Goelzer Investment Management, Inc.
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed January 21, 2025), Goelzer Investment Management, Inc. reported 235 stock positions worth $1.7 billion. Its top holding was Eli Lilly (LLY) at 24.5% of the portfolio, followed by iShares Core S&P 500 ETF (IVV, 8.5%) and SS SPDR S&P 600 SC Val ETF (SLYV, 4.2%). Compared with Q3 2024, it opened 13 new positions, sold out of 3, added to 57 and reduced 134. The biggest buy was Apple (AAPL, shares +1%) and the biggest sale CVS Health (CVS, shares −86%).
- Most Recent 13F
- Q2 2026
- Location
- CARMEL, IN
- CIK
- 0001550057
- Portfolio Value
- $1.7B (Q4 2024)
- SEC Filing
- 0001085146-25-000355 ↗ filed Jan 21, 2025
Holdings Value
Holdings 235 stocks · $1.7B
| LLY Eli Lilly & Co. | 24.53% | 547,438 | $422.6M | Add +0.1% |
| IVV iShares Core S&P 500 ETF | 8.46% | 247,578 | $145.7M | Reduce -1.0% |
| SLYV SS SPDR S&P 600 SC Val ETF | 4.25% | 838,513 | $73.2M | Reduce -8.0% |
| IJH iShares Core S&P Midcap ETF | 4.10% | 1,133,441 | $70.6M | Reduce -4.0% |
| AAPL Apple Inc. | 2.23% | 153,462 | $38.4M | Add +0.9% |
| MSFT Microsoft Corp. | 2.15% | 87,911 | $37.1M | Reduce -0.5% |
| SCHF Schwab Intl Equity ETF | 2.05% | 1,906,668 | $35.3M | Reduce -0.4% |
| ETN Eaton Corp. PLC | 1.11% | 57,580 | $19.1M | Reduce -2.7% |
| IJR iShares Core S&P Small-Cap E | 1.10% | 164,899 | $19.0M | Reduce -14.4% |
| GOOG Alphabet Inc. Class C | 1.05% | 95,112 | $18.1M | Reduce -0.8% |
| XOM Exxon Mobil Corp. | 1.03% | 165,475 | $17.8M | Reduce -1.9% |
| QCOM Qualcomm Inc. | 0.96% | 107,601 | $16.5M | Reduce -2.3% |
| TLH iShares 10-20 Year Treasury | 0.88% | 151,809 | $15.1M | Reduce -7.0% |
| AVGO Broadcom Inc. | 0.84% | 62,594 | $14.5M | Reduce -10.9% |
| LMT Lockheed Martin Corp. | 0.82% | 28,926 | $14.1M | Reduce -1.1% |
| NVDA Nvidia Corp. | 0.79% | 101,516 | $13.6M | Add +0.3% |
| JMBS Janus Henderson Mortg Backed | 0.77% | 299,873 | $13.2M | Reduce -1.0% |
| OHI Omega Healthcare Investors | 0.76% | 344,504 | $13.0M | Reduce -1.7% |
| MRK Merck & Co. Inc. | 0.76% | 131,045 | $13.0M | Reduce -2.2% |
| JPM JPMorgan Chase & Co. | 0.73% | 52,185 | $12.5M | Reduce -0.5% |
| IGSB iShares 1-5Y Inv Grade Corp. | 0.72% | 239,034 | $12.4M | Reduce -10.2% |
| PEP Pepsico Inc. | 0.70% | 79,303 | $12.1M | Reduce -2.0% |
| CVX Chevron Corp. | 0.68% | 81,211 | $11.8M | Reduce -1.9% |
| NI Nisource Inc. | 0.68% | 317,899 | $11.7M | Reduce -0.8% |
| USB US Bancorp | 0.67% | 240,154 | $11.5M | Reduce -1.6% |
| MUNI PIMCO Intermediate Municipal | 0.65% | 216,752 | $11.2M | Reduce -6.0% |
| AMZN Amazon.com Inc. | 0.64% | 50,314 | $11.0M | Add +4.0% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.58% | 229,046 | $10.1M | Reduce -0.9% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.57% | 21,712 | $9.8M | Add +8.0% |
