Q2 2025 · 13F-HR
CUTLER INVESTMENT COUNSEL LLCholdings as filed
Filed 2025-07-28 · accession 0001667731-25-000987
$898.7M
Reported value
138
Positions
2025-06-30
Period end
The Brief · CUTLER INVESTMENT COUNSEL LLC · Q2 2025
AI · grounded in 13F
CUTLER INVESTMENT COUNSEL LLC established a new position in VO valued at $42.8M. The fund also initiated new stakes in IGSB for $41.1M and IEFA for $39.7M. Additional new positions include MSFT at $35.6M and SPEM at $33.5M. Total assets under management stand at $898.7M across 138 positions.
Holdings as filed
| CUSIP | Ticker | Issuer | Value | % port. | Shares | Class | Voting |
|---|---|---|---|---|---|---|---|
| 922908629 | VO | VANGUARD INDEX FDS | $42.8M | 4.77% | 152,497 | Common | SOLE |
| 464288646 | IGSB | ISHARES TR | $41.1M | 4.58% | 779,759 | Common | SOLE |
| 46432F842 | IEFA | ISHARES TR | $39.7M | 4.42% | 476,131 | Common | SOLE |
| 594918104 | MSFT | MICROSOFT CORP | $35.6M | 3.96% | 71,473 | Common | SOLE |
| 78463X509 | SPEM | SPDR INDEX SHS FDS | $33.5M | 3.73% | 783,482 | Common | SOLE |
| 46641Q134 | JIRE | J P MORGAN EXCHANGE TRADED F | $29.7M | 3.30% | 419,687 | Common | SOLE |
| 464287671 | IUSG | ISHARES TR | $29.1M | 3.23% | 193,251 | Common | SOLE |
| 78464A649 | SPAB | SPDR SERIES TRUST | $26.2M | 2.91% | 1,021,528 | Common | SOLE |
| 922908736 | VUG | VANGUARD INDEX FDS | $25.6M | 2.85% | 58,433 | Common | SOLE |
| 149123101 | CAT | CATERPILLAR INC | $23.8M | 2.65% | 61,422 | Common | SOLE |
| 46429B267 | GOVT | ISHARES TR | $23.5M | 2.61% | 1,020,595 | Common | SOLE |
| 931142103 | WMT | WALMART INC | $22.4M | 2.49% | 228,693 | Common | SOLE |
| 760759100 | RSG | REPUBLIC SVCS INC | $20.0M | 2.23% | 81,198 | Common | SOLE |
| 09290D101 | BLK | BLACKROCK INC | $19.2M | 2.14% | 18,345 | Common | SOLE |
| 464287804 | IJR | ISHARES TR | $19.2M | 2.14% | 175,650 | Common | SOLE |
| 808513105 | SCHW | SCHWAB CHARLES CORP | $17.9M | 1.99% | 195,822 | Common | SOLE |
| 437076102 | HD | HOME DEPOT INC | $17.7M | 1.97% | 48,396 | Common | SOLE |
| 75513E101 | RTX | RTX CORPORATION | $17.5M | 1.95% | 119,716 | Common | SOLE |
| 244199105 | DE | DEERE & CO | $17.3M | 1.92% | 33,851 | Common | SOLE |
| 580135101 | MCD | MCDONALDS CORP | $15.5M | 1.72% | 52,965 | Common | SOLE |
| 46625H100 | JPM | JPMORGAN CHASE & CO. | $13.9M | 1.55% | 48,062 | Common | SOLE |
| 30231G102 | XOM | EXXON MOBIL CORP | $13.3M | 1.48% | 123,602 | Common | SOLE |
| 501044101 | KR | KROGER CO | $13.1M | 1.46% | 182,644 | Common | SOLE |
| 459200101 | IBM | INTERNATIONAL BUSINESS MACHS | $13.0M | 1.44% | 44,000 | Common | SOLE |
| 882508104 | TXN | TEXAS INSTRS INC | $12.4M | 1.38% | 59,547 | Common | SOLE |
| 14448C104 | CARR | CARRIER GLOBAL CORPORATION | $11.2M | 1.25% | 153,169 | Common | SOLE |
| 46137V266 | RPG | INVESCO EXCHANGE TRADED FD T | $11.2M | 1.24% | 244,231 | Common | SOLE |
| 92343V104 | VZ | VERIZON COMMUNICATIONS INC | $10.6M | 1.18% | 245,385 | Common | SOLE |
| G5960L103 | MDT | MEDTRONIC PLC | $10.6M | 1.18% | 120,767 | Common | SOLE |
