Goelzer Investment Management, Inc.
In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 2, 2024), Goelzer Investment Management, Inc. reported 239 stock positions worth $1.8 billion. Its top holding was Eli Lilly (LLY) at 25.7% of the portfolio, followed by iShares Core S&P 500 ETF (IVV, 6.1%) and iShares Core S&P Midcap ETF (IJH, 3.9%). Compared with Q4 2023, it opened 13 new positions, sold out of 2, added to 54 and reduced 146. The biggest buy was iShares Core S&P Midcap ETF (IJH, shares +12%) and the biggest sale iShares S&P 500 Growth ETF (IVW, shares −38%).
- Most Recent 13F
- Q2 2026
- Location
- CARMEL, IN
- CIK
- 0001550057
- Portfolio Value
- $1.8B (Q1 2024)
- SEC Filing
- 0001085146-24-002165 ↗ filed May 2, 2024
Holdings Value
Holdings 239 stocks · $1.8B
| LLY Eli Lilly & Co. | 25.71% | 583,401 | $453.9M | Reduce -1.0% |
| IVV iShares Core S&P 500 ETF | 6.06% | 203,589 | $107.0M | Add +5.2% |
| IJH iShares Core S&P Midcap ETF | 3.91% | 1,135,932 | $69.0M | Add +11.8% |
| IJR iShares Core S&P Small-Cap E | 3.83% | 611,404 | $67.6M | Add +13.3% |
| SLYV SS SPDR S&P 600 SC Val ETF | 3.82% | 812,795 | $67.4M | Add +1.2% |
| SCHF Schwab Intl Equity ETF | 2.29% | 1,035,106 | $40.4M | Reduce -1.9% |
| MSFT Microsoft Corp. | 2.18% | 91,617 | $38.5M | Reduce -0.9% |
| AAPL Apple Inc. | 1.54% | 158,699 | $27.2M | Add +3.6% |
| ETN Eaton Corp. PLC | 1.08% | 61,129 | $19.1M | Reduce -20.6% |
| QCOM Qualcomm Inc. | 1.07% | 111,290 | $18.8M | Reduce -0.6% |
| XOM Exxon Mobil Corp. | 1.06% | 161,222 | $18.7M | Reduce -1.1% |
| MRK Merck & Co. Inc. | 1.03% | 137,195 | $18.1M | Reduce -3.1% |
| TLH iShares 10-20 Year Treasury | 0.93% | 156,910 | $16.5M | Add +32.5% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.81% | 27,495 | $14.4M | Reduce -3.3% |
| PEP Pepsico Inc. | 0.81% | 81,286 | $14.2M | Add +10.7% |
| MBB iShares MBS ETF | 0.80% | 153,511 | $14.2M | Add +29.4% |
| CVX Chevron Corp. | 0.78% | 87,613 | $13.8M | Reduce -2.5% |
| LMT Lockheed Martin Corp. | 0.77% | 29,844 | $13.6M | Add +0.6% |
| GOOG Alphabet Inc. Class C | 0.77% | 88,923 | $13.5M | Reduce -2.0% |
| MUNI PIMCO Intermediate Municipal | 0.74% | 249,549 | $13.1M | Reduce -13.2% |
| IGSB iShares 1-5Y Inv Grade Corp. | 0.72% | 248,963 | $12.8M | Add +3.2% |
| OHI Omega Healthcare Investors | 0.66% | 367,772 | $11.6M | Reduce -12.9% |
| AVGO Broadcom Inc. | 0.65% | 8,622 | $11.4M | Reduce -14.8% |
| IWD iShares Russell 1000 Value E | 0.64% | 63,300 | $11.3M | Reduce -0.6% |
| USB US Bancorp | 0.64% | 252,046 | $11.3M | Add +1.0% |
| PFG Principal Financial Group | 0.62% | 126,985 | $11.0M | Reduce 0.0% |
| JPM JPMorgan Chase & Co. | 0.61% | 53,526 | $10.7M | Add +4.3% |
| GNTX Gentex Corp. | 0.59% | 289,683 | $10.5M | Reduce -2.0% |
| ADI Analog Devices Inc. | 0.56% | 49,880 | $9.9M | Add +0.6% |
