Cutler Investment Counsel LLC
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 28, 2025), Cutler Investment Counsel LLC reported 138 stock positions worth $898.7 million. Its top holding was Vngrd Mrngstr MD-Cap ETF-Usd (VO) at 4.8% of the portfolio, followed by iShares 1-5Y Inv Grade (IGSB, 4.6%) and iShares Core MSCI Eafe ETF (IEFA, 4.4%). Compared with Q1 2025, it opened 6 new positions, added to 56 and reduced 52. The biggest buy was Microsoft (MSFT, shares +0%) and the biggest sale Becton Dickinson and (BDX, shares −1%).
- Most Recent 13F
- Q2 2026
- Location
- Jacksonville, OR
- CIK
- 0001285973
- Portfolio Value
- $898.7M (Q2 2025)
- SEC Filing
- 0001667731-25-000987 ↗ filed Jul 28, 2025
Holdings Value
Holdings 138 stocks · $898.7M
| VO Vngrd Mrngstr MD-Cap ETF-Usd | 4.77% | 152,497 | $42.8M | Add +1.8% |
| IGSB iShares 1-5Y Inv Grade Corp. | 4.58% | 779,759 | $41.1M | Add +1.7% |
| IEFA iShares Core MSCI Eafe ETF | 4.42% | 476,131 | $39.7M | Add +2.1% |
| MSFT Microsoft Corp. | 3.96% | 71,473 | $35.6M | Add +0.3% |
| SPEM State Street SP PTF Em ETF | 3.73% | 783,482 | $33.5M | Add +1.1% |
| JIRE JPMorgan Int Res Enh Eqty | 3.31% | 419,687 | $29.7M | Add +8.4% |
| IUSG iShares Core S&P U.S. Growth | 3.23% | 193,251 | $29.1M | Add +0.3% |
| SPAB SS SPDR P Agg Bond ETF | 2.91% | 1,021,528 | $26.2M | Add +3.8% |
| VUG Vanguard Mrngstar GR ETF-Sui | 2.85% | 58,433 | $25.6M | Add +1.1% |
| CAT Caterpillar Inc. | 2.65% | 61,422 | $23.8M | Reduce -0.1% |
| GOVT iShares US Treasury Bond ETF | 2.61% | 1,020,595 | $23.5M | Add +2.3% |
| WMT Walmart Inc. | 2.49% | 228,693 | $22.4M | Reduce -0.3% |
| RSG Republic Services Inc. | 2.23% | 81,198 | $20.0M | Reduce -0.6% |
| BLK BlackRock Inc. | 2.14% | 18,345 | $19.2M | Reduce -0.1% |
| IJR iShares Core S&P Small-Cap E | 2.14% | 175,650 | $19.2M | Add +11.7% |
| SCHW Schwab (charles) Corp. | 1.99% | 195,822 | $17.9M | Reduce -0.3% |
| HD Home Depot Inc. | 1.97% | 48,396 | $17.7M | Add +0.1% |
| RTX RTX Corp. | 1.95% | 119,716 | $17.5M | Reduce -0.8% |
| DE Deere & Co. | 1.92% | 33,851 | $17.3M | Reduce -0.3% |
| MCD McDonald's Corp. | 1.72% | 52,965 | $15.5M | Reduce -0.6% |
| JPM JPMorgan Chase & Co. | 1.55% | 48,062 | $13.9M | Reduce -1.5% |
| XOM Exxon Mobil Corp. | 1.48% | 123,602 | $13.3M | Reduce -0.1% |
| KR Kroger Co. | 1.46% | 182,644 | $13.1M | Reduce -1.1% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 1.44% | 44,000 | $13.0M | Reduce -1.4% |
| TXN Texas Instruments Inc. | 1.38% | 59,547 | $12.4M | Reduce -0.3% |
| CARR Carrier Global Corp. | 1.25% | 153,169 | $11.2M | Reduce -0.4% |
| RPG Invesco S&P 500 Pure Growth | 1.24% | 244,231 | $11.2M | Reduce -5.2% |
| VZ Verizon Communications Inc. | 1.18% | 245,385 | $10.6M | Reduce -1.2% |
| MDT Medtronic PLC | 1.18% | 120,767 | $10.6M | Reduce -0.3% |
