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

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 Q2 2025 Q3 2025: $407.9M $407.9M Q3 2025 Q4 2025: $406.8M Q4 2025 Q1 2026: $408.6M Q1 2026 Q2 2026: $436.2M Q2 2026

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%
CRM Salesforce Inc. 0.10% 1,759 $418K New
DE Deere & Co. 0.10% 908 $417K No change
NUE Nucor Corp. 0.10% 2,984 $406K Reduce -4.8%
T AT&T Inc. 0.10% 14,256 $403K No change
ITW Illinois Tool Works 0.10% 1,513 $396K No change
VEA Vanguard Ftse Developed ETF 0.10% 6,498 $389K Reduce -4.5%
ELV Elevance Health Inc. 0.09% 1,153 $373K No change
VYMI Vanguard Int High DVD YLD Inc. 0.09% 4,344 $368K New
BKH Black Hills Corp. 0.08% 5,485 $338K No change
FRME First Merchants Corp. 0.08% 8,918 $336K No change
IWP iShares Russell Mid-Cap Grow 0.08% 2,256 $321K No change
NKE Nike Inc. Class B 0.08% 4,570 $320K No change
COP Conocophillips 0.07% 2,923 $276K Reduce -0.5%
VTI VG Morningstar TS MKT ETF-US 0.07% 806 $265K Add +2.3%
IWM iShares Russell 2000 ETF 0.06% 984 $238K Add +3.1%
NVO Novo-Nordisk A/S-Spons ADR 0.06% 4,220 $234K New
NI Nisource Inc. 0.06% 5,370 $233K No change
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.06% 801 $226K Reduce -5.9%
MDLZ Mondelez International Inc. Class A 0.05% 3,500 $220K No change
AMGN Amgen Inc. 0.05% 760 $214K No change
EEM iShares MSCI Emerging Market 0.05% 3,925 $210K New
HL Hecla Mining Co. 0.05% 15,600 $189K Add +43.1%

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

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