Monarch Capital Management Inc.
In its 13F for Q3 2024 (holdings as of September 30, 2024, filed October 16, 2024), Monarch Capital Management Inc. reported 118 stock positions worth $371.4 million. Its top holding was Microsoft (MSFT) at 5.8% of the portfolio, followed by Apple (AAPL, 4.1%) and Home Depot (HD, 3.7%). Compared with Q2 2024, it opened 4 new positions, sold out of 1, added to 40 and reduced 48. The biggest buy was Abbvie (ABBV, shares +1%) and the biggest sale Microsoft (MSFT, shares −1%).
- Most Recent 13F
- Q2 2026
- Location
- FORT WAYNE, IN
- CIK
- 0000938759
- Portfolio Value
- $371.4M (Q3 2024)
- SEC Filing
- 0000938759-24-000017 ↗ filed Oct 16, 2024
Holdings Value
Holdings 118 stocks · $371.4M
| MSFT Microsoft Corp. | 5.84% | 50,438 | $21.7M | Reduce -0.9% |
| AAPL Apple Inc. | 4.11% | 65,590 | $15.3M | Add +0.9% |
| HD Home Depot Inc. | 3.69% | 33,804 | $13.7M | Reduce -0.6% |
| MRK Merck & Co. Inc. | 3.57% | 116,312 | $13.3M | Add +0.4% |
| WMT Walmart Inc. | 3.28% | 150,883 | $12.2M | Reduce -1.4% |
| MCD McDonald's Corp. | 3.26% | 39,761 | $12.1M | Reduce -0.4% |
| FELE Franklin Electric Co. Inc. | 2.88% | 102,163 | $10.7M | Reduce -1.7% |
| ABBV Abbvie Inc. | 2.84% | 53,352 | $10.5M | Add +1.1% |
| ADP Automatic Data Processing | 2.77% | 37,085 | $10.3M | Reduce -0.4% |
| LKFN Lakeland Financial Corp. | 2.77% | 157,725 | $10.3M | Reduce -0.7% |
| JNJ Johnson & Johnson | 2.59% | 59,474 | $9.6M | Add +0.8% |
| KR Kroger Co. | 2.26% | 146,356 | $8.4M | Add +0.3% |
| PG The Procter & Gamble Co. | 2.17% | 46,504 | $8.1M | Reduce -0.7% |
| CSCO Cisco Systems Inc. | 2.06% | 143,596 | $7.6M | Add +0.8% |
| KO The Coca-Cola Co. | 2.04% | 104,918 | $7.6M | Add +0.1% |
| PWR Quanta Services Inc. | 2.01% | 25,084 | $7.5M | Reduce -1.6% |
| EMR Emerson Electric Co. | 1.94% | 65,911 | $7.2M | Reduce -0.3% |
| AFL Aflac Inc. | 1.86% | 61,792 | $6.9M | Reduce -0.7% |
| GOOG Alphabet Inc. Class C | 1.73% | 38,506 | $6.4M | Reduce -0.2% |
| ABT Abbott Laboratories | 1.72% | 56,164 | $6.4M | Add +1.3% |
| ACN Accenture PLC Class A | 1.68% | 17,703 | $6.3M | Reduce -0.3% |
| USB US Bancorp | 1.63% | 131,717 | $6.1M | Add +0.3% |
| XOM Exxon Mobil Corp. | 1.62% | 51,186 | $6.0M | Reduce -0.1% |
| JPM JPMorgan Chase & Co. | 1.61% | 28,392 | $6.0M | Add +1.5% |
| SYK Stryker Corp. | 1.59% | 16,286 | $5.9M | Reduce -1.1% |
| MDT Medtronic PLC | 1.56% | 63,908 | $5.8M | Add +0.4% |
| FISV Fiserv Inc. | 1.46% | 30,260 | $5.4M | Reduce -0.5% |
| NEE Nextera Energy Inc. | 1.33% | 58,342 | $4.9M | Add +1.6% |
| SYY Sysco Corp. | 1.28% | 60,676 | $4.7M | Reduce -0.5% |
| MMM 3M Co. | 1.20% | 32,677 | $4.5M | Reduce -0.2% |
