FARMERS & MERCHANTS INVESTMENTS INC
Filing Date
Global Rank
#1,094
/ 8,592
▲ 10
Top Industry
Semiconductors
8.5%
3Y Alpha vs SPY
-4.5%
Period ended 3 months ago
Filed Apr 23, 2026 · 57d
25 quarters · since Mar 2020
Clone Performance
Jun 2023–Jun 2026 · vs SPYHypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.
Cloned portfolio
+57.7%
SPY
+76.8%
Annualised alpha
-4.5%
Max drawdown
−16.6%
Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.
Portfolio Concentration
1,564 positions · as of Mar 31, 2026 · Δ vs Dec 31, 2025Top Position
6.5%
−0.2 pts
Top 5
20.6%
−1.8 pts
Top 10
31.0%
−1.7 pts
HHI
170
Diversified−14
Portfolio Trend
25 quarters · across all stocks
Sector Breakdown
As of Mar 31, 2026| Sector | % Portfolio | Value |
|---|---|---|
| Technology | 26.6% | $625,273,633 |
| Financial Services | 19.1% | $448,709,307 |
| Industrials | 12.3% | $288,210,622 |
| Healthcare | 11.1% | $262,021,804 |
| Consumer Defensive | 7.3% | $171,005,744 |
| Consumer Cyclical | 7.1% | $166,090,399 |
| Energy | 5.6% | $131,709,034 |
| Communication Services | 4.5% | $106,456,770 |
| Basic Materials | 2.8% | $65,910,097 |
| Utilities | 2.0% | $46,062,021 |
| Real Estate | 0.9% | $22,296,810 |
| Unclassified | 0.7% | $17,522,478 |
Last Quarter's Activity
Export CSVAdded To
Positions the filer increased
25 positions
| Ticker | Company | Δ Shares | Shares | Value | Open |
|---|---|---|---|---|---|
| CRM | Salesforce, Inc. | +24,423 | 81,053 | $15,130,163 | |
| BAC | Bank Of America Corp /De/ | +16,955 | 407,334 | $19,857,532 | |
| AAPL | Apple Inc. | +12,090 | 440,311 | $111,746,528 | |
| AMZN | Amazon Com Inc | +10,688 | 162,569 | $33,858,245 | |
| MSFT | Microsoft Corp | +10,426 | 273,172 | $101,120,079 | |
| APH | Amphenol Corp /De/ | +9,299 | 364,984 | $46,115,728 | |
| BRK-B | Berkshire Hathaway Inc | +8,696 | 111,548 | $53,453,801 | |
| NKE | NIKE, Inc. | +7,832 | 207,061 | $10,936,962 | |
| FRT | Federal Realty Investment Trust | +7,636 | 28,744 | $3,052,900 | |
| ENB | Enbridge Inc | +7,026 | 287,031 | $15,539,858 | |
| PYPL | PayPal Holdings, Inc. | +6,917 | 152,464 | $6,895,946 | |
| NVDA | Nvidia Corp | +6,876 | 185,342 | $32,323,644 | |
| O | Realty Income Corp | +5,663 | 113,121 | $6,920,742 | |
| CVS | CVS HEALTH Corp | +5,659 | 260,653 | $18,720,098 | |
| VZ | Verizon Communications Inc | +5,249 | 277,639 | $13,937,477 | |
| ABT | Abbott Laboratories | +5,043 | 177,525 | $18,226,491 | |
| ORCL | Oracle Corp | +4,806 | 209,349 | $30,797,331 | |
| SPGI | S&P Global Inc. | +4,637 | 10,943 | $4,654,495 | |
| BAH | Booz Allen Hamilton Holding Corp | +4,594 | 99,164 | $7,737,766 | |
| PEP | Pepsico Inc | +4,559 | 169,402 | $26,306,436 | |
| FTS | Fortis Inc. | +4,152 | 95,942 | $5,352,604 | |
| OXY | Occidental Petroleum Corp /De/ | +3,306 | 231,611 | $15,054,715 | |
| JCI | Johnson Controls International plc | +3,210 | 61,784 | $8,090,614 | |
| AMD | Advanced Micro Devices Inc | +3,178 | 194,299 | $39,526,245 | |
| DIS | Walt Disney Co | +3,136 | 146,374 | $14,107,526 | |
| No positions match the current search. | |||||
Trimmed
Positions the filer reduced
25 positions
