Cutler Investment Counsel LLC

Name: CUTLER INVESTMENT COUNSEL LLC 13F holdings, Q3 2024
Creator: CUTLER INVESTMENT COUNSEL LLC
Published: 2024-11-06

Q2 2026Q1 2026Q4 2025Q3 2025Q2 2025Q1 2025Q4 2024Q2 2024Q1 2024

In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 6, 2024), Cutler Investment Counsel LLC reported 127 stock positions worth $792.7 million. Its top holding was iShares 1-5Y Inv Grade (IGSB) at 4.4% of the portfolio, followed by Vngrd Mrngstr MD-Cap ETF-Usd (VO, 4.2%) and Microsoft (MSFT, 4.0%). Compared with Q2 2024, it opened 4 new positions, sold out of 5, added to 32 and reduced 73. The biggest buy was a new position in JPMorgan Int Res Enh Eqty (JIRE) and the biggest sale an exit from BlackRock Finance (BLK).

Most Recent 13F: Q2 2026
Location: Jacksonville, OR
CIK: 0001285973
Portfolio Value: $792.7M (Q3 2024)
SEC Filing: 0001285973-24-000005 ↗ filed Nov 6, 2024

Holdings Value

Holdings 127 stocks · $792.7M


IGSB iShares 1-5Y Inv Grade Corp.	4.44%	668,812	$35.2M	Add +6.1%
VO Vngrd Mrngstr MD-Cap ETF-Usd	4.21%	126,623	$33.4M	Add +12.8%
MSFT Microsoft Corp.	4.05%	74,522	$32.1M	Reduce -2.8%
SPEM State Street SP PTF Em ETF	3.62%	695,553	$28.7M	Add +2.3%
IEFA iShares Core MSCI Eafe ETF	3.54%	359,418	$28.1M	Add +23.3%
CAT Caterpillar Inc.	3.18%	64,459	$25.2M	Reduce -2.7%
IUSG iShares Core S&P U.S. Growth	3.02%	181,184	$23.9M	Add +5.9%
HD Home Depot Inc.	2.68%	52,497	$21.3M	Reduce -2.6%
WMT Walmart Inc.	2.53%	248,093	$20.0M	Reduce -2.3%
VUG Vanguard Mrngstar GR ETF-Sui	2.42%	49,933	$19.2M	Add +7.8%
GOVT iShares US Treasury Bond ETF	2.40%	810,455	$19.0M	Add +15.7%
SPAB SS SPDR P Agg Bond ETF	2.30%	697,904	$18.2M	Add +36.0%
RSG Republic Services Inc.	2.17%	85,537	$17.2M	Reduce -2.1%
MCD McDonald's Corp.	2.15%	56,082	$17.1M	Reduce -3.4%
DE Deere & Co.	1.89%	35,788	$15.0M	Reduce -3.6%
RTX RTX Corp.	1.89%	123,570	$15.0M	Reduce -2.3%
XOM Exxon Mobil Corp.	1.84%	124,192	$14.6M	Reduce -2.7%
RPG Invesco S&P 500 Pure Growth	1.77%	358,109	$14.1M	Reduce -12.6%
EFAV iShares MSCI Eafe Min Vol Fa	1.76%	182,187	$14.0M	Reduce -30.8%
SCHW Schwab (charles) Corp.	1.69%	206,668	$13.4M	Reduce -1.5%
TXN Texas Instruments Inc.	1.66%	63,598	$13.1M	Reduce -3.0%
CARR Carrier Global Corp.	1.64%	161,322	$13.0M	Reduce -1.6%
NEE Nextera Energy Inc.	1.55%	144,985	$12.3M	Reduce -0.0%
