# MONARCH CAPITAL MANAGEMENT INC

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 938759. Source: https://holderbook.com/funds/938759-monarch-capital-management-inc/

- Reported value: $436.2M
- Positions: 130
- Weight of the ten largest: 32.4%
- Filed: 2026-07-22

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $18.1M | 48,413 | 4.1% | 31 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $16.9M | 58,407 | 3.9% | 31 |
| MERCK & CO INC | [MRK](https://holderbook.com/stocks/MRK/) | $15.4M | 119,322 | 3.5% | 31 |
| CISCO SYS INC | [CSCO](https://holderbook.com/stocks/CSCO/) | $15.0M | 128,027 | 3.4% | 31 |
| JOHNSON & JOHNSON | [JNJ](https://holderbook.com/stocks/JNJ/) | $14.7M | 57,752 | 3.4% | 31 |
| ALPHABET INC | [GOOG](https://holderbook.com/stocks/GOOG/) | $13.1M | 37,110 | 3.0% | 31 |
| WALMART INC | [WMT](https://holderbook.com/stocks/WMT/) | $13.0M | 114,462 | 3.0% | 31 |
| ABBVIE INC | [ABBV](https://holderbook.com/stocks/ABBV/) | $12.3M | 49,047 | 2.8% | 31 |
| HOME DEPOT INC | [HD](https://holderbook.com/stocks/HD/) | $11.5M | 32,717 | 2.6% | 31 |
| QUANTA SVCS INC | [PWR](https://holderbook.com/stocks/PWR/) | $11.2M | 15,558 | 2.6% | 31 |
| MCDONALDS CORP | [MCD](https://holderbook.com/stocks/MCD/) | $10.2M | 37,652 | 2.3% | 31 |
| INTEL CORP | [INTC](https://holderbook.com/stocks/INTC/) | $10.1M | 72,107 | 2.3% | 31 |
| FRANKLIN ELEC INC | [FELE](https://holderbook.com/stocks/FELE/) | $9.9M | 92,767 | 2.3% | 31 |
| ISHARES TR | [SGOV](https://holderbook.com/stocks/SGOV/) | $9.5M | 94,511 | 2.2% | 4 |
| LAKELAND FINL CORP | [LKFN](https://holderbook.com/stocks/LKFN/) | $9.1M | 146,833 | 2.1% | 31 |
| KROGER CO | [KR](https://holderbook.com/stocks/KR/) | $8.6M | 154,200 | 2.0% | 31 |
| AUTOMATIC DATA PROCESSING IN | [ADP](https://holderbook.com/stocks/ADP/) | $8.3M | 36,958 | 1.9% | 31 |
| EMERSON ELEC CO | [EMR](https://holderbook.com/stocks/EMR/) | $8.1M | 56,365 | 1.8% | 31 |
| US BANCORP | [USB](https://holderbook.com/stocks/USB/) | $7.5M | 123,612 | 1.7% | 31 |
| COCA COLA CO | [KO](https://holderbook.com/stocks/KO/) | $7.3M | 89,785 | 1.7% | 31 |
| JPMORGAN CHASE & CO | [JPM](https://holderbook.com/stocks/JPM/) | $6.8M | 20,695 | 1.6% | 31 |
| PROCTER & GAMBLE CO | [PG](https://holderbook.com/stocks/PG/) | $6.7M | 45,496 | 1.5% | 31 |
| AFLAC INC | [AFL](https://holderbook.com/stocks/AFL/) | $6.3M | 54,068 | 1.5% | 31 |
| EXXON MOBIL CORP | [XOMXXXX](https://holderbook.com/stocks/XOMXXXX/) | $6.2M | 45,435 | 1.4% | 31 |
| STEEL DYNAMICS INC | [STLD](https://holderbook.com/stocks/STLD/) | $6.1M | 26,525 | 1.4% | 31 |
