Cutler Investment Counsel LLC

Name: CUTLER INVESTMENT COUNSEL LLC 13F holdings, Q4 2024
Creator: CUTLER INVESTMENT COUNSEL LLC
Published: 2025-01-31

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

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
EMR Emerson Electric Co.	0.05%	3,550	$440K	No change
IHI iShares U.S. Medical Devices	0.05%	7,372	$430K	Reduce -9.3%
NFLX Netflix Inc.	0.05%	465	$414K	New
DFAC Dimensional US Core Equity 2	0.05%	11,925	$412K	No change
VXF Vanguard Extended Market ETF	0.05%	2,122	$403K	No change
CMI Cummins Inc.	0.05%	1,117	$389K	Reduce -2.2%
IAGG iShares Intl Aggregate Bond	0.05%	7,693	$384K	New
SGOL Abrdn Physical Gold Shares	0.05%	15,000	$376K	No change
CSCO Cisco Systems Inc.	0.04%	6,040	$358K	No change
VBR Vngrd Mrngst SL-CP Val ETF-U	0.04%	1,802	$357K	Reduce -31.6%
VBK Van Morst SML-Cap Gro-Usd Inc.	0.04%	1,266	$355K	No change
V Visa Inc. Class A	0.04%	1,078	$341K	Reduce -2.2%
VSGX Vanguard ESG Intl Stock ETF	0.04%	5,720	$324K	Add +4.7%
PEG Public Service Enterprise GP	0.04%	3,573	$302K	Reduce -1.5%
AGG iShares Core U.S. Aggregate	0.04%	3,085	$299K	New
SLV iShares Silver Trust	0.04%	11,024	$290K	No change
RY Royal Bank of Canada	0.03%	2,249	$271K	Reduce -4.1%
VMBS Vanguard Mortgage-Backed Sec	0.03%	5,412	$245K	Reduce -28.2%
META Meta Platforms Inc. Class A	0.03%	416	$244K	Reduce -1.6%
SPYG SS SPDR P S&P 500 Growth ETF	0.03%	2,757	$242K	No change
GVA Granite Construction Inc.	0.03%	2,750	$242K	New
AVGO Broadcom Inc.	0.03%	1,030	$239K	New
NSC Norfolk Southern Corp.	0.03%	1,008	$237K	No change
PFF iShares Preferred & Income S	0.03%	7,504	$236K	Reduce -19.6%
PM Philip Morris International	0.03%	1,878	$229K	No change
VOO Vanguard S&P 500 ETF	0.03%	411	$221K	No change
AEP American Electric Power	0.03%	2,392	$221K	Reduce -1.0%
IBIT iShares Bitcoin Trust ETF	0.03%	4,138	$220K	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