CIK: 0001259969
Total reported value
$3.6B
Reporting period: 2026-03-31 · Number of holdings: 1760
FARMERS & MERCHANTS INVESTMENTS INC disclosed 1760 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $3.6B and a quarterly turnover rate of 9.1%.
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Farmers & Merchants Investments INC's disclosed holdings carry a Herfindahl concentration index of 0.021 — mathematically equivalent to about 49 equally-sized positions, well below its 1760 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 5.93), with a handful of outsized bets alongside many smaller positions.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Sector classification currently covers about 43% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Trim MSFT
+4.0% -$25.9M
Add XOM
+0.7% $13.4M
Add VEA
+2.8% $12.1M
Trim ORCL
+2.3% -$9.1M
Add IJR
+2.6% $8.7M
Trim AVGO
-0.5% -$8.2M
Showing top 200 holdings (of 1760 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | IVV | Ishares Core S&p 500 ETF | ETF-Large Cap & Growth | 6.99% | -0.21% | +2.00% | |
| 2 | VEA | Vanguard Ftse Developed ETF | ETF-Other | 6.45% | +0.32% | +2.82% | |
| 3 | NNI | Nelnet Inc-cl A | Stock-Other | 4.21% | -0.14% | — | |
| 4 | IJR | Ishares Core S&p Small-cap E | ETF-Small Cap | 4.16% | +0.23% | +2.62% | |
| 5 | IJH | Ishares Core S&p Midcap ETF | ETF-Other | 3.51% | +0.17% | +2.90% | |
| 6 | AAPL | Apple INC | Stock-Tech | 3.08% | -0.14% | +2.82% | |
| 7 | MSFT | Microsoft CORP | Stock-Tech | 2.79% | -0.72% | +3.97% | |
| 8 | VWO | Vanguard Ftse Emerging Marke | ETF-Emerging Markets | 2.13% | — | -0.51% | |
| 9 | AVGO | Broadcom INC | Stock-Tech | 1.82% | -0.23% | -0.50% | |
| 10 | BND | Vanguard Total Bond Market | ETF-Other | 1.64% | — | +2.62% | |
| 11 | BRK-B | Berkshire Hathaway Inc-cl B | Stock-Other | 1.47% | — | +8.45% | |
| 12 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 1.44% | -0.11% | +1.10% | |
| 13 | WMT | Walmart INC | Stock-Consumer Staples | 1.44% | +0.12% | -2.70% | |
| 14 | SLQD | Ishares 0-5 Yr Inv Grd CORP | ETF-Other | 1.35% | — | +0.28% | |
| 15 | WCC | Wesco International INC | Stock-Industrials | 1.33% | +0.12% | -1.75% | |
| 16 | APH | Amphenol Corp-cl A | Stock-Tech | 1.27% | -0.06% | +2.61% | |
| 17 | XOM | Exxon Mobil CORP | Stock-Energy | 1.25% | +0.37% | +0.69% | |
| 18 | JPM | Jpmorgan Chase & Co | Stock-Financials | 1.24% | -0.10% | +1.52% | |
| 19 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 1.17% | -0.07% | +3.19% | |
| 20 | LLY | Eli Lilly & Co | Stock-Healthcare | 1.14% | -0.18% | +1.63% | |
| 21 | AMD | Advanced Micro Devices | Stock-Tech | 1.09% | — | +1.66% | |
| 22 | JNJ | Johnson & Johnson | Stock-Healthcare | 1.06% | +0.17% | +0.49% | |
| 23 | AMZN | Amazon.com INC | Stock-Consumer Disc | 0.93% | — | +7.04% | |
| 24 | NVDA | Nvidia CORP | Stock-Tech | 0.89% | — | +3.85% | |
| 25 | TSM | Taiwan Semiconductor-sp Adr | Stock-Tech | 0.87% | +0.10% | +1.85% | |
| 26 | ORCL | Oracle CORP | Stock-Tech | 0.85% | -0.25% | +2.35% | |
| 27 | LOW | Lowe's Cos INC | Stock-Consumer Disc | 0.83% | — | +0.77% | |
| 28 | GS | Goldman Sachs Group INC | Stock-Financials | 0.76% | — | +1.45% | |
| 29 | BRK-A | Berkshire Hathaway Inc-cl A | Stock-Other | 0.75% | — | — | |
| 30 | PEP | Pepsico INC | Stock-Consumer Staples | 0.73% | +0.08% | +2.77% | |