| ABBV Abbvie Inc. | 0.56% | 53,912 | $9.8M | Add +1.1% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.54% | 22,685 | $9.5M | Reduce -4.5% |
| JNJ Johnson & Johnson | 0.54% | 60,114 | $9.5M | Reduce -0.5% |
| TRV The Travelers Cos Inc. | 0.52% | 40,201 | $9.3M | Reduce -1.9% |
| TEL Te Connectivity Ltd. | 0.52% | 62,900 | $9.1M | Add +0.5% |
| UNH Unitedhealth Group Inc. | 0.51% | 18,318 | $9.1M | Add +8.4% |
| APD Air Products & Chemicals Inc. | 0.51% | 37,176 | $9.0M | Reduce -0.0% |
| NI Nisource Inc. | 0.50% | 322,084 | $8.9M | Add +0.8% |
| CSCO Cisco Systems Inc. | 0.50% | 175,271 | $8.7M | Reduce -1.5% |
| AMZN Amazon.com Inc. | 0.49% | 48,336 | $8.7M | Add +21.4% |
| GATX Gatx Corp. | 0.49% | 64,451 | $8.6M | Reduce -1.6% |
| IVW iShares S&P 500 Growth ETF | 0.47% | 97,580 | $8.2M | Reduce -38.0% |
| PRU Prudential Financial Inc. | 0.46% | 69,660 | $8.2M | Reduce -5.6% |
| ENB Enbridge Inc. | 0.46% | 224,099 | $8.1M | Reduce -1.9% |
| WSM Williams-Sonoma Inc. | 0.46% | 25,400 | $8.1M | Reduce -4.9% |
| VZ Verizon Communications Inc. | 0.45% | 191,303 | $8.0M | Add +0.2% |
| COST Costco Wholesale Corp. | 0.45% | 10,928 | $8.0M | Reduce -14.2% |
| CFG Citizens Financial Group | 0.44% | 212,917 | $7.7M | Reduce -1.2% |
| WMT Walmart Inc. | 0.42% | 123,895 | $7.5M | Reduce -1.0% |
| V Visa Inc. Class A | 0.42% | 26,686 | $7.4M | Reduce -3.6% |
| BMY Bristol-Myers Squibb Co. | 0.42% | 137,332 | $7.4M | Reduce -1.0% |
| TGT Target Corp. | 0.42% | 41,831 | $7.4M | Reduce -1.7% |
| SJM The JM Smucker Co. filed as SMUCKER J M CO | 0.41% | 57,881 | $7.3M | Reduce -1.6% |
| PG The Procter & Gamble Co. | 0.41% | 44,824 | $7.3M | Reduce -5.6% |
| IPG Interpublic Group of Cos Inc. | 0.41% | 222,408 | $7.3M | Reduce -1.1% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.41% | 37,886 | $7.2M | Reduce -1.8% |
| IJK iShares S&P Mid-Cap 400 Grow | 0.41% | 79,246 | $7.2M | Reduce -1.7% |
| SYY Sysco Corp. | 0.40% | 86,862 | $7.1M | Reduce -1.9% |
| TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC | 0.40% | 57,546 | $7.0M | Reduce -1.5% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.40% | 184,787 | $7.0M | Add +2.3% |
| AEP American Electric Power | 0.40% | 81,083 | $7.0M | Add +60.9% |
| MDY State Street SPDR S&P Midcap | 0.39% | 12,462 | $6.9M | Reduce -2.0% |
| CVS CVS Health Corp. | 0.39% | 85,971 | $6.9M | Reduce -5.0% |
| IWF iShares Russell 1000 Growth | 0.39% | 20,174 | $6.8M | Add +107.1% |
| PANW Palo Alto Networks Inc. | 0.38% | 23,787 | $6.8M | Reduce -9.1% |
| MDT Medtronic PLC | 0.37% | 74,832 | $6.5M | Add +0.2% |
| NVDA Nvidia Corp. | 0.37% | 7,194 | $6.5M | Add +41.5% |
| MCK McKesson Corp. | 0.36% | 11,716 | $6.3M | Reduce -5.0% |
| CI The Cigna Group | 0.36% | 17,298 | $6.3M | Reduce -3.8% |
| ACWX iShares MSCI Acwi Ex US ETF | 0.35% | 117,089 | $6.3M | Reduce -0.5% |
| ADBE Adobe Inc. | 0.35% | 12,242 | $6.2M | Reduce -1.5% |