| GPC Genuine Parts Co. | 1.12% | 29,656 | $4.2M | Add +3.1% |
| GILD Gilead Sciences Inc. | 1.08% | 47,919 | $4.0M | Reduce -0.6% |
| CINF Cincinnati Financial Corp. | 1.06% | 28,799 | $3.9M | Reduce -0.4% |
| STLD Steel Dynamics Inc. | 1.06% | 31,066 | $3.9M | Add +0.6% |
| ZBH Zimmer Biomet Holdings Inc. | 1.01% | 34,671 | $3.8M | Add +0.2% |
| FFIV F5 Inc. | 0.97% | 16,410 | $3.6M | Reduce -0.6% |
| UPS United Parcel Service Class B | 0.96% | 26,045 | $3.6M | Add +16.1% |
| APD Air Products & Chemicals Inc. | 0.89% | 11,115 | $3.3M | Add +9.7% |
| CARR Carrier Global Corp. | 0.85% | 39,081 | $3.1M | Reduce -0.2% |
| PFE Pfizer Inc. | 0.84% | 107,230 | $3.1M | Add +1.0% |
| FLS Flowserve Corp. | 0.73% | 52,236 | $2.7M | Reduce -0.9% |
| VWO Vanguard Ftse Emerging Marke | 0.72% | 55,816 | $2.7M | Add +0.1% |
| VTIP Vanguard Short-Term Tips | 0.72% | 54,147 | $2.7M | Add +0.7% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.71% | 5,768 | $2.7M | Reduce -0.9% |
| TGT Target Corp. | 0.59% | 14,057 | $2.2M | Reduce -0.0% |
| INTC Intel Corp. | 0.59% | 92,811 | $2.2M | Add +2.5% |
| CVX Chevron Corp. | 0.57% | 14,376 | $2.1M | Reduce -0.7% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.56% | 21,807 | $2.1M | Add +0.1% |
| RTX RTX Corp. | 0.54% | 16,704 | $2.0M | Reduce -0.5% |
| CB Chubb Ltd. | 0.54% | 6,954 | $2.0M | No change |
| GOOGL Alphabet Inc. Class A | 0.54% | 12,065 | $2.0M | Reduce -0.6% |
| GE General Electric filed as GE AEROSPACE | 0.49% | 9,672 | $1.8M | Reduce -4.0% |
| VZ Verizon Communications Inc. | 0.49% | 40,431 | $1.8M | Add +1.5% |
| SMG Scotts Miracle-Gro Co. | 0.49% | 20,783 | $1.8M | Reduce -0.0% |
| AES AES Corp. | 0.48% | 88,391 | $1.8M | Add +3.6% |
| RCI Rogers Communications Inc. Class B | 0.43% | 39,138 | $1.6M | Add +1.1% |
| PPL PPL Corp. | 0.41% | 46,156 | $1.5M | Reduce -0.7% |
| PEP Pepsico Inc. | 0.41% | 9,002 | $1.5M | Add +5.2% |
| OKE Oneok Inc. | 0.38% | 15,441 | $1.4M | Reduce -1.8% |
| CCRD Corecard Corp. | 0.38% | 96,100 | $1.4M | Add +3.6% |
| PM Philip Morris International | 0.37% | 11,148 | $1.4M | No change |
| GWW WW Grainger Inc. filed as GRAINGER W W INC | 0.36% | 1,300 | $1.4M | Reduce -0.6% |
| LMT Lockheed Martin Corp. | 0.34% | 2,170 | $1.3M | Add +0.1% |
| BMY Bristol-Myers Squibb Co. | 0.34% | 24,458 | $1.3M | Add +0.9% |
| LIN Linde PLC | 0.29% | 2,293 | $1.1M | No change |
| LLY Eli Lilly & Co. | 0.28% | 1,162 | $1.0M | No change |
| OTIS Otis Worldwide Corp. | 0.28% | 9,887 | $1.0M | Reduce -1.7% |
| J Jacobs Solutions Inc. | 0.27% | 7,715 | $1.0M | Reduce -0.3% |
| ZIMV Zimvie Inc. | 0.26% | 61,713 | $979K | Add +2.0% |
