Monarch Capital Management Inc.

In its 13F for Q2 2024 (holdings as of June 30, 2024, filed July 24, 2024), Monarch Capital Management Inc. reported 114 stock positions worth $340.3 million. Its top holding was Microsoft (MSFT) at 6.7% of the portfolio, followed by Merck (MRK, 4.2%) and Apple (AAPL, 4.0%). Compared with Q1 2024, it sold out of 4, added to 19 and reduced 67. The biggest buy was Air Products & Chemicals (APD, shares +60%) and the biggest sale Walgreens Boots Alliance (WBA, shares −1%).

Most Recent 13F
Q2 2026
Location
FORT WAYNE, IN
CIK
0000938759
Portfolio Value
$340.3M (Q2 2024)
SEC Filing
0000938759-24-000003 ↗ filed Jul 24, 2024

Holdings Value

0$100.0M$200.0M$300.0M$400.0M$500.0M Q1 2024: $354.3M Q1 2024 Q2 2024: $340.3M $340.3M Q2 2024 Q3 2024: $371.4M Q3 2024 Q4 2024: $365.1M Q4 2024 Q1 2025: $359.8M Q1 2025 Q2 2025: $372.5M Q2 2025 Q3 2025: $407.9M Q3 2025 Q4 2025: $406.8M Q4 2025 Q1 2026: $408.6M Q1 2026 Q2 2026: $436.2M Q2 2026