| LOW Lowe's Cos Inc. | 0.35% | 24,068 | $6.1M | Reduce -2.5% |
| CAT Caterpillar Inc. | 0.32% | 15,402 | $5.6M | Reduce -1.3% |
| PFE Pfizer Inc. | 0.31% | 199,696 | $5.5M | Reduce -2.8% |
| INGR Ingredion Inc. | 0.31% | 46,554 | $5.4M | Reduce -1.3% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.31% | 53,541 | $5.4M | Reduce -5.5% |
| RIO Rio Tinto PLC-Spon ADR | 0.30% | 83,360 | $5.3M | Reduce -0.5% |
| SWK Stanley Black & Decker Inc. | 0.30% | 53,476 | $5.2M | Add +0.1% |
| IQV Iqvia Holdings Inc. | 0.29% | 20,549 | $5.2M | Reduce -3.4% |
| HD Home Depot Inc. | 0.28% | 12,867 | $4.9M | Reduce -1.8% |
| ULTA Ulta Beauty Inc. | 0.28% | 9,297 | $4.9M | Reduce -2.6% |
| HON Honeywell International Inc. | 0.27% | 23,539 | $4.8M | Reduce -3.2% |
| FCX Freeport-McMoran Inc. | 0.27% | 102,340 | $4.8M | Reduce -4.6% |
| IGIB iShares 5-10Y Inv Grade Corp. | 0.27% | 92,388 | $4.8M | Add +3.6% |
| SLB SLB Ltd. filed as SCHLUMBERGER LTD | 0.27% | 86,776 | $4.8M | Reduce -3.4% |
| RTX RTX Corp. | 0.27% | 48,481 | $4.7M | Reduce -9.4% |
| BKNG Booking Holdings Inc. | 0.27% | 1,301 | $4.7M | Add +0.7% |
| SO The Southern Co. | 0.26% | 63,863 | $4.6M | Reduce -0.8% |
| BAX Baxter International Inc. | 0.25% | 105,148 | $4.5M | Reduce -0.7% |
| UNP Union Pacific Corp. | 0.25% | 18,218 | $4.5M | Reduce -1.1% |
| ANET Arista Networks Inc. | 0.25% | 15,425 | $4.5M | Reduce -3.0% |
| IJJ iShares S&P Mid-Cap 400 Valu | 0.25% | 37,811 | $4.5M | Reduce -0.5% |
| FITB Fifth Third Bancorp | 0.25% | 119,249 | $4.4M | Reduce -4.3% |
| CTVA Corteva Inc. | 0.25% | 75,982 | $4.4M | Reduce -3.7% |
| META Meta Platforms Inc. Class A | 0.24% | 8,736 | $4.2M | Reduce -1.4% |
| NXST Nexstar Media Group Inc. | 0.24% | 24,561 | $4.2M | Reduce -1.6% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.24% | 34,501 | $4.2M | Reduce -6.0% |
| AZN Astrazeneca PLC-Spons ADR | 0.24% | 62,293 | $4.2M | Add +76.4% |
| ZTS Zoetis Inc. | 0.24% | 24,741 | $4.2M | Reduce -1.9% |
| SBUX Starbucks Corp. | 0.23% | 44,733 | $4.1M | New |
| PII Polaris Inc. | 0.23% | 39,792 | $4.0M | Reduce -45.3% |
Portfolio Sells Q4 2023 → Q1 2024
| IVW iShares S&P 500 Growth ETF | Reduce -38.0% | 0.47% | −0.29 |
| MUNI PIMCO Intermediate Municipal | Reduce -13.2% | 0.74% | −0.23 |
| SCHF Schwab Intl Equity ETF | Reduce -1.9% | 2.29% | −0.22 |
| PII Polaris Inc. | Reduce -45.3% | 0.23% | −0.22 |
| DLR Digital Realty Trust Inc. | Reduce -81.7% | 0.04% | −0.20 |
| OHI Omega Healthcare Investors | Reduce -12.9% | 0.66% | −0.17 |
| APD Air Products & Chemicals Inc. | Reduce -0.0% | 0.51% | −0.14 |
| ADBE Adobe Inc. | Reduce -1.5% | 0.35% | −0.13 |
| TMUS T-Mobile US Inc. | Reduce -38.8% | 0.14% | −0.12 |
| PANW Palo Alto Networks Inc. | Reduce -9.1% | 0.38% | −0.11 |
| ETN Eaton Corp. PLC | Reduce -20.6% | 1.08% | −0.11 |
| RIO Rio Tinto PLC-Spon ADR | Reduce -0.5% | 0.30% | −0.10 |
