Farmers & Merchants Investments Inc.
In its 13F for Q1 2024 (holdings as of March 31, 2024, filed April 18, 2024), Farmers & Merchants Investments Inc. reported 1,739 stock positions worth $3.0 billion. Its top holding was iShares Core S&P 500 ETF (IVV) at 6.7% of the portfolio, followed by Vanguard Ftse Developed ETF (VEA, 4.9%) and Nelnet Class A (NNI, 3.9%). Compared with Q4 2023, it opened 25 new positions, sold out of 40, added to 107 and reduced 276. The biggest buy was Eli Lilly (LLY, shares +0%) and the biggest sale Apple (AAPL, shares −0%).
- Most Recent 13F
- Q2 2026
- Location
- LINCOLN, NE
- CIK
- 0001259969
- Portfolio Value
- $3.0B (Q1 2024)
- SEC Filing
- 0001140361-24-020523 ↗ filed Apr 18, 2024
Holdings Value
Holdings 1,739 stocks · $3.0B
| IVV iShares Core S&P 500 ETF | 6.68% | 376,072 | $197.7M | Add +1.6% |
| VEA Vanguard Ftse Developed ETF | 4.89% | 2,883,042 | $144.6M | Add +2.1% |
| NNI Nelnet Inc. Class A | 3.86% | 1,206,546 | $114.2M | Add +1.4% |
| MSFT Microsoft Corp. | 3.82% | 268,671 | $113.0M | Add +0.6% |
| IJR iShares Core S&P Small-Cap E | 3.51% | 940,699 | $104.0M | Add +2.9% |
| IJH iShares Core S&P Midcap ETF | 3.04% | 1,481,599 | $90.0M | Add +2.3% |
| AAPL Apple Inc. | 2.67% | 461,571 | $79.2M | Reduce -0.3% |
| VWO Vanguard Ftse Emerging Marke | 2.09% | 1,479,261 | $61.8M | Add +3.6% |
| SLQD iShares 0-5 YR Inv GRD Corp. | 1.68% | 1,011,062 | $49.8M | Add +0.2% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.41% | 99,009 | $41.6M | Reduce -2.9% |
| BND Vanguard Total Bond Market | 1.38% | 562,757 | $40.9M | Add +4.3% |
| LLY Eli Lilly & Co. | 1.31% | 49,930 | $38.8M | Add +0.1% |
| AMD Advanced Micro Devices | 1.26% | 207,025 | $37.4M | Reduce -0.6% |
| LOW Lowe's Cos Inc. | 1.17% | 136,010 | $34.6M | Reduce -1.4% |
| BRK.A Berkshire Hathaway Inc. Class A | 1.14% | 53 | $33.6M | Reduce -8.6% |
| JPM JPMorgan Chase & Co. | 1.11% | 164,683 | $33.0M | Reduce -0.7% |
| WCC Wesco International Inc. | 1.10% | 190,199 | $32.6M | Reduce -0.3% |
| AVGO Broadcom Inc. | 1.09% | 24,440 | $32.4M | Reduce -1.0% |
| XOM Exxon Mobil Corp. | 1.06% | 270,736 | $31.5M | Add +0.2% |
| UNH Unitedhealth Group Inc. | 1.06% | 63,526 | $31.4M | Reduce -0.3% |
| PEP Pepsico Inc. | 1.00% | 168,920 | $29.6M | Add +0.1% |
| ORCL Oracle Corp. | 0.97% | 229,681 | $28.9M | Reduce -1.8% |
| WMT Walmart Inc. | 0.96% | 473,783 | $28.5M | Add +0.3% |
| JNJ Johnson & Johnson | 0.86% | 161,544 | $25.6M | Reduce -1.4% |
| ICLR Icon PLC | 0.86% | 75,620 | $25.4M | Add +3.1% |
| CVS CVS Health Corp. | 0.83% | 307,376 | $24.5M | Reduce -0.8% |
| APH Amphenol Corp. Class A | 0.82% | 210,814 | $24.3M | Reduce -1.0% |
| GOOGL Alphabet Inc. Class A | 0.81% | 158,919 | $24.0M | Reduce -0.5% |
| PG The Procter & Gamble Co. | 0.80% | 145,396 | $23.6M | Reduce -0.3% |
| ROP Roper Technologies Inc. | 0.76% | 39,874 | $22.4M | Add +2.8% |
| GOOG Alphabet Inc. Class C | 0.74% | 144,843 | $22.1M | Reduce -1.2% |
