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CUTLER INVESTMENT COUNSEL LLC — 13F Holdings & Portfolio

CIK 1285973 · latest 13F-HR filed 2026-07-14

Backtest portfolio

CUTLER INVESTMENT COUNSEL LLC manages $1.06B in 13F-reported U.S. long-equity assets across 157 reported positions as of its 2026-06-30 13F-HR filing. Its largest disclosed positions are VO (4.96%), IEFA (4.52%), IGSB (4.35%). Quarter over quarter (versus its 2026-03-31 filing) the fund opened 14 new positions and exited 3; 87 existing positions rose in reported value and 23 fell.

AUM is the long-equity portion reported on Form 13F-HR. Excludes short positions, cash, foreign holdings, and non-13F assets. For informational purposes only — not investment advice.

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AUM
$1.06B

Long-equity book

Holdings
157

Distinct positions

Period
2026-06-30

Filed 2026-07-14

Q/Q Activity
+14 / −3 / ↑87 / ↓23

vs 2026-03-31

Portfolio charts

Latest quarter's book, what changed, and how the portfolio has evolved across filings.

Portfolio map

Q2 26
VO5.0% · +306%IEFA4.5% · +1%IGSB4.3% · +3%SPEM3.9% · +1%JIRE3.7% · +3%IUSG3.4% · +1%CAT3.1% · -18%IJR2.9% · +1%VUG2.9% · +505%SPAB2.8% · +4%GOVT2.5% · +3%MSFT2.4% · -0%WMT2.3% · -0%RTX2.1% · +0%DE1.9% · -0%SCHW1.6% · +0%BLK1.6% · +0%TXN1.6% · +0%RSG1.6% · -0%XOM1.5% · +0%NEE1.5% · +38%HD1.5% · -0%CVS1.5% · +0%JPM1.4% · -1%SPYM1.3% · +8%MCD1.3% · +0%RPG1.2% · -1%JNJ1.2% · +0%IBM1.1% · 0%MRK1.1% · +0%CVX1.0% · +0%PNC1.0% · -0%IVV1.0% · +3%CARR1.0% · -0%VZ0.9% · +0%VSS0.9% · +3%KR0.9% · -0%REET0.9% · +4%MTB0.9% · -0%MDT0.9% · -0%CSCO0.8% · +1060%EMLC0.8% · +2%PG0.8% · -1%SCHA0.7% · +8%BIV0.7% · +13%Q0.7% · +0%PEP0.7% · +0%VEA0.7% · +12%VTV0.7% · +4%EFAV0.7% · -1%AAPL0.7% · -1%VTI0.7% · -2%PSX0.6% · -0%BDX0.6% · -0%SCHD0.5% · +4%VWO0.5% · +10%PDN0.4% · -1%BND0.4% · +17%DD0.4% · -65%PFE0.4% · -0%

Box size = position value; colour = change in share count vs the prior quarter (green added, red trimmed, blue new). Rows split across managers or share classes are combined. Click a box for the stock.

Sector mix

% of 13F value

Sectors from each company's SIC code; funds and ETFs grouped separately.

Biggest buys and sells

Q1 26 → Q2 26

Estimated from the change in shares held × the quarter-end price, so price moves alone don't count as buying. New and exited positions are included.

13F assets and positions

3 quarters

Total reported 13F value (bars) and number of positions (line) each quarter. Value changes include market moves.

Top positions over time

reported value

The eight largest current positions, valued at each quarter end.

Concentration

top 10 = 36.5%

Cumulative share of the portfolio held in the largest N positions.

Firm Profile & Key People

As of the firm’s regulatory filing dated Aug 12, 2026.

