Goelzer Investment Management, Inc.
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed April 29, 2025), Goelzer Investment Management, Inc. reported 237 stock positions worth $1.7 billion. Its top holding was Eli Lilly (LLY) at 26.3% of the portfolio, followed by iShares Core S&P 500 ETF (IVV, 8.1%) and iShares Core S&P Midcap ETF (IJH, 3.9%). Compared with Q4 2024, it opened 9 new positions, sold out of 7, added to 88 and reduced 102. The biggest buy was Eli Lilly (LLY, shares +1%) and the biggest sale an exit from JM Smucker (SJM).
- Most Recent 13F
- Q2 2026
- Location
- CARMEL, IN
- CIK
- 0001550057
- Portfolio Value
- $1.7B (Q1 2025)
- SEC Filing
- 0001085146-25-002400 ↗ filed Apr 29, 2025
Holdings Value
Holdings 237 stocks · $1.7B
| LLY Eli Lilly & Co. | 26.32% | 550,310 | $454.5M | Add +0.5% |
| IVV iShares Core S&P 500 ETF | 8.15% | 250,310 | $140.6M | Add +1.1% |
| IJH iShares Core S&P Midcap ETF | 3.89% | 1,151,952 | $67.2M | Add +1.6% |
| SLYV SS SPDR S&P 600 SC Val ETF | 3.88% | 854,454 | $67.0M | Add +1.9% |
| SCHF Schwab Intl Equity ETF | 2.17% | 1,891,714 | $37.4M | Reduce -0.8% |
| AAPL Apple Inc. | 1.99% | 154,506 | $34.3M | Add +0.7% |
| MSFT Microsoft Corp. | 1.82% | 83,801 | $31.5M | Reduce -4.7% |
| XOM Exxon Mobil Corp. | 1.13% | 164,010 | $19.5M | Reduce -0.9% |
| IJR iShares Core S&P Small-Cap E | 1.00% | 164,803 | $17.2M | Reduce -0.1% |
| QCOM Qualcomm Inc. | 0.95% | 106,614 | $16.4M | Reduce -0.9% |
| TLH iShares 10-20 Year Treasury | 0.94% | 157,196 | $16.3M | Add +3.5% |
| AVGO Broadcom Inc. | 0.88% | 90,916 | $15.2M | Add +45.3% |
| GOOG Alphabet Inc. Class C | 0.88% | 97,244 | $15.2M | Add +2.2% |
| JMBS Janus Henderson Mortg Backed | 0.81% | 311,312 | $14.1M | Add +3.8% |
| ETN Eaton Corp. PLC | 0.79% | 50,385 | $13.7M | Reduce -12.5% |
| CVX Chevron Corp. | 0.78% | 80,092 | $13.4M | Reduce -1.4% |
| OHI Omega Healthcare Investors | 0.76% | 343,153 | $13.1M | Reduce -0.4% |
| LMT Lockheed Martin Corp. | 0.75% | 28,978 | $12.9M | Add +0.2% |
| IGSB iShares 1-5Y Inv Grade Corp. | 0.74% | 244,454 | $12.8M | Add +2.3% |
| NI Nisource Inc. | 0.74% | 316,852 | $12.7M | Reduce -0.3% |
| JPM JPMorgan Chase & Co. | 0.73% | 51,645 | $12.7M | Reduce -1.0% |
| PEP Pepsico Inc. | 0.68% | 78,864 | $11.8M | Reduce -0.6% |
| NVDA Nvidia Corp. | 0.68% | 108,695 | $11.8M | Add +7.1% |
| MRK Merck & Co. Inc. | 0.68% | 130,151 | $11.7M | Reduce -0.7% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.67% | 21,872 | $11.6M | Add +0.7% |
| MUNI PIMCO Intermediate Municipal | 0.64% | 214,745 | $11.1M | Reduce -0.9% |
| ABBV Abbvie Inc. | 0.62% | 50,759 | $10.6M | Reduce -1.6% |
| TRV The Travelers Cos Inc. | 0.59% | 38,450 | $10.2M | Reduce -0.7% |
| USB US Bancorp | 0.59% | 240,412 | $10.2M | Add +0.1% |
