BANCSHARES INC | — | 231.0K | $4.6M | 1.5% | +0.2% |
| MFGI MERCHANTS FINANCIAL GROUP IN | — | 127.0K | $4.5M | 1.4% | +0.9% |
| CSBB CSB BANCORP INC | Financials | 66.6K | $4.2M | 1.3% | -0.7% |
| FMBM F & M BANK CORP | Financials | 135.9K | $4.1M | 1.3% | Held |
| BAC 7.25 PERP L BANK OF AMERICA CORP | — | 3.4K | $4.0M | 1.3% | New |
| FSBH FSBH CORP | — | 240.0K | $3.8M | 1.2% | +14.3% |
| CWBC COMMUNITY WEST BANCSHARES | Financials | 162.6K | $3.8M | 1.2% | -0.1% |
| SFL SFL CORP LTD | Industrials | 330.9K | $3.6M | 1.2% | -1.0% |
| ALRS ALERUS FINANCIAL CORP | Financials | 136.5K | $3.2M | 1.0% | -1.1% |
| ACI ALBERTSONS COS INC - CLASS A | Consumer discretionary | 149.7K | $2.6M | 0.8% | +2.0% |
| SLB SLB LTD | Energy | 49.1K | $2.5M | 0.8% | -0.8% |
| ABCB AMERIS BANCORP | Financials | 31.9K | $2.5M | 0.8% | -4.8% |
| AIG AMERICAN INTERNATIONAL GROUP | Financials | 33.0K | $2.5M | 0.8% | +0.6% |
| ENR ENERGIZER HOLDINGS INC | Technology | 149.9K | $2.5M | 0.8% | +24.9% |
| HCI HCI GROUP INC | Financials | 15.1K | $2.3M | 0.8% | -1.2% |
| BBT BEACON FINANCIAL CORP | Financials | 77.2K | $2.3M | 0.7% | +11.6% |
| FCCO FIRST COMMUNITY CORP | Financials | 76.5K | $2.2M | 0.7% | Held |
| FLG 6 11/01/51 FLAGSTAR BANK NA | — | 56.1K | $2.2M | 0.7% | -34.1% |
| NOG NORTHERN OIL AND GAS INC | Energy | 73.6K | $2.2M | 0.7% | +138.2% |
| CNH CNH INDUSTRIAL NV | Industrials | 169.9K | $1.9M | 0.6% | -0.4% |
| T AT&T INC | Communications | 62.3K | $1.8M | 0.6% | -0.2% |
| TSN TYSON FOODS INC-CL A | Consumer staples | 27.0K | $1.7M | 0.6% | -0.4% |
| FISI FINANCIAL INSTITUTIONS INC | Financials | 49.4K | $1.6M | 0.5% | Held |
| PFIS PEOPLES FINANCIAL SERVICES | Financials | 28.7K | $1.5M | 0.5% | Held |
| BANC BANC OF CALIFORNIA INC | Financials | 79.5K | $1.4M | 0.5% | +1.0% |
| SOBS SOLVAY BANK SOLVAY N Y | — | 37.5K | $1.1M | 0.4% | -0.4% |
| CZBT CITIZENS BANCORP OF VIRGINIA | — | 28.5K | $1.1M | 0.3% | +13.0% |
| HWC HANCOCK WHITNEY CORP | Financials | 10.9K | $693K | 0.2% | Held |
| IFF INTL FLAVORS & FRAGRANCES | Other | 9.5K | $686K | 0.2% | -1.5% |
| MTB M & T BANK CORP | Financials | 3.2K | $669K | 0.2% | Held |
| BRK/B BERKSHIRE HATHAWAY INC-CL B | Financials | 1.3K | $637K | 0.2% | Held |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 116 | $369.9M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 13, 2026 | 122 | $343.1M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 124 | $313.8M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 13, 2025 | 16 | $287.4M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 14, 2025 | 117 | $287.5M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 13, 2025 | 117 | $287.2M | SEC ↗ | |
| Q4 2024 | 13F-HR/ARESTATEMENT | Feb 13, 2025 | 117 | $287.2M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 13, 2024 | 112 | $282.8M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 111 | $256.2M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 14, 2024 | 109 | $254.4M | canonical | SEC ↗ |
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