Goelzer Investment Management, Inc.
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 14, 2025), Goelzer Investment Management, Inc. reported 247 stock positions worth $1.9 billion. Its top holding was Eli Lilly (LLY) at 22.0% of the portfolio, followed by iShares Core S&P 500 ETF (IVV, 9.1%) and SS SPDR S&P 600 SC Val ETF (SLYV, 4.1%). Compared with Q2 2025, it opened 10 new positions, sold out of 7, added to 46 and reduced 156. The biggest buy was iShares Core S&P 500 ETF (IVV, shares +0%) and the biggest sale Eli Lilly (LLY, shares −2%).
- Most Recent 13F
- Q2 2026
- Location
- CARMEL, IN
- CIK
- 0001550057
- Portfolio Value
- $1.9B (Q3 2025)
- SEC Filing
- 0001085146-25-005926 ↗ filed Oct 14, 2025
Holdings Value
Holdings 247 stocks · $1.9B
| LLY Eli Lilly & Co. | 22.02% | 544,492 | $415.4M | Reduce -2.4% |
| IVV iShares Core S&P 500 ETF | 9.13% | 257,321 | $172.2M | Add +0.2% |
| SLYV SS SPDR S&P 600 SC Val ETF | 4.13% | 878,567 | $77.9M | Reduce -0.8% |
| IJH iShares Core S&P Midcap ETF | 3.84% | 1,109,335 | $72.4M | Reduce -6.0% |
| SCHF Schwab Intl Equity ETF | 2.30% | 1,861,935 | $43.3M | Reduce -1.0% |
| MSFT Microsoft Corp. | 2.28% | 83,077 | $43.0M | Reduce -0.3% |
| JMTG Mortgage-Backed Securities filed as J P MORGAN EXCHANGE TRADED F | 2.10% | 777,115 | $39.6M | Add +2.0% |
| AAPL Apple Inc. | 1.99% | 147,607 | $37.6M | Reduce -0.0% |
| AVGO Broadcom Inc. | 1.88% | 107,805 | $35.6M | Reduce -0.9% |
| GOOG Alphabet Inc. Class C | 1.23% | 95,453 | $23.2M | Reduce -1.1% |
| JPM JPMorgan Chase & Co. | 1.09% | 65,084 | $20.5M | Reduce -0.8% |
| NVDA Nvidia Corp. | 1.07% | 107,808 | $20.1M | Reduce -0.5% |
| IJR iShares Core S&P Small-Cap E | 1.02% | 162,553 | $19.3M | Reduce -1.3% |
| ETN Eaton Corp. PLC | 0.98% | 49,339 | $18.5M | Reduce -1.3% |
| XOM Exxon Mobil Corp. | 0.96% | 160,008 | $18.0M | Reduce -1.4% |
| TLH iShares 10-20 Year Treasury | 0.88% | 161,097 | $16.6M | Add +1.3% |
| OHI Omega Healthcare Investors | 0.76% | 338,688 | $14.3M | Reduce -1.1% |
| JMBS Janus Henderson Mortg Backed | 0.76% | 312,266 | $14.3M | Add +0.3% |
| ABBV Abbvie Inc. | 0.74% | 60,681 | $14.0M | Add +20.6% |
| IGSB iShares 1-5Y Inv Grade Corp. | 0.72% | 255,304 | $13.5M | Add +3.7% |
| LMT Lockheed Martin Corp. | 0.72% | 27,082 | $13.5M | Reduce -1.5% |
| NI Nisource Inc. | 0.70% | 306,004 | $13.2M | Reduce -2.6% |
| QCOM Qualcomm Inc. | 0.70% | 79,366 | $13.2M | Reduce -1.9% |
| CVX Chevron Corp. | 0.69% | 83,395 | $13.0M | Reduce -1.3% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.62% | 226,776 | $11.7M | Reduce -1.7% |
| CAT Caterpillar Inc. | 0.61% | 24,314 | $11.6M | Reduce -0.8% |
| AMZN Amazon.com Inc. | 0.61% | 52,543 | $11.5M | Reduce -0.7% |
| IWD iShares Russell 1000 Value E | 0.58% | 53,384 | $10.9M | Add +0.2% |
