Goelzer Investment Management, Inc.
In its 13F for Q1 2026 (holdings as of March 31, 2026, filed April 9, 2026), Goelzer Investment Management, Inc. reported 297 stock positions worth $2.1 billion. Its top holding was Eli Lilly (LLY) at 24.0% of the portfolio, followed by iShares Core S&P 500 ETF (IVV, 8.8%) and iShares Core S&P Midcap ETF (IJH, 3.8%). Compared with Q4 2025, it opened 31 new positions, sold out of 5, added to 113 and reduced 112. The biggest buy was Exxon Mobil (XOM, shares +2%) and the biggest sale Eli Lilly (LLY, shares −0%).
- Most Recent 13F
- Q2 2026
- Location
- CARMEL, IN
- CIK
- 0001550057
- Portfolio Value
- $2.1B (Q1 2026)
- SEC Filing
- 0001550057-26-000002 ↗ filed Apr 9, 2026
Holdings Value
Holdings 297 stocks · $2.1B
| LLY Eli Lilly & Co. | 24.04% | 540,417 | $497.1M | Reduce -0.5% |
| IVV iShares Core S&P 500 ETF | 8.83% | 279,455 | $182.5M | Add +2.9% |
| IJH iShares Core S&P Midcap ETF | 3.76% | 1,152,695 | $77.8M | Add +2.8% |
| SLYV SS SPDR S&P 600 SC Val ETF | 3.62% | 791,132 | $74.8M | Reduce -10.0% |
| SCHF Schwab Intl Equity ETF | 2.17% | 1,813,550 | $44.9M | Reduce -1.5% |
| JMTG Mortgage-Backed Securities filed as J P MORGAN EXCHANGE TRADED F | 2.02% | 819,602 | $41.8M | Add +1.3% |
| AAPL Apple Inc. | 1.99% | 161,957 | $41.1M | Add +4.0% |
| AVGO Broadcom Inc. | 1.65% | 110,132 | $34.1M | Add +2.1% |
| MSFT Microsoft Corp. | 1.54% | 86,279 | $31.9M | Add +2.6% |
| XOM Exxon Mobil Corp. | 1.34% | 163,626 | $27.8M | Add +1.7% |
| GOOG Alphabet Inc. Class C | 1.26% | 90,548 | $26.0M | Reduce -4.2% |
| NVDA Nvidia Corp. | 1.04% | 123,763 | $21.6M | Add +14.4% |
| JPM JPMorgan Chase & Co. | 0.97% | 68,246 | $20.1M | Add +3.3% |
| IJR iShares Core S&P Small-Cap E | 0.97% | 160,901 | $20.0M | Reduce -1.1% |
| CVX Chevron Corp. | 0.89% | 88,978 | $18.4M | Add +0.8% |
| ETN Eaton Corp. PLC | 0.86% | 49,807 | $17.8M | Add +0.7% |
| TLH iShares 10-20 Year Treasury | 0.86% | 175,727 | $17.7M | Add +2.9% |
| LMT Lockheed Martin Corp. | 0.79% | 26,860 | $16.2M | Reduce -0.7% |
| MRK Merck & Co. Inc. | 0.74% | 127,005 | $15.3M | Reduce -0.8% |
| JMBS Janus Henderson Mortg Backed | 0.73% | 332,955 | $15.0M | Add +2.1% |
| OHI Omega Healthcare Investors | 0.73% | 342,600 | $15.0M | Add +1.2% |
| CAT Caterpillar Inc. | 0.69% | 20,216 | $14.3M | Reduce -8.6% |
| ABBV Abbvie Inc. | 0.69% | 65,122 | $14.2M | Add +4.1% |
| JNJ Johnson & Johnson | 0.67% | 56,794 | $13.9M | Add +1.5% |
| IGSB iShares 1-5Y Inv Grade Corp. | 0.65% | 253,719 | $13.3M | Add +2.7% |
| ADI Analog Devices Inc. | 0.64% | 41,860 | $13.3M | Reduce -0.5% |
| WMT Walmart Inc. | 0.63% | 104,296 | $13.0M | Add +0.4% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.56% | 236,146 | $11.5M | Add +0.3% |
