CUTLER INVESTMENT COUNSEL LLC

CIK

1285973

Location

Jacksonville, OR

Portfolio Value

Small $478,809,870

Diversification

Diversified

Filing Date

Global Rank

#2,677 / 8,607 ▲ 90 · as of Mar 2026

Top Industry

Farm & Heavy Construction Machinery 9.5%

3Y Alpha vs SPY

-4.8%

Period ended 3 months ago

Filed May 7, 2026 · 2mo

25 quarters · since Mar 2020

Clone Performance

Jul 2023–Jul 2026 · vs SPY

Hypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.

Cloned portfolio

+55.3%

SPY

+75.5%

Annualised alpha

-4.8%

Max drawdown

−14.2%

Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.

Portfolio Concentration

73 positions · as of Mar 31, 2026 · Δ vs Dec 31, 2025

Top Position

5.6%

−1.5 pts

Top 5

25.3%

−1.6 pts

Top 10

43.1%

−1.5 pts

HHI

304

Diversified−16

Portfolio Trend

25 quarters · across all stocks

Sector Breakdown

As of Mar 31, 2026

Sector	% Portfolio	Value	Positions
Industrials	19.7%	$94,421,651	10
Financial Services	15.1%	$72,083,561	10
Consumer Defensive	13.2%	$63,178,863	7
Technology	12.7%	$60,800,878	9
Healthcare	12.0%	$57,381,507	11
Consumer Cyclical	9.6%	$45,730,446	8
Energy	8.7%	$41,516,911	5
Communication Services	2.8%	$13,591,925	4
Utilities	2.8%	$13,240,920	3
Basic Materials	2.5%	$12,168,831	1
Unclassified	1.0%	$4,694,377	5

Last Quarter's Activity

Export CSV

Mar 31, 2026 vs Dec 31, 2025

Added To

Positions the filer increased

13 positions

Ticker	Company	Δ Shares	Shares	Value
AMZN	Amazon Com Inc	+1,294	14,463	$3,012,209
AVGO	Broadcom Inc.	+704	1,798	$556,498
GOOGL	Alphabet Inc.	+413	3,889	$1,118,320
CSCO	Cisco Systems, Inc.	+350	6,624	$513,956
TSLA	Tesla, Inc.	+154	3,055	$1,135,696
BRK-B	Berkshire Hathaway Inc	+116	5,669	$2,716,584
AMGN	Amgen Inc	+98	772	$271,628
WFC	Wells Fargo & Company/Mn	+58	8,417	$670,077
KO	Coca Cola Co	+44	3,221	$244,957
META	Meta Platforms, Inc.	+39	495	$283,204
COST	Costco Wholesale Corp /New	+22	2,953	$2,942,457
JPM	Jpmorgan Chase & Co	+15	45,921	$13,508,121
BP	Bp PLC	+8	6,888	$323,736
No positions match the current search.

Trimmed

Positions the filer reduced

25 positions

Ticker	Company	Δ Shares	Shares	Value
NKE	NIKE, Inc.	−13,093	107,298	$5,667,480
CAT	Caterpillar Inc	−9,331	37,823	$26,796,082
WMT	Walmart Inc.	−3,821	217,517	$27,033,012
CARR	CARRIER GLOBAL Corp	−3,164	145,419	$8,188,543
SLV	iShares Silver Trust	−3,020	9,266	$631,385
VZ	Verizon Communications Inc	−2,972	233,509	$11,722,151
MDT	Medtronic plc	−2,601	114,878	$9,954,178
KR	Kroger Co	−2,489	174,996	$12,662,710
CVS	CVS HEALTH Corp	−2,167	149,514	$10,738,095
PFE	Pfizer Inc	−2,152	163,117	$4,580,325
CVX	Chevron Corp	−1,932	65,806	$13,615,261
SCHW	Schwab Charles Corp	−1,695	186,331	$17,511,387
ALK	Alaska Air Group, Inc.	−1,529	5,709	$209,977
RTX	RTX Corp	−1,373	114,965	$22,176,748
RSG	Republic Services, Inc.	−1,309	77,527	$16,979,963
DD	DuPont de Nemours, Inc.	−1,224	88,565	$12,168,831
NEE	Nextera Energy Inc	−997	134,355	$12,478,892
AAPL	Apple Inc.	−967	24,234	$6,150,346
SGOL	abrdn Gold ETF Trust	−950	15,636	$697,678
MRK	Merck & Co., Inc.	−949	87,631	$10,541,132
GVA	Granite Construction Inc	−900	2,750	$329,670
BDX	Becton Dickinson & Co	−882	40,568	$6,378,506
PEP	Pepsico Inc	−805	56,564	$8,783,823
MSFT	Microsoft Corp	−788	67,557	$25,007,574
MCD	Mcdonalds Corp	−738	50,344	$15,646,411
No positions match the current search.

