Monarch Capital Management Inc.

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed April 15, 2025), Monarch Capital Management Inc. reported 115 stock positions worth $359.8 million. Its top holding was Microsoft (MSFT) at 5.2% of the portfolio, followed by Apple (AAPL, 4.0%) and Home Depot (HD, 3.4%). Compared with Q4 2024, it opened 3 new positions, sold out of 2, added to 27 and reduced 64. The biggest buy was Johnson & Johnson (JNJ, shares +3%) and the biggest sale Microsoft (MSFT, shares −0%).

Most Recent 13F
Q2 2026
Location
FORT WAYNE, IN
CIK
0000938759
Portfolio Value
$359.8M (Q1 2025)
SEC Filing
0000938759-25-000004 ↗ filed Apr 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 Q4 2024 Q1 2025: $359.8M $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 115 stocks · $359.8M
MSFT Microsoft Corp. 5.23% 50,164 $18.8M Reduce -0.5%
AAPL Apple Inc. 3.95% 64,047 $14.2M Reduce -2.7%
HD Home Depot Inc. 3.40% 33,416 $12.2M Reduce -0.9%
WMT Walmart Inc. 3.40% 139,046 $12.2M Reduce -4.5%
MCD McDonald's Corp. 3.38% 38,911 $12.2M Reduce -1.9%
ADP Automatic Data Processing 3.06% 35,823 $11.0M Reduce -0.8%
MRK Merck & Co. Inc. 2.99% 119,213 $10.8M Add +2.0%
ABBV Abbvie Inc. 2.99% 51,343 $10.8M Reduce -3.0%
JNJ Johnson & Johnson 2.85% 61,856 $10.3M Add +2.6%
KR Kroger Co. 2.69% 143,189 $9.7M Reduce -1.3%
FELE Franklin Electric Co. Inc. 2.52% 96,733 $9.1M Reduce -2.7%
LKFN Lakeland Financial Corp. 2.52% 152,773 $9.1M Reduce -1.5%
CSCO Cisco Systems Inc. 2.41% 140,646 $8.7M Reduce -1.9%
PG The Procter & Gamble Co. 2.19% 46,223 $7.9M Reduce -0.8%
KO The Coca-Cola Co. 2.04% 102,052 $7.3M Reduce -2.4%
ABT Abbott Laboratories 2.02% 54,730 $7.3M Reduce -2.6%
EMR Emerson Electric Co. 1.89% 62,176 $6.8M Reduce -1.5%
AFL Aflac Inc. 1.83% 59,172 $6.6M Reduce -4.0%
FISV Fiserv Inc. 1.79% 29,125 $6.4M Reduce -2.3%
GOOG Alphabet Inc. Class C 1.67% 38,554 $6.0M Add +1.0%
XOM Exxon Mobil Corp. 1.67% 50,524 $6.0M Reduce -0.5%
PWR Quanta Services Inc. 1.63% 23,076 $5.9M Reduce -3.9%
USB US Bancorp 1.55% 130,187 $5.6M Reduce -0.9%
SYK Stryker Corp. 1.54% 14,896 $5.6M Reduce -6.8%
JPM JPMorgan Chase & Co. 1.54% 22,550 $5.5M Reduce -15.9%
MDT Medtronic PLC 1.54% 61,169 $5.5M Reduce -3.0%
ACN Accenture PLC Class A 1.50% 17,329 $5.4M Reduce -2.0%
GILD Gilead Sciences Inc. 1.39% 44,689 $5.0M Reduce -5.1%
MMM 3M Co. 1.27% 31,127 $4.6M Reduce -4.1%
SYY Sysco Corp. 1.22% 58,633 $4.4M Reduce -2.7%
CINF Cincinnati Financial Corp. 1.17% 28,225 $4.2M Reduce -1.1%
NEE Nextera Energy Inc. 1.14% 57,900 $4.1M Reduce -0.8%
FFIV F5 Inc. 1.09% 14,786 $3.9M Reduce -7.8%
ZBH Zimmer Biomet Holdings Inc. 1.08% 34,333 $3.9M Reduce -0.7%
GPC Genuine Parts Co. 1.07% 32,144 $3.9M Add +2.2%
STLD Steel Dynamics Inc. 1.07% 30,678 $3.8M Reduce -1.0%