| 31 | EMR | Emerson Electric Co | Stock-Industrials | 0.66% | — | +0.94% | |
| 32 | CSCO | Cisco Systems INC | Stock-Tech | 0.65% | — | +1.01% | |
| 33 | CVX | Chevron CORP | Stock-Energy | 0.63% | +0.17% | +0.63% | |
| 34 | RTX | Rtx CORP | Stock-Industrials | 0.61% | — | -0.48% | |
| 35 | VOO | Vanguard S&p 500 ETF | ETF-Large Cap & Growth | 0.60% | — | -0.30% | |
| 36 | VCSH | Vanguard S/t CORP Bond ETF | ETF-Corp Bonds | 0.60% | +0.07% | +13.99% | |
| 37 | MCD | Mcdonald's CORP | Stock-Consumer Disc | 0.58% | — | +0.72% | |
| 38 | V | Visa Inc-class A Shares | Stock-Financials | 0.57% | -0.08% | +1.83% | |
| 39 | APD | Air Products & Chemicals INC | Stock-Materials | 0.56% | +0.08% | +0.35% | |
| 40 | TXN | Texas Instruments INC | Stock-Tech | 0.55% | +0.06% | +1.77% | |
| 41 | UNP | Union Pacific CORP | Stock-Industrials | 0.55% | — | +2.96% | |
| 42 | BAC | Bank Of America CORP | Stock-Financials | 0.55% | — | +4.34% | |
| 43 | PG | Procter & Gamble Co/the | Stock-Consumer Staples | 0.54% | — | +1.02% | |
| 44 | CVS | Cvs Health CORP | Stock-Healthcare | 0.52% | — | +2.22% | |
| 45 | ABT | Abbott Laboratories | Stock-Healthcare | 0.50% | -0.10% | +2.92% | |
| 46 | CAT | Caterpillar INC | Stock-Industrials | 0.50% | +0.10% | +2.23% | |
| 47 | IWM | Ishares Russell 2000 ETF | ETF-Small Cap | 0.49% | — | -0.32% | |
| 48 | ABBV | Abbvie INC | Stock-Healthcare | 0.49% | — | +1.74% | |
| 49 | VTIP | Vanguard Short-term Tips | ETF-Other | 0.48% | — | +8.58% | |
| 50 | COST | Costco Wholesale CORP | Stock-Consumer Staples | 0.48% | +0.06% | -0.12% |
Performance for Q3 2026
+2.9%
Performance Last 4 Quarters
+22.2%
Based on 64% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 1760 | $3.6B | 9 | |
| 2025-12-31 | 1721 | $3.6B | 9 | |
| 2025-09-30 | 1737 | $3.5B | 18 | |
| 2025-06-30 | 1729 | $3.4B | 0 | |
| 2025-03-31 | 1747 | $3.1B | 100 | |
| 2024-12-31 | 1774 | $3.2B | 0 | |
| 2024-09-30 | 1793 | $3.2B | 0 | |
| 2024-06-30 | 1777 | $3.0B | 0 | |
| 2024-03-31 | 1740 | $3.0B | 0 | |
| 2023-12-31 | 1754 | $2.7B | 0 | |
| 2023-09-30 | 1755 | $2.5B | 0 | |
| 2023-06-30 | 1763 | $2.7B | 0 | |
| 2023-03-31 | 1744 | $2.5B | 0 | |
| 2022-12-31 | 1767 | $2.4B | 0 | |
| 2022-09-30 | 1730 | $2.2B | 0 | |
| 2022-06-30 | 963 | $2.3B | 0 | |
| 2022-03-31 | 970 | $2.6B | 0 | |
| 2021-12-31 | 991 | $2.7B | 0 | |
| 2021-09-30 | 1005 | $2.4B | 0 | |
| 2021-06-30 | 943 | $2.2B | 97 | |
| 2021-03-31 | 844 | $2.1B | 11 | |
| 2020-12-31 | 840 | $1.9B | 16 | |
| 2020-09-30 | 832 | $1.7B | 12 | |
| 2020-06-30 | 847 | $1.5B | 19 | |
| 2020-03-31 | 838 | $1.3B | 26 | |
| 2019-12-31 | 855 | $1.6B | 9 | |
| 2019-09-30 | 850 | $1.6B | 9 | |
| 2019-06-30 | 855 | $1.6B | 10 | |
| 2019-03-31 | 850 | $1.5B | 16 | |
| 2018-12-31 | 823 | $1.3B | 16 | |
| 2018-09-30 | 847 | $1.5B | 10 | |
| 2018-06-30 | 857 | $1.4B | 9 | |
| 2018-03-31 | 840 | $1.3B | 9 | |
| 2017-12-31 | 857 | $1.4B | 12 | |
| 2017-09-30 | 855 | $1.3B | 11 | |
| 2017-06-30 | 843 | $1.2B | 10 | |
| 2017-03-31 | 741 | $1.1B | 15 | |
| 2016-12-31 | 798 | $1.1B | 18 | |
| 2016-09-30 | 747 | $954.3M | 16 | |
| 2016-06-30 | 721 | $894.6M | 11 | |
| 2016-03-31 | 738 | $860.5M | 14 | |
| 2015-12-31 | 732 | $798.7M | 16 | |
| 2015-09-30 | 740 | $732.2M | 17 | |
| 2015-06-30 | 758 | $787.3M | 11 | |
