FARMERS & MERCHANTS INVESTMENTS INC
Long book
$3.62B
Q1 2026
Positions
1760
Top-10 weight
37%
concentration
Last quarter
+13.5%
SPY +14.8%
Turnover
6%
of book per quarter
Strategy in plain words
auto-generated from filingsFARMERS & MERCHANTS INVESTMENTS INC is a mechanically diversified allocator, running a $3.62B US long book across 1760 positions.
The portfolio is moderately concentrated (top 10 ≈ 37% of the book). The book barely moves quarter to quarter — a patient, low-turnover holder. Current anchor positions: ISHARES CORE S&P 500 ETF, VANGUARD FTSE DEVELOPED ETF, NELNET INC-CL A, ISHARES CORE S&P SMALL-CAP E, ISHARES CORE S&P MIDCAP ETF.
Over the last 9 quarters its long book ran on average 0.6pp per quarter behind the S&P 500, beating the index in 4 of 9 quarters. Its holdings are mechanical (indexing / client flows), so position changes carry no stock-picking signal.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
+0.9%
Q2 2024
+6.9%
Q3 2024
-1.1%
Q4 2024
-1.6%
Q1 2025
+7.6%
Q2 2025
+7.0%
Q3 2025
+2.9%
Q4 2025
-1.2%
Q1 2026
+13.5%
Sector allocation
Technology 29%
Financials 20%
Consumer discretionary 12%
Industrials 10%
Healthcare 10%
Energy 5%
Services media 3%
Other 3%
Long book by quarter
What does FARMERS & own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| NNI NELNET INC-CL A | Financials | 1.2M | $152.7M | 4.2% | Held |
| AAPL APPLE INC | Technology | 440.3K | $111.7M | 3.1% | +2.8% |
| MSFT MICROSOFT CORP | Technology | 273.2K | $101.1M | 2.8% | +4.0% |
| AVGO BROADCOM INC | Technology | 213.0K | $65.9M | 1.8% | -0.5% |
| BRK/B BERKSHIRE HATHAWAY INC-CL B | Financials | 111.5K | $53.5M | 1.5% | +8.5% |
| GOOGL ALPHABET INC-CL A | Technology | 181.6K | $52.2M | 1.4% | +1.1% |
| WMT WALMART INC | Consumer discretionary | 418.5K | $52.0M | 1.4% | -2.7% |
| WCC WESCO INTERNATIONAL INC | Consumer discretionary | 175.6K | $48.0M | 1.3% | -1.7% |
| APH AMPHENOL CORP-CL A | Technology | 365.0K | $46.1M | 1.3% | +2.6% |
| XOM EXXON MOBIL CORP | Energy | 267.3K | $45.3M | 1.3% | +0.7% |
| JPM JPMORGAN CHASE & CO | Financials | 152.4K | $44.8M | 1.2% | +1.5% |
| GOOG ALPHABET INC-CL C | Technology | 148.1K | $42.5M | 1.2% | +3.2% |
| LLY ELI LILLY & CO | Healthcare | 45.0K | $41.4M | 1.1% | +1.6% |
| AMD ADVANCED MICRO DEVICES | Technology | 194.3K | $39.5M | 1.1% | +1.7% |
| JNJ JOHNSON & JOHNSON | Healthcare | 157.2K | $38.4M | 1.1% | +0.5% |
| AMZN AMAZON.COM INC | Consumer discretionary | 162.6K | $33.9M | 0.9% | +7.0% |
| NVDA NVIDIA CORP | Technology | 185.3K | $32.3M | 0.9% | +3.9% |
| ORCL ORACLE CORP | Technology | 209.3K | $30.8M | 0.8% | +2.3% |
| LOW LOWE'S COS INC | Consumer discretionary | 126.6K | $29.9M | 0.8% | +0.8% |
| GS GOLDMAN SACHS GROUP INC | Financials | 32.4K | $27.4M | 0.8% | +1.5% |
| BRK/A BERKSHIRE HATHAWAY INC-CL A | Financials | 38 | $27.3M | 0.8% | Held |
| PEP PEPSICO INC | Consumer staples | 169.4K | $26.3M | 0.7% | +2.8% |