Holdings 114 stocks · $340.3M
MSFT Microsoft Corp. 6.68% 50,888 $22.7M Reduce -1.0%
MRK Merck & Co. Inc. 4.24% 115,894 $14.4M Reduce -1.8%
AAPL Apple Inc. 4.02% 64,997 $13.7M Reduce -2.9%
HD Home Depot Inc. 3.44% 34,022 $11.7M Reduce -0.3%
WMT Walmart Inc. 3.04% 152,969 $10.4M Reduce -1.2%
MCD McDonald's Corp. 2.99% 39,912 $10.2M Reduce -0.9%
FELE Franklin Electric Co. Inc. 2.94% 103,939 $10.0M Reduce -0.7%
LKFN Lakeland Financial Corp. 2.87% 158,845 $9.8M Reduce -1.1%
ABBV Abbvie Inc. 2.66% 52,778 $9.1M Reduce -1.0%
ADP Automatic Data Processing 2.63% 37,243 $8.9M Reduce -1.6%
JNJ Johnson & Johnson 2.53% 58,978 $8.6M Add +10.7%
PG The Procter & Gamble Co. 2.27% 46,853 $7.7M Reduce -2.6%
KR Kroger Co. 2.14% 145,941 $7.3M Reduce -0.5%
EMR Emerson Electric Co. 2.14% 66,088 $7.3M Reduce -1.9%
GOOG Alphabet Inc. Class C 2.08% 38,586 $7.1M Reduce -2.7%
CSCO Cisco Systems Inc. 1.99% 142,524 $6.8M Reduce -0.2%
KO The Coca-Cola Co. 1.97% 104,793 $6.7M Reduce -4.2%
PWR Quanta Services Inc. 1.90% 25,484 $6.5M Reduce -6.9%
XOM Exxon Mobil Corp. 1.73% 51,221 $5.9M Reduce -1.9%
ABT Abbott Laboratories 1.69% 55,447 $5.8M Reduce -1.3%
JPM JPMorgan Chase & Co. 1.66% 27,971 $5.7M Reduce -2.7%
SYK Stryker Corp. 1.65% 16,471 $5.6M Reduce -3.9%
AFL Aflac Inc. 1.63% 62,233 $5.6M Reduce -3.2%
ACN Accenture PLC Class A 1.58% 17,750 $5.4M Reduce -0.6%
USB US Bancorp 1.54% 131,347 $5.3M Add +0.1%
MDT Medtronic PLC 1.48% 63,652 $5.0M Reduce -0.9%
FISV Fiserv Inc. 1.33% 30,419 $4.5M Reduce -0.5%
SYY Sysco Corp. 1.28% 60,986 $4.4M Reduce -1.5%
NEE Nextera Energy Inc. 1.20% 57,440 $4.1M Reduce -1.4%
STLD Steel Dynamics Inc. 1.18% 30,881 $4.0M Reduce -1.2%
GPC Genuine Parts Co. 1.18% 28,770 $4.0M Add +2.2%
ZBH Zimmer Biomet Holdings Inc. 1.11% 34,603 $3.8M Reduce -0.1%
CINF Cincinnati Financial Corp. 1.01% 28,905 $3.4M Reduce -0.3%
MMM 3M Co. 0.98% 32,757 $3.3M Reduce -1.4%
GILD Gilead Sciences Inc. 0.97% 48,216 $3.3M Reduce -1.4%
UPS United Parcel Service Class B 0.90% 22,430 $3.1M Add +9.1%
PFE Pfizer Inc. 0.87% 106,132 $3.0M Reduce -1.9%
FFIV F5 Inc. 0.84% 16,507 $2.8M Add +1.5%
INTC Intel Corp. 0.82% 90,523 $2.8M Add +1.7%
APD Air Products & Chemicals Inc. 0.77% 10,129 $2.6M Add +59.9%
VTIP Vanguard Short-Term Tips 0.77% 53,777 $2.6M Reduce -4.0%
FLS Flowserve Corp. 0.75% 52,736 $2.5M Reduce -6.0%
CARR Carrier Global Corp. 0.73% 39,161 $2.5M Reduce -0.5%
VWO Vanguard Ftse Emerging Marke 0.72% 55,746 $2.4M Reduce -1.8%
BRK.B Berkshire Hathaway Inc. Class B 0.70% 5,818 $2.4M No change
CVX Chevron Corp. 0.67% 14,476 $2.3M Reduce -0.5%
GOOGL Alphabet Inc. Class A 0.65% 12,135 $2.2M Reduce -0.9%
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.64% 21,790 $2.2M Reduce -2.3%
TGT Target Corp. 0.61% 14,062 $2.1M Reduce -0.3%
CB Chubb Ltd. 0.52% 6,954 $1.8M Reduce -0.6%
RTX RTX Corp. 0.50% 16,794 $1.7M Reduce -1.9%
VZ Verizon Communications Inc. 0.48% 39,831 $1.6M Add +1.6%
GE General Electric filed as GE AEROSPACE 0.47% 10,071 $1.6M Reduce -8.1%
AES AES Corp. 0.44% 85,306 $1.5M Add +1.3%
RCI Rogers Communications Inc. Class B 0.42% 38,693 $1.4M Add +12.7%
PEP Pepsico Inc. 0.41% 8,556 $1.4M No change
CCRD Corecard Corp. 0.40% 92,750 $1.4M Add +1.0%
SMG Scotts Miracle-Gro Co. 0.40% 20,788 $1.4M Add +0.5%
WBA Walgreens Boots Alliance Inc. 0.39% 110,217 $1.3M Reduce -0.6%
PPL PPL Corp. 0.38% 46,456 $1.3M Reduce -2.1%
OKE Oneok Inc. 0.38% 15,716 $1.3M Add +0.9%
GWW WW Grainger Inc. filed as GRAINGER W W INC 0.35% 1,308 $1.2M No change
PM Philip Morris International 0.34% 11,148 $1.1M Reduce -0.8%
ZIMV Zimvie Inc. 0.32% 60,485 $1.1M Add +0.1%
J Jacobs Solutions Inc. 0.32% 7,740 $1.1M Reduce -3.3%
LLY Eli Lilly & Co. 0.31% 1,162 $1.1M Add +2.4%
LMT Lockheed Martin Corp. 0.30% 2,169 $1.0M Add +3.5%
LIN Linde PLC 0.30% 2,293 $1.0M Reduce -2.0%
BMY Bristol-Myers Squibb Co. 0.30% 24,228 $1.0M Reduce -3.4%
OTIS Otis Worldwide Corp. 0.28% 10,062 $969K Reduce -2.2%
BP BP PLC-Spons ADR 0.23% 22,087 $797K Reduce -4.7%
COST Costco Wholesale Corp. 0.22% 867 $737K No change
KMB Kimberly-Clark Corp. 0.21% 5,219 $727K Reduce -1.1%
CL Colgate-Palmolive Co. 0.21% 7,289 $707K No change
SPY SS SPDR S&P 500 ETF Trust-US 0.20% 1,267 $692K No change
CPRT Copart Inc. 0.20% 12,661 $686K No change
PLXS Plexus Corp. 0.20% 6,450 $666K No change
ADM Archer-Daniels-Midland Co. 0.19% 10,960 $663K Reduce -3.0%
NTRS Northern Trust Corp. 0.19% 7,657 $649K No change
NSC Norfolk Southern Corp. 0.19% 2,970 $638K Reduce -3.3%
ELV Elevance Health Inc. 0.18% 1,153 $625K No change
BRK.A Berkshire Hathaway Inc. Class A 0.18% 1 $612K No change
NUE Nucor Corp. 0.18% 3,819 $606K Reduce -2.8%
REGN Regeneron Pharmaceuticals 0.17% 564 $593K Reduce -3.4%
WFC Wells Fargo & Co. 0.17% 9,555 $567K No change
V Visa Inc. Class A 0.15% 1,932 $507K No change
ORCL Oracle Corp. 0.14% 3,483 $492K No change
CHKP Check Point Software Tech 0.14% 2,872 $474K Add +9.9%
MO Altria Group Inc. 0.14% 10,187 $473K Reduce -1.2%
VEA Vanguard Ftse Developed ETF 0.13% 8,896 $440K Add +2.1%
CAT Caterpillar Inc. 0.13% 1,317 $439K No change
SHW The Sherwin-Williams Co. 0.13% 1,456 $435K No change
GEV GE Vernova Inc. 0.13% 2,531 $434K Reduce -7.6%
CTAS Cintas Corp. 0.12% 600 $420K No change
ITW Illinois Tool Works 0.12% 1,733 $412K No change
CNI Canadian Natl Railway Co. 0.11% 3,187 $378K Reduce -7.3%
PNC PNC Financial Services Group 0.10% 2,252 $350K Reduce -29.1%
TSM Taiwan Semiconductor-SP ADR 0.10% 1,976 $345K Reduce -3.9%
DG Dollar General Corp. 0.10% 2,601 $344K Add +1.0%
AMZN Amazon.com Inc. 0.10% 1,775 $343K Reduce -5.7%
FRME First Merchants Corp. 0.10% 9,718 $324K No change
T AT&T Inc. 0.09% 16,698 $319K Reduce -10.1%
SOLV Solventum Corp. 0.09% 5,762 $305K Reduce -30.6%
NKE Nike Inc. Class B 0.09% 4,000 $303K No change
BKH Black Hills Corp. 0.09% 5,480 $298K No change
STZ Constellation Brands Inc. Class A 0.08% 1,111 $286K No change
COP Conocophillips 0.08% 2,488 $285K No change
AMAT Applied Materials Inc. 0.08% 1,187 $280K No change
IWP iShares Russell Mid-Cap Grow 0.07% 2,256 $249K No change
AMGN Amgen Inc. 0.07% 710 $222K No change
EEM iShares MSCI Emerging Market 0.06% 4,925 $210K Reduce -14.7%
MDLZ Mondelez International Inc. Class A 0.06% 3,175 $209K No change
VTI VG Morningstar TS MKT ETF-US 0.06% 777 $209K No change
VRA Vera Bradley Inc. 0.03% 14,100 $88K Reduce -4.5%

