Cutler Investment Counsel LLC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 4, 2025), Cutler Investment Counsel LLC reported 140 stock positions worth $953.8 million. Its top holding was Vngrd Mrngstr MD-Cap ETF-Usd (VO) at 4.9% of the portfolio, followed by iShares 1-5Y Inv Grade (IGSB, 4.5%) and iShares Core MSCI Eafe ETF (IEFA, 4.5%). Compared with Q2 2025, it opened 5 new positions, sold out of 3, added to 55 and reduced 63. The biggest buy was a new position in Lennar Class A (LEN) and the biggest sale an exit from Comcast Class A (CMCSA).
- Most Recent 13F
- Q2 2026
- Location
- Jacksonville, OR
- CIK
- 0001285973
- Portfolio Value
- $953.8M (Q3 2025)
- SEC Filing
- 0002085853-25-000222 ↗ filed Nov 4, 2025
Holdings Value
Holdings 140 stocks · $953.8M
| VO Vngrd Mrngstr MD-Cap ETF-Usd | 4.87% | 157,726 | $46.5M | Add +3.4% |
| IGSB iShares 1-5Y Inv Grade Corp. | 4.51% | 812,018 | $43.1M | Add +4.1% |
| IEFA iShares Core MSCI Eafe ETF | 4.48% | 489,758 | $42.8M | Add +2.9% |
| SPEM State Street SP PTF Em ETF | 3.94% | 803,495 | $37.6M | Add +2.5% |
| MSFT Microsoft Corp. | 3.77% | 69,333 | $35.9M | Reduce -3.0% |
| JIRE JPMorgan Int Res Enh Eqty | 3.43% | 444,745 | $32.7M | Add +6.0% |
| IUSG iShares Core S&P U.S. Growth | 3.40% | 197,105 | $32.4M | Add +2.0% |
| CAT Caterpillar Inc. | 3.05% | 60,916 | $29.1M | Reduce -0.8% |
| VUG Vanguard Mrngstar GR ETF-Sui | 2.99% | 59,424 | $28.5M | Add +1.7% |
| SPAB SS SPDR P Agg Bond ETF | 2.89% | 1,065,835 | $27.6M | Add +4.3% |
| GOVT iShares US Treasury Bond ETF | 2.56% | 1,054,891 | $24.4M | Add +3.4% |
| WMT Walmart Inc. | 2.46% | 227,561 | $23.5M | Reduce -0.5% |
| IJR iShares Core S&P Small-Cap E | 2.41% | 193,104 | $22.9M | Add +9.9% |
| BLK BlackRock Inc. | 2.23% | 18,211 | $21.2M | Reduce -0.7% |
| RTX RTX Corp. | 2.09% | 119,184 | $19.9M | Reduce -0.4% |
| HD Home Depot Inc. | 2.06% | 48,389 | $19.6M | Reduce -0.0% |
| SCHW Schwab (charles) Corp. | 1.95% | 195,145 | $18.6M | Reduce -0.3% |
| RSG Republic Services Inc. | 1.94% | 80,711 | $18.5M | Reduce -0.6% |
| MCD McDonald's Corp. | 1.67% | 52,311 | $15.9M | Reduce -1.2% |
| DE Deere & Co. | 1.62% | 33,621 | $15.4M | Reduce -0.7% |
| JPM JPMorgan Chase & Co. | 1.58% | 47,860 | $15.1M | Reduce -0.4% |
| XOM Exxon Mobil Corp. | 1.45% | 123,003 | $13.9M | Reduce -0.5% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 1.29% | 43,709 | $12.3M | Reduce -0.7% |
| KR Kroger Co. | 1.28% | 181,495 | $12.2M | Reduce -0.6% |
| MDT Medtronic PLC | 1.21% | 120,113 | $11.5M | Reduce -0.5% |
| RPG Invesco S&P 500 Pure Growth | 1.16% | 231,765 | $11.1M | Reduce -5.1% |
| CVX Chevron Corp. | 1.15% | 70,525 | $11.0M | Add +10.6% |
| TXN Texas Instruments Inc. | 1.14% | 59,012 | $10.8M | Reduce -0.9% |
| VZ Verizon Communications Inc. | 1.12% | 242,891 | $10.7M | Reduce -1.0% |
