CIK: 0001259969
申报总市值
US$36.2亿
申报季度: 2026-03-31 · 持股只数: 1760
FARMERS & MERCHANTS INVESTMENTS INC在最新一期 13F 报告中披露了 1760 项持股，申报期为 2026-03-31，总持股市值约为 US$36.2亿，季度换手率为 9.1%。
Farmers & Merchants Investments INC 目前披露的持仓，Herfindahl 集中度指数为 0.021——换算下来相当于约 49 个等权重仓位，明显低于其实际披露的 1760 只持仓。这一差距显示该机构的策略偏向集中在少数高信心仓位，而非广泛分散。
整体仓位大小差异较大（变异系数为 5.93），除少数重仓仓位外，还有许多规模较小的持仓。
最新申报季度中，并未观察到明显偏向加仓既有大仓位或大举建立新仓位的倾向。
目前行业板块分类约覆盖此投资组合披露价值的 43%；其余部分（例如未匹配板块的标的、期权或其他证券类型）尚未纳入板块分类范围。
减仓 MSFT
+4.0% -US$2594.9万
加仓 XOM
+0.7% US$1340.3万
加仓 VEA
+2.8% US$1212.0万
减仓 ORCL
+2.3% -US$907.0万
加仓 IJR
+2.6% US$873.5万
减仓 AVGO
-0.5% -US$816.8万
仅显示前 200 大持股（共 1760 只）
| # | 代码 | 标的名称 | 资产子类别 | 占比 | 占比变动 | 持仓量变化 | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | IVV | Ishares Core S&p 500 ETF | ETF-大型股与成长 | 6.99% | -0.21% | +2.00% | |
| 2 | VEA | Vanguard Ftse Developed ETF | ETF-其他 | 6.45% | +0.32% | +2.82% | |
| 3 | NNI | Nelnet Inc-cl A | 股票-其他 | 4.21% | -0.14% | — | |
| 4 | IJR | Ishares Core S&p Small-cap E | ETF-中小型股 | 4.16% | +0.23% | +2.62% | |
| 5 | IJH | Ishares Core S&p Midcap ETF | ETF-其他 | 3.51% | +0.17% | +2.90% | |
| 6 | AAPL | Apple INC | 股票-科技 | 3.08% | -0.14% | +2.82% | |
| 7 | MSFT | Microsoft CORP | 股票-科技 | 2.79% | -0.72% | +3.97% | |
| 8 | VWO | Vanguard Ftse Emerging Marke | ETF-新兴市场 | 2.13% | — | -0.51% | |
| 9 | AVGO | Broadcom INC | 股票-科技 | 1.82% | -0.23% | -0.50% | |
| 10 | BND | Vanguard Total Bond Market | ETF-其他 | 1.64% | — | +2.62% | |
| 11 | BRK-B | Berkshire Hathaway Inc-cl B | 股票-其他 | 1.47% | — | +8.45% | |
| 12 | GOOGL | Alphabet Inc-cl A | 股票-通信服务 | 1.44% | -0.11% | +1.10% | |
| 13 | WMT | Walmart INC | 股票-非周期性消费 | 1.44% | +0.12% | -2.70% | |
| 14 | SLQD | Ishares 0-5 Yr Inv Grd CORP | ETF-其他 | 1.35% | — | +0.28% | |
| 15 | WCC | Wesco International INC | 股票-工业 | 1.33% | +0.12% | -1.75% | |
| 16 | APH | Amphenol Corp-cl A | 股票-科技 | 1.27% | -0.06% | +2.61% | |
| 17 | XOM | Exxon Mobil CORP | 股票-能源 | 1.25% | +0.37% | +0.69% | |
| 18 | JPM | Jpmorgan Chase & Co | 股票-金融 | 1.24% | -0.10% | +1.52% | |
| 19 | GOOG | Alphabet Inc-cl C | 股票-通信服务 | 1.17% | -0.07% | +3.19% | |
| 20 | LLY | Eli Lilly & Co | 股票-医疗保健 | 1.14% | -0.18% | +1.63% | |
| 21 | AMD | Advanced Micro Devices | 股票-科技 | 1.09% | — | +1.66% | |
| 22 | JNJ | Johnson & Johnson | 股票-医疗保健 | 1.06% | +0.17% | +0.49% | |
| 23 | AMZN | Amazon.com INC | 股票-周期性消费 | 0.93% | — | +7.04% | |
| 24 | NVDA | Nvidia CORP | 股票-科技 | 0.89% | — | +3.85% | |