| PG The Procter & Gamble Co. | 1.11% | 62,350 | $9.9M | Reduce -1.7% |
| NEE Nextera Energy Inc. | 1.07% | 138,922 | $9.6M | Reduce -0.2% |
| CVX Chevron Corp. | 1.02% | 63,757 | $9.1M | Reduce -0.4% |
| CVS CVS Health Corp. | 1.01% | 131,487 | $9.1M | Reduce -0.2% |
| PNC PNC Financial Services Group | 0.96% | 46,353 | $8.6M | Reduce -0.7% |
| IVV iShares Core S&P 500 ETF | 0.94% | 13,597 | $8.4M | Add +14.4% |
| EMLC Vaneck JPM Em Local Curr BND | 0.90% | 319,389 | $8.1M | Reduce -1.2% |
| SPYM Ste STR SPDR PT S&P 500 ETF | 0.89% | 109,680 | $8.0M | Add +11.1% |
| JNJ Johnson & Johnson | 0.88% | 51,937 | $7.9M | Add +0.1% |
| MTB M & T Bank Corp. filed as M & T BK CORP | 0.87% | 40,521 | $7.9M | Reduce -0.4% |
| PEP Pepsico Inc. | 0.87% | 59,423 | $7.8M | Add +1.0% |
| BDX Becton Dickinson and Co. | 0.84% | 43,826 | $7.5M | Reduce -0.5% |
| EFAV iShares MSCI Eafe Min Vol Fa | 0.84% | 89,504 | $7.5M | Reduce -11.0% |
| VSS Vanguard Ftse All Wo X-US SC | 0.83% | 55,495 | $7.5M | Add +8.8% |
| MRK Merck & Co. Inc. | 0.83% | 93,005 | $7.4M | Reduce -0.3% |
| DD Dupont DE Nemours Inc. | 0.78% | 102,438 | $7.0M | Reduce -0.4% |
| BIV Vanguard Intermediate-Term B | 0.77% | 89,780 | $6.9M | Add +0.6% |
| NKE Nike Inc. Class B | 0.77% | 96,926 | $6.9M | Reduce -0.1% |
| REET iShares Global REIT ETF | 0.75% | 272,096 | $6.7M | Add +9.8% |
| SPGI S&P Global Inc. | 0.69% | 11,775 | $6.2M | Reduce -0.0% |
| VTI VG Morningstar TS MKT ETF-US | 0.69% | 20,323 | $6.2M | Add +2.2% |
| VTV Vanguard Mrngstr Val ETF-Aui | 0.64% | 32,579 | $5.8M | Reduce -1.9% |
| VEA Vanguard Ftse Developed ETF | 0.58% | 91,543 | $5.2M | Add +10.0% |
| AAPL Apple Inc. | 0.57% | 24,788 | $5.1M | Add +3.6% |
| SCHA Schwab US Small-Cap ETF | 0.51% | 182,741 | $4.6M | Add +11.6% |
| PDN Inv Rafi Dev MKT US SM-Usdin | 0.50% | 115,253 | $4.5M | Reduce -15.3% |
| SCHD Schwab US DVD Equity ETF | 0.47% | 159,895 | $4.2M | Reduce -0.5% |
| PFE Pfizer Inc. | 0.47% | 172,749 | $4.2M | Reduce -0.9% |
| CMCSA Comcast Corp. Class A | 0.43% | 107,683 | $3.8M | Reduce -0.3% |
| VWO Vanguard Ftse Emerging Marke | 0.40% | 73,253 | $3.6M | Add +6.1% |
| NOBL Proshares S&P 500 Dividend A | 0.37% | 32,491 | $3.3M | Add +14.6% |
| AMZN Amazon.com Inc. | 0.33% | 13,431 | $2.9M | Add +0.1% |
| COST Costco Wholesale Corp. | 0.32% | 2,893 | $2.9M | Add +12.0% |
| AVO Mission Produce Inc. | 0.28% | 212,750 | $2.5M | No change |
| BRK.B Berkshire Hathaway Inc. Class B | 0.27% | 5,050 | $2.5M | Add +9.8% |
| VT Vanguard Tot World STK ETF | 0.25% | 17,243 | $2.2M | Add +1.8% |
| FNDC Schwab Fndmnt Intl SM Eq ETF | 0.25% | 52,591 | $2.2M | Add +8.7% |
| VNQ Vanguard Real Estate ETF | 0.23% | 23,054 | $2.1M | Reduce -3.6% |
| BND Vanguard Total Bond Market | 0.22% | 27,281 | $2.0M | Add +3.4% |
| VCSH Vanguard S/T Corp. Bond ETF | 0.21% | 23,237 | $1.8M | Add +1.6% |
