Goelzer Investment Management, Inc.
In its 13F for Q3 2024 (holdings as of September 30, 2024, filed October 4, 2024), Goelzer Investment Management, Inc. reported 225 stock positions worth $1.8 billion. Its top holding was Eli Lilly (LLY) at 26.5% of the portfolio, followed by iShares Core S&P 500 ETF (IVV, 7.9%) and SS SPDR S&P 600 SC Val ETF (SLYV, 4.3%). Compared with Q2 2024, it opened 8 new positions, sold out of 9, added to 43 and reduced 142. The biggest buy was a new position in Janus Henderson Mortg Backed (JMBS) and the biggest sale Eli Lilly (LLY, shares −4%).
- Most Recent 13F
- Q2 2026
- Location
- CARMEL, IN
- CIK
- 0001550057
- Portfolio Value
- $1.8B (Q3 2024)
- SEC Filing
- 0001085146-24-004632 ↗ filed Oct 4, 2024
Holdings Value
Holdings 225 stocks · $1.8B
| LLY Eli Lilly & Co. | 26.55% | 546,870 | $484.5M | Reduce -3.8% |
| IVV iShares Core S&P 500 ETF | 7.90% | 250,051 | $144.2M | Add +5.5% |
| SLYV SS SPDR S&P 600 SC Val ETF | 4.33% | 910,990 | $79.1M | Add +8.6% |
| IJH iShares Core S&P Midcap ETF | 4.03% | 1,181,060 | $73.6M | Add +3.9% |
| SCHF Schwab Intl Equity ETF | 2.16% | 957,352 | $39.4M | Reduce -3.5% |
| MSFT Microsoft Corp. | 2.08% | 88,347 | $38.0M | Reduce -2.7% |
| AAPL Apple Inc. | 1.94% | 152,108 | $35.4M | Reduce -2.8% |
| IJR iShares Core S&P Small-Cap E | 1.24% | 192,726 | $22.5M | Reduce -31.3% |
| XOM Exxon Mobil Corp. | 1.08% | 168,605 | $19.8M | Reduce -1.6% |
| ETN Eaton Corp. PLC | 1.08% | 59,195 | $19.6M | Add +0.0% |
| QCOM Qualcomm Inc. | 1.03% | 110,118 | $18.7M | Add +0.5% |
| TLH iShares 10-20 Year Treasury | 0.98% | 163,214 | $17.8M | Add +1.1% |
| LMT Lockheed Martin Corp. | 0.94% | 29,256 | $17.1M | Reduce -0.9% |
| GOOG Alphabet Inc. Class C | 0.88% | 95,853 | $16.0M | Add +0.7% |
| MRK Merck & Co. Inc. | 0.83% | 134,005 | $15.2M | Reduce -1.0% |
| OHI Omega Healthcare Investors | 0.78% | 350,616 | $14.3M | Reduce -1.5% |
| JMBS Janus Henderson Mortg Backed | 0.77% | 302,852 | $14.1M | New |
| IGSB iShares 1-5Y Inv Grade Corp. | 0.77% | 266,229 | $14.0M | Add +0.7% |
| PEP Pepsico Inc. | 0.75% | 80,923 | $13.8M | Reduce -0.9% |
| NVDA Nvidia Corp. | 0.67% | 101,161 | $12.3M | Add +1.1% |
| MUNI PIMCO Intermediate Municipal | 0.67% | 230,633 | $12.2M | Reduce -1.6% |
| CVX Chevron Corp. | 0.67% | 82,749 | $12.2M | Reduce -2.8% |
| AVGO Broadcom Inc. | 0.66% | 70,261 | $12.1M | No change |
| USB US Bancorp | 0.61% | 244,136 | $11.2M | Reduce -2.4% |
| NI Nisource Inc. | 0.61% | 320,496 | $11.1M | Add +0.0% |
| JPM JPMorgan Chase & Co. | 0.61% | 52,466 | $11.1M | Reduce -0.2% |
| IWD iShares Russell 1000 Value E | 0.60% | 58,164 | $11.0M | Add +1.6% |
| APD Air Products & Chemicals Inc. | 0.59% | 36,236 | $10.8M | Reduce -0.7% |
| PFG Principal Financial Group | 0.59% | 124,665 | $10.7M | Reduce -0.9% |