| Ticker | Company | Δ Shares | Shares | Value | Open |
|---|---|---|---|---|---|
| WMT | Walmart Inc. | −11,620 | 418,464 | $52,006,705 | |
| CMCSA | Comcast Corp | −10,402 | 194,256 | $5,577,089 | |
| ALB | Albemarle Corp | −9,784 | 33,354 | $5,988,043 | |
| ATI | Ati Inc | −7,388 | 34,723 | $5,050,807 | |
| WFC | Wells Fargo & Company/Mn | −6,753 | 150,158 | $11,954,078 | |
| DAL | Delta Air Lines, Inc. | −5,999 | 49,752 | $3,307,512 | |
| UL | Unilever PLC | −3,301 | 4,266 | $243,034 | |
| PFE | Pfizer Inc | −3,263 | 182,352 | $5,120,444 | |
| BNY | Bank of New York Mellon Corp | −3,195 | 1,921 | $227,888 | |
| WCC | Wesco International Inc | −3,126 | 175,597 | $48,046,851 | |
| USB | US Bancorp De | −2,944 | 279,273 | $14,524,988 | |
| DOW | Dow Inc. | −2,814 | 26,531 | $1,105,016 | |
| SFNC | Simmons First National Corp | −2,784 | 10,938 | $212,744 | |
| SYY | Sysco Corp | −2,320 | 175,686 | $12,531,682 | |
| AFL | Aflac Inc | −2,098 | 122,461 | $13,435,196 | |
| GIS | General Mills Inc | −2,028 | 57,362 | $2,135,013 | |
| DOV | DOVER Corp | −1,907 | 82,171 | $17,128,544 | |
| C | Citigroup Inc | −1,901 | 64,776 | $7,346,246 | |
| GIL | Gildan Activewear Inc. | −1,736 | 1,872 | $104,176 | |
| MTB | M&T Bank Corp | −1,538 | 1,942 | $401,450 | |
| HPE | Hewlett Packard Enterprise Co | −1,500 | 3,347 | $79,692 | |
| MPLX | Mplx LP | −1,457 | 7,285 | $415,754 | |
| SAFE | Safehold Inc. | −1,444 | 41,903 | $566,947 | |
| QCOM | Qualcomm Inc/De | −1,319 | 66,502 | $8,564,127 | |
| NVS | Novartis AG | −1,193 | 36,665 | $5,600,578 | |
| No positions match the current search. | |||||
New Positions
Positions the filer opened this quarter
25 positions
| Ticker | Company | Shares | Value | Open |
|---|---|---|---|---|
| AMCR | Amcor plc | 32,890 | $1,307,377 | |
| VSNT | Versant Media Group, Inc. | 5,692 | $210,717 | |
| BMN | BlackRock 2037 Municipal Target Term Trust | 6,091 | $158,000 | |
| ETX | Eaton Vance Municipal Income 2028 Term Trust | 7,000 | $128,520 | |
| AZN | Astrazeneca PLC | 553 | $109,062 | |
| SLV | iShares Silver Trust | 1,239 | $84,425 | |
| VIK | Viking Holdings Ltd | 350 | $25,718 | |
| PNFP | Pinnacle Financial Partners, Inc. | 129 | $11,112 | |
| IBIT | iShares Bitcoin Trust ETF | 261 | $10,027 | |
| CAH | Cardinal Health Inc | 35 | $7,395 | |
| SUNB | Sunbelt Rentals Holdings, Inc. | 108 | $7,029 | |
| BBY | Best Buy Co Inc | 108 | $6,933 | |
| AHR | American Healthcare REIT, Inc. | 135 | $6,366 | |
| BOC | BOSTON OMAHA Corp | 509 | $5,945 | |
| CRBG | Corebridge Financial, Inc. | 220 | $5,249 | |
| GPCR | Structure Therapeutics Inc. | 100 | $4,820 | |
| BROS | Dutch Bros Inc. | 85 | $4,306 | |
| PATH | UiPath, Inc. | 340 | $3,774 | |
| AGX | Argan Inc | 6 | $3,267 | |
| SARO | StandardAero, Inc. | 120 | $3,099 | |
| BTI | British American Tobacco p.l.c. | 40 | $2,338 | |
| APLS | Apellis Pharmaceuticals, Inc. | 50 | $2,011 | |
| VSEC | Vse Corp | 10 | $1,844 | |
| MELI | Mercadolibre Inc | 1 | $1,729 | |
| FIBK | First Interstate Bancsystem Inc | 50 | $1,670 | |
| No positions match the current search. | ||||
Sold Out
Positions the filer fully exited
15 positions
