Monarch Capital Management Inc.

Name: MONARCH CAPITAL MANAGEMENT INC 13F holdings, Q4 2025
Creator: MONARCH CAPITAL MANAGEMENT INC
Published: 2026-01-23

Q2 2026Q1 2026Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed January 23, 2026), Monarch Capital Management Inc. reported 124 stock positions worth $406.8 million. Its top holding was Microsoft (MSFT) at 5.7% of the portfolio, followed by Apple (AAPL, 4.2%) and Walmart (WMT, 3.4%). Compared with Q3 2025, it opened 5 new positions, sold out of 3, added to 32 and reduced 56. The biggest buy was a new position in Euronet Worldwide (EEFT) and the biggest sale iShares 0-3 Month Treasury B (SGOV, shares −25%).

Most Recent 13F: Q2 2026
Location: FORT WAYNE, IN
CIK: 0000938759
Portfolio Value: $406.8M (Q4 2025)
SEC Filing: 0000938759-26-000001 ↗ filed Jan 23, 2026

Holdings Value

Holdings 124 stocks · $406.8M


MSFT Microsoft Corp.	5.73%	48,243	$23.3M	Reduce -0.5%
AAPL Apple Inc.	4.19%	62,763	$17.1M	Reduce -3.5%
WMT Walmart Inc.	3.45%	125,935	$14.0M	Reduce -3.5%
MRK Merck & Co. Inc.	3.20%	122,866	$13.0M	Reduce -0.4%
JNJ Johnson & Johnson	3.10%	60,883	$12.6M	Reduce -2.5%
GOOG Alphabet Inc. Class C	2.96%	38,435	$12.1M	Reduce -2.8%
MCD McDonald's Corp.	2.93%	39,029	$11.9M	Add +0.0%
HD Home Depot Inc.	2.81%	33,189	$11.4M	Reduce -0.7%
ABBV Abbvie Inc.	2.79%	49,592	$11.3M	Reduce -1.8%
CSCO Cisco Systems Inc.	2.58%	136,438	$10.5M	Reduce -2.6%
SGOV iShares 0-3 Month Treasury B	2.43%	98,433	$9.9M	Reduce -25.3%
KR Kroger Co.	2.29%	148,865	$9.3M	Add +2.8%
FELE Franklin Electric Co. Inc.	2.26%	96,312	$9.2M	Reduce -1.1%
ADP Automatic Data Processing	2.24%	35,298	$9.1M	Add +0.8%
LKFN Lakeland Financial Corp.	2.15%	153,465	$8.8M	Reduce -0.3%
PWR Quanta Services Inc.	1.92%	18,511	$7.8M	Reduce -8.0%
EMR Emerson Electric Co.	1.87%	57,236	$7.6M	Reduce -2.5%
USB US Bancorp	1.71%	129,394	$6.9M	Reduce -3.1%
ABT Abbott Laboratories	1.67%	54,265	$6.8M	Reduce -0.4%
JPM JPMorgan Chase & Co.	1.66%	20,940	$6.7M	Reduce -0.8%
PG The Procter & Gamble Co.	1.63%	46,299	$6.6M	Add +0.3%
KO The Coca-Cola Co.	1.62%	94,475	$6.6M	Reduce -1.9%
AFL Aflac Inc.	1.54%	56,982	$6.3M	Reduce -3.3%
XOM Exxon Mobil Corp.	1.47%	49,571	$6.0M	Reduce -1.6%
MDT Medtronic PLC	1.40%	58,902	$5.7M	Reduce -1.6%
GILD Gilead Sciences Inc.	1.31%	43,527	$5.3M	Reduce -1.6%
STLD Steel Dynamics Inc.	1.26%	30,148	$5.1M	Reduce -3.9%
SYK Stryker Corp.	1.24%	14,277	$5.0M	Reduce -0.3%
GOOGL Alphabet Inc. Class A	1.23%	15,941	$5.0M	Reduce -4.0%
MMM 3M Co.	1.22%	30,925	$5.0M	Reduce -0.5%
ACN Accenture PLC Class A	1.19%	18,045	$4.8M	Reduce -1.3%
NEE Nextera Energy Inc.	1.15%	58,438	$4.7M	Reduce -1.8%
CINF Cincinnati Financial Corp.	1.11%	27,617	$4.5M	Reduce -1.8%
GPC Genuine Parts Co.	1.03%	33,779	$4.2M	Reduce -1.1%
SYY Sysco Corp.	1.01%	55,759	$4.1M	Reduce -2.6%
FFIV F5 Inc.	0.91%	14,497	$3.7M	Add +1.3%
FLS Flowserve Corp.	0.83%	48,806	$3.4M	Reduce -4.0%
ZBH Zimmer Biomet Holdings Inc.	0.82%	37,058	$3.3M	Add +2.8%
APD Air Products & Chemicals Inc.	0.82%	13,504	$3.3M	Add +6.9%
INTC Intel Corp.	0.79%	87,048	$3.2M	Reduce -3.1%
PFE Pfizer Inc.	0.77%	125,842	$3.1M	Add +3.5%
UPS United Parcel Service Class B	0.75%	30,625	$3.0M	Add +3.7%