| UNP Union Pacific Corp. | 0.74% | 88,941 | $21.9M | Reduce -0.8% |
| EMR Emerson Electric Co. | 0.72% | 188,340 | $21.4M | Add +4.1% |
| AMZN Amazon.com Inc. | 0.71% | 115,934 | $20.9M | Add +5.0% |
| ABT Abbott Laboratories | 0.70% | 183,095 | $20.8M | Reduce -0.5% |
| MCD McDonald's Corp. | 0.69% | 72,232 | $20.4M | Add +0.1% |
| TXN Texas Instruments Inc. | 0.67% | 114,425 | $19.9M | Reduce -11.0% |
| V Visa Inc. Class A | 0.66% | 70,211 | $19.6M | Add +0.2% |
| CVX Chevron Corp. | 0.66% | 123,178 | $19.4M | Reduce -0.5% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.64% | 154,146 | $18.9M | Reduce -0.5% |
| MRK Merck & Co. Inc. | 0.61% | 137,315 | $18.1M | Add +3.8% |
| APD Air Products & Chemicals Inc. | 0.59% | 72,468 | $17.6M | Reduce -0.6% |
| VCSH Vanguard S/T Corp. Bond ETF | 0.59% | 226,445 | $17.5M | Reduce -0.1% |
| BSV Vanguard Short-Term Bond ETF | 0.58% | 224,482 | $17.2M | Reduce -0.1% |
| CMCSA Comcast Corp. Class A | 0.58% | 394,551 | $17.1M | Reduce -0.3% |
| VOO Vanguard S&P 500 ETF | 0.58% | 35,579 | $17.1M | No change |
| VTIP Vanguard Short-Term Tips | 0.56% | 346,686 | $16.6M | Reduce -1.0% |
| NUE Nucor Corp. | 0.55% | 82,314 | $16.3M | Reduce -0.6% |
| SYK Stryker Corp. | 0.55% | 45,258 | $16.2M | Reduce -0.8% |
| ABBV Abbvie Inc. | 0.55% | 88,867 | $16.2M | Add +0.3% |
| LIN Linde PLC | 0.54% | 34,590 | $16.1M | Reduce -1.2% |
| DOV Dover Corp. | 0.54% | 90,489 | $16.0M | Reduce -0.3% |
| SYY Sysco Corp. | 0.54% | 196,673 | $16.0M | Reduce -1.9% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.54% | 417,984 | $15.8M | Reduce -0.8% |
| CSCO Cisco Systems Inc. | 0.53% | 315,780 | $15.8M | Reduce -2.4% |
| WM Waste Management Inc. | 0.53% | 73,850 | $15.7M | Reduce -0.4% |
| OXY Occidental Petroleum Corp. | 0.53% | 241,771 | $15.7M | Add +0.6% |
| IWM iShares Russell 2000 ETF | 0.52% | 72,795 | $15.3M | Reduce -0.7% |
| AMP Ameriprise Financial Inc. | 0.50% | 33,953 | $14.9M | No change |
| HON Honeywell International Inc. | 0.49% | 70,207 | $14.4M | Add +0.7% |
| HD Home Depot Inc. | 0.48% | 37,015 | $14.2M | Reduce -0.4% |
| MET Metlife Inc. | 0.47% | 187,173 | $13.9M | Add +2.6% |
| COST Costco Wholesale Corp. | 0.46% | 18,427 | $13.5M | Add +20.0% |
| COP Conocophillips | 0.45% | 105,776 | $13.5M | Add +0.9% |
| COF Capital One Financial Corp. | 0.45% | 89,625 | $13.3M | Reduce -0.7% |
| FISV Fiserv Inc. | 0.45% | 83,409 | $13.3M | Reduce -0.3% |
| ROST Ross Stores Inc. | 0.45% | 90,714 | $13.3M | Reduce -1.1% |
| AFL Aflac Inc. | 0.45% | 154,908 | $13.3M | Reduce -0.3% |
| MDLZ Mondelez International Inc. Class A | 0.45% | 189,094 | $13.2M | Reduce -5.7% |
| GS Goldman Sachs Group Inc. | 0.44% | 31,261 | $13.1M | Reduce -1.1% |
| SBUX Starbucks Corp. | 0.43% | 137,809 | $12.6M | Reduce -0.2% |
| ADP Automatic Data Processing | 0.42% | 50,316 | $12.6M | Reduce -0.1% |
| NKE Nike Inc. Class B | 0.41% | 130,450 | $12.3M | Add +1.3% |
