Goelzer Investment Management, Inc.
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed January 14, 2026), Goelzer Investment Management, Inc. reported 271 stock positions worth $2.2 billion. Its top holding was Eli Lilly (LLY) at 27.1% of the portfolio, followed by iShares Core S&P 500 ETF (IVV, 8.6%) and SS SPDR S&P 600 SC Val ETF (SLYV, 3.7%). Compared with Q3 2025, it opened 32 new positions, sold out of 8, added to 111 and reduced 99. The biggest buy was iShares MSCI Acwi Ex US ETF (ACWX, shares +327%) and the biggest sale an exit from Interpublic Group of Cos (IPG).
- Most Recent 13F
- Q2 2026
- Location
- CARMEL, IN
- CIK
- 0001550057
- Portfolio Value
- $2.2B (Q4 2025)
- SEC Filing
- 0001550057-26-000001 ↗ filed Jan 14, 2026
Holdings Value
Holdings 271 stocks · $2.2B
| LLY Eli Lilly & Co. | 27.06% | 542,867 | $583.4M | Reduce -0.3% |
| IVV iShares Core S&P 500 ETF | 8.63% | 271,624 | $186.0M | Add +5.6% |
| SLYV SS SPDR S&P 600 SC Val ETF | 3.71% | 879,145 | $80.0M | Add +0.1% |
| IJH iShares Core S&P Midcap ETF | 3.43% | 1,121,755 | $74.0M | Add +1.1% |
| SCHF Schwab Intl Equity ETF | 2.05% | 1,840,603 | $44.2M | Reduce -1.1% |
| AAPL Apple Inc. | 1.96% | 155,765 | $42.3M | Add +5.5% |
| JMTG Mortgage-Backed Securities filed as J P MORGAN EXCHANGE TRADED F | 1.92% | 809,486 | $41.3M | Add +4.2% |
| MSFT Microsoft Corp. | 1.89% | 84,072 | $40.7M | Add +1.2% |
| AVGO Broadcom Inc. | 1.73% | 107,858 | $37.3M | Add +0.1% |
| GOOG Alphabet Inc. Class C | 1.38% | 94,521 | $29.7M | Reduce -1.0% |
| ACWX iShares MSCI Acwi Ex US ETF | 1.32% | 425,029 | $28.5M | Add +327.3% |
| JPM JPMorgan Chase & Co. | 0.99% | 66,060 | $21.3M | Add +1.5% |
| NVDA Nvidia Corp. | 0.94% | 108,172 | $20.2M | Add +0.3% |
| IJR iShares Core S&P Small-Cap E | 0.91% | 162,703 | $19.6M | Add +0.1% |
| XOM Exxon Mobil Corp. | 0.90% | 160,855 | $19.4M | Add +0.5% |
| TLH iShares 10-20 Year Treasury | 0.81% | 170,709 | $17.4M | Add +6.0% |
| ETN Eaton Corp. PLC | 0.73% | 49,457 | $15.8M | Add +0.2% |
| OHI Omega Healthcare Investors | 0.70% | 338,476 | $15.0M | Reduce -0.1% |
| JMBS Janus Henderson Mortg Backed | 0.69% | 325,991 | $14.9M | Add +4.4% |
| ABBV Abbvie Inc. | 0.66% | 62,539 | $14.3M | Add +3.1% |
| QCOM Qualcomm Inc. | 0.64% | 80,354 | $13.7M | Add +1.2% |
| MRK Merck & Co. Inc. | 0.62% | 127,960 | $13.5M | Add +0.8% |
| CVX Chevron Corp. | 0.62% | 88,319 | $13.5M | Add +5.9% |
| LMT Lockheed Martin Corp. | 0.61% | 27,049 | $13.1M | Reduce -0.1% |
| IGSB iShares 1-5Y Inv Grade Corp. | 0.61% | 246,984 | $13.1M | Reduce -3.3% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.60% | 235,335 | $12.9M | Add +3.8% |
| NI Nisource Inc. | 0.60% | 308,714 | $12.9M | Add +0.9% |
