Monarch Capital Management Inc.
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 20, 2025), Monarch Capital Management Inc. reported 122 stock positions worth $407.9 million. Its top holding was Microsoft (MSFT) at 6.2% of the portfolio, followed by Apple (AAPL, 4.1%) and Home Depot (HD, 3.3%). Compared with Q2 2025, it opened 7 new positions, sold out of 2, added to 43 and reduced 47. The biggest buy was a new position in iShares 0-3 Month Treasury B (SGOV) and the biggest sale Microsoft (MSFT, shares −1%).
- Most Recent 13F
- Q2 2026
- Location
- FORT WAYNE, IN
- CIK
- 0000938759
- Portfolio Value
- $407.9M (Q3 2025)
- SEC Filing
- 0000938759-25-000010 ↗ filed Oct 20, 2025
Holdings Value
Holdings 122 stocks · $407.9M
| MSFT Microsoft Corp. | 6.16% | 48,497 | $25.1M | Reduce -1.4% |
| AAPL Apple Inc. | 4.06% | 65,067 | $16.6M | Reduce -2.8% |
| HD Home Depot Inc. | 3.32% | 33,412 | $13.5M | Reduce -0.3% |
| WMT Walmart Inc. | 3.30% | 130,524 | $13.5M | Reduce -1.9% |
| SGOV iShares 0-3 Month Treasury B | 3.25% | 131,699 | $13.3M | New |
| MCD McDonald's Corp. | 2.91% | 39,028 | $11.9M | Add +2.3% |
| ABBV Abbvie Inc. | 2.87% | 50,474 | $11.7M | Reduce -1.8% |
| JNJ Johnson & Johnson | 2.84% | 62,457 | $11.6M | Add +0.3% |
| MRK Merck & Co. Inc. | 2.56% | 123,342 | $10.4M | Add +1.2% |
| ADP Automatic Data Processing | 2.53% | 35,021 | $10.3M | Reduce -0.9% |
| LKFN Lakeland Financial Corp. | 2.42% | 153,938 | $9.9M | Reduce -0.4% |
| KR Kroger Co. | 2.39% | 144,872 | $9.8M | Add +1.4% |
| GOOG Alphabet Inc. Class C | 2.36% | 39,560 | $9.6M | Reduce -0.2% |
| CSCO Cisco Systems Inc. | 2.35% | 140,031 | $9.6M | Reduce -0.6% |
| FELE Franklin Electric Co. Inc. | 2.27% | 97,356 | $9.3M | Reduce -0.1% |
| PWR Quanta Services Inc. | 2.04% | 20,118 | $8.3M | Reduce -7.3% |
| EMR Emerson Electric Co. | 1.89% | 58,732 | $7.7M | Reduce -0.8% |
| ABT Abbott Laboratories | 1.79% | 54,460 | $7.3M | Add +1.5% |
| PG The Procter & Gamble Co. | 1.74% | 46,170 | $7.1M | Add +1.1% |
| JPM JPMorgan Chase & Co. | 1.63% | 21,108 | $6.7M | Reduce -4.0% |
| AFL Aflac Inc. | 1.61% | 58,917 | $6.6M | Reduce -0.0% |
| USB US Bancorp | 1.59% | 133,477 | $6.5M | Reduce -0.2% |
| KO The Coca-Cola Co. | 1.58% | 96,337 | $6.4M | Reduce -1.1% |
| MDT Medtronic PLC | 1.41% | 59,839 | $5.7M | Reduce -2.8% |
| XOM Exxon Mobil Corp. | 1.39% | 50,365 | $5.7M | Reduce -2.1% |
| SYK Stryker Corp. | 1.30% | 14,314 | $5.3M | Reduce -0.7% |
| GILD Gilead Sciences Inc. | 1.20% | 44,214 | $4.9M | Reduce -1.0% |
| MMM 3M Co. | 1.18% | 31,077 | $4.8M | Add +0.7% |
| FISV Fiserv Inc. | 1.18% | 37,312 | $4.8M | Add +23.1% |
