Goelzer Investment Management, Inc.

CIK

1550057

Location

CARMEL, IN

Portfolio Value

Mid $1,425,238,479

Diversification

Diversified

Filing Date

Global Rank

#1,439 / 8,605 ▲ 3 · as of Mar 2026

Top Industry

Drug Manufacturers - General 40.0%

3Y Alpha vs SPY

+1.5%

Period ended 3 months ago

Filed Apr 9, 2026 · 3mo

25 quarters · since Mar 2020

Clone Performance

Jul 2023–Jul 2026 · vs SPY

Hypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.

Cloned portfolio

+81.7%

SPY

+75.5%

Annualised alpha

+1.4%

Max drawdown

−17.2%

Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.

Portfolio Concentration

213 positions · as of Mar 31, 2026 · Δ vs Dec 31, 2025

Top Position

34.9%

−4.5 pts

Top 5

44.3%

−4.5 pts

Top 10

50.9%

−3.6 pts

HHI

1,274

Diversified−327

Portfolio Trend

25 quarters · across all stocks

Sector Breakdown

As of Mar 31, 2026

Sector	% Portfolio	Value	Positions
Healthcare	42.5%	$605,205,352	28
Technology	14.8%	$210,741,205	28
Financial Services	11.1%	$157,755,167	37
Industrials	7.8%	$111,827,101	38
Energy	5.3%	$75,153,083	16
Consumer Defensive	4.4%	$63,406,578	13
Consumer Cyclical	4.1%	$59,140,818	18
Utilities	2.9%	$40,881,537	11
Communication Services	2.7%	$38,297,006	8
Basic Materials	1.7%	$24,625,673	8
Real Estate	1.4%	$20,051,435	4
Unclassified	1.3%	$18,153,524	4

Last Quarter's Activity

Export CSV

Mar 31, 2026 vs Dec 31, 2025

Added To

Positions the filer increased

25 positions

Ticker	Company	Δ Shares	Shares	Value
BMY	Bristol Myers Squibb Co	+28,707	156,664	$9,501,671
VLO	Valero Energy Corp/Tx	+25,438	29,282	$7,234,996
NVDA	Nvidia Corp	+15,591	123,763	$21,584,267
MCD	Mcdonalds Corp	+12,022	16,572	$5,150,411
IQV	Iqvia Holdings Inc.	+6,789	11,266	$1,921,303
AAPL	Apple Inc.	+6,192	161,957	$41,103,067
TSCO	Tractor Supply Co /De/	+5,000	17,262	$781,968
MPC	Marathon Petroleum Corp	+4,819	8,834	$2,157,086
CSCO	Cisco Systems, Inc.	+4,620	128,234	$9,949,676
ELV	Elevance Health, Inc.	+4,235	5,267	$1,541,914
OHI	Omega Healthcare Investors Inc	+4,124	342,600	$15,012,732
KO	Coca Cola Co	+3,973	87,475	$6,652,473
WFC	Wells Fargo & Company/Mn	+3,907	109,547	$8,721,036
AEP	American Electric Power Co Inc	+3,538	78,228	$10,254,126
LHX	L3harris Technologies, Inc. /De/	+3,336	5,153	$1,778,557
XOM	ExxonMobil Holdings Corp	+2,771	163,626	$27,760,787
ABBV	AbbVie Inc.	+2,583	65,122	$14,163,383
AVGO	Broadcom Inc.	+2,274	110,132	$34,086,955
PFE	Pfizer Inc	+2,214	181,055	$5,084,024
MSFT	Microsoft Corp	+2,207	86,279	$31,937,897
JPM	Jpmorgan Chase & Co	+2,186	68,246	$20,075,243
SPY	Spdr S&P 500 ETF Trust	+1,930	15,670	$10,190,827
CVS	CVS HEALTH Corp	+1,915	8,209	$589,570
TMUS	T-Mobile US, Inc.	+1,585	16,668	$3,500,780
DIS	Walt Disney Co	+1,530	32,579	$3,139,964
No positions match the current search.