| FNDA Schwab Fndmntl US SM Co. ETF | 0.20% | 62,489 | $1.8M | Add +4.4% |
| FNDF Schwab Fndmn Intl LRG Co. ETF | 0.20% | 44,330 | $1.8M | Add +10.4% |
| SCHX Schwab US Large-Cap ETF | 0.20% | 72,009 | $1.8M | Add +35.7% |
| VIG Vanguard Dividend Apprec ETF | 0.19% | 8,341 | $1.7M | Add +0.2% |
| SCHZ Schwab US Aggregate Bond ETF | 0.18% | 70,204 | $1.6M | Add +0.0% |
| BRK.A Berkshire Hathaway Inc. Class A | 0.16% | 2 | $1.5M | No change |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.15% | 2,124 | $1.3M | Add +2.0% |
| GOOG Alphabet Inc. Class C | 0.14% | 7,225 | $1.3M | Reduce -1.7% |
| MINT PIMCO Enhanced Short Maturit | 0.12% | 10,633 | $1.1M | Reduce -0.8% |
| NVDA Nvidia Corp. | 0.11% | 6,169 | $975K | Add +16.1% |
| VGT Vanguard Info Tech ETF | 0.11% | 1,463 | $971K | Reduce -7.6% |
| FNDE Schwab Fndmntl Em MRK Eq ETF | 0.11% | 29,227 | $965K | Reduce -0.4% |
| SBUX Starbucks Corp. | 0.11% | 10,471 | $959K | No change |
| VTEB Vanguard Tax-Exempt Bond ETF | 0.10% | 17,944 | $880K | Reduce -4.9% |
| QQQ Invesco QQQ Trust Series 1 | 0.09% | 1,500 | $828K | Reduce -0.9% |
| BNDX Vanguard Total Intl Bond ETF | 0.09% | 16,715 | $828K | Add +22.0% |
| GLD SPDR Gold Shares | 0.08% | 2,435 | $742K | Add +3.4% |
| VUSB Vanguard Ultra Short Bond Et | 0.08% | 14,770 | $737K | Add +7.3% |
| COR Cencora Inc. | 0.08% | 2,450 | $735K | No change |
| TSLA Tesla Inc. | 0.08% | 2,220 | $705K | Add +14.9% |
| SCZ iShares MSCI Eafe Small-Cap | 0.08% | 9,357 | $680K | No change |
| LOW Lowe's Cos Inc. | 0.07% | 3,024 | $671K | No change |
| WFC Wells Fargo & Co. | 0.07% | 8,169 | $655K | No change |
| GOOGL Alphabet Inc. Class A | 0.07% | 3,671 | $647K | Add +0.0% |
| ABBV Abbvie Inc. | 0.07% | 3,324 | $617K | No change |
| NFLX Netflix Inc. | 0.07% | 455 | $609K | No change |
| VYM Vanguard High DVD Yield ETF | 0.06% | 4,310 | $575K | No change |
| PEG Public Service Enterprise GP | 0.06% | 6,768 | $570K | No change |
| EMB iShares JP Morgan Usd Emergi | 0.06% | 6,055 | $561K | Add +0.1% |
| IJH iShares Core S&P Midcap ETF | 0.06% | 8,458 | $525K | Add +4.5% |
| XLU St Sr Utl SL SE SPDR ETF-Usd | 0.06% | 6,319 | $516K | No change |
Portfolio Sells Q1 2025 → Q2 2025
| BDX Becton Dickinson and Co. | Reduce -0.5% | 0.84% | −0.37 |
| XOM Exxon Mobil Corp. | Reduce -0.1% | 1.48% | −0.28 |
| MCD McDonald's Corp. | Reduce -0.6% | 1.72% | −0.28 |
| CVX Chevron Corp. | Reduce -0.4% | 1.02% | −0.27 |
| PG The Procter & Gamble Co. | Reduce -1.7% | 1.11% | −0.19 |
| MRK Merck & Co. Inc. | Reduce -0.3% | 0.83% | −0.19 |
| VZ Verizon Communications Inc. | Reduce -1.2% | 1.18% | −0.17 |
| RSG Republic Services Inc. | Reduce -0.6% | 2.23% | −0.15 |
| DD Dupont DE Nemours Inc. | Reduce -0.4% | 0.78% | −0.14 |
| MDT Medtronic PLC | Reduce -0.3% | 1.18% | −0.14 |
| NEE Nextera Energy Inc. | Reduce -0.2% | 1.07% | −0.11 |