| 25 | TSM | Taiwan Semiconductor-sp Adr | 股票-科技 | 0.87% | +0.10% | +1.85% | |
| 26 | ORCL | Oracle CORP | 股票-科技 | 0.85% | -0.25% | +2.35% | |
| 27 | LOW | Lowe's Cos INC | 股票-周期性消费 | 0.83% | — | +0.77% | |
| 28 | GS | Goldman Sachs Group INC | 股票-金融 | 0.76% | — | +1.45% | |
| 29 | BRK-A | Berkshire Hathaway Inc-cl A | 股票-其他 | 0.75% | — | — | |
| 30 | PEP | Pepsico INC | 股票-非周期性消费 | 0.73% | +0.08% | +2.77% | |
| 31 | EMR | Emerson Electric Co | 股票-工业 | 0.66% | — | +0.94% | |
| 32 | CSCO | Cisco Systems INC | 股票-科技 | 0.65% | — | +1.01% | |
| 33 | CVX | Chevron CORP | 股票-能源 | 0.63% | +0.17% | +0.63% | |
| 34 | RTX | Rtx CORP | 股票-工业 | 0.61% | — | -0.48% | |
| 35 | VOO | Vanguard S&p 500 ETF | ETF-大型股与成长 | 0.60% | — | -0.30% | |
| 36 | VCSH | Vanguard S/t CORP Bond ETF | ETF-投资级公司债 | 0.60% | +0.07% | +13.99% | |
| 37 | MCD | Mcdonald's CORP | 股票-周期性消费 | 0.58% | — | +0.72% | |
| 38 | V | Visa Inc-class A Shares | 股票-金融 | 0.57% | -0.08% | +1.83% | |
| 39 | APD | Air Products & Chemicals INC | 股票-原材料 | 0.56% | +0.08% | +0.35% | |
| 40 | TXN | Texas Instruments INC | 股票-科技 | 0.55% | +0.06% | +1.77% | |
| 41 | UNP | Union Pacific CORP | 股票-工业 | 0.55% | — | +2.96% | |
| 42 | BAC | Bank Of America CORP | 股票-金融 | 0.55% | — | +4.34% | |
| 43 | PG | Procter & Gamble Co/the | 股票-非周期性消费 | 0.54% | — | +1.02% | |
| 44 | CVS | Cvs Health CORP | 股票-医疗保健 | 0.52% | — | +2.22% | |
| 45 | ABT | Abbott Laboratories | 股票-医疗保健 | 0.50% | -0.10% | +2.92% | |
| 46 | CAT | Caterpillar INC | 股票-工业 | 0.50% | +0.10% | +2.23% | |
| 47 | IWM | Ishares Russell 2000 ETF | ETF-中小型股 | 0.49% | — | -0.32% | |
| 48 | ABBV | Abbvie INC | 股票-医疗保健 | 0.49% | — | +1.74% | |
| 49 | VTIP | Vanguard Short-term Tips | ETF-其他 | 0.48% | — | +8.58% | |
| 50 | COST | Costco Wholesale CORP | 股票-非周期性消费 | 0.48% | +0.06% | -0.12% |
Q3 2026表现
+2.9%
近4个季度表现
+22.2%
基于可获取价格的持仓（占申报价值的64%）计算
| 季度 | 持股只数 | 总市值 | 稳定性 | 主要持股 |
|---|---|---|---|---|
| 2026-03-31 | 1760 | US$36.2亿 | 9 | |
| 2025-12-31 | 1721 | US$36.2亿 | 9 | |
| 2025-09-30 | 1737 | US$35.3亿 | 18 | |
| 2025-06-30 | 1729 | US$34.3亿 | 0 | |
| 2025-03-31 | 1747 | US$31.5亿 | 100 | |
| 2024-12-31 | 1774 | US$31.9亿 | 0 | |
| 2024-09-30 | 1793 | US$32.2亿 | 0 | |
| 2024-06-30 | 1777 | US$30.0亿 | 0 | |
| 2024-03-31 | 1740 | US$29.6亿 | 0 | |
| 2023-12-31 | 1754 | US$27.4亿 | 0 | |
| 2023-09-30 | 1755 | US$25.5亿 | 0 | |
| 2023-06-30 | 1763 | US$26.5亿 | 0 | |
| 2023-03-31 | 1744 | US$25.1亿 | 0 | |
| 2022-12-31 | 1767 | US$24.3亿 | 0 | |