| PFG Principal Financial Group | 0.59% | 120,215 | $10.1M | Reduce -1.4% |
| IWD iShares Russell 1000 Value E | 0.58% | 53,063 | $10.0M | Add +0.2% |
| AMZN Amazon.com Inc. | 0.58% | 52,467 | $10.0M | Add +4.3% |
| PG The Procter & Gamble Co. | 0.56% | 56,409 | $9.6M | Add +36.1% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.56% | 230,303 | $9.6M | Add +0.6% |
| COST Costco Wholesale Corp. | 0.55% | 10,106 | $9.6M | Add +4.4% |
| JNJ Johnson & Johnson | 0.54% | 56,522 | $9.4M | Reduce -1.5% |
| ENB Enbridge Inc. | 0.54% | 208,983 | $9.3M | Reduce -0.9% |
| ETR Entergy Corp. | 0.53% | 107,732 | $9.2M | Reduce -1.0% |
| V Visa Inc. Class A | 0.53% | 26,061 | $9.1M | Add +1.9% |
| ADI Analog Devices Inc. | 0.51% | 43,501 | $8.8M | Reduce -1.1% |
| APD Air Products & Chemicals Inc. | 0.50% | 29,270 | $8.6M | Reduce -0.4% |
| VZ Verizon Communications Inc. | 0.49% | 188,453 | $8.5M | Add +0.0% |
| TEL Te Connectivity PLC | 0.49% | 60,036 | $8.5M | Reduce -0.9% |
| PANW Palo Alto Networks Inc. | 0.49% | 49,650 | $8.5M | Add +1.1% |
| UNH Unitedhealth Group Inc. | 0.49% | 16,013 | $8.4M | Reduce -3.1% |
| AEP American Electric Power | 0.48% | 76,631 | $8.4M | Reduce -2.0% |
| CAT Caterpillar Inc. | 0.47% | 24,485 | $8.1M | Add +56.6% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.46% | 14,337 | $8.0M | Reduce -5.1% |
| CSCO Cisco Systems Inc. | 0.45% | 125,179 | $7.7M | Reduce -1.1% |
| BMY Bristol-Myers Squibb Co. | 0.44% | 124,721 | $7.6M | Reduce -1.3% |
| MCK McKesson Corp. | 0.43% | 11,049 | $7.4M | Reduce -0.2% |
| WMT Walmart Inc. | 0.43% | 83,685 | $7.3M | Add +0.1% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.42% | 29,218 | $7.3M | Reduce -18.6% |
| WFC Wells Fargo & Co. | 0.42% | 100,847 | $7.2M | Add +128.6% |
| PRU Prudential Financial Inc. | 0.38% | 59,164 | $6.6M | Reduce -2.1% |
| CFG Citizens Financial Group | 0.37% | 156,595 | $6.4M | Reduce -22.2% |
| MDT Medtronic PLC | 0.37% | 71,299 | $6.4M | Reduce -0.2% |
| GNTX Gentex Corp. | 0.37% | 270,593 | $6.3M | Reduce -1.2% |
| IVW iShares S&P 500 Growth ETF | 0.36% | 67,706 | $6.3M | Add +2.6% |
| AZN Astrazeneca PLC-Spons ADR | 0.35% | 83,228 | $6.1M | Reduce -0.6% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.35% | 50,130 | $6.1M | Reduce -2.5% |
| BKNG Booking Holdings Inc. | 0.35% | 1,323 | $6.1M | Add +0.8% |
| TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC | 0.35% | 66,276 | $6.1M | Add +2.8% |
| MDY State Street SPDR S&P Midcap | 0.35% | 11,364 | $6.1M | Reduce -1.1% |
| SYY Sysco Corp. | 0.35% | 80,770 | $6.1M | Reduce -1.3% |
| INGR Ingredion Inc. | 0.34% | 44,049 | $6.0M | Reduce -1.1% |
| RTX RTX Corp. | 0.34% | 44,494 | $5.9M | Reduce -0.9% |