RTX RTX Corp.	0.74%	16,308	$3.0M	Reduce -1.9%
VWO Vanguard Ftse Emerging Marke	0.69%	52,228	$2.8M	Reduce -3.9%
BRK.B Berkshire Hathaway Inc. Class B	0.69%	5,565	$2.8M	Reduce -2.3%
FISV Fiserv Inc.	0.68%	41,361	$2.8M	Add +10.8%
VTIP Vanguard Short-Term Tips	0.64%	52,476	$2.6M	Add +1.8%
DG Dollar General Corp.	0.61%	18,824	$2.5M	Add +5.1%
REGN Regeneron Pharmaceuticals	0.59%	3,119	$2.4M	Add +7.0%
CARR Carrier Global Corp.	0.58%	44,775	$2.4M	Add +8.3%
CB Chubb Ltd.	0.58%	7,487	$2.3M	Reduce -0.5%
EEFT Euronet Worldwide Inc.	0.56%	29,974	$2.3M	New
GE General Electric filed as GE AEROSPACE	0.56%	7,393	$2.3M	Reduce -8.4%
RCI Rogers Communications Inc. Class B	0.55%	59,386	$2.3M	Reduce -2.2%
DIS The Walt Disney Co. filed as DISNEY WALT CO	0.54%	19,112	$2.2M	Reduce -5.2%
CVX Chevron Corp.	0.52%	14,001	$2.1M	Reduce -2.2%
AES AES Corp.	0.49%	139,431	$2.0M	Add +5.2%
VZ Verizon Communications Inc.	0.47%	46,757	$1.9M	Add +3.0%
PEP Pepsico Inc.	0.46%	12,973	$1.9M	Add +7.0%
TGT Target Corp.	0.45%	18,529	$1.8M	Add +16.3%
LMT Lockheed Martin Corp.	0.43%	3,613	$1.7M	Add +0.4%
PPL PPL Corp.	0.43%	49,636	$1.7M	Add +2.2%
PM Philip Morris International	0.42%	10,538	$1.7M	No change
OKE Oneok Inc.	0.39%	21,841	$1.6M	Add +13.2%
CRM Salesforce Inc.	0.36%	5,491	$1.5M	Add +212.2%
SMG Scotts Miracle-Gro Co.	0.35%	24,237	$1.4M	Add +7.0%
BMY Bristol-Myers Squibb Co.	0.32%	23,980	$1.3M	No change
GWW WW Grainger Inc.	0.31%	1,268	$1.3M	Reduce -0.6%
LLY Eli Lilly & Co.	0.31%	1,160	$1.2M	Reduce -11.4%
GEV GE Vernova Inc.	0.31%	1,899	$1.2M	Reduce -3.5%
ADM Archer-Daniels-Midland Co.	0.30%	21,446	$1.2M	Add +8.0%
RSP Invesco S&P 500 Equal Weight	0.27%	5,662	$1.1M	Add +22.4%
NTRS Northern Trust Corp.	0.22%	6,389	$878K	Reduce -0.9%
PLXS Plexus Corp.	0.21%	5,950	$875K	Reduce -3.3%
SPY SS SPDR S&P 500 ETF Trust-US	0.21%	1,252	$856K	No change
LIN Linde PLC	0.21%	1,982	$845K	No change
WFC Wells Fargo & Co.	0.21%	8,969	$836K	Reduce -5.5%
J Jacobs Solutions Inc.	0.20%	6,224	$824K	No change
OTIS Otis Worldwide Corp.	0.19%	8,883	$776K	Reduce -1.4%
BRK.A Berkshire Hathaway Inc. Class A	0.19%	1	$755K	No change
VTWO Vanguard Russell 2000 ETF	0.18%	7,561	$752K	Add +62.7%
AMZN Amazon.com Inc.	0.18%	3,246	$749K	Add +15.5%
COST Costco Wholesale Corp.	0.18%	853	$736K	No change
ORCL Oracle Corp.	0.18%	3,759	$733K	No change
CAT Caterpillar Inc.	0.17%	1,237	$709K	No change
V Visa Inc. Class A	0.17%	2,019	$708K	Reduce -0.7%
NSC Norfolk Southern Corp.	0.16%	2,295	$663K	Reduce -11.4%
CHKP Check Point Software Tech	0.16%	3,439	$638K	Add +7.3%
NVDA Nvidia Corp.	0.16%	3,386	$631K	Add +17.9%
TSM Taiwan Semiconductor-SP ADR	0.15%	1,976	$602K	No change
BP BP PLC-Spons ADR	0.15%	17,305	$601K	No change
CL Colgate-Palmolive Co.	0.14%	7,209	$570K	No change
MO Altria Group Inc.	0.14%	9,407	$551K	No change
CPRT Copart Inc.	0.13%	13,461	$527K	Reduce -4.3%
NVO Novo-Nordisk A/S-Spons ADR	0.12%	9,904	$504K	Add +134.7%
CNI Canadian Natl Railway Co.	0.12%	5,082	$502K	Add +8.1%
NUE Nucor Corp.	0.12%	2,976	$487K	Reduce -0.3%
PNC PNC Financial Services Group	0.12%	2,294	$479K	No change
SHW The Sherwin-Williams Co.	0.11%	1,440	$467K	Reduce -1.1%
VYMI Vanguard Int High DVD YLD Inc.	0.11%	5,044	$454K	Add +16.1%

