Basic Stats
Portfolio Value $ 898,685,326
Current Positions 138
Latest Holdings, Performance, AUM (from 13F, 13D)

Cutler Investment Counsel Llc has disclosed 138 total holdings in their latest SEC filings. Most recent portfolio value is calculated to be $ 898,685,326 USD. Actual Assets Under Management (AUM) is this value plus cash (which is not disclosed). Cutler Investment Counsel Llc’s top holdings are Vanguard Index Funds - Vanguard Mid-Cap ETF (US:VO) , iShares Trust - iShares 1-5 Year Investment Grade Corporate Bond ETF (US:IGSB) , iShares Trust - iShares Core MSCI EAFE ETF (US:IEFA) , Microsoft Corporation (US:MSFT) , and SPDR Index Shares Funds - SPDR Portfolio Emerging Markets ETF (US:SPEM) . Cutler Investment Counsel Llc’s new positions include MP Materials Corp. (US:MP) , Oracle Corporation (US:ORCL) , Invesco Exchange-Traded Fund Trust II - Invesco RAFI Developed Markets ex-U.S. ETF (US:PXF) , iShares, Inc. - iShares Core MSCI Emerging Markets ETF (US:IEMG) , and iShares Trust - iShares Russell 1000 Growth ETF (US:IWF) .

Cutler Investment Counsel Llc - Portfolio Value
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Top Increases This Quarter

We use the change in the portfolio allocation because this is the most meaningful metric. Changes can be due to trades or changes in share prices.

Security Shares
(MM)		 Value
(MM$)		 Portfolio % ΔPortfolio %
0.07 35.55 3.9559 0.7426
0.42 29.70 3.3050 0.3404
0.19 29.06 3.2342 0.2925
0.06 25.65 2.8537 0.2786
0.06 23.84 2.6533 0.2169
0.48 39.75 4.4228 0.1832
0.18 19.20 2.1361 0.1605
0.20 17.87 1.9881 0.1403
0.01 8.44 0.9394 0.1368
0.06 7.46 0.8299 0.1217
Top Decreases This Quarter

We use the change in the portfolio allocation because this is the most meaningful metric. Changes can be due to trades or changes in share prices.

Security Shares
(MM)		 Value
(MM$)		 Portfolio % ΔPortfolio %
0.04 7.55 0.8400 -0.3722
0.12 13.32 1.4826 -0.2848
0.05 15.47 1.7219 -0.2778
0.06 9.13 1.0159 -0.2702
0.78 41.14 4.5778 -0.2482
0.06 9.93 1.1053 -0.1932
0.09 7.44 0.8274 -0.1878
0.06 7.85 0.8731 -0.1871
0.25 10.62 1.1815 -0.1722
0.05 17.74 1.9744 -0.1543
13F and Fund Filings

This form was filed on 2025-07-28 for the reporting period 2025-06-30. Click the link icon to see the full transaction history.

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2022-07-28: Important Note - We have changed the treatment of the Δ Portfolio % column in this table. Previously, we were reporting it as the percent change in the portfolio allocation. We are now reporting it as the raw change in the portfolio allocation (still reported as a percent). In formula terms, we were previously reporting it as 100 * (current allocation - prior allocation ) / prior allocation. We are now reporting it as (current allocation - prior allocation).
