Monarch Capital Management Inc.
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 20, 2025), Monarch Capital Management Inc. reported 117 stock positions worth $372.5 million. Its top holding was Microsoft (MSFT) at 6.6% of the portfolio, followed by Apple (AAPL, 3.7%) and Walmart (WMT, 3.5%). Compared with Q1 2025, it opened 4 new positions, sold out of 2, added to 57 and reduced 39. The biggest buy was Corecard (CCRD, shares +3%) and the biggest sale McDonald's (MCD, shares −2%).
- Most Recent 13F
- Q2 2026
- Location
- FORT WAYNE, IN
- CIK
- 0000938759
- Portfolio Value
- $372.5M (Q2 2025)
- SEC Filing
- 0000938759-25-000009 ↗ filed Aug 20, 2025
Holdings Value
Holdings 117 stocks · $372.5M
| MSFT Microsoft Corp. | 6.57% | 49,183 | $24.5M | Reduce -2.0% |
| AAPL Apple Inc. | 3.69% | 66,967 | $13.7M | Add +4.6% |
| WMT Walmart Inc. | 3.49% | 133,033 | $13.0M | Reduce -4.3% |
| HD Home Depot Inc. | 3.30% | 33,501 | $12.3M | Add +0.3% |
| MCD McDonald's Corp. | 2.99% | 38,158 | $11.1M | Reduce -1.9% |
| ADP Automatic Data Processing | 2.94% | 35,329 | $10.9M | Reduce -1.4% |
| KR Kroger Co. | 2.75% | 142,909 | $10.3M | Reduce -0.2% |
| CSCO Cisco Systems Inc. | 2.62% | 140,871 | $9.8M | Add +0.2% |
| MRK Merck & Co. Inc. | 2.61% | 121,880 | $9.7M | Add +2.2% |
| ABBV Abbvie Inc. | 2.56% | 51,372 | $9.5M | Add +0.1% |
| JNJ Johnson & Johnson | 2.55% | 62,282 | $9.5M | Add +0.7% |
| LKFN Lakeland Financial Corp. | 2.55% | 154,493 | $9.5M | Add +1.1% |
| FELE Franklin Electric Co. Inc. | 2.35% | 97,403 | $8.7M | Add +0.7% |
| PWR Quanta Services Inc. | 2.20% | 21,696 | $8.2M | Reduce -6.0% |
| EMR Emerson Electric Co. | 2.12% | 59,232 | $7.9M | Reduce -4.7% |
| ABT Abbott Laboratories | 1.96% | 53,674 | $7.3M | Reduce -1.9% |
| PG The Procter & Gamble Co. | 1.95% | 45,690 | $7.3M | Reduce -1.1% |
| GOOG Alphabet Inc. Class C | 1.89% | 39,631 | $7.0M | Add +2.8% |
| KO The Coca-Cola Co. | 1.86% | 97,429 | $6.9M | Reduce -4.5% |
| JPM JPMorgan Chase & Co. | 1.71% | 22,000 | $6.4M | Reduce -2.4% |
| AFL Aflac Inc. | 1.67% | 58,927 | $6.2M | Reduce -0.4% |
| USB US Bancorp | 1.64% | 133,802 | $6.1M | Add +2.8% |
| SYK Stryker Corp. | 1.53% | 14,411 | $5.7M | Reduce -3.3% |
| XOM Exxon Mobil Corp. | 1.49% | 51,436 | $5.5M | Add +1.8% |
| MDT Medtronic PLC | 1.45% | 61,569 | $5.4M | Add +0.7% |
| ACN Accenture PLC Class A | 1.43% | 17,789 | $5.3M | Add +2.6% |
| FISV Fiserv Inc. | 1.40% | 30,320 | $5.2M | Add +4.1% |
| GILD Gilead Sciences Inc. | 1.33% | 44,649 | $5.0M | Reduce -0.1% |