| CAT Caterpillar Inc. | 0.59% | 22,116 | $12.7M | Reduce -9.0% |
| AMZN Amazon.com Inc. | 0.56% | 52,716 | $12.2M | Add +0.3% |
| FMAO Farmers & Merchants Banco | 0.56% | 485,064 | $12.0M | Add +1659.8% |
| USB US Bancorp | 0.54% | 219,464 | $11.7M | Reduce -0.9% |
| JNJ Johnson & Johnson | 0.54% | 55,979 | $11.6M | Add +1.0% |
| WMT Walmart Inc. | 0.54% | 103,862 | $11.6M | Add +1.3% |
| ADI Analog Devices Inc. | 0.53% | 42,074 | $11.4M | Add +0.5% |
| TRV The Travelers Cos Inc. | 0.51% | 38,139 | $11.1M | Add +0.6% |
| IWD iShares Russell 1000 Value E | 0.49% | 50,291 | $10.6M | Reduce -5.8% |
| PFG Principal Financial Group | 0.48% | 116,588 | $10.3M | Add +0.3% |
| TEL Te Connectivity PLC | 0.47% | 44,635 | $10.2M | Reduce -0.4% |
| ENB Enbridge Inc. | 0.46% | 207,261 | $9.9M | Add +0.6% |
| WFC Wells Fargo & Co. | 0.46% | 105,640 | $9.8M | Add +7.5% |
| ETR Entergy Corp. | 0.45% | 104,790 | $9.7M | Add +0.2% |
| CSCO Cisco Systems Inc. | 0.44% | 123,614 | $9.5M | Add +1.1% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.43% | 13,740 | $9.4M | Reduce -2.4% |
| COST Costco Wholesale Corp. | 0.43% | 10,834 | $9.3M | Add +7.8% |
| V Visa Inc. Class A | 0.43% | 26,493 | $9.3M | Add +4.0% |
| CFG Citizens Financial Group | 0.42% | 154,454 | $9.0M | Add +1.0% |
| RTX RTX Corp. | 0.41% | 48,060 | $8.8M | Add +11.6% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.41% | 29,591 | $8.8M | Add +2.7% |
| AEP American Electric Power | 0.40% | 74,690 | $8.6M | Add +0.3% |
| MCK McKesson Corp. | 0.39% | 10,223 | $8.4M | Reduce -4.7% |
| UNH Unitedhealth Group Inc. | 0.38% | 24,984 | $8.2M | Add +2.7% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.38% | 16,192 | $8.1M | Add +10.8% |
| PG The Procter & Gamble Co. | 0.36% | 54,836 | $7.9M | Reduce -1.6% |
| META Meta Platforms Inc. Class A | 0.36% | 11,856 | $7.8M | Add +32.2% |
| VZ Verizon Communications Inc. | 0.36% | 191,914 | $7.8M | Add +1.1% |
| AZN Astrazeneca PLC-Spons ADR | 0.35% | 82,536 | $7.6M | Add +0.6% |
| MUNI PIMCO Intermediate Municipal | 0.35% | 143,409 | $7.5M | Reduce -2.6% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.35% | 48,615 | $7.5M | Add +2.4% |
| PEP Pepsico Inc. | 0.34% | 51,579 | $7.4M | Reduce -4.9% |
| PANW Palo Alto Networks Inc. | 0.33% | 38,883 | $7.2M | Reduce -14.4% |
| WSM Williams-Sonoma Inc. | 0.33% | 39,668 | $7.1M | Reduce -1.1% |
| MBX MBX Biosciences Inc. | 0.32% | 221,672 | $7.0M | New |
| IVW iShares S&P 500 Growth ETF | 0.32% | 56,037 | $6.9M | Add +3.4% |
| BMY Bristol-Myers Squibb Co. | 0.32% | 127,957 | $6.9M | Add +5.4% |
| BKNG Booking Holdings Inc. | 0.32% | 1,286 | $6.9M | Reduce -1.7% |
| MDT Medtronic PLC | 0.32% | 71,579 | $6.9M | Add +1.9% |