Portfolio Sells Q1 2024 → Q2 2024
WBA Walgreens Boots Alliance Inc. Reduce -0.6% 0.39% −0.29
HD Home Depot Inc. Reduce -0.3% 3.44% −0.25
KR Kroger Co. Reduce -0.5% 2.14% −0.22
MCD McDonald's Corp. Reduce -0.9% 2.99% −0.22
FELE Franklin Electric Co. Inc. Reduce -0.7% 2.94% −0.21
ZBH Zimmer Biomet Holdings Inc. Reduce -0.1% 1.11% −0.19
MRK Merck & Co. Inc. Reduce -1.8% 4.24% −0.18
ACN Accenture PLC Class A Reduce -0.6% 1.58% −0.16
SYY Sysco Corp. Reduce -1.5% 1.28% −0.14
LKFN Lakeland Financial Corp. Reduce -1.1% 2.87% −0.13
DIS The Walt Disney Co. Reduce -2.3% 0.64% −0.13
STLD Steel Dynamics Inc. Reduce -1.2% 1.18% −0.13
ABT Abbott Laboratories Reduce -1.3% 1.69% −0.11
MDT Medtronic PLC Reduce -0.9% 1.48% −0.11
PWR Quanta Services Inc. Reduce -6.9% 1.90% −0.10
TGT Target Corp. Reduce -0.3% 0.61% −0.09
BMY Bristol-Myers Squibb Co. Reduce -3.4% 0.30% −0.09
SYK Stryker Corp. Reduce -3.9% 1.65% −0.08
ABBV Abbvie Inc. Reduce -1.0% 2.66% −0.08
GE General Electric Reduce -8.1% 0.47% −0.07
GEHC GE Healthcare Technology Sold out 0.00% −0.07
MCO Moody's Corp. Sold out 0.00% −0.07
DE Deere & Co. Sold out 0.00% −0.06
CRM Salesforce Inc. Sold out 0.00% −0.06
ADP Automatic Data Processing Reduce -1.6% 2.63% −0.06
FISV Fiserv Inc. Reduce -0.5% 1.33% −0.05
PNC PNC Financial Services Group Reduce -29.1% 0.10% −0.04
NUE Nucor Corp. Reduce -2.8% 0.18% −0.04
GILD Gilead Sciences Inc. Reduce -1.4% 0.97% −0.04
SOLV Solventum Corp. Reduce -30.6% 0.09% −0.03
NSC Norfolk Southern Corp. Reduce -3.3% 0.19% −0.03
J Jacobs Solutions Inc. Reduce -3.3% 0.32% −0.03
CSCO Cisco Systems Inc. Reduce -0.2% 1.99% −0.02
EMR Emerson Electric Co. Reduce -1.9% 2.14% −0.02
CNI Canadian Natl Railway Co. Reduce -7.3% 0.11% −0.02
CINF Cincinnati Financial Corp. Reduce -0.3% 1.01% −0.01
BP BP PLC-Spons ADR Reduce -4.7% 0.23% −0.01
LIN Linde PLC Reduce -2.0% 0.30% −0.01
MMM 3M Co. Reduce -1.4% 0.98% −0.01
ADM Archer-Daniels-Midland Co. Reduce -3.0% 0.19% −0.01
EEM iShares MSCI Emerging Market Reduce -14.7% 0.06% −0.01
GEV GE Vernova Inc. Reduce -7.6% 0.13% −0.01
OTIS Otis Worldwide Corp. Reduce -2.2% 0.28% −0.00
VRA Vera Bradley Inc. Reduce -4.5% 0.03% −0.00
T AT&T Inc. Reduce -10.1% 0.09% +0.00
AMZN Amazon.com Inc. Reduce -5.7% 0.10% +0.01
PPL PPL Corp. Reduce -2.1% 0.38% +0.01
MO Altria Group Inc. Reduce -1.2% 0.14% +0.01
CB Chubb Ltd. Reduce -0.6% 0.52% +0.01
VTIP Vanguard Short-Term Tips Reduce -4.0% 0.77% +0.01

