Cutler Investment Counsel LLC
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed January 31, 2025), Cutler Investment Counsel LLC reported 128 stock positions worth $803.8 million. Its top holding was iShares 1-5Y Inv Grade (IGSB) at 4.5% of the portfolio, followed by Vngrd Mrngstr MD-Cap ETF-Usd (VO, 4.5%) and Microsoft (MSFT, 3.8%). Compared with Q3 2024, it opened 9 new positions, sold out of 8, added to 34 and reduced 68. The biggest buy was a new position in BlackRock (BLK) and the biggest sale an exit from Northern Trust (NTRS).
- Most Recent 13F
- Q2 2026
- Location
- Jacksonville, OR
- CIK
- 0001285973
- Portfolio Value
- $803.8M (Q4 2024)
- SEC Filing
- 0001667731-25-000192 ↗ filed Jan 31, 2025
Holdings Value
Holdings 128 stocks · $803.8M
| IGSB iShares 1-5Y Inv Grade Corp. | 4.53% | 705,070 | $36.5M | Add +5.4% |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | 4.50% | 136,878 | $36.2M | Add +8.1% |
| MSFT Microsoft Corp. | 3.82% | 72,938 | $30.7M | Reduce -2.1% |
| IEFA iShares Core MSCI Eafe ETF | 3.55% | 406,202 | $28.5M | Add +13.0% |
| SPEM State Street SP PTF Em ETF | 3.50% | 732,993 | $28.1M | Add +5.4% |
| IUSG iShares Core S&P U.S. Growth | 3.25% | 187,288 | $26.1M | Add +3.4% |
| CAT Caterpillar Inc. | 2.86% | 63,332 | $23.0M | Reduce -1.8% |
| VUG Vanguard Mrngstar GR ETF-Sui | 2.75% | 53,856 | $22.1M | Add +7.9% |
| WMT Walmart Inc. | 2.74% | 243,350 | $22.0M | Reduce -1.9% |
| SPAB SS SPDR P Agg Bond ETF | 2.64% | 849,066 | $21.2M | Add +21.7% |
| GOVT iShares US Treasury Bond ETF | 2.61% | 912,493 | $21.0M | Add +12.6% |
| HD Home Depot Inc. | 2.49% | 51,482 | $20.0M | Reduce -1.9% |
| BLK BlackRock Inc. | 2.43% | 19,024 | $19.5M | New |
| RSG Republic Services Inc. | 2.10% | 83,989 | $16.9M | Reduce -1.8% |
| MCD McDonald's Corp. | 1.98% | 54,934 | $15.9M | Reduce -2.0% |
| SCHW Schwab (charles) Corp. | 1.87% | 202,684 | $15.0M | Reduce -1.9% |
| DE Deere & Co. | 1.86% | 35,163 | $15.0M | Reduce -1.8% |
| JIRE JPMorgan Int Res Enh Eqty | 1.85% | 254,817 | $14.9M | Add +59.1% |
| RTX RTX Corp. | 1.78% | 123,305 | $14.3M | Reduce -0.2% |
| IJR iShares Core S&P Small-Cap E | 1.76% | 122,445 | $14.1M | Add +35.1% |
| XOM Exxon Mobil Corp. | 1.66% | 124,006 | $13.3M | Reduce -0.1% |
| RPG Invesco S&P 500 Pure Growth | 1.51% | 295,082 | $12.2M | Reduce -17.6% |
| JPM JPMorgan Chase & Co. | 1.48% | 49,484 | $11.9M | Reduce -2.3% |
| KR Kroger Co. | 1.45% | 190,220 | $11.6M | Reduce -1.9% |
| TXN Texas Instruments Inc. | 1.44% | 61,739 | $11.6M | Reduce -2.9% |
| PG The Procter & Gamble Co. | 1.35% | 64,669 | $10.8M | Reduce -0.4% |
| CARR Carrier Global Corp. | 1.35% | 158,137 | $10.8M | Reduce -2.0% |
| NEE Nextera Energy Inc. | 1.28% | 143,884 | $10.3M | Reduce -0.8% |
