Goelzer Investment Management, Inc.

In its 13F for Q2 2024 (holdings as of June 30, 2024, filed August 9, 2024), Goelzer Investment Management, Inc. reported 226 stock positions worth $1.8 billion. Its top holding was Eli Lilly (LLY) at 28.8% of the portfolio, followed by iShares Core S&P 500 ETF (IVV, 7.3%) and iShares Core S&P Midcap ETF (IJH, 3.7%). Compared with Q1 2024, it opened 3 new positions, sold out of 16, added to 36 and reduced 149. The biggest buy was iShares Core S&P 500 ETF (IVV, shares +16%) and the biggest sale iShares Core S&P Small-Cap E (IJR, shares −54%).

Most Recent 13F
Q2 2026
Location
CARMEL, IN
CIK
0001550057
Portfolio Value
$1.8B (Q2 2024)
SEC Filing
0001085146-24-003625 ↗ filed Aug 9, 2024

Holdings Value

0$500.0M$1.0B$1.5B$2.0B$2.5B Q1 2024: $1.8B Q1 2024 Q2 2024: $1.8B $1.8B Q2 2024 Q3 2024: $1.8B Q3 2024 Q4 2024: $1.7B Q4 2024 Q1 2025: $1.7B Q1 2025 Q2 2025: $1.8B Q2 2025 Q3 2025: $1.9B Q3 2025 Q4 2025: $2.2B Q4 2025 Q1 2026: $2.1B Q1 2026 Q2 2026: $2.3B Q2 2026