| GPC Genuine Parts Co. | 1.17% | 34,144 | $4.8M | Add +1.5% |
| SYY Sysco Corp. | 1.16% | 57,234 | $4.7M | Reduce -1.4% |
| FFIV F5 Inc. | 1.13% | 14,313 | $4.6M | Reduce -4.9% |
| ACN Accenture PLC Class A | 1.11% | 18,280 | $4.5M | Add +2.8% |
| NEE Nextera Energy Inc. | 1.10% | 59,515 | $4.5M | Add +1.4% |
| CINF Cincinnati Financial Corp. | 1.10% | 28,125 | $4.5M | No change |
| STLD Steel Dynamics Inc. | 1.07% | 31,356 | $4.4M | Reduce -0.4% |
| GOOGL Alphabet Inc. Class A | 0.99% | 16,601 | $4.0M | Add +0.0% |
| ZBH Zimmer Biomet Holdings Inc. | 0.87% | 36,063 | $3.6M | Add +3.0% |
| APD Air Products & Chemicals Inc. | 0.84% | 12,635 | $3.4M | Add +0.5% |
| PFE Pfizer Inc. | 0.76% | 121,545 | $3.1M | Add +1.2% |
| INTC Intel Corp. | 0.74% | 89,835 | $3.0M | Reduce -0.5% |
| VWO Vanguard Ftse Emerging Marke | 0.72% | 54,339 | $2.9M | Reduce -1.5% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.70% | 5,697 | $2.9M | Reduce -1.5% |
| RTX RTX Corp. | 0.68% | 16,623 | $2.8M | Reduce -0.4% |
| FLS Flowserve Corp. | 0.66% | 50,851 | $2.7M | Add +1.8% |
| CCRD Corecard Corp. | 0.66% | 100,310 | $2.7M | Reduce -1.1% |
| VTIP Vanguard Short-Term Tips | 0.64% | 51,566 | $2.6M | Add +1.4% |
| CARR Carrier Global Corp. | 0.61% | 41,361 | $2.5M | Add +5.7% |
| UPS United Parcel Service Class B | 0.60% | 29,532 | $2.5M | Reduce -0.8% |
| GE General Electric filed as GE AEROSPACE | 0.60% | 8,072 | $2.4M | Reduce -5.1% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.57% | 20,157 | $2.3M | Reduce -1.9% |
| CVX Chevron Corp. | 0.54% | 14,311 | $2.2M | Add +1.6% |
| CB Chubb Ltd. | 0.52% | 7,527 | $2.1M | Add +5.5% |
| RCI Rogers Communications Inc. Class B | 0.52% | 60,713 | $2.1M | Reduce -2.2% |
| VZ Verizon Communications Inc. | 0.49% | 45,379 | $2.0M | Add +6.8% |
| DG Dollar General Corp. | 0.45% | 17,914 | $1.9M | Add +8.8% |
| PPL PPL Corp. | 0.44% | 48,586 | $1.8M | Add +5.3% |
| LMT Lockheed Martin Corp. | 0.44% | 3,600 | $1.8M | Add +23.7% |
| AES AES Corp. | 0.43% | 132,556 | $1.7M | Add +4.4% |
| PM Philip Morris International | 0.42% | 10,538 | $1.7M | No change |
| PEP Pepsico Inc. | 0.42% | 12,123 | $1.7M | Add +9.6% |
| REGN Regeneron Pharmaceuticals | 0.40% | 2,915 | $1.6M | Add +24.3% |
| TGT Target Corp. | 0.35% | 15,928 | $1.4M | Add +9.0% |
| OKE Oneok Inc. | 0.35% | 19,301 | $1.4M | Add +15.6% |
| ZIMV Zimvie Inc. | 0.34% | 73,210 | $1.4M | Reduce -8.9% |
| SMG Scotts Miracle-Gro Co. | 0.32% | 22,642 | $1.3M | Add +4.1% |
| GWW WW Grainger Inc. filed as GRAINGER W W INC | 0.30% | 1,275 | $1.2M | No change |
| GEV GE Vernova Inc. | 0.30% | 1,967 | $1.2M | Add +1.3% |
