SEC 13F Intelligence

Managers / Q4 2023 · view latest →

MONARCH CAPITAL MANAGEMENT INC

CIK 0000938759 · 127 WEST BERRY STREET STE 402, FORT WAYNE, IN, 46802 · 2604222765

Reported Value
$330M
Q4 2023
Positions
112
Filings on Record
30
2019–present window
Filed
Jan 17, 2024
original filing

Summary

Monarch Capital Management Inc reported $330M in U.S.-listed holdings across 112 positions for Q4 2023.

Its largest position, MSFT, represents 5.9% of the portfolio.

Compared with Q3 2023, the fund opened 4 new positions and exited 1.

Portfolio Metrics

Turnover
+1.9%
vs prior filed quarter
Top-10 Concentration
+35.1%
share of reported value
Largest Position
+5.9%
Microsoft
New / Exited
4 / 1
positions this quarter

Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.

Reported Value by Quarter

13F Reported Value
Q4 ’18: $247MQ4 ’18Q1 ’19: $276MQ2 ’19: $280MQ3 ’19: $286MQ4 ’19: $306MQ4 ’19Q1 ’20: $245MQ2 ’20: $274MQ3 ’20: $288MQ4 ’20: $318MQ4 ’20Q1 ’21: $337MQ2 ’21: $350MQ3 ’21: $360MQ4 ’21: $390MQ4 ’21Q1 ’22: $378MQ2 ’22: $336MQ3 ’22: $307MQ4 ’22: $326MQ4 ’22Q1 ’23: $326MQ2 ’23: $330MQ3 ’23: $311MQ4 ’23: $330MQ4 ’23Q1 ’24: $354MQ2 ’24: $340MQ3 ’24: $371MQ4 ’24: $365MQ4 ’24Q1 ’25: $360MQ2 ’25: $372MQ3 ’25: $408MQ4 ’25: $407MQ4 ’25Q1 ’26: $409Mfilingsflow.com

Portfolio Composition

By security type
Common Stock: 93.3%Other: 4.4%ETP: 2.0%ADR: 0.3%
  • Common Stock · 93.3% · $308M
  • Other · 4.4% · $15M
  • ETP · 2.0% · $7M
  • ADR · 0.3% · $1M

Quarter-over-Quarter Changes full breakdown →

vs Q3 2023 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
DUTMOODYS CORPNEW+600600+$234,336$234,336
TSMTAIWAN SEMICONDUCTOR MFG LTDNEW+2.0K2.0K+$206,459$206,459
AMGNAMGEN INCNEW+710710+$204,495$204,495
AMZNAMAZON COM INCNEW+1.3K1.3K+$203,600$203,600
VODVODAFONE GROUP PLC NEWSOLD OUT−14.6K0−$138,323$0
BACVERIZON COMMUNICATIONS INCADDED+12.9K39.3K+$627,008$1M
TAT&T INCTRIMMED−17.7K19.7K−$230,824$330,113
CNRCANADIAN NATL RY COTRIMMED−7003.5K−$17,234$438,449