| IWD iShares Russell 1000 Value E | 0.57% | 52,952 | $9.8M | Reduce -9.0% |
| PFG Principal Financial Group | 0.55% | 121,946 | $9.4M | Reduce -2.2% |
| ADI Analog Devices Inc. | 0.54% | 43,984 | $9.3M | Reduce -2.7% |
| TRV The Travelers Cos Inc. | 0.54% | 38,709 | $9.3M | Reduce -2.3% |
| ABBV Abbvie Inc. | 0.53% | 51,612 | $9.2M | Reduce -2.0% |
| ENB Enbridge Inc. | 0.52% | 210,866 | $8.9M | Reduce -2.7% |
| PANW Palo Alto Networks Inc. | 0.52% | 49,089 | $8.9M | Add +2.6% |
| COST Costco Wholesale Corp. | 0.51% | 9,677 | $8.9M | Reduce -1.5% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.51% | 15,114 | $8.9M | Reduce -2.4% |
| CFG Citizens Financial Group | 0.51% | 201,177 | $8.8M | Reduce -2.5% |
| TEL Te Connectivity PLC | 0.50% | 60,593 | $8.7M | Reduce -1.3% |
| APD Air Products & Chemicals Inc. | 0.49% | 29,375 | $8.5M | Reduce -18.9% |
| UNH Unitedhealth Group Inc. | 0.49% | 16,532 | $8.4M | Add +10.2% |
| JNJ Johnson & Johnson | 0.48% | 57,360 | $8.3M | Reduce -1.8% |
| ETR Entergy Corp. | 0.48% | 108,858 | $8.3M | Reduce -1.6% |
| V Visa Inc. Class A | 0.47% | 25,575 | $8.1M | Reduce -2.7% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.46% | 35,895 | $7.9M | Reduce -1.8% |
| GNTX Gentex Corp. | 0.46% | 273,958 | $7.9M | Reduce -2.5% |
| WMT Walmart Inc. | 0.44% | 83,614 | $7.6M | Reduce -30.4% |
| VZ Verizon Communications Inc. | 0.44% | 188,380 | $7.5M | Reduce -1.6% |
| CSCO Cisco Systems Inc. | 0.43% | 126,632 | $7.5M | Reduce -2.0% |
| TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC | 0.42% | 64,503 | $7.3M | Add +15.5% |
| AEP American Electric Power | 0.42% | 78,187 | $7.2M | Reduce -2.0% |
| PRU Prudential Financial Inc. | 0.42% | 60,407 | $7.2M | Reduce -2.3% |
| BMY Bristol-Myers Squibb Co. | 0.41% | 126,307 | $7.1M | Reduce -3.5% |
| PG The Procter & Gamble Co. | 0.40% | 41,452 | $6.9M | Reduce -3.8% |
| GATX Gatx Corp. | 0.40% | 44,539 | $6.9M | Reduce -0.1% |
| IVW iShares S&P 500 Growth ETF | 0.39% | 65,977 | $6.7M | Reduce -7.5% |
| ADBE Adobe Inc. | 0.39% | 15,038 | $6.7M | Add +24.1% |
| MDY State Street SPDR S&P Midcap | 0.38% | 11,491 | $6.5M | Reduce -1.4% |
| BKNG Booking Holdings Inc. | 0.38% | 1,313 | $6.5M | Add +1.1% |
| MCK McKesson Corp. | 0.37% | 11,071 | $6.3M | Reduce -2.5% |
| WSM Williams-Sonoma Inc. | 0.37% | 33,977 | $6.3M | Reduce -2.2% |
| SYY Sysco Corp. | 0.36% | 81,838 | $6.3M | Reduce -3.9% |
| IJK iShares S&P Mid-Cap 400 Grow | 0.36% | 68,671 | $6.2M | Reduce -4.7% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.36% | 51,418 | $6.2M | Reduce -0.9% |
| INGR Ingredion Inc. | 0.36% | 44,562 | $6.1M | Reduce -2.2% |
| LOW Lowe's Cos Inc. | 0.35% | 24,364 | $6.0M | Add +0.8% |