VZ Verizon Communications Inc.	1.46%	258,207	$11.6M	Reduce -2.4%
MDT Medtronic PLC	1.45%	127,032	$11.5M	Reduce -1.3%
MRK Merck & Co. Inc.	1.43%	99,077	$11.3M	Reduce -3.1%
PG The Procter & Gamble Co.	1.42%	64,949	$11.2M	Reduce -2.8%
KR Kroger Co.	1.40%	193,828	$11.1M	Reduce -2.8%
BDX Becton Dickinson and Co.	1.39%	45,674	$11.0M	Reduce -2.4%
JPM JPMorgan Chase & Co.	1.35%	50,653	$10.7M	Reduce -3.1%
IJR iShares Core S&P Small-Cap E	1.34%	90,652	$10.6M	Add +68.1%
JIRE JPMorgan Int Res Enh Eqty	1.33%	160,150	$10.6M	New
PEP Pepsico Inc.	1.33%	61,791	$10.5M	Reduce -2.6%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS	1.29%	46,234	$10.2M	Reduce -3.5%
CVX Chevron Corp.	1.25%	67,184	$9.9M	Reduce -5.4%
DD Dupont DE Nemours Inc.	1.21%	107,905	$9.6M	Reduce -3.0%
CVS CVS Health Corp.	1.18%	148,150	$9.3M	Reduce -1.8%
PNC PNC Financial Services Group	1.16%	49,801	$9.2M	Reduce -2.6%
NKE Nike Inc. Class B	1.15%	102,939	$9.1M	Reduce -2.5%
JNJ Johnson & Johnson	1.11%	54,380	$8.8M	Reduce -3.2%
VTV Vanguard Mrngstr Val ETF-Aui	1.08%	49,234	$8.6M	Reduce -15.7%
PDN Inv Rafi Dev MKT US SM-Usdin	1.06%	238,904	$8.4M	Reduce -25.5%
EMLC Vaneck JPM Em Local Curr BND	1.00%	313,600	$8.0M	Add +2.6%
MTB M & T Bank Corp. filed as M & T BK CORP	0.98%	43,495	$7.7M	Reduce -3.0%
IVV iShares Core S&P 500 ETF	0.86%	11,810	$6.8M	Reduce -13.7%
VTI VG Morningstar TS MKT ETF-US	0.83%	23,200	$6.6M	Reduce -2.2%
AAPL Apple Inc.	0.70%	23,796	$5.5M	Reduce -0.9%
NTRS Northern Trust Corp.	0.67%	58,344	$5.3M	Reduce -2.3%
CMCSA Comcast Corp. Class A	0.61%	116,688	$4.9M	Reduce -2.5%
SPGI S&P Global Inc.	0.57%	8,718	$4.5M	Add +0.2%
SCHD Schwab US DVD Equity ETF	0.56%	52,832	$4.5M	Add +3.3%
VEA Vanguard Ftse Developed ETF	0.54%	81,316	$4.3M	Reduce -1.3%
BIV Vanguard Intermediate-Term B	0.51%	51,891	$4.1M	Add +5.9%
SCHA Schwab US Small-Cap ETF	0.51%	78,572	$4.0M	Reduce -1.8%
VIG Vanguard Dividend Apprec ETF	0.42%	16,626	$3.3M	Reduce -8.3%
SPYM Ste STR SPDR PT S&P 500 ETF	0.40%	47,502	$3.2M	New
VWO Vanguard Ftse Emerging Marke	0.40%	66,065	$3.2M	Reduce -1.1%
REET iShares Global REIT ETF	0.39%	116,483	$3.1M	Add +938.2%
BND Vanguard Total Bond Market	0.38%	39,805	$3.0M	Reduce -6.3%
NOBL Proshares S&P 500 Dividend A	0.37%	27,081	$2.9M	Reduce -2.7%
VSS Vanguard Ftse All Wo X-US SC	0.35%	22,304	$2.8M	New