| USB US Bancorp | 0.57% | 221,466 | $10.7M | Reduce -1.5% |
| MRK Merck & Co. Inc. | 0.56% | 126,996 | $10.7M | Reduce -1.7% |
| TRV The Travelers Cos Inc. | 0.56% | 37,904 | $10.6M | Reduce -0.7% |
| WMT Walmart Inc. | 0.56% | 102,498 | $10.6M | Add +23.5% |
| ENB Enbridge Inc. | 0.55% | 206,093 | $10.4M | Reduce -1.9% |
| ADI Analog Devices Inc. | 0.55% | 41,855 | $10.3M | Reduce -2.0% |
| JNJ Johnson & Johnson | 0.54% | 55,442 | $10.3M | Reduce -1.6% |
| TEL Te Connectivity PLC | 0.52% | 44,831 | $9.8M | Reduce -24.5% |
| ETR Entergy Corp. | 0.52% | 104,626 | $9.8M | Reduce -1.6% |
| PFG Principal Financial Group | 0.51% | 116,194 | $9.6M | Reduce -2.3% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.50% | 14,072 | $9.4M | Reduce -0.5% |
| COST Costco Wholesale Corp. | 0.49% | 10,049 | $9.3M | Add +0.3% |
| PANW Palo Alto Networks Inc. | 0.49% | 45,442 | $9.3M | Reduce -0.3% |
| V Visa Inc. Class A | 0.46% | 25,486 | $8.7M | Reduce -0.7% |
| PG The Procter & Gamble Co. | 0.45% | 55,723 | $8.6M | Reduce -1.1% |
| UNH Unitedhealth Group Inc. | 0.45% | 24,321 | $8.4M | Add +0.9% |
| AEP American Electric Power | 0.44% | 74,485 | $8.4M | Reduce -2.2% |
| CSCO Cisco Systems Inc. | 0.44% | 122,295 | $8.4M | Reduce -2.0% |
| VZ Verizon Communications Inc. | 0.44% | 189,922 | $8.3M | Reduce -0.1% |
| MCK McKesson Corp. | 0.44% | 10,725 | $8.3M | Reduce -0.9% |
| WFC Wells Fargo & Co. | 0.44% | 98,277 | $8.2M | Reduce -1.8% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.43% | 28,824 | $8.1M | Reduce -1.5% |
| CFG Citizens Financial Group | 0.43% | 152,975 | $8.1M | Reduce -1.8% |
| WSM Williams-Sonoma Inc. | 0.42% | 40,129 | $7.8M | Reduce -1.1% |
| MUNI PIMCO Intermediate Municipal | 0.41% | 147,179 | $7.7M | Reduce -14.1% |
| PEP Pepsico Inc. | 0.40% | 54,229 | $7.6M | Reduce -28.6% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.39% | 14,615 | $7.3M | Reduce -0.0% |
| GNTX Gentex Corp. | 0.39% | 259,045 | $7.3M | Reduce -2.2% |
| RTX RTX Corp. | 0.38% | 43,058 | $7.2M | Reduce -0.7% |
| ANET Arista Networks Inc. | 0.38% | 48,580 | $7.1M | Reduce -0.9% |
| BKNG Booking Holdings Inc. | 0.37% | 1,308 | $7.1M | No change |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.36% | 47,470 | $6.9M | Reduce -0.3% |
| MDT Medtronic PLC | 0.35% | 70,237 | $6.7M | Reduce -0.5% |
| META Meta Platforms Inc. Class A | 0.35% | 8,971 | $6.6M | Reduce -0.2% |
| IVW iShares S&P 500 Growth ETF | 0.35% | 54,193 | $6.5M | Reduce -20.5% |
| MDY State Street SPDR S&P Midcap | 0.35% | 10,971 | $6.5M | Reduce -1.1% |
| ACWX iShares MSCI Acwi Ex US ETF | 0.34% | 99,481 | $6.5M | Reduce -1.6% |
| SYY Sysco Corp. | 0.34% | 78,532 | $6.5M | Reduce -2.0% |
| IJK iShares S&P Mid-Cap 400 Grow | 0.34% | 66,331 | $6.4M | Reduce -3.0% |