Holdings 226 stocks · $1.8B
LLY Eli Lilly & Co. 28.79% 568,329 $514.6M Reduce -2.6%
IVV iShares Core S&P 500 ETF 7.26% 237,099 $129.7M Add +16.5%
IJH iShares Core S&P Midcap ETF 3.72% 1,137,122 $66.5M Add +0.1%
SLYV SS SPDR S&P 600 SC Val ETF 3.67% 838,743 $65.7M Add +3.2%
MSFT Microsoft Corp. 2.27% 90,786 $40.6M Reduce -0.9%
SCHF Schwab Intl Equity ETF 2.13% 991,662 $38.1M Reduce -4.2%
AAPL Apple Inc. 1.84% 156,562 $33.0M Reduce -1.4%
IJR iShares Core S&P Small-Cap E 1.67% 280,319 $29.9M Reduce -54.1%
QCOM Qualcomm Inc. 1.22% 109,619 $21.8M Reduce -1.5%
XOM Exxon Mobil Corp. 1.10% 171,372 $19.7M Add +6.3%
ETN Eaton Corp. PLC 1.04% 59,183 $18.6M Reduce -3.2%
GOOG Alphabet Inc. Class C 0.98% 95,214 $17.5M Add +7.1%
MRK Merck & Co. Inc. 0.94% 135,359 $16.8M Reduce -1.3%
TLH iShares 10-20 Year Treasury 0.93% 161,376 $16.6M Add +2.9%
LMT Lockheed Martin Corp. 0.77% 29,525 $13.8M Reduce -1.1%
IGSB iShares 1-5Y Inv Grade Corp. 0.76% 264,428 $13.5M Add +6.2%
PEP Pepsico Inc. 0.75% 81,645 $13.5M Add +0.4%
MBB iShares MBS ETF 0.75% 145,249 $13.3M Reduce -5.4%
CVX Chevron Corp. 0.75% 85,143 $13.3M Reduce -2.8%
NVDA Nvidia Corp. 0.69% 100,078 $12.4M Add +39.1%
MUNI PIMCO Intermediate Municipal 0.68% 234,261 $12.2M Reduce -6.1%
OHI Omega Healthcare Investors 0.68% 355,879 $12.2M Reduce -3.2%
AVGO Broadcom Inc. 0.63% 7,022 $11.3M Reduce -18.6%
JPM JPMorgan Chase & Co. 0.60% 52,590 $10.6M Reduce -1.8%
ADI Analog Devices Inc. 0.59% 46,386 $10.6M Reduce -7.0%
IWD iShares Russell 1000 Value E 0.56% 57,240 $10.0M Reduce -9.6%
USB US Bancorp 0.56% 250,229 $9.9M Reduce -0.7%
PFG Principal Financial Group 0.55% 125,751 $9.9M Reduce -1.0%
GNTX Gentex Corp. 0.54% 284,371 $9.6M Reduce -1.8%
APD Air Products & Chemicals Inc. 0.53% 36,496 $9.4M Reduce -1.8%
TEL Te Connectivity Ltd. 0.52% 61,854 $9.3M Reduce -1.7%
COST Costco Wholesale Corp. 0.52% 10,874 $9.2M Reduce -0.5%
NI Nisource Inc. 0.52% 320,448 $9.2M Reduce -0.5%
AMZN Amazon.com Inc. 0.51% 47,614 $9.2M Reduce -1.5%
ABBV Abbvie Inc. 0.51% 52,973 $9.1M Reduce -1.7%
BRK.B Berkshire Hathaway Inc. Class B 0.50% 21,876 $8.9M Reduce -3.6%
IVW iShares S&P 500 Growth ETF 0.50% 95,979 $8.9M Reduce -1.6%
JNJ Johnson & Johnson 0.49% 59,592 $8.7M Reduce -0.9%
WMT Walmart Inc. 0.46% 122,568 $8.3M Reduce -1.1%
UNH Unitedhealth Group Inc. 0.46% 16,171 $8.2M Reduce -11.7%
SPY SS SPDR S&P 500 ETF Trust-US 0.46% 14,973 $8.1M Reduce -45.5%
CSCO Cisco Systems Inc. 0.46% 171,274 $8.1M Reduce -2.3%
TRV The Travelers Cos Inc. 0.45% 39,832 $8.1M Reduce -0.9%
PANW Palo Alto Networks Inc. 0.45% 23,744 $8.0M Reduce -0.2%
ENB Enbridge Inc. 0.44% 219,340 $7.8M Reduce -2.1%
VZ Verizon Communications Inc. 0.43% 188,265 $7.8M Reduce -1.6%
PRU Prudential Financial Inc. 0.43% 66,183 $7.8M Reduce -5.0%
CFG Citizens Financial Group 0.42% 209,707 $7.6M Reduce -1.5%
PG The Procter & Gamble Co. 0.41% 44,049 $7.3M Reduce -1.7%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.40% 181,577 $7.2M Reduce -1.7%