| NI Nisource Inc. | 0.55% | 245,549 | $11.5M | Reduce -20.5% |
| AMZN Amazon.com Inc. | 0.54% | 53,861 | $11.2M | Add +2.2% |
| TRV The Travelers Cos Inc. | 0.54% | 38,051 | $11.1M | Reduce -0.2% |
| IWD iShares Russell 1000 Value E | 0.52% | 50,383 | $10.8M | Add +0.2% |
| USB US Bancorp | 0.52% | 205,214 | $10.7M | Reduce -6.5% |
| PFG Principal Financial Group | 0.51% | 116,874 | $10.5M | Add +0.3% |
| QCOM Qualcomm Inc. | 0.50% | 80,663 | $10.4M | Add +0.4% |
| AEP American Electric Power | 0.50% | 78,228 | $10.3M | Add +4.7% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.49% | 15,670 | $10.2M | Add +14.1% |
| CSCO Cisco Systems Inc. | 0.48% | 128,234 | $9.9M | Add +3.7% |
| VZ Verizon Communications Inc. | 0.46% | 190,525 | $9.6M | Reduce -0.7% |
| COST Costco Wholesale Corp. | 0.46% | 9,578 | $9.5M | Reduce -11.6% |
| BMY Bristol-Myers Squibb Co. | 0.46% | 156,664 | $9.5M | Add +22.4% |
| CFG Citizens Financial Group | 0.45% | 153,963 | $9.2M | Reduce -0.3% |
| RTX RTX Corp. | 0.45% | 47,745 | $9.2M | Reduce -0.7% |
| ENB Enbridge Inc. | 0.44% | 169,108 | $9.2M | Reduce -18.4% |
| MCK McKesson Corp. | 0.42% | 10,111 | $8.7M | Reduce -1.1% |
| WFC Wells Fargo & Co. | 0.42% | 109,547 | $8.7M | Add +3.7% |
| ACWX iShares MSCI Acwi Ex US ETF | 0.42% | 127,204 | $8.7M | Reduce -70.1% |
| TEL Te Connectivity PLC | 0.42% | 41,060 | $8.6M | Reduce -8.0% |
| FMAO Farmers & Merchants Banco | 0.41% | 328,604 | $8.4M | Reduce -32.3% |
| AZN Astrazeneca PLC | 0.40% | 41,673 | $8.2M | Add +1.0% |
| V Visa Inc. Class A | 0.40% | 27,135 | $8.2M | Add +2.4% |
| PEP Pepsico Inc. | 0.39% | 51,874 | $8.1M | Add +0.6% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.38% | 16,527 | $7.9M | Add +2.1% |
| PG The Procter & Gamble Co. | 0.38% | 54,529 | $7.9M | Reduce -0.6% |
| ETR Entergy Corp. | 0.38% | 69,176 | $7.8M | Reduce -34.0% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.37% | 48,488 | $7.7M | Reduce -0.3% |
| META Meta Platforms Inc. Class A | 0.36% | 12,963 | $7.4M | Add +9.3% |
| MUNI PIMCO Intermediate Municipal | 0.36% | 141,554 | $7.4M | Reduce -1.3% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.36% | 30,331 | $7.4M | Add +2.5% |
| VLO Valero Energy Corp. | 0.35% | 29,282 | $7.2M | Add +661.8% |
| WSM Williams-Sonoma Inc. | 0.35% | 39,573 | $7.2M | Reduce -0.2% |
| RIO Rio Tinto PLC-Spon ADR | 0.33% | 72,811 | $6.8M | Reduce -0.6% |
| IJK iShares S&P Mid-Cap 400 Grow | 0.33% | 67,318 | $6.8M | Reduce -0.4% |
| MDY State Street SPDR S&P Midcap | 0.32% | 10,874 | $6.7M | No change |
| KO The Coca-Cola Co. | 0.32% | 87,475 | $6.7M | Add +4.8% |
| IVW iShares S&P 500 Growth ETF | 0.32% | 58,681 | $6.6M | Add +4.7% |
| UNP Union Pacific Corp. | 0.31% | 26,629 | $6.5M | Add +0.0% |
