Cutler Investment Counsel LLC
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 8, 2025), Cutler Investment Counsel LLC reported 132 stock positions worth $832.3 million. Its top holding was iShares 1-5Y Inv Grade (IGSB) at 4.8% of the portfolio, followed by Vngrd Mrngstr MD-Cap ETF-Usd (VO, 4.7%) and iShares Core MSCI Eafe ETF (IEFA, 4.2%). Compared with Q4 2024, it opened 8 new positions, sold out of 4, added to 41 and reduced 67. The biggest buy was JPMorgan Int Res Enh Eqty (JIRE, shares +52%) and the biggest sale Microsoft (MSFT, shares −2%).
- Most Recent 13F
- Q2 2026
- Location
- Jacksonville, OR
- CIK
- 0001285973
- Portfolio Value
- $832.3M (Q1 2025)
- SEC Filing
- 0001667731-25-000608 ↗ filed May 8, 2025
Holdings Value
Holdings 132 stocks · $832.3M
| IGSB iShares 1-5Y Inv Grade Corp. | 4.83% | 767,048 | $40.2M | Add +8.8% |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | 4.66% | 149,832 | $38.7M | Add +9.5% |
| IEFA iShares Core MSCI Eafe ETF | 4.24% | 466,492 | $35.3M | Add +14.8% |
| SPEM State Street SP PTF Em ETF | 3.67% | 774,997 | $30.5M | Add +5.7% |
| MSFT Microsoft Corp. | 3.21% | 71,252 | $26.7M | Reduce -2.3% |
| SPAB SS SPDR P Agg Bond ETF | 3.02% | 983,955 | $25.1M | Add +15.9% |
| JIRE JPMorgan Int Res Enh Eqty | 2.96% | 387,257 | $24.7M | Add +52.0% |
| IUSG iShares Core S&P U.S. Growth | 2.94% | 192,679 | $24.5M | Add +2.9% |
| GOVT iShares US Treasury Bond ETF | 2.76% | 998,094 | $22.9M | Add +9.4% |
| VUG Vanguard Mrngstar GR ETF-Sui | 2.58% | 57,803 | $21.4M | Add +7.3% |
| CAT Caterpillar Inc. | 2.44% | 61,492 | $20.3M | Reduce -2.9% |
| WMT Walmart Inc. | 2.42% | 229,278 | $20.2M | Reduce -5.8% |
| RSG Republic Services Inc. | 2.38% | 81,668 | $19.8M | Reduce -2.8% |
| HD Home Depot Inc. | 2.13% | 48,347 | $17.7M | Reduce -6.1% |
| BLK BlackRock Inc. | 2.09% | 18,372 | $17.4M | Reduce -3.4% |
| MCD McDonald's Corp. | 2.00% | 53,286 | $16.6M | Reduce -3.0% |
| IJR iShares Core S&P Small-Cap E | 1.98% | 157,258 | $16.4M | Add +28.4% |
| DE Deere & Co. | 1.92% | 33,959 | $16.0M | Reduce -3.4% |
| RTX RTX Corp. | 1.92% | 120,632 | $16.0M | Reduce -2.2% |
| SCHW Schwab (charles) Corp. | 1.85% | 196,479 | $15.4M | Reduce -3.1% |
| XOM Exxon Mobil Corp. | 1.77% | 123,702 | $14.7M | Reduce -0.3% |
| KR Kroger Co. | 1.50% | 184,755 | $12.5M | Reduce -2.9% |
| JPM JPMorgan Chase & Co. | 1.44% | 48,796 | $12.0M | Reduce -1.4% |
| VZ Verizon Communications Inc. | 1.35% | 248,412 | $11.3M | Reduce -0.4% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 1.33% | 44,628 | $11.1M | Reduce -1.3% |
| MDT Medtronic PLC | 1.32% | 121,113 | $11.0M | Reduce -1.0% |