WSM Williams-Sonoma Inc. 0.40% 25,121 $7.1M Reduce -1.1%
AEP American Electric Power 0.39% 80,247 $7.0M Reduce -1.0%
V Visa Inc. Class A 0.39% 26,352 $6.9M Reduce -1.3%
MCK McKesson Corp. 0.38% 11,646 $6.8M Reduce -0.6%
IJK iShares S&P Mid-Cap 400 Grow 0.38% 76,741 $6.8M Reduce -3.2%
ADBE Adobe Inc. 0.38% 12,155 $6.8M Reduce -0.7%
TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC 0.36% 56,576 $6.5M Reduce -1.7%
IPG Interpublic Group of Cos Inc. 0.36% 219,923 $6.4M Reduce -1.1%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.36% 36,957 $6.4M Reduce -2.5%
MDY State Street SPDR S&P Midcap 0.36% 11,936 $6.4M Reduce -4.2%
IWF iShares Russell 1000 Growth 0.35% 17,375 $6.3M Reduce -13.9%
SJM The JM Smucker Co. filed as SMUCKER J M CO 0.35% 56,756 $6.2M Reduce -1.9%
SYY Sysco Corp. 0.34% 85,737 $6.1M Reduce -1.3%
ACWX iShares MSCI Acwi Ex US ETF 0.34% 114,165 $6.1M Reduce -2.5%
TGT Target Corp. 0.34% 40,541 $6.0M Reduce -3.1%
ETR Entergy Corp. 0.33% 55,770 $6.0M New
GATX Gatx Corp. 0.33% 44,781 $5.9M Reduce -30.5%
MDT Medtronic PLC 0.33% 74,185 $5.8M Reduce -0.9%
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.32% 52,456 $5.8M Reduce -2.0%
BMY Bristol-Myers Squibb Co. 0.31% 132,949 $5.5M Reduce -3.2%
CI The Cigna Group 0.31% 16,653 $5.5M Reduce -3.7%
PFE Pfizer Inc. 0.30% 193,926 $5.4M Reduce -2.9%
ANET Arista Networks Inc. 0.30% 15,289 $5.4M Reduce -0.9%
RIO Rio Tinto PLC-Spon ADR 0.30% 80,482 $5.3M Reduce -3.5%
LOW Lowe's Cos Inc. 0.30% 24,056 $5.3M Reduce -0.1%
INGR Ingredion Inc. 0.29% 45,766 $5.2M Reduce -1.7%
CAT Caterpillar Inc. 0.29% 15,397 $5.1M Reduce -0.0%
BKNG Booking Holdings Inc. 0.29% 1,293 $5.1M Reduce -0.6%
IGIB iShares 5-10Y Inv Grade Corp. 0.28% 97,254 $5.0M Add +5.3%
HON Honeywell International Inc. 0.28% 23,338 $5.0M Reduce -0.8%
SO The Southern Co. 0.27% 62,758 $4.9M Reduce -1.7%
SBUX Starbucks Corp. 0.27% 61,892 $4.8M Add +38.4%
CVS CVS Health Corp. 0.27% 80,968 $4.8M Reduce -5.8%
FCX Freeport-McMoran Inc. 0.27% 98,065 $4.8M Reduce -4.2%
AZN Astrazeneca PLC-Spons ADR 0.27% 60,942 $4.8M Reduce -2.2%
RTX RTX Corp. 0.26% 46,664 $4.7M Reduce -3.8%
BWA Borgwarner Inc. 0.25% 138,918 $4.5M Add +38.5%
KLAC KLA Corp. 0.25% 5,394 $4.4M Reduce -0.7%
HD Home Depot Inc. 0.25% 12,852 $4.4M Reduce -0.1%
META Meta Platforms Inc. Class A 0.25% 8,700 $4.4M Reduce -0.4%
IJJ iShares S&P Mid-Cap 400 Valu 0.24% 38,074 $4.3M Add +0.7%
IQV Iqvia Holdings Inc. 0.24% 20,352 $4.3M Reduce -1.0%
ZTS Zoetis Inc. 0.24% 24,548 $4.3M Reduce -0.8%
SWK Stanley Black & Decker Inc. 0.24% 52,746 $4.2M Reduce -1.4%
FITB Fifth Third Bancorp 0.23% 114,807 $4.2M Reduce -3.7%
SLB SLB Ltd. filed as SCHLUMBERGER LTD 0.23% 86,091 $4.1M Reduce -0.8%
CTVA Corteva Inc. 0.23% 75,051 $4.0M Reduce -1.2%
UNP Union Pacific Corp. 0.23% 17,845 $4.0M Reduce -2.0%
NXST Nexstar Media Group Inc. 0.22% 24,205 $4.0M Reduce -1.4%
APO Apollo Global Management Inc. 0.22% 33,152 $3.9M Add +57.5%