| MDT Medtronic PLC | 0.30% | 72,360 | $6.3M | Add +1.1% |
| IGIB iShares 5-10Y Inv Grade Corp. | 0.30% | 117,243 | $6.2M | Add +4.1% |
| LOW Lowe's Cos Inc. | 0.29% | 25,380 | $6.0M | Add +0.3% |
| JCI Johnson Controls Internation | 0.28% | 44,827 | $5.9M | Reduce -0.9% |
| KLAC KLA Corp. | 0.28% | 3,912 | $5.8M | Reduce -24.1% |
| JAAA Janus Henderson Aaa Clo ETF | 0.27% | 112,619 | $5.7M | Add +21.8% |
| HON Honeywell International Inc. | 0.27% | 25,014 | $5.7M | Add +5.8% |
| SO The Southern Co. | 0.27% | 57,882 | $5.6M | Reduce -0.2% |
| APD Air Products & Chemicals Inc. | 0.27% | 19,090 | $5.5M | Reduce -0.9% |
| SYY Sysco Corp. | 0.27% | 77,474 | $5.5M | Add +0.2% |
| PRU Prudential Financial Inc. | 0.26% | 55,851 | $5.5M | Reduce -0.1% |
| GNTX Gentex Corp. | 0.25% | 239,045 | $5.2M | Reduce -1.0% |
| OMC Omnicom Group | 0.25% | 69,051 | $5.2M | Reduce -0.8% |
| MCD McDonald's Corp. | 0.25% | 16,572 | $5.2M | Add +264.2% |
| PANW Palo Alto Networks Inc. | 0.25% | 32,022 | $5.1M | Reduce -17.6% |
| PFE Pfizer Inc. | 0.25% | 181,055 | $5.1M | Add +1.2% |
| SWK Stanley Black & Decker Inc. | 0.24% | 71,270 | $5.1M | Add +0.2% |
| BKNG Booking Holdings Inc. | 0.24% | 1,194 | $5.0M | Reduce -7.2% |
| HD Home Depot Inc. | 0.24% | 15,260 | $5.0M | Add +5.6% |
| UNH Unitedhealth Group Inc. | 0.24% | 18,545 | $5.0M | Reduce -25.8% |
| CTVA Corteva Inc. | 0.24% | 59,552 | $5.0M | Reduce -2.2% |
| ANET Arista Networks Inc. | 0.24% | 40,211 | $4.9M | Add +1.5% |
| MBX MBX Biosciences Inc. | 0.24% | 164,172 | $4.9M | Reduce -25.9% |
| INGR Ingredion Inc. | 0.23% | 42,606 | $4.8M | Reduce -1.1% |
| FITB Fifth Third Bancorp | 0.23% | 102,655 | $4.8M | Add +1.2% |
| TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC | 0.23% | 52,019 | $4.7M | Reduce -0.5% |
| MA Mastercard Inc. Class A | 0.22% | 9,197 | $4.6M | Add +3.8% |
| GLW Corning Inc. | 0.22% | 32,998 | $4.5M | Reduce -8.1% |
| GATX Gatx Corp. | 0.22% | 26,210 | $4.5M | Reduce -0.2% |
| TGT Target Corp. | 0.21% | 36,291 | $4.4M | Reduce -0.7% |
| BRK.A Berkshire Hathaway Inc. Class A | 0.21% | 6 | $4.3M | No change |
| IJJ iShares S&P Mid-Cap 400 Valu | 0.20% | 31,122 | $4.1M | Add +0.3% |
| NXST Nexstar Media Group Inc. | 0.20% | 22,355 | $4.0M | Reduce -0.4% |
Portfolio Sells Q4 2025 → Q1 2026
| LLY Eli Lilly & Co. | Reduce -0.5% | 24.04% | −3.02 |
| ACWX iShares MSCI Acwi Ex US ETF | Reduce -70.1% | 0.42% | −0.90 |
| ADBE Adobe Inc. | Reduce -91.5% | 0.02% | −0.24 |
| FMAO Farmers & Merchants Banco | Reduce -32.3% | 0.41% | −0.15 |
| UNH Unitedhealth Group Inc. | Reduce -25.8% | 0.24% | −0.14 |
| GOOG Alphabet Inc. Class C | Reduce -4.2% | 1.26% | −0.12 |
| JMST JPM Ultra-Short Muni Income | Reduce -63.4% | 0.07% | −0.12 |
| BSX Boston Scientific Corp. | Reduce -63.9% | 0.04% | −0.12 |