| MDY State Street SPDR S&P Midcap | 0.30% | 10,874 | $6.6M | Reduce -0.9% |
| IJK iShares S&P Mid-Cap 400 Grow | 0.30% | 67,589 | $6.5M | Add +1.9% |
| PRU Prudential Financial Inc. | 0.29% | 55,880 | $6.3M | Reduce -2.7% |
| KLAC KLA Corp. | 0.29% | 5,154 | $6.3M | Reduce -2.3% |
| UNP Union Pacific Corp. | 0.29% | 26,626 | $6.2M | Add +20.5% |
| LOW Lowe's Cos Inc. | 0.28% | 25,292 | $6.1M | Add +3.4% |
| IGIB iShares 5-10Y Inv Grade Corp. | 0.28% | 112,636 | $6.1M | Add +0.3% |
| RIO Rio Tinto PLC-Spon ADR | 0.27% | 73,226 | $5.9M | Add +0.5% |
| KO The Coca-Cola Co. | 0.27% | 83,502 | $5.8M | Add +3.7% |
| SYY Sysco Corp. | 0.26% | 77,326 | $5.7M | Reduce -1.5% |
| OMC Omnicom Group | 0.26% | 69,578 | $5.6M | New |
| GNTX Gentex Corp. | 0.26% | 241,426 | $5.6M | Reduce -6.8% |
| ADBE Adobe Inc. | 0.25% | 15,507 | $5.4M | Reduce -11.7% |
| JCI Johnson Controls Internation | 0.25% | 45,232 | $5.4M | Reduce -3.7% |
| TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC | 0.25% | 52,287 | $5.4M | Reduce -2.1% |
| SWK Stanley Black & Decker Inc. | 0.24% | 71,110 | $5.3M | Reduce -2.4% |
| ANET Arista Networks Inc. | 0.24% | 39,605 | $5.2M | Reduce -18.5% |
| SO The Southern Co. | 0.23% | 58,006 | $5.1M | Add +0.9% |
| MA Mastercard Inc. Class A | 0.23% | 8,857 | $5.1M | Add +2.4% |
| AXP American Express Co. | 0.23% | 13,594 | $5.0M | Reduce -1.7% |
| HD Home Depot Inc. | 0.23% | 14,450 | $5.0M | Add +4.7% |
| APD Air Products & Chemicals Inc. | 0.22% | 19,264 | $4.8M | Reduce -4.3% |
| INGR Ingredion Inc. | 0.22% | 43,085 | $4.8M | Add +0.5% |
| FITB Fifth Third Bancorp | 0.22% | 101,462 | $4.7M | Add +0.4% |
| JAAA Janus Henderson Aaa Clo ETF | 0.22% | 92,458 | $4.7M | Add +10.6% |
| HON Honeywell International Inc. | 0.21% | 23,644 | $4.6M | Reduce -1.1% |
| ACN Accenture PLC Class A | 0.21% | 17,189 | $4.6M | Add +120.0% |
| NXST Nexstar Media Group Inc. | 0.21% | 22,448 | $4.6M | Add +1.1% |
| BRK.A Berkshire Hathaway Inc. Class A | 0.21% | 6 | $4.5M | No change |
| GATX Gatx Corp. | 0.21% | 26,271 | $4.5M | Add +0.2% |
| PFE Pfizer Inc. | 0.21% | 178,841 | $4.5M | Add +1.3% |
| THG Hanover Insurance Group Inc./ | 0.20% | 23,366 | $4.3M | Reduce -1.4% |
| SCHW Schwab (charles) Corp. | 0.19% | 41,916 | $4.2M | Add +3.6% |
| CI The Cigna Group | 0.19% | 15,152 | $4.2M | Add +1.6% |
Portfolio Sells Q3 2025 → Q4 2025
| IPG Interpublic Group of Cos Inc. | Sold out | 0.00% | −0.31 |
| SCHF Schwab Intl Equity ETF | Reduce -1.1% | 2.05% | −0.24 |
| APO Apollo Global Management Inc. | Reduce -84.1% | 0.04% | −0.21 |
| PANW Palo Alto Networks Inc. | Reduce -14.4% | 0.33% | −0.16 |
| JMST JPM Ultra-Short Muni Income | Reduce -33.0% | 0.19% | −0.14 |
| ANET Arista Networks Inc. | Reduce -18.5% | 0.24% | −0.13 |
