CIK: 0001285973
Total reported value
$971.1M
Reporting period: 2026-03-31 · Number of holdings: 146
CUTLER INVESTMENT COUNSEL LLC disclosed 146 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $971.1M and a quarterly turnover rate of 8.9%.
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Cutler Investment Counsel LLC's disclosed holdings carry a Herfindahl concentration index of 0.021 — mathematically equivalent to about 47 equally-sized positions, well below its 146 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 1.46), with a handful of outsized bets alongside many smaller positions.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Sector classification currently covers about 48% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Trim MSFT
-1.2% -$8.0M
Add XOM
-0.4% $5.8M
Trim VUG
-1.2% -$3.4M
Trim IUSG
-2.3% -$3.2M
Add CVX
-2.9% $3.3M
Add DE
-1.3% $3.0M
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | VO | Vanguard Mid-cap ETF | ETF-Other | 4.77% | -0.11% | -0.18% | |
| 2 | IGSB | Ishares 1-5y Inv Grade CORP | ETF-Other | 4.62% | — | +1.50% | |
| 3 | IEFA | Ishares Core Msci Eafe ETF | ETF-Other | 4.58% | — | -1.52% | |
| 4 | SPEM | State Street Sp Ptf Em ETF | ETF-Other | 3.87% | -0.11% | -1.83% | |
| 5 | JIRE | Jpmorgan Int Res Enh Eqty | ETF-Other | 3.65% | +0.03% | +0.47% | |
| 6 | IUSG | Ishares Core S&p U.s. Growth | ETF-Other | 3.01% | -0.36% | -2.32% | |
| 7 | SPAB | Ss Spdr P Agg Bond ETF | ETF-Other | 2.95% | — | +1.41% | |
| 8 | WMT | Walmart INC | Stock-Consumer Staples | 2.79% | +0.22% | -1.73% | |
| 9 | CAT | Caterpillar INC | Stock-Industrials | 2.76% | — | -19.79% | |
| 10 | VUG | Vanguard Growth ETF | ETF-Other | 2.65% | -0.37% | -1.19% | |
| 11 | IJR | Ishares Core S&p Small-cap E | ETF-Small Cap | 2.63% | +0.09% | +1.26% | |
| 12 | GOVT | Ishares US Treasury Bond ETF | ETF-Gov Bonds | 2.62% | — | +0.81% | |
| 13 | MSFT | Microsoft CORP | Stock-Tech | 2.58% | -0.86% | -1.15% | |
| 14 | RTX | Rtx CORP | Stock-Industrials | 2.28% | +0.06% | -1.18% | |
| 15 | XOM | Exxon Mobil CORP | Stock-Energy | 2.08% | +0.58% | -0.44% | |
| 16 | DE | Deere & Co | Stock-Industrials | 1.88% | +0.29% | -1.34% | |
| 17 | SCHW | Schwab (charles) CORP | Stock-Financials | 1.80% | -0.15% | -0.90% | |
| 18 | RSG | Republic Services INC | Stock-Industrials | 1.75% | — | -1.66% | |
| 19 | BLK | Blackrock INC | Stock-Financials | 1.73% | -0.26% | -2.02% | |
| 20 | MCD | Mcdonald's CORP | Stock-Consumer Disc | 1.61% | — | -1.44% | |
| 21 | HD | Home Depot INC | Stock-Consumer Disc | 1.56% | -0.12% | -1.29% | |
| 22 | CVX | Chevron CORP | Stock-Energy | 1.40% | +0.33% | -2.85% | |
| 23 | JPM | Jpmorgan Chase & Co | Stock-Financials | 1.39% | -0.15% | +0.03% | |
| 24 | KR | Kroger Co | Stock-Consumer Staples | 1.30% | +0.15% | -1.40% | |
| 25 | NEE | Nextera Energy INC | Stock-Utilities | 1.29% | +0.15% | -0.74% | |
| 26 | JNJ | Johnson & Johnson | Stock-Healthcare | 1.25% | +0.17% | -0.71% | |
| 27 | VZ | Verizon Communications INC | Stock-Comm Services | 1.21% | +0.21% | -1.26% | |
| 28 | SPYM | Ste Str Spdr Pt S&p 500 ETF | ETF-Large Cap & Growth | 1.15% | — | +5.99% | |
| 29 | TXN | Texas Instruments INC | Stock-Tech | 1.13% | +0.10% | -1.18% | |
| 30 | CVS | Cvs Health CORP | Stock-Healthcare | 1.11% | -0.14% | -1.43% | |