Show all 226 holdings

Portfolio Sells Q1 2024 → Q2 2024
IJR iShares Core S&P Small-Cap E Reduce -54.1% 1.67% −2.15
SPY SS SPDR S&P 500 ETF Trust-US Reduce -45.5% 0.46% −0.36
FIS Fidelity National Info Serv Sold out 0.00% −0.18
GATX Gatx Corp. Reduce -30.5% 0.33% −0.16
SCHF Schwab Intl Equity ETF Reduce -4.2% 2.13% −0.16
CVS CVS Health Corp. Reduce -5.8% 0.27% −0.12
BMY Bristol-Myers Squibb Co. Reduce -3.2% 0.31% −0.11
FSLR First Solar Inc. Reduce -81.5% 0.04% −0.11
TMO Thermo Fisher Scientific Inc. Reduce -79.0% 0.03% −0.10
PXD Pioneer Natural Resources Co. Sold out 0.00% −0.09
MRK Merck & Co. Inc. Reduce -1.3% 0.94% −0.09
TGT Target Corp. Reduce -3.1% 0.34% −0.08
IWD iShares Russell 1000 Value E Reduce -9.6% 0.56% −0.08
USB US Bancorp Reduce -0.7% 0.56% −0.08
ULTA Ulta Beauty Inc. Reduce -1.4% 0.20% −0.08
CTRA Coterra Energy Inc. Sold out 0.00% −0.08
TRV The Travelers Cos Inc. Reduce -0.9% 0.45% −0.07
PFG Principal Financial Group Reduce -1.0% 0.55% −0.07
SJM The JM Smucker Co. Reduce -1.9% 0.35% −0.07
SWK Stanley Black & Decker Inc. Reduce -1.4% 0.24% −0.06
BAX Baxter International Inc. Reduce -1.3% 0.19% −0.06
WSM Williams-Sonoma Inc. Reduce -1.1% 0.40% −0.06
MUNI PIMCO Intermediate Municipal Reduce -6.1% 0.68% −0.06
MBB iShares MBS ETF Reduce -5.4% 0.75% −0.06
SYY Sysco Corp. Reduce -1.3% 0.34% −0.06
GNTX Gentex Corp. Reduce -1.8% 0.54% −0.06
PII Polaris Inc. Reduce -2.5% 0.17% −0.06
DIS The Walt Disney Co. Reduce -3.2% 0.19% −0.05
IQV Iqvia Holdings Inc. Reduce -1.0% 0.24% −0.05
IPG Interpublic Group of Cos Inc. Reduce -1.1% 0.36% −0.05
UNH Unitedhealth Group Inc. Reduce -11.7% 0.46% −0.05
IBM Intl Business Machines Corp. Reduce -2.5% 0.36% −0.05
JNJ Johnson & Johnson Reduce -0.9% 0.49% −0.05
LOW Lowe's Cos Inc. Reduce -0.1% 0.30% −0.05
FELE Franklin Electric Co. Inc. Sold out 0.00% −0.05
CI The Cigna Group Reduce -3.7% 0.31% −0.05
ABBV Abbvie Inc. Reduce -1.7% 0.51% −0.05
VB Vanguard Most SM-Cap ETF-Usd Reduce -20.7% 0.13% −0.05
ETN Eaton Corp. PLC Reduce -3.2% 1.04% −0.04
MDT Medtronic PLC Reduce -0.9% 0.33% −0.04
BRK.B Berkshire Hathaway Inc. Class B Reduce -3.6% 0.50% −0.04
SLB SLB Ltd. Reduce -0.8% 0.23% −0.04
CSCO Cisco Systems Inc. Reduce -2.3% 0.46% −0.04
CVX Chevron Corp. Reduce -2.8% 0.75% −0.04
MDY State Street SPDR S&P Midcap Reduce -4.2% 0.36% −0.04
V Visa Inc. Class A Reduce -1.3% 0.39% −0.03
CAT Caterpillar Inc. Reduce -0.0% 0.29% −0.03
TROW T Rowe Price Group Inc. Reduce -1.7% 0.36% −0.03
HD Home Depot Inc. Reduce -0.1% 0.25% −0.03
IJK iShares S&P Mid-Cap 400 Grow Reduce -3.2% 0.38% −0.03

