Monarch Capital Management Inc.
In its 13F for Q1 2026 (holdings as of March 31, 2026, filed April 16, 2026), Monarch Capital Management Inc. reported 127 stock positions worth $408.6 million. Its top holding was Microsoft (MSFT) at 4.4% of the portfolio, followed by Apple (AAPL, 3.7%) and Walmart (WMT, 3.6%). Compared with Q4 2025, it opened 5 new positions, sold out of 2, added to 37 and reduced 62. The biggest buy was iShares 0-3 Month Treasury B (SGOV, shares +27%) and the biggest sale Microsoft (MSFT, shares −0%).
- Most Recent 13F
- Q2 2026
- Location
- FORT WAYNE, IN
- CIK
- 0000938759
- Portfolio Value
- $408.6M (Q1 2026)
- SEC Filing
- 0000938759-26-000002 ↗ filed Apr 16, 2026
Holdings Value
Holdings 127 stocks · $408.6M
| MSFT Microsoft Corp. | 4.35% | 48,033 | $17.8M | Reduce -0.4% |
| AAPL Apple Inc. | 3.71% | 59,810 | $15.2M | Reduce -4.7% |
| WMT Walmart Inc. | 3.59% | 117,777 | $14.7M | Reduce -6.5% |
| MRK Merck & Co. Inc. | 3.57% | 120,559 | $14.6M | Reduce -1.9% |
| JNJ Johnson & Johnson | 3.50% | 58,478 | $14.3M | Reduce -4.0% |
| SGOV iShares 0-3 Month Treasury B | 3.08% | 124,858 | $12.6M | Add +26.9% |
| MCD McDonald's Corp. | 2.88% | 37,902 | $11.8M | Reduce -2.9% |
| HD Home Depot Inc. | 2.66% | 33,005 | $10.9M | Reduce -0.6% |
| KR Kroger Co. | 2.64% | 149,082 | $10.8M | Add +0.1% |
| GOOG Alphabet Inc. Class C | 2.64% | 37,576 | $10.8M | Reduce -2.2% |
| ABBV Abbvie Inc. | 2.60% | 48,772 | $10.6M | Reduce -1.6% |
| CSCO Cisco Systems Inc. | 2.54% | 133,936 | $10.4M | Reduce -1.8% |
| PWR Quanta Services Inc. | 2.34% | 17,418 | $9.6M | Reduce -5.9% |
| FELE Franklin Electric Co. Inc. | 2.14% | 94,722 | $8.7M | Reduce -1.6% |
| LKFN Lakeland Financial Corp. | 2.08% | 147,958 | $8.5M | Reduce -3.6% |
| XOM Exxon Mobil Corp. | 1.99% | 47,911 | $8.1M | Reduce -3.4% |
| ADP Automatic Data Processing | 1.85% | 36,937 | $7.6M | Add +4.6% |
| EMR Emerson Electric Co. | 1.81% | 56,587 | $7.4M | Reduce -1.1% |
| KO The Coca-Cola Co. | 1.71% | 91,307 | $7.0M | Reduce -3.4% |
| PG The Procter & Gamble Co. | 1.62% | 45,899 | $6.6M | Reduce -0.9% |
| USB US Bancorp | 1.60% | 124,409 | $6.5M | Reduce -3.9% |
| JPM JPMorgan Chase & Co. | 1.48% | 20,550 | $6.0M | Reduce -1.9% |
| AFL Aflac Inc. | 1.47% | 54,888 | $6.0M | Reduce -3.7% |
| GILD Gilead Sciences Inc. | 1.37% | 40,107 | $5.6M | Reduce -7.9% |
| ABT Abbott Laboratories | 1.36% | 54,260 | $5.6M | Reduce -0.0% |
| NEE Nextera Energy Inc. | 1.30% | 57,238 | $5.3M | Reduce -2.0% |
| STLD Steel Dynamics Inc. | 1.29% | 29,133 | $5.3M | Reduce -3.4% |