| PLXS Plexus Corp. | 0.24% | 6,450 | $882K | No change |
| WBA Walgreens Boots Alliance Inc. | 0.23% | 94,397 | $846K | Reduce -14.3% |
| COST Costco Wholesale Corp. | 0.21% | 862 | $764K | Reduce -0.6% |
| CL Colgate-Palmolive Co. | 0.20% | 7,209 | $748K | Reduce -1.1% |
| KMB Kimberly-Clark Corp. | 0.20% | 5,219 | $748K | No change |
| NSC Norfolk Southern Corp. | 0.20% | 2,970 | $738K | No change |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.20% | 1,267 | $729K | No change |
| CPRT Copart Inc. | 0.19% | 13,661 | $716K | Add +7.9% |
| NTRS Northern Trust Corp. | 0.19% | 7,657 | $695K | No change |
| BRK.A Berkshire Hathaway Inc. Class A | 0.19% | 1 | $691K | No change |
| BP BP PLC-Spons ADR | 0.18% | 21,146 | $664K | Reduce -4.3% |
| ADM Archer-Daniels-Midland Co. | 0.18% | 11,070 | $661K | Add +1.0% |
| ORCL Oracle Corp. | 0.18% | 3,859 | $658K | Add +10.8% |
| ELV Elevance Health Inc. | 0.16% | 1,153 | $600K | No change |
| GEV GE Vernova Inc. | 0.15% | 2,239 | $571K | Reduce -11.5% |
| SHW The Sherwin-Williams Co. | 0.15% | 1,456 | $556K | No change |
| ITW Illinois Tool Works | 0.15% | 2,109 | $555K | Add +21.7% |
| NUE Nucor Corp. | 0.15% | 3,674 | $554K | Reduce -3.8% |
| REGN Regeneron Pharmaceuticals | 0.15% | 518 | $545K | Reduce -8.2% |
| WFC Wells Fargo & Co. | 0.15% | 9,555 | $540K | No change |
| CHKP Check Point Software Tech | 0.14% | 2,747 | $530K | Reduce -4.3% |
| MO Altria Group Inc. | 0.14% | 10,187 | $529K | No change |
| V Visa Inc. Class A | 0.14% | 1,911 | $525K | Reduce -1.1% |
| CAT Caterpillar Inc. | 0.14% | 1,317 | $515K | No change |
| CTAS Cintas Corp. | 0.13% | 2,400 | $494K | No change |
| VEA Vanguard Ftse Developed ETF | 0.12% | 8,376 | $442K | Reduce -5.8% |
| PNC PNC Financial Services Group | 0.11% | 2,252 | $416K | No change |
| NKE Nike Inc. Class B | 0.11% | 4,400 | $390K | Add +10.0% |
| DE Deere & Co. | 0.10% | 908 | $380K | New |
| T AT&T Inc. | 0.10% | 17,198 | $378K | Add +3.0% |
| CNI Canadian Natl Railway Co. | 0.10% | 3,187 | $373K | No change |
Portfolio Sells Q2 2024 → Q3 2024
| MSFT Microsoft Corp. | Reduce -0.9% | 5.84% | −0.84 |
| GOOG Alphabet Inc. Class C | Reduce -0.2% | 1.73% | −0.35 |
| EMR Emerson Electric Co. | Reduce -0.3% | 1.94% | −0.20 |
| WBA Walgreens Boots Alliance Inc. | Reduce -14.3% | 0.23% | −0.16 |
| XOM Exxon Mobil Corp. | Reduce -0.1% | 1.62% | −0.12 |
| GOOGL Alphabet Inc. Class A | Reduce -0.6% | 0.54% | −0.11 |
| LKFN Lakeland Financial Corp. | Reduce -0.7% | 2.77% | −0.11 |
| PG The Procter & Gamble Co. | Reduce -0.7% | 2.17% | −0.10 |
| CVX Chevron Corp. | Reduce -0.7% | 0.57% | −0.10 |
| AMAT Applied Materials Inc. | Sold out | 0.00% | −0.08 |
