Cutler Investment Counsel LLC reported several first-quarter moves across its portfolio, including a 1.8% reduction in its stake in SPDR Portfolio Emerging Markets ETF (SPEM) to 801,642 shares, valued around $37.6 million. The firm also established a new position in Waters Corporation (WAT) by purchasing 2,073 shares, worth approximately $617,000. In addition, Cutler boosted its exposure to the Vanguard Total International Bond ETF (BNDX) by 42.6%, totaling 40,096 shares valued at about $1.93 million. Conversely, Cutler reduced its holdings in the Invesco S&P 500 Pure Growth ETF (RPG) by 5.9%, leaving 205,947 shares valued at roughly $9.63 million. The filings show Cutler’s activity aligned with broader moves by other hedge funds and institutional investors in these securities during the quarter. These reported changes reflect Cutler’s ongoing strategy of adjusting positions across a mix of growth, international fixed income, and broad equity-tilt ETFs.