| COST Costco Wholesale Corp. | Reduce -14.2% | 0.45% | −0.09 |
| ZTS Zoetis Inc. | Reduce -1.9% | 0.24% | −0.08 |
| CSCO Cisco Systems Inc. | Reduce -1.5% | 0.50% | −0.08 |
| AVGO Broadcom Inc. | Reduce -14.8% | 0.65% | −0.08 |
| CVX Chevron Corp. | Reduce -2.5% | 0.78% | −0.08 |
| FVD First Trust Value Line DVD | Sold out | 0.00% | −0.07 |
| AON Aon PLC Class A | Reduce -72.7% | 0.03% | −0.07 |
| CVS CVS Health Corp. | Reduce -5.0% | 0.39% | −0.07 |
| JNJ Johnson & Johnson | Reduce -0.5% | 0.54% | −0.07 |
| ENB Enbridge Inc. | Reduce -1.9% | 0.46% | −0.07 |
| PFE Pfizer Inc. | Reduce -2.8% | 0.31% | −0.07 |
| SJM The JM Smucker Co. | Reduce -1.6% | 0.41% | −0.07 |
| IPG Interpublic Group of Cos Inc. | Reduce -1.1% | 0.41% | −0.06 |
| GOOG Alphabet Inc. Class C | Reduce -2.0% | 0.77% | −0.06 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -3.3% | 0.81% | −0.05 |
| HON Honeywell International Inc. | Reduce -3.2% | 0.27% | −0.05 |
| IEF iShares 7-10 Year Treasury B | Reduce -53.0% | 0.04% | −0.05 |
| MSFT Microsoft Corp. | Reduce -0.9% | 2.18% | −0.05 |
| CRWD CrowdStrike Holdings Inc. Class A | Reduce -31.1% | 0.15% | −0.05 |
| WBA Walgreens Boots Alliance Inc. | Sold out | 0.00% | −0.04 |
| V Visa Inc. Class A | Reduce -3.6% | 0.42% | −0.04 |
| BWA Borgwarner Inc. | Reduce -3.0% | 0.20% | −0.04 |
| SCHW Schwab (charles) Corp. | Reduce -10.1% | 0.19% | −0.04 |
| UNP Union Pacific Corp. | Reduce -1.1% | 0.25% | −0.04 |
| BMY Bristol-Myers Squibb Co. | Reduce -1.0% | 0.42% | −0.04 |
| PG The Procter & Gamble Co. | Reduce -5.6% | 0.41% | −0.04 |
| IWD iShares Russell 1000 Value E | Reduce -0.6% | 0.64% | −0.03 |
| TJX TJX Companies Inc. | Reduce -5.5% | 0.31% | −0.03 |
| ACWX iShares MSCI Acwi Ex US ETF | Reduce -0.5% | 0.35% | −0.03 |
| SLB SLB Ltd. | Reduce -3.4% | 0.27% | −0.03 |
| SO The Southern Co. | Reduce -0.8% | 0.26% | −0.03 |
| PRU Prudential Financial Inc. | Reduce -5.6% | 0.46% | −0.03 |
| GNTX Gentex Corp. | Reduce -2.0% | 0.59% | −0.03 |
| VB Vanguard Most SM-Cap ETF-Usd | Reduce -7.8% | 0.18% | −0.03 |
| ACN Accenture PLC Class A | Reduce -1.3% | 0.16% | −0.03 |
| ULTA Ulta Beauty Inc. | Reduce -2.6% | 0.28% | −0.03 |
| EQIX Equinix Inc. | Reduce -2.2% | 0.19% | −0.03 |
| IJJ iShares S&P Mid-Cap 400 Valu | Reduce -0.5% | 0.25% | −0.03 |
Portfolio Buys Q4 2023 → Q1 2024
| IJH iShares Core S&P Midcap ETF | Add +11.8% | 3.91% | +0.29 |
| SBUX Starbucks Corp. | New | 0.23% | +0.23 |
| NVDA Nvidia Corp. | Add +41.5% | 0.37% | +0.21 |
| IWF iShares Russell 1000 Growth | Add +107.1% | 0.39% | +0.20 |
| APO Apollo Global Management Inc. | New | 0.13% | +0.13 |
| AEP American Electric Power | Add +60.9% | 0.40% | +0.13 |
| IVV iShares Core S&P 500 ETF | Add +5.2% | 6.06% | +0.11 |
| TLH iShares 10-20 Year Treasury | Add +32.5% | 0.93% | +0.11 |
| AMZN Amazon.com Inc. | Add +21.4% | 0.49% | +0.10 |
| AZN Astrazeneca PLC-Spons ADR | Add +76.4% | 0.24% | +0.09 |