Security Type Avg Share Price Shares
(MM)		 ΔShares
(%)		 ΔShares
(%)		 Value
($MM)		 Portfolio
(%)		 ΔPortfolio
(%)
VO / Vanguard Index Funds - Vanguard Mid-Cap ETF 0.15 1.78 42.83 10.54 4.7664 0.1111
IGSB / iShares Trust - iShares 1-5 Year Investment Grade Corporate Bond ETF 0.78 1.66 41.14 2.41 4.5778 -0.2482
IEFA / iShares Trust - iShares Core MSCI EAFE ETF 0.48 2.07 39.75 12.63 4.4228 0.1832
MSFT / Microsoft Corporation 0.07 0.31 35.55 32.92 3.9559 0.7426
SPEM / SPDR Index Shares Funds - SPDR Portfolio Emerging Markets ETF 0.78 1.09 33.49 9.75 3.7261 0.0605
JIRE / J.P. Morgan Exchange-Traded Fund Trust - JPMorgan International Research Enhanced Equity ETF 0.42 8.37 29.70 20.36 3.3050 0.3404
IUSG / iShares Trust - iShares Core S&P U.S. Growth ETF 0.19 0.30 29.06 18.70 3.2342 0.2925
SPAB / SPDR Series Trust - SPDR Portfolio Aggregate Bond ETF 1.02 3.82 26.15 4.06 2.9099 -0.1092
VUG / Vanguard Index Funds - Vanguard Growth ETF 0.06 1.09 25.65 19.65 2.8537 0.2786
CAT / Caterpillar Inc. 0.06 -0.11 23.84 17.57 2.6533 0.2169
GOVT / iShares Trust - iShares U.S. Treasury Bond ETF 1.02 2.25 23.45 2.23 2.6097 -0.1464
WMT / Walmart Inc. 0.23 -0.26 22.36 10.80 2.4883 0.0637
RSG / Republic Services, Inc. 0.08 -0.58 20.02 1.25 2.2282 -0.1478
BLK / BlackRock, Inc. 0.02 -0.15 19.25 10.70 2.1418 0.0528
IJR / iShares Trust - iShares Core S&P Small-Cap ETF 0.18 11.70 19.20 16.74 2.1361 0.1605
SCHW / The Charles Schwab Corporation 0.20 -0.33 17.87 16.16 1.9881 0.1403
HD / The Home Depot, Inc. 0.05 0.10 17.74 0.14 1.9744 -0.1543
RTX / RTX Corporation 0.12 -0.76 17.48 9.40 1.9452 0.0255
DE / Deere & Company 0.03 -0.32 17.27 7.97 1.9214 -0.0000
MCD / McDonald's Corporation 0.05 -0.60 15.47 -7.03 1.7219 -0.2778
JPM / JPMorgan Chase & Co. 0.05 -1.50 13.93 16.41 1.5504 0.1124
XOM / Exxon Mobil Corporation 0.12 -0.08 13.32 -9.43 1.4826 -0.2848
KR / The Kroger Co. 0.18 -1.14 13.10 4.76 1.4578 -0.0446
IBM / International Business Machines Corporation 0.04 -1.41 12.97 16.88 1.4433 0.1101
TXN / Texas Instruments Incorporated 0.06 -0.33 12.36 15.15 1.3757 0.0859
CARR / Carrier Global Corporation 0.15 -0.42 11.21 14.95 1.2474 0.0758
RPG / Invesco Exchange-Traded Fund Trust - Invesco S&P 500 Pure Growth ETF 0.24 -5.19 11.18 13.45 1.2439 0.0601
VZ / Verizon Communications Inc. 0.25 -1.22 10.62 -5.77 1.1815 -0.1722
MDT / Medtronic plc 0.12 -0.29 10.61 -3.25 1.1807 -0.1369
GJR / Strats Trust For Procter & Gambel Security - Preferred Security 0.06 -1.70 9.93 -8.10 1.1053 -0.1932
NEE / NextEra Energy, Inc. 0.14 -0.21 9.64 -2.29 1.0731 -0.1126
CVX / Chevron Corporation 0.06 -0.36 9.13 -14.71 1.0159 -0.2702
CVS / CVS Health Corporation 0.13 -0.20 9.07 1.61 1.0092 -0.0631
PNC / The PNC Financial Services Group, Inc. 0.05 -0.68 8.64 5.34 0.9615 -0.0240
IVV / iShares Trust - iShares Core S&P 500 ETF 0.01 14.36 8.44 26.38 0.9394 0.1368