Assets Under Management
$1.54B
Discretionary
$1.34B
Employees
23
Accounts
1,847
Address
525 BIGHAM KNOLL
JACKSONVILLE, OR 97530
Phone
(541) 770-9000
Website
This firm reports 4 disclosure items on its registration.
Name Title / Status Ownership Type
ANDERSON, BROOK, AUSTIN ControlCHIEF OPERATING OFFICER
since Nov 2021
Less than 5%Individual
ASHLAND, BROOKE, CUTLER ControlCHIEF COMPLIANCE OFFICER
since Oct 2004
Less than 5%Individual
PATTEN, ERICH, MARK ControlPRESIDENT, MEMBER
since Oct 2003
25–50%Individual
PATTEN, MATTHEW, CUTLER ControlCHIEF EXECUTIVE OFFICER, MEMBER
since Oct 2003
25–50%Individual
Ownership & leadership changes · 12 filings with changes since Feb 2, 2012

From the firm’s regulatory filings, newest first. Dates are filing dates: a filing that no longer lists someone does not say when they left.

Mar 20, 2026 filing
  • No longer listedFISCHER, CAROL, SUE · DIRECTOR OF CLIENT RELATIONS, MEMBER · Less than 5% · listed since Oct 2003
Mar 28, 2025 filing
  • ChangedASHLAND, BROOKE, CUTLER · now a control person
  • ChangedFISCHER, CAROL, SUE · ownership 5–10% → Less than 5%; no longer a control person
Mar 24, 2023 filing
  • AddedANDERSON, BROOK, AUSTIN · CHIEF OPERATING OFFICER · Less than 5% · control person
Apr 30, 2021 filing
  • ChangedASHLAND, BROOKE, CUTLER · title CHAIRMAN, CHIEF COMPLIANCE OFFICER, MEMBER → CHIEF COMPLIANCE OFFICER; ownership 50–75% → Less than 5%
  • ChangedPATTEN, ERICH, MARK · ownership 10–25% → 25–50%
  • ChangedPATTEN, MATTHEW, CUTLER · ownership 10–25% → 25–50%
Mar 31, 2021 filing
  • ChangedASHLAND, BROOKE, CUTLER · ownership 5–10% → 50–75%; no longer a control person
  • ChangedPATTEN, ERICH, MARK · ownership 25–50% → 10–25%
  • ChangedPATTEN, MATTHEW, CUTLER · ownership 25–50% → 10–25%
Jan 9, 2018 filing
  • No longer listedURPI, XAVIER, JOSE · DIRECTOR OF FIXED INCOME, MEMBER · 5–10% · control person · listed since Oct 2012
Mar 30, 2016 filing
  • ChangedASHLAND, BROOKE, CUTLER · ownership 50–75% → 5–10%
  • ChangedPATTEN, ERICH, MARK · ownership 10–25% → 25–50%
  • ChangedPATTEN, MATTHEW, CUTLER · ownership 10–25% → 25–50%
  • ChangedURPI, XAVIER, JOSE · now a control person
Jul 30, 2014 filing
  • No longer listedBEGGS, WILLIAM, CHARLES · SENIOR ANALYST, MEMBER · Less than 5% · listed since Nov 2012
Mar 20, 2014 filing
  • ChangedASHLAND, BROOKE, CUTLER · title CHIEF EXECUTIVE OFFICER, CHIEF COMPLIANCE OFFICER, MEMBER → CHAIRMAN, CHIEF COMPLIANCE OFFICER, MEMBER
  • ChangedPATTEN, ERICH, MARK · title PORTFOLIO MANAGER, MEMBER → PRESIDENT, MEMBER
  • ChangedPATTEN, MATTHEW, CUTLER · title PRESIDENT, MEMBER → CHIEF EXECUTIVE OFFICER, MEMBER
Mar 15, 2013 filing
  • ChangedBEGGS, WILLIAM, CHARLES · no longer a control person
  • ChangedURPI, XAVIER, JOSE · no longer a control person
Older changes (3 more filings)
Dec 3, 2012 filing
  • ChangedASHLAND, BROOKE, CUTLER · title CEO, CHIEF COMPLIANCE OFFICER → CHIEF EXECUTIVE OFFICER, CHIEF COMPLIANCE OFFICER, MEMBER
  • ChangedBEGGS, WILLIAM, CHARLES · title SENIOR ANALYST → SENIOR ANALYST, MEMBER
  • ChangedFISCHER, CAROL, SUE · title DIRECTOR OF CLIENT RELATIONS → DIRECTOR OF CLIENT RELATIONS, MEMBER
  • ChangedPATTEN, ERICH, MARK · title PORTFOLIO MANAGER → PORTFOLIO MANAGER, MEMBER
  • ChangedPATTEN, MATTHEW, CUTLER · title PRESIDENT → PRESIDENT, MEMBER
  • ChangedURPI, XAVIER, JOSE · title DIRECTOR OF FIXED INCOME → DIRECTOR OF FIXED INCOME, MEMBER
Nov 12, 2012 filing
  • AddedBEGGS, WILLIAM, CHARLES · SENIOR ANALYST · Less than 5% · control person
  • AddedURPI, XAVIER, JOSE · DIRECTOR OF FIXED INCOME · 5–10% · control person
Feb 2, 2012 filing (earliest on record)
  • ListedASHLAND, BROOKE, CUTLER · CEO, CHIEF COMPLIANCE OFFICER · 50–75% · control person
  • ListedFISCHER, CAROL, SUE · DIRECTOR OF CLIENT RELATIONS · 5–10% · control person
  • ListedPATTEN, ERICH, MARK · PORTFOLIO MANAGER · 10–25% · control person
  • ListedPATTEN, MATTHEW, CUTLER · PRESIDENT · 10–25% · control person

