Monarch Capital Management Inc.

In its 13F for Q4 2024 (holdings as of December 31, 2024, filed January 15, 2025), Monarch Capital Management Inc. reported 114 stock positions worth $365.1 million. Its top holding was Microsoft (MSFT) at 5.8% of the portfolio, followed by Apple (AAPL, 4.5%) and Walmart (WMT, 3.6%). Compared with Q3 2024, it opened 1 new position, sold out of 5, added to 31 and reduced 57. The biggest buy was Apple (AAPL, shares +0%) and the biggest sale Abbvie (ABBV, shares −1%).

Most Recent 13F
Q2 2026
Location
FORT WAYNE, IN
CIK
0000938759
Portfolio Value
$365.1M (Q4 2024)
SEC Filing
0000938759-25-000001 ↗ filed Jan 15, 2025

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 Q3 2024 Q4 2024: $365.1M $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 · $365.1M
MSFT Microsoft Corp. 5.82% 50,407 $21.2M Reduce -0.1%
AAPL Apple Inc. 4.52% 65,849 $16.5M Add +0.4%
WMT Walmart Inc. 3.61% 145,674 $13.2M Reduce -3.5%
HD Home Depot Inc. 3.59% 33,727 $13.1M Reduce -0.2%
MRK Merck & Co. Inc. 3.20% 116,909 $11.7M Add +0.5%
MCD McDonald's Corp. 3.15% 39,656 $11.5M Reduce -0.3%
LKFN Lakeland Financial Corp. 2.92% 155,088 $10.7M Reduce -1.7%
ADP Automatic Data Processing 2.91% 36,104 $10.6M Reduce -2.6%
FELE Franklin Electric Co. Inc. 2.65% 99,421 $9.7M Reduce -2.7%
ABBV Abbvie Inc. 2.58% 52,959 $9.4M Reduce -0.7%
KR Kroger Co. 2.43% 145,111 $8.9M Reduce -0.8%
JNJ Johnson & Johnson 2.39% 60,264 $8.7M Add +1.3%
CSCO Cisco Systems Inc. 2.32% 143,371 $8.5M Reduce -0.2%
EMR Emerson Electric Co. 2.14% 63,124 $7.8M Reduce -4.2%
PG The Procter & Gamble Co. 2.14% 46,615 $7.8M Add +0.2%
PWR Quanta Services Inc. 2.08% 24,020 $7.6M Reduce -4.2%
GOOG Alphabet Inc. Class C 1.99% 38,166 $7.3M Reduce -0.9%
KO The Coca-Cola Co. 1.78% 104,542 $6.5M Reduce -0.4%
JPM JPMorgan Chase & Co. 1.76% 26,807 $6.4M Reduce -5.6%
AFL Aflac Inc. 1.75% 61,657 $6.4M Reduce -0.2%
ABT Abbott Laboratories 1.74% 56,174 $6.4M Add +0.0%
USB US Bancorp 1.74% 131,332 $6.3M Reduce -0.3%
ACN Accenture PLC Class A 1.70% 17,683 $6.2M Reduce -0.1%
FISV Fiserv Inc. 1.68% 29,794 $6.1M Reduce -1.5%
SYK Stryker Corp. 1.58% 15,989 $5.8M Reduce -1.8%
XOM Exxon Mobil Corp. 1.50% 50,771 $5.5M Reduce -0.8%
MDT Medtronic PLC 1.39% 63,063 $5.1M Reduce -1.3%
SYY Sysco Corp. 1.26% 60,273 $4.6M Reduce -0.7%
GILD Gilead Sciences Inc. 1.19% 47,079 $4.3M Reduce -1.8%
MMM 3M Co. 1.15% 32,462 $4.2M Reduce -0.7%
NEE Nextera Energy Inc. 1.15% 58,342 $4.2M No change
CINF Cincinnati Financial Corp. 1.13% 28,525 $4.1M Reduce -0.9%
FFIV F5 Inc. 1.10% 16,041 $4.0M Reduce -2.3%
GPC Genuine Parts Co. 1.01% 31,459 $3.7M Add +6.1%
ZBH Zimmer Biomet Holdings Inc. 1.00% 34,571 $3.7M Reduce -0.3%
STLD Steel Dynamics Inc. 0.97% 30,988 $3.5M Reduce -0.3%