| AZN Astrazeneca PLC-Spons ADR | 0.33% | 82,015 | $6.3M | Reduce -2.2% |
| JMST JPM Ultra-Short Muni Income filed as J P MORGAN EXCHANGE TRADED F | 0.33% | 121,944 | $6.2M | Add +10.6% |
| ADBE Adobe Inc. | 0.33% | 17,556 | $6.2M | Reduce -6.3% |
| LOW Lowe's Cos Inc. | 0.33% | 24,452 | $6.1M | Reduce -0.1% |
| IGIB iShares 5-10Y Inv Grade Corp. | 0.32% | 112,280 | $6.1M | Add +7.1% |
| PRU Prudential Financial Inc. | 0.32% | 57,417 | $6.0M | Reduce -2.0% |
| IPG Interpublic Group of Cos Inc. | 0.31% | 206,289 | $5.8M | Reduce -2.5% |
| KLAC KLA Corp. | 0.30% | 5,277 | $5.7M | Reduce -0.9% |
| HD Home Depot Inc. | 0.30% | 13,807 | $5.6M | Reduce -1.6% |
| APD Air Products & Chemicals Inc. | 0.29% | 20,131 | $5.5M | Reduce -2.5% |
| TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC | 0.29% | 53,397 | $5.5M | Reduce -2.7% |
| BMY Bristol-Myers Squibb Co. | 0.29% | 121,368 | $5.5M | Reduce -2.5% |
| SO The Southern Co. | 0.29% | 57,478 | $5.4M | Reduce -1.9% |
| SWK Stanley Black & Decker Inc. | 0.29% | 72,851 | $5.4M | Reduce -2.7% |
| KO The Coca-Cola Co. | 0.28% | 80,511 | $5.3M | Add +69.5% |
| INGR Ingredion Inc. | 0.28% | 42,881 | $5.2M | Reduce -2.3% |
| UNP Union Pacific Corp. | 0.28% | 22,103 | $5.2M | Reduce -2.0% |
| JCI Johnson Controls Internation | 0.27% | 46,955 | $5.2M | Reduce -2.1% |
| GLW Corning Inc. | 0.27% | 62,908 | $5.2M | Reduce -3.0% |
| HON Honeywell International Inc. | 0.27% | 23,896 | $5.0M | Reduce -1.1% |
| MA Mastercard Inc. Class A | 0.26% | 8,646 | $4.9M | Add +0.6% |
| RIO Rio Tinto PLC-Spon ADR | 0.26% | 72,896 | $4.8M | Reduce -1.3% |
| APO Apollo Global Management Inc. | 0.24% | 34,626 | $4.6M | Reduce -0.6% |
| AXP American Express Co. | 0.24% | 13,831 | $4.6M | Reduce -1.3% |
| GATX Gatx Corp. | 0.24% | 26,223 | $4.6M | Reduce -2.6% |
| BRK.A Berkshire Hathaway Inc. Class A | 0.24% | 6 | $4.5M | No change |
| FITB Fifth Third Bancorp | 0.24% | 101,018 | $4.5M | Reduce -2.9% |
| PFE Pfizer Inc. | 0.24% | 176,501 | $4.5M | Reduce -3.1% |
| IJJ iShares S&P Mid-Cap 400 Valu | 0.24% | 34,570 | $4.5M | Reduce -0.8% |
| CTVA Corteva Inc. | 0.23% | 65,218 | $4.4M | Reduce -3.0% |
| NXST Nexstar Media Group Inc. | 0.23% | 22,206 | $4.4M | Reduce -2.7% |
| THG Hanover Insurance Group Inc./ | 0.23% | 23,694 | $4.3M | Reduce -1.7% |
| CI The Cigna Group | 0.23% | 14,920 | $4.3M | Reduce -2.8% |
Portfolio Sells Q2 2025 → Q3 2025
| LLY Eli Lilly & Co. | Reduce -2.4% | 22.02% | −1.80 |
| IJH iShares Core S&P Midcap ETF | Reduce -6.0% | 3.84% | −0.18 |
| PEP Pepsico Inc. | Reduce -28.6% | 0.40% | −0.15 |
| ISRG Intuitive Surgical Inc. | Reduce -78.3% | 0.03% | −0.12 |
| IQV Iqvia Holdings Inc. | Reduce -75.6% | 0.05% | −0.12 |
| EMN Eastman Chemical Co. | Reduce -43.7% | 0.07% | −0.08 |
