Goelzer Investment Management, Inc.
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 9, 2025), Goelzer Investment Management, Inc. reported 244 stock positions worth $1.8 billion. Its top holding was Eli Lilly (LLY) at 23.8% of the portfolio, followed by iShares Core S&P 500 ETF (IVV, 8.7%) and iShares Core S&P Midcap ETF (IJH, 4.0%). Compared with Q1 2025, it opened 12 new positions, sold out of 5, added to 66 and reduced 127. The biggest buy was a new position in Mortgage-Backed Securities (JMTG) and the biggest sale Apple (AAPL, shares −4%).
- Most Recent 13F
- Q2 2026
- Location
- CARMEL, IN
- CIK
- 0001550057
- Portfolio Value
- $1.8B (Q2 2025)
- SEC Filing
- 0001085146-25-003611 ↗ filed Jul 9, 2025
Holdings Value
Holdings 244 stocks · $1.8B
| LLY Eli Lilly & Co. | 23.82% | 557,659 | $434.7M | Add +1.3% |
| IVV iShares Core S&P 500 ETF | 8.74% | 256,906 | $159.5M | Add +2.6% |
| IJH iShares Core S&P Midcap ETF | 4.01% | 1,180,815 | $73.2M | Add +2.5% |
| SLYV SS SPDR S&P 600 SC Val ETF | 3.87% | 885,572 | $70.6M | Add +3.6% |
| SCHF Schwab Intl Equity ETF | 2.28% | 1,881,382 | $41.6M | Reduce -0.6% |
| MSFT Microsoft Corp. | 2.27% | 83,361 | $41.5M | Reduce -0.5% |
| JMTG Mortgage-Backed Securities filed as J P MORGAN EXCHANGE TRADED F | 2.10% | 762,196 | $38.3M | New |
| AAPL Apple Inc. | 1.66% | 147,666 | $30.3M | Reduce -4.4% |
| AVGO Broadcom Inc. | 1.64% | 108,742 | $30.0M | Add +19.6% |
| JPM JPMorgan Chase & Co. | 1.04% | 65,626 | $19.0M | Add +27.1% |
| IJR iShares Core S&P Small-Cap E | 0.99% | 164,692 | $18.0M | Reduce -0.1% |
| ETN Eaton Corp. PLC | 0.98% | 49,994 | $17.8M | Reduce -0.8% |
| XOM Exxon Mobil Corp. | 0.96% | 162,289 | $17.5M | Reduce -1.1% |
| GOOG Alphabet Inc. Class C | 0.94% | 96,484 | $17.1M | Reduce -0.8% |
| NVDA Nvidia Corp. | 0.94% | 108,308 | $17.1M | Reduce -0.4% |
| TLH iShares 10-20 Year Treasury | 0.89% | 159,031 | $16.2M | Add +1.2% |
| JMBS Janus Henderson Mortg Backed | 0.77% | 311,295 | $14.0M | Reduce -0.0% |
| IGSB iShares 1-5Y Inv Grade Corp. | 0.71% | 246,185 | $13.0M | Add +0.7% |
| QCOM Qualcomm Inc. | 0.71% | 80,876 | $12.9M | Reduce -24.1% |
| LMT Lockheed Martin Corp. | 0.70% | 27,491 | $12.7M | Reduce -5.1% |
| NI Nisource Inc. | 0.69% | 314,059 | $12.7M | Reduce -0.9% |
| OHI Omega Healthcare Investors | 0.69% | 342,310 | $12.5M | Reduce -0.3% |
| CVX Chevron Corp. | 0.66% | 84,525 | $12.1M | Add +5.5% |
| AMZN Amazon.com Inc. | 0.64% | 52,898 | $11.6M | Add +0.8% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.60% | 230,785 | $10.9M | Add +0.2% |
| IWD iShares Russell 1000 Value E | 0.57% | 53,268 | $10.3M | Add +0.4% |
| MRK Merck & Co. Inc. | 0.56% | 129,165 | $10.2M | Reduce -0.8% |
| TRV The Travelers Cos Inc. | 0.56% | 38,186 | $10.2M | Reduce -0.7% |