APD Air Products & Chemicals Inc. 0.97% 11,882 $3.5M Add +1.9%
UPS United Parcel Service Class B 0.91% 29,745 $3.3M Add +9.4%
BRK.B Berkshire Hathaway Inc. Class B 0.85% 5,751 $3.1M Reduce -0.1%
PFE Pfizer Inc. 0.82% 115,780 $2.9M Add +0.3%
VTIP Vanguard Short-Term Tips 0.73% 52,738 $2.6M Reduce -2.2%
GOOGL Alphabet Inc. Class A 0.73% 16,911 $2.6M Add +37.9%
VWO Vanguard Ftse Emerging Marke 0.70% 55,541 $2.5M Reduce -0.1%
CARR Carrier Global Corp. 0.67% 38,301 $2.4M Reduce -0.4%
FLS Flowserve Corp. 0.65% 47,796 $2.3M Reduce -2.7%
CVX Chevron Corp. 0.64% 13,816 $2.3M Reduce -3.0%
RTX RTX Corp. 0.62% 16,744 $2.2M Reduce -0.7%
CB Chubb Ltd. 0.58% 6,922 $2.1M Add +0.2%
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.58% 21,197 $2.1M Reduce -3.2%
INTC Intel Corp. 0.57% 90,976 $2.1M Reduce -1.3%
GE General Electric filed as GE AEROSPACE 0.52% 9,327 $1.9M Reduce -3.6%
VZ Verizon Communications Inc. 0.51% 40,589 $1.8M Reduce -2.5%
CCRD Corecard Corp. 0.51% 98,050 $1.8M Add +0.0%
PM Philip Morris International 0.49% 11,099 $1.8M Reduce -0.4%
PPL PPL Corp. 0.46% 45,656 $1.7M Reduce -1.1%
BMY Bristol-Myers Squibb Co. 0.41% 24,408 $1.5M No change
TGT Target Corp. 0.41% 14,235 $1.5M Add +0.1%
RCI Rogers Communications Inc. Class B 0.41% 54,783 $1.5M Add +11.8%
OKE Oneok Inc. 0.40% 14,531 $1.4M Reduce -4.0%
AES AES Corp. 0.39% 113,315 $1.4M Add +7.9%
DG Dollar General Corp. 0.39% 15,793 $1.4M Add +39.4%
PEP Pepsico Inc. 0.38% 9,177 $1.4M Add +3.1%
GWW WW Grainger Inc. filed as GRAINGER W W INC 0.34% 1,255 $1.2M Reduce -0.8%
LMT Lockheed Martin Corp. 0.33% 2,623 $1.2M Add +8.0%
LLY Eli Lilly & Co. 0.32% 1,374 $1.1M Add +0.4%
SMG Scotts Miracle-Gro Co. 0.31% 20,483 $1.1M Add +0.6%
LIN Linde PLC 0.26% 2,045 $952K Reduce -5.0%
OTIS Otis Worldwide Corp. 0.26% 9,213 $951K Reduce -5.5%
REGN Regeneron Pharmaceuticals 0.25% 1,404 $890K Add +31.6%
WBA Walgreens Boots Alliance Inc. 0.25% 79,421 $887K Reduce -7.5%
COST Costco Wholesale Corp. 0.22% 853 $807K Reduce -0.1%
BRK.A Berkshire Hathaway Inc. Class A 0.22% 1 $798K No change
PLXS Plexus Corp. 0.22% 6,150 $788K Reduce -2.4%
J Jacobs Solutions Inc. 0.22% 6,463 $781K Reduce -16.5%
CPRT Copart Inc. 0.22% 13,761 $779K Add +0.7%
ZIMV Zimvie Inc. 0.21% 69,700 $753K Add +6.3%
ADM Archer-Daniels-Midland Co. 0.21% 15,510 $745K Add +28.4%
SPY SS SPDR S&P 500 ETF Trust-US 0.20% 1,277 $717K Add +0.8%
WFC Wells Fargo & Co. 0.20% 9,944 $714K Add +4.1%
NTRS Northern Trust Corp. 0.20% 7,078 $704K Reduce -3.8%
BP BP PLC-Spons ADR 0.20% 20,796 $703K Reduce -1.7%
V Visa Inc. Class A 0.19% 1,934 $678K Add +1.2%
CL Colgate-Palmolive Co. 0.19% 7,209 $675K No change
GEV GE Vernova Inc. 0.18% 2,118 $647K Reduce -2.4%
NSC Norfolk Southern Corp. 0.17% 2,640 $625K Reduce -2.2%