UPS United Parcel Service Class B 0.94% 27,180 $3.4M Add +4.4%
APD Air Products & Chemicals Inc. 0.93% 11,655 $3.4M Add +4.9%
PFE Pfizer Inc. 0.84% 115,382 $3.1M Add +7.6%
FLS Flowserve Corp. 0.78% 49,131 $2.8M Reduce -5.9%
CARR Carrier Global Corp. 0.72% 38,456 $2.6M Reduce -1.6%
VTIP Vanguard Short-Term Tips 0.71% 53,921 $2.6M Reduce -0.4%
BRK.B Berkshire Hathaway Inc. Class B 0.71% 5,759 $2.6M Reduce -0.2%
VWO Vanguard Ftse Emerging Marke 0.67% 55,616 $2.4M Reduce -0.4%
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.67% 21,892 $2.4M Add +0.4%
GOOGL Alphabet Inc. Class A 0.64% 12,265 $2.3M Add +1.7%
CCRD Corecard Corp. 0.61% 98,020 $2.2M Add +2.0%
CVX Chevron Corp. 0.56% 14,236 $2.1M Reduce -1.0%
RTX RTX Corp. 0.53% 16,869 $2.0M Add +1.0%
TGT Target Corp. 0.53% 14,217 $1.9M Add +1.1%
CB Chubb Ltd. 0.52% 6,906 $1.9M Reduce -0.7%
INTC Intel Corp. 0.51% 92,212 $1.8M Reduce -0.7%
VZ Verizon Communications Inc. 0.46% 41,624 $1.7M Add +3.0%
GE General Electric filed as GE AEROSPACE 0.44% 9,672 $1.6M No change
OKE Oneok Inc. 0.42% 15,141 $1.5M Reduce -1.9%
RCI Rogers Communications Inc. Class B 0.41% 49,013 $1.5M Add +25.2%
PPL PPL Corp. 0.41% 46,156 $1.5M No change
BMY Bristol-Myers Squibb Co. 0.38% 24,408 $1.4M Reduce -0.2%
PEP Pepsico Inc. 0.37% 8,902 $1.4M Reduce -1.1%
PM Philip Morris International 0.37% 11,148 $1.4M No change
AES AES Corp. 0.37% 104,981 $1.4M Add +18.8%
SMG Scotts Miracle-Gro Co. 0.37% 20,353 $1.4M Reduce -2.1%
GWW WW Grainger Inc. filed as GRAINGER W W INC 0.37% 1,265 $1.3M Reduce -2.7%
LMT Lockheed Martin Corp. 0.32% 2,428 $1.2M Add +11.9%
LLY Eli Lilly & Co. 0.29% 1,368 $1.1M Add +17.7%
J Jacobs Solutions Inc. 0.28% 7,740 $1.0M Add +0.3%
PLXS Plexus Corp. 0.27% 6,300 $986K Reduce -2.3%
ZIMV Zimvie Inc. 0.25% 65,560 $915K Add +6.2%
OTIS Otis Worldwide Corp. 0.25% 9,752 $903K Reduce -1.4%
LIN Linde PLC 0.25% 2,153 $901K Reduce -6.1%
DG Dollar General Corp. 0.24% 11,328 $859K Add +183.3%
WBA Walgreens Boots Alliance Inc. 0.22% 85,847 $801K Reduce -9.1%
CPRT Copart Inc. 0.21% 13,661 $784K No change
COST Costco Wholesale Corp. 0.21% 854 $782K Reduce -0.9%
REGN Regeneron Pharmaceuticals 0.21% 1,067 $760K Add +106.0%
NTRS Northern Trust Corp. 0.21% 7,357 $760K Reduce -3.9%
SPY SS SPDR S&P 500 ETF Trust-US 0.20% 1,267 $745K No change
GEV GE Vernova Inc. 0.20% 2,171 $715K Reduce -3.0%
BRK.A Berkshire Hathaway Inc. Class A 0.19% 1 $681K No change
WFC Wells Fargo & Co. 0.18% 9,555 $671K No change
CL Colgate-Palmolive Co. 0.18% 7,209 $655K No change
ORCL Oracle Corp. 0.18% 3,859 $643K No change
NSC Norfolk Southern Corp. 0.17% 2,700 $634K Reduce -9.1%
BP BP PLC-Spons ADR 0.17% 21,146 $625K No change
KMB Kimberly-Clark Corp. 0.17% 4,626 $612K Reduce -11.4%
ADM Archer-Daniels-Midland Co. 0.17% 12,080 $610K Add +9.1%