| ADBE Adobe Inc. | 0.34% | 15,247 | $5.8M | Add +1.4% |
| LOW Lowe's Cos Inc. | 0.34% | 24,819 | $5.8M | Add +1.9% |
| IPG Interpublic Group of Cos Inc. | 0.33% | 211,950 | $5.8M | Reduce -0.2% |
| IJK iShares S&P Mid-Cap 400 Grow | 0.33% | 68,576 | $5.7M | Reduce -0.1% |
| ACWX iShares MSCI Acwi Ex US ETF | 0.33% | 101,682 | $5.6M | Reduce -4.9% |
| META Meta Platforms Inc. Class A | 0.32% | 9,695 | $5.6M | Add +0.6% |
| SO The Southern Co. | 0.32% | 59,379 | $5.5M | Reduce -1.9% |
| IGIB iShares 5-10Y Inv Grade Corp. | 0.31% | 103,500 | $5.4M | Add +0.9% |
| UNP Union Pacific Corp. | 0.31% | 22,692 | $5.4M | Reduce -0.5% |
| WSM Williams-Sonoma Inc. | 0.31% | 33,422 | $5.3M | Reduce -1.6% |
| HON Honeywell International Inc. | 0.30% | 24,403 | $5.2M | Add +6.7% |
| HD Home Depot Inc. | 0.30% | 14,029 | $5.1M | Add +3.1% |
| CI The Cigna Group | 0.30% | 15,609 | $5.1M | Reduce -2.3% |
| APO Apollo Global Management Inc. | 0.28% | 35,138 | $4.8M | Add +2.5% |
| BRK.A Berkshire Hathaway Inc. Class A | 0.28% | 6 | $4.8M | No change |
| MA Mastercard Inc. Class A | 0.27% | 8,605 | $4.7M | Add +0.9% |
| PFE Pfizer Inc. | 0.27% | 182,165 | $4.6M | Reduce -1.1% |
| RIO Rio Tinto PLC-Spon ADR | 0.26% | 75,273 | $4.5M | Reduce -1.5% |
| CTVA Corteva Inc. | 0.26% | 70,099 | $4.4M | Reduce -0.8% |
| JCI Johnson Controls Internation | 0.25% | 53,250 | $4.3M | Add +0.6% |
| THG Hanover Insurance Group Inc./ | 0.25% | 24,344 | $4.2M | Reduce -0.3% |
| GATX Gatx Corp. | 0.24% | 27,184 | $4.2M | Reduce -39.0% |
| NXST Nexstar Media Group Inc. | 0.24% | 23,158 | $4.2M | Reduce -1.4% |
| FITB Fifth Third Bancorp | 0.24% | 105,454 | $4.1M | Reduce -0.8% |
| IJJ iShares S&P Mid-Cap 400 Valu | 0.24% | 34,489 | $4.1M | Reduce -0.6% |
| SBUX Starbucks Corp. | 0.24% | 41,941 | $4.1M | Reduce -29.6% |
| TMUS T-Mobile US Inc. | 0.24% | 15,327 | $4.1M | Add +2.0% |
| TGT Target Corp. | 0.24% | 39,167 | $4.1M | Reduce -1.1% |
| ZTS Zoetis Inc. | 0.24% | 24,782 | $4.1M | Add +3.5% |
| SWK Stanley Black & Decker Inc. | 0.22% | 49,613 | $3.8M | Reduce -1.7% |
| AXP American Express Co. | 0.22% | 14,156 | $3.8M | Reduce -1.4% |
| ANET Arista Networks Inc. | 0.22% | 49,140 | $3.8M | Add +1.0% |
| BWA Borgwarner Inc. | 0.22% | 131,474 | $3.8M | Add +1.2% |
Portfolio Sells Q4 2024 → Q1 2025
| SJM The JM Smucker Co. | Sold out | 0.00% | −0.34 |
| MSFT Microsoft Corp. | Reduce -4.7% | 1.82% | −0.33 |
| ETN Eaton Corp. PLC | Reduce -12.5% | 0.79% | −0.32 |
| BAX Baxter International Inc. | Sold out | 0.00% | −0.16 |
| GATX Gatx Corp. | Reduce -39.0% | 0.24% | −0.16 |
| CFG Citizens Financial Group | Reduce -22.2% | 0.37% | −0.14 |
| IJR iShares Core S&P Small-Cap E | Reduce -0.1% | 1.00% | −0.10 |
| GNTX Gentex Corp. | Reduce -1.2% | 0.37% | −0.09 |
