Fund Evaluator:
Cutler Equity Fund (DIVHX)
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Best Performing in Large Value Over the Last Year
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Fund Details
Cutler Equity Fund Overview
Cutler Equity Fund (DIVHX) is an actively managed U.S. Equity Large Value fund. Cutler launched the fund in 1992.
The investment seeks current income and long-term capital appreciation. In seeking to meet its investment objective, under normal conditions, at least 80% of its assets will be invested in a diversified portfolio of common stocks according to the investment style of the fund's investment adviser. The fund typically invests in stocks of companies that have a total market capitalization of at least $10 billion and, in the Adviser's opinion, have institutional ownership that is sufficiently broad to provide adequate liquidity suitable to the fund's holdings.
About Cutler Equity Fund (DIVHX)
There are 2 members of the management team with an average tenure of 23.33 years: Matthew Patten (2003), Erich Patten (2003). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: S&P 500 (TR) (1970) index with a weighting of 100% and S&P 500 Value TR USD index with a weighting of 100%. Cutler Equity Fund has 35 securities in its portfolio. The top 10 holdings constitute 46.5% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Cutler Equity Fund is part of the Equity global asset class and is within the U.S. Equity fund group. Cutler Equity Fund has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 100.0%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Cutler Equity Fund has 0.0% of the portfolio in cash.
Assets Under Management
The fund has $226 million in total assets, which is below the $1 billion average for the Large Value category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
DIVHX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Cutler Equity Fund expense ratio is high compared to funds in the Large Value category. Cutler Equity Fund has an expense ratio of 0.99%, which is 7% higher than its category average, making the fund expense ratio grade a D. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Cutler Equity Fund has a portfolio turnover rate of 1%, indicating that holds its assets around 1.0 years. By way of comparison, the average portfolio turnover is 63% for the Large Value category.
Recently, in the month of August 2026, Cutler Equity Fund returned 1.6%, which earned it a grade of C, as the Large Value category had an average return of 1.6%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Cutler Equity Fund has a trailing yield of 1.13%, which is below the 1.17% category average. The fund normally distributes its income quarterly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Cutler Equity Fund Grades
Year to date, the fund has returned 13.6%, 2.5 percentage points worse than the category, which translates into a grade of D. The fund has returned 16.4% over the past year (grade of D), 15.3% over the past three years (grade of D) and 9.5% per year over the past five years (grade of D) and 11.6% per year over the past 10 years (grade of C).
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DIVHX Trailing NAV Total Returns Data as of 8/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| DIVHX Return (NAV) | 1.6% | 5.4% | 16.4% | 15.3% | 9.5% | 11.6% |
| DIVHX Grade | C | D | D | D | D | C |
| +/- Category | -0.0% | -0.9% | -5.2% | -1.9% | -1.2% | 0.2% |
| Large Value Avg | 1.6% | 6.2% | 21.6% | 17.3% | 10.7% | 11.4% |
| DIVHX Tax Cost Ratio | na | na | 1.5% | 1.6% | 1.5% | 1.4% |
DIVHX Annual NAV Total ReturnsData as of 8/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| DIVHX Return (NAV) | 13.6% | 14.4% | 12.5% | 7.2% | -3.3% | 24.7% | 9.6% | 24.7% | -6.4% | 17.8% | 14.9% |
| DIVHX Grade | D | D | D | F | B | D | A | D | B | B | C |
| +/- Category | -2.5% | -0.7% | -1.6% | -4.7% | 2.8% | -1.0% | 5.7% | -0.9% | 2.1% | 1.4% | 0.5% |
| Large Value Avg | 16.1% | 15.1% | 14.1% | 11.8% | -6.1% | 25.7% | 3.9% | 25.6% | -8.5% | 16.5% | 14.5% |
| Risk Measures | |
| Standard Deviation: | 11.4% |
| Total Risk Index: | 0.93 - Average |
| Category Risk Index: | 0.96 - Below Average |
| Category Risk Grade: | B (32% Rank) |
| Beta: | 0.63 |
| R-Squared: | 51% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Value |
| Bond Investment Style: | na |
| Yield: | 1.1% |
| Dividend Distribution: | Quarterly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $226 Mil |
| Fund Total Assets: | $ 227 Mil |
| Share Class Type: | No Load |
| Portfolio Turnover: | 1% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 23.5 years | |||
| Average Tenure: 23.3 years | |||
| Managers (Year): Patten Matthew (2003), Patten Erich (2003) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 35 |
| % in Top 10 Holdings: | 46.5% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 100.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.0% |
Purchase Information
| Fund Family: | Cutler |
| Phone Number: | 888-288-5374 |
| Website: | www.cutler.com |
| Status: | Open |
| Inception Date: | December 31, 1992 |
| Min. Initial Purchase: | $2,500 |
| Min. Initial IRA Purchase: | $2,000 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.99% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.93% |
| Share Class: | Cutler Equity Fund |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
