CUTDX — Cutler Emerging Markets Fund

CUTDX Fund Overview

CUTDX — Cutler Emerging Markets Fund is a US mutual fund managed by Cutler Trust, categorised as Emerging Markets Value Equity. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

• Type: US mutual fund
• Manager: Cutler Trust
• Category: Emerging Markets Value Equity
• Assets under management: $1.21M
• Ticker: CUTDX
• SEC CIK: 0000892568
• SEC series ID: S000049841
• Share class ID: C000157415

CUTDX Investment Objective and Strategy

Cutler Emerging Markets Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Cutler Trust.

Investment objective

The investment objective of the Cutler Emerging Markets Fund (the Emerging Markets Fund) is to seek current income and long-term capital appreciation.

Principal investment strategy

In seeking to meet its investment objective, under normal conditions, at least 80% of the Emerging Markets Funds assets will be invested in a diversified portfolio of securities of issuers whose principal activities are in, or economically tied to, emerging markets countries selected in accordance with the Advisers long standing dividend focused investment philosophy. For purposes of this policy, assets shall mean net assets plus the amount of any borrowings for investment purposes (although the Fund is not currently authorized by the Board of Trustees to do so). Securities in which the Emerging Markets Fund may invest include common stocks, preferred stocks, American Depositary Receipts (ADRs) and exchange-traded funds (ETFs). The Fund considers emerging markets generally to include any country defined or classified currently or in the future as an emerging market by the Morgan Stanley Capital International (MSCI) Emerging Markets Index but may include other countries in the discretion of the Adviser.

The Adviser will manage the Emerging Markets Fund in accordance with the Advisers dividend focused investment philosophy with appropriate adjustments for emerging market economies, sectors and securities. The Adviser chooses investments based on its judgment of fundamental value, which emphasizes companies that the Adviser judges to have favorable dividend yields and growth prospects relative to comparable companies. Factors deemed particularly relevant in determining fundamental value include: earnings dividend and market price histories balance sheet characteristics perceived management skills In selecting investments for the Emerging Markets Fund, the Funds portfolio managers, based upon their experience with and analysis of emerging markets economies, sectors and securities, will take into account the various opportunities presented by companies in rapidly growing emerging markets and the correlative risks presented by emerging markets securities.

The Emerging Markets Fund typically invests in stocks of companies that have a total market capitalization of at least $5 billion and, in the Advisers opinion, have institutional ownership that is sufficiently broad to provide adequate liquidity suitable to the Funds holdings. The Emerging Markets Fund normally expects that its assets will be invested in multiple emerging market countries, industries and market sectors. The Adviser uses both top-down and bottom-up approaches, and investment selections are made using a fundamental approach. Top-down research involves the study of economic trends in emerging market economies, such as the fluctuation in interest or unemployment rates. These factors help to identify countries, industries and sectors with the potential to outperform as a result of major economic developments.

Bottom-up research involves detailed analysis of specific companies. Important factors include industry characteristics, profitability, growth dynamics, industry positioning, strength of management, valuation and expected return for the foreseeable future. Particular attention is paid to a companys ability to pay or increase its current dividend. The Emerging Markets Fund may use ETFs in certain situations to gain access to a broader exposure to a specific emerging stock market without purchasing a large number of individual securities. The Emerging Markets Fund may invest in ETFs that have a total market capitalization and which invest in securities with a market capitalization of any size. The Emerging Markets Fund may invest both in ADRs, which are listed on domestic stock exchanges, as well as directly in common stock traded on foreign exchanges.

The Emerging Markets Fund may invest in securities of both U.S. and non-U.S. issuers, which can be both U.S. dollar-based and non-U.S. dollar-based. The Emerging Markets Fund may, but is not required to, hedge against currency risk through the use of forward foreign currency contracts which are entered into directly with dealers. The Adviser will sell securities for any one of four possible reasons: When another company is found by the Adviser to have a higher current dividend yield or better potential for capital appreciation and dividend growth. If the industry moves in an unforeseen direction that negatively impacts the positioning of a particular investment or if the companys strategy, execution or industry positioning itself deteriorates. The Adviser develops specific views on how industries are likely to evolve and how individual companies will participate in industry growth and change.

If the Adviser believes that a companys management is not acting in a forthright manner. If the Adviser believes that a countrys significant geopolitical concerns raise cause for concern for a particular issuer.

CUTDX Costs and Fees

CUTDX costs about $168 per $10,000 invested per year in fund expenses.

• Net expense ratio: 1.68%
• Gross expense ratio: 2.25%
• Portfolio turnover: 6%
• Brokerage commissions: 1.17 bps of average net assets (SEC N-CEN)

CUTDX Cashflows

Over the 12 months to 2020-03, Cutler Emerging Markets Fund had net outflows of $11.32M, from monthly SEC N-PORT filings.

CUTDX Debt Constituents

No individual debt constituents are reported in Cutler Emerging Markets Fund's latest SEC N-PORT filing.

CUTDX Prospectus and SEC Filings

Official Cutler Emerging Markets Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2019-11-13
• Prospectus (485BPOS) — filed 2018-11-09
• Prospectus (485BPOS) — filed 2017-11-17
• Portfolio holdings (N-PORT) — filed 2020-05-28
• Annual census (N-CEN) — filed 2019-09-13
• Annual census (N-CEN) — filed 2018-09-12

Related Funds

Other Emerging Markets Value Equity funds tracked on ABC INVEST:

• iShares Emerging Markets Dividend ETF (DVYE)
• SPDR® S&P® Emerging Markets Dividend ETF (EDIV)
• Cambria Emerging Shareholder Yield ETF (EYLD)
• Fidelity Emerging Markets Multifactor ETF (FDEM)
• VictoryShares Emerging Markets Value Momentum ETF (UEVM)

Data Sources

ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.