CIC

Cutler Investment Counsel Portfolio holdings

AUM $832M

This Quarter Return

+1.55%

1 Year Return

+6.92%

3 Year Return

+19.53%

5 Year Return

+91.43%

10 Year Return

+134%

AUM

$832M

AUM Growth

+$28.5M (+4%)

Cap. Flow

+$23.6M

Cap. Flow % of AUM

2.84%

Top 10 Holdings %Top 10 Hldgs %

34.86%

Holding

136

New

Increased

Reduced

Closed

Top Buys

1	JPMorgan International Research Enhanced Equity ETF JIRE	$8.44M
2	iShares Core MSCI EAFE ETF IEFA	$4.56M
3	iShares Core S&P Small-Cap ETF IJR	$3.64M
4	SPDR Portfolio Aggregate Bond ETF SPAB	$3.45M
5	Vanguard Mid-Cap ETF VO	$3.35M

Top Sells

1	iShares MSCI EAFE Min Vol Factor ETF EFAV	$3.53M
2	Invesco FTSE RAFI Developed Markets ex-US Small-Mid ETF PDN	$2.03M
3	Invesco S&P 500 Pure Growth ETF RPG	$1.43M
4	Walmart WMT	$1.24M
5	Home Depot HD	$1.15M

Sector Composition

1	Industrials	10.05%
2	Financials	8.58%
3	Consumer Staples	6.91%
4	Technology	6.59%
5	Healthcare	6.35%

#	Name	Market Value	Portfolio Weight	Shares or Principal	Shares Change %	Capital Flow
26	26 Medtronic MDT $119B	$11M	1.32%	121,113 -1,229	-1%	-$111K
27	27 Procter & Gamble PG $371B	$10.8M	1.3%	63,427 -1,242	-2%	-$212K
28	28 Texas Instruments TXN $168B	$10.7M	1.29%	59,746 -1,993	-3%	-$358K
29	29 Chevron CVX $315B	$10.7M	1.29%	63,990 -2,385	-4%	-$399K
30	30 Becton Dickinson BDX $53.1B	$10.1M	1.21%	44,051 -1,230	-3%	-$282K
31	31 NextEra Energy, Inc. NEE $148B	$9.87M	1.19%	139,221 -4,663	-3%	-$331K
32	32 Invesco S&P 500 Pure Growth ETF RPG $1.76B	$9.85M	1.18%	257,599 -37,483	-13%	-$1.43M
33	33 Carrier Global CARR $68.9B	$9.75M	1.17%	153,820 -4,317	-3%	-$274K
34	34 CVS Health CVS $76.8B	$8.93M	1.07%	131,744 +3,909	+3%	+$265K
35	35 PepsiCo PEP $196B	$8.82M	1.06%	58,852 -1,711	-3%	-$257K
36	36 Johnson & Johnson JNJ $405B	$8.6M	1.03%	51,879 -1,121	-2%	-$186K
37	37 Merck MRK $213B	$8.45M	1.02%	93,310 -3,765	-4%	-$341K
38	38 PNC Financial Services PNC $77.2B	$8.2M	0.99%	46,670 -1,736	-4%	-$305K
39	39 iShares MSCI EAFE Min Vol Factor ETF EFAV $5.45B	$7.83M	0.94%	100,534 -45,295	-31%	-$3.53M
40	40 VanEck JP Morgan EM Local Currency Bond ETF EMLC $3.55B	$7.72M	0.93%	323,409 +14,691	+5%	+$351K
41	41 DuPont de Nemours DD $31.7B	$7.68M	0.92%	102,847 -2,031	-2%	-$152K
42	42 M&T Bank MTB $30.3B	$7.27M	0.87%	40,694 -1,721	-4%	-$308K
43	43 Vanguard Intermediate-Term Bond ETF BIV $23.2B	$6.83M	0.82%	89,238 +5,694	+7%	+$436K
44	44 iShares Core S&P 500 ETF IVV $645B	$6.68M	0.8%	11,890 +511	+4%	+$287K
45	45 SPDR Portfolio S&P 500 ETF SPLG $78.3B	$6.49M	0.78%	98,689 +25,596	+35%	+$1.68M
46	46 Nike NKE $113B	$6.2M	0.74%	97,027 +1,288	+1%	+$82.3K
47	47 iShares Global REIT ETF REET $3.96B	$6.01M	0.72%	247,808 +61,416	+33%	+$1.49M
48	48 S&P Global SPGI $164B	$5.98M	0.72%	11,776 +3,280	+39%	+$1.67M
49	49 Vanguard FTSE All-World ex-US Small-Cap Index Fund VSS $9.5B	$5.89M	0.71%	50,995 +15,422	+43%	+$1.78M
50	50 Vanguard Value ETF VTV $142B	$5.73M	0.69%	33,193 -1,889	-5%	-$326K