Portfolio Buys Q1 2024 → Q2 2024
APD Air Products & Chemicals Inc. Add +59.9% 0.77% +0.33
JNJ Johnson & Johnson Add +10.7% 2.53% +0.15
CCRD Corecard Corp. Add +1.0% 0.40% +0.11
LLY Eli Lilly & Co. Add +2.4% 0.31% +0.06
ZIMV Zimvie Inc. Add +0.1% 0.32% +0.04
UPS United Parcel Service Class B Add +9.1% 0.90% +0.04
LMT Lockheed Martin Corp. Add +3.5% 0.30% +0.03
OKE Oneok Inc. Add +0.9% 0.38% +0.02
RCI Rogers Communications Inc. Class B Add +12.7% 0.42% +0.02
CHKP Check Point Software Tech Add +9.9% 0.14% +0.02
VZ Verizon Communications Inc. Add +1.6% 0.48% +0.02
AES AES Corp. Add +1.3% 0.44% +0.01
VEA Vanguard Ftse Developed ETF Add +2.1% 0.13% +0.01
DG Dollar General Corp. Add +1.0% 0.10% −0.01
FFIV F5 Inc. Add +1.5% 0.84% −0.03
SMG Scotts Miracle-Gro Co. Add +0.5% 0.40% −0.04
GPC Genuine Parts Co. Add +2.2% 1.18% −0.06
USB US Bancorp Add +0.1% 1.54% −0.12
INTC Intel Corp. Add +1.7% 0.82% −0.29

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 130$436.2MMSFT, AAPL, MRK, CSCO, JNJ
Q1 2026 127$408.6MMSFT, AAPL, WMT, MRK, JNJ
Q4 2025 124$406.8MMSFT, AAPL, WMT, MRK, JNJ
Q3 2025 122$407.9MMSFT, AAPL, HD, WMT, SGOV
Q2 2025 117$372.5MMSFT, AAPL, WMT, HD, MCD
Q1 2025 115$359.8MMSFT, AAPL, HD, WMT, MCD
Q4 2024 114$365.1MMSFT, AAPL, WMT, HD, MRK
Q3 2024 118$371.4MMSFT, AAPL, HD, MRK, WMT
Q2 2024 114$340.3MMSFT, MRK, AAPL, HD, WMT
Q1 2024 116$354.3MMSFT, MRK, HD, AAPL, MCD