New Positions

Positions the filer opened this quarter

5 positions

Ticker	Company	Shares	Value
PSX	Phillips 66	39,285	$7,156,941
IBRX	ImmunityBio, Inc.	100,000	$767,000
WAT	Waters Corp /De/	2,073	$617,339
COP	Conocophillips	1,743	$230,076
CNP	Centerpoint Energy Inc	4,962	$214,159
No positions match the current search.

Sold Out

Positions the filer fully exited

4 positions

Ticker	Company	Shares	Value
AEP	American Electric Power Co Inc	2,406	$277,435
IBIT	iShares Bitcoin Trust ETF	4,942	$245,370
IDR	Idaho Strategic Resources, Inc.	5,000	$201,500
RVPH	Reviva Pharmaceuticals Holdings, Inc.	33,500	$186,930
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

73 positions · $478,809,870 total · as of Mar 31, 2026

All sectors Basic Materials Communication Services Consumer Cyclical Consumer Defensive Energy Financial Services Healthcare Industrials Technology Utilities

Showing 1–50 of 73 positions by value · page 1 of 2

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
WMT	Walmart Inc. Consumer Defensive	Reduced	217,517	-3,821	$27,033,012	+9.6%	5.65%
CAT	Caterpillar Inc Industrials	Reduced	37,823	-9,331	$26,796,082	−0.8%	5.60%
MSFT	Microsoft Corp Technology	Reduced	67,557	-788	$25,007,574	−24.3%	5.22%
RTX	RTX Corp Industrials	Reduced	114,965	-1,373	$22,176,748	+3.9%	4.63%
XOM	ExxonMobil Holdings Corp Energy	Reduced	119,008	-528	$20,190,897	+40.4%	4.22%
DE	Deere & Co Industrials	Reduced	32,350	-441	$18,222,755	+19.4%	3.81%
SCHW	Schwab Charles Corp Financial Services	Reduced	186,331	-1,695	$17,511,387	−6.8%	3.66%
RSG	Republic Services, Inc. Industrials	Reduced	77,527	-1,309	$16,979,963	+1.6%	3.55%
BLK	BlackRock, Inc. Financial Services	Reduced	17,500	-361	$16,829,925	−12.0%	3.51%
MCD	Mcdonalds Corp Consumer Cyclical	Reduced	50,344	-738	$15,646,411	+0.2%	3.27%
HD	Home Depot, Inc. Consumer Cyclical	Reduced	46,205	-605	$15,196,362	−5.7%	3.17%
CVX	Chevron Corp Energy	Reduced	65,806	-1,932	$13,615,261	+31.9%	2.84%
JPM	Jpmorgan Chase & Co Financial Services	Added	45,921	+15	$13,508,121	−8.7%	2.82%
KR	Kroger Co Consumer Defensive	Reduced	174,996	-2,489	$12,662,710	+14.2%	2.64%
NEE	Nextera Energy Inc Utilities	Reduced	134,355	-997	$12,478,892	+14.8%	2.61%
JNJ	Johnson & Johnson Healthcare	Reduced	49,823	-354	$12,178,734	+17.3%	2.54%
DD	DuPont de Nemours, Inc. Basic Materials	Reduced	88,565	-1,224	$12,168,831	+12.4%	2.54%
VZ	Verizon Communications Inc Communication Services	Reduced	233,509	-2,972	$11,722,151	+21.7%	2.45%