| 742718109 | PG | PROCTER AND GAMBLE CO | $9.9M | 1.11% | 62,350 | Common | SOLE |
| 65339F101 | NEE | NEXTERA ENERGY INC | $9.6M | 1.07% | 138,922 | Common | SOLE |
| 166764100 | CVX | CHEVRON CORP NEW | $9.1M | 1.02% | 63,757 | Common | SOLE |
| 126650100 | CVS | CVS HEALTH CORP | $9.1M | 1.01% | 131,487 | Common | SOLE |
| 693475105 | PNC | PNC FINL SVCS GROUP INC | $8.6M | 0.96% | 46,353 | Common | SOLE |
| 464287200 | IVV | ISHARES TR | $8.4M | 0.94% | 13,597 | Common | SOLE |
| 92189H300 | EMLC | VANECK ETF TRUST | $8.1M | 0.90% | 319,389 | Common | SOLE |
| 78464A854 | SPYM | SPDR SERIES TRUST | $8.0M | 0.89% | 109,680 | Common | SOLE |
| 478160104 | JNJ | JOHNSON & JOHNSON | $7.9M | 0.88% | 51,937 | Common | SOLE |
| 55261F104 | MTB | M & T BK CORP | $7.9M | 0.87% | 40,521 | Common | SOLE |
| 713448108 | PEP | PEPSICO INC | $7.8M | 0.87% | 59,423 | Common | SOLE |
| 075887109 | BDX | BECTON DICKINSON & CO | $7.5M | 0.84% | 43,826 | Common | SOLE |
| 46429B689 | EFAV | ISHARES TR | $7.5M | 0.84% | 89,504 | Common | SOLE |
| 922042718 | VSS | VANGUARD INTL EQUITY INDEX F | $7.5M | 0.83% | 55,495 | Common | SOLE |
| 58933Y105 | MRK | MERCK & CO INC | $7.4M | 0.83% | 93,005 | Common | SOLE |
| 26614N102 | DD | DUPONT DE NEMOURS INC | $7.0M | 0.78% | 102,438 | Common | SOLE |
| 921937819 | BIV | VANGUARD BD INDEX FDS | $6.9M | 0.77% | 89,780 | Common | SOLE |
| 654106103 | NKE | NIKE INC | $6.9M | 0.77% | 96,926 | Common | SOLE |
| 46434V647 | REET | ISHARES TR | $6.7M | 0.75% | 272,096 | Common | SOLE |
| 78409V104 | SPGI | S&P GLOBAL INC | $6.2M | 0.69% | 11,775 | Common | SOLE |
| 922908769 | VTI | VANGUARD INDEX FDS | $6.2M | 0.69% | 20,323 | Common | SOLE |
| 922908744 | VTV | VANGUARD INDEX FDS | $5.8M | 0.64% | 32,579 | Common | SOLE |
| 921943858 | VEA | VANGUARD TAX-MANAGED FDS | $5.2M | 0.58% | 91,543 | Common | SOLE |
| 037833100 | AAPL | APPLE INC | $5.1M | 0.57% | 24,788 | Common | SOLE |
| 808524607 | SCHA | SCHWAB STRATEGIC TR | $4.6M | 0.51% | 182,741 | Common | SOLE |
| 46138E735 | PDN | INVESCO EXCH TRADED FD TR II | $4.5M | 0.50% | 115,253 | Common | SOLE |
| 808524797 | SCHD | SCHWAB STRATEGIC TR | $4.2M | 0.47% | 159,895 | Common | SOLE |
| 717081103 | PFE | PFIZER INC | $4.2M | 0.47% | 172,749 | Common | SOLE |
| 20030N101 | CMCSA | COMCAST CORP NEW | $3.8M | 0.43% | 107,683 | Common | SOLE |
| 922042858 | VWO | VANGUARD INTL EQUITY INDEX F | $3.6M | 0.40% | 73,253 | Common | SOLE |
| 74348A467 | NOBL | PROSHARES TR | $3.3M | 0.37% | 32,491 | Common | SOLE |
| 023135106 | AMZN | AMAZON COM INC | $2.9M | 0.33% | 13,431 | Common | SOLE |
| 22160K105 | COST | COSTCO WHSL CORP NEW | $2.9M | 0.32% | 2,893 | Common | SOLE |
| 60510V108 | AVO | MISSION PRODUCE INC | $2.5M | 0.28% | 212,750 | Common | SOLE |
| 084670702 | BRK/B | BERKSHIRE HATHAWAY INC DEL | $2.5M | 0.27% | 5,050 | Common | SOLE |
| 922042742 | VT | VANGUARD INTL EQUITY INDEX F | $2.2M | 0.25% | 17,243 | Common | SOLE |
| 808524748 | FNDC | SCHWAB STRATEGIC TR | $2.2M | 0.25% | 52,591 | Common | SOLE |