| PG The Procter & Gamble Co. | 1.30% | 63,427 | $10.8M | Reduce -1.9% |
| TXN Texas Instruments Inc. | 1.29% | 59,746 | $10.7M | Reduce -3.2% |
| CVX Chevron Corp. | 1.29% | 63,990 | $10.7M | Reduce -3.6% |
| BDX Becton Dickinson and Co. | 1.21% | 44,051 | $10.1M | Reduce -2.7% |
| NEE Nextera Energy Inc. | 1.19% | 139,221 | $9.9M | Reduce -3.2% |
| RPG Invesco S&P 500 Pure Growth | 1.18% | 257,599 | $9.9M | Reduce -12.7% |
| CARR Carrier Global Corp. | 1.17% | 153,820 | $9.8M | Reduce -2.7% |
| CVS CVS Health Corp. | 1.07% | 131,744 | $8.9M | Add +3.1% |
| PEP Pepsico Inc. | 1.06% | 58,852 | $8.8M | Reduce -2.8% |
| JNJ Johnson & Johnson | 1.03% | 51,879 | $8.6M | Reduce -2.1% |
| MRK Merck & Co. Inc. | 1.02% | 93,310 | $8.5M | Reduce -3.9% |
| PNC PNC Financial Services Group | 0.99% | 46,670 | $8.2M | Reduce -3.6% |
| EFAV iShares MSCI Eafe Min Vol Fa | 0.94% | 100,534 | $7.8M | Reduce -31.1% |
| EMLC Vaneck JPM Em Local Curr BND | 0.93% | 323,409 | $7.7M | Add +4.8% |
| DD Dupont DE Nemours Inc. | 0.92% | 102,847 | $7.7M | Reduce -1.9% |
| MTB M & T Bank Corp. filed as M & T BK CORP | 0.87% | 40,694 | $7.3M | Reduce -4.1% |
| BIV Vanguard Intermediate-Term B | 0.82% | 89,238 | $6.8M | Add +6.8% |
| IVV iShares Core S&P 500 ETF | 0.80% | 11,890 | $6.7M | Add +4.5% |
| SPYM Ste STR SPDR PT S&P 500 ETF | 0.78% | 98,689 | $6.5M | Add +35.0% |
| NKE Nike Inc. Class B | 0.74% | 97,027 | $6.2M | Add +1.4% |
| REET iShares Global REIT ETF | 0.72% | 247,808 | $6.0M | Add +33.0% |
| SPGI S&P Global Inc. | 0.72% | 11,776 | $6.0M | Add +38.6% |
| VSS Vanguard Ftse All Wo X-US SC | 0.71% | 50,995 | $5.9M | Add +43.4% |
| VTV Vanguard Mrngstr Val ETF-Aui | 0.69% | 33,193 | $5.7M | Reduce -5.4% |
| VTI VG Morningstar TS MKT ETF-US | 0.66% | 19,887 | $5.5M | Reduce -8.0% |
| AAPL Apple Inc. | 0.64% | 23,935 | $5.3M | Reduce -0.3% |
| PDN Inv Rafi Dev MKT US SM-Usdin | 0.55% | 136,003 | $4.6M | Reduce -30.8% |
| SCHD Schwab US DVD Equity ETF | 0.54% | 160,620 | $4.5M | Reduce -4.5% |
| PFE Pfizer Inc. | 0.53% | 174,242 | $4.4M | Reduce -1.4% |
| VEA Vanguard Ftse Developed ETF | 0.51% | 83,238 | $4.2M | Reduce -8.5% |
| CMCSA Comcast Corp. Class A | 0.48% | 108,057 | $4.0M | Reduce -2.4% |
| SCHA Schwab US Small-Cap ETF | 0.46% | 163,750 | $3.8M | Reduce -1.0% |
| VWO Vanguard Ftse Emerging Marke | 0.38% | 69,013 | $3.1M | Reduce -0.4% |
| NOBL Proshares S&P 500 Dividend A | 0.35% | 28,365 | $2.9M | Reduce -2.6% |
| AMZN Amazon.com Inc. | 0.31% | 13,415 | $2.6M | Reduce -0.4% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.29% | 4,600 | $2.4M | Reduce -2.2% |
| COST Costco Wholesale Corp. | 0.29% | 2,583 | $2.4M | Reduce -2.6% |