| 2015-03-31 | 759 | $793.9M | 11 | |
| 2014-12-31 | 688 | $799.8M | 11 | |
| 2014-09-30 | 706 | $752.7M | 7 | |
| 2014-06-30 | 666 | $750.3M | 9 | |
| 2014-03-31 | 667 | $715.6M | 10 | |
| 2013-12-31 | 686 | $694.9M | 12 | |
| 2013-09-30 | 655 | $629.9M | 14 | |
| 2013-06-30 | 623 | $649.5M | 0 |
Farmers & Merchants Investments INC's most significant position changes for 2026-03-31: Add: Microsoft CORP (MSFT) — shares +3.97%; Add: Exxon Mobil CORP (XOM) — shares +0.69%; Add: Vanguard Ftse Developed ETF (VEA) — shares +2.82%; Add: Oracle CORP (ORCL) — shares +2.35%; Add: Ishares Core S&p Small-cap E (IJR) — shares +2.62%.
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | XOM | Exxon Mobil CORP | +0.4% | +0.69% | Add |
| 2 | VEA | Vanguard Ftse Developed ETF | +0.3% | +2.82% | Add |
| 3 | IJR | Ishares Core S&p Small-cap E | +0.2% | +2.62% | Add |
| 4 | IJH | Ishares Core S&p Midcap ETF | +0.2% | +2.90% | Add |
| 5 | CVX | Chevron CORP | +0.2% | +0.63% | Add |
| 6 | JNJ | Johnson & Johnson | +0.2% | +0.49% | Add |
| 7 | OXY | Occidental Petroleum CORP | +0.2% | +1.45% | Add |
| 8 | WCC | Wesco International INC | +0.1% | -1.75% | Trim |
| 9 | WMT | Walmart INC | +0.1% | -2.70% | Trim |
| 10 | CAT | Caterpillar INC | +0.1% | +2.23% | Add |
| 11 | COP | Conocophillips | +0.1% | -0.26% | Trim |
| 12 | DELL | Dell Technologies -c | +0.1% | -0.50% | Trim |
| 13 | TSM | Taiwan Semiconductor-sp Adr | +0.1% | +1.85% | Add |
| 14 | ASML | ASML Holding N.V. | +0.1% | +3.66% | Add |
| 15 | APD | Air Products & Chemicals INC | +0.1% | +0.35% | Add |
| 16 | ROST | Ross Stores INC | +0.1% | -1.06% | Trim |
| 17 | PEP | Pepsico INC | +0.1% | +2.77% | Add |
| 18 | VZ | Verizon Communications INC | +0.1% | +1.93% | Add |
| 19 | VCSH | Vanguard S/t CORP Bond ETF | +0.1% | +13.99% | Add |
| 20 | TXN | Texas Instruments INC | +0.1% | +1.77% | Add |
| 21 | COST | Costco Wholesale CORP | +0.1% | -0.12% | Trim |
| 22 | LIN | Linde plc | +0.1% | -0.19% | Trim |
| 23 | ENB | Enbridge INC | +0.1% | +2.51% | Add |
| 24 | MRK | Merck & Co. INC. | +0.1% | +1.45% | Add |
| 25 | MBB | Ishares Mbs ETF | +0.1% | +16.16% | Add |
| 26 | PSX | Phillips 66 | +0.1% | -0.56% | Trim |
| 27 | FDX | Fedex CORP | +0.1% | +0.11% | Add |
| 28 | PANW | Palo Alto Networks INC | -0.1% | +2.49% | Add |
| 29 | NKE | Nike INC -cl B | -0.1% | +3.93% | Add |
| 30 | DIS | Walt Disney Co/the | -0.1% | +2.19% | Add |
| 31 | APH | Amphenol Corp-cl A | -0.1% | +2.61% | Add |
| 32 | WFC | Wells Fargo & Co | -0.1% | -4.30% | Trim |
| 33 | ADP | Automatic Data Processing | -0.1% | -0.99% | Trim |
| 34 | GOOG | Alphabet Inc-cl C | -0.1% | +3.19% | Add |
| 35 | QCOM | Qualcomm INC | -0.1% | -1.94% | Trim |
| 36 | V | Visa Inc-class A Shares | -0.1% | +1.83% | Add |
| 37 | ROP | Roper Technologies INC | -0.1% | +3.32% | Add |
| 38 | UNH | Unitedhealth Group INC | -0.1% | +1.60% | Add |
| 39 | JPM | Jpmorgan Chase & Co | -0.1% | +1.52% | Add |
| 40 | ABT | Abbott Laboratories | -0.1% | +2.92% | Add |
| 41 | GOOGL | Alphabet Inc-cl A | -0.1% | +1.10% | Add |
| 42 | COF | Capital One Financial CORP | -0.1% | +1.73% | Add |
| 43 | NNI | Nelnet Inc-cl A | -0.1% | — | Unchanged |
| 44 | AAPL | Apple INC | -0.1% | +2.82% | Add |
| 45 | ICLR | ICON Public Limited Company | -0.2% | +3.04% | Add |