| EMR EMERSON ELECTRIC CO | Industrials | 183.6K | $24.1M | 0.7% | +0.9% |
| CSCO CISCO SYSTEMS INC | Technology | 305.2K | $23.7M | 0.7% | +1.0% |
| CVX CHEVRON CORP | Energy | 109.7K | $22.7M | 0.6% | +0.6% |
| RTX RTX CORP | Industrials | 114.9K | $22.2M | 0.6% | -0.5% |
| MCD MCDONALD'S CORP | Consumer discretionary | 67.2K | $20.9M | 0.6% | +0.7% |
| V VISA INC-CLASS A SHARES | Services media | 68.1K | $20.6M | 0.6% | +1.8% |
| APD AIR PRODUCTS & CHEMICALS INC | Materials | 70.2K | $20.4M | 0.6% | +0.4% |
| TXN TEXAS INSTRUMENTS INC | Technology | 103.5K | $20.1M | 0.6% | +1.8% |
| UNP UNION PACIFIC CORP | Industrials | 82.3K | $20.0M | 0.6% | +3.0% |
| BAC BANK OF AMERICA CORP | Financials | 407.3K | $19.9M | 0.5% | +4.3% |
| PG PROCTER & GAMBLE CO/THE | Other | 135.3K | $19.5M | 0.5% | +1.0% |
| CVS CVS HEALTH CORP | Healthcare | 260.7K | $18.7M | 0.5% | +2.2% |
| ABT ABBOTT LABORATORIES | Healthcare | 177.5K | $18.2M | 0.5% | +2.9% |
| CAT CATERPILLAR INC | Industrials | 25.7K | $18.2M | 0.5% | +2.2% |
| ABBV ABBVIE INC | Healthcare | 82.2K | $17.9M | 0.5% | +1.7% |
| COST COSTCO WHOLESALE CORP | Consumer discretionary | 17.5K | $17.4M | 0.5% | -0.1% |
| DOV DOVER CORP | Industrials | 82.2K | $17.1M | 0.5% | -2.3% |
| UNH UNITEDHEALTH GROUP INC | Financials | 62.6K | $16.9M | 0.5% | +1.6% |
| ROST ROSS STORES INC | Consumer discretionary | 77.9K | $16.9M | 0.5% | -1.1% |
| DELL DELL TECHNOLOGIES -C | Technology | 99.9K | $16.4M | 0.5% | -0.5% |
| ASML ASML HOLDING NV-NY REG SHS | Industrials | 12.4K | $16.3M | 0.5% | +3.7% |
| COF CAPITAL ONE FINANCIAL CORP | Financials | 86.2K | $15.7M | 0.4% | +1.7% |
| WM WASTE MANAGEMENT INC | Utilities | 68.4K | $15.7M | 0.4% | Held |
| LIN LINDE PLC | Materials | 31.5K | $15.6M | 0.4% | -0.2% |
| ENB ENBRIDGE INC | Energy | 287.0K | $15.5M | 0.4% | +2.5% |
| PANW PALO ALTO NETWORKS INC | Technology | 95.3K | $15.3M | 0.4% | +2.5% |
| CRM SALESFORCE INC | Technology | 81.1K | $15.1M | 0.4% | +43.1% |
| OXY OCCIDENTAL PETROLEUM CORP | Energy | 231.6K | $15.1M | 0.4% | +1.4% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | Apr 23, 2026 | 1760 | $3.62B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 3, 2026 | 1721 | $3.62B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Oct 17, 2025 | 1737 | $3.53B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Jul 14, 2025 | 1729 | $3.43B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | Apr 16, 2025 | 1747 | $3.15B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Jan 28, 2025 | 1774 | $3.19B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Oct 25, 2024 | 1793 | $3.22B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 5, 2024 | 1777 | $3.00B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | Apr 18, 2024 | 1740 | $2.96B | canonical | SEC ↗ |
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