| AVO Mission Produce Inc. | 0.27% | 212,750 | $2.2M | No change |
| VNQ Vanguard Real Estate ETF | 0.26% | 23,906 | $2.2M | Reduce -1.7% |
| VT Vanguard Tot World STK ETF | 0.24% | 16,939 | $2.0M | Add +8.3% |
| BND Vanguard Total Bond Market | 0.23% | 26,393 | $1.9M | Add +0.8% |
| VCSH Vanguard S/T Corp. Bond ETF | 0.22% | 22,866 | $1.8M | Add +1.8% |
| FNDC Schwab Fndmnt Intl SM Eq ETF | 0.21% | 48,367 | $1.8M | Reduce -2.0% |
| FNDA Schwab Fndmntl US SM Co. ETF | 0.20% | 59,838 | $1.6M | Reduce -0.7% |
| SCHZ Schwab US Aggregate Bond ETF | 0.20% | 70,201 | $1.6M | Add +80.6% |
| VIG Vanguard Dividend Apprec ETF | 0.19% | 8,324 | $1.6M | Reduce -9.4% |
| BRK.A Berkshire Hathaway Inc. Class A | 0.19% | 2 | $1.6M | New |
| FNDF Schwab Fndmn Intl LRG Co. ETF | 0.17% | 40,144 | $1.5M | Reduce -2.1% |
| SCHX Schwab US Large-Cap ETF | 0.14% | 53,061 | $1.2M | Reduce -0.3% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.14% | 2,083 | $1.2M | Add +5.2% |
| GOOG Alphabet Inc. Class C | 0.14% | 7,348 | $1.1M | Add +0.1% |
| MINT PIMCO Enhanced Short Maturit | 0.13% | 10,718 | $1.1M | Reduce -0.0% |
| SBUX Starbucks Corp. | 0.12% | 10,471 | $1.0M | Add +1.0% |
| VTEB Vanguard Tax-Exempt Bond ETF | 0.11% | 18,874 | $937K | No change |
| FNDE Schwab Fndmntl Em MRK Eq ETF | 0.11% | 29,335 | $904K | Reduce -2.1% |
| VGT Vanguard Info Tech ETF | 0.10% | 1,584 | $859K | Reduce -4.7% |
| QQQ Invesco QQQ Trust Series 1 | 0.09% | 1,513 | $710K | Add +1.4% |
| LOW Lowe's Cos Inc. | 0.08% | 3,024 | $705K | Reduce -1.6% |
| ABBV Abbvie Inc. | 0.08% | 3,324 | $696K | Add +0.5% |
| VUSB Vanguard Ultra Short Bond Et | 0.08% | 13,766 | $686K | No change |
| COR Cencora Inc. | 0.08% | 2,450 | $681K | Add +0.4% |
| GLD SPDR Gold Shares | 0.08% | 2,355 | $679K | No change |
| BNDX Vanguard Total Intl Bond ETF | 0.08% | 13,705 | $669K | Add +0.9% |
| SCZ iShares MSCI Eafe Small-Cap | 0.07% | 9,357 | $594K | Add +19.7% |
| WFC Wells Fargo & Co. | 0.07% | 8,169 | $586K | Add +0.4% |
| NVDA Nvidia Corp. | 0.07% | 5,312 | $576K | Add +7.5% |
| GOOGL Alphabet Inc. Class A | 0.07% | 3,670 | $567K | Reduce -0.1% |
| PEG Public Service Enterprise GP | 0.07% | 6,768 | $557K | Add +89.4% |
| VYM Vanguard High DVD Yield ETF | 0.07% | 4,310 | $556K | No change |
| EMB iShares JP Morgan Usd Emergi | 0.07% | 6,052 | $548K | Reduce -2.3% |
| TSLA Tesla Inc. | 0.06% | 1,932 | $501K | Reduce -7.4% |
| XLU St Sr Utl SL SE SPDR ETF-Usd | 0.06% | 6,319 | $498K | No change |
| VNQI Vanguard GLBL Ex-US Real Est | 0.06% | 11,870 | $480K | Reduce -40.8% |
| NSC Norfolk Southern Corp. | 0.06% | 2,008 | $476K | Add +99.2% |
Options reported separately and not counted above: COST calls ($95K).