| USB US Bancorp | 0.56% | 224,855 | $10.2M | Reduce -6.5% |
| ADI Analog Devices Inc. | 0.56% | 42,700 | $10.2M | Reduce -1.8% |
| PEP Pepsico Inc. | 0.55% | 75,993 | $10.0M | Reduce -3.6% |
| TEL Te Connectivity PLC | 0.55% | 59,396 | $10.0M | Reduce -1.1% |
| COST Costco Wholesale Corp. | 0.54% | 10,021 | $9.9M | Reduce -0.8% |
| ENB Enbridge Inc. | 0.52% | 209,996 | $9.5M | Add +0.5% |
| CAT Caterpillar Inc. | 0.52% | 24,511 | $9.5M | Add +0.1% |
| PFG Principal Financial Group | 0.52% | 118,931 | $9.4M | Reduce -1.1% |
| ABBV Abbvie Inc. | 0.51% | 50,327 | $9.3M | Reduce -0.8% |
| PANW Palo Alto Networks Inc. | 0.51% | 45,555 | $9.3M | Reduce -8.3% |
| V Visa Inc. Class A | 0.50% | 25,674 | $9.1M | Reduce -1.5% |
| PG The Procter & Gamble Co. | 0.49% | 56,316 | $9.0M | Reduce -0.2% |
| ETR Entergy Corp. | 0.48% | 106,377 | $8.8M | Reduce -1.3% |
| MUNI PIMCO Intermediate Municipal | 0.48% | 171,377 | $8.8M | Reduce -20.2% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.48% | 14,140 | $8.7M | Reduce -1.4% |
| CSCO Cisco Systems Inc. | 0.47% | 124,833 | $8.7M | Reduce -0.3% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.47% | 29,274 | $8.6M | Add +0.2% |
| JNJ Johnson & Johnson | 0.47% | 56,372 | $8.6M | Reduce -0.3% |
| VZ Verizon Communications Inc. | 0.45% | 190,087 | $8.2M | Add +0.9% |
| WMT Walmart Inc. | 0.44% | 82,973 | $8.1M | Reduce -0.8% |
| WFC Wells Fargo & Co. | 0.44% | 100,076 | $8.0M | Reduce -0.8% |
| MCK McKesson Corp. | 0.43% | 10,821 | $7.9M | Reduce -2.1% |
| AEP American Electric Power | 0.43% | 76,147 | $7.9M | Reduce -0.6% |
| BKNG Booking Holdings Inc. | 0.41% | 1,308 | $7.6M | Reduce -1.1% |
| UNH Unitedhealth Group Inc. | 0.41% | 24,109 | $7.5M | Add +50.6% |
| IVW iShares S&P 500 Growth ETF | 0.41% | 68,138 | $7.5M | Add +0.6% |
| ADBE Adobe Inc. | 0.40% | 18,738 | $7.2M | Add +22.9% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.39% | 14,619 | $7.1M | Reduce -33.2% |
| CFG Citizens Financial Group | 0.38% | 155,756 | $7.0M | Reduce -0.5% |
| META Meta Platforms Inc. Class A | 0.36% | 8,986 | $6.6M | Reduce -7.3% |
| WSM Williams-Sonoma Inc. | 0.36% | 40,561 | $6.6M | Add +21.4% |
| RTX RTX Corp. | 0.35% | 43,373 | $6.3M | Reduce -2.5% |
| PRU Prudential Financial Inc. | 0.34% | 58,566 | $6.3M | Reduce -1.0% |
| MDY State Street SPDR S&P Midcap | 0.34% | 11,088 | $6.3M | Reduce -2.4% |
| IJK iShares S&P Mid-Cap 400 Grow | 0.34% | 68,344 | $6.2M | Reduce -0.3% |
| ACWX iShares MSCI Acwi Ex US ETF | 0.34% | 101,107 | $6.2M | Reduce -0.6% |
| MDT Medtronic PLC | 0.34% | 70,572 | $6.2M | Reduce -1.0% |
| SYY Sysco Corp. | 0.33% | 80,129 | $6.1M | Reduce -0.8% |
| INGR Ingredion Inc. | 0.33% | 43,893 | $6.0M | Reduce -0.3% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.32% | 47,603 | $5.9M | Reduce -5.0% |
