Cutler Investment Counsel LLC
In its 13F for Q2 2024 (holdings as of June 30, 2024, filed July 30, 2024), Cutler Investment Counsel LLC reported 128 stock positions worth $734.9 million. Its top holding was Microsoft (MSFT) at 4.7% of the portfolio, followed by iShares 1-5Y Inv Grade (IGSB, 4.4%) and Vngrd Mrngstr MD-Cap ETF-Usd (VO, 3.7%). Compared with Q1 2024, it opened 4 new positions, sold out of 3, added to 38 and reduced 65. The biggest buy was Vanguard Mrngstar GR ETF-Sui (VUG, shares +4%) and the biggest sale CVS Health (CVS, shares −0%).
- Most Recent 13F
- Q2 2026
- Location
- Jacksonville, OR
- CIK
- 0001285973
- Portfolio Value
- $734.9M (Q2 2024)
- SEC Filing
- 0001285973-24-000004 ↗ filed Jul 30, 2024
Holdings Value
Holdings 128 stocks · $734.9M
| MSFT Microsoft Corp. | 4.66% | 76,688 | $34.3M | Reduce -1.2% |
| IGSB iShares 1-5Y Inv Grade Corp. | 4.40% | 630,413 | $32.3M | Reduce -0.5% |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | 3.71% | 112,276 | $27.3M | Add +0.1% |
| SPEM State Street SP PTF Em ETF | 3.48% | 679,675 | $25.6M | Add +1.5% |
| CAT Caterpillar Inc. | 3.00% | 66,233 | $22.1M | Reduce -1.0% |
| IUSG iShares Core S&P U.S. Growth | 2.97% | 171,053 | $21.8M | Reduce -0.5% |
| IEFA iShares Core MSCI Eafe ETF | 2.88% | 291,399 | $21.2M | Add +1.0% |
| HD Home Depot Inc. | 2.52% | 53,887 | $18.6M | Reduce -0.7% |
| EFAV iShares MSCI Eafe Min Vol Fa | 2.49% | 263,426 | $18.3M | Reduce -0.1% |
| VUG Vanguard Mrngstar GR ETF-Sui | 2.36% | 46,327 | $17.3M | Add +4.3% |
| WMT Walmart Inc. | 2.34% | 254,048 | $17.2M | Reduce -0.0% |
| RSG Republic Services Inc. | 2.31% | 87,403 | $17.0M | Reduce -0.7% |
| BLK BlackRock Finance Inc. | 2.15% | 20,085 | $15.8M | Reduce -0.4% |
| GOVT iShares US Treasury Bond ETF | 2.15% | 700,340 | $15.8M | Add +0.2% |
| SCHW Schwab (charles) Corp. | 2.10% | 209,864 | $15.5M | Reduce -0.4% |
| RPG Invesco S&P 500 Pure Growth | 2.08% | 409,611 | $15.3M | Reduce -5.1% |
| MCD McDonald's Corp. | 2.01% | 58,044 | $14.8M | Reduce -0.6% |
| XOM Exxon Mobil Corp. | 2.00% | 127,624 | $14.7M | Reduce -0.6% |
| DE Deere & Co. | 1.89% | 37,112 | $13.9M | Reduce -0.9% |
| SPAB SS SPDR P Agg Bond ETF | 1.75% | 513,051 | $12.9M | Add +0.3% |
| TXN Texas Instruments Inc. | 1.73% | 65,529 | $12.7M | Reduce -0.3% |
| MRK Merck & Co. Inc. | 1.73% | 102,204 | $12.7M | Reduce -0.7% |
| RTX RTX Corp. | 1.73% | 126,475 | $12.7M | Reduce -1.1% |
| CVX Chevron Corp. | 1.51% | 71,006 | $11.1M | Add +0.4% |
| PG The Procter & Gamble Co. | 1.50% | 66,807 | $11.0M | Reduce -0.7% |
| BDX Becton Dickinson and Co. | 1.49% | 46,789 | $10.9M | Reduce -0.3% |
| VZ Verizon Communications Inc. | 1.48% | 264,527 | $10.9M | Add +0.0% |
| JPM JPMorgan Chase & Co. | 1.44% | 52,276 | $10.6M | Reduce -0.3% |