| ADM Archer-Daniels-Midland Co. | 0.29% | 19,850 | $1.2M | Add +6.7% |
| BMY Bristol-Myers Squibb Co. | 0.27% | 23,980 | $1.1M | Reduce -1.9% |
| ORCL Oracle Corp. | 0.26% | 3,759 | $1.1M | Reduce -2.6% |
| LLY Eli Lilly & Co. | 0.24% | 1,309 | $999K | Reduce -19.1% |
| LIN Linde PLC | 0.23% | 1,982 | $941K | No change |
| J Jacobs Solutions Inc. | 0.23% | 6,224 | $933K | Reduce -1.4% |
| PLXS Plexus Corp. | 0.22% | 6,150 | $890K | No change |
| RSP Invesco S&P 500 Equal Weight | 0.22% | 4,627 | $878K | New |
| NTRS Northern Trust Corp. | 0.21% | 6,447 | $873K | No change |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.20% | 1,252 | $836K | No change |
| OTIS Otis Worldwide Corp. | 0.20% | 9,006 | $823K | Reduce -1.2% |
| WFC Wells Fargo & Co. | 0.20% | 9,496 | $796K | Reduce -5.0% |
| COST Costco Wholesale Corp. | 0.19% | 853 | $790K | Reduce -0.1% |
| NSC Norfolk Southern Corp. | 0.19% | 2,590 | $778K | No change |
| BRK.A Berkshire Hathaway Inc. Class A | 0.18% | 1 | $754K | No change |
| V Visa Inc. Class A | 0.17% | 2,034 | $694K | Reduce -0.3% |
| CHKP Check Point Software Tech | 0.16% | 3,206 | $663K | Add +15.3% |
| VOO Vanguard S&P 500 ETF | 0.16% | 1,073 | $659K | New |
| CPRT Copart Inc. | 0.16% | 14,071 | $633K | Add +4.3% |
| MO Altria Group Inc. | 0.15% | 9,407 | $630K | No change |
| AMZN Amazon.com Inc. | 0.15% | 2,811 | $617K | Add +11.6% |
| BP BP PLC-Spons ADR | 0.15% | 17,305 | $596K | Reduce -14.7% |
| CAT Caterpillar Inc. | 0.14% | 1,237 | $590K | No change |
| CL Colgate-Palmolive Co. | 0.14% | 7,209 | $576K | No change |
| TSM Taiwan Semiconductor-SP ADR | 0.14% | 1,976 | $554K | Reduce -0.3% |
| KMB Kimberly-Clark Corp. | 0.13% | 4,372 | $548K | No change |
| NVDA Nvidia Corp. | 0.13% | 2,873 | $536K | Add +25.8% |
| SHW The Sherwin-Williams Co. | 0.12% | 1,456 | $504K | Add +9.1% |
| CTAS Cintas Corp. | 0.12% | 2,400 | $493K | No change |
| PNC PNC Financial Services Group | 0.11% | 2,294 | $461K | Add +1.9% |
| VTWO Vanguard Russell 2000 ETF | 0.11% | 4,646 | $454K | Add +31.0% |
| CNI Canadian Natl Railway Co. | 0.11% | 4,702 | $443K | Add +32.9% |
Portfolio Sells Q2 2025 → Q3 2025
| MSFT Microsoft Corp. | Reduce -1.4% | 6.16% | −0.41 |
| ADP Automatic Data Processing | Reduce -0.9% | 2.53% | −0.41 |
| KO The Coca-Cola Co. | Reduce -1.1% | 1.58% | −0.29 |
| CSCO Cisco Systems Inc. | Reduce -0.6% | 2.35% | −0.28 |
| WBA Walgreens Boots Alliance Inc. | Sold out | 0.00% | −0.24 |
| SYK Stryker Corp. | Reduce -0.7% | 1.30% | −0.23 |
| EMR Emerson Electric Co. | Reduce -0.8% | 1.89% | −0.23 |
| UPS United Parcel Service Class B | Reduce -0.8% | 0.60% | −0.20 |