Show all 124 holdings

Portfolio Sells Q3 2025 → Q4 2025


SGOV iShares 0-3 Month Treasury B	Reduce -25.3%	2.43%	−0.82
CCRD Corecard Corp.	Sold out	0.00%	−0.66
HD Home Depot Inc.	Reduce -0.7%	2.81%	−0.51
MSFT Microsoft Corp.	Reduce -0.5%	5.73%	−0.42
ZIMV Zimvie Inc.	Sold out	0.00%	−0.34
LKFN Lakeland Financial Corp.	Reduce -0.3%	2.15%	−0.27
SYY Sysco Corp.	Reduce -2.6%	1.01%	−0.15
GPC Genuine Parts Co.	Reduce -1.1%	1.03%	−0.14
PWR Quanta Services Inc.	Reduce -8.0%	1.92%	−0.12
ABT Abbott Laboratories	Reduce -0.4%	1.67%	−0.12
ABBV Abbvie Inc.	Reduce -1.8%	2.79%	−0.08
VOO Vanguard S&P 500 ETF	Reduce -48.6%	0.08%	−0.08
AFL Aflac Inc.	Reduce -3.3%	1.54%	−0.07
SYK Stryker Corp.	Reduce -0.3%	1.24%	−0.06
MDLZ Mondelez International Inc. Class A	Sold out	0.00%	−0.05
GE General Electric	Reduce -8.4%	0.56%	−0.04
VWO Vanguard Ftse Emerging Marke	Reduce -3.9%	0.69%	−0.03
DIS The Walt Disney Co.	Reduce -5.2%	0.54%	−0.03
NSC Norfolk Southern Corp.	Reduce -11.4%	0.16%	−0.03
CPRT Copart Inc.	Reduce -4.3%	0.13%	−0.03
EMR Emerson Electric Co.	Reduce -2.5%	1.87%	−0.02
CVX Chevron Corp.	Reduce -2.2%	0.52%	−0.02
BRK.B Berkshire Hathaway Inc. Class B	Reduce -2.3%	0.69%	−0.01
ITW Illinois Tool Works	Reduce -9.0%	0.08%	−0.01
COP Conocophillips	Reduce -16.7%	0.06%	−0.01
OTIS Otis Worldwide Corp.	Reduce -1.4%	0.19%	−0.01
FELE Franklin Electric Co. Inc.	Reduce -1.1%	2.26%	−0.01
SHW The Sherwin-Williams Co.	Reduce -1.1%	0.11%	−0.01
MDT Medtronic PLC	Reduce -1.6%	1.40%	−0.01
PLXS Plexus Corp.	Reduce -3.3%	0.21%	−0.00
NTRS Northern Trust Corp.	Reduce -0.9%	0.22%	+0.00
V Visa Inc. Class A	Reduce -0.7%	0.17%	+0.00
GEV GE Vernova Inc.	Reduce -3.5%	0.31%	+0.01
WFC Wells Fargo & Co.	Reduce -5.5%	0.21%	+0.01
GWW WW Grainger Inc.	Reduce -0.6%	0.31%	+0.02
CINF Cincinnati Financial Corp.	Reduce -1.8%	1.11%	+0.02
NUE Nucor Corp.	Reduce -0.3%	0.12%	+0.02
JPM JPMorgan Chase & Co.	Reduce -0.8%	1.66%	+0.03
MMM 3M Co.	Reduce -0.5%	1.22%	+0.03
RCI Rogers Communications Inc. Class B	Reduce -2.2%	0.55%	+0.04
KO The Coca-Cola Co.	Reduce -1.9%	1.62%	+0.05
INTC Intel Corp.	Reduce -3.1%	0.79%	+0.05
NEE Nextera Energy Inc.	Reduce -1.8%	1.15%	+0.05
RTX RTX Corp.	Reduce -1.9%	0.74%	+0.05
CB Chubb Ltd.	Reduce -0.5%	0.58%	+0.05
LLY Eli Lilly & Co.	Reduce -11.4%	0.31%	+0.06
XOM Exxon Mobil Corp.	Reduce -1.6%	1.47%	+0.07
ACN Accenture PLC Class A	Reduce -1.3%	1.19%	+0.08
GILD Gilead Sciences Inc.	Reduce -1.6%	1.31%	+0.11
USB US Bancorp	Reduce -3.1%	1.71%	+0.12