AVO Mission Produce Inc.	0.34%	212,750	$2.7M	No change
COST Costco Wholesale Corp.	0.30%	2,682	$2.4M	Add +0.0%
AMZN Amazon.com Inc.	0.29%	12,463	$2.3M	Reduce -3.5%
BRK.B Berkshire Hathaway Inc. Class B	0.27%	4,703	$2.2M	Reduce -16.3%
VNQ Vanguard Real Estate ETF	0.26%	21,056	$2.1M	Add +4.8%
FNDC Schwab Fndmnt Intl SM Eq ETF	0.25%	51,463	$2.0M	Reduce -2.6%
FNDA Schwab Fndmntl US SM Co. ETF	0.22%	29,488	$1.8M	Reduce -1.8%
VT Vanguard Tot World STK ETF	0.22%	14,544	$1.7M	Add +3.4%
FNDF Schwab Fndmn Intl LRG Co. ETF	0.20%	42,142	$1.6M	Add +1.4%
VNQI Vanguard GLBL Ex-US Real Est	0.19%	32,239	$1.5M	Reduce -40.0%
GOOG Alphabet Inc. Class C	0.15%	7,314	$1.2M	Add +0.6%
SPY SS SPDR S&P 500 ETF Trust-US	0.15%	2,104	$1.2M	Reduce -6.2%
SCHX Schwab US Large-Cap ETF	0.15%	17,696	$1.2M	Add +0.1%
MINT PIMCO Enhanced Short Maturit	0.14%	10,821	$1.1M	Reduce -0.1%
SBUX Starbucks Corp.	0.13%	10,770	$1.0M	Reduce -0.3%
BNDX Vanguard Total Intl Bond ETF	0.13%	20,673	$1.0M	Reduce -0.5%
VGT Vanguard Info Tech ETF	0.13%	1,716	$1.0M	Reduce -14.9%
FNDE Schwab Fndmntl Em MRK Eq ETF	0.12%	28,809	$930K	Reduce -2.7%
LOW Lowe's Cos Inc.	0.10%	3,074	$832K	Add +0.5%
QQQ Invesco QQQ Trust Series 1	0.10%	1,550	$757K	Reduce -3.1%
VUSB Vanguard Ultra Short Bond Et	0.09%	13,766	$687K	No change
ABBV Abbvie Inc.	0.09%	3,456	$682K	Add +0.9%
VCSH Vanguard S/T Corp. Bond ETF	0.09%	8,587	$682K	Reduce -4.3%
SCHZ Schwab US Aggregate Bond ETF	0.08%	13,856	$658K	Reduce -17.2%
NVDA Nvidia Corp.	0.08%	5,235	$636K	Add +19.9%
GOOGL Alphabet Inc. Class A	0.08%	3,663	$607K	Add +1.7%
GLD SPDR Gold Shares	0.07%	2,381	$579K	Reduce -5.0%
TSLA Tesla Inc.	0.07%	2,167	$567K	Add +1.4%
VYM Vanguard High DVD Yield ETF	0.07%	4,342	$557K	Add +5.2%
COR Cencora Inc.	0.07%	2,440	$549K	No change
IJH iShares Core S&P Midcap ETF	0.07%	8,690	$542K	Add +0.2%
VBR Vngrd Mrngst SL-CP Val ETF-U	0.07%	2,633	$529K	No change
XLU St Sr Utl SL SE SPDR ETF-Usd	0.06%	6,319	$510K	Reduce -3.1%
IHI iShares U.S. Medical Devices	0.06%	8,130	$481K	Reduce -2.4%
SCZ iShares MSCI Eafe Small-Cap	0.06%	7,101	$481K	No change
WFC Wells Fargo & Co.	0.06%	8,136	$460K	No change
UPS United Parcel Service Class B	0.05%	3,168	$432K	Reduce -11.7%
ALK Alaska Air Group Inc.	0.05%	9,198	$416K	Add +0.0%
DFAC Dimensional US Core Equity 2	0.05%	11,925	$409K	No change

