Cutler Capital Management, LLC

Hedge Fund • Convert Bond Arb

Cutler Capital Management, LLC is a Hedge Fund specializing in Convert Bond Arb based in Worcester, MA led by Geoffrey Kristopher Allan Dancey, reporting $339.9M in AUM as of Q3 2025 with 36% Financial Services concentration.

PresidentGeoffrey Kristopher Allan Dancey

Portfolio Value: $205.9M
Positions: 83
Top Holding: AEM at 10.02%
Last Reported: Q3 2025

Address306 Main St, 2nd Floor, Worcester, MA, 01608-1518, United States

Top Holdings

Largest long holdings in Cutler Capital Management, LLC's portfolio (47.7% of total portfolio)

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Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 Agnico Eagle Mines AEM	Gold Basic Materials	$20.6M	10.02%	-$1.6M Sold	0.02% 122.4K shares	Q4 2020 Held for 4y 11m
2 MetLife MET	Insurance - Life Financial Services	$13.6M	6.63%	+$57.6K Bought	0.02% 165.7K shares	≤ Q2 2013 Held for 12y 5m+
3 CTO Realty Growth CTO	REIT - Diversified Real Estate	$10.8M	5.26%	+$373.7K Bought	2.02% 665.0K shares	Q3 2022 Held for 3y 2m
4 Timberland Bancorp TSBK	Banks - Regional Financial Services	$9.7M	4.72%	-$219.4K Sold	3.69% 291.8K shares	Q1 2016 Held for 9y 8m
5 First Business Financial Services FBIZ	Banks - Regional Financial Services	$8.0M	3.87%	-$15.7K Sold	1.87% 155.5K shares	Q4 2017 Held for 7y 11m
6 SHEL Shell plc SHEL	Unknown Unknown	$7.9M	3.84%	-$2.1K Sold	— 110.6K shares	Q4 2022 Held for 2y 11m
7 SB Financial Group SBFG	Banks - Regional Financial Services	$7.6M	3.67%	-$5.8K Sold	6.19% 391.7K shares	Q3 2016 Held for 9y 2m
8 Fidelity MSCI Energy Index ETF FENY	ETF ETF	$6.7M	3.26%	+$17.6K Bought	— 271.2K shares	Q1 2022 Held for 3y 8m
9 Parke Bancorp PKBK	Banks - Regional Financial Services	$6.7M	3.25%	+$21.5K Bought	2.62% 310.7K shares	Q3 2017 Held for 8y 2m
10 Bunge BG	Agricultural Farm Products Consumer Defensive	$6.5M	3.17%	+$32.8K Bought	0.04% 80.4K shares	Q3 2018 Held for 7y 2m

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Changes

Portfolio activity, position movements, and quarter-over-quarter changes in Cutler Capital Management, LLC's latest filing

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Market Value

$205.9M

Prior: $192.6M

Q/Q Change

+6.92%

+$13.3M

Net Flows % of MV

+0.58%

Turnover Ratio

2.69%

New Purchases

5 stocks

$1.8M

Added To

36 stocks

+$4.2M

Sold Out Of

2 stocks

$844.4K

Reduced Holdings

18 stocks

-$4.0M

Increased Positions

Position	Shares Δ	Change
1 Invesco S&P 500 Low Volatility SPLV	New	0 → 10.2K +$795.2K
2 iShares U.S. Regional Banks IAT	New	0 → 8.6K +$451.8K
3 BBT BB&T Corporation BBT	New	0 → 15.0K +$354.6K
4 Hecla Mining HL	New	0 → 10.5K +$127.1K
5 Meta Platforms, Inc. META	New	0 → 141.0 +$103.5K

Decreased Positions

Position	Shares Δ	Change
1 SPDR Portfolio S&P 500 ETF SPLG	Sold	10.2K → 0 −$737.8K
2 iShares 1-3 Year Treasury Bond SHY	Sold	1.3K → 0 −$106.6K
3 Eversource Energy ES	-64.65%	24.7K → 8.7K −$1.1M
4 Eagle Bancorp Montana EBMT	-52.63%	19.0K → 9.0K −$172.7K
5 Taiwan Semiconductor Manufacturing Company TSM	-11.58%	570.0 → 504.0 −$18.4K