| MDT Medtronic PLC | 0.41% | 140,166 | $12.2M | Reduce -2.6% |
| DELL Dell Technologies -C | 0.41% | 106,200 | $12.1M | Add +0.9% |
| QCOM Qualcomm Inc. | 0.40% | 70,649 | $12.0M | Reduce -1.0% |
| USB US Bancorp | 0.40% | 265,949 | $11.9M | Reduce -2.2% |
| RTX RTX Corp. | 0.39% | 118,034 | $11.5M | Reduce -3.4% |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | 0.39% | 147,915 | $11.5M | Add +5.5% |
| VZ Verizon Communications Inc. | 0.39% | 272,175 | $11.4M | Reduce -1.4% |
| WFC Wells Fargo & Co. | 0.38% | 193,955 | $11.2M | Reduce -4.3% |
| ENB Enbridge Inc. | 0.37% | 301,557 | $10.9M | Reduce -0.3% |
| BLK BlackRock Finance Inc. | 0.36% | 12,770 | $10.6M | Reduce -0.5% |
| ITW Illinois Tool Works | 0.36% | 39,354 | $10.6M | Reduce -0.1% |
| PYPL PayPal Holdings Inc. | 0.36% | 156,976 | $10.5M | Add +1.2% |
| TGT Target Corp. | 0.35% | 58,659 | $10.4M | Add +0.3% |
| IWP iShares Russell Mid-Cap Grow | 0.35% | 90,687 | $10.4M | Reduce -1.4% |
| AME Ametek Inc. | 0.34% | 54,915 | $10.0M | Reduce -0.3% |
| GWW WW Grainger Inc. filed as GRAINGER W W INC | 0.34% | 9,869 | $10.0M | Reduce -0.7% |
| CAT Caterpillar Inc. | 0.33% | 26,722 | $9.8M | Add +0.5% |
| DHR Danaher Corp. | 0.33% | 39,004 | $9.7M | No change |
| IVW iShares S&P 500 Growth ETF | 0.32% | 111,685 | $9.4M | Add +0.0% |
| BAH Booz Allen Hamilton Holdings | 0.30% | 59,670 | $8.9M | Reduce -4.0% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.30% | 86,430 | $8.8M | Reduce -1.0% |
| ITT Itt Inc. | 0.29% | 63,262 | $8.6M | Reduce -2.7% |
| BMY Bristol-Myers Squibb Co. | 0.27% | 147,589 | $8.0M | Reduce -4.0% |
| ATR Aptargroup Inc. | 0.27% | 54,896 | $7.9M | Reduce -0.5% |
| MBB iShares MBS ETF | 0.26% | 84,244 | $7.8M | Add +36.6% |
| DAL Delta Air Lines Inc. | 0.26% | 158,856 | $7.6M | Reduce -0.2% |
| FDX FedEx Corp. | 0.26% | 26,160 | $7.6M | No change |
Other holdings (1): bonds, preferreds, convertibles and warrants · $48K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| OXY.WS Occidental Petroleum-CW27 | *W EXP 08/03/202 | 1,104 | $48K | Reduce -1.0% |
Total filed on the 13F, all lines: $3.0B.
Portfolio Sells Q4 2023 → Q1 2024
| AAPL Apple Inc. | Reduce -0.3% | 2.67% | −0.58 |
| UNH Unitedhealth Group Inc. | Reduce -0.3% | 1.06% | −0.16 |
| EXPD Expeditors Intl Wash Inc. | Reduce -69.6% | 0.06% | −0.15 |
| APD Air Products & Chemicals Inc. | Reduce -0.6% | 0.59% | −0.14 |
| TXN Texas Instruments Inc. | Reduce -11.0% | 0.67% | −0.13 |
| WCC Wesco International Inc. | Reduce -0.3% | 1.10% | −0.11 |
| MDLZ Mondelez International Inc. Class A | Reduce -5.7% | 0.45% | −0.08 |
| JNJ Johnson & Johnson | Reduce -1.4% | 0.86% | −0.07 |
| CVS CVS Health Corp. | Reduce -0.8% | 0.83% | −0.06 |
| CSCO Cisco Systems Inc. | Reduce -2.4% | 0.53% | −0.06 |
| UNP Union Pacific Corp. | Reduce -0.8% | 0.74% | −0.06 |
| SBUX Starbucks Corp. | Reduce -0.2% | 0.43% | −0.06 |