V Visa Inc. Class A 0.17% 1,911 $604K No change
MO Altria Group Inc. 0.15% 10,187 $542K No change
CHKP Check Point Software Tech 0.14% 2,759 $515K Add +0.4%
SHW The Sherwin-Williams Co. 0.12% 1,331 $452K Reduce -8.6%
CAT Caterpillar Inc. 0.12% 1,237 $449K Reduce -6.1%
CTAS Cintas Corp. 0.12% 2,400 $438K No change
PNC PNC Financial Services Group 0.12% 2,252 $434K No change
ELV Elevance Health Inc. 0.12% 1,153 $425K No change
NUE Nucor Corp. 0.11% 3,574 $419K Reduce -2.7%
AMZN Amazon.com Inc. 0.11% 1,827 $401K Add +0.1%
VEA Vanguard Ftse Developed ETF 0.11% 8,376 $401K No change
TSM Taiwan Semiconductor-SP ADR 0.11% 1,976 $391K No change
DE Deere & Co. 0.11% 908 $386K No change
ITW Illinois Tool Works 0.11% 1,513 $385K Reduce -28.3%
FRME First Merchants Corp. 0.10% 8,918 $356K Reduce -8.2%
T AT&T Inc. 0.10% 15,336 $349K Reduce -10.8%
NKE Nike Inc. Class B 0.09% 4,400 $335K No change
CNI Canadian Natl Railway Co. 0.09% 3,217 $327K Add +0.9%
BKH Black Hills Corp. 0.09% 5,485 $321K Add +0.1%
COP Conocophillips 0.08% 3,036 $301K Add +22.0%
IWP iShares Russell Mid-Cap Grow 0.08% 2,256 $286K No change
STZ Constellation Brands Inc. Class A 0.07% 1,161 $257K No change
VTWO Vanguard Russell 2000 ETF 0.07% 2,822 $252K Add +14.4%
VTI VG Morningstar TS MKT ETF-US 0.06% 776 $225K No change
CRM Salesforce Inc. 0.06% 650 $218K New
IWM iShares Russell 2000 ETF 0.06% 954 $211K No change
MDLZ Mondelez International Inc. Class A 0.06% 3,475 $209K Add +9.4%
VRA Vera Bradley Inc. 0.02% 14,100 $55K No change

Portfolio Sells Q3 2024 → Q4 2024
ABBV Abbvie Inc. Reduce -0.7% 2.58% −0.26
KO The Coca-Cola Co. Reduce -0.4% 1.78% −0.26
FELE Franklin Electric Co. Inc. Reduce -2.7% 2.65% −0.23
MDT Medtronic PLC Reduce -1.3% 1.39% −0.17
CARR Carrier Global Corp. Reduce -1.6% 0.72% −0.13
XOM Exxon Mobil Corp. Reduce -0.8% 1.50% −0.12
SMG Scotts Miracle-Gro Co. Reduce -2.1% 0.37% −0.12
AFL Aflac Inc. Reduce -0.2% 1.75% −0.11
MCD McDonald's Corp. Reduce -0.3% 3.15% −0.11
HD Home Depot Inc. Reduce -0.2% 3.59% −0.09
STLD Steel Dynamics Inc. Reduce -0.3% 0.97% −0.09
INTC Intel Corp. Reduce -0.7% 0.51% −0.08
SOLV Solventum Corp. Sold out 0.00% −0.08
AMTM Amentum Holdings Inc. Sold out 0.00% −0.07
AMGN Amgen Inc. Sold out 0.00% −0.07
EEM iShares MSCI Emerging Market Sold out 0.00% −0.06
MMM 3M Co. Reduce -0.7% 1.15% −0.06
TXN Texas Instruments Inc. Sold out 0.00% −0.05
VWO Vanguard Ftse Emerging Marke Reduce -0.4% 0.67% −0.05
LIN Linde PLC Reduce -6.1% 0.25% −0.05
ITW Illinois Tool Works Reduce -28.3% 0.11% −0.04
PEP Pepsico Inc. Reduce -1.1% 0.37% −0.04
NUE Nucor Corp. Reduce -2.7% 0.11% −0.03
KMB Kimberly-Clark Corp. Reduce -11.4% 0.17% −0.03
OTIS Otis Worldwide Corp. Reduce -1.4% 0.25% −0.03
SHW The Sherwin-Williams Co. Reduce -8.6% 0.12% −0.03
