A cutting tool having an axis of rotation and comprising: a cutter body, having two cutter side surfaces and a cutter peripheral surface extending therebetween; a plurality of circumferentially spaced apart cutting portions located along the cutter peripheral surface, each cutting portion comprising an insert pocket for retaining a cutting insert, the insert pockets of two adjacent cutting portions being formed alternately on different cutter side surfaces; wherein at least one cutting portion comprises an axial position adjusting arrangement comprising a cam member; characterized in that: the least one cutting portion further comprises: a main recess formed on the other cutter side surface than the respective insert pocket, and having a recess arcuate surface and a recess bearing surface located across from the recess arcuate surface; wherein the cam member of the axial position adjustment arrangement has a cam arcuate surface and a cam bearing surface, located on different sides of a cam pivot axis, the cam member being located within the main recess with the cam arcuate surface adjacent the recess arcuate surface and the cam bearing surface adjacent the recess bearing surface; and wherein the at least one cutting portion is moveable between a neutral position and an adjusted position, and the axial position of the cutting insert is adjusted when the cam member rotates in a first direction about the cam pivot axis. a cutter body, having two cutter side surfaces and a cutter peripheral surface extending therebetween; a plurality of circumferentially spaced apart cutting portions located along the cutter peripheral surface, each cutting portion comprising an insert pocket for retaining a cutting insert, the insert pockets of two adjacent cutting portions being formed alternately on different cutter side surfaces; wherein at least one cutting portion comprises an axial position adjusting arrangement comprising a cam member; characterized in that: the least one cutting portion further comprises: a main recess formed on the other cutter side surface than the respective insert pocket, and having a recess arcuate surface and a recess bearing surface located across from the recess arcuate surface; wherein the cam member of the axial position adjustment arrangement has a cam arcuate surface and a cam bearing surface, located on different sides of a cam pivot axis, the cam member being located within the main recess with the cam arcuate surface adjacent the recess arcuate surface and the cam bearing surface adjacent the recess bearing surface; and wherein the at least one cutting portion is moveable between a neutral position and an adjusted position, and the axial position of the cutting insert is adjusted when the cam member rotates in a first direction about the cam pivot axis. the least one cutting portion further comprises: a main recess formed on the other cutter side surface than the respective insert pocket, and having a recess arcuate surface and a recess bearing surface located across from the recess arcuate surface; wherein the cam member of the axial position adjustment arrangement has a cam arcuate surface and a cam bearing surface, located on different sides of a cam pivot axis, the cam member being located within the main recess with the cam arcuate surface adjacent the recess arcuate surface and the cam bearing surface adjacent the recess bearing surface; and wherein the at least one cutting portion is moveable between a neutral position and an adjusted position, and the axial position of the cutting insert is adjusted when the cam member rotates in a first direction about the cam pivot axis. a main recess formed on the other cutter side surface than the respective insert pocket, and having a recess arcuate surface and a recess bearing surface located across from the recess arcuate surface; wherein the cam member of the axial position adjustment arrangement has a cam arcuate surface and a cam bearing surface, located on different sides of a cam pivot axis, the cam member being located within the main recess with the cam arcuate surface adjacent the recess arcuate surface and the cam bearing surface adjacent the recess bearing surface; and wherein the at least one cutting portion is moveable between a neutral position and an adjusted position, and the axial position of the cutting insert is adjusted when the cam member rotates in a first direction about the cam pivot axis.