| Ticker | Company | Shares | Value | Open |
|---|---|---|---|---|
| KLAC | Kla Corp | 94 | $114,217 | |
| PIPR | Piper Sandler Companies | 1,310 | $111,255 | |
| DIA | Spdr Dow Jones Industrial Average ETF Trust | 63 | $30,275 | |
| SATS | EchoStar CORP | 115 | $12,500 | |
| TGNA | TEGNA INC | 85 | $1,649 | |
| CARS | Cars.com Inc. | 38 | $463 | |
| PLAY | Dave & Buster's Entertainment, Inc. | 24 | $389 | |
| SXC | SunCoke Energy, Inc. | 54 | $388 | |
| MYGN | Myriad Genetics Inc | 60 | $369 | |
| INN | Summit Hotel Properties, Inc. | 71 | $345 | |
| BLMN | Bloomin' Brands, Inc. | 55 | $339 | |
| KREF | KKR Real Estate Finance Trust Inc. | 40 | $328 | |
| ANGI | Angi Inc. | 25 | $323 | |
| CRNC | Cerence Inc. | 28 | $299 | |
| AHRT | AH Realty Trust, Inc. | 45 | $297 | |
| No positions match the current search. | ||||
1,564 positions ·
$2,351,268,719 total
· as of Mar 31, 2026
All sectors
Basic Materials
Communication Services
Consumer Cyclical
Consumer Defensive
Energy
Financial Services
Healthcare
Industrials
Real Estate
Technology
Utilities
Showing 1–50
of 1,564 positions by value
· page 1 of 32
| Ticker | Company | Type | Shares | Value (USD) | % of Portfolio | History |
|---|---|---|---|---|---|---|
| NNI |
Nelnet Inc
Financial Services
|
Held | 1,184,351 | $152,733,904 | 6.50% | |
| AAPL |
Apple Inc.
Technology
|
Added | 440,311 | $111,746,528 | 4.75% | |
| MSFT |
Microsoft Corp
Technology
|
Added | 273,172 | $101,120,079 | 4.30% | |
| AVGO |
Broadcom Inc.
Technology
|
Reduced | 213,014 | $65,929,963 | 2.80% | |
| BRK-B |
Berkshire Hathaway Inc
Financial Services
|
Added | 111,548 | $53,453,801 | 2.27% | |
| GOOGL |
Alphabet Inc.
Communication Services
|
Added | 181,619 | $52,226,359 | 2.22% | |
| WMT |
Walmart Inc.
Consumer Defensive
|
Reduced | 418,464 | $52,006,705 | 2.21% | |
| WCC |
Wesco International Inc
Industrials
|
Reduced | 175,597 | $48,046,851 | 2.04% | |
| APH |
Amphenol Corp /De/
Technology
|
Added | 364,984 | $46,115,728 | 1.96% | |
| XOM |
Exxon Mobil Corp
Energy
|
Added | 267,283 | $45,347,233 | 1.93% | |
| JPM |
Jpmorgan Chase & Co
Financial Services
|
Added | 152,429 | $44,838,514 | 1.91% | |
| LLY |
ELI LILLY & Co
Healthcare
|
Added | 45,007 | $41,396,088 | 1.76% | |
| AMD |
Advanced Micro Devices Inc
Technology
|
Added | 194,299 | $39,526,245 | 1.68% | |
| JNJ |
Johnson & Johnson
Healthcare
|
Added | 157,191 | $38,423,768 | 1.63% | |
| AMZN |
Amazon Com Inc
Consumer Cyclical
|
Added | 162,569 | $33,858,245 | 1.44% | |
| NVDA |
Nvidia Corp
Technology
|
Added | 185,342 | $32,323,644 | 1.37% | |
| TSM |
Taiwan Semiconductor Manufacturing Co Ltd
Technology
|
Added | 93,376 | $31,556,419 | 1.34% | |
| ORCL |
Oracle Corp
Technology
|
Added | 209,349 | $30,797,331 | 1.31% | |
| LOW |
Lowes Companies Inc
Consumer Cyclical
|
Added | 126,585 | $29,909,503 | 1.27% | |
| GS |
Goldman Sachs Group Inc
Financial Services
|
Added | 32,384 | $27,396,540 | 1.17% | |
| PEP |
Pepsico Inc
Consumer Defensive
|
Added | 169,402 | $26,306,436 | 1.12% | |
| EMR |
Emerson Electric Co
Industrials
|
Added | 183,571 | $24,051,472 | 1.02% | |
| CSCO |
Cisco Systems, Inc.
