Cutler Investment Counsel LLC
In its 13F for Q1 2024 (holdings as of March 31, 2024, filed April 30, 2024), Cutler Investment Counsel LLC reported 127 stock positions worth $745.5 million. Its top holding was Microsoft (MSFT) at 4.4% of the portfolio, followed by iShares 1-5Y Inv Grade (IGSB, 4.4%) and Vngrd Mrngstr MD-Cap ETF-Usd (VO, 3.8%). Compared with Q4 2023, it opened 8 new positions, sold out of 11, added to 63 and reduced 47. The biggest buy was Nextera Energy (NEE, shares +448%) and the biggest sale Union Pacific (UNP, shares −97%).
- Most Recent 13F
- Q2 2026
- Location
- Jacksonville, OR
- CIK
- 0001285973
- Portfolio Value
- $745.5M (Q1 2024)
- SEC Filing
- 0001285973-24-000003 ↗ filed Apr 30, 2024
Holdings Value
Holdings 127 stocks · $745.5M
| MSFT Microsoft Corp. | 4.38% | 77,630 | $32.7M | Reduce -0.1% |
| IGSB iShares 1-5Y Inv Grade Corp. | 4.36% | 633,528 | $32.5M | Add +1.7% |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | 3.76% | 112,107 | $28.0M | Add +6.3% |
| CAT Caterpillar Inc. | 3.29% | 66,899 | $24.5M | Reduce -15.4% |
| SPEM State Street SP PTF Em ETF | 3.25% | 669,552 | $24.2M | Add +4.1% |
| IEFA iShares Core MSCI Eafe ETF | 2.87% | 288,422 | $21.4M | Add +2.3% |
| HD Home Depot Inc. | 2.79% | 54,255 | $20.8M | Add +1.1% |
| IUSG iShares Core S&P U.S. Growth | 2.70% | 171,820 | $20.1M | Add +7.8% |
| EFAV iShares MSCI Eafe Min Vol Fa | 2.51% | 263,753 | $18.7M | Add +4.6% |
| RSG Republic Services Inc. | 2.26% | 88,011 | $16.8M | Reduce -0.1% |
| BLK BlackRock Finance Inc. | 2.26% | 20,167 | $16.8M | Add +0.5% |
| MCD McDonald's Corp. | 2.21% | 58,371 | $16.5M | Add +0.4% |
| GOVT iShares US Treasury Bond ETF | 2.13% | 698,892 | $15.9M | Add +3.2% |
| RPG Invesco S&P 500 Pure Growth | 2.13% | 431,825 | $15.9M | Reduce -26.3% |
| DE Deere & Co. | 2.07% | 37,448 | $15.4M | Add +0.5% |
| WMT Walmart Inc. | 2.06% | 254,109 | $15.3M | Add +0.2% |
| VUG Vanguard Mrngstar GR ETF-Sui | 2.05% | 44,417 | $15.3M | Add +71.1% |
| SCHW Schwab (charles) Corp. | 2.04% | 210,708 | $15.2M | Add +0.7% |
| XOM Exxon Mobil Corp. | 2.00% | 128,380 | $14.9M | Reduce -7.1% |
| MRK Merck & Co. Inc. | 1.83% | 102,938 | $13.7M | Reduce -0.5% |
| SPAB SS SPDR P Agg Bond ETF | 1.73% | 511,255 | $12.9M | Add +3.3% |
| RTX RTX Corp. | 1.67% | 127,867 | $12.5M | Add +0.9% |
| CVS CVS Health Corp. | 1.62% | 151,479 | $12.1M | Add +0.4% |
| BDX Becton Dickinson and Co. | 1.56% | 46,936 | $11.6M | Add +0.5% |
| TXN Texas Instruments Inc. | 1.53% | 65,690 | $11.4M | Reduce -1.4% |
| KR Kroger Co. | 1.53% | 200,220 | $11.4M | Add +0.3% |
| MDT Medtronic PLC | 1.53% | 130,098 | $11.4M | Add +0.4% |