| ADI Analog Devices Inc. | 0.57% | 45,224 | $10.4M | Reduce -2.5% |
| ABBV Abbvie Inc. | 0.57% | 52,647 | $10.4M | Reduce -0.6% |
| WMT Walmart Inc. | 0.53% | 120,223 | $9.7M | Reduce -1.9% |
| JNJ Johnson & Johnson | 0.52% | 58,407 | $9.5M | Reduce -2.0% |
| TRV The Travelers Cos Inc. | 0.51% | 39,600 | $9.3M | Reduce -0.6% |
| TEL Te Connectivity PLC | 0.51% | 61,357 | $9.3M | Reduce -0.8% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.51% | 20,101 | $9.3M | Reduce -8.1% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.50% | 231,057 | $9.2M | Add +27.3% |
| AMZN Amazon.com Inc. | 0.49% | 48,371 | $9.0M | Add +1.6% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.49% | 15,482 | $8.9M | Add +3.4% |
| ENB Enbridge Inc. | 0.48% | 216,807 | $8.8M | Reduce -1.1% |
| UNH Unitedhealth Group Inc. | 0.48% | 14,997 | $8.8M | Reduce -7.3% |
| COST Costco Wholesale Corp. | 0.48% | 9,823 | $8.7M | Reduce -9.7% |
| VZ Verizon Communications Inc. | 0.47% | 191,537 | $8.6M | Add +1.7% |
| CFG Citizens Financial Group | 0.46% | 206,300 | $8.5M | Reduce -1.6% |
| GNTX Gentex Corp. | 0.46% | 280,836 | $8.3M | Reduce -1.2% |
| AEP American Electric Power | 0.45% | 79,771 | $8.2M | Reduce -0.6% |
| PANW Palo Alto Networks Inc. | 0.45% | 23,923 | $8.2M | Add +0.8% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.44% | 36,569 | $8.1M | Reduce -1.1% |
| PRU Prudential Financial Inc. | 0.41% | 61,811 | $7.5M | Reduce -6.6% |
| PG The Procter & Gamble Co. | 0.41% | 43,099 | $7.5M | Reduce -2.2% |
| ETR Entergy Corp. | 0.40% | 55,297 | $7.3M | Reduce -0.8% |
| V Visa Inc. Class A | 0.40% | 26,285 | $7.2M | Reduce -0.3% |
| IPG Interpublic Group of Cos Inc. | 0.38% | 218,193 | $6.9M | Reduce -0.8% |
| CSCO Cisco Systems Inc. | 0.38% | 129,287 | $6.9M | Reduce -24.5% |
| IVW iShares S&P 500 Growth ETF | 0.37% | 71,343 | $6.8M | Reduce -25.7% |
| BMY Bristol-Myers Squibb Co. | 0.37% | 130,836 | $6.8M | Reduce -1.6% |
| SJM The JM Smucker Co. filed as SMUCKER J M CO | 0.37% | 55,885 | $6.8M | Reduce -1.5% |
| SYY Sysco Corp. | 0.36% | 85,118 | $6.6M | Reduce -0.7% |
| MDY State Street SPDR S&P Midcap | 0.36% | 11,653 | $6.6M | Reduce -2.4% |
| IJK iShares S&P Mid-Cap 400 Grow | 0.36% | 72,067 | $6.6M | Reduce -6.1% |
| LOW Lowe's Cos Inc. | 0.36% | 24,170 | $6.5M | Add +0.5% |
| MDT Medtronic PLC | 0.36% | 72,468 | $6.5M | Reduce -2.3% |
| ADBE Adobe Inc. | 0.34% | 12,113 | $6.3M | Reduce -0.3% |
| ACWX iShares MSCI Acwi Ex US ETF | 0.34% | 109,570 | $6.3M | Reduce -4.0% |
| INGR Ingredion Inc. | 0.34% | 45,577 | $6.3M | Reduce -0.4% |
| TGT Target Corp. | 0.34% | 40,057 | $6.2M | Reduce -1.2% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.33% | 51,875 | $6.1M | Reduce -1.1% |
| TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC | 0.33% | 55,865 | $6.1M | Reduce -1.3% |
| SBUX Starbucks Corp. | 0.33% | 61,515 | $6.0M | Reduce -0.6% |
| CAT Caterpillar Inc. | 0.33% | 15,244 | $6.0M | Reduce -1.0% |
| GATX Gatx Corp. | 0.32% | 44,582 | $5.9M | Reduce -0.4% |
| ANET Arista Networks Inc. | 0.32% | 15,198 | $5.8M | Reduce -0.6% |
| IWF iShares Russell 1000 Growth | 0.32% | 15,382 | $5.8M | Reduce -11.5% |
| SWK Stanley Black & Decker Inc. | 0.31% | 52,178 | $5.7M | Reduce -1.1% |
| UNP Union Pacific Corp. | 0.31% | 23,265 | $5.7M | Add +30.4% |
| CI The Cigna Group | 0.31% | 16,410 | $5.7M | Reduce -1.5% |
| RIO Rio Tinto PLC-Spon ADR | 0.31% | 79,289 | $5.6M | Reduce -1.5% |
| HD Home Depot Inc. | 0.31% | 13,913 | $5.6M | Add +8.3% |
| SO The Southern Co. | 0.31% | 62,298 | $5.6M | Reduce -0.7% |
| MCK McKesson Corp. | 0.31% | 11,359 | $5.6M | Reduce -2.5% |
| PFE Pfizer Inc. | 0.30% | 191,319 | $5.5M | Reduce -1.3% |
| RTX RTX Corp. | 0.30% | 45,439 | $5.5M | Reduce -2.6% |
| BKNG Booking Holdings Inc. | 0.30% | 1,299 | $5.5M | Add +0.5% |
| WSM Williams-Sonoma Inc. | 0.29% | 34,749 | $5.4M | Reduce -30.8% |
| IGIB iShares 5-10Y Inv Grade Corp. | 0.29% | 97,346 | $5.2M | Add +0.1% |
| META Meta Platforms Inc. Class A | 0.28% | 9,084 | $5.2M | Add +4.4% |
| JMST JPM Ultra-Short Muni Income filed as J P MORGAN EXCHANGE TRADED F | 0.27% | 95,255 | $4.9M | Add +25.6% |
| BWA Borgwarner Inc. | 0.26% | 132,412 | $4.8M | Reduce -4.7% |
| CVS CVS Health Corp. | 0.26% | 75,948 | $4.8M | Reduce -6.2% |
| HON Honeywell International Inc. | 0.26% | 23,077 | $4.8M | Reduce -1.1% |
| AZN Astrazeneca PLC-Spons ADR | 0.26% | 60,706 | $4.7M | Reduce -0.4% |
| IQV Iqvia Holdings Inc. | 0.26% | 19,952 | $4.7M | Reduce -2.0% |
| ZTS Zoetis Inc. | 0.26% | 23,939 | $4.7M | Reduce -2.5% |
| FITB Fifth Third Bancorp | 0.26% | 108,794 | $4.7M | Reduce -5.2% |
| FCX Freeport-McMoran Inc. | 0.25% | 92,052 | $4.6M | Reduce -6.1% |
| IJJ iShares S&P Mid-Cap 400 Valu | 0.23% | 34,693 | $4.3M | Reduce -8.9% |
| APO Apollo Global Management Inc. | 0.23% | 33,982 | $4.2M | Add +2.5% |
| CTVA Corteva Inc. | 0.23% | 71,991 | $4.2M | Reduce -4.1% |
| JCI Johnson Controls Internation | 0.23% | 53,786 | $4.2M | Reduce -4.8% |
| KLAC KLA Corp. | 0.23% | 5,363 | $4.2M | Reduce -0.6% |
Portfolio Sells Q2 2024 → Q3 2024
| LLY Eli Lilly & Co. | Reduce -3.8% | 26.55% | −2.24 |
| MBB iShares MBS ETF | Sold out | 0.00% | −0.75 |
| IJR iShares Core S&P Small-Cap E | Reduce -31.3% | 1.24% | −0.44 |
| MSFT Microsoft Corp. | Reduce -2.7% | 2.08% | −0.19 |
| CRWD CrowdStrike Holdings Inc. Class A | Reduce -80.0% | 0.03% | −0.15 |
| IVW iShares S&P 500 Growth ETF | Reduce -25.7% | 0.37% | −0.12 |
| SGOV iShares 0-3 Month Treasury B | Reduce -86.4% | 0.02% | −0.11 |
| MRK Merck & Co. Inc. | Reduce -1.0% | 0.83% | −0.10 |