| 31 | MRK | Merck & Co. INC. | Stock-Healthcare | 1.09% | +0.11% | -1.07% | |
| 32 | IBM | Intl Business Machines CORP | Stock-Tech | 1.06% | -0.25% | -0.58% | |
| 33 | MDT | Medtronic plc | Stock-Healthcare | 1.03% | -0.15% | -2.21% | |
| 34 | RPG | Invesco S&p 500 Pure Growth | ETF-Large Cap & Growth | 0.99% | -0.07% | -5.88% | |
| 35 | PNC | Pnc Financial Services Group | Stock-Financials | 0.94% | — | -1.08% | |
| 36 | VSS | Vanguard Ftse All Wo X-us Sc | ETF-Other | 0.93% | — | +0.49% | |
| 37 | IVV | Ishares Core S&p 500 ETF | ETF-Large Cap & Growth | 0.93% | — | +2.43% | |
| 38 | PEP | Pepsico INC | Stock-Consumer Staples | 0.90% | +0.04% | -1.40% | |
| 39 | PG | Procter & Gamble Co/the | Stock-Consumer Staples | 0.89% | — | -1.03% | |
| 40 | EMLC | Vaneck JPM Em Local Curr Bnd | ETF-Other | 0.86% | — | -1.11% | |
| 41 | REET | Ishares Global Reit ETF | ETF-Other | 0.86% | — | +2.21% | |
| 42 | CARR | Carrier Global CORP | Stock-Industrials | 0.84% | +0.02% | -2.13% | |
| 43 | MTB | M & T Bank CORP | Stock-Financials | 0.82% | — | -1.20% | |
| 44 | EFAV | Ishares Msci Eafe Min Vol Fa | ETF-Other | 0.76% | — | -5.27% | |
| 45 | PSX | Phillips 66 | Stock-Energy | 0.74% | +0.74% | NEW | |
| 46 | BIV | Vanguard Intermediate-term B | ETF-Other | 0.72% | — | -0.09% | |
| 47 | VTV | Vanguard Value ETF | ETF-Other | 0.68% | — | +2.56% | |
| 48 | BDX | Becton Dickinson And Co | Stock-Healthcare | 0.66% | -0.18% | -2.13% | |
| 49 | VEA | Vanguard Ftse Developed ETF | ETF-Other | 0.64% | — | +2.56% | |
| 50 | AAPL | Apple INC | Stock-Tech | 0.63% | -0.08% | -3.84% |
Performance for Q3 2026
+0.8%
Performance Last 4 Quarters
+16.6%
Based on 74% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 146 | $971.1M | 9 | |
| 2025-12-31 | 144 | $961.3M | 7 | |
| 2025-09-30 | 140 | $953.8M | 17 | |
| 2025-06-30 | 138 | $898.7M | 0 | |
| 2025-03-31 | 151 | $832.4M | 100 | |
| 2024-12-31 | 128 | $803.8M | 0 | |
| 2024-09-30 | 127 | $792.7M | 0 | |
| 2024-06-30 | 145 | $734.9M | 0 | |
| 2024-03-31 | 145 | $745.8M | 0 | |
| 2023-12-31 | 148 | $700.2M | 0 | |
| 2023-09-30 | 141 | $634.9M | 0 | |
| 2023-06-30 | 126 | $660.7M | 0 | |
| 2023-03-31 | 128 | $644.5M | 0 | |
| 2022-12-31 | 131 | $655.1M | 0 | |
| 2022-09-30 | 136 | $601.6M | 0 | |
| 2022-06-30 | 128 | $635.1M | 0 | |
| 2022-03-31 | 132 | $721.4M | 0 | |
| 2021-12-31 | 94 | $664.4M | 0 | |
| 2021-09-30 | 93 | $633.5M | 0 | |
| 2021-06-30 | 90 | $639.6M | 100 | |
| 2021-03-31 | 88 | $575.4M | 14 | |
| 2020-12-31 | 91 | $545.7M | 18 | |
| 2020-09-30 | 88 | $516.2M | 15 | |
| 2020-06-30 | 86 | $470.7M | 19 | |
| 2020-03-31 | 77 | $413.6M | 23 | |
| 2019-12-31 | 94 | $499.8M | 8 | |
| 2019-09-30 | 91 | $519.5M | 9 | |
| 2019-06-30 | 94 | $520.5M | 12 | |
| 2019-03-31 | 90 | $511.4M | 14 | |
| 2018-12-31 | 90 | $464.7M | 16 | |
| 2018-09-30 | 95 | $534.4M | 16 | |
| 2018-06-30 | 96 | $507.6M | 25 | |
| 2018-03-31 | 99 | $512.5M | 30 | |
| 2017-12-31 | 100 | $517.0M | 24 | |
| 2017-09-30 | 88 | $427.9M | 18 | |
| 2017-06-30 | 82 | $400.4M | 19 | |
| 2017-03-31 | 85 | $430.3M | 15 | |
| 2016-12-31 | 83 | $388.5M | 12 | |
| 2016-09-30 | 75 | $370.5M | 9 | |
| 2016-06-30 | 78 | $358.3M | 17 | |
| 2016-03-31 | 74 | $326.8M | 16 | |
| 2015-12-31 | 64 | $293.7M | 11 | |
| 2015-09-30 | 63 | $279.6M | 17 | |
| 2015-06-30 | 60 | $306.2M | 10 | |
