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Goelzer Investment Management, Inc.

10 EAST MAIN STREET SUITE 110, CARMEL, IN 46032 • 317-264-2600

Q4 2025 · Filed 2026-01-14
Market Value
$2.1B
+14.3%
Holdings
277
+25
New Purchases
32
Added To
113
Closed
8
Reduced
95
Top 10 Concentration
54.0%
Turnover
14.4%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
LLY 27.19% 22.13% +5.06% $583M
ACWX 1.33% 0.34% +0.99% $29M
FMAO 0.56% 0.04% +0.52% $12M
MBX 0.33% 0.00% +0.33% $7M
OMC 0.26% 0.00% +0.26% $6M
GOOG 1.38% 1.24% +0.14% $30M
ACN 0.21% 0.10% +0.11% $5M
KMI 0.07% 0.00% +0.07% $2M
INTU 0.07% 0.00% +0.07% $1M
MRK 0.63% 0.57% +0.06% $13M
VONV 0.08% 0.02% +0.06% $2M
PGR 0.06% 0.00% +0.06% $1M
HIG 0.06% 0.00% +0.06% $1M
VST 0.05% 0.00% +0.05% $1M
CTRA 0.05% 0.00% +0.05% $1M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
IVV 8.67% 9.17% -0.50% $186M
SLYV 3.73% 4.15% -0.42% $80M
IJH 3.45% 3.86% -0.41% $74M
MSFT 1.90% 2.29% -0.40% $41M
IPG 0.00% 0.31% -0.31% $0
ETN 0.73% 0.98% -0.25% $16M
SCHF 2.06% 2.31% -0.25% $44M
APO 0.04% 0.25% -0.21% $799K
JMTG 1.93% 2.11% -0.18% $41M
PANW 0.33% 0.49% -0.16% $7M
AVGO 1.74% 1.89% -0.15% $37M
JMST 0.19% 0.33% -0.14% $4M
ANET 0.24% 0.38% -0.14% $5M
NVDA 0.94% 1.07% -0.13% $20M
GNTX 0.26% 0.39% -0.13% $6M

Sector Allocation Over Time

Industry Breakdown

IndustryWeight
Financial Services 37.9%
Healthcare 29.3%
Technology 10.4%
Industrials 5.5%
Energy 3.7%

Market Cap Concentration

TierHoldingsValueWeight
Mega Cap 60 $1.3B 59.2%
Large Cap 188 $670M 31.2%
Mid Cap 25 $185M 8.6%
Small Cap 3 $20M 0.9%
Micro Cap 1 $34K 0.0%

Portfolio Analytics

Avg Market Cap
$252.0B
Median Market Cap
$75.7B
Avg P/E
32.4
Median P/E
24.3
Avg Dividend Yield
0.02%
Avg Beta
0.91
# Stocks
200
# ETFs / Funds
77

