13F Filing: Goelzer Investment Management Reports $1.88B in Holdings
Goelzer Investment Management, Inc.
Filing Summary
13F Filing: Goelzer Investment Management Reports $1.88B in Holdings
Institution: Goelzer Investment Management, Inc. Form: 13F-HR | Filed: 2025-10-14 Significance: Medium
Holdings Summary: • Total Value: $1,887,004,744 • Total Holdings: 247 • Period of Report: 2025-09-30
Key Insight: The filing reveals a highly concentrated position in Eli Lilly & Co. ($LLY), valued at over $415 million. This single holding represents approximately 22% of the firm's total reported assets.
Market Context: This quarterly filing provides a snapshot of the Indiana-based firm's portfolio as of Q3 2025, showing significant conviction in the pharmaceutical giant, which is also headquartered in their home state. The data is valuable for tracking institutional sentiment but is backward-looking.
This is PUBLIC SEC data for educational purposes. Not investment advice.
Comprehensive Analysis
SEC Filing Analysis: Goelzer Investment Management, Inc. (13F-HR)
Executive Summary
- Trading Significance: Medium
- Key Takeaway: Goelzer Investment Management has disclosed a $1.88 billion portfolio with a remarkably high concentration in a single stock, Eli Lilly & Co. ($LLY), which constitutes over 22% of their reported assets.
- Market Impact: This filing provides a backward-looking view of institutional positioning as of September 30, 2025. While not an immediate market catalyst, it reaffirms strong institutional conviction in $LLY and highlights a significant concentration risk within this specific fund's strategy.
Filer Information
| Field | Value |
|---|---|
| Company | Goelzer Investment Management, Inc. |
| Ticker Symbol | null |
| CIK | 0001550057 |
| Location | Carmel, IN |
Holdings Summary
| Field | Value |
|---|---|
| Form Type | 13F-HR |
| Filing Date | 2025-10-14 |
| Period of Report | 2025-09-30 |
| Total Portfolio Value | $1,887,004,744 |
| Number of Holdings | 247 |
| Top Holding | Eli Lilly & Co. ($LLY) |
| Top Holding Value | $415,447,426 (22.0% of portfolio) |
Market Impact Analysis
Stock Impact Prediction
- Direction: Neutral to Bullish for $LLY.
- Reasoning: The disclosure of such a large, concentrated position by a sophisticated institutional manager can be seen as a strong vote of confidence in Eli Lilly's future prospects. However, as 13F data is up to 45 days old, the market may have already priced in similar institutional sentiment. The impact on the broader market is negligible.
Volume & Sentiment
- Expected Volume Impact: Low. 13F filings are routine and do not typically cause significant short-term volume spikes.
- Sentiment Indicator: Bullish on $LLY. The firm is making a significant, non-diversified bet, indicating high conviction.
Investment Insights
Positive Market Indicators
- High Conviction Bet: A 22% portfolio allocation to a single stock is a sign of extremely high conviction from the investment manager.
- Institutional Validation: Provides validation for other investors who are bullish on Eli Lilly.
- Diversified Elsewhere: Beyond the top holding, the portfolio is spread across 246 other positions, indicating a core-satellite strategy.
Risk Factors
- Concentration Risk: The fund's performance is heavily dependent on the performance of $LLY. Any negative news or downturn for Eli Lilly would disproportionately affect Goelzer's portfolio.
- Backward-Looking Data: The holdings are as of September 30, 2025. The firm could have altered its position since then.
- Potential 'Window Dressing': While unlikely to be the sole reason, funds sometimes adjust holdings at the end of a quarter for reporting purposes.
Key Takeaways
- Major Local Bet: Indiana-based Goelzer Investment Management holds an outsized $415M position in fellow Indiana-based company Eli Lilly.
- Significant AUM: The firm is a substantial player with nearly $1.9 billion in reported assets.
- Strategy Insight: The filing suggests a core-satellite investment strategy with a highly concentrated core position and a diversified set of smaller holdings.
Contextual Analysis
Timing Significance
This is a standard quarterly holdings report filed under Section 13(f) of the Securities Exchange Act of 1934. It is filed within 45 days of the quarter's end, as required by law. Its significance lies in trend analysis over multiple quarters rather than as a single-day trading signal.
Company Context
Goelzer Investment Management, Inc. is an investment advisory firm based in Carmel, Indiana. Their significant holding in Eli Lilly & Co., also headquartered in Indiana, may suggest a strategy based on deep regional expertise and local economic conviction.
Risk Assessment
Portfolio Risk Level: High
Risk Factors
- Idiosyncratic Risk: The portfolio's high concentration in $LLY exposes it to company-specific risks (e.g., clinical trial failures, patent expirations, regulatory changes).
- Sector Risk: A significant portion of the portfolio's fate is tied to the performance of the pharmaceutical sector.
- Information Lag: Investors acting on this information are doing so with a considerable time delay.
Market Considerations
- Investors tracking or replicating this manager's strategy must be comfortable with the high level of concentration.
- The performance of this fund will be a proxy for the performance of $LLY stock to a large degree.
- This filing can be used as a starting point for due diligence on the top holdings in Goelzer's portfolio.
IMPORTANT DISCLAIMER: This analysis is for informational purposes only and is not intended as investment advice. The information presented is based on publicly available SEC filings and should not be construed as a recommendation to buy, sell, or hold any securities. Past performance does not guarantee future results. All investments carry risk, including the potential loss of principal. Please consult with a qualified financial advisor before making any investment decisions.
Analysis generated on 2025-10-14 | Data source: SEC EDGAR
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Important Disclaimer
This content is drawn from public SEC filings and may contain errors. It is for informational purposes only and is not investment, legal, or tax advice.
Nothing here is a recommendation to buy, sell, or hold any security. Do your own due diligence.