Show all 127 holdings

Portfolio Sells Q2 2024 → Q3 2024


BLK BlackRock Finance Inc.	Sold out	0.00%	−2.15
EFAV iShares MSCI Eafe Min Vol Fa	Reduce -30.8%	1.76%	−0.72
MSFT Microsoft Corp.	Reduce -2.8%	4.05%	−0.62
SCHW Schwab (charles) Corp.	Reduce -1.5%	1.69%	−0.41
PDN Inv Rafi Dev MKT US SM-Usdin	Reduce -25.5%	1.06%	−0.35
MRK Merck & Co. Inc.	Reduce -3.1%	1.43%	−0.30
RPG Invesco S&P 500 Pure Growth	Reduce -12.6%	1.77%	−0.30
CVX Chevron Corp.	Reduce -5.4%	1.25%	−0.26
VTV Vanguard Mrngstr Val ETF-Aui	Reduce -15.7%	1.08%	−0.20
XOM Exxon Mobil Corp.	Reduce -2.7%	1.84%	−0.16
IVV iShares Core S&P 500 ETF	Reduce -13.7%	0.86%	−0.16
RSG Republic Services Inc.	Reduce -2.1%	2.17%	−0.14
VNQI Vanguard GLBL Ex-US Real Est	Reduce -40.0%	0.19%	−0.11
PEP Pepsico Inc.	Reduce -2.6%	1.33%	−0.10
BDX Becton Dickinson and Co.	Reduce -2.4%	1.39%	−0.10
DTD Wisdomtree US Total Dividend	Sold out	0.00%	−0.09
JPM JPMorgan Chase & Co.	Reduce -3.1%	1.35%	−0.09
PG The Procter & Gamble Co.	Reduce -2.8%	1.42%	−0.08
BSV Vanguard Short-Term Bond ETF	Reduce -71.0%	0.03%	−0.08
TXN Texas Instruments Inc.	Reduce -3.0%	1.66%	−0.08
HDG Proshares Hedge Replicat ETF	Sold out	0.00%	−0.06
AMZN Amazon.com Inc.	Reduce -3.5%	0.29%	−0.05
BND Vanguard Total Bond Market	Reduce -6.3%	0.38%	−0.04
BRK.B Berkshire Hathaway Inc. Class B	Reduce -16.3%	0.27%	−0.04
CVS CVS Health Corp.	Reduce -1.8%	1.18%	−0.04
VIG Vanguard Dividend Apprec ETF	Reduce -8.3%	0.42%	−0.04
VTI VG Morningstar TS MKT ETF-US	Reduce -2.2%	0.83%	−0.04
VTES Vanguard SH Term Tax-Ex Bond	Sold out	0.00%	−0.03
VGT Vanguard Info Tech ETF	Reduce -14.9%	0.13%	−0.03
LMT Lockheed Martin Corp.	Sold out	0.00%	−0.03
CMCSA Comcast Corp. Class A	Reduce -2.5%	0.61%	−0.02
VZ Verizon Communications Inc.	Reduce -2.4%	1.46%	−0.02
SCHZ Schwab US Aggregate Bond ETF	Reduce -17.2%	0.08%	−0.02
NTRS Northern Trust Corp.	Reduce -2.3%	0.67%	−0.02
SPY SS SPDR S&P 500 ETF Trust-US	Reduce -6.2%	0.15%	−0.01
UPS United Parcel Service Class B	Reduce -11.7%	0.05%	−0.01
VEA Vanguard Ftse Developed ETF	Reduce -1.3%	0.54%	−0.01
VMBS Vanguard Mortgage-Backed Sec	Reduce -17.0%	0.04%	−0.01
MINT PIMCO Enhanced Short Maturit	Reduce -0.1%	0.14%	−0.01
PFF iShares Preferred & Income S	Reduce -17.9%	0.04%	−0.01
QQQ Invesco QQQ Trust Series 1	Reduce -3.1%	0.10%	−0.01
VCSH Vanguard S/T Corp. Bond ETF	Reduce -4.3%	0.09%	−0.01
SCHA Schwab US Small-Cap ETF	Reduce -1.8%	0.51%	−0.01
BNDX Vanguard Total Intl Bond ETF	Reduce -0.5%	0.13%	−0.01
VTEB Vanguard Tax-Exempt Bond ETF	Reduce -11.0%	0.03%	−0.01
CMI Cummins Inc.	Reduce -17.7%	0.05%	−0.01
DD Dupont DE Nemours Inc.	Reduce -3.0%	1.21%	−0.01
JNJ Johnson & Johnson	Reduce -3.2%	1.11%	−0.01
RY Royal Bank of Canada	Reduce -17.3%	0.04%	−0.00
FNDC Schwab Fndmnt Intl SM Eq ETF	Reduce -2.6%	0.25%	−0.00