| WMT Walmart Inc. | Reduce -1.9% | 3.30% | −0.19 |
| PWR Quanta Services Inc. | Reduce -7.3% | 2.04% | −0.16 |
| CCRD Corecard Corp. | Reduce -1.1% | 0.66% | −0.13 |
| GILD Gilead Sciences Inc. | Reduce -1.0% | 1.20% | −0.13 |
| LKFN Lakeland Financial Corp. | Reduce -0.4% | 2.42% | −0.13 |
| DIS The Walt Disney Co. | Reduce -1.9% | 0.57% | −0.12 |
| XOM Exxon Mobil Corp. | Reduce -2.1% | 1.39% | −0.10 |
| LLY Eli Lilly & Co. | Reduce -19.1% | 0.24% | −0.09 |
| JPM JPMorgan Chase & Co. | Reduce -4.0% | 1.63% | −0.08 |
| FELE Franklin Electric Co. Inc. | Reduce -0.1% | 2.27% | −0.07 |
| TXN Texas Instruments Inc. | Sold out | 0.00% | −0.06 |
| FFIV F5 Inc. | Reduce -4.9% | 1.13% | −0.06 |
| AFL Aflac Inc. | Reduce -0.0% | 1.61% | −0.05 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -1.5% | 0.70% | −0.05 |
| MDT Medtronic PLC | Reduce -2.8% | 1.41% | −0.04 |
| USB US Bancorp | Reduce -0.2% | 1.59% | −0.04 |
| OTIS Otis Worldwide Corp. | Reduce -1.2% | 0.20% | −0.04 |
| BMY Bristol-Myers Squibb Co. | Reduce -1.9% | 0.27% | −0.04 |
| COST Costco Wholesale Corp. | Reduce -0.1% | 0.19% | −0.03 |
| SYY Sysco Corp. | Reduce -1.4% | 1.16% | −0.02 |
| V Visa Inc. Class A | Reduce -0.3% | 0.17% | −0.02 |
| WFC Wells Fargo & Co. | Reduce -5.0% | 0.20% | −0.02 |
| BP BP PLC-Spons ADR | Reduce -14.7% | 0.15% | −0.02 |
| IBM Intl Business Machines Corp. | Reduce -5.9% | 0.06% | −0.01 |
| VWO Vanguard Ftse Emerging Marke | Reduce -1.5% | 0.72% | −0.01 |
| STLD Steel Dynamics Inc. | Reduce -0.4% | 1.07% | −0.01 |
| NUE Nucor Corp. | Reduce -4.8% | 0.10% | −0.01 |
| VEA Vanguard Ftse Developed ETF | Reduce -4.5% | 0.10% | −0.01 |
| COP Conocophillips | Reduce -0.5% | 0.07% | −0.00 |
| J Jacobs Solutions Inc. | Reduce -1.4% | 0.23% | +0.01 |
| GE General Electric | Reduce -5.1% | 0.60% | +0.01 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -0.3% | 0.14% | +0.01 |
| HD Home Depot Inc. | Reduce -0.3% | 3.32% | +0.02 |
| RCI Rogers Communications Inc. Class B | Reduce -2.2% | 0.52% | +0.02 |
| RTX RTX Corp. | Reduce -0.4% | 0.68% | +0.03 |
| ORCL Oracle Corp. | Reduce -2.6% | 0.26% | +0.03 |
| ZIMV Zimvie Inc. | Reduce -8.9% | 0.34% | +0.14 |
| INTC Intel Corp. | Reduce -0.5% | 0.74% | +0.20 |
| ABBV Abbvie Inc. | Reduce -1.8% | 2.87% | +0.31 |
| AAPL Apple Inc. | Reduce -2.8% | 4.06% | +0.37 |
| GOOG Alphabet Inc. Class C | Reduce -0.2% | 2.36% | +0.47 |
Portfolio Buys Q2 2025 → Q3 2025
| SGOV iShares 0-3 Month Treasury B | New | 3.25% | +3.25 |
| JNJ Johnson & Johnson | Add +0.3% | 2.84% | +0.29 |
| RSP Invesco S&P 500 Equal Weight | New | 0.22% | +0.22 |
| GOOGL Alphabet Inc. Class A | Add +0.0% | 0.99% | +0.20 |
