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

0$500.0M$1.0B$1.5B Q1 2024: $745.5M Q1 2024 Q2 2024: $734.9M Q2 2024 Q3 2024: $792.7M Q3 2024 Q4 2024: $803.8M Q4 2024 Q1 2025: $832.3M $832.3M Q1 2025 Q2 2025: $898.7M Q2 2025 Q3 2025: $953.8M Q3 2025 Q4 2025: $961.2M Q4 2025 Q1 2026: $971.1M Q1 2026 Q2 2026: $1.1B Q2 2026

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%
IJH iShares Core S&P Midcap ETF 0.06% 8,090 $472K Reduce -4.0%
ALK Alaska Air Group Inc. 0.05% 9,188 $452K No change
SGOL Abrdn Physical Gold Shares 0.05% 15,000 $447K No change
NFLX Netflix Inc. 0.05% 455 $424K Reduce -2.1%
VSGX Vanguard ESG Intl Stock ETF 0.05% 6,999 $413K Add +22.4%
DFAC Dimensional US Core Equity 2 0.05% 11,925 $393K No change
EMR Emerson Electric Co. 0.05% 3,550 $389K No change
IAGG iShares Intl Aggregate Bond 0.05% 7,693 $385K No change
CSCO Cisco Systems Inc. 0.05% 6,104 $377K Add +1.1%
V Visa Inc. Class A 0.05% 1,070 $375K Reduce -0.7%
VXF Vanguard Extended Market ETF 0.04% 2,122 $366K No change
SLV iShares Silver Trust 0.04% 11,024 $342K No change
IHI iShares U.S. Medical Devices 0.04% 5,630 $339K Reduce -23.6%
SPDW Ste STR SPDR PT DW Eu ETF 0.04% 9,205 $335K New
VBR Vngrd Mrngst SL-CP Val ETF-U 0.04% 1,788 $333K Reduce -0.8%
VBK Van Morst SML-Cap Gro-Usd Inc. 0.04% 1,266 $319K No change
PM Philip Morris International 0.04% 1,892 $303K Add +0.8%
CMI Cummins Inc. 0.04% 956 $300K Reduce -14.4%
AGG iShares Core U.S. Aggregate 0.04% 2,972 $294K Reduce -3.7%
VOO Vanguard S&P 500 ETF 0.03% 538 $277K Add +30.9%
AEP American Electric Power 0.03% 2,452 $268K Add +2.5%
ESGV Vanguard ESG US Stock ETF 0.03% 2,481 $243K New
META Meta Platforms Inc. Class A 0.03% 413 $238K Reduce -0.7%
ESGE iShares Inc. iShares ESG Awar 0.03% 6,620 $231K New
IBIT iShares Bitcoin Trust ETF 0.03% 4,936 $231K Add +19.3%
BP BP PLC-Spons ADR 0.03% 6,706 $227K New
SCHV Schwab US Large-Cap Value 0.03% 8,502 $226K New
KO The Coca-Cola Co. 0.03% 3,096 $223K New
SPYG SS SPDR P S&P 500 Growth ETF 0.03% 2,757 $222K No change
RY Royal Bank of Canada 0.03% 1,905 $215K Reduce -15.3%
GVA Granite Construction Inc. 0.03% 2,750 $208K No change
TQQQ Proshares Ultrapro QQQ 0.02% 3,520 $202K New

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

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 157$1.1BVO, IEFA, IGSB, SPEM, JIRE
Q1 2026 146$971.1MVO, IGSB, IEFA, SPEM, JIRE
Q4 2025 143$961.2MVO, IEFA, IGSB, SPEM, JIRE
Q3 2025 140$953.8MVO, IGSB, IEFA, SPEM, MSFT
Q2 2025 138$898.7MVO, IGSB, IEFA, MSFT, SPEM
Q1 2025 132$832.3MIGSB, VO, IEFA, SPEM, MSFT
Q4 2024 128$803.8MIGSB, VO, MSFT, IEFA, SPEM
Q3 2024 127$792.7MIGSB, VO, MSFT, SPEM, IEFA
Q2 2024 128$734.9MMSFT, IGSB, VO, SPEM, CAT
Q1 2024 127$745.5MMSFT, IGSB, VO, CAT, SPEM