MO Altria Group Inc. 0.17% 10,187 $622K No change
KMB Kimberly-Clark Corp. 0.17% 4,291 $615K Reduce -7.2%
CHKP Check Point Software Tech 0.17% 2,619 $597K Reduce -5.1%
ORCL Oracle Corp. 0.15% 3,859 $540K No change
ELV Elevance Health Inc. 0.14% 1,153 $502K No change
CTAS Cintas Corp. 0.14% 2,400 $493K No change
SHW The Sherwin-Williams Co. 0.13% 1,331 $465K No change
NUE Nucor Corp. 0.12% 3,574 $432K No change
DE Deere & Co. 0.12% 908 $428K No change
T AT&T Inc. 0.12% 14,836 $420K Reduce -3.3%
CAT Caterpillar Inc. 0.11% 1,237 $408K No change
PNC PNC Financial Services Group 0.11% 2,252 $396K No change
ITW Illinois Tool Works 0.10% 1,513 $377K No change
AMZN Amazon.com Inc. 0.10% 1,964 $374K Add +7.5%
VEA Vanguard Ftse Developed ETF 0.10% 7,128 $362K Reduce -14.9%
FRME First Merchants Corp. 0.10% 8,918 $361K No change
BKH Black Hills Corp. 0.09% 5,485 $333K No change
TSM Taiwan Semiconductor-SP ADR 0.09% 1,976 $329K No change
CNI Canadian Natl Railway Co. 0.09% 3,217 $315K No change
COP Conocophillips 0.09% 2,936 $308K Reduce -3.3%
NKE Nike Inc. Class B 0.08% 4,400 $281K No change
IWP iShares Russell Mid-Cap Grow 0.07% 2,256 $265K No change
MDLZ Mondelez International Inc. Class A 0.07% 3,475 $237K No change
AMGN Amgen Inc. 0.07% 760 $237K New
VTWO Vanguard Russell 2000 ETF 0.06% 2,746 $221K Reduce -2.7%
VTI VG Morningstar TS MKT ETF-US 0.06% 788 $217K Add +1.6%
NI Nisource Inc. 0.06% 5,370 $215K New
STZ Constellation Brands Inc. Class A 0.06% 1,161 $213K No change
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.06% 851 $212K New
VRA Vera Bradley Inc. 0.01% 10,300 $23K Reduce -26.9%

Portfolio Sells Q4 2024 → Q1 2025
MSFT Microsoft Corp. Reduce -0.5% 5.23% −0.58
AAPL Apple Inc. Reduce -2.7% 3.95% −0.56
PWR Quanta Services Inc. Reduce -3.9% 1.63% −0.45
LKFN Lakeland Financial Corp. Reduce -1.5% 2.52% −0.40
EMR Emerson Electric Co. Reduce -1.5% 1.89% −0.25
JPM JPMorgan Chase & Co. Reduce -15.9% 1.54% −0.22
WMT Walmart Inc. Reduce -4.5% 3.40% −0.21
ACN Accenture PLC Class A Reduce -2.0% 1.50% −0.20
USB US Bancorp Reduce -0.9% 1.55% −0.19
HD Home Depot Inc. Reduce -0.9% 3.40% −0.19
FELE Franklin Electric Co. Inc. Reduce -2.7% 2.52% −0.13
FLS Flowserve Corp. Reduce -2.7% 0.65% −0.13
DIS The Walt Disney Co. Reduce -3.2% 0.58% −0.09
J Jacobs Solutions Inc. Reduce -16.5% 0.22% −0.07
CRM Salesforce Inc. Sold out 0.00% −0.06
IWM iShares Russell 2000 ETF Sold out 0.00% −0.06
PLXS Plexus Corp. Reduce -2.4% 0.22% −0.05
CARR Carrier Global Corp. Reduce -0.4% 0.67% −0.05
SYY Sysco Corp. Reduce -2.7% 1.22% −0.04
SYK Stryker Corp. Reduce -6.8% 1.54% −0.04
GWW WW Grainger Inc. Reduce -0.8% 0.34% −0.02
GEV GE Vernova Inc. Reduce -2.4% 0.18% −0.02
OKE Oneok Inc. Reduce -4.0% 0.40% −0.02
NTRS Northern Trust Corp. Reduce -3.8% 0.20% −0.01