| 2022-09-30 | 1730 | US$22.2亿 | 0 | |
| 2022-06-30 | 963 | US$23.4亿 | 0 | |
| 2022-03-31 | 970 | US$26.4亿 | 0 | |
| 2021-12-31 | 991 | US$26.8亿 | 0 | |
| 2021-09-30 | 1005 | US$23.7亿 | 0 | |
| 2021-06-30 | 943 | US$22.3亿 | 97 | |
| 2021-03-31 | 844 | US$20.9亿 | 11 | |
| 2020-12-31 | 840 | US$19.3亿 | 16 | |
| 2020-09-30 | 832 | US$16.7亿 | 12 | |
| 2020-06-30 | 847 | US$15.3亿 | 19 | |
| 2020-03-31 | 838 | US$13.1亿 | 26 | |
| 2019-12-31 | 855 | US$16.3亿 | 9 | |
| 2019-09-30 | 850 | US$15.9亿 | 9 | |
| 2019-06-30 | 855 | US$15.6亿 | 10 | |
| 2019-03-31 | 850 | US$14.9亿 | 16 | |
| 2018-12-31 | 823 | US$13.2亿 | 16 | |
| 2018-09-30 | 847 | US$14.7亿 | 10 | |
| 2018-06-30 | 857 | US$13.8亿 | 9 | |
| 2018-03-31 | 840 | US$13.3亿 | 9 | |
| 2017-12-31 | 857 | US$13.7亿 | 12 | |
| 2017-09-30 | 855 | US$12.7亿 | 11 | |
| 2017-06-30 | 843 | US$12.0亿 | 10 | |
| 2017-03-31 | 741 | US$11.3亿 | 15 | |
| 2016-12-31 | 798 | US$10.9亿 | 18 | |
| 2016-09-30 | 747 | US$9.5亿 | 16 | |
| 2016-06-30 | 721 | US$8.9亿 | 11 | |
| 2016-03-31 | 738 | US$8.6亿 | 14 | |
| 2015-12-31 | 732 | US$8.0亿 | 16 | |
| 2015-09-30 | 740 | US$7.3亿 | 17 | |
| 2015-06-30 | 758 | US$7.9亿 | 11 | |
| 2015-03-31 | 759 | US$7.9亿 | 11 | |
| 2014-12-31 | 688 | US$8.0亿 | 11 | |
| 2014-09-30 | 706 | US$7.5亿 | 7 | |
| 2014-06-30 | 666 | US$7.5亿 | 9 | |
| 2014-03-31 | 667 | US$7.2亿 | 10 | |
| 2013-12-31 | 686 | US$6.9亿 | 12 | |
| 2013-09-30 | 655 | US$6.3亿 | 14 | |
| 2013-06-30 | 623 | US$6.5亿 | 0 |
Farmers & Merchants Investments INC 在 2026-03-31 最显著的持仓异动： 加仓: Microsoft CORP (MSFT) — 股数 +3.97%; 加仓: Exxon Mobil CORP (XOM) — 股数 +0.69%; 加仓: Vanguard Ftse Developed ETF (VEA) — 股数 +2.82%; 加仓: Oracle CORP (ORCL) — 股数 +2.35%; 加仓: Ishares Core S&p Small-cap E (IJR) — 股数 +2.62%.
| # | 代码 | 标的名称 | 占比变动 | 持仓量变化 | 异动类型 |
|---|---|---|---|---|---|
| 1 | XOM | Exxon Mobil CORP | +0.4% | +0.69% | 加仓 |
| 2 | VEA | Vanguard Ftse Developed ETF | +0.3% | +2.82% | 加仓 |
| 3 | IJR | Ishares Core S&p Small-cap E | +0.2% | +2.62% | 加仓 |
| 4 | IJH | Ishares Core S&p Midcap ETF | +0.2% | +2.90% | 加仓 |
| 5 | CVX | Chevron CORP | +0.2% | +0.63% | 加仓 |
| 6 | JNJ | Johnson & Johnson | +0.2% | +0.49% | 加仓 |
| 7 | OXY | Occidental Petroleum CORP | +0.2% | +1.45% | 加仓 |
| 8 | WCC | Wesco International INC | +0.1% | -1.75% | 减仓 |
| 9 | WMT | Walmart INC | +0.1% | -2.70% | 减仓 |
| 10 | CAT | Caterpillar INC | +0.1% | +2.23% | 加仓 |
| 11 | COP | Conocophillips | +0.1% | -0.26% | 减仓 |
| 12 | DELL | Dell Technologies -c | +0.1% | -0.50% | 减仓 |