| MDT Medtronic PLC | 1.27% | 59,621 | $5.2M | Add +1.2% |
| SYK Stryker Corp. | 1.13% | 13,998 | $4.6M | Reduce -1.9% |
| MMM 3M Co. | 1.11% | 31,203 | $4.5M | Add +0.9% |
| GOOGL Alphabet Inc. Class A | 1.10% | 15,581 | $4.5M | Reduce -2.3% |
| CINF Cincinnati Financial Corp. | 1.05% | 27,192 | $4.3M | Reduce -1.5% |
| FFIV F5 Inc. | 1.02% | 14,451 | $4.2M | Reduce -0.3% |
| APD Air Products & Chemicals Inc. | 0.98% | 13,724 | $4.0M | Add +1.6% |
| SYY Sysco Corp. | 0.95% | 54,533 | $3.9M | Reduce -2.2% |
| GPC Genuine Parts Co. | 0.95% | 36,505 | $3.9M | Add +8.1% |
| INTC Intel Corp. | 0.93% | 86,472 | $3.8M | Reduce -0.7% |
| ACN Accenture PLC Class A | 0.88% | 18,205 | $3.6M | Add +0.9% |
| PFE Pfizer Inc. | 0.86% | 124,842 | $3.5M | Reduce -0.8% |
| ZBH Zimmer Biomet Holdings Inc. | 0.83% | 37,388 | $3.4M | Add +0.9% |
| FLS Flowserve Corp. | 0.82% | 45,686 | $3.4M | Reduce -6.4% |
| RTX RTX Corp. | 0.76% | 16,098 | $3.1M | Reduce -1.3% |
| UPS United Parcel Service Class B | 0.76% | 31,458 | $3.1M | Add +2.7% |
| VWO Vanguard Ftse Emerging Marke | 0.68% | 51,778 | $2.8M | Reduce -0.9% |
| CVX Chevron Corp. | 0.68% | 13,511 | $2.8M | Reduce -3.5% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.65% | 5,567 | $2.7M | Add +0.0% |
| VTIP Vanguard Short-Term Tips | 0.65% | 53,336 | $2.7M | Add +1.6% |
| CARR Carrier Global Corp. | 0.65% | 46,865 | $2.6M | Add +4.7% |
| FISV Fiserv Inc. | 0.62% | 45,576 | $2.5M | Add +10.2% |
| CB Chubb Ltd. | 0.61% | 7,653 | $2.5M | Add +2.2% |
| REGN Regeneron Pharmaceuticals | 0.61% | 3,205 | $2.5M | Add +2.8% |
| VZ Verizon Communications Inc. | 0.58% | 47,157 | $2.4M | Add +0.9% |
| TGT Target Corp. | 0.57% | 19,269 | $2.3M | Add +4.0% |
| RCI Rogers Communications Inc. Class B | 0.56% | 59,746 | $2.3M | Add +0.6% |
| LMT Lockheed Martin Corp. | 0.54% | 3,624 | $2.2M | Add +0.3% |
| DG Dollar General Corp. | 0.52% | 17,954 | $2.1M | Reduce -4.6% |
| PEP Pepsico Inc. | 0.51% | 13,323 | $2.1M | Add +2.7% |
| OKE Oneok Inc. | 0.50% | 22,616 | $2.0M | Add +3.5% |
| CRM Salesforce Inc. | 0.49% | 10,704 | $2.0M | Add +94.9% |
| AES AES Corp. | 0.48% | 139,101 | $2.0M | Reduce -0.2% |
| GE General Electric filed as GE AEROSPACE | 0.47% | 6,720 | $1.9M | Reduce -9.1% |
| EEFT Euronet Worldwide Inc. | 0.47% | 28,768 | $1.9M | Reduce -4.0% |
| PPL PPL Corp. | 0.47% | 49,611 | $1.9M | Reduce -0.1% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.45% | 19,272 | $1.9M | Add +0.8% |
| PM Philip Morris International | 0.43% | 10,530 | $1.8M | Reduce -0.1% |
| GEV GE Vernova Inc. | 0.39% | 1,821 | $1.6M | Reduce -4.1% |