| PEP Pepsico Inc. | 1.51% | 64,014 | $11.3M | Reduce -6.4% |
| CVX Chevron Corp. | 1.50% | 70,706 | $11.2M | Reduce -2.0% |
| VZ Verizon Communications Inc. | 1.49% | 264,486 | $11.1M | Add +1.3% |
| PG The Procter & Gamble Co. | 1.46% | 67,279 | $10.9M | Reduce -0.6% |
| JPM JPMorgan Chase & Co. | 1.41% | 52,435 | $10.5M | Add +0.0% |
| PDN Inv Rafi Dev MKT US SM-Usdin | 1.39% | 314,905 | $10.4M | Add +7.7% |
| NKE Nike Inc. Class B | 1.35% | 106,706 | $10.1M | Add +0.3% |
| VTV Vanguard Mrngstr Val ETF-Aui | 1.28% | 58,661 | $9.6M | Reduce -5.0% |
| CARR Carrier Global Corp. | 1.28% | 163,973 | $9.5M | Add +0.9% |
| NEE Nextera Energy Inc. | 1.24% | 144,146 | $9.2M | Add +447.8% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 1.22% | 47,790 | $9.1M | Reduce -0.5% |
| JNJ Johnson & Johnson | 1.20% | 56,505 | $8.9M | Add +0.7% |
| DD Dupont DE Nemours Inc. | 1.15% | 111,710 | $8.6M | Add +0.7% |
| PNC PNC Financial Services Group | 1.11% | 51,281 | $8.3M | Add +0.8% |
| EMLC Vaneck JPM Em Local Curr BND | 1.00% | 304,368 | $7.5M | Add +6.2% |
| IVV iShares Core S&P 500 ETF | 0.93% | 13,158 | $6.9M | Reduce -11.7% |
| MTB M & T Bank Corp. filed as M & T BK CORP | 0.88% | 44,976 | $6.5M | Add +0.5% |
| VTI VG Morningstar TS MKT ETF-US | 0.83% | 23,681 | $6.2M | Add +2.3% |
| IJR iShares Core S&P Small-Cap E | 0.77% | 51,754 | $5.7M | Add +3.5% |
| NTRS Northern Trust Corp. | 0.72% | 59,924 | $5.4M | Add +0.4% |
| CMCSA Comcast Corp. Class A | 0.70% | 119,922 | $5.2M | Add +0.2% |
| AAPL Apple Inc. | 0.56% | 24,138 | $4.1M | Reduce -4.1% |
| VEA Vanguard Ftse Developed ETF | 0.55% | 82,213 | $4.1M | Add +10.6% |
| SCHD Schwab US DVD Equity ETF | 0.55% | 50,668 | $4.1M | Add +10.0% |
| SCHA Schwab US Small-Cap ETF | 0.51% | 76,475 | $3.8M | Add +14.4% |
| BIV Vanguard Intermediate-Term B | 0.50% | 49,614 | $3.7M | Add +10.3% |
| SPGI S&P Global Inc. | 0.50% | 8,694 | $3.7M | Add +0.0% |
| VIG Vanguard Dividend Apprec ETF | 0.45% | 18,468 | $3.4M | Add +1.8% |
| BND Vanguard Total Bond Market | 0.44% | 44,831 | $3.3M | Add +30.6% |
| VWO Vanguard Ftse Emerging Marke | 0.37% | 66,178 | $2.8M | Add +9.4% |
| NOBL Proshares S&P 500 Dividend A | 0.36% | 26,414 | $2.7M | Add +2.0% |
| AVO Mission Produce Inc. | 0.34% | 212,750 | $2.5M | No change |
| BRK.B Berkshire Hathaway Inc. Class B | 0.32% | 5,672 | $2.4M | Reduce -1.3% |
| AMZN Amazon.com Inc. | 0.32% | 13,045 | $2.4M | Reduce -2.4% |
| VNQI Vanguard GLBL Ex-US Real Est | 0.31% | 54,125 | $2.3M | Add +1.3% |
| COST Costco Wholesale Corp. | 0.26% | 2,666 | $2.0M | Reduce -0.6% |
| FNDC Schwab Fndmnt Intl SM Eq ETF | 0.24% | 50,733 | $1.8M | Add +8.1% |