| 2015-03-31 | 60 | $310.2M | 13 | |
| 2014-12-31 | 62 | $304.1M | 14 | |
| 2014-09-30 | 57 | $293.2M | 10 | |
| 2014-06-30 | 59 | $295.7M | 5 | |
| 2014-03-31 | 59 | $282.6M | 8 | |
| 2013-12-31 | 60 | $275.8M | 14 | |
| 2013-09-30 | 61 | $256.6M | 27 | |
| 2013-06-30 | 51 | $207.5M | — |
Cutler Investment Counsel LLC's most significant position changes for 2026-03-31: New buy: Phillips 66 (PSX); New buy: Immunitybio INC (IBRX); New buy: Waters CORP (WAT); Trim: Microsoft CORP (MSFT) — shares -1.15%; Trim: Exxon Mobil CORP (XOM) — shares -0.44%.
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | XOM | Exxon Mobil CORP | +0.6% | -0.44% | Trim |
| 2 | CVX | Chevron CORP | +0.3% | -2.85% | Trim |
| 3 | DE | Deere & Co | +0.3% | -1.34% | Trim |
| 4 | WMT | Walmart INC | +0.2% | -1.73% | Trim |
| 5 | VZ | Verizon Communications INC | +0.2% | -1.26% | Trim |
| 6 | JNJ | Johnson & Johnson | +0.2% | -0.71% | Trim |
| 7 | Q | Qnity Electronics INC | +0.2% | -1.46% | Trim |
| 8 | NEE | Nextera Energy INC | +0.2% | -0.74% | Trim |
| 9 | KR | Kroger Co | +0.2% | -1.40% | Trim |
| 10 | FNDX | Schwab Fndmntl US Lrg Co ETF | +0.1% | +117.69% | Add |
| 11 | MRK | Merck & Co. INC. | +0.1% | -1.07% | Trim |
| 12 | TXN | Texas Instruments INC | +0.1% | -1.18% | Trim |
| 13 | IJR | Ishares Core S&p Small-cap E | +0.1% | +1.26% | Add |
| 14 | RTX | Rtx CORP | +0.1% | -1.18% | Trim |
| 15 | SCHA | Schwab US Small-cap ETF | +0.1% | +10.56% | Add |
| 16 | BNDX | Vanguard Total Intl Bond ETF | +0.1% | +42.64% | Add |
| 17 | SCHD | Schwab US Dvd Equity ETF | +0.1% | -1.37% | Trim |
| 18 | PEP | Pepsico INC | 0% | -1.40% | Trim |
| 19 | PFE | Pfizer INC | 0% | -1.30% | Trim |
| 20 | AVO | Mission Produce INC | 0% | — | Unchanged |
| 21 | 6D8 | Dupont De Nemours INC | 0% | -1.36% | Trim |
| 22 | COST | Costco Wholesale CORP | 0% | +0.75% | Add |
| 23 | FNDF | Schwab Fndmn Intl Lrg Co ETF | 0% | +10.19% | Add |
| 24 | VNQ | Vanguard Real Estate ETF | 0% | +17.09% | Add |
| 25 | JIRE | Jpmorgan Int Res Enh Eqty | 0% | +0.47% | Add |
| 26 | FNDE | Schwab Fndmntl Em Mrk Eq ETF | 0% | +24.25% | Add |
| 27 | CARR | Carrier Global CORP | 0% | -2.13% | Trim |
| 28 | IGSB | Ishares 1-5y Inv Grade CORP | — | +1.50% | Add |
| 29 | VTI | Vanguard Total Stock Mkt ETF | -0.1% | -3.23% | Trim |
| 30 | RPG | Invesco S&p 500 Pure Growth | -0.1% | -5.88% | Trim |
| 31 | LEN | Lennar Corp-a | -0.1% | -1.71% | Trim |
| 32 | SPGI | S&p Global INC | -0.1% | — | Unchanged |
| 33 | AAPL | Apple INC | -0.1% | -3.84% | Trim |
| 34 | SPEM | State Street Sp Ptf Em ETF | -0.1% | -1.83% | Trim |
| 35 | VO | Vanguard Mid-cap ETF | -0.1% | -0.18% | Trim |
| 36 | HD | Home Depot INC | -0.1% | -1.29% | Trim |
| 37 | CVS | Cvs Health CORP | -0.1% | -1.43% | Trim |
| 38 | MDT | Medtronic plc | -0.2% | -2.21% | Trim |
| 39 | JPM | Jpmorgan Chase & Co | -0.2% | +0.03% | Add |
| 40 | SCHW | Schwab (charles) CORP | -0.2% | -0.90% | Trim |
| 41 | BDX | Becton Dickinson And Co | -0.2% | -2.13% | Trim |
| 42 | NKE | Nike INC -cl B | -0.2% | -10.88% | Trim |
| 43 | IBM | Intl Business Machines CORP | -0.3% | -0.58% | Trim |
| 44 | BLK | Blackrock INC | -0.3% | -2.02% | Trim |
| 45 | IUSG | Ishares Core S&p U.s. Growth | -0.4% | -2.32% | Trim |
| 46 | VUG | Vanguard Growth ETF | -0.4% | -1.19% | Trim |