| ADM Archer-Daniels-Midland Co. | 0.38% | 21,456 | $1.6M | Add +0.1% |
| SMG Scotts Miracle-Gro Co. | 0.36% | 24,197 | $1.5M | Reduce -0.2% |
| BMY Bristol-Myers Squibb Co. | 0.36% | 23,965 | $1.5M | Reduce -0.1% |
| GWW WW Grainger Inc. | 0.33% | 1,249 | $1.4M | Reduce -1.5% |
| AMZN Amazon.com Inc. | 0.29% | 5,674 | $1.2M | Add +74.8% |
| PLXS Plexus Corp. | 0.28% | 5,600 | $1.1M | Reduce -5.9% |
| LLY Eli Lilly & Co. | 0.25% | 1,130 | $1.0M | Reduce -2.6% |
| LIN Linde PLC | 0.24% | 1,982 | $983K | No change |
| RSP Invesco S&P 500 Equal Weight | 0.22% | 4,692 | $900K | Reduce -17.1% |
| CAT Caterpillar Inc. | 0.21% | 1,237 | $876K | No change |
| VTWO Vanguard Russell 2000 ETF | 0.21% | 8,561 | $858K | Add +13.2% |
| COST Costco Wholesale Corp. | 0.21% | 853 | $850K | No change |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.20% | 1,252 | $816K | No change |
| NTRS Northern Trust Corp. | 0.19% | 5,605 | $787K | Reduce -12.3% |
| J Jacobs Solutions Inc. | 0.19% | 6,109 | $778K | Reduce -1.9% |
| BP BP PLC-Spons ADR | 0.19% | 16,355 | $769K | Reduce -5.5% |
| CHKP Check Point Software Tech | 0.18% | 5,087 | $727K | Add +47.9% |
| BRK.A Berkshire Hathaway Inc. Class A | 0.18% | 1 | $718K | No change |
| VYMI Vanguard Int High DVD YLD Inc. | 0.17% | 7,279 | $686K | Add +44.3% |
| OTIS Otis Worldwide Corp. | 0.17% | 8,833 | $681K | Reduce -0.6% |
| TSM Taiwan Semiconductor-SP ADR | 0.16% | 1,976 | $670K | No change |
| WFC Wells Fargo & Co. | 0.15% | 7,684 | $612K | Reduce -14.3% |
| CL Colgate-Palmolive Co. | 0.15% | 7,149 | $609K | Reduce -0.8% |
| V Visa Inc. Class A | 0.15% | 2,015 | $609K | Reduce -0.2% |
| NSC Norfolk Southern Corp. | 0.15% | 2,115 | $607K | Reduce -7.8% |
| PGR Progressive Corp. | 0.15% | 2,993 | $593K | Add +232.6% |
| MO Altria Group Inc. | 0.14% | 8,757 | $587K | Reduce -6.9% |
| NVDA Nvidia Corp. | 0.14% | 3,341 | $583K | Reduce -1.3% |
| ORCL Oracle Corp. | 0.14% | 3,759 | $553K | No change |
| CNI Canadian Natl Railway Co. | 0.13% | 5,317 | $548K | Add +4.6% |
| NVO Novo-Nordisk A/S-Spons ADR | 0.13% | 14,285 | $536K | Add +44.2% |
| NUE Nucor Corp. | 0.12% | 2,976 | $505K | No change |
| DE Deere & Co. | 0.12% | 881 | $498K | Reduce -3.0% |
| PNC PNC Financial Services Group | 0.12% | 2,294 | $477K | No change |
Portfolio Sells Q4 2025 → Q1 2026
| MSFT Microsoft Corp. | Reduce -0.4% | 4.35% | −1.38 |
| AAPL Apple Inc. | Reduce -4.7% | 3.71% | −0.48 |
| GOOG Alphabet Inc. Class C | Reduce -2.2% | 2.64% | −0.33 |
| ABT Abbott Laboratories | Reduce -0.0% | 1.36% | −0.31 |