| NEE Nextera Energy Inc. | 1.09% | 138,127 | $10.4M | Reduce -0.6% |
| SPYM Ste STR SPDR PT S&P 500 ETF | 1.08% | 131,302 | $10.3M | Add +19.7% |
| CVS CVS Health Corp. | 1.03% | 130,856 | $9.9M | Reduce -0.5% |
| JNJ Johnson & Johnson | 1.00% | 51,378 | $9.5M | Reduce -1.1% |
| PG The Procter & Gamble Co. | 1.00% | 61,797 | $9.5M | Reduce -0.9% |
| PNC PNC Financial Services Group | 0.97% | 45,984 | $9.2M | Reduce -0.8% |
| CARR Carrier Global Corp. | 0.95% | 151,946 | $9.1M | Reduce -0.8% |
| IVV iShares Core S&P 500 ETF | 0.93% | 13,213 | $8.8M | Reduce -2.8% |
| VSS Vanguard Ftse All Wo X-US SC | 0.88% | 58,685 | $8.4M | Add +5.8% |
| EMLC Vaneck JPM Em Local Curr BND | 0.88% | 327,602 | $8.4M | Add +2.6% |
| PEP Pepsico Inc. | 0.87% | 58,871 | $8.3M | Reduce -0.9% |
| BDX Becton Dickinson and Co. | 0.85% | 43,287 | $8.1M | Reduce -1.2% |
| MTB M & T Bank Corp. filed as M & T BK CORP | 0.83% | 40,115 | $7.9M | Reduce -1.0% |
| DD Dupont DE Nemours Inc. | 0.83% | 101,285 | $7.9M | Reduce -1.1% |
| MRK Merck & Co. Inc. | 0.82% | 92,001 | $7.8M | Reduce -1.1% |
| REET iShares Global REIT ETF | 0.80% | 297,254 | $7.6M | Add +9.3% |
| EFAV iShares MSCI Eafe Min Vol Fa | 0.78% | 87,255 | $7.4M | Reduce -2.5% |
| BIV Vanguard Intermediate-Term B | 0.74% | 90,288 | $7.1M | Add +0.6% |
| NKE Nike Inc. Class B | 0.70% | 95,475 | $6.7M | Reduce -1.5% |
| VTI VG Morningstar TS MKT ETF-US | 0.69% | 20,087 | $6.6M | Reduce -1.2% |
| AAPL Apple Inc. | 0.65% | 24,403 | $6.2M | Reduce -1.6% |
| VTV Vanguard Mrngstr Val ETF-Aui | 0.64% | 32,648 | $6.1M | Add +0.2% |
| SPGI S&P Global Inc. | 0.60% | 11,772 | $5.7M | Reduce -0.0% |
| VEA Vanguard Ftse Developed ETF | 0.59% | 93,982 | $5.6M | Add +2.7% |
| SCHA Schwab US Small-Cap ETF | 0.53% | 181,732 | $5.1M | Reduce -0.6% |
| PDN Inv Rafi Dev MKT US SM-Usdin | 0.48% | 111,615 | $4.6M | Reduce -3.2% |
| SCHD Schwab US DVD Equity ETF | 0.46% | 160,987 | $4.4M | Add +0.7% |
| PFE Pfizer Inc. | 0.45% | 169,404 | $4.3M | Reduce -1.9% |
| VWO Vanguard Ftse Emerging Marke | 0.41% | 71,842 | $3.9M | Reduce -1.9% |
| LEN Lennar Corp. Class A | 0.35% | 26,662 | $3.4M | New |
| NOBL Proshares S&P 500 Dividend A | 0.35% | 32,215 | $3.3M | Reduce -0.8% |
| AMZN Amazon.com Inc. | 0.30% | 13,023 | $2.9M | Reduce -3.0% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.28% | 5,377 | $2.7M | Add +6.5% |
| COST Costco Wholesale Corp. | 0.28% | 2,873 | $2.7M | Reduce -0.7% |
| AVO Mission Produce Inc. | 0.27% | 212,750 | $2.6M | No change |
| VT Vanguard Tot World STK ETF | 0.27% | 18,406 | $2.5M | Add +6.7% |
| FNDC Schwab Fndmnt Intl SM Eq ETF | 0.24% | 52,360 | $2.3M | Reduce -0.4% |
| BND Vanguard Total Bond Market | 0.24% | 30,540 | $2.3M | Add +11.9% |
| VNQ Vanguard Real Estate ETF | 0.24% | 24,586 | $2.2M | Add +6.7% |