| F5 INC | [FFIV](https://holderbook.com/stocks/FFIV/) | $5.8M | 14,036 | 1.3% | 29 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $5.4M | 15,058 | 1.2% | 31 |
| GILEAD SCIENCES INC | [GILD](https://holderbook.com/stocks/GILD/) | $5.1M | 40,685 | 1.2% | 31 |
| 3M CO | [MMM](https://holderbook.com/stocks/MMM/) | $5.1M | 31,332 | 1.2% | 31 |
| ABBOTT LABORATORIES | [ABT](https://holderbook.com/stocks/ABT/) | $5.1M | 55,805 | 1.2% | 31 |
| CINCINNATI FINL CORP | [CINF](https://holderbook.com/stocks/CINF/) | $5.0M | 27,051 | 1.2% | 31 |
| NEXTERA ENERGY INC | [NEE](https://holderbook.com/stocks/NEE/) | $5.0M | 56,577 | 1.1% | 31 |
| STRYKER CORPORATION | [SYK](https://holderbook.com/stocks/SYK/) | $4.8M | 15,296 | 1.1% | 31 |
| MEDTRONIC PLC | [MDT](https://holderbook.com/stocks/MDT/) | $4.7M | 59,986 | 1.1% | 31 |
| SYSCO CORP | [SYY](https://holderbook.com/stocks/SYY/) | $4.6M | 54,693 | 1.0% | 31 |
| GENUINE PARTS CO | [GPC](https://holderbook.com/stocks/GPC/) | $4.5M | 37,668 | 1.0% | 31 |
| AIR PRODUCTS AND CHEMICALS I | [APD](https://holderbook.com/stocks/APD/) | $4.0M | 13,761 | 0.9% | 31 |
| CARRIER GLOBAL CORPORATION | [CARR](https://holderbook.com/stocks/CARR/) | $3.4M | 46,960 | 0.8% | 25 |
| UNITED PARCEL SVCS INC | [UPS](https://holderbook.com/stocks/UPS/) | $3.4M | 32,036 | 0.8% | 31 |
| FLOWSERVE CORP | [FLS](https://holderbook.com/stocks/FLS/) | $3.4M | 45,491 | 0.8% | 31 |
| ZIMMER BIOMET HOLDINGS INC | [ZBH](https://holderbook.com/stocks/ZBH/) | $3.3M | 37,714 | 0.7% | 31 |
| VANGUARD INTL EQUITY INDEX F | [VWO](https://holderbook.com/stocks/VWO/) | $3.1M | 52,656 | 0.7% | 31 |
| PFIZER INC | [PFE](https://holderbook.com/stocks/PFE/) | $3.1M | 127,572 | 0.7% | 31 |
| RTX CORPORATION | [RTX](https://holderbook.com/stocks/RTX/) | $3.0M | 15,948 | 0.7% | 25 |
| FISERV INC | [FISV](https://holderbook.com/stocks/FISV/) | $2.8M | 56,749 | 0.6% | 24 |
| BERKSHIRE HATHAWAY INC DEL | [BRKB](https://holderbook.com/stocks/BRKB/) | $2.8M | 5,531 | 0.6% | 31 |
| CHUBB LIMITED | [CB](https://holderbook.com/stocks/CB/) | $2.7M | 7,853 | 0.6% | 31 |
| VANGUARD MALVERN FDS | [VTIP](https://holderbook.com/stocks/VTIP/) | $2.6M | 51,236 | 0.6% | 23 |
| TARGET CORP | [TGT](https://holderbook.com/stocks/TGT/) | $2.5M | 18,999 | 0.6% | 31 |
| GE AEROSPACE | [GE](https://holderbook.com/stocks/GE/) | $2.4M | 6,368 | 0.5% | 20 |
| REGENERON PHARMACEUTICALS | [REGN](https://holderbook.com/stocks/REGN/) | $2.4M | 3,816 | 0.5% | 19 |
| ACCENTURE PLC IRELAND | [ACN](https://holderbook.com/stocks/ACN/) | $2.4M | 19,088 | 0.5% | 31 |
| DOLLAR GEN CORP | [DG](https://holderbook.com/stocks/DG/) | $2.2M | 18,898 | 0.5% | 27 |