| MBB iShares MBS ETF | Add +29.4% | 0.80% | +0.09 |
| IJR iShares Core S&P Small-Cap E | Add +13.3% | 3.83% | +0.07 |
| TSLA Tesla Inc. | Add +173.7% | 0.12% | +0.05 |
| JPM JPMorgan Chase & Co. | Add +4.3% | 0.61% | +0.05 |
| ITOT iShares Core S&P Total U.S. | New | 0.03% | +0.03 |
| ABBV Abbvie Inc. | Add +1.1% | 0.56% | +0.02 |
| VYM Vanguard High DVD Yield ETF | New | 0.02% | +0.02 |
| VIG Vanguard Dividend Apprec ETF | New | 0.02% | +0.02 |
| CL Colgate-Palmolive Co. | New | 0.02% | +0.02 |
| DKS Dick's Sporting Goods Inc. | New | 0.02% | +0.02 |
| TSM Taiwan Semiconductor-SP ADR | New | 0.02% | +0.02 |
| MPC Marathon Petroleum Corp. | Add +47.5% | 0.04% | +0.02 |
| ADP Automatic Data Processing | Add +32.1% | 0.07% | +0.01 |
| SHM SS SPDR N Ice St Muni ETF | New | 0.01% | +0.01 |
| ORCL Oracle Corp. | Add +25.0% | 0.05% | +0.01 |
| CXT Crane NXT Co. | New | 0.01% | +0.01 |
| VUG Vanguard Mrngstar GR ETF-Sui | New | 0.01% | +0.01 |
| INTC Intel Corp. | New | 0.01% | +0.01 |
| WM Waste Management Inc. | Add +56.4% | 0.03% | +0.01 |
| PAYX Paychex Inc. | New | 0.01% | +0.01 |
| VGT Vanguard Info Tech ETF | Add +35.3% | 0.05% | +0.01 |
| BSX Boston Scientific Corp. | Add +1.7% | 0.16% | +0.01 |
| GSLC Goldman Activebeta US LC ETF | Add +26.8% | 0.05% | +0.01 |
| VLO Valero Energy Corp. | Add +1.2% | 0.05% | +0.01 |
| ISRG Intuitive Surgical Inc. | Add +1.3% | 0.14% | +0.01 |
| BAC Bank of America Corp. | Add +2.3% | 0.40% | +0.01 |
| PSX Phillips 66 | Add +23.4% | 0.02% | +0.01 |
| GSIE Goldman Sachs Activebeta Int | Add +35.4% | 0.02% | +0.01 |
| IEFA iShares Core MSCI Eafe ETF | Add +41.4% | 0.02% | +0.00 |
| QUAL iShares MSCI USA Quality Fac | Add +11.3% | 0.04% | +0.00 |
| PEP Pepsico Inc. | Add +10.7% | 0.81% | +0.00 |
| XLY SS Consumer Disc Select Sect | Add +28.6% | 0.02% | +0.00 |
| ELV Elevance Health Inc. | Add +8.8% | 0.02% | +0.00 |
| COP Conocophillips | Add +7.0% | 0.02% | +0.00 |
| MA Mastercard Inc. Class A | Add +1.0% | 0.22% | +0.00 |
| XLV SS Health Care Select Sector | Add +6.8% | 0.03% | +0.00 |
| ABT Abbott Laboratories | Add +11.2% | 0.05% | +0.00 |
| AMGN Amgen Inc. | Add +14.3% | 0.02% | −0.00 |
| VOO Vanguard S&P 500 ETF | Add +0.5% | 0.03% | −0.00 |
| KHC The Kraft Heinz Co. | Add +5.6% | 0.04% | −0.00 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 314 | $2.3B | LLY, IVV, IJH, SCHF, AVGO |
| Q1 2026 | 297 | $2.1B | LLY, IVV, IJH, SLYV, SCHF |
| Q4 2025 | 271 | $2.2B | LLY, IVV, SLYV, IJH, SCHF |
| Q3 2025 | 247 | $1.9B | LLY, IVV, SLYV, IJH, SCHF |
| Q2 2025 | 244 | $1.8B | LLY, IVV, IJH, SLYV, SCHF |
| Q1 2025Amended | 237 | $1.7B | LLY, IVV, IJH, SLYV, SCHF |
| Q4 2024 | 235 | $1.7B | LLY, IVV, SLYV, IJH, AAPL |
| Q3 2024 | 225 | $1.8B | LLY, IVV, SLYV, IJH, SCHF |
| Q2 2024 | 226 | $1.8B | LLY, IVV, IJH, SLYV, MSFT |
| Q1 2024 | 239 | $1.8B | LLY, IVV, IJH, IJR, SLYV |