Cutler Capital Management, LLC

Registered adviser

CIK

1353098

Location

WORCESTER, MA

Portfolio Value

Small $281,268,275

Diversification

Diversified

Filing Date

Global Rank

#5,431 / 8,827 ▼ 276

Top Industry

Banks - Regional 39.4%

Period ended 4 months ago

Filed Aug 14, 2026 · 3mo

26 quarters · since Mar 2020

Regulatory profile

From Form ADV, the SEC filer profile, 13D/13G type codes and N-CEN, never from the name.

Holder type

Registered adviser

Form ADV roster, Nov 1, 2026

Form ADV adviser

CRD 107463

Roster of Nov 1, 2026

Regulatory AUM

$430,827,783

Main clients

Individuals and high net worth (65% of AUM)

Private funds

2 funds · Hedge funds

Focus by fund count, roster of Nov 1, 2026

$101,328,843 gross assets

Private funds on Schedule D 7.B.(1)

As filed Mar 26, 2024; SEC's bulk Form ADV archive ends with 2024 filings.

$88,016,183 gross assets in 2 funds Hedge funds $88,016,183 (2)

Form ADV history

Monthly rosters from Dec 2019; each row is a run with the same figures, newest first.

Rosters	Regulatory AUM	Main clients
Apr 2026 to Nov 2026	$430,827,783	Individuals and high net worth (65%)
Apr 2025 to Mar 2026	$339,913,005	Individuals and high net worth (61%)
Apr 2024 to Mar 2025	$315,574,322	Individuals and high net worth (58%)
May 2023 to Mar 2024	$305,457,112	Individuals and high net worth (56%)
Apr 2023	$305,457,112	Individuals and high net worth (56%)
Apr 2022 to Mar 2023	$322,534,365	Individuals and high net worth (52%)

3 earlier changes not shown.

Schedule 13D/13G stakes

Stakes of 5% or more disclosed on Schedule 13D or 13G, each on the filer's latest filing for the security. These are event-dated stakes, not the quarter-end 13F portfolio below.

Company	Schedule	Event date	Filed	Shares	% of class	Change	Status
SBFG Sb Financial Group, Inc.	13G	Dec 31, 2024	1y	392,556	6%	-7,728 since Dec 31, 2023	Current

A 13D or 13G stays in force until its filer amends it and no amendment is due without a material change, so a stake with no filing in 24 months reads unconfirmed, never sold. An amendment reporting under 5% ends the filer's duty to amend, not necessarily the holding. Shares are restated onto today's split basis.

Portfolio style

Measured from the filed 13F common-share book for Jun 30, 2026, never from the firm's own description.

Style

Diversified active

Top 10 weight 40.6%, 36.8 effective positions, active share 94.1% against every 13F filer's combined book; it meets none of the index-like, systematic-like or concentrated tests

Turnover

Low turnover

6.6% over the last four quarters (under 30%)

Horizon

Long horizon

Value-weighted holding period 19.9 quarters (12+), a floor since 41.3% of the book was already held when coverage starts

Closest benchmark: every 13F filer's combined book, active share 94.1%; sector active share 55.1% against the combined 13F book's sector weights.

Over time 26 measured quarters

How the bands are measured

Style bands measure the filed 13F common-share book each closed quarter, tested in this order. Unknown: under $10,000,000 of valued equity or 5 stocks. Index-like (100+ stocks): active share of 20% or less against the closest benchmark, which is the S&P 500, S&P MidCap 400, S&P SmallCap 600, Russell 1000, Russell 2000, Nasdaq-100 or Dow Jones Industrial Average (weighted by an index-tracking fund's reported holdings or the index's constituents nearest the quarter end, over the names resolved to companies, and only when those are 90%+ of its weight) or every 13F filer's combined book, or index series holding 80%+ of the registered fund assets it advises (N-CEN) and equal to 50%+ of its book. Systematic-like: 500+ stocks, 100%+ annual turnover and a top 10 weight of 25% or less. Concentrated: a top 10 weight of 60%+ or 12 or fewer effective positions. Diversified active: none of these. Turnover is the smaller of buys and sells over average equity value, summed over four quarters: low under 30%, high 100%+. Horizon is the value-weighted number of quarters each position has been held: short under 4, long 12+.

Clone Performance

Build a hypothetical price-return history from this filer's public 13F holdings.

