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

0$100.0M$200.0M$300.0M$400.0M$500.0M Q1 2024: $354.3M Q1 2024 Q2 2024: $340.3M Q2 2024 Q3 2024: $371.4M $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 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
FRME First Merchants Corp. 0.10% 9,718 $362K No change
TSM Taiwan Semiconductor-SP ADR 0.09% 1,976 $344K No change
AMZN Amazon.com Inc. 0.09% 1,825 $340K Add +2.8%
DG Dollar General Corp. 0.09% 3,998 $338K Add +53.7%
BKH Black Hills Corp. 0.09% 5,480 $335K No change
STZ Constellation Brands Inc. Class A 0.08% 1,161 $299K Add +4.5%
SOLV Solventum Corp. 0.08% 4,209 $293K Reduce -26.9%
IWP iShares Russell Mid-Cap Grow 0.07% 2,256 $265K No change
COP Conocophillips 0.07% 2,488 $262K No change
AMTM Amentum Holdings Inc. 0.07% 7,715 $249K Reduce -0.3%
AMGN Amgen Inc. 0.07% 760 $245K Add +7.0%
MDLZ Mondelez International Inc. Class A 0.06% 3,175 $235K No change
EEM iShares MSCI Emerging Market 0.06% 4,925 $226K No change
VTWO Vanguard Russell 2000 ETF 0.06% 2,467 $220K New
VTI VG Morningstar TS MKT ETF-US 0.06% 776 $220K Reduce -0.1%
IWM iShares Russell 2000 ETF 0.06% 954 $211K New
TXN Texas Instruments Inc. 0.05% 988 $204K New
VRA Vera Bradley Inc. 0.02% 14,100 $77K 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

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