| 13 | TSM | Taiwan Semiconductor-sp Adr | +0.1% | +1.85% | 加仓 |
| 14 | ASML | ASML Holding N.V. | +0.1% | +3.66% | 加仓 |
| 15 | APD | Air Products & Chemicals INC | +0.1% | +0.35% | 加仓 |
| 16 | ROST | Ross Stores INC | +0.1% | -1.06% | 减仓 |
| 17 | PEP | Pepsico INC | +0.1% | +2.77% | 加仓 |
| 18 | VZ | Verizon Communications INC | +0.1% | +1.93% | 加仓 |
| 19 | VCSH | Vanguard S/t CORP Bond ETF | +0.1% | +13.99% | 加仓 |
| 20 | TXN | Texas Instruments INC | +0.1% | +1.77% | 加仓 |
| 21 | COST | Costco Wholesale CORP | +0.1% | -0.12% | 减仓 |
| 22 | LIN | Linde plc | +0.1% | -0.19% | 减仓 |
| 23 | ENB | Enbridge INC | +0.1% | +2.51% | 加仓 |
| 24 | MRK | Merck & Co. INC. | +0.1% | +1.45% | 加仓 |
| 25 | MBB | Ishares Mbs ETF | +0.1% | +16.16% | 加仓 |
| 26 | PSX | Phillips 66 | +0.1% | -0.56% | 减仓 |
| 27 | FDX | Fedex CORP | +0.1% | +0.11% | 加仓 |
| 28 | PANW | Palo Alto Networks INC | -0.1% | +2.49% | 加仓 |
| 29 | NKE | Nike INC -cl B | -0.1% | +3.93% | 加仓 |
| 30 | DIS | Walt Disney Co/the | -0.1% | +2.19% | 加仓 |
| 31 | APH | Amphenol Corp-cl A | -0.1% | +2.61% | 加仓 |
| 32 | WFC | Wells Fargo & Co | -0.1% | -4.30% | 减仓 |
| 33 | ADP | Automatic Data Processing | -0.1% | -0.99% | 减仓 |
| 34 | GOOG | Alphabet Inc-cl C | -0.1% | +3.19% | 加仓 |
| 35 | QCOM | Qualcomm INC | -0.1% | -1.94% | 减仓 |
| 36 | V | Visa Inc-class A Shares | -0.1% | +1.83% | 加仓 |
| 37 | ROP | Roper Technologies INC | -0.1% | +3.32% | 加仓 |
| 38 | UNH | Unitedhealth Group INC | -0.1% | +1.60% | 加仓 |
| 39 | JPM | Jpmorgan Chase & Co | -0.1% | +1.52% | 加仓 |
| 40 | ABT | Abbott Laboratories | -0.1% | +2.92% | 加仓 |
| 41 | GOOGL | Alphabet Inc-cl A | -0.1% | +1.10% | 加仓 |
| 42 | COF | Capital One Financial CORP | -0.1% | +1.73% | 加仓 |
| 43 | NNI | Nelnet Inc-cl A | -0.1% | — | 不变 |
| 44 | AAPL | Apple INC | -0.1% | +2.82% | 加仓 |
| 45 | ICLR | ICON Public Limited Company | -0.2% | +3.04% | 加仓 |
| 46 | LLY | Eli Lilly & Co | -0.2% | +1.63% | 加仓 |
| 47 | IVV | Ishares Core S&p 500 ETF | -0.2% | +2.00% | 加仓 |
| 48 | AVGO | Broadcom INC | -0.2% | -0.50% | 减仓 |
| 49 | ORCL | Oracle CORP | -0.3% | +2.35% | 加仓 |
| 50 | MSFT | Microsoft CORP | -0.7% | +3.97% | 加仓 |
| 季度 | 申报日期 | 类型 | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-04-23 | 13F-HR | 在 EDGAR 上查看 |
| 2025-12-31 | 2026-02-03 | 13F-HR | 在 EDGAR 上查看 |
| 2025-09-30 | 2025-10-17 | 13F-HR | 在 EDGAR 上查看 |
| 2025-06-30 | 2025-07-14 | 13F-HR | 在 EDGAR 上查看 |
| 2025-03-31 | 2025-04-16 | 13F-HR | 在 EDGAR 上查看 |