| CMCSA Comcast Corp. Class A | Reduce -0.3% | 0.58% | −0.06 |
| BKH Black Hills Corp. | Reduce -23.6% | 0.14% | −0.05 |
| BSV Vanguard Short-Term Bond ETF | Reduce -0.1% | 0.58% | −0.05 |
| VCSH Vanguard S/T Corp. Bond ETF | Reduce -0.1% | 0.59% | −0.05 |
| VTIP Vanguard Short-Term Tips | Reduce -1.0% | 0.56% | −0.05 |
| PFE Pfizer Inc. | Reduce -8.1% | 0.19% | −0.04 |
| BA The Boeing Co. | Reduce -5.2% | 0.07% | −0.04 |
| UPS United Parcel Service Class B | Reduce -9.1% | 0.15% | −0.04 |
| ABT Abbott Laboratories | Reduce -0.5% | 0.70% | −0.04 |
| DUK Duke Energy Corp. | Reduce -7.3% | 0.21% | −0.04 |
| AGG iShares Core U.S. Aggregate | Reduce -9.1% | 0.17% | −0.04 |
| INTC Intel Corp. | Reduce -2.8% | 0.12% | −0.03 |
| PDBC Invesco Optimum Yield Divers | Reduce -84.2% | 0.01% | −0.03 |
| FTS Fortis Inc. | Reduce -7.9% | 0.14% | −0.03 |
| ENB Enbridge Inc. | Reduce -0.3% | 0.37% | −0.03 |
| USB US Bancorp | Reduce -2.2% | 0.40% | −0.03 |
| KO The Coca-Cola Co. | Reduce -5.9% | 0.24% | −0.03 |
| ROK Rockwell Automation Inc. | Reduce -0.2% | 0.17% | −0.03 |
| AMGN Amgen Inc. | Reduce -0.4% | 0.25% | −0.02 |
| D Dominion Energy Inc. | Reduce -35.7% | 0.04% | −0.02 |
| VLTO Veralto Corp. | Reduce -61.2% | 0.02% | −0.02 |
| MMM 3M Co. | Reduce -5.5% | 0.12% | −0.02 |
| BLK BlackRock Finance Inc. | Reduce -0.5% | 0.36% | −0.02 |
| MDT Medtronic PLC | Reduce -2.6% | 0.41% | −0.02 |
| BDX Becton Dickinson and Co. | Reduce -2.7% | 0.21% | −0.02 |
| ITW Illinois Tool Works | Reduce -0.1% | 0.36% | −0.02 |
| IWM iShares Russell 2000 ETF | Reduce -0.7% | 0.52% | −0.02 |
| NVS Novartis AG-Sponsored ADR | Reduce -0.2% | 0.15% | −0.02 |
| AFL Aflac Inc. | Reduce -0.3% | 0.45% | −0.02 |
| CVX Chevron Corp. | Reduce -0.5% | 0.66% | −0.02 |
| BMY Bristol-Myers Squibb Co. | Reduce -4.0% | 0.27% | −0.02 |
| OKE Oneok Inc. | Reduce -66.3% | 0.01% | −0.02 |
| WEC WEC Energy Group Inc. | Reduce -4.0% | 0.10% | −0.02 |
| TFC Truist Financial Corp. | Reduce -33.9% | 0.03% | −0.01 |
| ROST Ross Stores Inc. | Reduce -1.1% | 0.45% | −0.01 |
| XEL Xcel Energy Inc. | Reduce -48.1% | 0.01% | −0.01 |
| BRK.A Berkshire Hathaway Inc. Class A | Reduce -8.6% | 1.14% | −0.01 |
| VNQ Vanguard Real Estate ETF | Reduce -0.0% | 0.12% | −0.01 |
Portfolio Buys Q4 2023 → Q1 2024
| LLY Eli Lilly & Co. | Add +0.1% | 1.31% | +0.25 |
| PANW Palo Alto Networks Inc. | Add +11603.9% | 0.23% | +0.23 |
| IVV iShares Core S&P 500 ETF | Add +1.6% | 6.68% | +0.23 |
| TSM Taiwan Semiconductor-SP ADR | Add +16445.7% | 0.23% | +0.23 |
| MSFT Microsoft Corp. | Add +0.6% | 3.82% | +0.15 |
| DELL Dell Technologies -C | Add +0.9% | 0.41% | +0.12 |
| IJH iShares Core S&P Midcap ETF | Add +2.3% | 3.04% | +0.11 |
| ICLR Icon PLC | Add +3.1% | 0.86% | +0.10 |
| AMZN Amazon.com Inc. | Add +5.0% | 0.71% | +0.09 |
| NVDA Nvidia Corp. | Add +2.6% | 0.22% | +0.09 |
| COST Costco Wholesale Corp. | Add +20.0% | 0.46% | +0.09 |