View clone backtest

Portfolio Concentration

94 tracked positions · as of Jun 30, 2026 · Δ vs Mar 31, 2026

Top Position

6.4%

−2.5 pts

Top 5

24.8%

−1.3 pts

Top 10

40.6%

−2.2 pts

HHI

272

Diversified−30

Portfolio Trend

26 quarters · across all stocks

Sector Breakdown

As of Jun 30, 2026

Sector	% Portfolio	Value	Positions
Financial Services	44.5%	$125,293,624	32
Real Estate	13.6%	$38,380,141	6
Energy	7.8%	$22,060,206	8
Unclassified	7.4%	$20,729,363	16
Healthcare	7.3%	$20,507,647	4
Basic Materials	7.2%	$20,117,940	6
Consumer Defensive	4.5%	$12,594,212	4
Communication Services	3.7%	$10,280,836	4
Industrials	3.1%	$8,826,482	5
Technology	0.6%	$1,683,232	5
Utilities	0.2%	$449,447	2
Consumer Cyclical	0.1%	$345,145	2

Last Quarter's Activity

Export CSV

Jun 30, 2026 vs Mar 31, 2026

Added To

Positions the filer increased

25 positions

Ticker	Company	Δ Shares	Shares	Value
NOG	Northern Oil & Gas, Inc.	+150,275	223,884	$4,063,494
T	At&T Inc.	+36,062	98,318	$2,035,182
ACI	Albertsons Companies, Inc.	+35,525	185,187	$2,505,580
BBT	Beacon Financial Corp	+20,068	97,306	$2,962,967
WY	Weyerhaeuser Co	+15,793	189,903	$4,546,277
AGI	Alamos Gold Inc	+15,075	25,897	$785,714
ENR	Energizer Holdings, Inc.	+8,828	158,733	$3,403,235
XRN	Chiron Real Estate Inc.	+7,950	180,161	$6,759,640
BMBN	Benchmark Bankshares Inc	+6,300	179,382	$7,442,559
WIW	Western Asset Inflation-Linked Opportunities & Income Fund	+5,900	111,992	$940,732
VZ	Verizon Communications Inc	+3,872	145,238	$6,149,376
SLB	Slb Limited	+2,020	51,074	$2,374,430
CNH	CNH Industrial N.V.	+1,295	171,233	$1,922,946
GDX	VanEck Gold Miners ETF	+1,035	23,142	$1,746,063
BANC	Banc Of California, Inc.	+1,000	80,550	$1,645,636
MOAT	VanEck Morningstar Wide Moat ETF	+755	37,508	$3,899,331
GLD	Spdr Gold Trust	+386	842	$310,175
CPKF	Chesapeake Financial Shares Inc	+350	178,850	$6,438,600
VOO	VANGUARD 500 INDEX FUND	+285	3,462	$2,377,736
FENY	Fidelity MSCI Energy Index ETF	+232	267,547	$7,908,689
APLE	Apple Hospitality REIT, Inc.	+199	300,869	$5,057,607
SSB	SouthState Bank Corp	+135	5,890	$588,411
KR	Kroger Co	+50	5,005	$277,927
PTBS	Potomac Bancshares Inc	+33	231,048	$5,528,978
MSFT	Microsoft Corp	+25	1,671	$623,316
No positions match the current search.

Trimmed

Positions the filer reduced

25 positions

Ticker	Company	Δ Shares	Shares	Value
ET	Energy Transfer LP	−31,238	345,960	$6,614,764
SFL	SFL Corp Ltd.	−8,650	322,242	$3,286,868
CSBB	CSB Bancorp, Inc.	−8,279	58,284	$4,196,448
CTO	CTO Realty Growth, Inc.	−8,096	651,274	$14,008,903
VTRS	Viatris Inc	−7,909	448,363	$7,120,004
TSBK	Timberland Bancorp Inc	−5,944	285,258	$12,782,410
LXP	LXP Industrial Trust	−4,628	49,487	$2,666,359
MET	Metlife Inc	−4,224	171,535	$14,513,576
PFE	Pfizer Inc	−3,586	245,185	$5,904,054
MRK	Merck & Co., Inc.	−3,348	55,048	$7,073,668
PKBK	Parke Bancorp, Inc.	−3,300	314,126	$10,416,418
SBFG	Sb Financial Group, Inc.	−2,285	387,852	$9,801,020
AEM	Agnico Eagle Mines Ltd	−2,264	116,334	$18,046,893
ALRS	Alerus Financial Corp	−2,070	134,400	$4,179,840
BG	Bunge Global SA	−1,568	77,792	$8,302,740
VICI	Vici Properties Inc.	−1,504	201,181	$5,341,355
FMBM	F&M Bank Corp	−1,500	134,364	$4,952,657
SHEL	Shell plc	−1,340	109,361	$8,479,851
ABCB	Ameris Bancorp	−1,100	30,759	$2,776,307
IFF	International Flavors & Fragrances Inc	−849	8,602	$681,450
TSN	Tyson Foods, Inc.	−667	26,340	$1,507,965
GOOGL	Alphabet Inc.	−598	549	$196,196
CWBC	Community West Bancshares	−451	162,139	$4,355,053
HCI	HCI Group, Inc.	−442	14,662	$2,569,515
—		−339	9,868	$664,017
No positions match the current search.