| WSM Williams-Sonoma Inc. | Reduce -30.8% | 0.29% | −0.10 |
| GNTX Gentex Corp. | Reduce -1.2% | 0.46% | −0.08 |
| CSCO Cisco Systems Inc. | Reduce -24.5% | 0.38% | −0.08 |
| CVX Chevron Corp. | Reduce -2.8% | 0.67% | −0.08 |
| MCK McKesson Corp. | Reduce -2.5% | 0.31% | −0.07 |
| COST Costco Wholesale Corp. | Reduce -9.7% | 0.48% | −0.04 |
| IWF iShares Russell 1000 Growth | Reduce -11.5% | 0.32% | −0.04 |
| SCHW Schwab (charles) Corp. | Reduce -6.2% | 0.15% | −0.04 |
| SLB SLB Ltd. | Reduce -3.2% | 0.19% | −0.04 |
| ADBE Adobe Inc. | Reduce -0.3% | 0.34% | −0.03 |
| TROW T Rowe Price Group Inc. | Reduce -1.3% | 0.33% | −0.03 |
| IVE iShares S&P 500 Value ETF | Sold out | 0.00% | −0.03 |
| BLK BlackRock Finance Inc. | Sold out | 0.00% | −0.02 |
| PRU Prudential Financial Inc. | Reduce -6.6% | 0.41% | −0.02 |
| AIG American International Group | Reduce -14.8% | 0.11% | −0.02 |
| WFC Wells Fargo & Co. | Reduce -7.7% | 0.14% | −0.02 |
| BSX Boston Scientific Corp. | Reduce -17.8% | 0.16% | −0.02 |
| ADI Analog Devices Inc. | Reduce -2.5% | 0.57% | −0.02 |
| DIS The Walt Disney Co. | Reduce -6.7% | 0.16% | −0.02 |
| KLAC KLA Corp. | Reduce -0.6% | 0.23% | −0.02 |
| XOM Exxon Mobil Corp. | Reduce -1.6% | 1.08% | −0.02 |
| LKFN Lakeland Financial Corp. | Sold out | 0.00% | −0.02 |
| VLO Valero Energy Corp. | Reduce -28.0% | 0.03% | −0.02 |
| HON Honeywell International Inc. | Reduce -1.1% | 0.26% | −0.02 |
| ITW Illinois Tool Works | Sold out | 0.00% | −0.02 |
| NKE Nike Inc. Class B | Sold out | 0.00% | −0.02 |
| IJK iShares S&P Mid-Cap 400 Grow | Reduce -6.1% | 0.36% | −0.02 |
| FCX Freeport-McMoran Inc. | Reduce -6.1% | 0.25% | −0.01 |
| SHM SS SPDR N Ice St Muni ETF | Sold out | 0.00% | −0.01 |
| TEL Te Connectivity PLC | Reduce -0.8% | 0.51% | −0.01 |
| MUNI PIMCO Intermediate Municipal | Reduce -1.6% | 0.67% | −0.01 |
| LRCX Lam Research Corp. | Sold out | 0.00% | −0.01 |
| CXT Crane NXT Co. | Sold out | 0.00% | −0.01 |
| VONG Vanguard Russell 1000 Growth | Reduce -7.9% | 0.12% | −0.01 |
| GATX Gatx Corp. | Reduce -0.4% | 0.32% | −0.01 |
| NXST Nexstar Media Group Inc. | Reduce -1.2% | 0.22% | −0.01 |
| ULTA Ulta Beauty Inc. | Reduce -2.7% | 0.19% | −0.01 |
| EOG EOG Resources Inc. | Reduce -0.1% | 0.16% | −0.01 |
| ZBH Zimmer Biomet Holdings Inc. | Reduce -15.6% | 0.03% | −0.01 |
| AZN Astrazeneca PLC-Spons ADR | Reduce -0.4% | 0.26% | −0.01 |
| IJJ iShares S&P Mid-Cap 400 Valu | Reduce -8.9% | 0.23% | −0.01 |
| CVS CVS Health Corp. | Reduce -6.2% | 0.26% | −0.01 |
Portfolio Buys Q2 2024 → Q3 2024
| JMBS Janus Henderson Mortg Backed | New | 0.77% | +0.77 |
| SLYV SS SPDR S&P 600 SC Val ETF | Add +8.6% | 4.33% | +0.66 |
| IVV iShares Core S&P 500 ETF | Add +5.5% | 7.90% | +0.64 |