| MMM 3M Co. | 1.26% | 30,849 | $4.7M | Reduce -0.9% |
| FFIV F5 Inc. | 1.19% | 15,056 | $4.4M | Add +1.8% |
| SYY Sysco Corp. | 1.18% | 58,043 | $4.4M | Reduce -1.0% |
| CINF Cincinnati Financial Corp. | 1.13% | 28,125 | $4.2M | Reduce -0.3% |
| GPC Genuine Parts Co. | 1.10% | 33,651 | $4.1M | Add +4.7% |
| NEE Nextera Energy Inc. | 1.09% | 58,665 | $4.1M | Add +1.3% |
| STLD Steel Dynamics Inc. | 1.08% | 31,481 | $4.0M | Add +2.6% |
| APD Air Products & Chemicals Inc. | 0.95% | 12,579 | $3.5M | Add +5.9% |
| ZBH Zimmer Biomet Holdings Inc. | 0.86% | 35,028 | $3.2M | Add +2.0% |
| UPS United Parcel Service Class B | 0.81% | 29,763 | $3.0M | Add +0.1% |
| CCRD Corecard Corp. | 0.79% | 101,425 | $2.9M | Add +3.4% |
| GOOGL Alphabet Inc. Class A | 0.79% | 16,596 | $2.9M | Reduce -1.9% |
| PFE Pfizer Inc. | 0.78% | 120,120 | $2.9M | Add +3.8% |
| CARR Carrier Global Corp. | 0.77% | 39,116 | $2.9M | Add +2.1% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.75% | 5,784 | $2.8M | Add +0.6% |
| VWO Vanguard Ftse Emerging Marke | 0.73% | 55,171 | $2.7M | Reduce -0.7% |
| FLS Flowserve Corp. | 0.70% | 49,936 | $2.6M | Add +4.5% |
| VTIP Vanguard Short-Term Tips | 0.69% | 50,836 | $2.6M | Reduce -3.6% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.68% | 20,557 | $2.5M | Reduce -3.0% |
| RTX RTX Corp. | 0.65% | 16,694 | $2.4M | Reduce -0.3% |
| GE General Electric filed as GE AEROSPACE | 0.59% | 8,502 | $2.2M | Reduce -8.8% |
| CB Chubb Ltd. | 0.56% | 7,137 | $2.1M | Add +3.1% |
| INTC Intel Corp. | 0.54% | 90,300 | $2.0M | Reduce -0.7% |
| CVX Chevron Corp. | 0.54% | 14,081 | $2.0M | Add +1.9% |
| PM Philip Morris International | 0.52% | 10,538 | $1.9M | Reduce -5.0% |
| DG Dollar General Corp. | 0.51% | 16,461 | $1.9M | Add +4.2% |
| RCI Rogers Communications Inc. Class B | 0.49% | 62,053 | $1.8M | Add +13.3% |
| VZ Verizon Communications Inc. | 0.49% | 42,479 | $1.8M | Add +4.7% |
| PPL PPL Corp. | 0.42% | 46,136 | $1.6M | Add +1.1% |
| PEP Pepsico Inc. | 0.39% | 11,059 | $1.5M | Add +20.5% |
| TGT Target Corp. | 0.39% | 14,610 | $1.4M | Add +2.6% |
| SMG Scotts Miracle-Gro Co. | 0.39% | 21,752 | $1.4M | Add +6.2% |
| OKE Oneok Inc. | 0.37% | 16,691 | $1.4M | Add +14.9% |
| LMT Lockheed Martin Corp. | 0.36% | 2,911 | $1.3M | Add +11.0% |
| AES AES Corp. | 0.36% | 126,915 | $1.3M | Add +12.0% |
| GWW WW Grainger Inc. filed as GRAINGER W W INC | 0.36% | 1,275 | $1.3M | Add +1.6% |
| LLY Eli Lilly & Co. | 0.34% | 1,619 | $1.3M | Add +17.8% |
