Cutler Investment Counsel LLC
In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 7, 2026), Cutler Investment Counsel LLC reported 146 stock positions worth $971.1 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, 4.6%). Compared with Q4 2025, it opened 8 new positions, sold out of 5, added to 44 and reduced 73. The biggest buy was a new position in Phillips 66 (PSX) and the biggest sale Microsoft (MSFT, shares −1%).
- Most Recent 13F
- Q2 2026
- Location
- Jacksonville, OR
- CIK
- 0001285973
- Portfolio Value
- $971.1M (Q1 2026)
- SEC Filing
- 0002085853-26-000576 ↗ filed May 7, 2026
Holdings Value
Holdings 146 stocks · $971.1M
| VO Vngrd Mrngstr MD-Cap ETF-Usd | 4.77% | 161,267 | $46.3M | Reduce -0.2% |
| IGSB iShares 1-5Y Inv Grade Corp. | 4.62% | 853,088 | $44.8M | Add +1.5% |
| IEFA iShares Core MSCI Eafe ETF | 4.58% | 490,822 | $44.4M | Reduce -1.5% |
| SPEM State Street SP PTF Em ETF | 3.87% | 801,642 | $37.6M | Reduce -1.8% |
| JIRE JPMorgan Int Res Enh Eqty | 3.65% | 467,420 | $35.4M | Add +0.5% |
| IUSG iShares Core S&P U.S. Growth | 3.01% | 188,165 | $29.2M | Reduce -2.3% |
| SPAB SS SPDR P Agg Bond ETF | 2.95% | 1,118,858 | $28.7M | Add +1.4% |
| WMT Walmart Inc. | 2.79% | 217,517 | $27.1M | Reduce -1.7% |
| CAT Caterpillar Inc. | 2.76% | 37,823 | $26.8M | Reduce -19.8% |
| VUG Vanguard Mrngstar GR ETF-Sui | 2.65% | 58,824 | $25.7M | Reduce -1.2% |
| IJR iShares Core S&P Small-Cap E | 2.63% | 205,385 | $25.5M | Add +1.3% |
| GOVT iShares US Treasury Bond ETF | 2.62% | 1,111,849 | $25.5M | Add +0.8% |
| MSFT Microsoft Corp. | 2.58% | 67,557 | $25.0M | Reduce -1.1% |
| RTX RTX Corp. | 2.28% | 114,965 | $22.2M | Reduce -1.2% |
| XOM Exxon Mobil Corp. | 2.08% | 119,008 | $20.2M | Reduce -0.4% |
| DE Deere & Co. | 1.88% | 32,350 | $18.3M | Reduce -1.3% |
| SCHW Schwab (charles) Corp. | 1.80% | 186,331 | $17.5M | Reduce -0.9% |
| RSG Republic Services Inc. | 1.75% | 77,527 | $17.0M | Reduce -1.7% |
| BLK BlackRock Inc. | 1.73% | 17,500 | $16.8M | Reduce -2.0% |
| MCD McDonald's Corp. | 1.61% | 50,344 | $15.6M | Reduce -1.4% |
| HD Home Depot Inc. | 1.56% | 46,205 | $15.2M | Reduce -1.3% |
| CVX Chevron Corp. | 1.40% | 65,806 | $13.6M | Reduce -2.9% |
| JPM JPMorgan Chase & Co. | 1.39% | 45,921 | $13.5M | Add +0.0% |
| KR Kroger Co. | 1.30% | 174,996 | $12.7M | Reduce -1.4% |
| NEE Nextera Energy Inc. | 1.28% | 134,355 | $12.5M | Reduce -0.7% |
| JNJ Johnson & Johnson | 1.25% | 49,823 | $12.2M | Reduce -0.7% |
| VZ Verizon Communications Inc. | 1.21% | 233,509 | $11.7M | Reduce -1.3% |
| SPYM Ste STR SPDR PT S&P 500 ETF | 1.15% | 145,782 | $11.2M | Add +6.0% |
| TXN Texas Instruments Inc. | 1.13% | 56,340 | $10.9M | Reduce -1.2% |
| CVS CVS Health Corp. | 1.11% | 149,514 | $10.7M | Reduce -1.4% |