TXN	Texas Instruments Inc Technology	Reduced	56,340	-671	$10,937,847	+10.6%	2.28%
CVS	CVS HEALTH Corp Healthcare	Reduced	149,514	-2,167	$10,738,095	−10.8%	2.24%
MRK	Merck & Co., Inc. Healthcare	Reduced	87,631	-949	$10,541,132	+13.1%	2.20%
IBM	International Business Machines Corp Technology	Reduced	42,397	-249	$10,276,608	−18.6%	2.15%
MDT	Medtronic plc Healthcare	Reduced	114,878	-2,601	$9,954,178	−11.8%	2.08%
PNC	Pnc Financial Services Group, Inc. Financial Services	Reduced	44,063	-483	$9,169,069	−1.4%	1.91%
PEP	Pepsico Inc Consumer Defensive	Reduced	56,564	-805	$8,783,823	+6.7%	1.83%
PG	PROCTER & GAMBLE Co Consumer Defensive	Reduced	59,528	-618	$8,598,224	−0.2%	1.80%
CARR	CARRIER GLOBAL Corp Industrials	Reduced	145,419	-3,164	$8,188,543	+4.3%	1.71%
MTB	M&T Bank Corp Financial Services	Reduced	38,753	-470	$8,011,020	+1.4%	1.67%
PSX	Phillips 66 Energy	NEW	39,285	NEW	$7,156,941	NEW	1.49%
BDX	Becton Dickinson & Co Healthcare	Reduced	40,568	-882	$6,378,506	+0.9%	1.33%
AAPL	Apple Inc. Technology	Reduced	24,234	-967	$6,150,346	−10.2%	1.28%
NKE	NIKE, Inc. Consumer Cyclical	Reduced	107,298	-13,093	$5,667,480	−26.1%	1.18%
Q	Qnity Electronics, Inc. Technology	Reduced	47,836	-710	$5,519,317	+39.2%	1.15%
PFE	Pfizer Inc Healthcare	Reduced	163,117	-2,152	$4,580,325	+11.3%	0.96%
LEN	Lennar Corp /New/ Consumer Cyclical	Reduced	41,739	-725	$3,624,614	−17.0%	0.76%
SPGI	S&P Global Inc. Financial Services	Held	7,590	0	$3,054,238	−18.6%	0.64%
AMZN	Amazon Com Inc Consumer Cyclical	Added	14,463	+1,294	$3,012,209	−0.9%	0.63%
COST	Costco Wholesale Corp /New Consumer Defensive	Added	2,953	+22	$2,942,457	+16.4%	0.61%
AVO	Mission Produce, Inc. Consumer Defensive	Held	211,750	0	$2,913,680	+18.6%	0.61%
BRK-B	Berkshire Hathaway Inc Financial Services	Added	5,669	+116	$2,716,584	−2.7%	0.57%
SPY	Spdr S&P 500 ETF Trust	Reduced	2,287	-193	$1,487,327	−12.1%	0.31%
NVDA	Nvidia Corp Technology	Reduced	8,369	-101	$1,459,553	−7.6%	0.30%
TSLA	Tesla, Inc. Consumer Cyclical	Added	3,055	+154	$1,135,696	−12.9%	0.24%
GOOGL	Alphabet Inc. Communication Services	Added	3,889	+413	$1,118,320	+2.8%	0.23%
QQQ	Invesco Qqq Trust, Series 1	Reduced	1,841	-183	$1,062,588	−14.5%	0.22%
GLD	Spdr Gold Trust	Reduced	1,895	-616	$815,399	−18.1%	0.17%
COR	Cencora, Inc. Healthcare	Held	2,451	0	$769,957	−7.0%	0.16%
IBRX	ImmunityBio, Inc. Healthcare	NEW	100,000	NEW	$767,000	NEW	0.16%
SBUX	Starbucks Corp Consumer Cyclical	Reduced	8,173	-41	$732,219	+5.9%	0.15%
LOW	Lowes Companies Inc Consumer Cyclical	Held	3,028	0	$715,455	−2.0%	0.15%