| IPG Interpublic Group of Cos Inc. | 0.35% | 212,451 | $6.0M | Reduce -2.6% |
| SJM The JM Smucker Co. filed as SMUCKER J M CO | 0.34% | 53,581 | $5.9M | Reduce -4.1% |
| MDT Medtronic PLC | 0.33% | 71,441 | $5.7M | Reduce -1.4% |
| CAT Caterpillar Inc. | 0.33% | 15,639 | $5.7M | Add +2.6% |
| APO Apollo Global Management Inc. | 0.33% | 34,287 | $5.7M | Add +0.9% |
| META Meta Platforms Inc. Class A | 0.33% | 9,641 | $5.6M | Add +6.1% |
| ACWX iShares MSCI Acwi Ex US ETF | 0.32% | 106,880 | $5.6M | Reduce -2.5% |
| AZN Astrazeneca PLC-Spons ADR | 0.32% | 83,689 | $5.5M | Add +37.9% |
| SBUX Starbucks Corp. | 0.32% | 59,579 | $5.4M | Reduce -3.1% |
| ANET Arista Networks Inc. | 0.31% | 48,637 | $5.4M | Reduce -20.0% |
| TGT Target Corp. | 0.31% | 39,599 | $5.4M | Reduce -1.1% |
| HD Home Depot Inc. | 0.31% | 13,612 | $5.3M | Reduce -2.2% |
| IGIB iShares 5-10Y Inv Grade Corp. | 0.31% | 102,530 | $5.3M | Add +5.3% |
| UNP Union Pacific Corp. | 0.30% | 22,809 | $5.2M | Reduce -2.0% |
| RTX RTX Corp. | 0.30% | 44,897 | $5.2M | Reduce -1.2% |
| HON Honeywell International Inc. | 0.30% | 22,877 | $5.2M | Reduce -0.9% |
| SO The Southern Co. | 0.29% | 60,552 | $5.0M | Reduce -2.8% |
| PFE Pfizer Inc. | 0.28% | 184,109 | $4.9M | Reduce -3.8% |
| TSLA Tesla Inc. | 0.28% | 12,072 | $4.9M | Add +0.9% |
| FITB Fifth Third Bancorp | 0.26% | 106,314 | $4.5M | Reduce -2.3% |
| RIO Rio Tinto PLC-Spon ADR | 0.26% | 76,431 | $4.5M | Reduce -3.6% |
| MA Mastercard Inc. Class A | 0.26% | 8,531 | $4.5M | Add +2.6% |
| CI The Cigna Group | 0.26% | 15,971 | $4.4M | Reduce -2.7% |
| IJJ iShares S&P Mid-Cap 400 Valu | 0.25% | 34,699 | $4.3M | Add +0.0% |
| AXP American Express Co. | 0.25% | 14,351 | $4.3M | Reduce -3.7% |
| JCI Johnson Controls Internation | 0.24% | 52,948 | $4.2M | Reduce -1.6% |
| BWA Borgwarner Inc. | 0.24% | 129,896 | $4.1M | Reduce -1.9% |
| BRK.A Berkshire Hathaway Inc. Class A | 0.24% | 6 | $4.1M | New |
| SWK Stanley Black & Decker Inc. | 0.24% | 50,460 | $4.1M | Reduce -3.3% |
| CTVA Corteva Inc. | 0.23% | 70,689 | $4.0M | Reduce -1.8% |
| ZTS Zoetis Inc. | 0.23% | 23,940 | $3.9M | Add +0.0% |
| IQV Iqvia Holdings Inc. | 0.23% | 19,754 | $3.9M | Reduce -1.0% |
| ULTA Ulta Beauty Inc. | 0.22% | 8,788 | $3.8M | Reduce -1.5% |
Portfolio Sells Q3 2024 → Q4 2024
| CVS CVS Health Corp. | Reduce -85.7% | 0.03% | −0.23 |
| JMST JPM Ultra-Short Muni Income | Reduce -55.4% | 0.13% | −0.14 |
| IJR iShares Core S&P Small-Cap E | Reduce -14.4% | 1.10% | −0.13 |
| LMT Lockheed Martin Corp. | Reduce -1.1% | 0.82% | −0.12 |
| IWF iShares Russell 1000 Growth | Reduce -44.6% | 0.20% | −0.12 |
| SCHF Schwab Intl Equity ETF | Reduce -0.4% | 2.05% | −0.11 |
| TLH iShares 10-20 Year Treasury | Reduce -7.0% | 0.88% | −0.10 |