Top Holdings (277 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 LLY 27.19% 542,867 $583M $1,074.68 $168M -1,625 -0.3%
2 IVV 8.67% 271,624 $186M $684.94 $14M +14,303 +5.6%
3 SLYV 3.73% 879,145 $80M $90.97 $2M +578 +0.1%
4 IJH 3.45% 1,121,755 $74M $66.00 $2M +12,420 +1.1%
5 SCHF 2.06% 1,840,603 $44M $24.04 $902K -21,332 -1.1%
6 AAPL 1.97% 155,765 $42M $271.86 $5M +8,158 +5.5%
7 JMTG 1.93% 809,486 $41M $51.06 $2M +32,371 +4.2%
8 MSFT 1.90% 84,072 $41M $483.62 -$2M +995 +1.2%
9 AVGO 1.74% 107,858 $37M $346.10 $2M +53 +0.1%
10 GOOG 1.38% 94,521 $30M $313.80 $6M -932 -1.0%
11 ACWX 1.33% 425,029 $29M $67.13 $22M +325,548 +327.2%
12 JPM 0.99% 66,060 $21M $322.22 $757K +976 +1.5%
13 NVDA 0.94% 108,172 $20M $186.50 $59K +364 +0.3%
14 IJR 0.91% 162,703 $20M $120.18 $238K +150 +0.1%
15 XOM 0.90% 160,855 $19M $120.34 $1M +847 +0.5%
16 TLH 0.81% 170,709 $17M $101.67 $765K +9,612 +6.0%
17 ETN 0.73% 49,457 $16M $318.51 -$3M +118 +0.2%
18 OHI 0.70% 338,476 $15M $44.34 $709K -212 -0.1%
19 JMBS 0.69% 325,991 $15M $45.69 $633K +13,725 +4.4%
20 ABBV 0.67% 62,539 $14M $228.49 $240K +1,858 +3.1%
21 QCOM 0.64% 80,354 $14M $171.05 $541K +988 +1.2%
22 MRK 0.63% 127,960 $13M $105.26 $3M +964 +0.8%
23 CVX 0.63% 88,319 $13M $152.41 $510K +4,924 +5.9%
24 LMT 0.61% 27,049 $13M $483.67 -$437K -33 -0.1%
25 IGSB 0.61% 246,984 $13M $52.88 -$478K -8,320 -3.3%
26 BAC 0.60% 235,335 $13M $55.00 $1M +8,559 +3.8%
27 NI 0.60% 308,714 $13M $41.76 -$358K +2,710 +0.9%
28 CAT 0.59% 22,116 $13M $572.87 $1M -2,198 -9.0%
29 AMZN 0.57% 52,716 $12M $230.82 $631K +173 +0.3%
30 FMAO 0.56% 485,064 $12M $24.72 $11M +457,500 +1659.8%
31 USB 0.55% 219,464 $12M $53.36 $1M -2,002 -0.9%
32 JNJ 0.54% 55,979 $12M $206.95 $1M +537 +1.0%
33 WMT 0.54% 103,862 $12M $111.41 $1M +1,364 +1.3%
34 ADI 0.53% 42,074 $11M $271.20 $1M +219 +0.5%
35 TRV 0.52% 38,139 $11M $290.06 $479K +235 +0.6%
36 IWD 0.49% 50,291 $11M $210.34 -$290K -3,093 -5.8%
37 PFG 0.48% 116,588 $10M $88.21 $651K +394 +0.3%
38 TEL 0.47% 44,635 $10M $227.51 $313K -196 -0.4%
39 ENB 0.46% 207,261 $10M $47.83 -$486K +1,168 +0.6%
40 WFC 0.46% 105,640 $10M $93.20 $2M +7,363 +7.5%
41 ETR 0.45% 104,790 $10M $92.43 -$64K +164 +0.2%
42 CSCO 0.44% 123,614 $10M $77.03 $1M +1,319 +1.1%
43 SPY 0.44% 13,740 $9M $681.93 -$5K -332 -2.4%
44 COST 0.44% 10,834 $9M $862.34 $41K +785 +7.8%
45 V 0.43% 26,493 $9M $350.71 $591K +1,007 +4.0%
46 CFG 0.42% 154,454 $9M $58.41 $890K +1,479 +1.0%
47 RTX 0.41% 48,060 $9M $183.40 $2M +5,002 +11.6%
48 IBM 0.41% 29,591 $9M $296.21 $632K +767 +2.7%
49 AEP 0.40% 74,690 $9M $115.31 $233K +205 +0.3%
50 MCK 0.39% 10,223 $8M $820.29 $100K -502 -4.7%
51 UNH 0.38% 24,984 $8M $330.11 -$151K +663 +2.7%
52 BRK-B 0.38% 16,192 $8M $502.63 $791K +1,577 +10.8%
53 PG 0.37% 54,836 $8M $143.31 -$703K -887 -1.6%
54 META 0.36% 11,856 $8M $660.06 $1M +2,885 +32.2%