| 922908553 | VNQ | VANGUARD INDEX FDS | $2.1M | 0.23% | 23,054 | Common | SOLE |
| 921937835 | BND | VANGUARD BD INDEX FDS | $2.0M | 0.22% | 27,281 | Common | SOLE |
| 92206C409 | VCSH | VANGUARD SCOTTSDALE FDS | $1.8M | 0.21% | 23,237 | Common | SOLE |
| 808524763 | FNDA | SCHWAB STRATEGIC TR | $1.8M | 0.20% | 62,489 | Common | SOLE |
| 808524755 | FNDF | SCHWAB STRATEGIC TR | $1.8M | 0.20% | 44,330 | Common | SOLE |
| 808524201 | SCHX | SCHWAB STRATEGIC TR | $1.8M | 0.20% | 72,009 | Common | SOLE |
| 921908844 | VIG | VANGUARD SPECIALIZED FUNDS | $1.7M | 0.19% | 8,341 | Common | SOLE |
| 808524839 | SCHZ | SCHWAB STRATEGIC TR | $1.6M | 0.18% | 70,204 | Common | SOLE |
| 084670108 | BRK/A | BERKSHIRE HATHAWAY INC DEL | $1.5M | 0.16% | 2 | Common | SOLE |
| 78462F103 | SPY | SPDR S&P 500 ETF TR | $1.3M | 0.15% | 2,124 | Common | SOLE |
| 02079K107 | GOOG | ALPHABET INC | $1.3M | 0.14% | 7,225 | Common | SOLE |
| 72201R833 | MINT | PIMCO ETF TR | $1.1M | 0.12% | 10,633 | Common | SOLE |
| 67066G104 | NVDA | NVIDIA CORPORATION | $974,672 | 0.11% | 6,169 | Common | SOLE |
| 92204A702 | VGT | VANGUARD WORLD FD | $970,532 | 0.11% | 1,463 | Common | SOLE |
| 808524730 | FNDE | SCHWAB STRATEGIC TR | $964,792 | 0.11% | 29,227 | Common | SOLE |
| 855244109 | SBUX | STARBUCKS CORP | $959,471 | 0.11% | 10,471 | Common | SOLE |
| 922907746 | VTEB | VANGUARD MUN BD FDS | $879,795 | 0.10% | 17,944 | Common | SOLE |
| 46090E103 | QQQ | INVESCO QQQ TR | $827,968 | 0.09% | 1,500 | Common | SOLE |
| 92203J407 | BNDX | VANGUARD CHARLOTTE FDS | $827,538 | 0.09% | 16,715 | Common | SOLE |
| 78463V107 | GLD | SPDR GOLD TR | $742,262 | 0.08% | 2,435 | Common | SOLE |
| 92203C303 | VUSB | VANGUARD BD INDEX FDS | $736,507 | 0.08% | 14,770 | Common | SOLE |
| 03073E105 | COR | CENCORA INC | $734,633 | 0.08% | 2,450 | Common | SOLE |
| 88160R101 | TSLA | TESLA INC | $705,206 | 0.08% | 2,220 | Common | SOLE |
| 464288273 | SCZ | ISHARES TR | $680,067 | 0.08% | 9,357 | Common | SOLE |
| 548661107 | LOW | LOWES COS INC | $670,825 | 0.07% | 3,024 | Common | SOLE |
| 949746101 | WMT2 | WELLS FARGO CO NEW | $654,501 | 0.07% | 8,169 | Common | SOLE |
| 02079K305 | GOOGL | ALPHABET INC | $646,857 | 0.07% | 3,671 | Common | SOLE |
| 00287Y109 | ABBV | ABBVIE INC | $617,001 | 0.07% | 3,324 | Common | SOLE |
| 64110L106 | NFLX | NETFLIX INC | $609,305 | 0.07% | 455 | Common | SOLE |
| 921946406 | VYM | VANGUARD WHITEHALL FDS | $574,567 | 0.06% | 4,310 | Common | SOLE |
| 744573106 | PEG | PUBLIC SVC ENTERPRISE GRP IN | $569,731 | 0.06% | 6,768 | Common | SOLE |
| 464288281 | EMB | ISHARES TR | $560,815 | 0.06% | 6,055 | Common | SOLE |
| 464287507 | IJH | ISHARES TR | $524,566 | 0.06% | 8,458 | Common | SOLE |
| 81369Y886 | XLU | SELECT SECTOR SPDR TR | $516,010 | 0.06% | 6,319 | Common | SOLE |
| 655844108 | NSC | NORFOLK SOUTHN CORP | $513,988 | 0.06% | 2,008 | Common | SOLE |
| 291011104 | EMR | EMERSON ELEC CO | $473,322 | 0.05% | 3,550 | Common | SOLE |
| 00326A104 | SGOL | ETFS GOLD TR | $473,100 | 0.05% | 15,000 | Common | SOLE |