| PEP Pepsico Inc. | 1.42% | 63,469 | $10.5M | Reduce -0.8% |
| CARR Carrier Global Corp. | 1.41% | 163,953 | $10.4M | Reduce -0.0% |
| PDN Inv Rafi Dev MKT US SM-Usdin | 1.41% | 320,783 | $10.4M | Add +1.9% |
| NEE Nextera Energy Inc. | 1.40% | 144,997 | $10.3M | Add +0.6% |
| MDT Medtronic PLC | 1.39% | 128,707 | $10.2M | Reduce -1.1% |
| KR Kroger Co. | 1.35% | 199,315 | $10.0M | Reduce -0.5% |
| VTV Vanguard Mrngstr Val ETF-Aui | 1.28% | 58,404 | $9.4M | Reduce -0.4% |
| DD Dupont DE Nemours Inc. | 1.22% | 111,240 | $9.0M | Reduce -0.4% |
| CVS CVS Health Corp. | 1.21% | 150,874 | $8.9M | Reduce -0.4% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 1.13% | 47,910 | $8.3M | Add +0.3% |
| JNJ Johnson & Johnson | 1.12% | 56,160 | $8.2M | Reduce -0.6% |
| NKE Nike Inc. Class B | 1.09% | 105,604 | $8.0M | Reduce -1.0% |
| PNC PNC Financial Services Group | 1.08% | 51,128 | $7.9M | Reduce -0.3% |
| IVV iShares Core S&P 500 ETF | 1.02% | 13,682 | $7.5M | Add +4.0% |
| EMLC Vaneck JPM Em Local Curr BND | 0.99% | 305,607 | $7.3M | Add +0.4% |
| MTB M & T Bank Corp. filed as M & T BK CORP | 0.92% | 44,864 | $6.8M | Reduce -0.3% |
| VTI VG Morningstar TS MKT ETF-US | 0.87% | 23,718 | $6.4M | Add +0.2% |
| IJR iShares Core S&P Small-Cap E | 0.78% | 53,924 | $5.8M | Add +4.2% |
| NTRS Northern Trust Corp. | 0.69% | 59,733 | $5.1M | Reduce -0.3% |
| AAPL Apple Inc. | 0.69% | 24,003 | $5.1M | Reduce -0.6% |
| CMCSA Comcast Corp. Class A | 0.64% | 119,744 | $4.7M | Reduce -0.1% |
| VEA Vanguard Ftse Developed ETF | 0.55% | 82,360 | $4.1M | Add +0.2% |
| SCHD Schwab US DVD Equity ETF | 0.55% | 51,132 | $4.0M | Add +0.9% |
| SPGI S&P Global Inc. | 0.53% | 8,702 | $3.9M | Add +0.1% |
| SCHA Schwab US Small-Cap ETF | 0.52% | 80,001 | $3.8M | Add +4.6% |
| BIV Vanguard Intermediate-Term B | 0.50% | 49,018 | $3.7M | Reduce -1.2% |
| VIG Vanguard Dividend Apprec ETF | 0.45% | 18,128 | $3.3M | Reduce -1.8% |
| BND Vanguard Total Bond Market | 0.42% | 42,459 | $3.1M | Reduce -5.3% |
| VWO Vanguard Ftse Emerging Marke | 0.40% | 66,821 | $2.9M | Add +1.0% |
| NOBL Proshares S&P 500 Dividend A | 0.37% | 27,825 | $2.7M | Add +5.3% |
| AMZN Amazon.com Inc. | 0.34% | 12,914 | $2.5M | Reduce -1.0% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.31% | 5,620 | $2.3M | Reduce -0.9% |
| COST Costco Wholesale Corp. | 0.31% | 2,681 | $2.3M | Add +0.6% |
| VNQI Vanguard GLBL Ex-US Real Est | 0.30% | 53,724 | $2.2M | Reduce -0.7% |
| AVO Mission Produce Inc. | 0.29% | 212,750 | $2.1M | No change |
| FNDC Schwab Fndmnt Intl SM Eq ETF | 0.25% | 52,860 | $1.9M | Add +4.2% |
| VNQ Vanguard Real Estate ETF | 0.23% | 20,084 | $1.7M | Add +5.5% |
| FNDA Schwab Fndmntl US SM Co. ETF | 0.23% | 30,012 | $1.7M | Add +4.6% |