Trimmed

Positions the filer reduced

25 positions

Ticker	Company	Δ Shares	Shares	Value
FMAO	Farmers & Merchants Bancorp Inc	−156,460	328,604	$8,435,264
NI	Nisource Inc.	−63,165	245,549	$11,457,316
MBX	MBX Biosciences, Inc.	−57,500	164,172	$4,900,534
ENB	Enbridge Inc	−38,153	169,108	$9,155,507
ETR	Entergy Corp /De/	−35,614	69,176	$7,772,615
FCX	Freeport-Mcmoran Inc	−22,649	54,051	$3,177,117
BSX	Boston Scientific Corp	−22,393	12,655	$794,101
ZTS	Zoetis Inc.	−14,340	6,296	$744,250
USB	US Bancorp De	−14,250	205,214	$10,673,180
ADBE	Adobe Inc.	−14,183	1,324	$321,837
PANW	Palo Alto Networks Inc	−6,861	32,022	$5,133,767
UNH	Unitedhealth Group Inc	−6,439	18,545	$5,018,091
ACN	Accenture plc	−6,167	11,022	$2,185,552
SLB	Slb Limited/Nv	−5,089	21,669	$1,113,569
VST	Vistra Corp.	−4,639	2,459	$369,661
TEL	TE Connectivity plc	−3,575	41,060	$8,582,361
GLW	Corning Inc /Ny	−2,919	32,998	$4,486,738
LLY	ELI LILLY & Co	−2,450	540,417	$497,059,344
GNTX	Gentex Corp	−2,381	239,045	$5,223,133
CAT	Caterpillar Inc	−1,900	20,216	$14,322,227
EMR	Emerson Electric Co	−1,399	5,771	$756,116
VZ	Verizon Communications Inc	−1,389	190,525	$9,564,355
CTVA	Corteva, Inc.	−1,366	59,552	$4,985,097
COST	Costco Wholesale Corp /New	−1,256	9,578	$9,543,806
KLAC	Kla Corp	−1,242	3,912	$576,006
No positions match the current search.

New Positions

Positions the filer opened this quarter

21 positions

Ticker	Company	Shares	Value
AZN	Astrazeneca PLC	41,673	$8,218,749
AMP	Ameriprise Financial Inc	5,272	$2,342,876
FDX	Fedex Corp	7,422	$2,130,191
DELL	Dell Technologies Inc.	12,044	$1,976,781
CAH	Cardinal Health Inc	9,094	$1,921,653
BPOP	Popular, Inc.	14,183	$1,902,933
FTNT	Fortinet, Inc.	19,772	$1,615,767
MSI	Motorola Solutions, Inc.	3,645	$1,581,820
MO	Altria Group, Inc.	20,687	$1,365,135
ATO	Atmos Energy Corp	6,737	$1,244,458
MCO	Moodys Corp /De/	2,028	$884,715
EW	Edwards Lifesciences Corp	4,500	$360,360
GLD	Spdr Gold Trust	793	$341,219
ITW	Illinois Tool Works Inc	1,046	$272,263
CMG	Chipotle Mexican Grill Inc	7,800	$249,678
CEG	Constellation Energy Corp	870	$242,947
DUK	Duke Energy CORP	1,701	$222,728
NOC	Northrop Grumman Corp /De/	316	$215,587
CL	Colgate Palmolive Co	2,507	$213,671
EQT	EQT Corp	3,335	$212,239
F	Ford Motor Co	13,150	$151,751
No positions match the current search.

Sold Out

Positions the filer fully exited

5 positions

Ticker	Company	Shares	Value
DGII	Digi International Inc	23,350	$1,010,821
APO	Apollo Global Management, Inc.	5,518	$798,785
IBIT	iShares Bitcoin Trust ETF	5,132	$254,803
BX	Blackstone Inc.	1,411	$217,491
AREC	American Resources Corp	13,522	$33,534
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

213 positions · $1,425,238,479 total · as of Mar 31, 2026

All sectors Basic Materials Communication Services Consumer Cyclical Consumer Defensive Energy Financial Services Healthcare Industrials Real Estate Technology Utilities