| FNDA Schwab Fndmntl US SM Co. ETF | 0.22% | 68,495 | $2.1M | Add +9.6% |
| FNDF Schwab Fndmn Intl LRG Co. ETF | 0.20% | 44,450 | $1.9M | Add +0.3% |
| SCHX Schwab US Large-Cap ETF | 0.20% | 72,007 | $1.9M | Reduce 0.0% |
| VCSH Vanguard S/T Corp. Bond ETF | 0.19% | 22,912 | $1.8M | Reduce -1.4% |
| VIG Vanguard Dividend Apprec ETF | 0.19% | 8,436 | $1.8M | Add +1.1% |
| GOOG Alphabet Inc. Class C | 0.19% | 7,275 | $1.8M | Add +0.7% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.17% | 2,367 | $1.6M | Add +11.4% |
| BRK.A Berkshire Hathaway Inc. Class A | 0.16% | 2 | $1.5M | No change |
| NVDA Nvidia Corp. | 0.13% | 6,817 | $1.3M | Add +10.5% |
| TSLA Tesla Inc. | 0.12% | 2,612 | $1.2M | Add +17.7% |
| VTEB Vanguard Tax-Exempt Bond ETF | 0.12% | 22,944 | $1.1M | Add +27.9% |
| FNDE Schwab Fndmntl Em MRK Eq ETF | 0.11% | 29,075 | $1.1M | Reduce -0.5% |
| BNDX Vanguard Total Intl Bond ETF | 0.11% | 20,814 | $1.0M | Add +24.5% |
| VGT Vanguard Info Tech ETF | 0.11% | 1,374 | $1.0M | Reduce -6.1% |
| GLD SPDR Gold Shares | 0.10% | 2,666 | $948K | Add +9.5% |
| QQQ Invesco QQQ Trust Series 1 | 0.10% | 1,533 | $921K | Add +2.2% |
| SCHZ Schwab US Aggregate Bond ETF | 0.10% | 38,889 | $913K | Reduce -44.6% |
| SBUX Starbucks Corp. | 0.09% | 10,020 | $848K | Reduce -4.3% |
| GOOGL Alphabet Inc. Class A | 0.09% | 3,476 | $845K | Reduce -5.3% |
| ABBV Abbvie Inc. | 0.09% | 3,531 | $818K | Add +6.2% |
| COR Cencora Inc. | 0.08% | 2,451 | $766K | Add +0.0% |
| LOW Lowe's Cos Inc. | 0.08% | 3,028 | $761K | Add +0.1% |
| WFC Wells Fargo & Co. | 0.07% | 8,359 | $701K | Add +2.3% |
| SCZ iShares MSCI Eafe Small-Cap | 0.07% | 8,692 | $667K | Reduce -7.1% |
| SGOL Abrdn Physical Gold Shares | 0.06% | 16,586 | $611K | Add +10.6% |
| VYM Vanguard High DVD Yield ETF | 0.06% | 4,310 | $607K | No change |
| NSC Norfolk Southern Corp. | 0.06% | 2,008 | $603K | No change |
| EMB iShares JP Morgan Usd Emergi | 0.06% | 6,055 | $576K | No change |
| PEG Public Service Enterprise GP | 0.06% | 6,768 | $565K | No change |
| XLU St Sr Utl SL SE SPDR ETF-Usd | 0.06% | 6,119 | $534K | Reduce -3.2% |
| SLV iShares Silver Trust | 0.05% | 12,286 | $521K | Add +12.7% |
| IJH iShares Core S&P Midcap ETF | 0.05% | 7,708 | $503K | Reduce -8.9% |
Portfolio Sells Q2 2025 → Q3 2025
| CMCSA Comcast Corp. Class A | Sold out | 0.00% | −0.43 |
| DE Deere & Co. | Reduce -0.7% | 1.62% | −0.30 |
| CARR Carrier Global Corp. | Reduce -0.8% | 0.95% | −0.30 |
| RSG Republic Services Inc. | Reduce -0.6% | 1.94% | −0.29 |
| TXN Texas Instruments Inc. | Reduce -0.9% | 1.14% | −0.24 |
| MSFT Microsoft Corp. | Reduce -3.0% | 3.77% | −0.19 |
| KR Kroger Co. | Reduce -0.6% | 1.28% | −0.18 |
| IBM Intl Business Machines Corp. | Reduce -0.7% | 1.29% | −0.15 |
| PG The Procter & Gamble Co. | Reduce -0.9% | 1.00% | −0.11 |
| SPGI S&P Global Inc. | Reduce -0.0% | 0.60% | −0.09 |