| SYK Stryker Corp. | Reduce -1.1% | 1.59% | −0.06 |
| FELE Franklin Electric Co. Inc. | Reduce -1.7% | 2.88% | −0.06 |
| BP BP PLC-Spons ADR | Reduce -4.3% | 0.18% | −0.06 |
| J Jacobs Solutions Inc. | Reduce -0.3% | 0.27% | −0.05 |
| NUE Nucor Corp. | Reduce -3.8% | 0.15% | −0.03 |
| REGN Regeneron Pharmaceuticals | Reduce -8.2% | 0.15% | −0.03 |
| TGT Target Corp. | Reduce -0.0% | 0.59% | −0.02 |
| FLS Flowserve Corp. | Reduce -0.9% | 0.73% | −0.02 |
| COST Costco Wholesale Corp. | Reduce -0.6% | 0.21% | −0.01 |
| SOLV Solventum Corp. | Reduce -26.9% | 0.08% | −0.01 |
| VEA Vanguard Ftse Developed ETF | Reduce -5.8% | 0.12% | −0.01 |
| OTIS Otis Worldwide Corp. | Reduce -1.7% | 0.28% | −0.01 |
| V Visa Inc. Class A | Reduce -1.1% | 0.14% | −0.01 |
| AMTM Amentum Holdings Inc. | Reduce -0.3% | 0.07% | −0.01 |
| CL Colgate-Palmolive Co. | Reduce -1.1% | 0.20% | −0.01 |
| SYY Sysco Corp. | Reduce -0.5% | 1.28% | −0.00 |
| VTI VG Morningstar TS MKT ETF-US | Reduce -0.1% | 0.06% | −0.00 |
| OKE Oneok Inc. | Reduce -1.8% | 0.38% | +0.00 |
| CHKP Check Point Software Tech | Reduce -4.3% | 0.14% | +0.00 |
| GWW WW Grainger Inc. | Reduce -0.6% | 0.36% | +0.02 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -0.9% | 0.71% | +0.02 |
| GE General Electric | Reduce -4.0% | 0.49% | +0.02 |
| GEV GE Vernova Inc. | Reduce -11.5% | 0.15% | +0.03 |
| PPL PPL Corp. | Reduce -0.7% | 0.41% | +0.03 |
| RTX RTX Corp. | Reduce -0.5% | 0.54% | +0.05 |
| CINF Cincinnati Financial Corp. | Reduce -0.4% | 1.06% | +0.05 |
| SMG Scotts Miracle-Gro Co. | Reduce -0.0% | 0.49% | +0.09 |
| ACN Accenture PLC Class A | Reduce -0.3% | 1.68% | +0.10 |
| GILD Gilead Sciences Inc. | Reduce -0.6% | 1.08% | +0.11 |
| PWR Quanta Services Inc. | Reduce -1.6% | 2.01% | +0.11 |
| CARR Carrier Global Corp. | Reduce -0.2% | 0.85% | +0.12 |
| FISV Fiserv Inc. | Reduce -0.5% | 1.46% | +0.13 |
| FFIV F5 Inc. | Reduce -0.6% | 0.97% | +0.14 |
| ADP Automatic Data Processing | Reduce -0.4% | 2.77% | +0.15 |
| MMM 3M Co. | Reduce -0.2% | 1.20% | +0.22 |
| AFL Aflac Inc. | Reduce -0.7% | 1.86% | +0.23 |
| WMT Walmart Inc. | Reduce -1.4% | 3.28% | +0.24 |
| HD Home Depot Inc. | Reduce -0.6% | 3.69% | +0.25 |
| MCD McDonald's Corp. | Reduce -0.4% | 3.26% | +0.27 |
Portfolio Buys Q2 2024 → Q3 2024
| ABBV Abbvie Inc. | Add +1.1% | 2.84% | +0.18 |
| NEE Nextera Energy Inc. | Add +1.6% | 1.33% | +0.13 |
| APD Air Products & Chemicals Inc. | Add +9.7% | 0.89% | +0.12 |
| KR Kroger Co. | Add +0.3% | 2.26% | +0.12 |
| DE Deere & Co. | New | 0.10% | +0.10 |
| AAPL Apple Inc. | Add +0.9% | 4.11% | +0.09 |
| USB US Bancorp | Add +0.3% | 1.63% | +0.09 |