| ACN Accenture PLC Class A | Reduce -35.9% | 0.11% | −0.11 |
| SLYV SS SPDR S&P 600 SC Val ETF | Reduce -10.0% | 3.62% | −0.09 |
| MBX MBX Biosciences Inc. | Reduce -25.9% | 0.24% | −0.09 |
| ZTS Zoetis Inc. | Reduce -69.5% | 0.04% | −0.08 |
| PANW Palo Alto Networks Inc. | Reduce -17.6% | 0.25% | −0.08 |
| BKNG Booking Holdings Inc. | Reduce -7.2% | 0.24% | −0.08 |
| ETR Entergy Corp. | Reduce -34.0% | 0.38% | −0.07 |
| TEL Te Connectivity PLC | Reduce -8.0% | 0.42% | −0.06 |
| DGII Digi International Inc. | Sold out | 0.00% | −0.05 |
| NI Nisource Inc. | Reduce -20.5% | 0.55% | −0.04 |
| AXP American Express Co. | Reduce -2.6% | 0.19% | −0.04 |
| APO Apollo Global Management Inc. | Sold out | 0.00% | −0.04 |
| VST Vistra Corp. | Reduce -65.4% | 0.02% | −0.04 |
| TSLA Tesla Inc. | Reduce -8.5% | 0.11% | −0.03 |
| PRU Prudential Financial Inc. | Reduce -0.1% | 0.26% | −0.03 |
| FCX Freeport-McMoran Inc. | Reduce -29.5% | 0.15% | −0.03 |
| USB US Bancorp | Reduce -6.5% | 0.52% | −0.03 |
| BND Vanguard Total Bond Market | Reduce -36.3% | 0.04% | −0.02 |
| TROW T Rowe Price Group Inc. | Reduce -0.5% | 0.23% | −0.02 |
| VEEV Veeva Systems Inc. Class A | Reduce -14.3% | 0.05% | −0.02 |
| VRTX Vertex Pharmaceuticals Inc. | Reduce -49.4% | 0.02% | −0.02 |
| ENB Enbridge Inc. | Reduce -18.4% | 0.44% | −0.02 |
| NXST Nexstar Media Group Inc. | Reduce -0.4% | 0.20% | −0.02 |
| VWO Vanguard Ftse Emerging Marke | Reduce -33.6% | 0.04% | −0.02 |
| ISRG Intuitive Surgical Inc. | Reduce -49.2% | 0.01% | −0.02 |
| ADP Automatic Data Processing | Reduce -14.4% | 0.03% | −0.01 |
| KLAC KLA Corp. | Reduce -24.1% | 0.28% | −0.01 |
| IBIT iShares Bitcoin Trust ETF | Sold out | 0.00% | −0.01 |
| BX Blackstone Inc. | Sold out | 0.00% | −0.01 |
| AIG American International Group | Reduce -3.1% | 0.08% | −0.01 |
| QQQ Invesco QQQ Trust Series 1 | Reduce -15.5% | 0.04% | −0.01 |
| OMC Omnicom Group | Reduce -0.8% | 0.25% | −0.01 |
| ADSK Autodesk Inc. | Reduce -1.3% | 0.04% | −0.01 |
| GNTX Gentex Corp. | Reduce -1.0% | 0.25% | −0.01 |
| EMR Emerson Electric Co. | Reduce -19.5% | 0.04% | −0.01 |
| BDX Becton Dickinson and Co. | Reduce -5.2% | 0.03% | −0.01 |
| CRWD CrowdStrike Holdings Inc. Class A | Reduce -0.6% | 0.03% | −0.01 |
| CR Crane Co. | Reduce -20.5% | 0.02% | −0.00 |
| IEF iShares 7-10 Year Treasury B | Reduce -16.9% | 0.03% | −0.00 |
| VONG Vanguard Russell 1000 Growth | Reduce -2.1% | 0.05% | −0.00 |
| MMM 3M Co. | Reduce -2.1% | 0.04% | −0.00 |
| VOT Vngrd Mrngstr MC GRW ETF-Usd | Reduce -5.2% | 0.03% | −0.00 |
Portfolio Buys Q4 2025 → Q1 2026
| XOM Exxon Mobil Corp. | Add +1.7% | 1.34% | +0.44 |
| IJH iShares Core S&P Midcap ETF | Add +2.8% | 3.76% | +0.33 |
| VLO Valero Energy Corp. | Add +661.8% | 0.35% | +0.32 |