| 47 | MSFT | Microsoft CORP | -0.9% | -1.15% | Trim |
| 48 | PSX | Phillips 66 | — | NEW | New buy |
| 49 | IBRX | Immunitybio INC | — | NEW | New buy |
| 50 | WAT | Waters CORP | — | NEW | New buy |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-07 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-12 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-04 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-07-28 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-08 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-01-31 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-06 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-07-30 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-04-30 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-01-31 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-10-25 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-07-25 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-11 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-01-26 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-11-07 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-07-19 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-05-10 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-11 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-10-15 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-08-10 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-05-07 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-01-25 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-10-15 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-08-19 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-05-14 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-02-12 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2019-11-15 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-08-05 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-05-07 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-02-13 | 13F-HR | View on EDGAR |
| 2018-09-30 | 2018-11-14 | 13F-HR | View on EDGAR |
| 2018-06-30 | 2018-08-14 | 13F-HR | View on EDGAR |
| 2018-03-31 | 2018-05-01 | 13F-HR | View on EDGAR |
| 2017-12-31 | 2018-02-13 | 13F-HR | View on EDGAR |
| 2017-09-30 | 2017-11-08 | 13F-HR | View on EDGAR |
| 2017-06-30 | 2017-08-14 | 13F-HR | View on EDGAR |
| 2017-03-31 | 2017-05-12 | 13F-HR | View on EDGAR |
| 2016-12-31 | 2017-02-13 | 13F-HR | View on EDGAR |
| 2016-09-30 | 2016-11-29 | 13F-HR | View on EDGAR |
| 2016-06-30 | 2016-08-15 | 13F-HR | View on EDGAR |
| 2016-03-31 | 2016-05-11 | 13F-HR | View on EDGAR |
| 2015-12-31 | 2016-02-11 | 13F-HR | View on EDGAR |
| 2015-09-30 | 2015-11-10 | 13F-HR | View on EDGAR |
| 2015-06-30 | 2015-08-13 | 13F-HR | View on EDGAR |
| 2015-03-31 | 2015-05-13 | 13F-HR | View on EDGAR |
| 2014-12-31 | 2015-02-13 | 13F-HR | View on EDGAR |
| 2014-09-30 | 2014-11-12 | 13F-HR | View on EDGAR |
| 2014-06-30 | 2014-07-23 | 13F-HR | View on EDGAR |
| 2014-03-31 | 2014-05-12 | 13F-HR | View on EDGAR |
| 2013-12-31 | 2014-02-12 | Amendment | View on EDGAR |
| 2013-12-31 | 2014-02-12 | 13F-HR | View on EDGAR |
| 2013-09-30 | 2013-11-12 | 13F-HR | View on EDGAR |
| 2013-06-30 | 2013-08-14 | 13F-HR | View on EDGAR |
| 2013-06-30 | 2013-08-14 | Amendment | View on EDGAR |
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