| EFAV iShares MSCI Eafe Min Vol Fa | 1.28% | 145,829 | $10.3M | Reduce -20.0% |
| BDX Becton Dickinson and Co. | 1.28% | 45,281 | $10.3M | Reduce -0.9% |
| VZ Verizon Communications Inc. | 1.24% | 249,374 | $10.0M | Reduce -3.4% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 1.24% | 45,209 | $9.9M | Reduce -2.2% |
| MDT Medtronic PLC | 1.23% | 122,342 | $9.9M | Reduce -3.7% |
| MRK Merck & Co. Inc. | 1.21% | 97,075 | $9.7M | Reduce -2.0% |
| CVX Chevron Corp. | 1.20% | 66,375 | $9.6M | Reduce -1.2% |
| PNC PNC Financial Services Group | 1.16% | 48,406 | $9.3M | Reduce -2.8% |
| PEP Pepsico Inc. | 1.16% | 60,563 | $9.3M | Reduce -2.0% |
| DD Dupont DE Nemours Inc. | 0.99% | 104,878 | $8.0M | Reduce -2.8% |
| MTB M & T Bank Corp. filed as M & T BK CORP | 0.99% | 42,415 | $8.0M | Reduce -2.5% |
| JNJ Johnson & Johnson | 0.95% | 53,000 | $7.7M | Reduce -2.5% |
| NKE Nike Inc. Class B | 0.91% | 95,739 | $7.3M | Reduce -7.0% |
| EMLC Vaneck JPM Em Local Curr BND | 0.89% | 308,718 | $7.1M | Reduce -1.6% |
| IVV iShares Core S&P 500 ETF | 0.83% | 11,379 | $6.7M | Reduce -3.6% |
| VTI VG Morningstar TS MKT ETF-US | 0.78% | 21,617 | $6.3M | Reduce -6.8% |
| BIV Vanguard Intermediate-Term B | 0.78% | 83,544 | $6.2M | Add +61.0% |
| PDN Inv Rafi Dev MKT US SM-Usdin | 0.77% | 196,659 | $6.2M | Reduce -17.7% |
| AAPL Apple Inc. | 0.75% | 23,995 | $6.0M | Add +0.8% |
| VTV Vanguard Mrngstr Val ETF-Aui | 0.74% | 35,082 | $5.9M | Reduce -28.7% |
| CVS CVS Health Corp. | 0.71% | 127,835 | $5.7M | Reduce -13.7% |
| SPYM Ste STR SPDR PT S&P 500 ETF | 0.63% | 73,093 | $5.0M | Add +53.9% |
| PFE Pfizer Inc. | 0.58% | 176,676 | $4.7M | New |
| SCHD Schwab US DVD Equity ETF | 0.57% | 168,100 | $4.6M | Add +6.1% |
| REET iShares Global REIT ETF | 0.56% | 186,392 | $4.5M | Add +60.0% |
| VEA Vanguard Ftse Developed ETF | 0.54% | 91,012 | $4.4M | Add +11.9% |
| SCHA Schwab US Small-Cap ETF | 0.53% | 165,420 | $4.3M | Add +5.3% |
| SPGI S&P Global Inc. | 0.53% | 8,496 | $4.2M | Reduce -2.5% |
| CMCSA Comcast Corp. Class A | 0.52% | 110,722 | $4.2M | Reduce -5.1% |
| VSS Vanguard Ftse All Wo X-US SC | 0.51% | 35,573 | $4.1M | Add +59.5% |
| AVO Mission Produce Inc. | 0.38% | 212,750 | $3.1M | No change |
| VWO Vanguard Ftse Emerging Marke | 0.38% | 69,314 | $3.1M | Add +4.9% |
| AMZN Amazon.com Inc. | 0.37% | 13,473 | $3.0M | Add +8.1% |
| NOBL Proshares S&P 500 Dividend A | 0.36% | 29,135 | $2.9M | Add +7.6% |
| COST Costco Wholesale Corp. | 0.30% | 2,652 | $2.4M | Reduce -1.1% |
| VNQ Vanguard Real Estate ETF | 0.27% | 24,318 | $2.2M | Add +15.5% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.27% | 4,702 | $2.1M | Reduce -0.0% |
| BND Vanguard Total Bond Market | 0.23% | 26,171 | $1.9M | Reduce -34.3% |