New Positions

Positions the filer opened this quarter

13 positions

Ticker	Company	Shares	Value
GOOGN	Alphabet Inc.	37,775	$1,900,082
VT	VANGUARD TOTAL WORLD STOCK INDEX FUND	6,135	$962,888
AAPL	Apple Inc.	787	$227,726
SWZ	Total Return Securities Fund	35,921	$213,370
JHX	James Hardie Industries plc	5,075	$132,863
LNG	Cheniere Energy, Inc.	505	$120,700
DVN	Devon Energy Corp	2,785	$115,076
XLK	State Street(R) Technology Select Sector SPDR(R) ETF	600	$114,312
OXY	Occidental Petroleum Corp	2,325	$112,925
IWS	iShares Russell Mid-Cap Value ETF	684	$112,586
TEX	Terex Corp	1,485	$107,499
AGCO	Agco Corp	885	$105,934
RSP	Victory Portfolios II	474	$100,852
No positions match the current search.

Sold Out

Positions the filer fully exited

3 positions

Ticker	Company	Shares	Value
MOTG	VanEck Morningstar Global Wide Moat ETF	2,925	$108,400
GOOG	Alphabet Inc.	375	$107,572
JCI	Johnson Controls International plc	800	$104,760
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

94 tracked positions · $281,268,275 total · filing declares 124 positions · $385,011,172 · as of Jun 30, 2026

All sectors Basic Materials Communication Services Consumer Cyclical Consumer Defensive Energy Financial Services Healthcare Industrials Real Estate Technology Utilities

