1y return+14.2%S&P 500 +20.9%
3y return+40.9%S&P 500 +68.5%
5y return+34.0%S&P 500 +74.5%
10y return+112.9%S&P 500 +256.5%
These returns are for its stock picks as disclosed on Form 13F: last quarter's holdings, valued at this quarter's prices. They miss trades within each quarter, short positions, options, bonds, cash and fees, so they aren't the returns its clients got.
$100 invested in its stock picks
Since June 30, 2016: $213 against $357 in the S&P 500.2
Cutler Investment Counsel LLCS&P 500 (SPY)
Top holdings
At the end of June 30, 2026. Change is in shares since the quarter before.2
| Stock | Value | Share of portfolio | Change |
|---|---|---|---|
| VOVanguard Index Fds | $52.7M | 5.0% | +1.5% |
| IEFAIshares Tr | $48.1M | 4.5% | +1.4% |
| IGSBIshares Tr | $46.2M | 4.4% | +3.4% |
| SPEMSpdr Index Shs Fds | $41.9M | 3.9% | |
| JIREJ P Morgan Exchange Traded F | $39.6M | 3.7% | +2.8% |
| IUSGIshares Tr | $35.6M | 3.4% | |
| CATCaterpillar Inc | $32.9M | 3.1% | −18.2% |
| IJRIshares Tr | $30.9M | 2.9% | +1.4% |
| VUGVanguard Index Fds | $30.6M | 2.9% | |
| SPABSpdr Series Trust | $29.6M | 2.8% | +3.7% |
| GOVTIshares Tr | $26.2M | 2.5% | +3.4% |
| MSFTMicrosoft Corp | $25.1M | 2.4% | |
| WMTWalmart Inc | $24.6M | 2.3% | |
| RTXRtx Corporation | $21.9M | 2.1% | |
| DEDeere & Co | $20.5M | 1.9% | |
| SCHWSchwab Charles Corp | $17.2M | 1.6% | |
| BLKBlackrock Inc | $16.9M | 1.6% | |
| TXNTexas Instrs Inc | $16.9M | 1.6% | |
| RSGRepublic Svcs Inc | $16.5M | 1.6% | |
| Exxon Mobil CorpCUSIP 30231G102 | $16.3M | 1.5% | |
| NEENextera Energy Inc | $16.3M | 1.5% | +38.0% |
| HDHome Depot Inc | $16.2M | 1.5% | |
| CVSCvs Health Corp | $15.5M | 1.5% | |
| JPMJpmorgan Chase & Co | $14.9M | 1.4% | |
| SPYMSpdr Series Trust | $13.8M | 1.3% | +7.9% |
Best picks still held
How each current holding has done since the quarter it first appeared in its filings (up to six years back).
| Stock | Held since | Return since | Now worth |
|---|---|---|---|
| CATCaterpillar Inc | June 30, 2020 | +741.8% | $32.9M |
| DEDeere & Co | June 30, 2020 | +303.7% | $20.5M |
| JPMJpmorgan Chase & Co | June 30, 2020 | +248.0% | $14.9M |
| CARRCarrier Global Corporation | June 30, 2020 | +230.1% | $10.7M |
| RTXRtx Corporation | June 30, 2020 | +207.9% | $21.9M |
| Exxon Mobil CorpCUSIP 30231G102 | June 30, 2020 | +205.7% | $16.3M |
| WMTWalmart Inc | June 30, 2020 | +183.7% | $24.6M |
| RSGRepublic Svcs Inc | June 30, 2020 | +159.7% | $16.5M |
| VUGVanguard Index Fds | June 30, 2020 | +155.7% | $30.6M |
| SCHWSchwab Charles Corp | September 30, 2020 | +154.7% | $17.2M |
Sold off last quarter
Quarter by quarter
| Quarter | Its picks | S&P 500 |
|---|---|---|
| June 30, 2026 | +7.0% | +14.8% |
| March 31, 2026 | +1.2% | −4.6% |
| December 31, 2025 | +0.6% | +2.4% |
| September 30, 2025 | +4.9% | +7.8% |
| June 30, 2025 | +6.5% | +10.5% |
| March 31, 2025 | +0.6% | −4.6% |
| December 31, 2024 | −3.0% | +2.1% |
| September 30, 2024 | +8.3% | +5.4% |
| June 30, 2024 | −1.3% | +4.0% |
| March 31, 2024 | +6.6% | +10.0% |
| December 31, 2023 | +8.2% | +11.2% |
| September 30, 2023 | −3.7% | −3.6% |
| June 30, 2023 | +2.7% | +8.3% |
| March 31, 2023 | +0.5% | +7.0% |
| December 31, 2022 | +10.4% | +7.1% |
| September 30, 2022 | −5.3% | −5.3% |
| June 30, 2022 | −12.3% | −16.5% |
| March 31, 2022 | −3.3% | −4.9% |
| December 31, 2021 | +5.2% | +10.7% |
| September 30, 2021 | −1.3% | +0.3% |
Sources
Every number on this page points here. Each one links to the public record.
- 1SEC EDGAR: Cutler Investment Counsel LLC Form 13F filingshttps://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1285973&type=13F-HR&dateb=&owner=include&count=40CIK 1285973
- 2SEC: 13F for the quarter ended June 30, 2026https://www.sec.gov/Archives/edgar/data/1285973/000208585326000715/Filed July 14, 2026 · accession 0002085853-26-000715