| 46 | LLY | Eli Lilly & Co | -0.2% | +1.63% | Add |
| 47 | IVV | Ishares Core S&p 500 ETF | -0.2% | +2.00% | Add |
| 48 | AVGO | Broadcom INC | -0.2% | -0.50% | Trim |
| 49 | ORCL | Oracle CORP | -0.3% | +2.35% | Add |
| 50 | MSFT | Microsoft CORP | -0.7% | +3.97% | Add |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-04-23 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-03 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-10-17 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-07-14 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-04-16 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-01-28 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-10-25 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-05 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-04-18 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-01-23 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-10-25 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-08-01 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-12 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-02 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-10-31 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-07-28 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-04-19 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-01-14 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-10-21 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-07-16 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-04-14 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-01-20 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-10-19 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-07-21 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-04-16 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-01-21 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2019-10-18 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-07-24 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-04-26 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-01-24 | 13F-HR | View on EDGAR |
| 2018-09-30 | 2018-10-30 | 13F-HR | View on EDGAR |
| 2018-06-30 | 2018-07-23 | 13F-HR | View on EDGAR |
| 2018-03-31 | 2018-04-17 | 13F-HR | View on EDGAR |
| 2017-12-31 | 2018-01-26 | 13F-HR | View on EDGAR |
| 2017-09-30 | 2017-10-19 | 13F-HR | View on EDGAR |
| 2017-06-30 | 2017-07-21 | 13F-HR | View on EDGAR |
| 2017-03-31 | 2017-04-18 | 13F-HR | View on EDGAR |
| 2016-12-31 | 2017-01-26 | 13F-HR | View on EDGAR |
| 2016-09-30 | 2016-10-19 | 13F-HR | View on EDGAR |
| 2016-06-30 | 2016-07-18 | 13F-HR | View on EDGAR |
| 2016-03-31 | 2016-05-02 | 13F-HR | View on EDGAR |
| 2015-12-31 | 2016-02-02 | 13F-HR | View on EDGAR |
| 2015-09-30 | 2015-10-29 | 13F-HR | View on EDGAR |
| 2015-06-30 | 2015-08-05 | 13F-HR | View on EDGAR |
| 2015-03-31 | 2015-04-14 | 13F-HR | View on EDGAR |
| 2014-12-31 | 2015-01-22 | 13F-HR | View on EDGAR |
| 2014-09-30 | 2014-10-24 | 13F-HR | View on EDGAR |
| 2014-06-30 | 2014-07-16 | 13F-HR | View on EDGAR |
| 2014-03-31 | 2014-04-23 | 13F-HR | View on EDGAR |
| 2013-12-31 | 2014-02-12 | 13F-HR | View on EDGAR |
| 2013-09-30 | 2013-10-28 | 13F-HR | View on EDGAR |
| 2013-06-30 | 2013-07-26 | 13F-HR | View on EDGAR |
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