| MRK Merck & Co. Inc. | 1.09% | 87,631 | $10.6M | Reduce -1.1% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 1.06% | 42,397 | $10.3M | Reduce -0.6% |
| MDT Medtronic PLC | 1.03% | 114,878 | $10.0M | Reduce -2.2% |
| RPG Invesco S&P 500 Pure Growth | 0.99% | 205,947 | $9.6M | Reduce -5.9% |
| PNC PNC Financial Services Group | 0.94% | 44,063 | $9.2M | Reduce -1.1% |
| VSS Vanguard Ftse All Wo X-US SC | 0.93% | 62,165 | $9.1M | Add +0.5% |
| IVV iShares Core S&P 500 ETF | 0.93% | 13,861 | $9.1M | Add +2.4% |
| PEP Pepsico Inc. | 0.90% | 56,564 | $8.8M | Reduce -1.4% |
| PG The Procter & Gamble Co. | 0.89% | 59,528 | $8.6M | Reduce -1.0% |
| EMLC Vaneck JPM Em Local Curr BND | 0.86% | 333,138 | $8.4M | Reduce -1.1% |
| REET iShares Global REIT ETF | 0.86% | 330,801 | $8.3M | Add +2.2% |
| CARR Carrier Global Corp. | 0.84% | 145,419 | $8.2M | Reduce -2.1% |
| MTB M & T Bank Corp. filed as M & T BK CORP | 0.82% | 38,753 | $8.0M | Reduce -1.2% |
| EFAV iShares MSCI Eafe Min Vol Fa | 0.76% | 80,933 | $7.4M | Reduce -5.3% |
| PSX Phillips 66 | 0.74% | 39,285 | $7.2M | New |
| BIV Vanguard Intermediate-Term B | 0.72% | 91,218 | $7.0M | Reduce -0.1% |
| VTV Vanguard Mrngstr Val ETF-Aui | 0.68% | 33,475 | $6.6M | Add +2.6% |
| BDX Becton Dickinson and Co. | 0.66% | 40,568 | $6.4M | Reduce -2.1% |
| VEA Vanguard Ftse Developed ETF | 0.64% | 96,431 | $6.2M | Add +2.6% |
| AAPL Apple Inc. | 0.63% | 24,234 | $6.2M | Reduce -3.8% |
| VTI VG Morningstar TS MKT ETF-US | 0.63% | 19,086 | $6.1M | Reduce -3.2% |
| SCHA Schwab US Small-Cap ETF | 0.60% | 201,800 | $5.9M | Add +10.6% |
| NKE Nike Inc. Class B | 0.59% | 107,298 | $5.7M | Reduce -10.9% |
| Q Qnity Electronics Inc. | 0.57% | 47,836 | $5.5M | Reduce -1.5% |
| SCHD Schwab US DVD Equity ETF | 0.50% | 156,949 | $4.8M | Reduce -1.4% |
| PFE Pfizer Inc. | 0.47% | 163,117 | $4.6M | Reduce -1.3% |
| PDN Inv Rafi Dev MKT US SM-Usdin | 0.44% | 98,035 | $4.3M | Reduce -5.8% |
| DD Dupont DE Nemours Inc. | 0.42% | 88,565 | $4.1M | Reduce -1.4% |
| VWO Vanguard Ftse Emerging Marke | 0.41% | 73,605 | $4.0M | Add +1.4% |
| BND Vanguard Total Bond Market | 0.37% | 49,409 | $3.6M | Add +7.5% |
| LEN Lennar Corp. Class A | 0.37% | 41,739 | $3.6M | Reduce -1.7% |
| NOBL Proshares S&P 500 Dividend A | 0.35% | 31,882 | $3.4M | Reduce -1.1% |
| SPGI S&P Global Inc. | 0.33% | 7,590 | $3.2M | No change |
| AMZN Amazon.com Inc. | 0.31% | 14,463 | $3.0M | Add +9.8% |
| COST Costco Wholesale Corp. | 0.30% | 2,953 | $2.9M | Add +0.8% |
| AVO Mission Produce Inc. | 0.30% | 211,750 | $2.9M | No change |
| VT Vanguard Tot World STK ETF | 0.29% | 20,129 | $2.8M | Add +4.5% |
| FNDC Schwab Fndmnt Intl SM Eq ETF | 0.28% | 59,287 | $2.7M | Add +8.3% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.28% | 5,669 | $2.7M | Add +2.1% |
| VNQ Vanguard Real Estate ETF | 0.27% | 29,058 | $2.6M | Add +17.1% |