| VT Vanguard Tot World STK ETF | 0.23% | 15,647 | $1.8M | Add +7.6% |
| VIG Vanguard Dividend Apprec ETF | 0.22% | 9,190 | $1.8M | Reduce -44.7% |
| FNDA Schwab Fndmntl US SM Co. ETF | 0.22% | 60,278 | $1.8M | Add +2.2% |
| VCSH Vanguard S/T Corp. Bond ETF | 0.22% | 22,452 | $1.8M | Add +161.5% |
| FNDC Schwab Fndmnt Intl SM Eq ETF | 0.21% | 49,364 | $1.7M | Reduce -4.1% |
| GOOG Alphabet Inc. Class C | 0.17% | 7,342 | $1.4M | Add +0.4% |
| FNDF Schwab Fndmn Intl LRG Co. ETF | 0.17% | 41,027 | $1.4M | Reduce -2.6% |
| SCHX Schwab US Large-Cap ETF | 0.15% | 53,215 | $1.2M | Add +0.2% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.14% | 1,981 | $1.2M | Reduce -5.8% |
| MINT PIMCO Enhanced Short Maturit | 0.13% | 10,722 | $1.1M | Reduce -0.9% |
| VGT Vanguard Info Tech ETF | 0.13% | 1,662 | $1.0M | Reduce -3.1% |
| SBUX Starbucks Corp. | 0.12% | 10,371 | $946K | Reduce -3.7% |
| VTEB Vanguard Tax-Exempt Bond ETF | 0.12% | 18,874 | $946K | Add +264.0% |
| SCHZ Schwab US Aggregate Bond ETF | 0.11% | 38,880 | $883K | Add +40.3% |
| FNDE Schwab Fndmntl Em MRK Eq ETF | 0.11% | 29,971 | $871K | Add +4.0% |
| TSLA Tesla Inc. | 0.10% | 2,087 | $843K | Reduce -3.7% |
| VNQI Vanguard GLBL Ex-US Real Est | 0.10% | 20,045 | $793K | Reduce -37.8% |
| QQQ Invesco QQQ Trust Series 1 | 0.09% | 1,492 | $763K | Reduce -3.7% |
| LOW Lowe's Cos Inc. | 0.09% | 3,074 | $759K | No change |
| GOOGL Alphabet Inc. Class A | 0.09% | 3,674 | $696K | Add +0.3% |
| VUSB Vanguard Ultra Short Bond Et | 0.09% | 13,766 | $683K | No change |
| BNDX Vanguard Total Intl Bond ETF | 0.08% | 13,576 | $666K | Reduce -34.3% |
| NVDA Nvidia Corp. | 0.08% | 4,941 | $663K | Reduce -5.6% |
| ALK Alaska Air Group Inc. | 0.07% | 9,188 | $595K | Reduce -0.1% |
| ABBV Abbvie Inc. | 0.07% | 3,306 | $587K | Reduce -4.3% |
| WFC Wells Fargo & Co. | 0.07% | 8,136 | $571K | No change |
| GLD SPDR Gold Shares | 0.07% | 2,355 | $570K | Reduce -1.1% |
| EMB iShares JP Morgan Usd Emergi | 0.07% | 6,196 | $553K | Add +43.3% |
| VYM Vanguard High DVD Yield ETF | 0.07% | 4,310 | $550K | Reduce -0.7% |
| COR Cencora Inc. | 0.07% | 2,440 | $548K | No change |
| IJH iShares Core S&P Midcap ETF | 0.07% | 8,425 | $525K | Reduce -3.0% |
| XLU St Sr Utl SL SE SPDR ETF-Usd | 0.06% | 6,319 | $478K | No change |
| SCZ iShares MSCI Eafe Small-Cap | 0.06% | 7,818 | $475K | Add +10.1% |
| SO The Southern Co. | 0.06% | 5,627 | $463K | New |
Portfolio Sells Q3 2024 → Q4 2024
| NTRS Northern Trust Corp. | Sold out | 0.00% | −0.67 |
| EFAV iShares MSCI Eafe Min Vol Fa | Reduce -20.0% | 1.28% | −0.48 |
| CVS CVS Health Corp. | Reduce -13.7% | 0.71% | −0.46 |
| VTV Vanguard Mrngstr Val ETF-Aui | Reduce -28.7% | 0.74% | −0.35 |
| CAT Caterpillar Inc. | Reduce -1.8% | 2.86% | −0.32 |