| ABBV Abbvie Inc. | Reduce -1.6% | 2.60% | −0.19 |
| JPM JPMorgan Chase & Co. | Reduce -1.9% | 1.48% | −0.18 |
| HD Home Depot Inc. | Reduce -0.6% | 2.66% | −0.15 |
| GOOGL Alphabet Inc. Class A | Reduce -2.3% | 1.10% | −0.13 |
| FELE Franklin Electric Co. Inc. | Reduce -1.6% | 2.14% | −0.12 |
| USB US Bancorp | Reduce -3.9% | 1.60% | −0.11 |
| SYK Stryker Corp. | Reduce -1.9% | 1.13% | −0.11 |
| EEFT Euronet Worldwide Inc. | Reduce -4.0% | 0.47% | −0.09 |
| GE General Electric | Reduce -9.1% | 0.47% | −0.09 |
| DG Dollar General Corp. | Reduce -4.6% | 0.52% | −0.09 |
| LKFN Lakeland Financial Corp. | Reduce -3.6% | 2.08% | −0.07 |
| AFL Aflac Inc. | Reduce -3.7% | 1.47% | −0.07 |
| CINF Cincinnati Financial Corp. | Reduce -1.5% | 1.05% | −0.06 |
| IBM Intl Business Machines Corp. | Sold out | 0.00% | −0.06 |
| SYY Sysco Corp. | Reduce -2.2% | 0.95% | −0.06 |
| WFC Wells Fargo & Co. | Reduce -14.3% | 0.15% | −0.06 |
| EMR Emerson Electric Co. | Reduce -1.1% | 1.81% | −0.05 |
| LLY Eli Lilly & Co. | Reduce -2.6% | 0.25% | −0.05 |
| MCD McDonald's Corp. | Reduce -2.9% | 2.88% | −0.05 |
| RSP Invesco S&P 500 Equal Weight | Reduce -17.1% | 0.22% | −0.05 |
| CSCO Cisco Systems Inc. | Reduce -1.8% | 2.54% | −0.04 |
| V Visa Inc. Class A | Reduce -0.2% | 0.15% | −0.03 |
| OTIS Otis Worldwide Corp. | Reduce -0.6% | 0.17% | −0.02 |
| NTRS Northern Trust Corp. | Reduce -12.3% | 0.19% | −0.02 |
| VOO Vanguard S&P 500 ETF | Reduce -16.3% | 0.07% | −0.02 |
| NSC Norfolk Southern Corp. | Reduce -7.8% | 0.15% | −0.01 |
| NVDA Nvidia Corp. | Reduce -1.3% | 0.14% | −0.01 |
| J Jacobs Solutions Inc. | Reduce -1.9% | 0.19% | −0.01 |
| AES AES Corp. | Reduce -0.2% | 0.48% | −0.01 |
| FLS Flowserve Corp. | Reduce -6.4% | 0.82% | −0.01 |
| PG The Procter & Gamble Co. | Reduce -0.9% | 1.62% | −0.01 |
| VWO Vanguard Ftse Emerging Marke | Reduce -0.9% | 0.68% | −0.01 |
| HL Hecla Mining Co. | Reduce -1.0% | 0.07% | −0.00 |
| STRIVE INC | Sold out | 0.00% | −0.00 |
| T AT&T Inc. | Reduce -7.0% | 0.09% | +0.01 |
| MO Altria Group Inc. | Reduce -6.9% | 0.14% | +0.01 |
| CL Colgate-Palmolive Co. | Reduce -0.8% | 0.15% | +0.01 |
| PM Philip Morris International | Reduce -0.1% | 0.43% | +0.01 |
| SMG Scotts Miracle-Gro Co. | Reduce -0.2% | 0.36% | +0.01 |
| DE Deere & Co. | Reduce -3.0% | 0.12% | +0.02 |
| GWW WW Grainger Inc. | Reduce -1.5% | 0.33% | +0.02 |
| RTX RTX Corp. | Reduce -1.3% | 0.76% | +0.02 |
| STLD Steel Dynamics Inc. | Reduce -3.4% | 1.29% | +0.03 |
| PPL PPL Corp. | Reduce -0.1% | 0.47% | +0.04 |
| BMY Bristol-Myers Squibb Co. | Reduce -0.1% | 0.36% | +0.04 |