Showing 1–50 of 213 positions by value · page 1 of 5

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
LLY	ELI LILLY & Co Healthcare	Reduced	540,417	-2,450	$497,059,344	−14.8%	34.88%
AAPL	Apple Inc. Technology	Added	161,957	+6,192	$41,103,067	−2.9%	2.88%
AVGO	Broadcom Inc. Technology	Added	110,132	+2,274	$34,086,955	−8.7%	2.39%
MSFT	Microsoft Corp Technology	Added	86,279	+2,207	$31,937,897	−21.4%	2.24%
XOM	ExxonMobil Holdings Corp Energy	Added	163,626	+2,771	$27,760,787	+43.4%	1.95%
NVDA	Nvidia Corp Technology	Added	123,763	+15,591	$21,584,267	+7.0%	1.51%
JPM	Jpmorgan Chase & Co Financial Services	Added	68,246	+2,186	$20,075,243	−5.7%	1.41%
CVX	Chevron Corp Energy	Added	88,978	+659	$18,409,548	+36.8%	1.29%
ETN	Eaton Corp plc Industrials	Added	49,807	+350	$17,814,469	+13.1%	1.25%
LMT	Lockheed Martin Corp Industrials	Reduced	26,860	-189	$16,233,915	+24.1%	1.14%
MRK	Merck & Co., Inc. Healthcare	Reduced	127,005	-955	$15,277,431	+13.4%	1.07%
OHI	Omega Healthcare Investors Inc Real Estate	Added	342,600	+4,124	$15,012,732	+0.0%	1.05%
CAT	Caterpillar Inc Industrials	Reduced	20,216	-1,900	$14,322,227	+13.0%	1.00%
ABBV	AbbVie Inc. Healthcare	Added	65,122	+2,583	$14,163,383	−0.9%	0.99%
JNJ	Johnson & Johnson Healthcare	Added	56,794	+815	$13,882,725	+19.8%	0.97%
ADI	Analog Devices Inc Technology	Reduced	41,860	-214	$13,317,340	+16.7%	0.93%
WMT	Walmart Inc. Consumer Defensive	Added	104,296	+434	$12,961,906	+12.0%	0.91%
BAC	Bank Of America Corp /De/ Financial Services	Added	236,146	+811	$11,512,117	−11.1%	0.81%
NI	Nisource Inc. Utilities	Reduced	245,549	-63,165	$11,457,316	−11.1%	0.80%
AMZN	Amazon Com Inc Consumer Cyclical	Added	53,861	+1,145	$11,217,630	−7.8%	0.79%
TRV	Travelers Companies, Inc. Financial Services	Reduced	38,051	-88	$11,098,715	+0.3%	0.78%
USB	US Bancorp De Financial Services	Reduced	205,214	-14,250	$10,673,180	−8.9%	0.75%
PFG	Principal Financial Group Inc Financial Services	Added	116,874	+286	$10,531,516	+2.4%	0.74%
QCOM	Qualcomm Inc/De Technology	Added	80,663	+309	$10,387,781	−24.4%	0.73%
AEP	American Electric Power Co Inc Utilities	Added	78,228	+3,538	$10,254,126	+19.1%	0.72%
SPY	Spdr S&P 500 ETF Trust	Added	15,670	+1,930	$10,190,827	+8.8%	0.72%
CSCO	Cisco Systems, Inc. Technology	Added	128,234	+4,620	$9,949,676	+4.5%	0.70%
VZ	Verizon Communications Inc Communication Services	Reduced	190,525	-1,389	$9,564,355	+22.4%	0.67%
COST	Costco Wholesale Corp /New Consumer Defensive	Reduced	9,578	-1,256	$9,543,806	+2.2%	0.67%
BMY	Bristol Myers Squibb Co Healthcare	Added	156,664	+28,707	$9,501,671	+37.7%	0.67%
CFG	Citizens Financial Group Inc/Ri Financial Services	Reduced	153,963	-491	$9,233,161	+2.3%	0.65%
RTX	RTX Corp Industrials	Reduced	47,745	-315	$9,210,010	+4.5%	0.65%
ENB	Enbridge Inc Energy	Reduced	169,108	-38,153	$9,155,507	−7.6%	0.64%
MCK	Mckesson Corp Healthcare	Reduced	10,111	-112	$8,749,654	+4.3%	0.61%
WFC	Wells Fargo & Company/Mn Financial Services	Added	109,547	+3,907	$8,721,036	−11.4%	0.61%
TEL	TE Connectivity plc Technology	Reduced	41,060	-3,575	$8,582,361	−15.5%	0.60%
FMAO	Farmers & Merchants Bancorp Inc Financial Services	Reduced	328,604	-156,460	$8,435,264	−29.7%	0.59%
AZN	Astrazeneca PLC Healthcare	NEW	41,673	NEW	$8,218,749	NEW	0.58%
V	Visa Inc. Financial Services	Added	27,135	+642	$8,201,282	−11.7%	0.58%
PEP	Pepsico Inc Consumer Defensive	Added	51,874	+295	$8,055,513	+8.8%	0.57%
BRK-B	Berkshire Hathaway Inc Financial Services	Added	16,527	+335	$7,919,738	−2.7%	0.56%
PG	PROCTER & GAMBLE Co Consumer Defensive	Reduced	54,529	-307	$7,876,168	+0.2%	0.55%
ETR	Entergy Corp /De/ Utilities	Reduced	69,176	-35,614	$7,772,615	−19.8%	0.55%
TJX	Tjx Companies Inc /De/ Consumer Cyclical	Reduced	48,488	-127	$7,743,533	+3.7%	0.54%
META	Meta Platforms, Inc. Communication Services	Added	12,963	+1,107	$7,416,521	−5.2%	0.52%
IBM	International Business Machines Corp Technology	Added	30,331	+740	$7,351,931	−16.1%	0.52%
VLO	Valero Energy Corp/Tx Energy	Added	29,282	+25,438	$7,234,996	+1056.2%	0.51%
WSM	Williams Sonoma Inc Consumer Cyclical	Reduced	39,573	-95	$7,215,345	+1.8%	0.51%
RIO	Rio Tinto PLC Basic Materials	Reduced	72,811	-415	$6,792,538	+15.9%	0.48%
MDY	Spdr S&P Midcap 400 ETF Trust	Held	10,874	0	$6,706,648	+2.2%	0.47%