Institutional Manager · CIK 0001550057

Goelzer Investment Management, Inc.

CARMEL, IN · File #028-14976

Latest AUM

$2.16B

Positions

271

Top-10 Concentration

69.3%

Filings

Portfolio Value Over Time

2024-03

2024-06

2024-09

2024-12

2025-03

2025-06

2025-09

2025-12

Biggest QoQ Changes

Ranked by conviction flow (share change × current price) so mark-to-market moves don't dominate. Price effect column shows how much of the $ change was just the stock moving.

Action	Issuer	Ticker / CUSIP	Δ Shares	Flow ($)	Price Effect
ADD	ISHARES TR	464288240	+325,548	+$21.9M	+$210,905
ADD	FARMERS & MERCHANTS BANCORP	FMCB	+457,500	+$11.3M	-$7,994
ADD	ISHARES TR	464287200	+14,303	+$9.8M	+$4.0M
NEW	MBX BIOSCIENCES INC	MBX	+221,672	+$7.0M	$0
EXITED	INTERPUBLIC GROUP COS INC	460690100	-206,289	-$5.8M	$0
NEW	OMNICOM GROUP INC	OMC	+69,578	+$5.6M	$0
REDUCE	APOLLO GLOBAL MGMT INC	03769M106	-29,108	-$4.2M	+$397,846
ADD	ACCENTURE PLC IRELAND	ACN	+9,375	+$2.5M	+$169,565
REDUCE	CORNING INC	GLW	-26,991	-$2.4M	+$347,881
ADD	APPLE INC	AAPL	+8,158	+$2.2M	+$2.5M

Sector Allocation

31.5%$678.3M

10.4%$225.4M

3.9%$83.2M

3.3%$71.1M

Consumer Discretionary

2.3%$49.6M

Consumer Staples

1.9%$39.9M

Energy

1.8%$39.0M

Communication Services

1.3%$27.4M

Utilities

0.9%$20.2M

Materials

0.5%$11.7M

Real Estate

0.1%$2.7M

Filing History

Jan 14, 202613F HOLDINGS REPORTQ/E Dec 2025271 pos · $2.16B
Oct 14, 202513F HOLDINGS REPORTQ/E Sep 2025247 pos · $1.89B
Jul 9, 202513F HOLDINGS REPORTQ/E Jun 2025244 pos · $1.83B
Apr 29, 202513F HOLDINGS REPORT (Amended)Q/E Mar 2025237 pos · $1.73B
Apr 23, 202513F HOLDINGS REPORTQ/E Mar 2025228 pos · $1.70B
Jan 21, 202513F HOLDINGS REPORTQ/E Dec 2024235 pos · $1.72B
Oct 4, 202413F HOLDINGS REPORTQ/E Sep 2024225 pos · $1.82B
Aug 9, 202413F HOLDINGS REPORTQ/E Jun 2024226 pos · $1.79B
May 2, 202413F HOLDINGS REPORTQ/E Mar 2024239 pos · $1.77B
Nov 13, 202313F HOLDINGS REPORTQ/E Dec 2023222 pos · $1.42B

Top 20 Holdings — Dec 2025

#	Issuer	Ticker	Shares	Value	% of Portfolio
1	ELI LILLY & CO	LLY	542,867	$583.4M	34.86%
2	ISHARES TR	464287200	271,624	$186.0M	11.12%
3	SPDR SERIES TRUST	78464A300	879,145	$80.0M	4.78%
4	ISHARES TR	464287507	1,121,755	$74.0M	4.42%
5	SCHWAB STRATEGIC TR	808524805	1,840,603	$44.2M	2.64%
6	APPLE INC	AAPL	155,765	$42.3M	2.53%
7	J P MORGAN EXCHANGE TRADED F	46654Q575	809,486	$41.3M	2.47%
8	MICROSOFT CORP	MSFT	84,072	$40.7M	2.43%
9	BROADCOM INC	AVGO	107,858	$37.3M	2.23%
10	ALPHABET INC	GOOG	94,521	$29.7M	1.77%
11	ISHARES TR	464288240	425,029	$28.5M	1.70%
12	JPMORGAN CHASE & CO.	VYLD	66,060	$21.3M	1.27%
13	NVIDIA CORPORATION	NVDA	108,172	$20.2M	1.21%
14	ISHARES TR	464287804	162,703	$19.6M	1.17%
15	EXXON MOBIL CORP	XOM	160,855	$19.4M	1.16%
16	ISHARES TR	464288653	170,709	$17.4M	1.04%
17	EATON CORP PLC	ETN	49,457	$15.8M	0.94%
18	OMEGA HEALTHCARE INVS INC	681936100	338,476	$15.0M	0.90%
19	JANUS DETROIT STR TR	47103U852	325,991	$14.9M	0.89%
20	ABBVIE INC	ABBV	62,539	$14.3M	0.85%