| IJH iShares Core S&P Midcap ETF | Add +3.9% | 4.03% | +0.31 |
| GLW Corning Inc. | New | 0.16% | +0.16 |
| BAC Bank of America Corp. | Add +27.3% | 0.50% | +0.10 |
| NI Nisource Inc. | Add +0.0% | 0.61% | +0.09 |
| UNP Union Pacific Corp. | Add +30.4% | 0.31% | +0.09 |
| VEEV Veeva Systems Inc. Class A | New | 0.08% | +0.08 |
| LOW Lowe's Cos Inc. | Add +0.5% | 0.36% | +0.06 |
| HD Home Depot Inc. | Add +8.3% | 0.31% | +0.06 |
| TLH iShares 10-20 Year Treasury | Add +1.1% | 0.98% | +0.05 |
| JMST JPM Ultra-Short Muni Income | Add +25.6% | 0.27% | +0.05 |
| IWD iShares Russell 1000 Value E | Add +1.6% | 0.60% | +0.05 |
| META Meta Platforms Inc. Class A | Add +4.4% | 0.28% | +0.04 |
| VZ Verizon Communications Inc. | Add +1.7% | 0.47% | +0.04 |
| ETN Eaton Corp. PLC | Add +0.0% | 1.08% | +0.04 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +3.4% | 0.49% | +0.03 |
| MA Mastercard Inc. Class A | Add +0.3% | 0.23% | +0.02 |
| ISRG Intuitive Surgical Inc. | Add +0.6% | 0.17% | +0.01 |
| APO Apollo Global Management Inc. | Add +2.5% | 0.23% | +0.01 |
| BKNG Booking Holdings Inc. | Add +0.5% | 0.30% | +0.01 |
| VTI VG Morningstar TS MKT ETF-US | Add +13.8% | 0.09% | +0.01 |
| VYM Vanguard High DVD Yield ETF | New | 0.01% | +0.01 |
| VONV Vanguard Russell 1000 Value | New | 0.01% | +0.01 |
| PAYX Paychex Inc. | New | 0.01% | +0.01 |
| MFC Manulife Financial Corp. | New | 0.01% | +0.01 |
| SDY SS SPDR S&P Dividend ETF | New | 0.01% | +0.01 |
| IGSB iShares 1-5Y Inv Grade Corp. | Add +0.7% | 0.77% | +0.01 |
| MCD McDonald's Corp. | Add +0.7% | 0.06% | +0.01 |
| IGIB iShares 5-10Y Inv Grade Corp. | Add +0.1% | 0.29% | +0.01 |
| TLT iShares 20+ Year Treasury BD | Add +0.9% | 0.08% | +0.00 |
| XLY SS Consumer Disc Select Sect | Add +6.2% | 0.03% | +0.00 |
| CB Chubb Ltd. | Add +4.5% | 0.02% | +0.00 |
| VOE Vngrd Mrngstr MD-Cap Val ETF | Add +0.7% | 0.02% | +0.00 |
| ECL Ecolab Inc. | Add +0.4% | 0.03% | +0.00 |
| VGT Vanguard Info Tech ETF | Add +3.5% | 0.05% | +0.00 |
| WM Waste Management Inc. | Add +9.9% | 0.03% | +0.00 |
| VOT Vngrd Mrngstr MC GRW ETF-Usd | Add +1.1% | 0.03% | +0.00 |
| IEF iShares 7-10 Year Treasury B | Add +0.3% | 0.04% | +0.00 |
| AMD Advanced Micro Devices | Add +3.0% | 0.02% | +0.00 |
| VRTX Vertex Pharmaceuticals Inc. | Add +0.8% | 0.05% | −0.00 |
| COP Conocophillips | Add +4.2% | 0.02% | −0.00 |
| PANW Palo Alto Networks Inc. | Add +0.8% | 0.45% | −0.00 |
| XLE SS Energy Select Sector | Add +0.0% | 0.05% | −0.00 |
| BA The Boeing Co. | Add +1.2% | 0.03% | −0.01 |
| GOOGL Alphabet Inc. Class A | Add +1.7% | 0.06% | −0.01 |
| NVDA Nvidia Corp. | Add +1.1% | 0.67% | −0.02 |
| AMZN Amazon.com Inc. | Add +1.6% | 0.49% | −0.02 |
| GOOG Alphabet Inc. Class C | Add +0.7% | 0.88% | −0.10 |
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 |