Analyzing Goelzer Investment Management, Inc.'s Q3 2022 vs. Q4 2022 13F Holdings Changes

Goelzer Investment Management, Inc. Q3 2022 vs. Q4 2022 13F Holdings Comparison

Every quarter, institutional investment managers with over $100 million in assets under management are required to disclose their holdings in quarterly reports to the Securities and Exchange Commission (SEC), known as a 13F filing. These reports give investors insight into the holdings of these large investment firms and can provide valuable information about the investment strategies of these institutional investors.

Goelzer Investment Management, Inc., a registered investment advisor based in Indiana, recently filed their 13F report for the third and fourth quarters of 2022. This report contained data on their portfolio holdings between July 1, 2022, and December 31, 2022. In this blog post, we will analyze the changes in holdings of Goelzer Investment Management, Inc. and discuss what this data may indicate about their investment strategy.

The first thing to note about the 13F report is that Goelzer Investment Management, Inc. made significant changes to their portfolio during the second half of 2022. The total value of their holdings increased from $527 million at the end of Q3 to $577 million at the end of Q4. This corresponds to a 9.5% increase in asset value over this time period.

One of the most significant changes in Goelzer Investment Management, Inc.'s holdings was their investment in SPDR SER TR (SLYV). The number of shares held increased from 755,803 in Q3 to 774,794 in Q4, which represents a 13.3% increase in position size. Additionally, the value of the position increased from $50.7 million to $57.5 million, a 13.3% increase in value. This suggests that SLYV may be a stock that Goelzer Investment Management, Inc. has a strong bullish outlook on, and they may be increasing their holdings in anticipation of future growth.

Another notable change in Goelzer Investment Management, Inc.'s portfolio was their investment in Schab Strategic TR (SCHF). While they held no shares of SCHF in Q3, they acquired 1.3 million shares in Q4 with a total value of $42.4 million. This may indicate that the firm is bullish on international equities and sees potential for growth in this market.

In contrast, some of the stocks that Goelzer Investment Management, Inc. reduced their positions in included Apple Inc. (AAPL) and Ishares TR (IVV). The number of shares held in AAPL decreased from 179,216 in Q3 to 174,203 in Q4, and the value of the position decreased by 8.6%. Similarly, the number of shares held in IVV decreased from 148,186 in Q3 to 146,905 in Q4, and the value of the position decreased by 6.2%. This may suggest that the firm is bearish on the tech sector and the broader market as a whole.

One interesting aspect of the report is that Goelzer Investment Management, Inc. acquired a large position in Enbridge Inc (ENB.TO). The number of shares held increased from 218,664 in Q3 to 220,598 in Q4, and the value of the position increased from $8.1 million to $8.6 million, representing a 6.3% increase in position size. This may indicate that the firm sees potential in the energy sector and is bullish on ENB.TO specifically.

In addition to Enbridge Inc, Goelzer Investment Management, Inc. also increased their holdings in Air Prods & Chems Inc (APD) and Gentex Corp (GNTX) by 34% and 14.7%, respectively. This suggests that the firm sees potential in both the materials and industrials sectors.

Overall, the changes in Goelzer Investment Management, Inc.'s portfolio suggest that the firm is taking a cautious approach to the market. While they made some new investments, they were also reducing their positions in some of the more popular tech stocks. Additionally, they increased their exposure to international equities, energy, and materials, suggesting that the firm may see potential in these sectors in the coming months.

It's important to remember that 13F filings represent a snapshot in time and don't provide a complete picture of an investment firm's strategy. However, analyzing the changes in these reports can provide valuable insights into the investment strategies of institutional investors like Goelzer Investment Management, Inc. Investors can use this information to make more informed investment decisions and potentially identify new investment opportunities based on the research and analysis of these firms.