| 2024-12-31 | 2025-01-28 | 13F-HR | 在 EDGAR 上查看 |
| 2024-09-30 | 2024-10-25 | 13F-HR | 在 EDGAR 上查看 |
| 2024-06-30 | 2024-08-05 | 13F-HR | 在 EDGAR 上查看 |
| 2024-03-31 | 2024-04-18 | 13F-HR | 在 EDGAR 上查看 |
| 2023-12-31 | 2024-01-23 | 13F-HR | 在 EDGAR 上查看 |
| 2023-09-30 | 2023-10-25 | 13F-HR | 在 EDGAR 上查看 |
| 2023-06-30 | 2023-08-01 | 13F-HR | 在 EDGAR 上查看 |
| 2023-03-31 | 2023-05-12 | 13F-HR | 在 EDGAR 上查看 |
| 2022-12-31 | 2023-02-02 | 13F-HR | 在 EDGAR 上查看 |
| 2022-09-30 | 2022-10-31 | 13F-HR | 在 EDGAR 上查看 |
| 2022-06-30 | 2022-07-28 | 13F-HR | 在 EDGAR 上查看 |
| 2022-03-31 | 2022-04-19 | 13F-HR | 在 EDGAR 上查看 |
| 2021-12-31 | 2022-01-14 | 13F-HR | 在 EDGAR 上查看 |
| 2021-09-30 | 2021-10-21 | 13F-HR | 在 EDGAR 上查看 |
| 2021-06-30 | 2021-07-16 | 13F-HR | 在 EDGAR 上查看 |
| 2021-03-31 | 2021-04-14 | 13F-HR | 在 EDGAR 上查看 |
| 2020-12-31 | 2021-01-20 | 13F-HR | 在 EDGAR 上查看 |
| 2020-09-30 | 2020-10-19 | 13F-HR | 在 EDGAR 上查看 |
| 2020-06-30 | 2020-07-21 | 13F-HR | 在 EDGAR 上查看 |
| 2020-03-31 | 2020-04-16 | 13F-HR | 在 EDGAR 上查看 |
| 2019-12-31 | 2020-01-21 | 13F-HR | 在 EDGAR 上查看 |
| 2019-09-30 | 2019-10-18 | 13F-HR | 在 EDGAR 上查看 |
| 2019-06-30 | 2019-07-24 | 13F-HR | 在 EDGAR 上查看 |
| 2019-03-31 | 2019-04-26 | 13F-HR | 在 EDGAR 上查看 |
| 2018-12-31 | 2019-01-24 | 13F-HR | 在 EDGAR 上查看 |
| 2018-09-30 | 2018-10-30 | 13F-HR | 在 EDGAR 上查看 |
| 2018-06-30 | 2018-07-23 | 13F-HR | 在 EDGAR 上查看 |
| 2018-03-31 | 2018-04-17 | 13F-HR | 在 EDGAR 上查看 |
| 2017-12-31 | 2018-01-26 | 13F-HR | 在 EDGAR 上查看 |
| 2017-09-30 | 2017-10-19 | 13F-HR | 在 EDGAR 上查看 |
| 2017-06-30 | 2017-07-21 | 13F-HR | 在 EDGAR 上查看 |
| 2017-03-31 | 2017-04-18 | 13F-HR | 在 EDGAR 上查看 |
| 2016-12-31 | 2017-01-26 | 13F-HR | 在 EDGAR 上查看 |
| 2016-09-30 | 2016-10-19 | 13F-HR | 在 EDGAR 上查看 |
| 2016-06-30 | 2016-07-18 | 13F-HR | 在 EDGAR 上查看 |
| 2016-03-31 | 2016-05-02 | 13F-HR | 在 EDGAR 上查看 |
| 2015-12-31 | 2016-02-02 | 13F-HR | 在 EDGAR 上查看 |
| 2015-09-30 | 2015-10-29 | 13F-HR | 在 EDGAR 上查看 |
| 2015-06-30 | 2015-08-05 | 13F-HR | 在 EDGAR 上查看 |
| 2015-03-31 | 2015-04-14 | 13F-HR | 在 EDGAR 上查看 |
| 2014-12-31 | 2015-01-22 | 13F-HR | 在 EDGAR 上查看 |
| 2014-09-30 | 2014-10-24 | 13F-HR | 在 EDGAR 上查看 |
| 2014-06-30 | 2014-07-16 | 13F-HR | 在 EDGAR 上查看 |
| 2014-03-31 | 2014-04-23 | 13F-HR | 在 EDGAR 上查看 |
| 2013-12-31 | 2014-02-12 | 13F-HR | 在 EDGAR 上查看 |
| 2013-09-30 | 2013-10-28 | 13F-HR | 在 EDGAR 上查看 |
| 2013-06-30 | 2013-07-26 | 13F-HR | 在 EDGAR 上查看 |
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