| APD Air Products & Chemicals Inc. | Reduce -18.9% | 0.49% | −0.10 |
| WMT Walmart Inc. | Reduce -30.4% | 0.44% | −0.09 |
| SLYV SS SPDR S&P 600 SC Val ETF | Reduce -8.0% | 4.25% | −0.09 |
| SWK Stanley Black & Decker Inc. | Reduce -3.3% | 0.24% | −0.08 |
| MRK Merck & Co. Inc. | Reduce -2.2% | 0.76% | −0.08 |
| QCOM Qualcomm Inc. | Reduce -2.3% | 0.96% | −0.07 |
| VONG Vanguard Russell 1000 Growth | Reduce -58.5% | 0.06% | −0.06 |
| PII Polaris Inc. | Reduce -9.8% | 0.11% | −0.06 |
| CI The Cigna Group | Reduce -2.7% | 0.26% | −0.06 |
| PEP Pepsico Inc. | Reduce -2.0% | 0.70% | −0.05 |
| FCX Freeport-McMoran Inc. | Reduce -1.6% | 0.20% | −0.05 |
| BAX Baxter International Inc. | Reduce -6.6% | 0.16% | −0.05 |
| IGSB iShares 1-5Y Inv Grade Corp. | Reduce -10.2% | 0.72% | −0.05 |
| XOM Exxon Mobil Corp. | Reduce -1.9% | 1.03% | −0.05 |
| RIO Rio Tinto PLC-Spon ADR | Reduce -3.6% | 0.26% | −0.05 |
| PFG Principal Financial Group | Reduce -2.2% | 0.55% | −0.04 |
| ABBV Abbvie Inc. | Reduce -2.0% | 0.53% | −0.04 |
| JNJ Johnson & Johnson | Reduce -1.8% | 0.48% | −0.04 |
| IWD iShares Russell 1000 Value E | Reduce -9.0% | 0.57% | −0.04 |
| VZ Verizon Communications Inc. | Reduce -1.6% | 0.44% | −0.03 |
| IQV Iqvia Holdings Inc. | Reduce -1.0% | 0.23% | −0.03 |
| IPG Interpublic Group of Cos Inc. | Reduce -2.6% | 0.35% | −0.03 |
| KLAC KLA Corp. | Reduce -0.6% | 0.20% | −0.03 |
| TGT Target Corp. | Reduce -1.1% | 0.31% | −0.03 |
| AEP American Electric Power | Reduce -2.0% | 0.42% | −0.03 |
| XYL Xylem Inc. | Sold out | 0.00% | −0.03 |
| SJM The JM Smucker Co. | Reduce -4.1% | 0.34% | −0.03 |
| ADI Analog Devices Inc. | Reduce -2.7% | 0.54% | −0.03 |
| MDT Medtronic PLC | Reduce -1.4% | 0.33% | −0.03 |
| OHI Omega Healthcare Investors | Reduce -1.7% | 0.76% | −0.03 |
| BWA Borgwarner Inc. | Reduce -1.9% | 0.24% | −0.02 |
| ACWX iShares MSCI Acwi Ex US ETF | Reduce -2.5% | 0.32% | −0.02 |
| PFE Pfizer Inc. | Reduce -3.8% | 0.28% | −0.02 |
| MUNI PIMCO Intermediate Municipal | Reduce -6.0% | 0.65% | −0.02 |
| SO The Southern Co. | Reduce -2.8% | 0.29% | −0.02 |
| SGOV iShares 0-3 Month Treasury B | Sold out | 0.00% | −0.02 |
| SLB SLB Ltd. | Reduce -5.0% | 0.18% | −0.02 |
| KO The Coca-Cola Co. | Reduce -34.4% | 0.02% | −0.01 |
| SBUX Starbucks Corp. | Reduce -3.1% | 0.32% | −0.01 |
| UNP Union Pacific Corp. | Reduce -2.0% | 0.30% | −0.01 |
| SDY SS SPDR S&P Dividend ETF | Sold out | 0.00% | −0.01 |
| FSLR First Solar Inc. | Reduce -1.7% | 0.03% | −0.01 |
| AMGN Amgen Inc. | Reduce -24.6% | 0.02% | −0.01 |
Portfolio Buys Q3 2024 → Q4 2024
| AAPL Apple Inc. | Add +0.9% | 2.23% | +0.29 |
| BRK.A Berkshire Hathaway Inc. Class A | New | 0.24% | +0.24 |
| EMN Eastman Chemical Co. | New | 0.19% | +0.19 |
| AMZN Amazon.com Inc. | Add +4.0% | 0.64% | +0.15 |