FFIV F5 Inc. Reduce -7.8% 1.09% −0.01
VEA Vanguard Ftse Developed ETF Reduce -14.9% 0.10% −0.01
VRA Vera Bradley Inc. Reduce -26.9% 0.01% −0.01
VTWO Vanguard Russell 2000 ETF Reduce -2.7% 0.06% −0.01
NEE Nextera Energy Inc. Reduce -0.8% 1.14% −0.00
NSC Norfolk Southern Corp. Reduce -2.2% 0.17% +0.00
COP Conocophillips Reduce -3.3% 0.09% +0.00
KMB Kimberly-Clark Corp. Reduce -7.2% 0.17% +0.00
COST Costco Wholesale Corp. Reduce -0.1% 0.22% +0.01
VTIP Vanguard Short-Term Tips Reduce -2.2% 0.73% +0.02
OTIS Otis Worldwide Corp. Reduce -5.5% 0.26% +0.02
LIN Linde PLC Reduce -5.0% 0.26% +0.02
T AT&T Inc. Reduce -3.3% 0.12% +0.02
BP BP PLC-Spons ADR Reduce -1.7% 0.20% +0.02
CHKP Check Point Software Tech Reduce -5.1% 0.17% +0.02
WBA Walgreens Boots Alliance Inc. Reduce -7.5% 0.25% +0.03
VWO Vanguard Ftse Emerging Marke Reduce -0.1% 0.70% +0.03
CINF Cincinnati Financial Corp. Reduce -1.1% 1.17% +0.04
PPL PPL Corp. Reduce -1.1% 0.46% +0.05
PG The Procter & Gamble Co. Reduce -0.8% 2.19% +0.05
VZ Verizon Communications Inc. Reduce -2.5% 0.51% +0.06
INTC Intel Corp. Reduce -1.3% 0.57% +0.07
GE General Electric Reduce -3.6% 0.52% +0.08
CVX Chevron Corp. Reduce -3.0% 0.64% +0.08
ZBH Zimmer Biomet Holdings Inc. Reduce -0.7% 1.08% +0.08
RTX RTX Corp. Reduce -0.7% 0.62% +0.08

Portfolio Buys Q4 2024 → Q1 2025
JNJ Johnson & Johnson Add +2.6% 2.85% +0.46
DG Dollar General Corp. Add +39.4% 0.39% +0.15
GOOGL Alphabet Inc. Class A Add +37.9% 0.73% +0.09
AMGN Amgen Inc. New 0.07% +0.07
NI Nisource Inc. New 0.06% +0.06
GPC Genuine Parts Co. Add +2.2% 1.07% +0.06
IBM Intl Business Machines Corp. New 0.06% +0.06
CB Chubb Ltd. Add +0.2% 0.58% +0.06
APD Air Products & Chemicals Inc. Add +1.9% 0.97% +0.05
ADM Archer-Daniels-Midland Co. Add +28.4% 0.21% +0.04
REGN Regeneron Pharmaceuticals Add +31.6% 0.25% +0.04
LLY Eli Lilly & Co. Add +0.4% 0.32% +0.03
V Visa Inc. Class A Add +1.2% 0.19% +0.02
AES AES Corp. Add +7.9% 0.39% +0.02
WFC Wells Fargo & Co. Add +4.1% 0.20% +0.01
PEP Pepsico Inc. Add +3.1% 0.38% +0.01
LMT Lockheed Martin Corp. Add +8.0% 0.33% +0.00
CPRT Copart Inc. Add +0.7% 0.22% +0.00
VTI VG Morningstar TS MKT ETF-US Add +1.6% 0.06% −0.00
SPY SS SPDR S&P 500 ETF Trust-US Add +0.8% 0.20% −0.00
RCI Rogers Communications Inc. Class B Add +11.8% 0.41% −0.01
AMZN Amazon.com Inc. Add +7.5% 0.10% −0.01
PFE Pfizer Inc. Add +0.3% 0.82% −0.02
UPS United Parcel Service Class B Add +9.4% 0.91% −0.03
ZIMV Zimvie Inc. Add +6.3% 0.21% −0.04
SMG Scotts Miracle-Gro Co. Add +0.6% 0.31% −0.06
CCRD Corecard Corp. Add +0.0% 0.51% −0.10
TGT Target Corp. Add +0.1% 0.41% −0.11
MRK Merck & Co. Inc. Add +2.0% 2.99% −0.21
GOOG Alphabet Inc. Class C Add +1.0% 1.67% −0.32

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