| 921910725 | VSGX | VANGUARD WORLD FD | $440,357 | 0.05% | 6,723 | Common | SOLE |
| 17275R102 | CSCO | CISCO SYS INC | $423,496 | 0.05% | 6,104 | Common | SOLE |
| 25434V708 | DFAC | DIMENSIONAL ETF TRUST | $420,224 | 0.05% | 11,725 | Common | SOLE |
| 922908652 | VXF | VANGUARD INDEX FDS | $408,931 | 0.05% | 2,122 | Common | SOLE |
| 46435G672 | IAGG | ISHARES TR | $393,036 | 0.04% | 7,693 | Common | SOLE |
| 464288810 | IHI | ISHARES TR | $392,503 | 0.04% | 6,266 | Common | SOLE |
| 011659109 | ALK | ALASKA AIR GROUP INC | $384,881 | 0.04% | 7,779 | Common | SOLE |
| 78463X889 | SPDW | SPDR INDEX SHS FDS | $373,035 | 0.04% | 9,213 | Common | SOLE |
| 92826C839 | V | VISA INC | $365,712 | 0.04% | 1,030 | Common | SOLE |
| 46428Q109 | SLV | ISHARES SILVER TR | $357,826 | 0.04% | 10,906 | Common | SOLE |
| 922908611 | VBR | VANGUARD INDEX FDS | $352,266 | 0.04% | 1,798 | Common | SOLE |
| 922908595 | VBK | VANGUARD INDEX FDS | $351,140 | 0.04% | 1,266 | Common | SOLE |
| 718172109 | PM | PHILIP MORRIS INTL INC | $347,145 | 0.04% | 1,892 | Common | SOLE |
| 46438F101 | IBIT | ISHARES BITCOIN TRUST ETF | $339,961 | 0.04% | 5,554 | Common | SOLE |
| 30303M102 | META | META PLATFORMS INC | $328,458 | 0.04% | 445 | Common | SOLE |
| 922042676 | VNQI | VANGUARD INTL EQUITY INDEX F | $325,112 | 0.04% | 7,045 | Common | SOLE |
| 231021106 | CMI | CUMMINS INC | $313,495 | 0.03% | 957 | Common | SOLE |
| 464287226 | AGG | ISHARES TR | $310,199 | 0.03% | 3,127 | Common | SOLE |
| 11135F101 | AVGO | BROADCOM INC | $298,894 | 0.03% | 1,084 | Common | SOLE |
| 553368101 | MP | MP MATERIALS CORP | $287,287 | 0.03% | 8,635 | Common | SOLE |
| 921910733 | ESGV | VANGUARD WORLD FD | $280,569 | 0.03% | 2,559 | Common | SOLE |
| 74347X831 | TQQQ | PROSHARES TR | $275,601 | 0.03% | 3,316 | Common | SOLE |
| 808524409 | SCHV | SCHWAB STRATEGIC TR | $269,313 | 0.03% | 9,733 | Common | SOLE |
| 78464A409 | SPYG | SPDR SERIES TRUST | $262,798 | 0.03% | 2,757 | Common | SOLE |
| 46434G863 | ESGE | ISHARES INC | $259,306 | 0.03% | 6,620 | Common | SOLE |
| 387328107 | GVA | GRANITE CONSTR INC | $257,510 | 0.03% | 2,750 | Common | SOLE |
| 025537101 | AEP | AMERICAN ELEC PWR CO INC | $254,420 | 0.03% | 2,452 | Common | SOLE |
| 922908363 | VOO | VANGUARD INDEX FDS | $249,605 | 0.03% | 438 | Common | SOLE |
| 780087102 | RY | ROYAL BK CDA | $249,288 | 0.03% | 1,895 | Common | SOLE |
| 68389X105 | ORCL | ORACLE CORP | $235,028 | 0.03% | 1,075 | Common | SOLE |
| 191216100 | KO | COCA COLA CO | $220,279 | 0.02% | 3,091 | Common | SOLE |
| 46138E743 | PXF | INVESCO EXCH TRADED FD TR II | $212,167 | 0.02% | 3,695 | Common | SOLE |
| 46434G103 | IEMG | ISHARES INC | $207,464 | 0.02% | 3,456 | Common | SOLE |
| 464287614 | IWF | ISHARES TR | $207,024 | 0.02% | 488 | Common | SOLE |
| 055622104 | BP | BP PLC | $201,072 | 0.02% | 6,718 | Common | SOLE |
Source: SEC EDGAR · raw 13F holdings as filed. The Class column shows the option type when reported (Put/Call) or Common when the issuer's equity is held directly. 13F discloses long positions only.