55 VZ 0.36% 191,914 $8M $40.73 -$530K +1,992 +1.1%
56 MUNI 0.35% 143,409 $8M $52.41 -$178K -3,770 -2.6%
57 TJX 0.35% 48,615 $7M $153.61 $606K +1,145 +2.4%
58 PEP 0.35% 51,579 $7M $143.52 -$213K -2,650 -4.9%
59 PANW 0.33% 38,883 $7M $184.20 -$2M -6,559 -14.4%
60 WSM 0.33% 39,668 $7M $178.59 -$759K -461 -1.1%
61 MBX 0.33% 221,672 $7M $31.54 +221,672 NEW
62 IVW 0.32% 56,037 $7M $123.26 $365K +1,844 +3.4%
63 BMY 0.32% 127,957 $7M $53.94 $1M +6,589 +5.4%
64 BKNG 0.32% 1,286 $7M $5,355.35 -$175K -22 -1.7%
65 MDT 0.32% 71,579 $7M $96.06 $186K +1,342 +1.9%
66 MDY 0.31% 10,874 $7M $603.26 $21K -97 -0.9%
67 IJK 0.31% 67,589 $7M $96.88 $187K +1,258 +1.9%
68 PRU 0.29% 55,880 $6M $112.88 $351K -1,537 -2.7%
69 KLAC 0.29% 5,154 $6M $1,215.08 $571K -123 -2.3%
70 UNP 0.29% 26,626 $6M $231.32 $935K +4,523 +20.5%
71 LOW 0.28% 25,292 $6M $241.16 -$46K +840 +3.4%
72 IGIB 0.28% 112,636 $6M $53.88 -$4K +356 +0.3%
73 RIO 0.27% 73,226 $6M $80.03 $1M +330 +0.5%
74 KO 0.27% 83,502 $6M $69.91 $498K +2,991 +3.7%
75 SYY 0.27% 77,326 $6M $73.69 -$768K -1,206 -1.5%
76 OMC 0.26% 69,578 $6M $80.75 +69,578 NEW
77 GNTX 0.26% 241,426 $6M $23.27 -$2M -17,619 -6.8%
78 ADBE 0.25% 15,507 $5M $349.99 -$766K -2,049 -11.7%
79 JCI 0.25% 45,232 $5M $119.75 $254K -1,723 -3.7%
80 TROW 0.25% 52,287 $5M $102.38 -$128K -1,110 -2.1%
81 SWK 0.25% 71,110 $5M $74.28 -$133K -1,741 -2.4%
82 ANET 0.24% 39,605 $5M $131.03 -$2M -8,975 -18.5%
83 SO 0.24% 58,006 $5M $87.20 -$389K +528 +0.9%
84 MA 0.24% 8,857 $5M $570.88 $138K +211 +2.4%
85 AXP 0.23% 13,594 $5M $369.95 $435K -237 -1.7%
86 HD 0.23% 14,450 $5M $344.11 -$622K +643 +4.7%
87 APD 0.22% 19,264 $5M $247.01 -$732K -867 -4.3%
88 INGR 0.22% 43,085 $5M $110.26 -$486K +204 +0.5%
89 FITB 0.22% 101,462 $5M $46.81 $249K +444 +0.4%
90 JAAA 0.22% 92,458 $5M $50.58 $430K +8,826 +10.6%
91 HON 0.22% 23,644 $5M $195.09 -$417K -252 -1.1%
92 ACN 0.21% 17,189 $5M $268.29 $3M +9,375 +120.0%
93 NXST 0.21% 22,448 $5M $203.05 $167K +242 +1.1%
94 BRK-A 0.21% 6 $5M $754,800.00 $4K
95 GATX 0.21% 26,271 $4M $169.60 -$128K +48 +0.2%
96 PFE 0.21% 178,841 $4M $24.90 -$44K +2,340 +1.3%
97 THG 0.20% 23,366 $4M $182.77 -$33K -328 -1.4%
98 SCHW 0.20% 41,916 $4M $99.91 $326K +1,461 +3.6%
99 CI 0.19% 15,152 $4M $275.23 -$130K +232 +1.6%
100 JMST 0.19% 81,769 $4M $50.94 -$2M -40,175 -33.0%

New Positions

SymbolValue% Port
MBX $7M 0.33%
OMC $6M 0.26%
KMI $2M 0.07%
INTU $1M 0.07%
PGR $1M 0.06%
HIG $1M 0.06%
VST $1M 0.05%
CTRA $1M 0.05%
ADSK $1M 0.05%
EVRG $1M 0.05%
CHRW $935K 0.04%
GPC $790K 0.04%
BDX $754K 0.04%
SPXC $720K 0.03%
ALL $687K 0.03%

Sold Out Positions

SymbolValue% Port
ZBH —%
CL —%
CRM —%
XYL —%
VIG —%
PAYX —%
VPU —%
IPG —%
View SEC EDGAR Filings for Goelzer Investment Management, Inc. →

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For informational purposes only. Not investment advice. Data sourced from SEC filings. Privacy Terms