Latest MONARCH CAPITAL MANAGEMENT INC/ Stock Portfolio

MONARCH CAPITAL MANAGEMENT INC/ Performance:

2025 Q4: 1.36%YTD: 9.22%2024: 11.82%

Performance for 2025 Q4 is 1.36%, and YTD is 9.22%, and 2024 is 11.82%.

About MONARCH CAPITAL MANAGEMENT INC/ and 13F Hedge Fund Stock Holdings

MONARCH CAPITAL MANAGEMENT INC is a hedge fund based in FORT WAYNE, IN. On 14-Mar-2023, the fund reported that it had an AUM (Regulated Assets under Management) of $409.1 Millions. In it's latest 13F Holdings report, MONARCH CAPITAL MANAGEMENT INC reported an equity portfolio of $406.8 Millions as of 31 Dec, 2025.

The top stock holdings of MONARCH CAPITAL MANAGEMENT INC are MSFT, AAPL, WMT. The fund has invested 5.7% of it's portfolio in MICROSOFT CORP and 4.2% of portfolio in APPLE INC.

The fund managers got completely rid off CORECARD CORPORATION (CCRD), ZIMVIE INC (ZIMV) and MONDELEZ INTL INC (MDLZ) stocks. They significantly reduced their stock positions in VANGUARD INDEX FDS (VB), ISHARES TR (DMXF) and CONOCOPHILLIPS (COP). MONARCH CAPITAL MANAGEMENT INC opened new stock positions in EURONET WORLDWIDE INC (EEFT), CARLISLE COS INC (CSL) and APPLIED MATLS INC (AMAT). The fund showed a lot of confidence in some stocks as they added substantially to SALESFORCE INC (CRM), NOVO-NORDISK A S and VANGUARD SCOTTSDALE FDS (BNDW).

MONARCH CAPITAL MANAGEMENT INC/ Annual Return Estimates Vs S&P 500

Our best estimate is that MONARCH CAPITAL MANAGEMENT INC made a return of 1.36% in the last quarter. In trailing 12 months, it's portfolio return was 9.22%.

Performance
S&P 500

New Buys

Ticker	$ Bought
euronet worldwide inc	2,281,320
carlisle cos inc	270,922
applied matls inc	249,281
progressive corp	204,948
strive inc	7,380

New stocks bought by MONARCH CAPITAL MANAGEMENT INC/

Additions

Ticker	% Inc.
salesforce inc	212
novo-nordisk a s	134
vanguard scottsdale fds	62.74
invesco exchange traded fd t	22.37
nvidia corporation	17.86
target corp	16.33
vanguard whitehall fds	16.11
amazon com inc	15.47

Additions to existing portfolio by MONARCH CAPITAL MANAGEMENT INC/

Reductions

Ticker	% Reduced
vanguard index fds	-48.65
ishares tr	-25.26
conocophillips	-16.66
norfolk southn corp	-11.39
eli lilly & co	-11.38
illinois tool wks inc	-8.99
ge aerospace	-8.41
quanta svcs inc	-7.99

MONARCH CAPITAL MANAGEMENT INC/ reduced stake in above stock

Sold off

Ticker	$ Sold
corecard corporation	-2,700,350
zimvie inc	-1,386,600
mondelez intl inc	-220,158

MONARCH CAPITAL MANAGEMENT INC/ got rid off the above stocks

Sector Distribution

MONARCH CAPITAL MANAGEMENT INC has about 17.7% of it's holdings in Healthcare sector.

Sector	%
Healthcare	17.7
Technology	17
Industrials	14.9
Consumer Defensive	12.8
Financial Services	9.6
Others	8.1
Consumer Cyclical	7
Communication Services	5.3
Basic Materials	2.9
Energy	2.4
Utilities	2.2

Market Cap. Distribution

MONARCH CAPITAL MANAGEMENT INC has about 85.3% of it's portfolio invested in the large-cap and mega-cap stocks.

Category	%
LARGE-CAP	45.5
MEGA-CAP	39.8
UNALLOCATED	8.1
MID-CAP	4.4
SMALL-CAP	2.2

Stocks belong to which Index?

About 90.1% of the stocks held by MONARCH CAPITAL MANAGEMENT INC either belong to S&P 500 or RUSSELL 2000 index.

Index	%
S&P 500	85.2
Others	9.9
RUSSELL 2000	4.9

Top 5 Winners (%)		%
HL	hecla mng co	58.6 %
LLY	eli lilly & co	38.5 %
REGN	regeneron pharmaceuticals	35.6 %
FLS	flowserve corp	29.9 %
GOOG	alphabet inc	28.4 %

Top 5 Winners ($)		$
GOOG	alphabet inc	2.7 M
MRK	merck & co inc	2.6 M
JNJ	johnson & johnson	1.3 M
CSCO	cisco sys inc	1.2 M
GOOG	alphabet inc	1.1 M

Top 5 Losers (%)		%
	fiserv inc	-46.6 %
ORCL	oracle corp	-30.7 %
FFIV	f5 inc	-20.9 %
KMB	kimberly-clark corp	-18.7 %
HD	home depot inc	-15.0 %

Top 5 Losers ($)		$
	fiserv inc	-2.4 M
HD	home depot inc	-2.0 M
MSFT	microsoft corp	-1.7 M
ADP	automatic data processing in	-1.3 M
LKFN	lakeland finl corp	-1.1 M

MONARCH CAPITAL MANAGEMENT INC/ Holdings Map

This heatmap illustrates the top 50 positions within the fund's portfolio.

Current Stock Holdings of MONARCH CAPITAL MANAGEMENT INC/

MONARCH CAPITAL MANAGEMENT INC has 124 stocks in it's portfolio. About 33.7% of the portfolio is in top 10 stocks. proved to be the most loss making stock for the portfolio. GOOG was the most profitable stock for MONARCH CAPITAL MANAGEMENT INC last quarter.

Last Reported on: 23 Jan, 2026

Ticker	Namesorted ascending	% Portfolio	Shares Held	$ Value	Type	% Change
AAPL	apple inc	4.19	62,763	17,062,800	reduced	-3.54

ABBV	abbvie inc	2.79	49,592	11,331,300	reduced	-1.75

ABT	abbott labs	1.67	54,265	6,798,860	reduced	-0.36

ACN	accenture plc ireland	1.19	18,045	4,841,470	reduced	-1.29

ADM	archer daniels midland co	0.30	21,446	1,232,930	added	8.04

ADP	automatic data processing in	2.24	35,298	9,132,670	added	0.79

AES	aes corp	0.49	139,431	1,999,440	added	5.19

AFL	aflac inc	1.54	56,982	6,283,410	reduced	-3.28

AMAT	applied matls inc	0.06	970	249,281	new

AMGN	amgen inc	0.06	760	248,756	unchanged	0.00

AMZN	amazon com inc	0.18	3,246	749,242	added	15.47

APD	air prods & chems inc	0.82	13,504	3,335,760	added	6.88

BKH	black hills corp	0.09	5,485	380,769	unchanged	0.00

BMY	bristol-myers squibb co	0.32	23,980	1,293,480	unchanged	0.00

BNDW	vanguard scottsdale fds	0.18	7,561	752,471	added	62.74

CARR	carrier global corporation	0.58	44,775	2,365,910	added	8.25

CAT	caterpillar inc	0.17	1,237	708,641	unchanged	0.00

CB	chubb limited	0.58	7,487	2,343,140	reduced	-0.53

CCRD	corecard corporation	0.00	0.00	0.00	sold off	-100

CHKP	check point software tech lt	0.16	3,439	638,141	added	7.27