| VT Vanguard Tot World STK ETF | 0.22% | 14,062 | $1.6M | Add +10.1% |
| FNDF Schwab Fndmn Intl LRG Co. ETF | 0.20% | 41,572 | $1.5M | Add +2.8% |
| GOOG Alphabet Inc. Class C | 0.18% | 7,274 | $1.3M | Add +2.3% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.17% | 2,244 | $1.2M | Reduce -2.3% |
| VGT Vanguard Info Tech ETF | 0.16% | 2,016 | $1.2M | Reduce -4.2% |
| SCHX Schwab US Large-Cap ETF | 0.16% | 17,685 | $1.1M | Add +0.0% |
| MINT PIMCO Enhanced Short Maturit | 0.15% | 10,837 | $1.1M | Reduce -3.3% |
| BNDX Vanguard Total Intl Bond ETF | 0.14% | 20,786 | $1.0M | Reduce -8.5% |
| FNDE Schwab Fndmntl Em MRK Eq ETF | 0.12% | 29,618 | $883K | Add +3.6% |
| SBUX Starbucks Corp. | 0.11% | 10,807 | $841K | Reduce -3.2% |
| BSV Vanguard Short-Term Bond ETF | 0.11% | 10,488 | $804K | Reduce -4.2% |
| QQQ Invesco QQQ Trust Series 1 | 0.10% | 1,599 | $767K | Reduce -0.3% |
| SCHZ Schwab US Aggregate Bond ETF | 0.10% | 16,735 | $763K | Add +0.1% |
| VCSH Vanguard S/T Corp. Bond ETF | 0.09% | 8,968 | $693K | No change |
| VUSB Vanguard Ultra Short Bond Et | 0.09% | 13,766 | $682K | No change |
| LOW Lowe's Cos Inc. | 0.09% | 3,058 | $674K | No change |
| DTD Wisdomtree US Total Dividend | 0.09% | 9,484 | $672K | Reduce -2.0% |
| GOOGL Alphabet Inc. Class A | 0.09% | 3,602 | $656K | Reduce -2.6% |
| ABBV Abbvie Inc. | 0.08% | 3,425 | $587K | Add +0.4% |
| COR Cencora Inc. | 0.07% | 2,440 | $550K | No change |
| NVDA Nvidia Corp. | 0.07% | 4,366 | $539K | Reduce -6.7% |
| GLD SPDR Gold Shares | 0.07% | 2,506 | $539K | Reduce -0.0% |
| IJH iShares Core S&P Midcap ETF | 0.07% | 8,675 | $508K | No change |
| UPS United Parcel Service Class B | 0.07% | 3,586 | $491K | Add +9.4% |
| VYM Vanguard High DVD Yield ETF | 0.07% | 4,127 | $489K | No change |
| VBR Vngrd Mrngst SL-CP Val ETF-U | 0.07% | 2,633 | $483K | Reduce -0.9% |
| WFC Wells Fargo & Co. | 0.07% | 8,136 | $483K | No change |
| IHI iShares U.S. Medical Devices | 0.06% | 8,327 | $467K | Reduce -10.5% |
| XLU St Sr Utl SL SE SPDR ETF-Usd | 0.06% | 6,519 | $444K | No change |
| SCZ iShares MSCI Eafe Small-Cap | 0.06% | 7,101 | $438K | No change |
| HDG Proshares Hedge Replicat ETF | 0.06% | 8,877 | $437K | Add +4.2% |
| TSLA Tesla Inc. | 0.06% | 2,137 | $423K | Reduce -1.1% |
| VMBS Vanguard Mortgage-Backed Sec | 0.06% | 9,073 | $412K | Reduce -28.7% |
| EMB iShares JP Morgan Usd Emergi | 0.05% | 4,543 | $402K | Reduce -18.8% |
Portfolio Sells Q1 2024 → Q2 2024
| CVS CVS Health Corp. | Reduce -0.4% | 1.21% | −0.41 |
| CAT Caterpillar Inc. | Reduce -1.0% | 3.00% | −0.29 |
| HD Home Depot Inc. | Reduce -0.7% | 2.52% | −0.27 |
| NKE Nike Inc. Class B | Reduce -1.0% | 1.09% | −0.26 |
| MCD McDonald's Corp. | Reduce -0.6% | 2.01% | −0.19 |
| KR Kroger Co. | Reduce -0.5% | 1.35% | −0.18 |