Quarter-over-quarter changes

Changes in reported position value vs the prior 13F, so price moves count too, not just shares bought or sold.

Top Adds (vs prior quarter)

Show all 87 →

Top Trims

Show all 23 →

New Positions

Show all 14 →

Exited Positions

Show all 3 →

CUTLER INVESTMENT COUNSEL LLC Holdings (2026-06-30)

Rows tagged Call or Put are options positions, not stock. Per SEC Form 13F-HR, Value shows the notional value of the underlying (shares covered × underlying price), not the option premium. Shares is the number of underlying shares covered (divide by 100 for contract count).

# Issuer Symbol CUSIP Value Weight Shares Type
1 VANGUARD INDEX FDS VO 922908629 $52.7M 4.96% 654,530 SH
2 ISHARES TR IEFA 46432F842 $48.1M 4.52% 497,532 SH
3 ISHARES TR IGSB 464288646 $46.2M 4.35% 881,726 SH
4 SPDR INDEX SHS FDS SPEM 78463X509 $41.9M 3.94% 808,417 SH
5 J P MORGAN EXCHANGE TRADED F JIRE 46641Q134 $39.6M 3.73% 480,390 SH
6 ISHARES TR IUSG 464287671 $35.6M 3.35% 189,385 SH
7 CATERPILLAR INC CAT 149123101 $32.9M 3.10% 30,925 SH
8 ISHARES TR IJR 464287804 $30.9M 2.91% 208,300 SH
9 VANGUARD INDEX FDS VUG 922908736 $30.6M 2.88% 355,675 SH
10 SPDR SERIES TRUST SPAB 78464A649 $29.6M 2.79% 1,160,764 SH
11 ISHARES TR GOVT 46429B267 $26.2M 2.47% 1,149,762 SH
12 MICROSOFT CORP MSFT 594918104 $25.1M 2.36% 67,261 SH
13 WALMART INC WMT 931142103 $24.6M 2.31% 217,092 SH
14 RTX CORPORATION RTX 75513E101 $21.9M 2.06% 115,223 SH
15 DEERE & CO DE 244199105 $20.5M 1.93% 32,312 SH
16 SCHWAB CHARLES CORP SCHW 808513105 $17.2M 1.62% 186,829 SH
17 BLACKROCK INC BLK 09290D101 $16.9M 1.59% 17,531 SH
18 TEXAS INSTRS INC TXN 882508104 $16.9M 1.59% 56,533 SH
19 REPUBLIC SVCS INC RSG 760759100 $16.5M 1.55% 77,512 SH
20 EXXON MOBIL CORP XOM 30231G102 $16.3M 1.54% 119,449 SH
21 NEXTERA ENERGY INC NEE 65339F101 $16.3M 1.53% 185,395 SH
22 HOME DEPOT INC HD 437076102 $16.2M 1.53% 46,023 SH
23 CVS HEALTH CORP CVS 126650100 $15.5M 1.46% 149,901 SH