| NVDA Nvidia Corp. | Add +0.3% | 0.79% | +0.12 |
| TSLA Tesla Inc. | Add +0.9% | 0.28% | +0.11 |
| BAH Booz Allen Hamilton Holdings | New | 0.10% | +0.10 |
| APO Apollo Global Management Inc. | Add +0.9% | 0.33% | +0.10 |
| TROW T Rowe Price Group Inc. | Add +15.5% | 0.42% | +0.09 |
| BKNG Booking Holdings Inc. | Add +1.1% | 0.38% | +0.08 |
| PANW Palo Alto Networks Inc. | Add +2.6% | 0.52% | +0.07 |
| BRK.B Berkshire Hathaway Inc. Class B | Add +8.0% | 0.57% | +0.06 |
| AZN Astrazeneca PLC-Spons ADR | Add +37.9% | 0.32% | +0.06 |
| ADBE Adobe Inc. | Add +24.1% | 0.39% | +0.04 |
| META Meta Platforms Inc. Class A | Add +6.1% | 0.33% | +0.04 |
| FELE Franklin Electric Co. Inc. | New | 0.04% | +0.04 |
| SPHQ Invesco S&P 500 Quality ETF | New | 0.04% | +0.04 |
| MA Mastercard Inc. Class A | Add +2.6% | 0.26% | +0.04 |
| BLK BlackRock Inc. | New | 0.03% | +0.03 |
| IEFA iShares Core MSCI Eafe ETF | Add +265.6% | 0.04% | +0.03 |
| ISRG Intuitive Surgical Inc. | Add +1.4% | 0.19% | +0.02 |
| BSX Boston Scientific Corp. | Add +1.8% | 0.18% | +0.02 |
| IVE iShares S&P 500 Value ETF | New | 0.02% | +0.02 |
| IGIB iShares 5-10Y Inv Grade Corp. | Add +5.3% | 0.31% | +0.02 |
| VUG Vanguard Mrngstar GR ETF-Sui | New | 0.02% | +0.02 |
| GLW Corning Inc. | Add +0.4% | 0.18% | +0.02 |
| AGG iShares Core U.S. Aggregate | New | 0.02% | +0.02 |
| IJJ iShares S&P Mid-Cap 400 Valu | Add +0.0% | 0.25% | +0.02 |
| FRME First Merchants Corp. | New | 0.02% | +0.02 |
| IEMG iShares Core MSCI Emerging | New | 0.02% | +0.02 |
| VTV Vanguard Mrngstr Val ETF-Aui | New | 0.01% | +0.01 |
| VOO Vanguard S&P 500 ETF | Add +38.8% | 0.04% | +0.01 |
| IWY iShares Russell Top 200 Grow | New | 0.01% | +0.01 |
| CMI Cummins Inc. | Add +4.5% | 0.07% | +0.01 |
| VONV Vanguard Russell 1000 Value | Add +85.1% | 0.02% | +0.01 |
| AGZ iShares Agency Bond ETF | Add +16.0% | 0.06% | +0.01 |
| VONE Vanguard Russell 1000 | Add +42.6% | 0.03% | +0.01 |
| ACN Accenture PLC Class A | Add +1.0% | 0.16% | +0.01 |
| XLF SS Financial Select Sector | Add +12.9% | 0.04% | +0.01 |
| ORCL Oracle Corp. | Add +10.4% | 0.07% | +0.01 |
| VGT Vanguard Info Tech ETF | Add +2.0% | 0.06% | +0.01 |
| BA The Boeing Co. | Add +3.6% | 0.03% | +0.01 |
| SNA Snap-on Inc. | Add +1.7% | 0.03% | +0.01 |
| BND Vanguard Total Bond Market | Add +7.3% | 0.07% | +0.01 |
| VOT Vngrd Mrngstr MC GRW ETF-Usd | Add +10.8% | 0.03% | +0.01 |
| VEEV Veeva Systems Inc. Class A | Add +0.6% | 0.09% | +0.01 |
| VYM Vanguard High DVD Yield ETF | Add +32.0% | 0.02% | +0.01 |
| XLY SS Consumer Disc Select Sect | Add +0.1% | 0.03% | +0.01 |
| UNH Unitedhealth Group Inc. | Add +10.2% | 0.49% | +0.00 |
| VOE Vngrd Mrngstr MD-Cap Val ETF | Add +11.6% | 0.02% | +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 |