| DE Deere & Co. | Reduce -0.9% | 1.89% | −0.18 |
| MDT Medtronic PLC | Reduce -1.1% | 1.39% | −0.14 |
| BLK BlackRock Finance Inc. | Reduce -0.4% | 2.15% | −0.10 |
| MRK Merck & Co. Inc. | Reduce -0.7% | 1.73% | −0.10 |
| PEP Pepsico Inc. | Reduce -0.8% | 1.42% | −0.09 |
| JNJ Johnson & Johnson | Reduce -0.6% | 1.12% | −0.08 |
| VOO Vanguard S&P 500 ETF | Reduce -74.0% | 0.03% | −0.07 |
| BDX Becton Dickinson and Co. | Reduce -0.3% | 1.49% | −0.07 |
| CMCSA Comcast Corp. Class A | Reduce -0.1% | 0.64% | −0.06 |
| RPG Invesco S&P 500 Pure Growth | Reduce -5.1% | 2.08% | −0.05 |
| UNP Union Pacific Corp. | Sold out | 0.00% | −0.03 |
| NTRS Northern Trust Corp. | Reduce -0.3% | 0.69% | −0.03 |
| PNC PNC Financial Services Group | Reduce -0.3% | 1.08% | −0.03 |
| GBTC Grayscale Bitcoin Trust ETF | Sold out | 0.00% | −0.03 |
| BP BP PLC-Spons ADR | Sold out | 0.00% | −0.03 |
| SBUX Starbucks Corp. | Reduce -3.2% | 0.11% | −0.02 |
| VMBS Vanguard Mortgage-Backed Sec | Reduce -28.7% | 0.06% | −0.02 |
| EFAV iShares MSCI Eafe Min Vol Fa | Reduce -0.1% | 2.49% | −0.02 |
| BND Vanguard Total Bond Market | Reduce -5.3% | 0.42% | −0.02 |
| EMB iShares JP Morgan Usd Emergi | Reduce -18.8% | 0.05% | −0.01 |
| BNDX Vanguard Total Intl Bond ETF | Reduce -8.5% | 0.14% | −0.01 |
| IHI iShares U.S. Medical Devices | Reduce -10.5% | 0.06% | −0.01 |
| VNQI Vanguard GLBL Ex-US Real Est | Reduce -0.7% | 0.30% | −0.01 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -0.9% | 0.31% | −0.01 |
| PFF iShares Preferred & Income S | Reduce -13.6% | 0.05% | −0.01 |
| BA The Boeing Co. | Reduce -13.3% | 0.03% | −0.01 |
| VTEB Vanguard Tax-Exempt Bond ETF | Reduce -8.4% | 0.04% | −0.00 |
| BSV Vanguard Short-Term Bond ETF | Reduce -4.2% | 0.11% | −0.00 |
| MINT PIMCO Enhanced Short Maturit | Reduce -3.3% | 0.15% | −0.00 |
| VBR Vngrd Mrngst SL-CP Val ETF-U | Reduce -0.9% | 0.07% | −0.00 |
| XOM Exxon Mobil Corp. | Reduce -0.6% | 2.00% | −0.00 |
| BIV Vanguard Intermediate-Term B | Reduce -1.2% | 0.50% | −0.00 |
| LMT Lockheed Martin Corp. | Reduce -10.0% | 0.03% | −0.00 |
| VBK Van Morst SML-Cap Gro-Usd Inc. | Reduce -1.4% | 0.04% | −0.00 |
| CSCO Cisco Systems Inc. | Reduce -0.0% | 0.04% | −0.00 |
| DTD Wisdomtree US Total Dividend | Reduce -2.0% | 0.09% | −0.00 |
| VIG Vanguard Dividend Apprec ETF | Reduce -1.8% | 0.45% | +0.00 |
| KO The Coca-Cola Co. | Reduce -1.8% | 0.03% | +0.00 |
| VTV Vanguard Mrngstr Val ETF-Aui | Reduce -0.4% | 1.28% | +0.00 |
| GLD SPDR Gold Shares | Reduce -0.0% | 0.07% | +0.00 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -2.3% | 0.17% | +0.01 |
| SLV iShares Silver Trust | Reduce -0.0% | 0.04% | +0.01 |
| TSLA Tesla Inc. | Reduce -1.1% | 0.06% | +0.01 |
| QQQ Invesco QQQ Trust Series 1 | Reduce -0.3% | 0.10% | +0.01 |
Portfolio Buys Q1 2024 → Q2 2024