| GNTX Gentex Corp. | Reduce -6.8% | 0.26% | −0.13 |
| GLW Corning Inc. | Reduce -42.9% | 0.15% | −0.13 |
| NEE Nextera Energy Inc. | Reduce -56.5% | 0.08% | −0.11 |
| IGSB iShares 1-5Y Inv Grade Corp. | Reduce -3.3% | 0.61% | −0.11 |
| LMT Lockheed Martin Corp. | Reduce -0.1% | 0.61% | −0.11 |
| PG The Procter & Gamble Co. | Reduce -1.6% | 0.36% | −0.09 |
| WSM Williams-Sonoma Inc. | Reduce -1.1% | 0.33% | −0.09 |
| TSLA Tesla Inc. | Reduce -30.6% | 0.14% | −0.09 |
| IWD iShares Russell 1000 Value E | Reduce -5.8% | 0.49% | −0.09 |
| SLB SLB Ltd. | Reduce -63.2% | 0.05% | −0.08 |
| CRM Salesforce Inc. | Sold out | 0.00% | −0.08 |
| SYY Sysco Corp. | Reduce -1.5% | 0.26% | −0.08 |
| ADBE Adobe Inc. | Reduce -11.7% | 0.25% | −0.08 |
| APD Air Products & Chemicals Inc. | Reduce -4.3% | 0.22% | −0.07 |
| ZTS Zoetis Inc. | Reduce -15.9% | 0.12% | −0.07 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -2.4% | 0.43% | −0.06 |
| OHI Omega Healthcare Investors | Reduce -0.1% | 0.70% | −0.06 |
| PEP Pepsico Inc. | Reduce -4.9% | 0.34% | −0.06 |
| MUNI PIMCO Intermediate Municipal | Reduce -2.6% | 0.35% | −0.06 |
| BKNG Booking Holdings Inc. | Reduce -1.7% | 0.32% | −0.05 |
| HON Honeywell International Inc. | Reduce -1.1% | 0.21% | −0.05 |
| TMUS T-Mobile US Inc. | Reduce -0.7% | 0.14% | −0.05 |
| TEL Te Connectivity PLC | Reduce -0.4% | 0.47% | −0.05 |
| MCK McKesson Corp. | Reduce -4.7% | 0.39% | −0.05 |
| IJJ iShares S&P Mid-Cap 400 Valu | Reduce -10.3% | 0.19% | −0.05 |
| CTVA Corteva Inc. | Reduce -6.6% | 0.19% | −0.04 |
| MDY State Street SPDR S&P Midcap | Reduce -0.9% | 0.30% | −0.04 |
| TROW T Rowe Price Group Inc. | Reduce -2.1% | 0.25% | −0.04 |
| SWK Stanley Black & Decker Inc. | Reduce -2.4% | 0.24% | −0.04 |
| VEEV Veeva Systems Inc. Class A | Reduce -3.3% | 0.07% | −0.04 |
| APTV Aptiv PLC | Reduce -0.0% | 0.14% | −0.04 |
| QQQ Invesco QQQ Trust Series 1 | Reduce -32.7% | 0.05% | −0.04 |
| THG Hanover Insurance Group Inc./ | Reduce -1.4% | 0.20% | −0.03 |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | Reduce -5.9% | 0.12% | −0.03 |
| BSX Boston Scientific Corp. | Reduce -0.8% | 0.15% | −0.03 |
| CAT Caterpillar Inc. | Reduce -9.0% | 0.59% | −0.03 |
| SBUX Starbucks Corp. | Reduce -1.9% | 0.15% | −0.03 |
| USB US Bancorp | Reduce -0.9% | 0.54% | −0.02 |
| PRU Prudential Financial Inc. | Reduce -2.7% | 0.29% | −0.02 |
| GD General Dynamics Corp. | Reduce -3.0% | 0.12% | −0.02 |
| EQIX Equinix Inc. | Reduce -0.9% | 0.13% | −0.02 |
| JCI Johnson Controls Internation | Reduce -3.7% | 0.25% | −0.02 |
| VB Vanguard Most SM-Cap ETF-Usd | Reduce -4.8% | 0.12% | −0.02 |
| IWR iShares Russell Mid-Cap ETF | Reduce -2.3% | 0.11% | −0.02 |
Portfolio Buys Q3 2025 → Q4 2025