| VOO Vanguard S&P 500 ETF | New | 0.16% | +0.16 |
| CRM Salesforce Inc. | New | 0.10% | +0.10 |
| VYMI Vanguard Int High DVD YLD Inc. | New | 0.09% | +0.09 |
| LMT Lockheed Martin Corp. | Add +23.7% | 0.44% | +0.08 |
| REGN Regeneron Pharmaceuticals | Add +24.3% | 0.40% | +0.07 |
| AES AES Corp. | Add +4.4% | 0.43% | +0.07 |
| GPC Genuine Parts Co. | Add +1.5% | 1.17% | +0.06 |
| NVO Novo-Nordisk A/S-Spons ADR | New | 0.06% | +0.06 |
| EEM iShares MSCI Emerging Market | New | 0.05% | +0.05 |
| NVDA Nvidia Corp. | Add +25.8% | 0.13% | +0.03 |
| HL Hecla Mining Co. | Add +43.1% | 0.05% | +0.03 |
| VTWO Vanguard Russell 2000 ETF | Add +31.0% | 0.11% | +0.03 |
| ADM Archer-Daniels-Midland Co. | Add +6.7% | 0.29% | +0.03 |
| PEP Pepsico Inc. | Add +9.6% | 0.42% | +0.03 |
| PPL PPL Corp. | Add +5.3% | 0.44% | +0.02 |
| GEV GE Vernova Inc. | Add +1.3% | 0.30% | +0.02 |
| ZBH Zimmer Biomet Holdings Inc. | Add +3.0% | 0.87% | +0.01 |
| CNI Canadian Natl Railway Co. | Add +32.9% | 0.11% | +0.01 |
| NEE Nextera Energy Inc. | Add +1.4% | 1.10% | +0.01 |
| CVX Chevron Corp. | Add +1.6% | 0.54% | +0.00 |
| IWM iShares Russell 2000 ETF | Add +3.1% | 0.06% | +0.00 |
| AMZN Amazon.com Inc. | Add +11.6% | 0.15% | +0.00 |
| SHW The Sherwin-Williams Co. | Add +9.1% | 0.12% | +0.00 |
| VTI VG Morningstar TS MKT ETF-US | Add +2.3% | 0.07% | +0.00 |
| PNC PNC Financial Services Group | Add +1.9% | 0.11% | +0.00 |
| CHKP Check Point Software Tech | Add +15.3% | 0.16% | −0.00 |
| VZ Verizon Communications Inc. | Add +6.8% | 0.49% | −0.00 |
| OKE Oneok Inc. | Add +15.6% | 0.35% | −0.02 |
| PFE Pfizer Inc. | Add +1.2% | 0.76% | −0.02 |
| CPRT Copart Inc. | Add +4.3% | 0.16% | −0.02 |
| CB Chubb Ltd. | Add +5.5% | 0.52% | −0.03 |
| TGT Target Corp. | Add +9.0% | 0.35% | −0.04 |
| FLS Flowserve Corp. | Add +1.8% | 0.66% | −0.04 |
| VTIP Vanguard Short-Term Tips | Add +1.4% | 0.64% | −0.05 |
| DG Dollar General Corp. | Add +8.8% | 0.45% | −0.05 |
| MRK Merck & Co. Inc. | Add +1.2% | 2.56% | −0.05 |
| SMG Scotts Miracle-Gro Co. | Add +4.1% | 0.32% | −0.07 |
| MMM 3M Co. | Add +0.7% | 1.18% | −0.08 |
| MCD McDonald's Corp. | Add +2.3% | 2.91% | −0.09 |
| APD Air Products & Chemicals Inc. | Add +0.5% | 0.84% | −0.11 |
| CARR Carrier Global Corp. | Add +5.7% | 0.61% | −0.16 |
| ABT Abbott Laboratories | Add +1.5% | 1.79% | −0.17 |
| PG The Procter & Gamble Co. | Add +1.1% | 1.74% | −0.21 |
| FISV Fiserv Inc. | Add +23.1% | 1.18% | −0.22 |
| ACN Accenture PLC Class A | Add +2.8% | 1.11% | −0.32 |
| KR Kroger Co. | Add +1.4% | 2.39% | −0.36 |
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 |