| VUG Vanguard Mrngstar GR ETF-Sui | Add +4.3% | 2.36% | +0.31 |
| SPEM State Street SP PTF Em ETF | Add +1.5% | 3.48% | +0.23 |
| NEE Nextera Energy Inc. | Add +0.6% | 1.40% | +0.16 |
| IVV iShares Core S&P 500 ETF | Add +4.0% | 1.02% | +0.09 |
| COST Costco Wholesale Corp. | Add +0.6% | 0.31% | +0.05 |
| VTI VG Morningstar TS MKT ETF-US | Add +0.2% | 0.87% | +0.04 |
| GOOG Alphabet Inc. Class C | Add +2.3% | 0.18% | +0.04 |
| VTES Vanguard SH Term Tax-Ex Bond | New | 0.03% | +0.03 |
| SPGI S&P Global Inc. | Add +0.1% | 0.53% | +0.03 |
| SPYG SS SPDR P S&P 500 Growth ETF | New | 0.03% | +0.03 |
| PM Philip Morris International | New | 0.03% | +0.03 |
| META Meta Platforms Inc. Class A | New | 0.03% | +0.03 |
| VWO Vanguard Ftse Emerging Marke | Add +1.0% | 0.40% | +0.03 |
| VT Vanguard Tot World STK ETF | Add +10.1% | 0.22% | +0.03 |
| PDN Inv Rafi Dev MKT US SM-Usdin | Add +1.9% | 1.41% | +0.02 |
| SPAB SS SPDR P Agg Bond ETF | Add +0.3% | 1.75% | +0.02 |
| GOVT iShares US Treasury Bond ETF | Add +0.2% | 2.15% | +0.02 |
| IJR iShares Core S&P Small-Cap E | Add +4.2% | 0.78% | +0.02 |
| CVX Chevron Corp. | Add +0.4% | 1.51% | +0.02 |
| FNDE Schwab Fndmntl Em MRK Eq ETF | Add +3.6% | 0.12% | +0.01 |
| SCHA Schwab US Small-Cap ETF | Add +4.6% | 0.52% | +0.01 |
| VNQ Vanguard Real Estate ETF | Add +5.5% | 0.23% | +0.01 |
| FNDC Schwab Fndmnt Intl SM Eq ETF | Add +4.2% | 0.25% | +0.01 |
| IEFA iShares Core MSCI Eafe ETF | Add +1.0% | 2.88% | +0.01 |
| SCHX Schwab US Large-Cap ETF | Add +0.0% | 0.16% | +0.01 |
| RY Royal Bank of Canada | Add +14.3% | 0.04% | +0.01 |
| NOBL Proshares S&P 500 Dividend A | Add +5.3% | 0.37% | +0.01 |
| FNDF Schwab Fndmn Intl LRG Co. ETF | Add +2.8% | 0.20% | +0.01 |
| FNDA Schwab Fndmntl US SM Co. ETF | Add +4.6% | 0.23% | +0.01 |
| CMI Cummins Inc. | Add +15.4% | 0.05% | +0.00 |
| HDG Proshares Hedge Replicat ETF | Add +4.2% | 0.06% | +0.00 |
| REET iShares Global REIT ETF | Add +4.6% | 0.04% | +0.00 |
| UPS United Parcel Service Class B | Add +9.4% | 0.07% | +0.00 |
| SCHZ Schwab US Aggregate Bond ETF | Add +0.1% | 0.10% | +0.00 |
| VEA Vanguard Ftse Developed ETF | Add +0.2% | 0.55% | +0.00 |
| V Visa Inc. Class A | Add +3.3% | 0.04% | −0.00 |
| SCHD Schwab US DVD Equity ETF | Add +0.9% | 0.55% | −0.00 |
| ABBV Abbvie Inc. | Add +0.4% | 0.08% | −0.00 |
| VZ Verizon Communications Inc. | Add +0.0% | 1.48% | −0.00 |
| EMLC Vaneck JPM Em Local Curr BND | Add +0.4% | 0.99% | −0.01 |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | Add +0.1% | 3.71% | −0.04 |
| IBM Intl Business Machines Corp. | Add +0.3% | 1.13% | −0.10 |
Options Activity Q1 2024 → Q2 2024
| COST Costco Wholesale Corp. | call | Sold out | 300 | $220Kbefore 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 |