| MDT Medtronic PLC | Add +0.4% | 1.56% | +0.08 |
| KO The Coca-Cola Co. | Add +0.1% | 2.04% | +0.07 |
| CSCO Cisco Systems Inc. | Add +0.8% | 2.06% | +0.07 |
| JNJ Johnson & Johnson | Add +0.8% | 2.59% | +0.06 |
| VTWO Vanguard Russell 2000 ETF | New | 0.06% | +0.06 |
| IWM iShares Russell 2000 ETF | New | 0.06% | +0.06 |
| TXN Texas Instruments Inc. | New | 0.05% | +0.05 |
| UPS United Parcel Service Class B | Add +16.1% | 0.96% | +0.05 |
| BMY Bristol-Myers Squibb Co. | Add +0.9% | 0.34% | +0.04 |
| LMT Lockheed Martin Corp. | Add +0.1% | 0.34% | +0.04 |
| AES AES Corp. | Add +3.6% | 0.48% | +0.04 |
| ORCL Oracle Corp. | Add +10.8% | 0.18% | +0.03 |
| ABT Abbott Laboratories | Add +1.3% | 1.72% | +0.03 |
| ITW Illinois Tool Works | Add +21.7% | 0.15% | +0.03 |
| NKE Nike Inc. Class B | Add +10.0% | 0.11% | +0.02 |
| T AT&T Inc. | Add +3.0% | 0.10% | +0.01 |
| VZ Verizon Communications Inc. | Add +1.5% | 0.49% | +0.01 |
| RCI Rogers Communications Inc. Class B | Add +1.1% | 0.43% | +0.00 |
| VWO Vanguard Ftse Emerging Marke | Add +0.1% | 0.72% | +0.00 |
| AMGN Amgen Inc. | Add +7.0% | 0.07% | +0.00 |
| PEP Pepsico Inc. | Add +5.2% | 0.41% | −0.00 |
| STZ Constellation Brands Inc. Class A | Add +4.5% | 0.08% | −0.00 |
| CPRT Copart Inc. | Add +7.9% | 0.19% | −0.01 |
| AMZN Amazon.com Inc. | Add +2.8% | 0.09% | −0.01 |
| DG Dollar General Corp. | Add +53.7% | 0.09% | −0.01 |
| ADM Archer-Daniels-Midland Co. | Add +1.0% | 0.18% | −0.02 |
| CCRD Corecard Corp. | Add +3.6% | 0.38% | −0.02 |
| PFE Pfizer Inc. | Add +1.0% | 0.84% | −0.04 |
| VTIP Vanguard Short-Term Tips | Add +0.7% | 0.72% | −0.05 |
| JPM JPMorgan Chase & Co. | Add +1.5% | 1.61% | −0.05 |
| GPC Genuine Parts Co. | Add +3.1% | 1.12% | −0.05 |
| ZIMV Zimvie Inc. | Add +2.0% | 0.26% | −0.06 |
| DIS The Walt Disney Co. | Add +0.1% | 0.56% | −0.07 |
| ZBH Zimmer Biomet Holdings Inc. | Add +0.2% | 1.01% | −0.10 |
| STLD Steel Dynamics Inc. | Add +0.6% | 1.06% | −0.12 |
| INTC Intel Corp. | Add +2.5% | 0.59% | −0.24 |
| MRK Merck & Co. Inc. | Add +0.4% | 3.57% | −0.66 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 130 | $436.2M | MSFT, AAPL, MRK, CSCO, JNJ |
| Q1 2026 | 127 | $408.6M | MSFT, AAPL, WMT, MRK, JNJ |
| Q4 2025 | 124 | $406.8M | MSFT, AAPL, WMT, MRK, JNJ |
| Q3 2025 | 122 | $407.9M | MSFT, AAPL, HD, WMT, SGOV |
| Q2 2025 | 117 | $372.5M | MSFT, AAPL, WMT, HD, MCD |
| Q1 2025 | 115 | $359.8M | MSFT, AAPL, HD, WMT, MCD |
| Q4 2024 | 114 | $365.1M | MSFT, AAPL, WMT, HD, MRK |
| Q3 2024 | 118 | $371.4M | MSFT, AAPL, HD, MRK, WMT |
| Q2 2024 | 114 | $340.3M | MSFT, MRK, AAPL, HD, WMT |
| Q1 2024 | 116 | $354.3M | MSFT, MRK, HD, AAPL, MCD |