EMLC / VanEck ETF Trust - VanEck J.P. Morgan EM Local Currency Bond ETF 0.32 -1.24 8.10 4.92 0.9009 -0.0261
SPLG / SPDR Series Trust - SPDR Portfolio S&P 500 ETF 0.11 11.14 7.97 22.85 0.8871 0.1075
JNJ / Johnson & Johnson 0.05 0.11 7.93 -7.79 0.8828 -0.1509
MTB / M&T Bank Corporation 0.04 -0.43 7.86 8.06 0.8747 0.0008
PEP / PepsiCo, Inc. 0.06 0.97 7.85 -11.08 0.8731 -0.1871
BDX / Becton, Dickinson and Company 0.04 -0.51 7.55 -25.18 0.8400 -0.3722
EFAV / iShares Trust - iShares MSCI EAFE Min Vol Factor ETF 0.09 -10.97 7.52 -3.96 0.8372 -0.1039
VSS / Vanguard International Equity Index Funds - Vanguard FTSE All-World ex-US Small-Cap ETF 0.06 8.82 7.46 26.52 0.8299 0.1217
MRK / Merck & Co., Inc. 0.09 -0.33 7.44 -12.00 0.8274 -0.1878
DD / DuPont de Nemours, Inc. 0.10 -0.40 7.03 -8.52 0.7818 -0.1409
BIV / Vanguard Bond Index Funds - Vanguard Intermediate-Term Bond ETF 0.09 0.61 6.94 1.62 0.7726 -0.0483
NKE / NIKE, Inc. 0.10 -0.10 6.92 11.72 0.7704 0.0259
REET / iShares Trust - iShares Global REIT ETF 0.27 9.80 6.72 11.80 0.7478 0.0256
SPGI / S&P Global Inc. 0.01 -0.01 6.21 3.76 0.6909 -0.0280
VTI / Vanguard Index Funds - Vanguard Total Stock Market ETF 0.02 2.19 6.20 13.36 0.6894 0.0327
VTV / Vanguard Index Funds - Vanguard Value ETF 0.03 -1.85 5.79 0.96 0.6441 -0.0447
VEA / Vanguard Tax-Managed Funds - Vanguard FTSE Developed Markets ETF 0.09 9.98 5.22 23.33 0.5807 0.0724
AAPL / Apple Inc. 0.02 3.56 5.09 -4.35 0.5659 -0.0728
SCHA / Schwab Strategic Trust - Schwab U.S. Small-Cap ETF 0.18 11.60 4.62 20.52 0.5145 0.0535
PDN / Invesco Exchange-Traded Fund Trust II - Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF 0.12 -15.26 4.49 -1.47 0.4991 -0.0479
SCHD / Schwab Strategic Trust - Schwab U.S. Dividend Equity ETF 0.16 -0.45 4.24 -5.63 0.4715 -0.0680
PFE / Pfizer Inc. 0.17 -0.86 4.19 -5.16 0.4660 -0.0645
CMCSA / Comcast Corporation 0.11 -0.35 3.84 -3.61 0.4276 -0.0514
VWO / Vanguard International Equity Index Funds - Vanguard FTSE Emerging Markets ETF 0.07 6.14 3.62 16.01 0.4032 0.0279
NOBL / ProShares Trust - ProShares S&P 500 Dividend Aristocrats ETF 0.03 14.55 3.29 12.99 0.3660 0.0163
AMZN / Amazon.com, Inc. 0.01 0.12 2.95 15.44 0.3279 0.0212
COST / Costco Wholesale Corporation 0.00 12.00 2.86 17.28 0.3187 0.0252
AVO / Mission Produce, Inc. 0.21 0.00 2.49 11.84 0.2775 0.0096
BRK.A / Berkshire Hathaway Inc. 0.01 9.78 2.45 0.16 0.2730 -0.0214
VT / Vanguard International Equity Index Funds - Vanguard Total World Stock ETF 0.02 1.79 2.22 12.83 0.2466 0.0106
FNDC / Schwab Strategic Trust - Schwab Fundamental International Small Equity ETF 0.05 8.73 2.21 26.34 0.2461 0.0357
VNQ / Vanguard Specialized Funds - Vanguard Real Estate ETF 0.02 -3.56 2.05 -5.13 0.2285 -0.0316
BND / Vanguard Bond Index Funds - Vanguard Total Bond Market ETF 0.03 3.36 2.01 3.61 0.2235 -0.0094
VCSH / Vanguard Scottsdale Funds - Vanguard Short-Term Corporate Bond ETF 0.02 1.62 1.85 2.33 0.2056 -0.0113