| FNDF Schwab Fndmn Intl LRG Co. ETF | 0.26% | 52,495 | $2.6M | Add +10.2% |
| FNDA Schwab Fndmntl US SM Co. ETF | 0.25% | 75,004 | $2.4M | Add +4.7% |
| GOOG Alphabet Inc. Class C | 0.24% | 7,977 | $2.3M | Add +6.7% |
| FNDX Schwab Fndmntl US LRG Co. ETF | 0.22% | 75,944 | $2.1M | Add +117.7% |
| BNDX Vanguard Total Intl Bond ETF | 0.20% | 40,096 | $1.9M | Add +42.6% |
| SCHX Schwab US Large-Cap ETF | 0.19% | 72,029 | $1.8M | Add +0.0% |
| VIG Vanguard Dividend Apprec ETF | 0.19% | 8,405 | $1.8M | Reduce -1.2% |
| VCSH Vanguard S/T Corp. Bond ETF | 0.18% | 22,183 | $1.8M | Reduce -4.7% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.15% | 2,287 | $1.5M | Reduce -7.8% |
| FNDE Schwab Fndmntl Em MRK Eq ETF | 0.15% | 38,181 | $1.5M | Add +24.3% |
| NVDA Nvidia Corp. | 0.15% | 8,369 | $1.5M | Reduce -1.2% |
| BRK.A Berkshire Hathaway Inc. Class A | 0.15% | 2 | $1.4M | No change |
| TSLA Tesla Inc. | 0.12% | 3,055 | $1.1M | Add +5.3% |
| GOOGL Alphabet Inc. Class A | 0.12% | 3,889 | $1.1M | Add +11.9% |
| QQQ Invesco QQQ Trust Series 1 | 0.11% | 1,841 | $1.1M | Add +0.9% |
| VTEB Vanguard Tax-Exempt Bond ETF | 0.11% | 21,144 | $1.1M | Reduce -7.8% |
| VGT Vanguard Info Tech ETF | 0.10% | 1,410 | $984K | Reduce -0.3% |
| SCHZ Schwab US Aggregate Bond ETF | 0.09% | 38,896 | $903K | Add +0.0% |
| GLD SPDR Gold Shares | 0.08% | 1,895 | $815K | Reduce -24.5% |
| COR Cencora Inc. | 0.08% | 2,451 | $770K | No change |
| IBRX Immunitybio Inc. | 0.08% | 100,000 | $767K | New |
| SBUX Starbucks Corp. | 0.08% | 8,173 | $732K | Reduce -0.5% |
| LOW Lowe's Cos Inc. | 0.07% | 3,028 | $715K | No change |
| SGOL Abrdn Physical Gold Shares | 0.07% | 15,636 | $698K | Reduce -5.7% |
| WFC Wells Fargo & Co. | 0.07% | 8,417 | $670K | Add +0.7% |
| VYM Vanguard High DVD Yield ETF | 0.07% | 4,329 | $641K | Add +0.4% |
| SCZ iShares MSCI Eafe Small-Cap | 0.07% | 8,057 | $632K | Reduce -4.2% |
| SLV iShares Silver Trust | 0.07% | 9,266 | $631K | Reduce -24.6% |
| WAT Waters Corp. | 0.06% | 2,073 | $617K | New |
| ABBV Abbvie Inc. | 0.06% | 2,688 | $585K | Reduce -15.4% |
Portfolio Sells Q4 2025 → Q1 2026
| MSFT Microsoft Corp. | Reduce -1.1% | 2.58% | −0.86 |
| VUG Vanguard Mrngstar GR ETF-Sui | Reduce -1.2% | 2.65% | −0.38 |
| IUSG iShares Core S&P U.S. Growth | Reduce -2.3% | 3.01% | −0.36 |
| IBM Intl Business Machines Corp. | Reduce -0.6% | 1.06% | −0.26 |
| BLK BlackRock Inc. | Reduce -2.0% | 1.73% | −0.26 |
| NKE Nike Inc. Class B | Reduce -10.9% | 0.59% | −0.21 |
| BDX Becton Dickinson and Co. | Reduce -2.1% | 0.66% | −0.18 |
| SCHW Schwab (charles) Corp. | Reduce -0.9% | 1.80% | −0.15 |
| MDT Medtronic PLC | Reduce -2.2% | 1.03% | −0.15 |
| CVS CVS Health Corp. | Reduce -1.4% | 1.11% | −0.15 |
| HD Home Depot Inc. | Reduce -1.3% | 1.56% | −0.11 |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | Reduce -0.2% | 4.77% | −0.11 |