Technology
|
Added | 305,157 | $23,677,131 | 1.01% | |
| CVX |
Chevron Corp
Energy
|
Added | 109,712 | $22,699,412 | 0.97% | |
| RTX |
RTX Corp
Industrials
|
Reduced | 114,879 | $22,160,159 | 0.94% | |
| MCD |
Mcdonalds Corp
Consumer Cyclical
|
Added | 67,249 | $20,900,316 | 0.89% | |
| V |
Visa Inc.
Financial Services
|
Added | 68,094 | $20,580,730 | 0.88% | |
| APD |
Air Products & Chemicals, Inc.
Basic Materials
|
Added | 70,233 | $20,401,984 | 0.87% | |
| TXN |
Texas Instruments Inc
Technology
|
Added | 103,491 | $20,091,742 | 0.85% | |
| UNP |
Union Pacific Corp
Industrials
|
Added | 82,296 | $19,966,655 | 0.85% | |
| BAC |
Bank Of America Corp /De/
Financial Services
|
Added | 407,334 | $19,857,532 | 0.84% | |
| PG |
PROCTER & GAMBLE Co
Consumer Defensive
|
Added | 135,346 | $19,549,376 | 0.83% | |
| CVS |
CVS HEALTH Corp
Healthcare
|
Added | 260,653 | $18,720,098 | 0.80% | |
| ABT |
Abbott Laboratories
Healthcare
|
Added | 177,525 | $18,226,491 | 0.78% | |
| CAT |
Caterpillar Inc
Industrials
|
Added | 25,697 | $18,205,296 | 0.77% | |
| ABBV |
AbbVie Inc.
Healthcare
|
Added | 82,168 | $17,870,718 | 0.76% | |
| COST |
Costco Wholesale Corp /New
Consumer Defensive
|
Reduced | 17,463 | $17,400,657 | 0.74% | |
| DOV |
DOVER Corp
Industrials
|
Reduced | 82,171 | $17,128,544 | 0.73% | |
| UNH |
Unitedhealth Group Inc
Healthcare
|
Added | 62,570 | $16,930,816 | 0.72% | |
| ROST |
Ross Stores, Inc.
Consumer Cyclical
|
Reduced | 77,875 | $16,870,061 | 0.72% | |
| DELL |
Dell Technologies Inc.
Technology
|
Reduced | 99,895 | $16,395,766 | 0.70% | |
| ASML |
Asml Holding NV
Technology
|
Added | 12,356 | $16,320,175 | 0.69% | |
| COF |
Capital One Financial Corp
Financial Services
|
Added | 86,178 | $15,721,452 | 0.67% | |
| WM |
Waste Management Inc
Industrials
|
Held | 68,416 | $15,721,312 | 0.67% | |
| LIN |
Linde PLC
Basic Materials
|
Reduced | 31,487 | $15,609,995 | 0.66% | |
| ENB |
Enbridge Inc
Energy
|
Added | 287,031 | $15,539,858 | 0.66% | |
| PANW |
Palo Alto Networks Inc
Technology
|
Added | 95,296 | $15,277,854 | 0.65% | |
| CRM |
Salesforce, Inc.
Technology
|
Added | 81,053 | $15,130,163 | 0.64% | |
| OXY |
Occidental Petroleum Corp /De/
Energy
|
Added | 231,611 | $15,054,715 | 0.64% | |
| USB |
US Bancorp De
Financial Services
|
Reduced | 279,273 | $14,524,988 | 0.62% |