| VNQ Vanguard Real Estate ETF | 0.22% | 19,038 | $1.6M | Add +12.3% |
| FNDA Schwab Fndmntl US SM Co. ETF | 0.22% | 28,700 | $1.6M | Add +0.6% |
| FNDF Schwab Fndmn Intl LRG Co. ETF | 0.19% | 40,434 | $1.4M | Add +8.2% |
| VT Vanguard Tot World STK ETF | 0.19% | 12,771 | $1.4M | Add +10.9% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.16% | 2,296 | $1.2M | Reduce -3.2% |
| MINT PIMCO Enhanced Short Maturit | 0.15% | 11,212 | $1.1M | Add +34.3% |
| BNDX Vanguard Total Intl Bond ETF | 0.15% | 22,716 | $1.1M | Add +37.4% |
| VGT Vanguard Info Tech ETF | 0.15% | 2,105 | $1.1M | Reduce -4.9% |
| SCHX Schwab US Large-Cap ETF | 0.15% | 17,680 | $1.1M | Add +0.2% |
| GOOG Alphabet Inc. Class C | 0.15% | 7,109 | $1.1M | Reduce -4.7% |
| SBUX Starbucks Corp. | 0.14% | 11,162 | $1.0M | Reduce -13.1% |
| BSV Vanguard Short-Term Bond ETF | 0.11% | 10,951 | $840K | Reduce -37.9% |
| FNDE Schwab Fndmntl Em MRK Eq ETF | 0.11% | 28,586 | $794K | Add +13.5% |
| LOW Lowe's Cos Inc. | 0.10% | 3,058 | $779K | Reduce -0.3% |
| SCHZ Schwab US Aggregate Bond ETF | 0.10% | 16,723 | $769K | Reduce -26.7% |
| VOO Vanguard S&P 500 ETF | 0.10% | 1,580 | $760K | New |
| QQQ Invesco QQQ Trust Series 1 | 0.10% | 1,604 | $713K | Reduce -1.5% |
| VCSH Vanguard S/T Corp. Bond ETF | 0.09% | 8,968 | $693K | Add +0.7% |
| DTD Wisdomtree US Total Dividend | 0.09% | 9,682 | $685K | Add +2.9% |
| VUSB Vanguard Ultra Short Bond Et | 0.09% | 13,766 | $682K | No change |
| ABBV Abbvie Inc. | 0.08% | 3,412 | $621K | Reduce -16.4% |
| COR Cencora Inc. | 0.08% | 2,440 | $593K | Reduce -0.4% |
| VMBS Vanguard Mortgage-Backed Sec | 0.08% | 12,720 | $580K | Reduce -22.3% |
| GOOGL Alphabet Inc. Class A | 0.07% | 3,700 | $558K | Add +1.4% |
| IHI iShares U.S. Medical Devices | 0.07% | 9,303 | $545K | Reduce -2.6% |
| IJH iShares Core S&P Midcap ETF | 0.07% | 8,675 | $527K | Reduce -32.1% |
| GLD SPDR Gold Shares | 0.07% | 2,507 | $516K | Add +1.2% |
| VBR Vngrd Mrngst SL-CP Val ETF-U | 0.07% | 2,657 | $510K | Reduce -1.1% |
| EMB iShares JP Morgan Usd Emergi | 0.07% | 5,593 | $502K | Add +2.8% |
| VYM Vanguard High DVD Yield ETF | 0.07% | 4,127 | $499K | No change |
| UPS United Parcel Service Class B | 0.07% | 3,279 | $487K | Reduce -10.2% |
| WFC Wells Fargo & Co. | 0.06% | 8,136 | $472K | Reduce -9.2% |
| SCZ iShares MSCI Eafe Small-Cap | 0.06% | 7,101 | $450K | Add +30.0% |
| XLU St Sr Utl SL SE SPDR ETF-Usd | 0.06% | 6,519 | $428K | No change |
| PFF iShares Preferred & Income S | 0.06% | 13,156 | $424K | Reduce -8.4% |
| NVDA Nvidia Corp. | 0.06% | 468 | $423K | Reduce -28.1% |
Options reported separately and not counted above: COST calls ($220K).