NSC Norfolk Southern Corp. Reduce -9.1% 0.17% −0.03
MSFT Microsoft Corp. Reduce -0.1% 5.82% −0.02
CB Chubb Ltd. Reduce -0.7% 0.52% −0.02
CAT Caterpillar Inc. Reduce -6.1% 0.12% −0.02
SYY Sysco Corp. Reduce -0.7% 1.26% −0.01
WBA Walgreens Boots Alliance Inc. Reduce -9.1% 0.22% −0.01
ZBH Zimmer Biomet Holdings Inc. Reduce -0.3% 1.00% −0.01
SYK Stryker Corp. Reduce -1.8% 1.58% −0.01
T AT&T Inc. Reduce -10.8% 0.10% −0.01
CVX Chevron Corp. Reduce -1.0% 0.56% −0.01
VTIP Vanguard Short-Term Tips Reduce -0.4% 0.71% −0.00
FRME First Merchants Corp. Reduce -8.2% 0.10% +0.00
BRK.B Berkshire Hathaway Inc. Class B Reduce -0.2% 0.71% +0.00
GWW WW Grainger Inc. Reduce -2.7% 0.37% +0.00
COST Costco Wholesale Corp. Reduce -0.9% 0.21% +0.01
ACN Accenture PLC Class A Reduce -0.1% 1.70% +0.02
NTRS Northern Trust Corp. Reduce -3.9% 0.21% +0.02
PLXS Plexus Corp. Reduce -2.3% 0.27% +0.03
BMY Bristol-Myers Squibb Co. Reduce -0.2% 0.38% +0.04
OKE Oneok Inc. Reduce -1.9% 0.42% +0.04
GEV GE Vernova Inc. Reduce -3.0% 0.20% +0.04
FLS Flowserve Corp. Reduce -5.9% 0.78% +0.05
PWR Quanta Services Inc. Reduce -4.2% 2.08% +0.07
CINF Cincinnati Financial Corp. Reduce -0.9% 1.13% +0.07

Portfolio Buys Q3 2024 → Q4 2024
AAPL Apple Inc. Add +0.4% 4.52% +0.40
CCRD Corecard Corp. Add +2.0% 0.61% +0.23
DG Dollar General Corp. Add +183.3% 0.24% +0.14
DIS The Walt Disney Co. Add +0.4% 0.67% +0.11
GOOGL Alphabet Inc. Class A Add +1.7% 0.64% +0.10
REGN Regeneron Pharmaceuticals Add +106.0% 0.21% +0.06
CRM Salesforce Inc. New 0.06% +0.06
APD Air Products & Chemicals Inc. Add +4.9% 0.93% +0.03
AMZN Amazon.com Inc. Add +0.1% 0.11% +0.02
ABT Abbott Laboratories Add +0.0% 1.74% +0.02
LLY Eli Lilly & Co. Add +17.7% 0.29% +0.01
COP Conocophillips Add +22.0% 0.08% +0.01
J Jacobs Solutions Inc. Add +0.3% 0.28% +0.01
VTWO Vanguard Russell 2000 ETF Add +14.4% 0.07% +0.01
PFE Pfizer Inc. Add +7.6% 0.84% +0.00
CHKP Check Point Software Tech Add +0.4% 0.14% −0.00
BKH Black Hills Corp. Add +0.1% 0.09% −0.00
MDLZ Mondelez International Inc. Class A Add +9.4% 0.06% −0.01
RTX RTX Corp. Add +1.0% 0.53% −0.01
ADM Archer-Daniels-Midland Co. Add +9.1% 0.17% −0.01
RCI Rogers Communications Inc. Class B Add +25.2% 0.41% −0.01
CNI Canadian Natl Railway Co. Add +0.9% 0.09% −0.01
ZIMV Zimvie Inc. Add +6.2% 0.25% −0.01
UPS United Parcel Service Class B Add +4.4% 0.94% −0.02
LMT Lockheed Martin Corp. Add +11.9% 0.32% −0.02
PG The Procter & Gamble Co. Add +0.2% 2.14% −0.03
VZ Verizon Communications Inc. Add +3.0% 0.46% −0.03
TGT Target Corp. Add +1.1% 0.53% −0.06
AES AES Corp. Add +18.8% 0.37% −0.11
GPC Genuine Parts Co. Add +6.1% 1.01% −0.11
JNJ Johnson & Johnson Add +1.3% 2.39% −0.21
MRK Merck & Co. Inc. Add +0.5% 3.20% −0.37

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