FNDA / Schwab Strategic Trust - Schwab Fundamental U.S. Small Company ETF 0.06 4.43 1.79 9.28 0.1992 0.0023
FNDF / Schwab Strategic Trust - Schwab Fundamental International Equity ETF 0.04 10.43 1.77 22.34 0.1974 0.0231
SCHX / Schwab Strategic Trust - Schwab U.S. Large-Cap ETF 0.07 35.71 1.76 50.21 0.1958 0.0551
VIG / Vanguard Specialized Funds - Vanguard Dividend Appreciation ETF 0.01 0.20 1.71 6.20 0.1908 -0.0032
SCHZ / Schwab Strategic Trust - Schwab U.S. Aggregate Bond ETF 0.07 0.00 1.63 0.37 0.1815 -0.0138
BRK.A / Berkshire Hathaway Inc. 0.00 0.00 1.46 -8.71 0.1622 -0.0297
SPY / SPDR S&P 500 ETF 0.00 1.97 1.32 12.59 0.1464 0.0060
GOOGL / Alphabet Inc. 0.01 -1.67 1.28 11.59 0.1426 0.0047
MINT / PIMCO ETF Trust - PIMCO Enhanced Short Maturity Active Exchange-Traded Fund 0.01 -0.79 1.07 -0.93 0.1190 -0.0106
NVDD / Direxion Shares ETF Trust - Direxion Daily NVDA Bear 1X Shares 0.01 16.13 0.97 69.39 0.1085 0.0393
VGT / Vanguard World Fund - Vanguard Information Technology ETF 0.00 -7.64 0.97 13.05 0.1080 0.0048
FNDE / Schwab Strategic Trust - Schwab Fundamental Emerging Markets Equity ETF 0.03 -0.37 0.96 6.76 0.1074 -0.0012
SBUX / Starbucks Corporation 0.01 0.00 0.96 -6.62 0.1068 -0.0166
VTEB / Vanguard Municipal Bond Funds - Vanguard Tax-Exempt Bond ETF 0.02 -4.93 0.88 -6.09 0.0979 -0.0146
QQQ / Invesco QQQ Trust, Series 1 0.00 -0.86 0.83 16.48 0.0921 0.0068
BNDX / Vanguard Charlotte Funds - Vanguard Total International Bond ETF 0.02 21.96 0.83 23.62 0.0921 0.0117
GLD / SPDR Gold Trust 0.00 3.40 0.74 9.44 0.0826 0.0011
VUSB / Vanguard Bond Index Funds - Vanguard Ultra-Short Bond ETF 0.01 7.29 0.74 7.29 0.0820 -0.0005
COR / Cencora, Inc. 0.00 0.00 0.73 7.78 0.0817 -0.0001
TSLA / Tesla, Inc. 0.00 14.91 0.71 41.00 0.0785 0.0183
SCZ / iShares Trust - iShares MSCI EAFE Small-Cap ETF 0.01 0.00 0.68 14.48 0.0757 0.0043
LOW / Lowe's Companies, Inc. 0.00 0.00 0.67 -4.96 0.0746 -0.0101
WFC / Wells Fargo & Company 0.01 0.00 0.65 11.60 0.0728 0.0024
GOOGL / Alphabet Inc. 0.00 0.03 0.65 13.93 0.0720 0.0038
ABBV / AbbVie Inc. 0.00 0.00 0.62 -11.35 0.0687 -0.0150
NFLX / Netflix, Inc. 0.00 0.00 0.61 43.63 0.0678 0.0168
VYM / Vanguard Whitehall Funds - Vanguard High Dividend Yield ETF 0.00 0.00 0.57 3.42 0.0639 -0.0028
PEG / Public Service Enterprise Group Incorporated 0.01 0.00 0.57 2.15 0.0634 -0.0035
EMB / iShares Trust - iShares J.P. Morgan USD Emerging Markets Bond ETF 0.01 0.05 0.56 2.19 0.0624 -0.0035
IJH / iShares Trust - iShares Core S&P Mid-Cap ETF 0.01 4.55 0.52 11.02 0.0584 0.0017
XLU / The Select Sector SPDR Trust - The Utilities Select Sector SPDR Fund 0.01 0.00 0.52 3.61 0.0574 -0.0024
NSC / Norfolk Southern Corporation 0.00 0.00 0.51 8.00 0.0572 0.0001
EMR / Emerson Electric Co. 0.00 0.00 0.47 21.59 0.0527 0.0059
SGOL / abrdn Gold ETF Trust - abrdn Physical Gold Shares ETF 0.01 0.00 0.47 5.82 0.0526 -0.0011