Portfolio Sells Q4 2023 → Q1 2024
| UNP Union Pacific Corp. | Reduce -97.1% | 0.03% | −1.18 |
| RPG Invesco S&P 500 Pure Growth | Reduce -26.3% | 2.13% | −0.57 |
| PEP Pepsico Inc. | Reduce -6.4% | 1.51% | −0.16 |
| AAPL Apple Inc. | Reduce -4.1% | 0.56% | −0.14 |
| EMR Emerson Electric Co. | Reduce -71.7% | 0.05% | −0.12 |
| ALL Allstate Corp. | Sold out | 0.00% | −0.10 |
| CL Colgate-Palmolive Co. | Sold out | 0.00% | −0.10 |
| IVV iShares Core S&P 500 ETF | Reduce -11.7% | 0.93% | −0.09 |
| TXN Texas Instruments Inc. | Reduce -1.4% | 1.53% | −0.09 |
| DFS Discover Financial Services | Sold out | 0.00% | −0.08 |
| BSV Vanguard Short-Term Bond ETF | Reduce -37.9% | 0.11% | −0.08 |
| WAFD Wafd Inc. | Sold out | 0.00% | −0.07 |
| T AT&T Inc. | Sold out | 0.00% | −0.06 |
| ABT Abbott Laboratories | Sold out | 0.00% | −0.05 |
| CAT Caterpillar Inc. | Reduce -15.4% | 3.29% | −0.05 |
| SCHZ Schwab US Aggregate Bond ETF | Reduce -26.7% | 0.10% | −0.05 |
| CVX Chevron Corp. | Reduce -2.0% | 1.50% | −0.04 |
| TSLA Tesla Inc. | Reduce -15.3% | 0.05% | −0.04 |
| SBUX Starbucks Corp. | Reduce -13.1% | 0.14% | −0.04 |
| VTV Vanguard Mrngstr Val ETF-Aui | Reduce -5.0% | 1.28% | −0.04 |
| OGE Oge Energy Corp. | Sold out | 0.00% | −0.04 |
| DBP Invesco DB Precious Metals F | Sold out | 0.00% | −0.04 |
| VMBS Vanguard Mortgage-Backed Sec | Reduce -22.3% | 0.08% | −0.03 |
| IJH iShares Core S&P Midcap ETF | Reduce -32.1% | 0.07% | −0.03 |
| MMM 3M Co. | Sold out | 0.00% | −0.03 |
| IAGG iShares Intl Aggregate Bond | Sold out | 0.00% | −0.03 |
| LMT Lockheed Martin Corp. | Reduce -32.3% | 0.03% | −0.02 |
| UPS United Parcel Service Class B | Reduce -10.2% | 0.07% | −0.02 |
| RY Royal Bank of Canada | Reduce -23.5% | 0.03% | −0.01 |
| PFF iShares Preferred & Income S | Reduce -8.4% | 0.06% | −0.01 |
| ABBV Abbvie Inc. | Reduce -16.4% | 0.08% | −0.01 |
| CMI Cummins Inc. | Reduce -22.9% | 0.05% | −0.01 |
| GCV Gabelli Convert & Inc. Sec | Sold out | 0.00% | −0.01 |
| GOOG Alphabet Inc. Class C | Reduce -4.7% | 0.15% | −0.01 |
| VGT Vanguard Info Tech ETF | Reduce -4.9% | 0.15% | −0.01 |
| CSCO Cisco Systems Inc. | Reduce -0.2% | 0.04% | −0.00 |
| HDG Proshares Hedge Replicat ETF | Reduce -0.5% | 0.06% | −0.00 |
| VBK Van Morst SML-Cap Gro-Usd Inc. | Reduce -4.1% | 0.04% | −0.00 |