| CHEVRON CORPORATION | [CVX](https://holderbook.com/stocks/CVX/) | $2.2M | 13,121 | 0.5% | 31 |
| ONEOK INC NEW | [OKE](https://holderbook.com/stocks/OKE/) | $2.2M | 24,961 | 0.5% | 17 |
| ROGERS COMMUNICATIONS INC | [RCI](https://holderbook.com/stocks/RCI/) | $2.1M | 63,006 | 0.5% | 31 |
| SALESFORCE INC | [CRM](https://holderbook.com/stocks/CRM/) | $2.0M | 13,029 | 0.5% | 4 |
| AES CORP | [AES](https://holderbook.com/stocks/AES/) | $2.0M | 139,351 | 0.5% | 31 |
| VERIZON COMMUNICATIONS INC | [VZ](https://holderbook.com/stocks/VZ/) | $2.0M | 48,126 | 0.5% | 31 |
| LOCKHEED MARTIN CORP | [LMT](https://holderbook.com/stocks/LMT/) | $2.0M | 3,992 | 0.5% | 19 |
| GE VERNOVA INC | [GEV](https://holderbook.com/stocks/GEV/) | $2.0M | 1,710 | 0.5% | 9 |
| EURONET WORLDWIDE INC | [EEFT](https://holderbook.com/stocks/EEFT/) | $2.0M | 26,680 | 0.4% | 3 |
| PEPSICO INC | [PEP](https://holderbook.com/stocks/PEP/) | $1.9M | 13,813 | 0.4% | 31 |
| PPL CORP | [PPL](https://holderbook.com/stocks/PPL/) | $1.9M | 51,041 | 0.4% | 31 |
| PHILIP MORRIS INTL INC | [PM](https://holderbook.com/stocks/PM/) | $1.9M | 10,213 | 0.4% | 31 |
| DISNEY WALT CO | [DIS](https://holderbook.com/stocks/DIS/) | $1.9M | 19,074 | 0.4% | 31 |
| ARCHER DANIELS MIDLAND CO | [ADM](https://holderbook.com/stocks/ADM/) | $1.7M | 22,191 | 0.4% | 31 |
| WW GRAINGER INC | [GWW](https://holderbook.com/stocks/GWW/) | $1.7M | 1,234 | 0.4% | 31 |
| SCOTTS MIRACLE-GRO CO | [SMG](https://holderbook.com/stocks/SMG/) | $1.6M | 24,077 | 0.4% | 18 |
| PLEXUS CORP | [PLXS](https://holderbook.com/stocks/PLXS/) | $1.6M | 5,425 | 0.4% | 31 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $1.5M | 6,216 | 0.3% | 11 |
| BRISTOL-MYERS SQUIBB CO | [BMY](https://holderbook.com/stocks/BMY/) | $1.4M | 23,815 | 0.3% | 31 |
| ELI LILLY & CO | [LLY](https://holderbook.com/stocks/LLY/) | $1.3M | 1,108 | 0.3% | 31 |
| CATERPILLAR INC | [CAT](https://holderbook.com/stocks/CAT/) | $1.3M | 1,237 | 0.3% | 24 |
| PROGRESSIVE CORP | [PGR](https://holderbook.com/stocks/PGR/) | $1.2M | 5,633 | 0.3% | 3 |
| CHECK POINT SOFTWARE TECH LT | [CHKP](https://holderbook.com/stocks/CHKP/) | $1.1M | 8,263 | 0.2% | 29 |
| VANGUARD SCOTTSDALE FDS | [VTWO](https://holderbook.com/stocks/VTWO/) | $1.1M | 8,867 | 0.2% | 8 |
| INVESCO EXCHANGE TRADED FD T | [RSP](https://holderbook.com/stocks/RSP/) | $1.1M | 4,952 | 0.2% | 4 |
| LINDE PLC | [LIN](https://holderbook.com/stocks/LIN/) | $984.4K | 1,897 | 0.2% | 14 |
| VANGUARD INDEX FDS | [VOO](https://holderbook.com/stocks/VOO/) | $969.1K | 1,411 | 0.2% | 4 |
| VANGUARD WHITEHALL FDS | [VYMI](https://holderbook.com/stocks/VYMI/) | $965.7K | 9,834 | 0.2% | 4 |