| BP BP PLC-Spons ADR | Reduce -5.5% | 0.19% | +0.04 |
Portfolio Buys Q4 2025 → Q1 2026
| SGOV iShares 0-3 Month Treasury B | Add +26.9% | 3.08% | +0.65 |
| KR Kroger Co. | Add +0.1% | 2.64% | +0.35 |
| APD Air Products & Chemicals Inc. | Add +1.6% | 0.98% | +0.16 |
| CRM Salesforce Inc. | Add +94.9% | 0.49% | +0.13 |
| TGT Target Corp. | Add +4.0% | 0.57% | +0.13 |
| VZ Verizon Communications Inc. | Add +0.9% | 0.58% | +0.11 |
| LMT Lockheed Martin Corp. | Add +0.3% | 0.54% | +0.11 |
| OKE Oneok Inc. | Add +3.5% | 0.50% | +0.11 |
| AMZN Amazon.com Inc. | Add +74.8% | 0.29% | +0.11 |
| PGR Progressive Corp. | Add +232.6% | 0.15% | +0.09 |
| RIO Rio Tinto PLC-Spon ADR | New | 0.08% | +0.08 |
| ADM Archer-Daniels-Midland Co. | Add +0.1% | 0.38% | +0.08 |
| CARR Carrier Global Corp. | Add +4.7% | 0.65% | +0.06 |
| GFL GFL Environmental Inc.-Sub VT | New | 0.06% | +0.06 |
| VYMI Vanguard Int High DVD YLD Inc. | Add +44.3% | 0.17% | +0.06 |
| NVS Novartis AG-Sponsored ADR | New | 0.05% | +0.05 |
| MDLZ Mondelez International Inc. Class A | New | 0.05% | +0.05 |
| PSX Phillips 66 | New | 0.05% | +0.05 |
| PEP Pepsico Inc. | Add +2.7% | 0.51% | +0.04 |
| CB Chubb Ltd. | Add +2.2% | 0.61% | +0.04 |
| VTWO Vanguard Russell 2000 ETF | Add +13.2% | 0.21% | +0.02 |
| CHKP Check Point Software Tech | Add +47.9% | 0.18% | +0.02 |
| REGN Regeneron Pharmaceuticals | Add +2.8% | 0.61% | +0.01 |
| VTIP Vanguard Short-Term Tips | Add +1.6% | 0.65% | +0.01 |
| UPS United Parcel Service Class B | Add +2.7% | 0.76% | +0.01 |
| CNI Canadian Natl Railway Co. | Add +4.6% | 0.13% | +0.01 |
| NI Nisource Inc. | Add +5.0% | 0.06% | +0.01 |
| RCI Rogers Communications Inc. Class B | Add +0.6% | 0.56% | +0.01 |
| CSL Carlisle Cos Inc. | Add +8.3% | 0.07% | +0.01 |
| ZBH Zimmer Biomet Holdings Inc. | Add +0.9% | 0.83% | +0.01 |
| NVO Novo-Nordisk A/S-Spons ADR | Add +44.2% | 0.13% | +0.01 |
| VEA Vanguard Ftse Developed ETF | Add +1.5% | 0.10% | +0.00 |
| SHW The Sherwin-Williams Co. | Add +1.3% | 0.11% | −0.00 |
| CPRT Copart Inc. | Add +6.2% | 0.12% | −0.01 |
| BRK.B Berkshire Hathaway Inc. Class B | Add +0.0% | 0.65% | −0.03 |
| FISV Fiserv Inc. | Add +10.2% | 0.62% | −0.06 |
| GPC Genuine Parts Co. | Add +8.1% | 0.95% | −0.08 |
| DIS The Walt Disney Co. | Add +0.8% | 0.45% | −0.08 |
| MMM 3M Co. | Add +0.9% | 1.11% | −0.11 |
| MDT Medtronic PLC | Add +1.2% | 1.27% | −0.12 |
| ACN Accenture PLC Class A | Add +0.9% | 0.88% | −0.31 |
| ADP Automatic Data Processing | Add +4.6% | 1.85% | −0.39 |
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 |