| MINT PIMCO Enhanced Short Maturit | Reduce -73.4% | 0.03% | −0.09 |
| SCHZ Schwab US Aggregate Bond ETF | Reduce -44.6% | 0.10% | −0.09 |
| RPG Invesco S&P 500 Pure Growth | Reduce -5.1% | 1.16% | −0.08 |
| NKE Nike Inc. Class B | Reduce -1.5% | 0.70% | −0.07 |
| VZ Verizon Communications Inc. | Reduce -1.0% | 1.12% | −0.06 |
| EFAV iShares MSCI Eafe Min Vol Fa | Reduce -2.5% | 0.78% | −0.06 |
| MCD McDonald's Corp. | Reduce -1.2% | 1.67% | −0.06 |
| VUSB Vanguard Ultra Short Bond Et | Reduce -57.6% | 0.03% | −0.05 |
| IAGG iShares Intl Aggregate Bond | Sold out | 0.00% | −0.04 |
| MTB M & T Bank Corp. | Reduce -1.0% | 0.83% | −0.04 |
| COST Costco Wholesale Corp. | Reduce -0.7% | 0.28% | −0.04 |
| SCHW Schwab (charles) Corp. | Reduce -0.3% | 1.95% | −0.03 |
| MP MP Materials Corp. | Sold out | 0.00% | −0.03 |
| WMT Walmart Inc. | Reduce -0.5% | 2.46% | −0.03 |
| XOM Exxon Mobil Corp. | Reduce -0.5% | 1.45% | −0.03 |
| AMZN Amazon.com Inc. | Reduce -3.0% | 0.30% | −0.03 |
| NFLX Netflix Inc. | Reduce -14.9% | 0.05% | −0.02 |
| PDN Inv Rafi Dev MKT US SM-Usdin | Reduce -3.2% | 0.48% | −0.02 |
| NOBL Proshares S&P 500 Dividend A | Reduce -0.8% | 0.35% | −0.02 |
| SBUX Starbucks Corp. | Reduce -4.3% | 0.09% | −0.02 |
| VCSH Vanguard S/T Corp. Bond ETF | Reduce -1.4% | 0.19% | −0.01 |
| PFE Pfizer Inc. | Reduce -1.9% | 0.45% | −0.01 |
| IVV iShares Core S&P 500 ETF | Reduce -2.8% | 0.93% | −0.01 |
| MRK Merck & Co. Inc. | Reduce -1.1% | 0.82% | −0.01 |
| IHI iShares U.S. Medical Devices | Reduce -6.7% | 0.04% | −0.01 |
| PEP Pepsico Inc. | Reduce -0.9% | 0.87% | −0.01 |
| SCZ iShares MSCI Eafe Small-Cap | Reduce -7.1% | 0.07% | −0.01 |
| IJH iShares Core S&P Midcap ETF | Reduce -8.9% | 0.05% | −0.01 |
| ALK Alaska Air Group Inc. | Reduce -3.9% | 0.04% | −0.00 |
| FNDC Schwab Fndmnt Intl SM Eq ETF | Reduce -0.4% | 0.24% | −0.00 |
| XLU St Sr Utl SL SE SPDR ETF-Usd | Reduce -3.2% | 0.06% | −0.00 |
| VNQI Vanguard GLBL Ex-US Real Est | Reduce -1.4% | 0.03% | −0.00 |
| VGT Vanguard Info Tech ETF | Reduce -6.1% | 0.11% | −0.00 |
| DFAC Dimensional US Core Equity 2 | Reduce -2.1% | 0.05% | −0.00 |
| AEP American Electric Power | Reduce -1.9% | 0.03% | +0.00 |
| RY Royal Bank of Canada | Reduce -3.2% | 0.03% | +0.00 |
| FNDE Schwab Fndmntl Em MRK Eq ETF | Reduce -0.5% | 0.11% | +0.00 |
| SCHX Schwab US Large-Cap ETF | Reduce 0.0% | 0.20% | +0.00 |
| VTI VG Morningstar TS MKT ETF-US | Reduce -1.2% | 0.69% | +0.00 |
| VWO Vanguard Ftse Emerging Marke | Reduce -1.9% | 0.41% | +0.00 |
Portfolio Buys Q2 2025 → Q3 2025
| LEN Lennar Corp. Class A | New | 0.35% | +0.35 |
| IJR iShares Core S&P Small-Cap E | Add +9.9% | 2.41% | +0.27 |
| SPEM State Street SP PTF Em ETF | Add +2.5% | 3.94% | +0.22 |
| SPYM Ste STR SPDR PT S&P 500 ETF | Add +19.7% | 1.08% | +0.19 |