| ACWX iShares MSCI Acwi Ex US ETF | Add +327.3% | 1.32% | +0.98 |
| FMAO Farmers & Merchants Banco | Add +1659.8% | 0.56% | +0.52 |
| MBX MBX Biosciences Inc. | New | 0.32% | +0.32 |
| OMC Omnicom Group | New | 0.26% | +0.26 |
| ACN Accenture PLC Class A | Add +120.0% | 0.21% | +0.11 |
| KMI Kinder Morgan Inc. | New | 0.07% | +0.07 |
| INTU Intuit Inc. | New | 0.07% | +0.07 |
| MRK Merck & Co. Inc. | Add +0.8% | 0.62% | +0.06 |
| VONV Vanguard Russell 1000 Value | Add +287.1% | 0.08% | +0.06 |
| PGR Progressive Corp. | New | 0.06% | +0.06 |
| HIG Hartford Insurance Group Inc. | New | 0.06% | +0.06 |
| VST Vistra Corp. | New | 0.05% | +0.05 |
| CTRA Coterra Energy Inc. | New | 0.05% | +0.05 |
| ADSK Autodesk Inc. | New | 0.05% | +0.05 |
| EVRG Evergy Inc. | New | 0.05% | +0.05 |
| CHRW C.H. Robinson Worldwide Inc. | New | 0.04% | +0.04 |
| GOOGL Alphabet Inc. Class A | Add +15.7% | 0.18% | +0.04 |
| CSX CSX Corp. | Add +238.6% | 0.05% | +0.04 |
| GPC Genuine Parts Co. | New | 0.04% | +0.04 |
| BDX Becton Dickinson and Co. | New | 0.04% | +0.04 |
| SPXC SPX Technologies Inc. | New | 0.03% | +0.03 |
| ALL Allstate Corp. | New | 0.03% | +0.03 |
| BWXT BWX Technologies Inc. | New | 0.03% | +0.03 |
| BMY Bristol-Myers Squibb Co. | Add +5.4% | 0.32% | +0.03 |
| PH Parker Hannifin Corp. | New | 0.03% | +0.03 |
| PM Philip Morris International | New | 0.03% | +0.03 |
| RTX RTX Corp. | Add +11.6% | 0.41% | +0.03 |
| NUE Nucor Corp. | New | 0.03% | +0.03 |
| MS Morgan Stanley | Add +156.5% | 0.04% | +0.02 |
| EMN Eastman Chemical Co. | Add +49.9% | 0.09% | +0.02 |
| GS Goldman Sachs Group Inc. | New | 0.02% | +0.02 |
| WFC Wells Fargo & Co. | Add +7.5% | 0.46% | +0.02 |
| TT Trane Technologies PLC | Add +230.0% | 0.03% | +0.02 |
| AZN Astrazeneca PLC-Spons ADR | Add +0.6% | 0.35% | +0.02 |
| RIO Rio Tinto PLC-Spon ADR | Add +0.5% | 0.27% | +0.02 |
| OKE Oneok Inc. | New | 0.02% | +0.02 |
| ONB Old National Bancorp | New | 0.02% | +0.02 |
| LNC Lincoln National Corp. | New | 0.02% | +0.02 |
| LRCX Lam Research Corp. | Add +0.6% | 0.13% | +0.01 |
| SGOV iShares 0-3 Month Treasury B | Add +43.6% | 0.07% | +0.01 |
| META Meta Platforms Inc. Class A | Add +32.2% | 0.36% | +0.01 |
| C Citigroup Inc. | New | 0.01% | +0.01 |
| COF Capital One Financial Corp. | New | 0.01% | +0.01 |
| IEMG iShares Core MSCI Emerging | New | 0.01% | +0.01 |
| VWO Vanguard Ftse Emerging Marke | Add +50.6% | 0.05% | +0.01 |
| MDLZ Mondelez International Inc. Class A | New | 0.01% | +0.01 |
| IBIT iShares Bitcoin Trust ETF | New | 0.01% | +0.01 |
| DE Deere & Co. | New | 0.01% | +0.01 |
| DOV Dover Corp. | New | 0.01% | +0.01 |
| CMI Cummins Inc. | Add +9.9% | 0.08% | +0.01 |
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 |