| CARR Carrier Global Corp. | Reduce -2.0% | 1.35% | −0.29 |
| PDN Inv Rafi Dev MKT US SM-Usdin | Reduce -17.7% | 0.77% | −0.29 |
| NEE Nextera Energy Inc. | Reduce -0.8% | 1.28% | −0.26 |
| RPG Invesco S&P 500 Pure Growth | Reduce -17.6% | 1.51% | −0.26 |
| NKE Nike Inc. Class B | Reduce -7.0% | 0.91% | −0.25 |
| MDT Medtronic PLC | Reduce -3.7% | 1.23% | −0.23 |
| VZ Verizon Communications Inc. | Reduce -3.4% | 1.24% | −0.22 |
| MSFT Microsoft Corp. | Reduce -2.1% | 3.82% | −0.22 |
| DD Dupont DE Nemours Inc. | Reduce -2.8% | 0.99% | −0.22 |
| MRK Merck & Co. Inc. | Reduce -2.0% | 1.21% | −0.22 |
| TXN Texas Instruments Inc. | Reduce -2.9% | 1.44% | −0.22 |
| VIG Vanguard Dividend Apprec ETF | Reduce -44.7% | 0.22% | −0.19 |
| HD Home Depot Inc. | Reduce -1.9% | 2.49% | −0.19 |
| XOM Exxon Mobil Corp. | Reduce -0.1% | 1.66% | −0.18 |
| MCD McDonald's Corp. | Reduce -2.0% | 1.98% | −0.17 |
| PEP Pepsico Inc. | Reduce -2.0% | 1.16% | −0.17 |
| JNJ Johnson & Johnson | Reduce -2.5% | 0.95% | −0.16 |
| BND Vanguard Total Bond Market | Reduce -34.3% | 0.23% | −0.14 |
| EMLC Vaneck JPM Em Local Curr BND | Reduce -1.6% | 0.89% | −0.12 |
| RTX RTX Corp. | Reduce -0.2% | 1.78% | −0.11 |
| BDX Becton Dickinson and Co. | Reduce -0.9% | 1.28% | −0.11 |
| CMCSA Comcast Corp. Class A | Reduce -5.1% | 0.52% | −0.10 |
| VNQI Vanguard GLBL Ex-US Real Est | Reduce -37.8% | 0.10% | −0.09 |
| PG The Procter & Gamble Co. | Reduce -0.4% | 1.35% | −0.07 |
| RSG Republic Services Inc. | Reduce -1.8% | 2.10% | −0.07 |
| UPS United Parcel Service Class B | Sold out | 0.00% | −0.05 |
| IBM Intl Business Machines Corp. | Reduce -2.2% | 1.24% | −0.05 |
| CVX Chevron Corp. | Reduce -1.2% | 1.20% | −0.05 |
| VTI VG Morningstar TS MKT ETF-US | Reduce -6.8% | 0.78% | −0.05 |
| BNDX Vanguard Total Intl Bond ETF | Reduce -34.3% | 0.08% | −0.05 |
| SPGI S&P Global Inc. | Reduce -2.5% | 0.53% | −0.04 |
| FNDC Schwab Fndmnt Intl SM Eq ETF | Reduce -4.1% | 0.21% | −0.04 |
| DE Deere & Co. | Reduce -1.8% | 1.86% | −0.03 |
| BSV Vanguard Short-Term Bond ETF | Sold out | 0.00% | −0.03 |
| KO The Coca-Cola Co. | Sold out | 0.00% | −0.03 |
| FNDF Schwab Fndmn Intl LRG Co. ETF | Reduce -2.6% | 0.17% | −0.03 |
| SPDW Ste STR SPDR PT DW Eu ETF | Sold out | 0.00% | −0.03 |
| IVV iShares Core S&P 500 ETF | Reduce -3.6% | 0.83% | −0.03 |
| BA The Boeing Co. | Sold out | 0.00% | −0.03 |
| IFF Intl Flavors & Fragrances | Sold out | 0.00% | −0.03 |
| VBR Vngrd Mrngst SL-CP Val ETF-U | Reduce -31.6% | 0.04% | −0.02 |
| XNEAX Nuveen Amt-FR QLTY Muni Inc. | Sold out | 0.00% | −0.02 |
| SBUX Starbucks Corp. | Reduce -3.7% | 0.12% | −0.01 |
| VMBS Vanguard Mortgage-Backed Sec | Reduce -28.2% | 0.03% | −0.01 |
| ABBV Abbvie Inc. | Reduce -4.3% | 0.07% | −0.01 |