| EFAV iShares MSCI Eafe Min Vol Fa | Reduce -11.0% | 0.84% | −0.10 |
| SCHD Schwab US DVD Equity ETF | Reduce -0.5% | 0.47% | −0.07 |
| PFE Pfizer Inc. | Reduce -0.9% | 0.47% | −0.06 |
| CVS CVS Health Corp. | Reduce -0.2% | 1.01% | −0.06 |
| CMCSA Comcast Corp. Class A | Reduce -0.3% | 0.43% | −0.05 |
| PDN Inv Rafi Dev MKT US SM-Usdin | Reduce -15.3% | 0.50% | −0.05 |
| KR Kroger Co. | Reduce -1.1% | 1.46% | −0.04 |
| VTV Vanguard Mrngstr Val ETF-Aui | Reduce -1.9% | 0.64% | −0.04 |
| VNQ Vanguard Real Estate ETF | Reduce -3.6% | 0.23% | −0.03 |
| SPGI S&P Global Inc. | Reduce -0.0% | 0.69% | −0.03 |
| EMLC Vaneck JPM Em Local Curr BND | Reduce -1.2% | 0.90% | −0.03 |
| PNC PNC Financial Services Group | Reduce -0.7% | 0.96% | −0.02 |
| VNQI Vanguard GLBL Ex-US Real Est | Reduce -40.6% | 0.04% | −0.02 |
| VTEB Vanguard Tax-Exempt Bond ETF | Reduce -4.9% | 0.10% | −0.01 |
| ALK Alaska Air Group Inc. | Reduce -15.3% | 0.04% | −0.01 |
| MINT PIMCO Enhanced Short Maturit | Reduce -0.8% | 0.12% | −0.01 |
| VOO Vanguard S&P 500 ETF | Reduce -18.6% | 0.03% | −0.01 |
| V Visa Inc. Class A | Reduce -3.7% | 0.04% | −0.00 |
| KO The Coca-Cola Co. | Reduce -0.2% | 0.02% | −0.00 |
| SLV iShares Silver Trust | Reduce -1.1% | 0.04% | −0.00 |
| FNDE Schwab Fndmntl Em MRK Eq ETF | Reduce -0.4% | 0.11% | −0.00 |
| VSGX Vanguard ESG Intl Stock ETF | Reduce -3.9% | 0.05% | −0.00 |
| DFAC Dimensional US Core Equity 2 | Reduce -1.7% | 0.05% | −0.00 |
| DE Deere & Co. | Reduce -0.3% | 1.92% | −0.00 |
| MTB M & T Bank Corp. | Reduce -0.4% | 0.87% | +0.00 |
| RY Royal Bank of Canada | Reduce -0.5% | 0.03% | +0.00 |
| GOOG Alphabet Inc. Class C | Reduce -1.7% | 0.14% | +0.00 |
| VGT Vanguard Info Tech ETF | Reduce -7.6% | 0.11% | +0.00 |
| TQQQ Proshares Ultrapro QQQ | Reduce -5.8% | 0.03% | +0.01 |
| QQQ Invesco QQQ Trust Series 1 | Reduce -0.9% | 0.09% | +0.01 |
| RTX RTX Corp. | Reduce -0.8% | 1.95% | +0.03 |
| NKE Nike Inc. Class B | Reduce -0.1% | 0.77% | +0.03 |
| BLK BlackRock Inc. | Reduce -0.1% | 2.14% | +0.05 |
| RPG Invesco S&P 500 Pure Growth | Reduce -5.2% | 1.24% | +0.06 |
| WMT Walmart Inc. | Reduce -0.3% | 2.49% | +0.06 |
| CARR Carrier Global Corp. | Reduce -0.4% | 1.25% | +0.08 |
| TXN Texas Instruments Inc. | Reduce -0.3% | 1.38% | +0.09 |
| IBM Intl Business Machines Corp. | Reduce -1.4% | 1.44% | +0.11 |
| JPM JPMorgan Chase & Co. | Reduce -1.5% | 1.55% | +0.11 |
Portfolio Buys Q1 2025 → Q2 2025
| MSFT Microsoft Corp. | Add +0.3% | 3.96% | +0.74 |
| JIRE JPMorgan Int Res Enh Eqty | Add +8.4% | 3.31% | +0.34 |
| IUSG iShares Core S&P U.S. Growth | Add +0.3% | 3.23% | +0.29 |
| VUG Vanguard Mrngstar GR ETF-Sui | Add +1.1% | 2.85% | +0.28 |
| IEFA iShares Core MSCI Eafe ETF | Add +2.1% | 4.42% | +0.18 |
| IJR iShares Core S&P Small-Cap E | Add +11.7% | 2.14% | +0.16 |