Portfolio Buys Q3 2025 → Q4 2025


EEFT Euronet Worldwide Inc.	New	0.56%	+0.56
CRM Salesforce Inc.	Add +212.2%	0.36%	+0.26
REGN Regeneron Pharmaceuticals	Add +7.0%	0.59%	+0.19
DG Dollar General Corp.	Add +5.1%	0.61%	+0.16
UPS United Parcel Service Class B	Add +3.7%	0.75%	+0.14
TGT Target Corp.	Add +16.3%	0.45%	+0.09
VTWO Vanguard Russell 2000 ETF	Add +62.7%	0.18%	+0.07
CSL Carlisle Cos Inc.	New	0.07%	+0.07
NVO Novo-Nordisk A/S-Spons ADR	Add +134.7%	0.12%	+0.07
AES AES Corp.	Add +5.2%	0.49%	+0.06
AMAT Applied Materials Inc.	New	0.06%	+0.06
RSP Invesco S&P 500 Equal Weight	Add +22.4%	0.27%	+0.05
PGR Progressive Corp.	New	0.05%	+0.05
OKE Oneok Inc.	Add +13.2%	0.39%	+0.05
PEP Pepsico Inc.	Add +7.0%	0.46%	+0.04
AMZN Amazon.com Inc.	Add +15.5%	0.18%	+0.03
SMG Scotts Miracle-Gro Co.	Add +7.0%	0.35%	+0.03
MCD McDonald's Corp.	Add +0.0%	2.93%	+0.02
NVDA Nvidia Corp.	Add +17.9%	0.16%	+0.02
VYMI Vanguard Int High DVD YLD Inc.	Add +16.1%	0.11%	+0.02
CNI Canadian Natl Railway Co.	Add +8.1%	0.12%	+0.01
ADM Archer-Daniels-Midland Co.	Add +8.0%	0.30%	+0.01
PFE Pfizer Inc.	Add +3.5%	0.77%	+0.01
STRIVE INC	New	0.00%	+0.00
VTIP Vanguard Short-Term Tips	Add +1.8%	0.64%	−0.00
CHKP Check Point Software Tech	Add +7.3%	0.16%	−0.01
LMT Lockheed Martin Corp.	Add +0.4%	0.43%	−0.01
PPL PPL Corp.	Add +2.2%	0.43%	−0.02
VZ Verizon Communications Inc.	Add +3.0%	0.47%	−0.02
CARR Carrier Global Corp.	Add +8.3%	0.58%	−0.02
APD Air Products & Chemicals Inc.	Add +6.9%	0.82%	−0.02
ZBH Zimmer Biomet Holdings Inc.	Add +2.8%	0.82%	−0.05
KR Kroger Co.	Add +2.8%	2.29%	−0.11
PG The Procter & Gamble Co.	Add +0.3%	1.63%	−0.11
FFIV F5 Inc.	Add +1.3%	0.91%	−0.22
ADP Automatic Data Processing	Add +0.8%	2.24%	−0.29
FISV Fiserv Inc.	Add +10.8%	0.68%	−0.50

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