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

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 Q1 2025 Q2 2025: $372.5M $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 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%
ITW Illinois Tool Works 0.10% 1,513 $376K No change
CNI Canadian Natl Railway Co. 0.10% 3,537 $369K Add +9.9%
NVDA Nvidia Corp. 0.10% 2,284 $361K New
FRME First Merchants Corp. 0.09% 8,918 $342K No change
NKE Nike Inc. Class B 0.09% 4,570 $326K Add +3.9%
IWP iShares Russell Mid-Cap Grow 0.08% 2,256 $313K No change
VTWO Vanguard Russell 2000 ETF 0.08% 3,546 $309K Add +29.1%
BKH Black Hills Corp. 0.08% 5,485 $308K No change
COP Conocophillips 0.07% 2,938 $264K Add +0.1%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.07% 851 $251K No change
VTI VG Morningstar TS MKT ETF-US 0.06% 788 $240K No change
MDLZ Mondelez International Inc. Class A 0.06% 3,500 $237K Add +0.7%
NI Nisource Inc. 0.06% 5,370 $217K No change
AMGN Amgen Inc. 0.06% 760 $212K No change
TXN Texas Instruments Inc. 0.06% 1,007 $209K New
IWM iShares Russell 2000 ETF 0.06% 954 $206K New
HL Hecla Mining Co. 0.02% 10,900 $65K New

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

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