| IVV iShares Core S&P 500 ETF | Add +14.4% | 0.94% | +0.14 |
| VSS Vanguard Ftse All Wo X-US SC | Add +8.8% | 0.83% | +0.12 |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | Add +1.8% | 4.77% | +0.11 |
| SPYM Ste STR SPDR PT S&P 500 ETF | Add +11.1% | 0.89% | +0.11 |
| VEA Vanguard Ftse Developed ETF | Add +10.0% | 0.58% | +0.07 |
| SPEM State Street SP PTF Em ETF | Add +1.1% | 3.73% | +0.06 |
| SCHX Schwab US Large-Cap ETF | Add +35.7% | 0.20% | +0.06 |
| SCHA Schwab US Small-Cap ETF | Add +11.6% | 0.51% | +0.05 |
| NVDA Nvidia Corp. | Add +16.1% | 0.11% | +0.04 |
| FNDC Schwab Fndmnt Intl SM Eq ETF | Add +8.7% | 0.25% | +0.04 |
| AVGO Broadcom Inc. | New | 0.03% | +0.03 |
| VTI VG Morningstar TS MKT ETF-US | Add +2.2% | 0.69% | +0.03 |
| MP MP Materials Corp. | New | 0.03% | +0.03 |
| VWO Vanguard Ftse Emerging Marke | Add +6.1% | 0.40% | +0.03 |
| ORCL Oracle Corp. | New | 0.03% | +0.03 |
| REET iShares Global REIT ETF | Add +9.8% | 0.75% | +0.03 |
| COST Costco Wholesale Corp. | Add +12.0% | 0.32% | +0.03 |
| PXF Invesco Rafi Developed Marke | New | 0.02% | +0.02 |
| IEMG iShares Core MSCI Emerging | New | 0.02% | +0.02 |
| FNDF Schwab Fndmn Intl LRG Co. ETF | Add +10.4% | 0.20% | +0.02 |
| IWF iShares Russell 1000 Growth | New | 0.02% | +0.02 |
| AMZN Amazon.com Inc. | Add +0.1% | 0.33% | +0.02 |
| TSLA Tesla Inc. | Add +14.9% | 0.08% | +0.02 |
| NOBL Proshares S&P 500 Dividend A | Add +14.6% | 0.37% | +0.02 |
| BNDX Vanguard Total Intl Bond ETF | Add +22.0% | 0.09% | +0.01 |
| VT Vanguard Tot World STK ETF | Add +1.8% | 0.25% | +0.01 |
| IBIT iShares Bitcoin Trust ETF | Add +12.5% | 0.04% | +0.01 |
| META Meta Platforms Inc. Class A | Add +7.8% | 0.04% | +0.01 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +2.0% | 0.15% | +0.01 |
| GOOGL Alphabet Inc. Class A | Add +0.0% | 0.07% | +0.00 |
| IHI iShares U.S. Medical Devices | Add +11.3% | 0.04% | +0.00 |
| SCHV Schwab US Large-Cap Value | Add +14.5% | 0.03% | +0.00 |
| FNDA Schwab Fndmntl US SM Co. ETF | Add +4.4% | 0.20% | +0.00 |
| ESGV Vanguard ESG US Stock ETF | Add +3.1% | 0.03% | +0.00 |
| IJH iShares Core S&P Midcap ETF | Add +4.5% | 0.06% | +0.00 |
| SPDW Ste STR SPDR PT DW Eu ETF | Add +0.1% | 0.04% | +0.00 |
| GLD SPDR Gold Shares | Add +3.4% | 0.08% | +0.00 |
| VUSB Vanguard Ultra Short Bond Et | Add +7.3% | 0.08% | −0.00 |
| AGG iShares Core U.S. Aggregate | Add +5.2% | 0.03% | −0.00 |
| VBR Vngrd Mrngst SL-CP Val ETF-U | Add +0.6% | 0.04% | −0.00 |
| CMI Cummins Inc. | Add +0.1% | 0.03% | −0.00 |
| VIG Vanguard Dividend Apprec ETF | Add +0.2% | 0.19% | −0.00 |
| EMB iShares JP Morgan Usd Emergi | Add +0.1% | 0.06% | −0.00 |
| BP BP PLC-Spons ADR | Add +0.2% | 0.02% | −0.00 |
Options Activity Q1 2025 → Q2 2025
| COST Costco Wholesale Corp. | call | Sold out | 100 | $95Kbefore exit |
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 |