| MUNI PIMCO Intermediate Municipal | Reduce -14.1% | 0.41% | −0.07 |
| ADBE Adobe Inc. | Reduce -6.3% | 0.33% | −0.07 |
| IVW iShares S&P 500 Growth ETF | Reduce -20.5% | 0.35% | −0.06 |
| CI The Cigna Group | Reduce -2.8% | 0.23% | −0.05 |
| INGR Ingredion Inc. | Reduce -2.3% | 0.28% | −0.05 |
| IBM Intl Business Machines Corp. | Reduce -1.5% | 0.43% | −0.04 |
| HON Honeywell International Inc. | Reduce -1.1% | 0.27% | −0.04 |
| CTVA Corteva Inc. | Reduce -3.0% | 0.23% | −0.04 |
| TRP TC Energy Corp. | Reduce -75.1% | 0.01% | −0.04 |
| V Visa Inc. Class A | Reduce -0.7% | 0.46% | −0.04 |
| PG The Procter & Gamble Co. | Reduce -1.1% | 0.45% | −0.04 |
| TGT Target Corp. | Reduce -5.4% | 0.18% | −0.04 |
| FCX Freeport-McMoran Inc. | Reduce -6.1% | 0.16% | −0.04 |
| ACN Accenture PLC Class A | Reduce -5.0% | 0.10% | −0.03 |
| DIS The Walt Disney Co. | Reduce -5.2% | 0.17% | −0.03 |
| CSCO Cisco Systems Inc. | Reduce -2.0% | 0.44% | −0.03 |
| IEFA iShares Core MSCI Eafe ETF | Reduce -51.9% | 0.03% | −0.03 |
| QQQ Invesco QQQ Trust Series 1 | Reduce -28.5% | 0.09% | −0.03 |
| PRU Prudential Financial Inc. | Reduce -2.0% | 0.32% | −0.03 |
| APD Air Products & Chemicals Inc. | Reduce -2.5% | 0.29% | −0.03 |
| SBUX Starbucks Corp. | Reduce -3.1% | 0.18% | −0.03 |
| TEL Te Connectivity PLC | Reduce -24.5% | 0.52% | −0.03 |
| BSX Boston Scientific Corp. | Reduce -0.6% | 0.18% | −0.03 |
| APO Apollo Global Management Inc. | Reduce -0.6% | 0.24% | −0.03 |
| CRM Salesforce Inc. | Reduce -9.3% | 0.08% | −0.03 |
| BMY Bristol-Myers Squibb Co. | Reduce -2.5% | 0.29% | −0.03 |
| IVE iShares S&P 500 Value ETF | Reduce -67.5% | 0.01% | −0.02 |
| AMZN Amazon.com Inc. | Reduce -0.7% | 0.61% | −0.02 |
| PANW Palo Alto Networks Inc. | Reduce -0.3% | 0.49% | −0.02 |
| ZTS Zoetis Inc. | Reduce -0.2% | 0.19% | −0.02 |
| EOG EOG Resources Inc. | Reduce -3.6% | 0.13% | −0.02 |
| IWY iShares Russell Top 200 Grow | Sold out | 0.00% | −0.02 |
| AGG iShares Core U.S. Aggregate | Sold out | 0.00% | −0.02 |
| IEMG iShares Core MSCI Emerging | Sold out | 0.00% | −0.02 |
| SPHQ Invesco S&P 500 Quality ETF | Sold out | 0.00% | −0.02 |
| VEA Vanguard Ftse Developed ETF | Sold out | 0.00% | −0.02 |
| META Meta Platforms Inc. Class A | Reduce -0.2% | 0.35% | −0.01 |
| AIG American International Group | Reduce -1.6% | 0.09% | −0.01 |
| CMCSA Comcast Corp. Class A | Sold out | 0.00% | −0.01 |
| UNM Unum Group | Reduce -2.7% | 0.12% | −0.01 |
| ADI Analog Devices Inc. | Reduce -2.0% | 0.55% | −0.01 |
| SPAB SS SPDR P Agg Bond ETF | Sold out | 0.00% | −0.01 |
| ELV Elevance Health Inc. | Reduce -21.0% | 0.02% | −0.01 |
| IWS iShares Russell Mid-Cap Valu | Reduce -10.2% | 0.11% | −0.01 |
Portfolio Buys Q2 2025 → Q3 2025
| IVV iShares Core S&P 500 ETF | Add +0.2% | 9.13% | +0.39 |
| ABBV Abbvie Inc. | Add +20.6% | 0.74% | +0.23 |
