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

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

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
CPRT Copart Inc. 0.12% 14,301 $475K Add +6.2%
SHW The Sherwin-Williams Co. 0.11% 1,459 $468K Add +1.3%
KMB Kimberly-Clark Corp. 0.10% 4,372 $426K No change
VEA Vanguard Ftse Developed ETF 0.10% 6,598 $423K Add +1.5%
CTAS Cintas Corp. 0.10% 2,400 $406K No change
T AT&T Inc. 0.09% 13,256 $384K Reduce -7.0%
BKH Black Hills Corp. 0.09% 5,485 $381K No change
ITW Illinois Tool Works 0.09% 1,377 $360K No change
FRME First Merchants Corp. 0.08% 8,918 $345K No change
ELV Elevance Health Inc. 0.08% 1,153 $338K No change
AMAT Applied Materials Inc. 0.08% 970 $332K No change
RIO Rio Tinto PLC-Spon ADR 0.08% 3,437 $326K New
COP Conocophillips 0.08% 2,436 $322K No change
CSL Carlisle Cos Inc. 0.07% 917 $306K Add +8.3%
IWP iShares Russell Mid-Cap Grow 0.07% 2,256 $289K No change
HL Hecla Mining Co. 0.07% 15,450 $288K Reduce -1.0%
VOO Vanguard S&P 500 ETF 0.07% 461 $275K Reduce -16.3%
AMGN Amgen Inc. 0.07% 760 $267K No change
NI Nisource Inc. 0.06% 5,640 $263K Add +5.0%
VTI VG Morningstar TS MKT ETF-US 0.06% 806 $259K No change
GFL GFL Environmental Inc.-Sub VT 0.06% 5,895 $246K New
IWM iShares Russell 2000 ETF 0.06% 984 $244K No change
NKE Nike Inc. Class B 0.06% 4,570 $243K No change
EEM iShares MSCI Emerging Market 0.05% 3,925 $223K No change
NVS Novartis AG-Sponsored ADR 0.05% 1,400 $214K New
MDLZ Mondelez International Inc. Class A 0.05% 3,500 $203K New
PSX Phillips 66 0.05% 1,104 $201K New

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

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