Portfolio Buys Q1 2024 → Q2 2024
IVV iShares Core S&P 500 ETF Add +16.5% 7.26% +1.20
ETR Entergy Corp. New 0.33% +0.33
NVDA Nvidia Corp. Add +39.1% 0.69% +0.32
JMST JPM Ultra-Short Muni Income New 0.22% +0.22
GOOG Alphabet Inc. Class C Add +7.1% 0.98% +0.21
SGOV iShares 0-3 Month Treasury B New 0.12% +0.12
APO Apollo Global Management Inc. Add +57.5% 0.22% +0.08
BWA Borgwarner Inc. Add +38.5% 0.25% +0.05
XOM Exxon Mobil Corp. Add +6.3% 1.10% +0.04
SBUX Starbucks Corp. Add +38.4% 0.27% +0.04
IGSB iShares 1-5Y Inv Grade Corp. Add +6.2% 0.76% +0.03
BSX Boston Scientific Corp. Add +1.5% 0.18% +0.02
TSLA Tesla Inc. Add +3.2% 0.13% +0.02
BND Vanguard Total Bond Market Add +36.1% 0.07% +0.02
NEE Nextera Energy Inc. Add +0.4% 0.18% +0.02
ISRG Intuitive Surgical Inc. Add +1.2% 0.16% +0.02
VONG Vanguard Russell 1000 Growth Add +5.2% 0.13% +0.01
GOOGL Alphabet Inc. Class A Add +2.4% 0.07% +0.01
IGIB iShares 5-10Y Inv Grade Corp. Add +5.3% 0.28% +0.01
VGT Vanguard Info Tech ETF Add +3.2% 0.05% +0.01
TSM Taiwan Semiconductor-SP ADR Add +3.9% 0.02% +0.00
AGZ iShares Agency Bond ETF Add +9.9% 0.06% +0.00
AMGN Amgen Inc. Add +3.3% 0.02% +0.00
CR Crane Co. Add +5.8% 0.02% +0.00
XLY SS Consumer Disc Select Sect Add +4.6% 0.02% +0.00
AMT American Tower Corp. Add +3.4% 0.04% +0.00
IEF iShares 7-10 Year Treasury B Add +2.2% 0.04% −0.00
IVE iShares S&P 500 Value ETF Add +0.5% 0.03% −0.00
LIN Linde PLC Add +1.4% 0.02% −0.00
BLK BlackRock Finance Inc. Add +1.9% 0.02% −0.00
TLT iShares 20+ Year Treasury BD Add +1.0% 0.08% −0.00
TLH iShares 10-20 Year Treasury Add +2.9% 0.93% −0.01
FAST Fastenal Co. Add +0.7% 0.03% −0.01
IJJ iShares S&P Mid-Cap 400 Valu Add +0.7% 0.24% −0.01
MA Mastercard Inc. Class A Add +2.0% 0.20% −0.02
ACN Accenture PLC Class A Add +0.3% 0.14% −0.02
PEP Pepsico Inc. Add +0.4% 0.75% −0.05
SLYV SS SPDR S&P 600 SC Val ETF Add +3.2% 3.67% −0.14
IJH iShares Core S&P Midcap ETF Add +0.1% 3.72% −0.18

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 314$2.3BLLY, IVV, IJH, SCHF, AVGO
Q1 2026 297$2.1BLLY, IVV, IJH, SLYV, SCHF
Q4 2025 271$2.2BLLY, IVV, SLYV, IJH, SCHF
Q3 2025 247$1.9BLLY, IVV, SLYV, IJH, SCHF
Q2 2025 244$1.8BLLY, IVV, IJH, SLYV, SCHF
Q1 2025Amended 237$1.7BLLY, IVV, IJH, SLYV, SCHF
Q4 2024 235$1.7BLLY, IVV, SLYV, IJH, AAPL
Q3 2024 225$1.8BLLY, IVV, SLYV, IJH, SCHF
Q2 2024 226$1.8BLLY, IVV, IJH, SLYV, MSFT
Q1 2024 239$1.8BLLY, IVV, IJH, IJR, SLYV