| AZN Astrazeneca PLC-Spons ADR | 0.32% | 83,875 | $5.9M | Add +0.8% |
| APD Air Products & Chemicals Inc. | 0.32% | 20,653 | $5.8M | Reduce -29.4% |
| GNTX Gentex Corp. | 0.32% | 264,764 | $5.8M | Reduce -2.1% |
| BMY Bristol-Myers Squibb Co. | 0.32% | 124,548 | $5.8M | Reduce -0.1% |
| HON Honeywell International Inc. | 0.31% | 24,160 | $5.6M | Reduce -1.0% |
| JMST JPM Ultra-Short Muni Income filed as J P MORGAN EXCHANGE TRADED F | 0.31% | 110,222 | $5.6M | Add +70.5% |
| IGIB iShares 5-10Y Inv Grade Corp. | 0.31% | 104,828 | $5.6M | Add +1.3% |
| LOW Lowe's Cos Inc. | 0.30% | 24,482 | $5.4M | Reduce -1.4% |
| SO The Southern Co. | 0.29% | 58,599 | $5.4M | Reduce -1.3% |
| TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC | 0.29% | 54,891 | $5.3M | Reduce -17.2% |
| UNP Union Pacific Corp. | 0.28% | 22,559 | $5.2M | Reduce -0.6% |
| IPG Interpublic Group of Cos Inc. | 0.28% | 211,490 | $5.2M | Reduce -0.2% |
| HD Home Depot Inc. | 0.28% | 14,025 | $5.1M | Reduce -0.0% |
| CI The Cigna Group | 0.28% | 15,354 | $5.1M | Reduce -1.6% |
| SWK Stanley Black & Decker Inc. | 0.28% | 74,867 | $5.1M | Add +50.9% |
| JCI Johnson Controls Internation | 0.28% | 47,953 | $5.1M | Reduce -9.9% |
| ANET Arista Networks Inc. | 0.27% | 49,015 | $5.0M | Reduce -0.3% |
| CTVA Corteva Inc. | 0.27% | 67,201 | $5.0M | Reduce -4.1% |
| APO Apollo Global Management Inc. | 0.27% | 34,845 | $4.9M | Reduce -0.8% |
| MA Mastercard Inc. Class A | 0.26% | 8,594 | $4.8M | Reduce -0.1% |
| KLAC KLA Corp. | 0.26% | 5,324 | $4.8M | Reduce -0.9% |
| AXP American Express Co. | 0.24% | 14,014 | $4.5M | Reduce -1.0% |
| PFE Pfizer Inc. | 0.24% | 182,241 | $4.4M | Add +0.0% |
| BRK.A Berkshire Hathaway Inc. Class A | 0.24% | 6 | $4.4M | No change |
| RIO Rio Tinto PLC-Spon ADR | 0.24% | 73,874 | $4.3M | Reduce -1.9% |
| IJJ iShares S&P Mid-Cap 400 Valu | 0.24% | 34,849 | $4.3M | Add +1.0% |
| FITB Fifth Third Bancorp | 0.23% | 104,012 | $4.3M | Reduce -1.4% |
| GATX Gatx Corp. | 0.23% | 26,923 | $4.1M | Reduce -1.0% |
| THG Hanover Insurance Group Inc./ | 0.22% | 24,105 | $4.1M | Reduce -1.0% |
| NXST Nexstar Media Group Inc. | 0.22% | 22,821 | $3.9M | Reduce -1.5% |
| TGT Target Corp. | 0.21% | 39,072 | $3.9M | Reduce -0.2% |
| ZTS Zoetis Inc. | 0.21% | 24,593 | $3.8M | Reduce -0.8% |
Portfolio Sells Q1 2025 → Q2 2025
| AAPL Apple Inc. | Reduce -4.4% | 1.66% | −0.33 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -33.2% | 0.39% | −0.29 |
| QCOM Qualcomm Inc. | Reduce -24.1% | 0.71% | −0.24 |
| BWA Borgwarner Inc. | Reduce -91.5% | 0.02% | −0.20 |
| APD Air Products & Chemicals Inc. | Reduce -29.4% | 0.32% | −0.18 |
| XOM Exxon Mobil Corp. | Reduce -1.1% | 0.96% | −0.17 |