| MRK Merck & Co. Inc. | Reduce -0.7% | 0.68% | −0.08 |
| SBUX Starbucks Corp. | Reduce -29.6% | 0.24% | −0.08 |
| TGT Target Corp. | Reduce -1.1% | 0.24% | −0.07 |
| WSM Williams-Sonoma Inc. | Reduce -1.6% | 0.31% | −0.06 |
| ISRG Intuitive Surgical Inc. | Reduce -21.8% | 0.14% | −0.05 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -5.1% | 0.46% | −0.05 |
| ULTA Ulta Beauty Inc. | Reduce -2.2% | 0.18% | −0.04 |
| IBM Intl Business Machines Corp. | Reduce -18.6% | 0.42% | −0.04 |
| PII Polaris Inc. | Reduce -3.0% | 0.08% | −0.04 |
| ADI Analog Devices Inc. | Reduce -1.1% | 0.51% | −0.03 |
| PRU Prudential Financial Inc. | Reduce -2.1% | 0.38% | −0.03 |
| IJK iShares S&P Mid-Cap 400 Grow | Reduce -0.1% | 0.33% | −0.03 |
| IWF iShares Russell 1000 Growth | Reduce -5.5% | 0.17% | −0.03 |
| EQIX Equinix Inc. | Reduce -0.1% | 0.19% | −0.03 |
| MDY State Street SPDR S&P Midcap | Reduce -1.1% | 0.35% | −0.03 |
| AXP American Express Co. | Reduce -1.4% | 0.22% | −0.03 |
| SPHQ Invesco S&P 500 Quality ETF | Reduce -66.2% | 0.01% | −0.02 |
| CMI Cummins Inc. | Reduce -23.1% | 0.05% | −0.02 |
| FITB Fifth Third Bancorp | Reduce -0.8% | 0.24% | −0.02 |
| VUG Vanguard Mrngstar GR ETF-Sui | Sold out | 0.00% | −0.02 |
| ZBH Zimmer Biomet Holdings Inc. | Reduce -56.7% | 0.02% | −0.02 |
| PFE Pfizer Inc. | Reduce -1.1% | 0.27% | −0.02 |
| EPAM Epam Systems Inc. | Sold out | 0.00% | −0.02 |
| PEP Pepsico Inc. | Reduce -0.6% | 0.68% | −0.01 |
| VTV Vanguard Mrngstr Val ETF-Aui | Sold out | 0.00% | −0.01 |
| SWK Stanley Black & Decker Inc. | Reduce -1.7% | 0.22% | −0.01 |
| MFC Manulife Financial Corp. | Sold out | 0.00% | −0.01 |
| AMD Advanced Micro Devices | Sold out | 0.00% | −0.01 |
| IJJ iShares S&P Mid-Cap 400 Valu | Reduce -0.6% | 0.24% | −0.01 |
| IPG Interpublic Group of Cos Inc. | Reduce -0.2% | 0.33% | −0.01 |
| SYY Sysco Corp. | Reduce -1.3% | 0.35% | −0.01 |
| TEL Te Connectivity PLC | Reduce -0.9% | 0.49% | −0.01 |
| INGR Ingredion Inc. | Reduce -1.1% | 0.34% | −0.01 |
| ORCL Oracle Corp. | Reduce -0.1% | 0.06% | −0.01 |
| QCOM Qualcomm Inc. | Reduce -0.9% | 0.95% | −0.01 |
| DLR Digital Realty Trust Inc. | Reduce -0.8% | 0.04% | −0.01 |
| MUNI PIMCO Intermediate Municipal | Reduce -0.9% | 0.64% | −0.01 |
| FCX Freeport-McMoran Inc. | Reduce -3.6% | 0.19% | −0.01 |
| FAST Fastenal Co. | Reduce -30.7% | 0.03% | −0.01 |
| GLW Corning Inc. | Reduce -0.5% | 0.17% | −0.01 |
| CVS CVS Health Corp. | Reduce -51.5% | 0.02% | −0.01 |
| IWS iShares Russell Mid-Cap Valu | Reduce -2.7% | 0.12% | −0.01 |
Portfolio Buys Q4 2024 → Q1 2025
| LLY Eli Lilly & Co. | Add +0.5% | 26.32% | +1.80 |
| WFC Wells Fargo & Co. | Add +128.6% | 0.42% | +0.24 |
| KO The Coca-Cola Co. | Add +655.7% | 0.20% | +0.17 |