| REGN Regeneron Pharmaceuticals | 0.33% | 2,345 | $1.2M | Add +67.0% |
| BMY Bristol-Myers Squibb Co. | 0.30% | 24,455 | $1.1M | Add +0.2% |
| GEV GE Vernova Inc. | 0.28% | 1,942 | $1.0M | Reduce -8.3% |
| ADM Archer-Daniels-Midland Co. | 0.26% | 18,600 | $982K | Add +19.9% |
| LIN Linde PLC | 0.25% | 1,982 | $930K | Reduce -3.1% |
| OTIS Otis Worldwide Corp. | 0.24% | 9,113 | $902K | Reduce -1.1% |
| WBA Walgreens Boots Alliance Inc. | 0.24% | 78,096 | $897K | Reduce -1.7% |
| COST Costco Wholesale Corp. | 0.23% | 854 | $845K | Add +0.1% |
| ORCL Oracle Corp. | 0.23% | 3,859 | $844K | No change |
| PLXS Plexus Corp. | 0.22% | 6,150 | $832K | No change |
| J Jacobs Solutions Inc. | 0.22% | 6,313 | $830K | Reduce -2.3% |
| NTRS Northern Trust Corp. | 0.22% | 6,447 | $823K | Reduce -8.9% |
| WFC Wells Fargo & Co. | 0.21% | 9,996 | $801K | Add +0.5% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.21% | 1,252 | $775K | Reduce -2.0% |
| ZIMV Zimvie Inc. | 0.20% | 80,374 | $751K | Add +15.3% |
| BRK.A Berkshire Hathaway Inc. Class A | 0.20% | 1 | $729K | No change |
| V Visa Inc. Class A | 0.19% | 2,039 | $724K | Add +5.4% |
| NSC Norfolk Southern Corp. | 0.18% | 2,590 | $663K | Reduce -1.9% |
| CPRT Copart Inc. | 0.18% | 13,486 | $662K | Reduce -2.0% |
| CL Colgate-Palmolive Co. | 0.18% | 7,209 | $655K | No change |
| CHKP Check Point Software Tech | 0.17% | 2,781 | $615K | Add +6.2% |
| BP BP PLC-Spons ADR | 0.16% | 20,296 | $607K | Reduce -2.4% |
| KMB Kimberly-Clark Corp. | 0.15% | 4,372 | $568K | Add +1.9% |
| MO Altria Group Inc. | 0.15% | 9,407 | $560K | Reduce -7.7% |
| AMZN Amazon.com Inc. | 0.15% | 2,518 | $552K | Add +28.2% |
| CTAS Cintas Corp. | 0.14% | 2,400 | $535K | No change |
| CAT Caterpillar Inc. | 0.13% | 1,237 | $480K | No change |
| DE Deere & Co. | 0.12% | 908 | $463K | No change |
| SHW The Sherwin-Williams Co. | 0.12% | 1,335 | $458K | Add +0.3% |
| TSM Taiwan Semiconductor-SP ADR | 0.12% | 1,981 | $450K | Add +0.3% |
| ELV Elevance Health Inc. | 0.12% | 1,153 | $448K | No change |
| PNC PNC Financial Services Group | 0.11% | 2,252 | $420K | No change |
| T AT&T Inc. | 0.11% | 14,256 | $413K | Reduce -3.9% |
| NUE Nucor Corp. | 0.11% | 3,134 | $408K | Reduce -12.3% |
| VEA Vanguard Ftse Developed ETF | 0.10% | 6,808 | $388K | Reduce -4.5% |
Portfolio Sells Q1 2025 → Q2 2025
| MCD McDonald's Corp. | Reduce -1.9% | 2.99% | −0.39 |
| PG The Procter & Gamble Co. | Reduce -1.1% | 1.95% | −0.24 |
| KO The Coca-Cola Co. | Reduce -4.5% | 1.86% | −0.18 |
| AFL Aflac Inc. | Reduce -0.4% | 1.67% | −0.16 |