| CVX Chevron Corp. | Add +0.8% | 0.89% | +0.27 |
| IVV iShares Core S&P 500 ETF | Add +2.9% | 8.83% | +0.20 |
| MCD McDonald's Corp. | Add +264.2% | 0.25% | +0.18 |
| BMY Bristol-Myers Squibb Co. | Add +22.4% | 0.46% | +0.14 |
| JNJ Johnson & Johnson | Add +1.5% | 0.67% | +0.13 |
| ETN Eaton Corp. PLC | Add +0.7% | 0.86% | +0.13 |
| FDX FedEx Corp. | New | 0.13% | +0.13 |
| AMP Ameriprise Financial Inc. | New | 0.11% | +0.11 |
| NVDA Nvidia Corp. | Add +14.4% | 1.04% | +0.11 |
| JMTG Mortgage-Backed Securities | Add +1.3% | 2.02% | +0.10 |
| SGOV iShares 0-3 Month Treasury B | Add +127.6% | 0.17% | +0.10 |
| AEP American Electric Power | Add +4.7% | 0.50% | +0.10 |
| DELL Dell Technologies -C | New | 0.10% | +0.10 |
| CAH Cardinal Health Inc. | New | 0.09% | +0.09 |
| BPOP Popular Inc. | New | 0.09% | +0.09 |
| WMT Walmart Inc. | Add +0.4% | 0.63% | +0.09 |
| FTNT Fortinet Inc. | New | 0.08% | +0.08 |
| MSI Motorola Solutions Inc. | New | 0.08% | +0.08 |
| MPC Marathon Petroleum Corp. | Add +120.0% | 0.10% | +0.07 |
| MO Altria Group Inc. | New | 0.07% | +0.07 |
| LHX L3HARRIS Technologies Inc. | Add +183.6% | 0.09% | +0.06 |
| ATO Atmos Energy Corp. | New | 0.06% | +0.06 |
| HON Honeywell International Inc. | Add +5.8% | 0.27% | +0.06 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +14.1% | 0.49% | +0.06 |
| ELV Elevance Health Inc. | Add +410.4% | 0.07% | +0.06 |
| JAAA Janus Henderson Aaa Clo ETF | Add +21.8% | 0.27% | +0.06 |
| EOG EOG Resources Inc. | Add +3.5% | 0.17% | +0.06 |
| EQIX Equinix Inc. | Add +5.5% | 0.18% | +0.05 |
| KO The Coca-Cola Co. | Add +4.8% | 0.32% | +0.05 |
| TLH iShares 10-20 Year Treasury | Add +2.9% | 0.86% | +0.05 |
| PEP Pepsico Inc. | Add +0.6% | 0.39% | +0.05 |
| IQV Iqvia Holdings Inc. | Add +151.6% | 0.09% | +0.05 |
| AZN Astrazeneca PLC | Add +1.0% | 0.40% | +0.05 |
| MCO Moody's Corp. | New | 0.04% | +0.04 |
| CSCO Cisco Systems Inc. | Add +3.7% | 0.48% | +0.04 |
| PFE Pfizer Inc. | Add +1.2% | 0.25% | +0.04 |
| IGSB iShares 1-5Y Inv Grade Corp. | Add +2.7% | 0.65% | +0.04 |
| JMBS Janus Henderson Mortg Backed | Add +2.1% | 0.73% | +0.04 |
| EFV iShares MSCI Eafe Value ETF | New | 0.03% | +0.03 |
| PFG Principal Financial Group | Add +0.3% | 0.51% | +0.03 |
| EFA iShares MSCI Eafe ETF | Add +27.0% | 0.12% | +0.03 |
| IWD iShares Russell 1000 Value E | Add +0.2% | 0.52% | +0.03 |
| OHI Omega Healthcare Investors | Add +1.2% | 0.73% | +0.03 |
| IEFA iShares Core MSCI Eafe ETF | Add +102.8% | 0.05% | +0.03 |
| TMUS T-Mobile US Inc. | Add +10.5% | 0.17% | +0.03 |
| UNP Union Pacific Corp. | Add +0.0% | 0.31% | +0.03 |
| IEMG iShares Core MSCI Emerging | Add +189.8% | 0.04% | +0.03 |
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 |