| WMT Walmart Inc. | Add +23.5% | 0.56% | +0.12 |
| KO The Coca-Cola Co. | Add +69.5% | 0.28% | +0.10 |
| NFLX Netflix Inc. | New | 0.10% | +0.10 |
| KR Kroger Co. | New | 0.06% | +0.06 |
| JAAA Janus Henderson Aaa Clo ETF | Add +38.3% | 0.23% | +0.06 |
| UNH Unitedhealth Group Inc. | Add +0.9% | 0.45% | +0.03 |
| APTV Aptiv PLC | Add +0.2% | 0.18% | +0.03 |
| LRCX Lam Research Corp. | Add +0.1% | 0.11% | +0.03 |
| JMST JPM Ultra-Short Muni Income | Add +10.6% | 0.33% | +0.02 |
| VUG Vanguard Mrngstar GR ETF-Sui | New | 0.02% | +0.02 |
| IGIB iShares 5-10Y Inv Grade Corp. | Add +7.1% | 0.32% | +0.02 |
| ASML ASML Holding NV-NY Reg SHS | New | 0.01% | +0.01 |
| GE General Electric | New | 0.01% | +0.01 |
| BP BP PLC-Spons ADR | New | 0.01% | +0.01 |
| MUB iShares National Muni Bond E | New | 0.01% | +0.01 |
| ACWI iShares MSCI Acwi ETF | New | 0.01% | +0.01 |
| VPU Vanguard Utilities ETF | New | 0.01% | +0.01 |
| XYL Xylem Inc. | New | 0.01% | +0.01 |
| IWD iShares Russell 1000 Value E | Add +0.2% | 0.58% | +0.01 |
| IJS iShares S&P Small-Cap 600 Va | Add +0.1% | 0.11% | +0.01 |
| SGOV iShares 0-3 Month Treasury B | Add +19.9% | 0.06% | +0.01 |
| IGSB iShares 1-5Y Inv Grade Corp. | Add +3.7% | 0.72% | +0.01 |
| VB Vanguard Most SM-Cap ETF-Usd | Add +0.0% | 0.14% | +0.01 |
| JMTG Mortgage-Backed Securities | Add +2.0% | 2.10% | +0.00 |
| MPC Marathon Petroleum Corp. | Add +10.2% | 0.02% | +0.00 |
| SCHB Schwab US Broad Market ETF | Add +7.4% | 0.04% | +0.00 |
| FAST Fastenal Co. | Add +0.7% | 0.03% | +0.00 |
| XLK SS Technology Select Sector | Add +1.6% | 0.04% | +0.00 |
| LHX L3HARRIS Technologies Inc. | Add +2.1% | 0.02% | +0.00 |
| SNA Snap-on Inc. | Add +0.9% | 0.03% | +0.00 |
| ABT Abbott Laboratories | Add +9.4% | 0.05% | +0.00 |
| VBR Vngrd Mrngst SL-CP Val ETF-U | Add +1.0% | 0.05% | +0.00 |
| TLT iShares 20+ Year Treasury BD | Add +4.7% | 0.08% | +0.00 |
| MCD McDonald's Corp. | Add +2.2% | 0.06% | +0.00 |
| PSX Phillips 66 | Add +1.0% | 0.02% | +0.00 |
| LIN Linde PLC | Add +12.8% | 0.02% | +0.00 |
| BND Vanguard Total Bond Market | Add +4.1% | 0.07% | +0.00 |
| XLE SS Energy Select Sector | Add +0.1% | 0.05% | +0.00 |
| XLI SS Industrial Select Sector | Add +0.8% | 0.02% | +0.00 |
| VEEV Veeva Systems Inc. Class A | Add +0.1% | 0.11% | +0.00 |
| XLV SS Health Care Select Sector | Add +0.1% | 0.03% | 0.00 |
| DHR Danaher Corp. | Add +2.3% | 0.01% | −0.00 |
| XLF SS Financial Select Sector | Add +0.1% | 0.04% | −0.00 |
| MFC Manulife Financial Corp. | Add +1.8% | 0.01% | −0.00 |
| ECL Ecolab Inc. | Add +0.1% | 0.04% | −0.00 |
| CB Chubb Ltd. | Add +1.8% | 0.03% | −0.00 |
| PAYX Paychex Inc. | Add +2.6% | 0.01% | −0.00 |
| SYK Stryker Corp. | Add +2.5% | 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 |