| VBR Vngrd Mrngst SL-CP Val ETF-U | Reduce -1.1% | 0.07% | −0.00 |
| IHI iShares U.S. Medical Devices | Reduce -2.6% | 0.07% | −0.00 |
| DFAC Dimensional US Core Equity 2 | Reduce -2.8% | 0.05% | −0.00 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -3.2% | 0.16% | −0.00 |
| ALK Alaska Air Group Inc. | Reduce -3.0% | 0.05% | +0.00 |
| WFC Wells Fargo & Co. | Reduce -9.2% | 0.06% | +0.00 |
| QQQ Invesco QQQ Trust Series 1 | Reduce -1.5% | 0.10% | +0.00 |
| PEG Public Service Enterprise GP | Reduce -1.4% | 0.03% | +0.00 |
| LOW Lowe's Cos Inc. | Reduce -0.3% | 0.10% | +0.01 |
| COR Cencora Inc. | Reduce -0.4% | 0.08% | +0.01 |
| COST Costco Wholesale Corp. | Reduce -0.6% | 0.26% | +0.01 |
| NVDA Nvidia Corp. | Reduce -28.1% | 0.06% | +0.01 |
Portfolio Buys Q4 2023 → Q1 2024
| NEE Nextera Energy Inc. | Add +447.8% | 1.24% | +1.01 |
| VUG Vanguard Mrngstar GR ETF-Sui | Add +71.1% | 2.05% | +0.90 |
| IUSG iShares Core S&P U.S. Growth | Add +7.8% | 2.70% | +0.33 |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | Add +6.3% | 3.76% | +0.25 |
| KR Kroger Co. | Add +0.3% | 1.53% | +0.23 |
| RTX RTX Corp. | Add +0.9% | 1.67% | +0.15 |
| WMT Walmart Inc. | Add +0.2% | 2.06% | +0.15 |
| HD Home Depot Inc. | Add +1.1% | 2.79% | +0.14 |
| JPM JPMorgan Chase & Co. | Add +0.0% | 1.41% | +0.13 |
| VOO Vanguard S&P 500 ETF | New | 0.10% | +0.10 |
| VZ Verizon Communications Inc. | Add +1.3% | 1.49% | +0.08 |
| BND Vanguard Total Bond Market | Add +30.6% | 0.44% | +0.08 |
| SCHA Schwab US Small-Cap ETF | Add +14.4% | 0.51% | +0.05 |
| SCHD Schwab US DVD Equity ETF | Add +10.0% | 0.55% | +0.05 |
| VEA Vanguard Ftse Developed ETF | Add +10.6% | 0.55% | +0.04 |
| VTEB Vanguard Tax-Exempt Bond ETF | New | 0.04% | +0.04 |
| VTI VG Morningstar TS MKT ETF-US | Add +2.3% | 0.83% | +0.04 |
| IEFA iShares Core MSCI Eafe ETF | Add +2.3% | 2.87% | +0.04 |
| REET iShares Global REIT ETF | New | 0.03% | +0.03 |
| BNDX Vanguard Total Intl Bond ETF | Add +37.4% | 0.15% | +0.03 |
| MINT PIMCO Enhanced Short Maturit | Add +34.3% | 0.15% | +0.03 |
| PDN Inv Rafi Dev MKT US SM-Usdin | Add +7.7% | 1.39% | +0.03 |
| GBTC Grayscale Bitcoin Trust ETF | New | 0.03% | +0.03 |
| KO The Coca-Cola Co. | New | 0.03% | +0.03 |
| SPDW Ste STR SPDR PT DW Eu ETF | New | 0.03% | +0.03 |