| BLK BlackRock Inc. | Add +565.5% | 0.19% | +0.16 |
| PG The Procter & Gamble Co. | Add +36.1% | 0.56% | +0.15 |
| CAT Caterpillar Inc. | Add +56.6% | 0.47% | +0.14 |
| SGOV iShares 0-3 Month Treasury B | New | 0.12% | +0.12 |
| CRM Salesforce Inc. | New | 0.12% | +0.12 |
| BRK.B Berkshire Hathaway Inc. Class B | Add +0.7% | 0.67% | +0.10 |
| TLH iShares 10-20 Year Treasury | Add +3.5% | 0.94% | +0.07 |
| JMST JPM Ultra-Short Muni Income | Add +52.2% | 0.19% | +0.07 |
| V Visa Inc. Class A | Add +1.9% | 0.53% | +0.06 |
| VZ Verizon Communications Inc. | Add +0.0% | 0.49% | +0.06 |
| JMBS Janus Henderson Mortg Backed | Add +3.8% | 0.81% | +0.05 |
| TMUS T-Mobile US Inc. | Add +2.0% | 0.24% | +0.04 |
| AVGO Broadcom Inc. | Add +45.3% | 0.88% | +0.04 |
| COST Costco Wholesale Corp. | Add +4.4% | 0.55% | +0.04 |
| BSX Boston Scientific Corp. | Add +2.3% | 0.21% | +0.03 |
| SCHB Schwab US Broad Market ETF | New | 0.03% | +0.03 |
| IGSB iShares 1-5Y Inv Grade Corp. | Add +2.3% | 0.74% | +0.02 |
| GOOGL Alphabet Inc. Class A | Add +65.6% | 0.09% | +0.02 |
| NOBL Proshares S&P 500 Dividend A | New | 0.02% | +0.02 |
| CWI State Street SPDR MSCI Acwi | New | 0.02% | +0.02 |
| SLB SLB Ltd. | Add +1.4% | 0.19% | +0.02 |
| KLAC KLA Corp. | Add +0.7% | 0.21% | +0.02 |
| DHR Danaher Corp. | New | 0.01% | +0.01 |
| MA Mastercard Inc. Class A | Add +0.9% | 0.27% | +0.01 |
| VEA Vanguard Ftse Developed ETF | New | 0.01% | +0.01 |
| LHX L3HARRIS Technologies Inc. | New | 0.01% | +0.01 |
| IEFA iShares Core MSCI Eafe ETF | Add +21.7% | 0.05% | +0.01 |
| MS Morgan Stanley | New | 0.01% | +0.01 |
| EOG EOG Resources Inc. | Add +2.1% | 0.18% | +0.01 |
| IVE iShares S&P 500 Value ETF | Add +51.7% | 0.03% | +0.01 |
| SCHW Schwab (charles) Corp. | Add +0.3% | 0.19% | +0.01 |
| VEEV Veeva Systems Inc. Class A | Add +1.2% | 0.10% | +0.01 |
| ZTS Zoetis Inc. | Add +3.5% | 0.24% | +0.01 |
| TMO Thermo Fisher Scientific Inc. | Add +44.9% | 0.03% | +0.01 |
| IWD iShares Russell 1000 Value E | Add +0.2% | 0.58% | +0.01 |
| VOO Vanguard S&P 500 ETF | Add +26.6% | 0.05% | +0.01 |
| CB Chubb Ltd. | Add +27.4% | 0.03% | +0.01 |
| IGIB iShares 5-10Y Inv Grade Corp. | Add +0.9% | 0.31% | +0.01 |
| ADP Automatic Data Processing | Add +6.7% | 0.08% | +0.01 |
| NEE Nextera Energy Inc. | Add +5.0% | 0.20% | +0.01 |
| ELV Elevance Health Inc. | Add +20.8% | 0.02% | +0.01 |
| ECL Ecolab Inc. | Add +9.2% | 0.04% | +0.01 |
| AMT American Tower Corp. | Add +1.0% | 0.03% | +0.01 |
| SYK Stryker Corp. | Add +19.5% | 0.03% | +0.00 |
| MMM 3M Co. | Add +0.6% | 0.04% | +0.00 |
| JCI Johnson Controls Internation | Add +0.6% | 0.25% | +0.00 |
| TLT iShares 20+ Year Treasury BD | Add +0.7% | 0.08% | +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 |