VSGX / Vanguard World Fund - Vanguard ESG International Stock ETF 0.01 -3.94 0.44 6.80 0.0490 -0.0006
CSCO / Cisco Systems, Inc. 0.01 0.00 0.42 12.50 0.0471 0.0019
DFAC / Dimensional ETF Trust - Dimensional U.S. Core Equity 2 ETF 0.01 -1.68 0.42 6.87 0.0468 -0.0005
VXF / Vanguard Index Funds - Vanguard Extended Market ETF 0.00 0.00 0.41 11.78 0.0455 0.0016
IAGG / iShares Trust - iShares Core International Aggregate Bond ETF 0.01 0.00 0.39 2.34 0.0437 -0.0025
IHI / iShares Trust - iShares U.S. Medical Devices ETF 0.01 11.30 0.39 15.98 0.0437 0.0030
ALK / Alaska Air Group, Inc. 0.01 -15.34 0.38 -15.04 0.0428 -0.0115
SPDW / SPDR Index Shares Funds - SPDR Portfolio Developed World ex-US ETF 0.01 0.09 0.37 11.34 0.0415 0.0012
V / Visa Inc. 0.00 -3.74 0.37 -2.67 0.0407 -0.0044
SLV / iShares Silver Trust 0.01 -1.07 0.36 4.69 0.0398 -0.0012
VBR / Vanguard Index Funds - Vanguard Small-Cap Value ETF 0.00 0.56 0.35 5.71 0.0392 -0.0008
VBK / Vanguard Index Funds - Vanguard Small-Cap Growth ETF 0.00 0.00 0.35 10.38 0.0391 0.0008
PM / Philip Morris International Inc. 0.00 0.00 0.35 14.90 0.0386 0.0022
IBIT / iShares Bitcoin Trust ETF 0.01 12.52 0.34 46.75 0.0378 0.0101
META / Meta Platforms, Inc. 0.00 7.75 0.33 37.82 0.0365 0.0080
VNQI / Vanguard International Equity Index Funds - Vanguard Global ex-U.S. Real Estate ETF 0.01 -40.65 0.33 -32.29 0.0362 -0.0215
CMI / Cummins Inc. 0.00 0.10 0.31 4.68 0.0349 -0.0011
AGG / iShares Trust - iShares Core U.S. Aggregate Bond ETF 0.00 5.22 0.31 5.80 0.0345 -0.0008
AVGO / Broadcom Inc. 0.00 0.30 0.0333 0.0333
MP / MP Materials Corp. 0.01 0.29 0.0320 0.0320
ESGV / Vanguard World Fund - Vanguard ESG U.S. Stock ETF 0.00 3.14 0.28 15.23 0.0312 0.0020
TQQQ / ProShares Trust - ProShares UltraPro QQQ 0.00 -5.80 0.28 36.14 0.0307 0.0064
SCHV / Schwab Strategic Trust - Schwab U.S. Large-Cap Value ETF 0.01 14.48 0.27 19.56 0.0300 0.0028
SPYG / SPDR Series Trust - SPDR Portfolio S&P 500 Growth ETF 0.00 0.00 0.26 18.55 0.0292 0.0026
ESGE / iShares, Inc. - iShares ESG Aware MSCI EM ETF 0.01 0.00 0.26 12.12 0.0289 0.0011
GVA / Granite Construction Incorporated 0.00 0.00 0.26 24.15 0.0287 0.0037
AEP / American Electric Power Company, Inc. 0.00 0.00 0.25 -4.87 0.0283 -0.0039
VOO / Vanguard Index Funds - Vanguard S&P 500 ETF 0.00 -18.59 0.25 -9.78 0.0278 -0.0054
RY / Royal Bank of Canada 0.00 -0.52 0.25 16.36 0.0277 0.0019
ORCL / Oracle Corporation 0.00 0.24 0.0262 0.0262
KO / The Coca-Cola Company 0.00 -0.16 0.22 -1.35 0.0245 -0.0023
PXF / Invesco Exchange-Traded Fund Trust II - Invesco RAFI Developed Markets ex-U.S. ETF 0.00 0.21 0.0236 0.0236
IEMG / iShares, Inc. - iShares Core MSCI Emerging Markets ETF 0.00 0.21 0.0231 0.0231
IWF / iShares Trust - iShares Russell 1000 Growth ETF 0.00 0.21 0.0230 0.0230
BP / BP p.l.c. - Depositary Receipt (Common Stock) 0.01 0.18 0.20 -11.06 0.0224 -0.0048