| MUNI PIMCO Intermediate Municipal | Reduce -20.2% | 0.48% | −0.16 |
| ULTA Ulta Beauty Inc. | Reduce -88.8% | 0.02% | −0.16 |
| PEP Pepsico Inc. | Reduce -3.6% | 0.55% | −0.14 |
| BMY Bristol-Myers Squibb Co. | Reduce -0.1% | 0.32% | −0.12 |
| MRK Merck & Co. Inc. | Reduce -0.8% | 0.56% | −0.12 |
| ABBV Abbvie Inc. | Reduce -0.8% | 0.51% | −0.10 |
| BAH Booz Allen Hamilton Holdings | Sold out | 0.00% | −0.08 |
| PII Polaris Inc. | Sold out | 0.00% | −0.08 |
| JNJ Johnson & Johnson | Reduce -0.3% | 0.47% | −0.07 |
| SGOV iShares 0-3 Month Treasury B | Reduce -57.2% | 0.05% | −0.07 |
| PFG Principal Financial Group | Reduce -1.1% | 0.52% | −0.07 |
| OHI Omega Healthcare Investors | Reduce -0.3% | 0.69% | −0.07 |
| PG The Procter & Gamble Co. | Reduce -0.2% | 0.49% | −0.07 |
| TROW T Rowe Price Group Inc. | Reduce -17.2% | 0.29% | −0.06 |
| SLB SLB Ltd. | Reduce -5.9% | 0.14% | −0.05 |
| AEP American Electric Power | Reduce -0.6% | 0.43% | −0.05 |
| LMT Lockheed Martin Corp. | Reduce -5.1% | 0.70% | −0.05 |
| IPG Interpublic Group of Cos Inc. | Reduce -0.2% | 0.28% | −0.05 |
| ETR Entergy Corp. | Reduce -1.3% | 0.48% | −0.05 |
| JMBS Janus Henderson Mortg Backed | Reduce -0.0% | 0.77% | −0.05 |
| GNTX Gentex Corp. | Reduce -2.1% | 0.32% | −0.05 |
| NI Nisource Inc. | Reduce -0.9% | 0.69% | −0.04 |
| PRU Prudential Financial Inc. | Reduce -1.0% | 0.34% | −0.04 |
| EMN Eastman Chemical Co. | Reduce -0.6% | 0.15% | −0.04 |
| LOW Lowe's Cos Inc. | Reduce -1.4% | 0.30% | −0.04 |
| IQV Iqvia Holdings Inc. | Reduce -3.2% | 0.17% | −0.04 |
| TMUS T-Mobile US Inc. | Reduce -0.0% | 0.20% | −0.04 |
| MDT Medtronic PLC | Reduce -1.0% | 0.34% | −0.03 |
| TJX TJX Companies Inc. | Reduce -5.0% | 0.32% | −0.03 |
| USB US Bancorp | Reduce -6.5% | 0.56% | −0.03 |
| EQIX Equinix Inc. | Reduce -9.3% | 0.15% | −0.03 |
| SBUX Starbucks Corp. | Reduce -0.9% | 0.21% | −0.03 |
| V Visa Inc. Class A | Reduce -1.5% | 0.50% | −0.03 |
| TRV The Travelers Cos Inc. | Reduce -0.7% | 0.56% | −0.03 |
| ZTS Zoetis Inc. | Reduce -0.8% | 0.21% | −0.03 |
| UNP Union Pacific Corp. | Reduce -0.6% | 0.28% | −0.03 |
| RIO Rio Tinto PLC-Spon ADR | Reduce -1.9% | 0.24% | −0.03 |
| TGT Target Corp. | Reduce -0.2% | 0.21% | −0.03 |
| NXST Nexstar Media Group Inc. | Reduce -1.5% | 0.22% | −0.02 |
| EOG EOG Resources Inc. | Reduce -1.1% | 0.15% | −0.02 |
| SO The Southern Co. | Reduce -1.3% | 0.29% | −0.02 |
| THG Hanover Insurance Group Inc./ | Reduce -1.0% | 0.22% | −0.02 |
| CI The Cigna Group | Reduce -1.6% | 0.28% | −0.02 |
| INGR Ingredion Inc. | Reduce -0.3% | 0.33% | −0.02 |
Portfolio Buys Q1 2025 → Q2 2025
| JMTG Mortgage-Backed Securities | New | 2.10% | +2.10 |
| AVGO Broadcom Inc. | Add +19.6% | 1.64% | +0.76 |
| IVV iShares Core S&P 500 ETF | Add +2.6% | 8.74% | +0.59 |