Portfolio Buys Q3 2024 → Q4 2024
| BLK BlackRock Inc. | New | 2.43% | +2.43 |
| PFE Pfizer Inc. | New | 0.58% | +0.58 |
| JIRE JPMorgan Int Res Enh Eqty | Add +59.1% | 1.85% | +0.52 |
| IJR iShares Core S&P Small-Cap E | Add +35.1% | 1.76% | +0.42 |
| SPAB SS SPDR P Agg Bond ETF | Add +21.7% | 2.64% | +0.34 |
| VUG Vanguard Mrngstar GR ETF-Sui | Add +7.9% | 2.75% | +0.33 |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | Add +8.1% | 4.50% | +0.28 |
| BIV Vanguard Intermediate-Term B | Add +61.0% | 0.78% | +0.26 |
| IUSG iShares Core S&P U.S. Growth | Add +3.4% | 3.25% | +0.23 |
| SPYM Ste STR SPDR PT S&P 500 ETF | Add +53.9% | 0.63% | +0.22 |
| GOVT iShares US Treasury Bond ETF | Add +12.6% | 2.61% | +0.21 |
| REET iShares Global REIT ETF | Add +60.0% | 0.56% | +0.16 |
| VSS Vanguard Ftse All Wo X-US SC | Add +59.5% | 0.51% | +0.15 |
| VCSH Vanguard S/T Corp. Bond ETF | Add +161.5% | 0.22% | +0.13 |
| IGSB iShares 1-5Y Inv Grade Corp. | Add +5.4% | 4.53% | +0.09 |
| VTEB Vanguard Tax-Exempt Bond ETF | Add +264.0% | 0.12% | +0.08 |
| AMZN Amazon.com Inc. | Add +8.1% | 0.37% | +0.07 |
| SO The Southern Co. | New | 0.06% | +0.06 |
| NFLX Netflix Inc. | New | 0.05% | +0.05 |
| AAPL Apple Inc. | Add +0.8% | 0.75% | +0.05 |
| IAGG iShares Intl Aggregate Bond | New | 0.05% | +0.05 |
| AGG iShares Core U.S. Aggregate | New | 0.04% | +0.04 |
| GVA Granite Construction Inc. | New | 0.03% | +0.03 |
| AVGO Broadcom Inc. | New | 0.03% | +0.03 |
| IBIT iShares Bitcoin Trust ETF | New | 0.03% | +0.03 |
| SCHZ Schwab US Aggregate Bond ETF | Add +40.3% | 0.11% | +0.03 |
| SCHA Schwab US Small-Cap ETF | Add +5.3% | 0.53% | +0.02 |
| GOOG Alphabet Inc. Class C | Add +0.4% | 0.17% | +0.02 |
| EMB iShares JP Morgan Usd Emergi | Add +43.3% | 0.07% | +0.02 |
| IEFA iShares Core MSCI Eafe ETF | Add +13.0% | 3.55% | +0.01 |
| GOOGL Alphabet Inc. Class A | Add +0.3% | 0.09% | +0.01 |
| VT Vanguard Tot World STK ETF | Add +7.6% | 0.23% | +0.01 |
| VNQ Vanguard Real Estate ETF | Add +15.5% | 0.27% | +0.01 |
| SCHD Schwab US DVD Equity ETF | Add +6.1% | 0.57% | +0.01 |
| SCHX Schwab US Large-Cap ETF | Add +0.2% | 0.15% | +0.00 |
| FNDA Schwab Fndmntl US SM Co. ETF | Add +2.2% | 0.22% | +0.00 |
| VEA Vanguard Ftse Developed ETF | Add +11.9% | 0.54% | −0.00 |
| SCZ iShares MSCI Eafe Small-Cap | Add +10.1% | 0.06% | −0.00 |
| VSGX Vanguard ESG Intl Stock ETF | Add +4.7% | 0.04% | −0.00 |
| NOBL Proshares S&P 500 Dividend A | Add +7.6% | 0.36% | −0.01 |
| FNDE Schwab Fndmntl Em MRK Eq ETF | Add +4.0% | 0.11% | −0.01 |
| VWO Vanguard Ftse Emerging Marke | Add +4.9% | 0.38% | −0.02 |
| SPEM State Street SP PTF Em ETF | Add +5.4% | 3.50% | −0.12 |
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 |