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q4 2023

49 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1MSFTMICROSOFT CORPhistory →COM5.88%$19M51.6K
2MRKMERCK & CO INChistory →COM3.94%$13M118.7K
3AAPLAPPLE INChistory →COM3.91%$13M67.0K
4MCDMCDONALDS CORPhistory →COM3.63%$12M40.4K
5HDHOME DEPOT INChistory →COM3.61%$12M34.4K
6LKFNLAKELAND FINL CORPhistory →COM3.23%$11M163.5K
7FELEFRANKLIN ELEC INChistory →COM3.09%$10M105.6K
8ADPAUTOMATIC DATA PROCESSING INhistory →COM2.74%$9M38.7K
9ABBVABBVIE INChistory →COM2.55%$8M54.3K
10JNJJOHNSON & JOHNSONhistory →COM2.54%$8M53.4K
11WMTWALMART INChistory →COM2.52%$8M52.7K
12GOOGALPHABET INCCAP STK CL C · CAP STK CL A2.18%$7M51.1K
13CSCOCISCO SYS INChistory →COM2.17%$7M141.8K
14PGPROCTER AND GAMBLE COhistory →COM2.15%$7M48.5K
15KRKROGER COhistory →COM2.04%$7M147.6K
16EMREMERSON ELEC COhistory →COM2.04%$7M69.0K
17KOCOCA COLA COhistory →COM1.97%$6M110.1K
18ACCENTURE PLC IRELANDSHS CLASS A1.92%$6M18.1K
19ABTABBOTT LABShistory →COM1.88%$6M56.4K
20PWRQUANTA SVCS INChistory →COM1.83%$6M28.0K
21USBUS BANCORP DELhistory →COM NEW1.73%$6M131.0K
22MEDTRONIC PLCSHS1.61%$5M64.1K
23AFLAFLAC INChistory →COM1.61%$5M64.4K
24EXMOCEXXON MOBIL CORPhistory →COM1.59%$5M52.6K
25SYKSTRYKER CORPORATIONhistory →COM1.58%$5M17.3K
26JPMJPMORGAN CHASE & COhistory →COM1.49%$5M29.0K
27SYYSYSCO CORPhistory →COM1.40%$5M63.0K
28INTCINTEL CORPhistory →COM1.35%$4M88.6K
29ZBHZIMMER BIOMET HOLDINGS INChistory →COM1.28%$4M34.7K
30FISVFISERV INChistory →COM1.23%$4M30.7K
31GILDGILEAD SCIENCES INChistory →COM1.21%$4M49.2K
32GPCGENUINE PARTS COhistory →COM1.18%$4M28.0K
33STLDSTEEL DYNAMICS INChistory →COM1.16%$4M32.3K
34MMM3M COhistory →COM1.10%$4M33.3K
35NEENEXTERA ENERGY INChistory →COM1.07%$4M58.3K
36PFEPFIZER INCCOM0.95%$3M108.5K
37CINFCINCINNATI FINL CORPCOM0.92%$3M29.1K
38WBAWALGREENS BOOTS ALLIANCE INCCOM0.91%$3M115.2K
39UPSUNITED PARCEL SERVICE INCCL B0.89%$3M18.7K
40FFIVF5 INCCOM0.89%$3M16.3K
41VANGUARD MALVERN FDSSTRM INFPROIDX0.80%$3M55.4K
42VANGUARD INTL EQUITY INDEX FFTSE EMR MKT ETF0.73%$2M58.5K
43FLSFLOWSERVE CORPCOM0.71%$2M56.8K
44CARRCARRIER GLOBAL CORPORATIONCOM0.70%$2M40.3K
45CHVCHEVRON CORP NEWCOM0.66%$2M14.5K
46BRK/BBERKSHIRE HATHAWAY INC DELCL B NEW0.64%$2M5.9K
47DISDISNEY WALT COCOM0.61%$2M22.3K
48DYHTARGET CORPCOM0.60%$2M14.0K
49APDAIR PRODS & CHEMS INCCOM0.54%$2M6.5K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$409M127Apr 16, 202613F-HRchanges · EDGAR ↗
Q4 2025$407M124Jan 23, 202613F-HRchanges · EDGAR ↗
Q3 2025$408M122Oct 20, 202513F-HRchanges · EDGAR ↗
Q2 2025$372M117Aug 20, 202513F-HRchanges · EDGAR ↗
Q1 2025$360M115Apr 15, 202513F-HRchanges · EDGAR ↗
Q4 2024$365M114Jan 15, 202513F-HRchanges · EDGAR ↗
Q3 2024$371M118Oct 16, 202413F-HRchanges · EDGAR ↗
Q2 2024$340M114Jul 24, 202413F-HRchanges · EDGAR ↗
Q1 2024$354M116Apr 25, 202413F-HRchanges · EDGAR ↗
Q4 2023$330M112Jan 17, 202413F-HRchanges · EDGAR ↗
Q3 2023$311M109Nov 2, 202313F-HRchanges · EDGAR ↗
Q2 2023$330M111Aug 1, 202313F-HRchanges · EDGAR ↗
Q1 2023$326M111Apr 25, 202313F-HRchanges · EDGAR ↗
Q4 2022$326M109Jan 26, 202313F-HRchanges · EDGAR ↗
Q3 2022$307M113Oct 20, 202213F-HRchanges · EDGAR ↗
Q2 2022$336M121Jul 20, 202213F-HRchanges · EDGAR ↗
Q1 2022$378M123Apr 20, 202213F-HRchanges · EDGAR ↗
Q4 2021$390M123Jan 19, 202213F-HRchanges · EDGAR ↗
Q3 2021$360M118Nov 4, 202113F-HRchanges · EDGAR ↗
Q2 2021$350M111Jul 22, 202113F-HRchanges · EDGAR ↗
Q1 2021$337M110Apr 27, 202113F-HRchanges · EDGAR ↗
Q4 2020$318M104Jan 26, 202113F-HRchanges · EDGAR ↗
Q3 2020$288M99Oct 22, 202013F-HRchanges · EDGAR ↗
Q2 2020$274M94Jul 23, 202013F-HRchanges · EDGAR ↗
Q1 2020$245M90Apr 30, 202013F-HRchanges · EDGAR ↗
Q4 2019$306M104Jan 28, 202013F-HRchanges · EDGAR ↗
Q3 2019$286M98Oct 30, 201913F-HRchanges · EDGAR ↗
Q2 2019$280M99Jul 31, 201913F-HRchanges · EDGAR ↗
Q1 2019$276M98May 1, 201913F-HRchanges · EDGAR ↗
Q4 2018$247M92Jan 23, 201913F-HRchanges · EDGAR ↗

13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.