| AEP American Electric Power | New | 0.03% | +0.03 |
| BP BP PLC-Spons ADR | New | 0.03% | +0.03 |
| VT Vanguard Tot World STK ETF | Add +10.9% | 0.19% | +0.02 |
| VWO Vanguard Ftse Emerging Marke | Add +9.4% | 0.37% | +0.02 |
| FNDF Schwab Fndmn Intl LRG Co. ETF | Add +8.2% | 0.19% | +0.01 |
| SCZ iShares MSCI Eafe Small-Cap | Add +30.0% | 0.06% | +0.01 |
| BIV Vanguard Intermediate-Term B | Add +10.3% | 0.50% | +0.01 |
| VIG Vanguard Dividend Apprec ETF | Add +1.8% | 0.45% | +0.01 |
| FNDE Schwab Fndmntl Em MRK Eq ETF | Add +13.5% | 0.11% | +0.01 |
| EFAV iShares MSCI Eafe Min Vol Fa | Add +4.6% | 2.51% | +0.01 |
| FNDC Schwab Fndmnt Intl SM Eq ETF | Add +8.1% | 0.24% | +0.01 |
| NOBL Proshares S&P 500 Dividend A | Add +2.0% | 0.36% | +0.01 |
| VNQ Vanguard Real Estate ETF | Add +12.3% | 0.22% | +0.01 |
| SCHX Schwab US Large-Cap ETF | Add +0.2% | 0.15% | +0.01 |
| DTD Wisdomtree US Total Dividend | Add +2.9% | 0.09% | +0.00 |
| GOOGL Alphabet Inc. Class A | Add +1.4% | 0.07% | +0.00 |
| GLD SPDR Gold Shares | Add +1.2% | 0.07% | +0.00 |
| MTB M & T Bank Corp. | Add +0.5% | 0.88% | +0.00 |
| V Visa Inc. Class A | Add +0.2% | 0.04% | +0.00 |
| VSGX Vanguard ESG Intl Stock ETF | Add +0.9% | 0.04% | −0.00 |
| EMB iShares JP Morgan Usd Emergi | Add +2.8% | 0.07% | −0.00 |
| SPEM State Street SP PTF Em ETF | Add +4.1% | 3.25% | −0.00 |
| NTRS Northern Trust Corp. | Add +0.4% | 0.72% | −0.01 |
| MDT Medtronic PLC | Add +0.4% | 1.53% | −0.01 |
| VCSH Vanguard S/T Corp. Bond ETF | Add +0.7% | 0.09% | −0.01 |
Options Activity Q4 2023 → Q1 2024
| COST Costco Wholesale Corp. | call | New | 300 | $220K |
| QQQ Invesco QQQ Trust Series 1 | put | Sold out | 500 | $205Kbefore exit |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 157 | $1.1B | VO, IEFA, IGSB, SPEM, JIRE |
| Q1 2026 | 146 | $971.1M | VO, IGSB, IEFA, SPEM, JIRE |
| Q4 2025 | 143 | $961.2M | VO, IEFA, IGSB, SPEM, JIRE |
| Q3 2025 | 140 | $953.8M | VO, IGSB, IEFA, SPEM, MSFT |
| Q2 2025 | 138 | $898.7M | VO, IGSB, IEFA, MSFT, SPEM |
| Q1 2025 | 132 | $832.3M | IGSB, VO, IEFA, SPEM, MSFT |
| Q4 2024 | 128 | $803.8M | IGSB, VO, MSFT, IEFA, SPEM |
| Q3 2024 | 127 | $792.7M | IGSB, VO, MSFT, SPEM, IEFA |
| Q2 2024 | 128 | $734.9M | MSFT, IGSB, VO, SPEM, CAT |
| Q1 2024 | 127 | $745.5M | MSFT, IGSB, VO, CAT, SPEM |