| SPEM State Street SP PTF Em ETF | Reduce -1.8% | 3.87% | −0.10 |
| LEN Lennar Corp. Class A | Reduce -1.7% | 0.37% | −0.08 |
| AAPL Apple Inc. | Reduce -3.8% | 0.63% | −0.08 |
| RPG Invesco S&P 500 Pure Growth | Reduce -5.9% | 0.99% | −0.07 |
| IEFA iShares Core MSCI Eafe ETF | Reduce -1.5% | 4.58% | −0.06 |
| VTI VG Morningstar TS MKT ETF-US | Reduce -3.2% | 0.63% | −0.06 |
| CAT Caterpillar Inc. | Reduce -19.8% | 2.76% | −0.05 |
| EMLC Vaneck JPM Em Local Curr BND | Reduce -1.1% | 0.86% | −0.04 |
| AEP American Electric Power | Sold out | 0.00% | −0.03 |
| IBIT iShares Bitcoin Trust ETF | Sold out | 0.00% | −0.03 |
| PNC PNC Financial Services Group | Reduce -1.1% | 0.94% | −0.02 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -7.8% | 0.15% | −0.02 |
| TQQQ Proshares Ultrapro QQQ | Sold out | 0.00% | −0.02 |
| IDR Idaho Strategic Resources Inc. | Sold out | 0.00% | −0.02 |
| GLD SPDR Gold Shares | Reduce -24.5% | 0.08% | −0.02 |
| PDN Inv Rafi Dev MKT US SM-Usdin | Reduce -5.8% | 0.44% | −0.02 |
| SLV iShares Silver Trust | Reduce -24.6% | 0.07% | −0.02 |
| ALK Alaska Air Group Inc. | Reduce -21.1% | 0.02% | −0.02 |
| ABBV Abbvie Inc. | Reduce -15.4% | 0.06% | −0.02 |
| BIV Vanguard Intermediate-Term B | Reduce -0.1% | 0.72% | −0.01 |
| NVDA Nvidia Corp. | Reduce -1.2% | 0.15% | −0.01 |
| MCD McDonald's Corp. | Reduce -1.4% | 1.61% | −0.01 |
| VCSH Vanguard S/T Corp. Bond ETF | Reduce -4.7% | 0.18% | −0.01 |
| PG The Procter & Gamble Co. | Reduce -1.0% | 0.89% | −0.01 |
| VTEB Vanguard Tax-Exempt Bond ETF | Reduce -7.8% | 0.11% | −0.01 |
| GVA Granite Construction Inc. | Reduce -24.7% | 0.03% | −0.01 |
| VGT Vanguard Info Tech ETF | Reduce -0.3% | 0.10% | −0.01 |
| VIG Vanguard Dividend Apprec ETF | Reduce -1.2% | 0.19% | −0.01 |
| IHI iShares U.S. Medical Devices | Reduce -2.1% | 0.03% | −0.01 |
| SCHV Schwab US Large-Cap Value | Reduce -14.7% | 0.04% | −0.01 |
| V Visa Inc. Class A | Reduce -0.3% | 0.03% | −0.01 |
| EFAV iShares MSCI Eafe Min Vol Fa | Reduce -5.3% | 0.76% | −0.01 |
| AIQ Global X Art Intel & Tech | Reduce -7.3% | 0.02% | −0.00 |
| VXF Vanguard Extended Market ETF | Reduce -6.5% | 0.04% | −0.00 |
| EMB iShares JP Morgan Usd Emergi | Reduce -1.7% | 0.06% | −0.00 |
| SCZ iShares MSCI Eafe Small-Cap | Reduce -4.2% | 0.07% | −0.00 |
| RY Royal Bank of Canada | Reduce -0.9% | 0.03% | −0.00 |
| DFAC Dimensional US Core Equity 2 | Reduce -1.3% | 0.05% | −0.00 |
Portfolio Buys Q4 2025 → Q1 2026
| PSX Phillips 66 | New | 0.74% | +0.74 |
| FNDX Schwab Fndmntl US LRG Co. ETF | Add +117.7% | 0.22% | +0.12 |
| IJR iShares Core S&P Small-Cap E | Add +1.3% | 2.63% | +0.09 |
| IBRX Immunitybio Inc. | New | 0.08% | +0.08 |
| WAT Waters Corp. | New | 0.06% | +0.06 |
| SCHA Schwab US Small-Cap ETF | Add +10.6% | 0.60% | +0.06 |