| TAIWAN SEMICONDUCTOR MANUFAC | [TSM](https://holderbook.com/stocks/TSM/) | $945.5K | 1,976 | 0.2% | 11 |
| STATE STR SPDR S&P 500 ETF T | [SPY](https://holderbook.com/stocks/SPY/) | $937.3K | 1,252 | 0.2% | 30 |
| NORTHERN TR CORP | [NTRS](https://holderbook.com/stocks/NTRS/) | $924.4K | 5,293 | 0.2% | 31 |
| COSTCO WHOLESALE CORPORATION | [COST](https://holderbook.com/stocks/COST/) | $798.0K | 853 | 0.2% | 27 |
| NOVO-NORDISK A S | [NVO](https://holderbook.com/stocks/NVO/) | $774.2K | 16,150 | 0.2% | 4 |
| JACOBS SOLUTIONS INC | [J](https://holderbook.com/stocks/J/) | $769.7K | 6,109 | 0.2% | 16 |
| BERKSHIRE HATHAWAY INC DEL | [BRKA](https://holderbook.com/stocks/BRKA/) | $748.9K | 1 | 0.2% | 31 |
| VISA INC | [V](https://holderbook.com/stocks/V/) | $732.2K | 2,134 | 0.2% | 20 |
| RIO TINTO PLC | [RIO](https://holderbook.com/stocks/RIO/) | $727.4K | 7,662 | 0.2% | 2 |
| ALTRIA GROUP INC | [MO](https://holderbook.com/stocks/MO/) | $708.6K | 9,718 | 0.2% | 31 |
| NVIDIA CORPORATION | [NVDA](https://holderbook.com/stocks/NVDA/) | $698.1K | 3,489 | 0.2% | 5 |
| COLGATE PALMOLIVE CO | [CL](https://holderbook.com/stocks/CL/) | $664.6K | 7,249 | 0.2% | 31 |
| WELLS FARGO & CO | [WFC](https://holderbook.com/stocks/WFC/) | $647.4K | 7,834 | 0.1% | 31 |
| CANADIAN NATL RY CO | [CNI](https://holderbook.com/stocks/CNI/) | $639.5K | 5,347 | 0.1% | 31 |
| NUCOR CORP | [NUE](https://holderbook.com/stocks/NUE/) | $637.1K | 2,853 | 0.1% | 23 |
| NORFOLK SOUTHN CORP | [NSC](https://holderbook.com/stocks/NSC/) | $629.2K | 2,000 | 0.1% | 31 |
| OTIS WORLDWIDE CORP | [OTIS](https://holderbook.com/stocks/OTIS/) | $605.7K | 8,460 | 0.1% | 25 |
| ORACLE CORP | [ORCL](https://holderbook.com/stocks/ORCL/) | $576.5K | 3,934 | 0.1% | 24 |
| DEERE & CO | [DE](https://holderbook.com/stocks/DE/) | $560.3K | 881 | 0.1% | 8 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | +7.7% | +14.8% | -7.1% | 100% |
| Q1 2026 | +0.6% | -4.6% | +5.2% | 100% |
| Q4 2025 | +1.5% | +2.4% | -0.9% | 99% |
| Q3 2025 | +5.4% | +7.8% | -2.4% | 100% |
| Q2 2025 | +3.1% | +10.5% | -7.4% | 100% |
| Q1 2025 | -0.2% | -4.6% | +4.3% | 100% |
| Q4 2024 | -1.2% | +2.1% | -3.3% | 100% |
| Q3 2024 | +8.7% | +5.4% | +3.3% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $436.2M | 130 |
| Q1 2026 | $408.6M | 127 |
| Q4 2025 | $406.8M | 124 |
| Q3 2025 | $407.9M | 122 |
| Q2 2025 | $372.5M | 117 |
| Q1 2025 | $359.8M | 115 |
| Q4 2024 | $365.1M | 114 |
| Q3 2024 | $371.4M | 118 |
| Q2 2024 | $340.3M | 114 |
| Q1 2024 | $354.3M | 116 |
| Q4 2023 | $330.2M | 112 |
| Q3 2023 | $311.2M | 109 |