24 JPMORGAN CHASE & CO JPM 46625H100 $14.9M 1.41% 45,620 SH
25 SPDR SERIES TRUST SPYM 78464A854 $13.8M 1.30% 157,363 SH
26 MCDONALDS CORP MCD 580135101 $13.6M 1.28% 50,409 SH
27 INVESCO EXCHANGE TRADED FD T RPG 46137V266 $13.1M 1.23% 204,690 SH
28 JOHNSON & JOHNSON JNJ 478160104 $12.7M 1.20% 50,046 SH
29 INTERNATIONAL BUSINESS MACHS IBM 459200101 $11.9M 1.12% 42,402 SH
30 MERCK & CO INC MRK 58933Y105 $11.4M 1.07% 87,765 SH
31 CHEVRON CORPORATION CVX 166764100 $10.9M 1.03% 66,008 SH
32 PNC FINL SVCS GROUP INC PNC 693475105 $10.8M 1.02% 44,011 SH
33 ISHARES TR IVV 464287200 $10.7M 1.00% 14,234 SH
34 CARRIER GLOBAL CORPORATION CARR 14448C104 $10.7M 1.00% 145,301 SH
35 VERIZON COMMUNICATIONS INC VZ 92343V104 $9.9M 0.93% 233,690 SH
36 VANGUARD INTL EQUITY INDEX F VSS 922042718 $9.9M 0.93% 63,978 SH
37 KROGER CO KR 501044101 $9.7M 0.91% 174,825 SH
38 ISHARES TR REET 46434V647 $9.5M 0.89% 344,085 SH
39 M & T BK CORP MTB 55261F104 $9.2M 0.87% 38,742 SH
40 MEDTRONIC PLC MDT G5960L103 $9.0M 0.85% 114,555 SH
41 CISCO SYS INC CSCO 17275R102 $9.0M 0.85% 76,816 SH
42 VANECK ETF TRUST EMLC 92189H300 $8.7M 0.82% 341,363 SH
43 PROCTER & GAMBLE CO PG 742718109 $8.7M 0.82% 59,169 SH
44 SCHWAB STRATEGIC TR SCHA 808524607 $7.9M 0.74% 218,995 SH
45 VANGUARD BD INDEX FDS BIV 921937819 $7.9M 0.74% 102,792 SH
46 QNITY ELECTRONICS INC Q 74743L100 $7.8M 0.74% 47,876 SH
47 PEPSICO INC PEP 713448108 $7.7M 0.72% 56,765 SH
48 VANGUARD TAX-MANAGED FDS VEA 921943858 $7.7M 0.72% 107,554 SH
49 VANGUARD INDEX FDS VTV 922908744 $7.6M 0.71% 34,757 SH
50 ISHARES TR EFAV 46429B689 $7.0M 0.66% 80,264 SH
Filing History
Period Filed AUM Holdings Accession
2026-06-30 2026-07-14 $1.06B 157 0002085853-26-000715
2026-03-31 2026-05-07 $971.1M 146 0002085853-26-000576
2025-12-31 2026-02-12 $961.3M 144 0002085853-26-000254
Filer Information
Address
525 BIGHAM KNOLL
JACKSONVILLE, OR 97530
Phone
(541) 770-9000
Filing Manager
CUTLER INVESTMENT COUNSEL LLC
Jacksonville, OR
Signatory
Brook Anderson
CCO