| IUSG iShares Core S&P U.S. Growth | Add +2.0% | 3.40% | +0.17 |
| VUG Vanguard Mrngstar GR ETF-Sui | Add +1.7% | 2.99% | +0.14 |
| CVX Chevron Corp. | Add +10.6% | 1.15% | +0.13 |
| JIRE JPMorgan Int Res Enh Eqty | Add +6.0% | 3.43% | +0.12 |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | Add +3.4% | 4.87% | +0.11 |
| IEFA iShares Core MSCI Eafe ETF | Add +2.9% | 4.48% | +0.06 |
| REET iShares Global REIT ETF | Add +9.3% | 0.80% | +0.05 |
| VSS Vanguard Ftse All Wo X-US SC | Add +5.8% | 0.88% | +0.05 |
| TSLA Tesla Inc. | Add +17.7% | 0.12% | +0.04 |
| GOOG Alphabet Inc. Class C | Add +0.7% | 0.19% | +0.04 |
| SCHF Schwab Intl Equity ETF | New | 0.04% | +0.04 |
| VB Vanguard Most SM-Cap ETF-Usd | New | 0.04% | +0.04 |
| TSM Taiwan Semiconductor-SP ADR | New | 0.03% | +0.03 |
| AIQ Global X Art Intel & Tech | New | 0.03% | +0.03 |
| NVDA Nvidia Corp. | Add +10.5% | 0.13% | +0.02 |
| FNDA Schwab Fndmntl US SM Co. ETF | Add +9.6% | 0.22% | +0.02 |
| VTEB Vanguard Tax-Exempt Bond ETF | Add +27.9% | 0.12% | +0.02 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +11.4% | 0.17% | +0.02 |
| VT Vanguard Tot World STK ETF | Add +6.7% | 0.27% | +0.02 |
| ABBV Abbvie Inc. | Add +6.2% | 0.09% | +0.02 |
| GLD SPDR Gold Shares | Add +9.5% | 0.10% | +0.02 |
| BNDX Vanguard Total Intl Bond ETF | Add +24.5% | 0.11% | +0.02 |
| SLV iShares Silver Trust | Add +12.7% | 0.05% | +0.01 |
| BND Vanguard Total Bond Market | Add +11.9% | 0.24% | +0.01 |
| TQQQ Proshares Ultrapro QQQ | Add +22.6% | 0.04% | +0.01 |
| SGOL Abrdn Physical Gold Shares | Add +10.6% | 0.06% | +0.01 |
| BRK.B Berkshire Hathaway Inc. Class B | Add +6.5% | 0.28% | +0.01 |
| VEA Vanguard Ftse Developed ETF | Add +2.7% | 0.59% | +0.01 |
| VNQ Vanguard Real Estate ETF | Add +6.7% | 0.24% | +0.01 |
| VOO Vanguard S&P 500 ETF | Add +23.7% | 0.03% | +0.01 |
| AVGO Broadcom Inc. | Add +6.7% | 0.04% | +0.01 |
| ORCL Oracle Corp. | Add +0.7% | 0.03% | +0.01 |
| LOW Lowe's Cos Inc. | Add +0.1% | 0.08% | +0.01 |
| QQQ Invesco QQQ Trust Series 1 | Add +2.2% | 0.10% | +0.00 |
| SCHV Schwab US Large-Cap Value | Add +11.8% | 0.03% | +0.00 |
| IBIT iShares Bitcoin Trust ETF | Add +7.5% | 0.04% | +0.00 |
| FNDF Schwab Fndmn Intl LRG Co. ETF | Add +0.3% | 0.20% | +0.00 |
| BP BP PLC-Spons ADR | Add +0.2% | 0.02% | +0.00 |
| IEMG iShares Core MSCI Emerging | Add +3.7% | 0.02% | +0.00 |
| VBK Van Morst SML-Cap Gro-Usd Inc. | Add +3.2% | 0.04% | +0.00 |
| VIG Vanguard Dividend Apprec ETF | Add +1.1% | 0.19% | +0.00 |
| ESGV Vanguard ESG US Stock ETF | Add +0.6% | 0.03% | +0.00 |
| WFC Wells Fargo & Co. | Add +2.3% | 0.07% | +0.00 |
| COR Cencora Inc. | Add +0.0% | 0.08% | −0.00 |
| META Meta Platforms Inc. Class A | Add +1.8% | 0.03% | −0.00 |
| KO The Coca-Cola Co. | Add +2.6% | 0.02% | −0.00 |
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 |