| JPM JPMorgan Chase & Co. | Add +27.1% | 1.04% | +0.31 |
| JAAA Janus Henderson Aaa Clo ETF | New | 0.17% | +0.17 |
| APTV Aptiv PLC | New | 0.14% | +0.14 |
| UNM Unum Group | New | 0.13% | +0.13 |
| IJH iShares Core S&P Midcap ETF | Add +2.5% | 4.01% | +0.12 |
| JMST JPM Ultra-Short Muni Income | Add +70.5% | 0.31% | +0.12 |
| GD General Dynamics Corp. | Add +328.4% | 0.13% | +0.10 |
| LRCX Lam Research Corp. | New | 0.09% | +0.09 |
| ADBE Adobe Inc. | Add +22.9% | 0.40% | +0.06 |
| AMZN Amazon.com Inc. | Add +0.8% | 0.64% | +0.06 |
| WSM Williams-Sonoma Inc. | Add +21.4% | 0.36% | +0.06 |
| SWK Stanley Black & Decker Inc. | Add +50.9% | 0.28% | +0.06 |
| TRP TC Energy Corp. | New | 0.05% | +0.05 |
| CAT Caterpillar Inc. | Add +0.1% | 0.52% | +0.05 |
| IBM Intl Business Machines Corp. | Add +0.2% | 0.47% | +0.05 |
| IVW iShares S&P 500 Growth ETF | Add +0.6% | 0.41% | +0.05 |
| BAC Bank of America Corp. | Add +0.2% | 0.60% | +0.04 |
| ORCL Oracle Corp. | Add +7.3% | 0.09% | +0.03 |
| IWF iShares Russell 1000 Growth | Add +0.1% | 0.19% | +0.02 |
| VOE Vngrd Mrngstr MD-Cap Val ETF | Add +67.1% | 0.05% | +0.02 |
| AMD Advanced Micro Devices | New | 0.02% | +0.02 |
| GOOGL Alphabet Inc. Class A | Add +6.4% | 0.11% | +0.01 |
| QQQ Invesco QQQ Trust Series 1 | Add +1.2% | 0.12% | +0.01 |
| TT Trane Technologies PLC | New | 0.01% | +0.01 |
| MFC Manulife Financial Corp. | New | 0.01% | +0.01 |
| WAB Wabtec Corp. | New | 0.01% | +0.01 |
| SPAB SS SPDR P Agg Bond ETF | New | 0.01% | +0.01 |
| VOO Vanguard S&P 500 ETF | Add +14.8% | 0.06% | +0.01 |
| BLK BlackRock Inc. | Add +0.2% | 0.20% | +0.01 |
| EMR Emerson Electric Co. | Add +2.0% | 0.06% | +0.01 |
| IGV iShares Expanded Tech-Softwa | Add +8.5% | 0.04% | +0.01 |
| ELV Elevance Health Inc. | Add +61.6% | 0.03% | +0.01 |
| IEFA iShares Core MSCI Eafe ETF | Add +9.6% | 0.06% | +0.01 |
| SPHQ Invesco S&P 500 Quality ETF | Add +40.7% | 0.02% | +0.01 |
| IVE iShares S&P 500 Value ETF | Add +19.6% | 0.04% | +0.01 |
| SCHB Schwab US Broad Market ETF | Add +12.9% | 0.03% | +0.01 |
| VEA Vanguard Ftse Developed ETF | Add +27.6% | 0.02% | +0.00 |
| IWY iShares Russell Top 200 Grow | Add +15.1% | 0.02% | +0.00 |
| MS Morgan Stanley | Add +17.3% | 0.02% | +0.00 |
| EFA iShares MSCI Eafe ETF | Add +0.4% | 0.10% | +0.00 |
| CWI State Street SPDR MSCI Acwi | Add +12.3% | 0.02% | +0.00 |
| IEMG iShares Core MSCI Emerging | Add +15.5% | 0.02% | +0.00 |
| QUAL iShares MSCI USA Quality Fac | Add +4.5% | 0.04% | +0.00 |
| CMI Cummins Inc. | Add +5.4% | 0.05% | +0.00 |
| MPC Marathon Petroleum Corp. | Add +6.6% | 0.02% | +0.00 |
| VONE Vanguard Russell 1000 | Add +3.2% | 0.03% | +0.00 |
| VWO Vanguard Ftse Emerging Marke | Add +1.8% | 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 |