| MRK Merck & Co. Inc. | Add +3.8% | 0.61% | +0.09 |
| EMR Emerson Electric Co. | Add +4.1% | 0.72% | +0.08 |
| XOM Exxon Mobil Corp. | Add +0.2% | 1.06% | +0.08 |
| NEE Nextera Energy Inc. | Add +62.7% | 0.17% | +0.06 |
| WMT Walmart Inc. | Add +0.3% | 0.96% | +0.06 |
| MBB iShares MBS ETF | Add +36.6% | 0.26% | +0.05 |
| TGT Target Corp. | Add +0.3% | 0.35% | +0.05 |
| ABBV Abbvie Inc. | Add +0.3% | 0.55% | +0.05 |
| CAT Caterpillar Inc. | Add +0.5% | 0.33% | +0.04 |
| PSX Phillips 66 | Add +2.5% | 0.21% | +0.03 |
| MET Metlife Inc. | Add +2.6% | 0.47% | +0.03 |
| NNI Nelnet Inc. Class A | Add +1.4% | 3.86% | +0.03 |
| C Citigroup Inc. | Add +2.9% | 0.16% | +0.02 |
| IVW iShares S&P 500 Growth ETF | Add +0.0% | 0.32% | +0.01 |
| GNMA iShares Gnma Bond ETF | Add +17.9% | 0.18% | +0.01 |
| COP Conocophillips | Add +0.9% | 0.45% | +0.01 |
| LRCX Lam Research Corp. | Add +1.2% | 0.07% | +0.01 |
| ACVU Hartford Alpha Cap Val ETF | New | 0.01% | +0.01 |
| KVUE Kenvue Inc. | Add +37.2% | 0.04% | +0.01 |
| PYPL PayPal Holdings Inc. | Add +1.2% | 0.36% | +0.01 |
| META Meta Platforms Inc. Class A | Add +1.5% | 0.03% | +0.01 |
| OXY Occidental Petroleum Corp. | Add +0.6% | 0.53% | +0.01 |
| CL Colgate-Palmolive Co. | Add +1.2% | 0.11% | +0.01 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +0.7% | 0.21% | +0.01 |
| MA Mastercard Inc. Class A | Add +0.6% | 0.10% | +0.01 |
| IJK iShares S&P Mid-Cap 400 Grow | Add +0.1% | 0.07% | +0.00 |
| RSPT Invesco S&P 500 Equal Weight | New | 0.00% | +0.00 |
| GSK GSK PLC-Spon ADR | Add +96.3% | 0.01% | +0.00 |
| SPEM State Street SP PTF Em ETF | Add +5427.4% | 0.00% | +0.00 |
| DLR Digital Realty Trust Inc. | Add +2.4% | 0.23% | +0.00 |
| ADBE Adobe Inc. | Add +69.2% | 0.01% | +0.00 |
| GSIE Goldman Sachs Activebeta Int | New | 0.00% | +0.00 |
| KMI Kinder Morgan Inc. | Add +30.8% | 0.01% | +0.00 |
| ARTY iShares Future AI & Tech ETF | New | 0.00% | +0.00 |
| VTI VG Morningstar TS MKT ETF-US | Add +2.6% | 0.05% | +0.00 |
| QUAL iShares MSCI USA Quality Fac | Add +0.6% | 0.04% | +0.00 |
| AXP American Express Co. | Add +10.5% | 0.01% | +0.00 |
| BHP BHP Group Ltd.-Spon ADR | New | 0.00% | +0.00 |
| TPVG Triplepoint Venture Growth B | Add +116.9% | 0.00% | +0.00 |
Notes & Other Activity Q4 2023 → Q1 2024
| OXY.WS Occidental Petroleum-CW27 | *W EXP 08/03/202 | Reduce -1.0% | 1,104 | $48K |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 1,758 | $4.1B | IVV, VEA, IJR, NNI, IJH |
| Q1 2026 | 1,758 | $3.6B | IVV, VEA, NNI, IJR, IJH |
| Q4 2025 | 1,719 | $3.6B | IVV, VEA, NNI, IJR, MSFT |
| Q3 2025 | 1,736 | $3.5B | IVV, VEA, NNI, IJR, MSFT |
| Q2 2025 | 1,728 | $3.4B | IVV, VEA, NNI, MSFT, IJR |
| Q1 2025 | 1,746 | $3.1B | IVV, VEA, NNI, IJR, MSFT |
| Q4 2024 | 1,773 | $3.2B | IVV, VEA, NNI, MSFT, IJR |
| Q3 2024 | 1,791 | $3.2B | IVV, VEA, NNI, MSFT, IJR |
| Q2 2024 | 1,776 | $3.0B | IVV, VEA, MSFT, NNI, IJR |
| Q1 2024 | 1,739 | $3.0B | IVV, VEA, NNI, MSFT, IJR |