| BNDX Vanguard Total Intl Bond ETF | Add +42.6% | 0.20% | +0.06 |
| FNDF Schwab Fndmn Intl LRG Co. ETF | Add +10.2% | 0.26% | +0.04 |
| COST Costco Wholesale Corp. | Add +0.8% | 0.30% | +0.04 |
| VNQ Vanguard Real Estate ETF | Add +17.1% | 0.27% | +0.04 |
| FNDE Schwab Fndmntl Em MRK Eq ETF | Add +24.3% | 0.15% | +0.04 |
| FNDC Schwab Fndmnt Intl SM Eq ETF | Add +8.3% | 0.28% | +0.03 |
| VTV Vanguard Mrngstr Val ETF-Aui | Add +2.6% | 0.68% | +0.03 |
| VEA Vanguard Ftse Developed ETF | Add +2.6% | 0.64% | +0.03 |
| VCIT Vanguard Int-Term Corporate | New | 0.02% | +0.02 |
| COP Conocophillips | New | 0.02% | +0.02 |
| LIT Global X Lithium & Battery T | New | 0.02% | +0.02 |
| CNP Centerpoint Energy Inc. | New | 0.02% | +0.02 |
| JIRE JPMorgan Int Res Enh Eqty | Add +0.5% | 3.65% | +0.02 |
| EMXC iShares MSCI Emr MRK Ex Chna | New | 0.02% | +0.02 |
| BND Vanguard Total Bond Market | Add +7.5% | 0.37% | +0.02 |
| AVGO Broadcom Inc. | Add +64.3% | 0.06% | +0.02 |
| REET iShares Global REIT ETF | Add +2.2% | 0.86% | +0.02 |
| FNDA Schwab Fndmntl US SM Co. ETF | Add +4.7% | 0.25% | +0.02 |
| VSS Vanguard Ftse All Wo X-US SC | Add +0.5% | 0.93% | +0.01 |
| BP BP PLC-Spons ADR | Add +0.1% | 0.03% | +0.01 |
| AMGN Amgen Inc. | Add +14.5% | 0.03% | +0.01 |
| VT Vanguard Tot World STK ETF | Add +4.5% | 0.29% | +0.00 |
| VWO Vanguard Ftse Emerging Marke | Add +1.4% | 0.41% | +0.00 |
| CSCO Cisco Systems Inc. | Add +5.6% | 0.05% | +0.00 |
| KO The Coca-Cola Co. | Add +1.4% | 0.03% | +0.00 |
| GOOGL Alphabet Inc. Class A | Add +11.9% | 0.12% | +0.00 |
| VYM Vanguard High DVD Yield ETF | Add +0.4% | 0.07% | +0.00 |
| IWF iShares Russell 1000 Growth | Add +18.2% | 0.03% | +0.00 |
| SPYM Ste STR SPDR PT S&P 500 ETF | Add +6.0% | 1.15% | +0.00 |
| AGG iShares Core U.S. Aggregate | Add +0.7% | 0.03% | −0.00 |
| VOO Vanguard S&P 500 ETF | Add +3.8% | 0.04% | −0.00 |
| SCHZ Schwab US Aggregate Bond ETF | Add +0.0% | 0.09% | −0.00 |
| META Meta Platforms Inc. Class A | Add +8.6% | 0.03% | −0.00 |
| ESGV Vanguard ESG US Stock ETF | Add +2.8% | 0.04% | −0.00 |
| SPAB SS SPDR P Agg Bond ETF | Add +1.4% | 2.95% | −0.00 |
| AMZN Amazon.com Inc. | Add +9.8% | 0.31% | −0.01 |
| IGSB iShares 1-5Y Inv Grade Corp. | Add +1.5% | 4.62% | −0.01 |
| QQQ Invesco QQQ Trust Series 1 | Add +0.9% | 0.11% | −0.01 |
| GOOG Alphabet Inc. Class C | Add +6.7% | 0.24% | −0.01 |
| BRK.B Berkshire Hathaway Inc. Class B | Add +2.1% | 0.28% | −0.01 |
| SCHX Schwab US Large-Cap ETF | Add +0.0% | 0.19% | −0.01 |
| WFC Wells Fargo & Co. | Add +0.7% | 0.07% | −0.01 |
| TSLA Tesla Inc. | Add +5.3% | 0.12% | −0.02 |
| GOVT iShares US Treasury Bond ETF | Add +0.8% | 2.62% | −0.02 |
Options Activity Q4 2025 → Q1 2026
| QQQ Invesco QQQ Trust Series 1 | put | Sold out | 200 | $123Kbefore 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 |