| ADP Automatic Data Processing | Reduce -1.4% | 2.94% | −0.12 |
| GILD Gilead Sciences Inc. | Reduce -0.1% | 1.33% | −0.06 |
| STZ Constellation Brands Inc. Class A | Sold out | 0.00% | −0.06 |
| ABT Abbott Laboratories | Reduce -1.9% | 1.96% | −0.06 |
| VTIP Vanguard Short-Term Tips | Reduce -3.6% | 0.69% | −0.05 |
| SYY Sysco Corp. | Reduce -1.0% | 1.18% | −0.04 |
| CPRT Copart Inc. | Reduce -2.0% | 0.18% | −0.04 |
| CINF Cincinnati Financial Corp. | Reduce -0.3% | 1.13% | −0.04 |
| BP BP PLC-Spons ADR | Reduce -2.4% | 0.16% | −0.03 |
| INTC Intel Corp. | Reduce -0.7% | 0.54% | −0.03 |
| MO Altria Group Inc. | Reduce -7.7% | 0.15% | −0.02 |
| OTIS Otis Worldwide Corp. | Reduce -1.1% | 0.24% | −0.02 |
| LIN Linde PLC | Reduce -3.1% | 0.25% | −0.01 |
| SYK Stryker Corp. | Reduce -3.3% | 1.53% | −0.01 |
| NUE Nucor Corp. | Reduce -12.3% | 0.11% | −0.01 |
| MMM 3M Co. | Reduce -0.9% | 1.26% | −0.01 |
| VRA Vera Bradley Inc. | Sold out | 0.00% | −0.01 |
| T AT&T Inc. | Reduce -3.9% | 0.11% | −0.01 |
| WBA Walgreens Boots Alliance Inc. | Reduce -1.7% | 0.24% | −0.01 |
| VEA Vanguard Ftse Developed ETF | Reduce -4.5% | 0.10% | +0.00 |
| NSC Norfolk Southern Corp. | Reduce -1.9% | 0.18% | +0.00 |
| J Jacobs Solutions Inc. | Reduce -2.3% | 0.22% | +0.01 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -2.0% | 0.21% | +0.01 |
| NTRS Northern Trust Corp. | Reduce -8.9% | 0.22% | +0.03 |
| PM Philip Morris International | Reduce -5.0% | 0.52% | +0.03 |
| VWO Vanguard Ftse Emerging Marke | Reduce -0.7% | 0.73% | +0.03 |
| RTX RTX Corp. | Reduce -0.3% | 0.65% | +0.04 |
| KR Kroger Co. | Reduce -0.2% | 2.75% | +0.06 |
| GOOGL Alphabet Inc. Class A | Reduce -1.9% | 0.79% | +0.06 |
| GE General Electric | Reduce -8.8% | 0.59% | +0.07 |
| WMT Walmart Inc. | Reduce -4.3% | 3.49% | +0.09 |
| GEV GE Vernova Inc. | Reduce -8.3% | 0.28% | +0.10 |
| DIS The Walt Disney Co. | Reduce -3.0% | 0.68% | +0.10 |
| JPM JPMorgan Chase & Co. | Reduce -2.4% | 1.71% | +0.17 |
| EMR Emerson Electric Co. | Reduce -4.7% | 2.12% | +0.23 |
| PWR Quanta Services Inc. | Reduce -6.0% | 2.20% | +0.57 |
| MSFT Microsoft Corp. | Reduce -2.0% | 6.57% | +1.33 |
Portfolio Buys Q1 2025 → Q2 2025
| CCRD Corecard Corp. | Add +3.4% | 0.79% | +0.28 |
| GOOG Alphabet Inc. Class C | Add +2.8% | 1.89% | +0.21 |
| CSCO Cisco Systems Inc. | Add +0.2% | 2.62% | +0.21 |
| DG Dollar General Corp. | Add +4.2% | 0.51% | +0.12 |
| NVDA Nvidia Corp. | New | 0.10% | +0.10 |
| FFIV F5 Inc. | Add +1.8% | 1.19% | +0.10 |