Portfolio Buys Q2 2024 → Q3 2024


JIRE JPMorgan Int Res Enh Eqty	New	1.33%	+1.33
IEFA iShares Core MSCI Eafe ETF	Add +23.3%	3.54%	+0.66
IJR iShares Core S&P Small-Cap E	Add +68.1%	1.34%	+0.55
SPAB SS SPDR P Agg Bond ETF	Add +36.0%	2.30%	+0.55
VO Vngrd Mrngstr MD-Cap ETF-Usd	Add +12.8%	4.21%	+0.50
SPYM Ste STR SPDR PT S&P 500 ETF	New	0.40%	+0.40
REET iShares Global REIT ETF	Add +938.2%	0.39%	+0.36
VSS Vanguard Ftse All Wo X-US SC	New	0.35%	+0.35
GOVT iShares US Treasury Bond ETF	Add +15.7%	2.40%	+0.25
SPEM State Street SP PTF Em ETF	Add +2.3%	3.62%	+0.14
VUG Vanguard Mrngstar GR ETF-Sui	Add +7.8%	2.42%	+0.06
IUSG iShares Core S&P U.S. Growth	Add +5.9%	3.02%	+0.05
IGSB iShares 1-5Y Inv Grade Corp.	Add +6.1%	4.44%	+0.05
SPGI S&P Global Inc.	Add +0.2%	0.57%	+0.04
VNQ Vanguard Real Estate ETF	Add +4.8%	0.26%	+0.03
IFF Intl Flavors & Fragrances	New	0.03%	+0.03
SCHD Schwab US DVD Equity ETF	Add +3.3%	0.56%	+0.02
EMLC Vaneck JPM Em Local Curr BND	Add +2.6%	1.00%	+0.02
TSLA Tesla Inc.	Add +1.4%	0.07%	+0.01
BIV Vanguard Intermediate-Term B	Add +5.9%	0.51%	+0.01
LOW Lowe's Cos Inc.	Add +0.5%	0.10%	+0.01
NVDA Nvidia Corp.	Add +19.9%	0.08%	+0.01
ABBV Abbvie Inc.	Add +0.9%	0.09%	+0.01
VT Vanguard Tot World STK ETF	Add +3.4%	0.22%	+0.00
VYM Vanguard High DVD Yield ETF	Add +5.2%	0.07%	+0.00
META Meta Platforms Inc. Class A	Add +3.4%	0.03%	+0.00
NSC Norfolk Southern Corp.	Add +0.8%	0.03%	+0.00
ALK Alaska Air Group Inc.	Add +0.0%	0.05%	+0.00
V Visa Inc. Class A	Add +2.0%	0.04%	−0.00
IJH iShares Core S&P Midcap ETF	Add +0.2%	0.07%	−0.00
SPYG SS SPDR P S&P 500 Growth ETF	Add +1.1%	0.03%	−0.00
FNDF Schwab Fndmn Intl LRG Co. ETF	Add +1.4%	0.20%	−0.00
SCHX Schwab US Large-Cap ETF	Add +0.1%	0.15%	−0.00
COST Costco Wholesale Corp.	Add +0.0%	0.30%	−0.01
GOOGL Alphabet Inc. Class A	Add +1.7%	0.08%	−0.01
GOOG Alphabet Inc. Class C	Add +0.6%	0.15%	−0.03

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