Portfolio Sells Q4 2024 → Q1 2025
| MSFT Microsoft Corp. | Reduce -2.3% | 3.21% | −0.61 |
| CAT Caterpillar Inc. | Reduce -2.9% | 2.44% | −0.42 |
| HD Home Depot Inc. | Reduce -6.1% | 2.13% | −0.36 |
| EFAV iShares MSCI Eafe Min Vol Fa | Reduce -31.1% | 0.94% | −0.34 |
| BLK BlackRock Inc. | Reduce -3.4% | 2.09% | −0.34 |
| RPG Invesco S&P 500 Pure Growth | Reduce -12.7% | 1.18% | −0.33 |
| WMT Walmart Inc. | Reduce -5.8% | 2.42% | −0.32 |
| PDN Inv Rafi Dev MKT US SM-Usdin | Reduce -30.8% | 0.55% | −0.23 |
| MRK Merck & Co. Inc. | Reduce -3.9% | 1.02% | −0.20 |
| PNC PNC Financial Services Group | Reduce -3.6% | 0.99% | −0.18 |
| CARR Carrier Global Corp. | Reduce -2.7% | 1.17% | −0.18 |
| TXN Texas Instruments Inc. | Reduce -3.2% | 1.29% | −0.15 |
| VTI VG Morningstar TS MKT ETF-US | Reduce -8.0% | 0.66% | −0.12 |
| MTB M & T Bank Corp. | Reduce -4.1% | 0.87% | −0.12 |
| AAPL Apple Inc. | Reduce -0.3% | 0.64% | −0.11 |
| NEE Nextera Energy Inc. | Reduce -3.2% | 1.19% | −0.10 |
| PEP Pepsico Inc. | Reduce -2.8% | 1.06% | −0.10 |
| DD Dupont DE Nemours Inc. | Reduce -1.9% | 0.92% | −0.07 |
| SCHA Schwab US Small-Cap ETF | Reduce -1.0% | 0.46% | −0.07 |
| BDX Becton Dickinson and Co. | Reduce -2.7% | 1.21% | −0.07 |
| AMZN Amazon.com Inc. | Reduce -0.4% | 0.31% | −0.06 |
| SO The Southern Co. | Sold out | 0.00% | −0.06 |
| PFE Pfizer Inc. | Reduce -1.4% | 0.53% | −0.05 |
| PG The Procter & Gamble Co. | Reduce -1.9% | 1.30% | −0.05 |
| VTV Vanguard Mrngstr Val ETF-Aui | Reduce -5.4% | 0.69% | −0.05 |
| TSLA Tesla Inc. | Reduce -7.4% | 0.06% | −0.04 |
| VNQI Vanguard GLBL Ex-US Real Est | Reduce -40.8% | 0.06% | −0.04 |
| CMCSA Comcast Corp. Class A | Reduce -2.4% | 0.48% | −0.04 |
| JPM JPMorgan Chase & Co. | Reduce -1.4% | 1.44% | −0.04 |
| VEA Vanguard Ftse Developed ETF | Reduce -8.5% | 0.51% | −0.03 |
| SCHD Schwab US DVD Equity ETF | Reduce -4.5% | 0.54% | −0.03 |
| VMBS Vanguard Mortgage-Backed Sec | Sold out | 0.00% | −0.03 |
| VIG Vanguard Dividend Apprec ETF | Reduce -9.4% | 0.19% | −0.03 |
| AVGO Broadcom Inc. | Sold out | 0.00% | −0.03 |
| PFF iShares Preferred & Income S | Sold out | 0.00% | −0.03 |
| FNDA Schwab Fndmntl US SM Co. ETF | Reduce -0.7% | 0.20% | −0.03 |
| VGT Vanguard Info Tech ETF | Reduce -4.7% | 0.10% | −0.03 |
| GOOGL Alphabet Inc. Class A | Reduce -0.1% | 0.07% | −0.02 |
| SCHW Schwab (charles) Corp. | Reduce -3.1% | 1.85% | −0.02 |
| IHI iShares U.S. Medical Devices | Reduce -23.6% | 0.04% | −0.01 |
| SCHX Schwab US Large-Cap ETF | Reduce -0.3% | 0.14% | −0.01 |
| CMI Cummins Inc. | Reduce -14.4% | 0.04% | −0.01 |
| NOBL Proshares S&P 500 Dividend A | Reduce -2.6% | 0.35% | −0.01 |
| LOW Lowe's Cos Inc. | Reduce -1.6% | 0.08% | −0.01 |
| VNQ Vanguard Real Estate ETF | Reduce -1.7% | 0.26% | −0.01 |
| COST Costco Wholesale Corp. | Reduce -2.6% | 0.29% | −0.01 |
| IJH iShares Core S&P Midcap ETF | Reduce -4.0% | 0.06% | −0.01 |
| RY Royal Bank of Canada | Reduce -15.3% | 0.03% | −0.01 |
| MINT PIMCO Enhanced Short Maturit | Reduce -0.0% | 0.13% | −0.00 |
| VWO Vanguard Ftse Emerging Marke | Reduce -0.4% | 0.38% | −0.00 |
Portfolio Buys Q4 2024 → Q1 2025