| CARR Carrier Global Corp. | Add +2.1% | 0.77% | +0.09 |
| USB US Bancorp | Add +2.8% | 1.64% | +0.09 |
| RCI Rogers Communications Inc. Class B | Add +13.3% | 0.49% | +0.08 |
| REGN Regeneron Pharmaceuticals | Add +67.0% | 0.33% | +0.08 |
| SMG Scotts Miracle-Gro Co. | Add +6.2% | 0.39% | +0.07 |
| ADM Archer-Daniels-Midland Co. | Add +19.9% | 0.26% | +0.06 |
| TXN Texas Instruments Inc. | New | 0.06% | +0.06 |
| IWM iShares Russell 2000 ETF | New | 0.06% | +0.06 |
| FLS Flowserve Corp. | Add +4.5% | 0.70% | +0.05 |
| AMZN Amazon.com Inc. | Add +28.2% | 0.15% | +0.04 |
| LMT Lockheed Martin Corp. | Add +11.0% | 0.36% | +0.04 |
| GPC Genuine Parts Co. | Add +4.7% | 1.10% | +0.03 |
| TSM Taiwan Semiconductor-SP ADR | Add +0.3% | 0.12% | +0.03 |
| LKFN Lakeland Financial Corp. | Add +1.1% | 2.55% | +0.02 |
| LLY Eli Lilly & Co. | Add +17.8% | 0.34% | +0.02 |
| VTWO Vanguard Russell 2000 ETF | Add +29.1% | 0.08% | +0.02 |
| HL Hecla Mining Co. | New | 0.02% | +0.02 |
| WFC Wells Fargo & Co. | Add +0.5% | 0.21% | +0.02 |
| STLD Steel Dynamics Inc. | Add +2.6% | 1.08% | +0.02 |
| CNI Canadian Natl Railway Co. | Add +9.9% | 0.10% | +0.01 |
| GWW WW Grainger Inc. | Add +1.6% | 0.36% | +0.01 |
| PEP Pepsico Inc. | Add +20.5% | 0.39% | +0.01 |
| NKE Nike Inc. Class B | Add +3.9% | 0.09% | +0.01 |
| V Visa Inc. Class A | Add +5.4% | 0.19% | +0.01 |
| COST Costco Wholesale Corp. | Add +0.1% | 0.23% | +0.00 |
| CHKP Check Point Software Tech | Add +6.2% | 0.17% | −0.00 |
| MDLZ Mondelez International Inc. Class A | Add +0.7% | 0.06% | −0.00 |
| SHW The Sherwin-Williams Co. | Add +0.3% | 0.12% | −0.01 |
| ZIMV Zimvie Inc. | Add +15.3% | 0.20% | −0.01 |
| COP Conocophillips | Add +0.1% | 0.07% | −0.01 |
| KMB Kimberly-Clark Corp. | Add +1.9% | 0.15% | −0.02 |
| VZ Verizon Communications Inc. | Add +4.7% | 0.49% | −0.02 |
| APD Air Products & Chemicals Inc. | Add +5.9% | 0.95% | −0.02 |
| CB Chubb Ltd. | Add +3.1% | 0.56% | −0.03 |
| TGT Target Corp. | Add +2.6% | 0.39% | −0.03 |
| AES AES Corp. | Add +12.0% | 0.36% | −0.03 |
| PFE Pfizer Inc. | Add +3.8% | 0.78% | −0.03 |
| OKE Oneok Inc. | Add +14.9% | 0.37% | −0.03 |
| PPL PPL Corp. | Add +1.1% | 0.42% | −0.04 |
| NEE Nextera Energy Inc. | Add +1.3% | 1.09% | −0.05 |
| ACN Accenture PLC Class A | Add +2.6% | 1.43% | −0.08 |
| MDT Medtronic PLC | Add +0.7% | 1.45% | −0.09 |
| BRK.B Berkshire Hathaway Inc. Class B | Add +0.6% | 0.75% | −0.10 |
| CVX Chevron Corp. | Add +1.9% | 0.54% | −0.10 |
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 |