Showing 1–50 of 94 positions by value · page 1 of 2

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	Held (qtrs)	Est. cost/share	% of Portfolio
AEM	Agnico Eagle Mines Ltd Basic Materials	Reduced	116,334	-2,264	$18,046,893	−25.0%	23	$61.84	6.42%
MET	Metlife Inc Financial Services	Reduced	171,535	-4,224	$14,513,576	+16.8%	26+	before history	5.16%
CTO	CTO Realty Growth, Inc. Real Estate	Reduced	651,274	-8,096	$14,008,903	+14.9%	16	unpriced	4.98%
TSBK	Timberland Bancorp Inc Financial Services	Reduced	285,258	-5,944	$12,782,410	+11.3%	26+	before history	4.54%
PKBK	Parke Bancorp, Inc. Financial Services	Reduced	314,126	-3,300	$10,416,418	+15.5%	26+	before history	3.70%
SBFG	Sb Financial Group, Inc. Financial Services	Reduced	387,852	-2,285	$9,801,020	+19.6%	26+	before history	3.48%
FBIZ	First Business Financial Services, Inc. Financial Services	Reduced	154,346	-244	$9,750,036	+16.9%	26+	before history	3.47%
SHEL	Shell plc Energy	Reduced	109,361	-1,340	$8,479,851	−17.6%	18	$57.05	3.01%
BG	Bunge Global SA Consumer Defensive	Reduced	77,792	-1,568	$8,302,740	−17.8%	11	$104.45	2.95%
FENY	Fidelity MSCI Energy Index ETF	Added	267,547	+232	$7,908,689	−13.0%	18	$20.55	2.81%
BMBN	Benchmark Bankshares Inc Financial Services	Added	179,382	+6,300	$7,442,559	+17.8%	26+	before history	2.65%
VTRS	Viatris Inc Healthcare	Reduced	448,363	-7,909	$7,120,004	+15.5%	23	$12.67	2.53%
MRK	Merck & Co., Inc. Healthcare	Reduced	55,048	-3,348	$7,073,668	+0.7%	26+	before history	2.51%
XRN	Chiron Real Estate Inc. Real Estate	Added	180,161	+7,950	$6,759,640	+18.7%	4	unpriced	2.40%
ET	Energy Transfer LP Energy	Reduced	345,960	-31,238	$6,614,764	−9.1%	19	$10.29	2.35%
CPKF	Chesapeake Financial Shares Inc Financial Services	Added	178,850	+350	$6,438,600	+12.8%	26+	before history	2.29%
VZ	Verizon Communications Inc Communication Services	Added	145,238	+3,872	$6,149,376	−13.3%	22	$44.28	2.19%
FXNC	First National Corp Financial Services	Reduced	203,809	-300	$6,118,346	+11.4%	26+	before history	2.18%
PFE	Pfizer Inc Healthcare	Reduced	245,185	-3,586	$5,904,054	−15.5%	26+	before history	2.10%
PTBS	Potomac Bancshares Inc Financial Services	Added	231,048	+33	$5,528,978	+21.2%	21	unpriced	1.97%
VICI	Vici Properties Inc. Real Estate	Reduced	201,181	-1,504	$5,341,355	−3.5%	18	$30.03	1.90%
APLE	Apple Hospitality REIT, Inc. Real Estate	Added	300,869	+199	$5,057,607	+46.1%	16	$15.24	1.80%
FMBM	F&M Bank Corp Financial Services	Reduced	134,364	-1,500	$4,952,657	+19.6%	26+	before history	1.76%
WY	Weyerhaeuser Co Real Estate	Added	189,903	+15,793	$4,546,277	+6.9%	26+	before history	1.62%
CWBC	Community West Bancshares Financial Services	Reduced	162,139	-451	$4,355,053	+15.0%	7	$19.91	1.55%
CSBB	CSB Bancorp, Inc. Financial Services	Reduced	58,284	-8,279	$4,196,448	+1.1%	26+	before history	1.49%
ALRS	Alerus Financial Corp Financial Services	Reduced	134,400	-2,070	$4,179,840	+29.2%	16	$23.46	1.49%
NOG	Northern Oil & Gas, Inc. Energy	Added	223,884	+150,275	$4,063,494	+88.9%	3	$23.95	1.44%
MOAT	VanEck Morningstar Wide Moat ETF	Added	37,508	+755	$3,899,331	+9.7%	22	unpriced	1.39%
ENR	Energizer Holdings, Inc. Industrials	Added	158,733	+8,828	$3,403,235	+38.3%	18	$28.70	1.21%
SFL	SFL Corp Ltd. Industrials	Reduced	322,242	-8,650	$3,286,868	−7.9%	13	$10.71	1.17%
BBT	Beacon Financial Corp Financial Services	Added	97,306	+20,068	$2,962,967	+27.9%	4	$26.65	1.05%
ABCB	Ameris Bancorp Financial Services	Reduced	30,759	-1,100	$2,776,307	+11.7%	26+	before history	0.99%
LXP	LXP Industrial Trust Real Estate	Reduced	49,487	-4,628	$2,666,359	+6.5%	26+	before history	0.95%
HCI	HCI Group, Inc. Financial Services	Reduced	14,662	-442	$2,569,515	+10.0%	5	$153.53	0.91%
ACI	Albertsons Companies, Inc. Consumer Defensive	Added	185,187	+35,525	$2,505,580	−1.8%	15	$20.23	0.89%
FCCO	First Community Corp Financial Services	Held	76,500	0	$2,500,020	+11.8%	26+	before history	0.89%
AIG	American International Group, Inc. Financial Services	Held	33,000	0	$2,459,490	−1.0%	24	$33.85	0.87%
VOO	VANGUARD 500 INDEX FUND	Added	3,462	+285	$2,377,736	+25.2%	19	unpriced	0.85%
SLB	Slb Limited Energy	Added	51,074	+2,020	$2,374,430	−5.8%	7	$38.02	0.84%
T	At&T Inc. Communication Services	Added	98,318	+36,062	$2,035,182	+12.8%	23	unpriced	0.72%
FISI	Financial Institutions Inc Financial Services	Held	49,428	0	$1,926,209	+22.9%	26+	before history	0.68%
CNH	CNH Industrial N.V. Industrials	Added	171,233	+1,295	$1,922,946	+2.9%	10	$11.08	0.68%
PFIS	Peoples Financial Services Corp. Financial Services	Reduced	28,746	-2	$1,907,872	+24.4%	8	$46.06	0.68%
GOOGN	Alphabet Inc. Communication Services	NEW	37,775	NEW	$1,900,082	NEW	1	unpriced	0.68%
GDX	VanEck Gold Miners ETF	Added	23,142	+1,035	$1,746,063	−13.9%	22	unpriced	0.62%
BANC	Banc Of California, Inc. Financial Services	Added	80,550	+1,000	$1,645,636	+17.7%	12	$13.19	0.59%
TSN	Tyson Foods, Inc. Consumer Defensive	Reduced	26,340	-667	$1,507,965	−12.9%	19	$81.18	0.54%
IAT	iShares U.S. Regional Banks ETF	Held	18,000	0	$1,119,780	+15.5%	4	unpriced	0.40%
VT	VANGUARD TOTAL WORLD STOCK INDEX FUND	NEW	6,135	NEW	$962,888	NEW	1	$152.57	0.34%

Showing the top 50 of 94 positions. Create a free account to see every position, past quarters, search, filters and CSV export.

Covers the securities this platform tracks: U.S.-listed common stock and the put/call positions reported on it. A 13F can also report security types outside that coverage — preferred shares, bonds, warrants, untracked share classes — so the filing's own declared total can exceed the figures above. The source filing is linked at the top of this table.