| JIRE JPMorgan Int Res Enh Eqty | Add +52.0% | 2.96% | +1.11 |
| IEFA iShares Core MSCI Eafe ETF | Add +14.8% | 4.24% | +0.69 |
| SPAB SS SPDR P Agg Bond ETF | Add +15.9% | 3.02% | +0.38 |
| CVS CVS Health Corp. | Add +3.1% | 1.07% | +0.36 |
| IGSB iShares 1-5Y Inv Grade Corp. | Add +8.8% | 4.83% | +0.29 |
| IJR iShares Core S&P Small-Cap E | Add +28.4% | 1.98% | +0.22 |
| VSS Vanguard Ftse All Wo X-US SC | Add +43.4% | 0.71% | +0.20 |
| SPGI S&P Global Inc. | Add +38.6% | 0.72% | +0.19 |
| BRK.A Berkshire Hathaway Inc. Class A | New | 0.19% | +0.19 |
| SPEM State Street SP PTF Em ETF | Add +5.7% | 3.67% | +0.17 |
| REET iShares Global REIT ETF | Add +33.0% | 0.72% | +0.17 |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | Add +9.5% | 4.66% | +0.16 |
| SPYM Ste STR SPDR PT S&P 500 ETF | Add +35.0% | 0.78% | +0.15 |
| GOVT iShares US Treasury Bond ETF | Add +9.4% | 2.76% | +0.15 |
| SCHZ Schwab US Aggregate Bond ETF | Add +80.6% | 0.20% | +0.09 |
| BIV Vanguard Intermediate-Term B | Add +6.8% | 0.82% | +0.04 |
| SPDW Ste STR SPDR PT DW Eu ETF | New | 0.04% | +0.04 |
| EMLC Vaneck JPM Em Local Curr BND | Add +4.8% | 0.93% | +0.04 |
| PEG Public Service Enterprise GP | Add +89.4% | 0.07% | +0.03 |
| ESGV Vanguard ESG US Stock ETF | New | 0.03% | +0.03 |
| ESGE iShares Inc. iShares ESG Awar | New | 0.03% | +0.03 |
| NSC Norfolk Southern Corp. | Add +99.2% | 0.06% | +0.03 |
| BP BP PLC-Spons ADR | New | 0.03% | +0.03 |
| SCHV Schwab US Large-Cap Value | New | 0.03% | +0.03 |
| KO The Coca-Cola Co. | New | 0.03% | +0.03 |
| TQQQ Proshares Ultrapro QQQ | New | 0.02% | +0.02 |
| COR Cencora Inc. | Add +0.4% | 0.08% | +0.01 |
| SCZ iShares MSCI Eafe Small-Cap | Add +19.7% | 0.07% | +0.01 |
| ABBV Abbvie Inc. | Add +0.5% | 0.08% | +0.01 |
| VSGX Vanguard ESG Intl Stock ETF | Add +22.4% | 0.05% | +0.01 |
| PM Philip Morris International | Add +0.8% | 0.04% | +0.01 |
| VT Vanguard Tot World STK ETF | Add +8.3% | 0.24% | +0.01 |
| SBUX Starbucks Corp. | Add +1.0% | 0.12% | +0.01 |
| VOO Vanguard S&P 500 ETF | Add +30.9% | 0.03% | +0.01 |
| AEP American Electric Power | Add +2.5% | 0.03% | +0.00 |
| CSCO Cisco Systems Inc. | Add +1.1% | 0.05% | +0.00 |
| IBIT iShares Bitcoin Trust ETF | Add +19.3% | 0.03% | +0.00 |
| WFC Wells Fargo & Co. | Add +0.4% | 0.07% | −0.00 |
| VCSH Vanguard S/T Corp. Bond ETF | Add +1.8% | 0.22% | −0.00 |
| BND Vanguard Total Bond Market | Add +0.8% | 0.23% | −0.00 |
| BNDX Vanguard Total Intl Bond ETF | Add +0.9% | 0.08% | −0.00 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +5.2% | 0.14% | −0.00 |
| QQQ Invesco QQQ Trust Series 1 | Add +1.4% | 0.09% | −0.01 |
| NVDA Nvidia Corp. | Add +7.5% | 0.07% | −0.01 |
| IVV iShares Core S&P 500 ETF | Add +4.5% | 0.80% | −0.03 |
| GOOG Alphabet Inc. Class C | Add +0.1% | 0.14% | −0.04 |
| NKE Nike Inc. Class B | Add +1.4% | 0.74% | −0.16 |
| VUG Vanguard Mrngstar GR ETF-Sui | Add +7.3% | 2.58% | −0.17 |
| IUSG iShares Core S&P U.S. Growth | Add +2.9% | 2.94% | −0.30 |
Options Activity Q4 2024 → Q1 2025
| COST Costco Wholesale Corp. | call | New | 100 | $95K |
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 |