Farmers & Merchants Investments Inc.
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 14, 2025), Farmers & Merchants Investments Inc. reported 1,728 stock positions worth $3.4 billion. Its top holding was iShares Core S&P 500 ETF (IVV) at 7.1% of the portfolio, followed by Vanguard Ftse Developed ETF (VEA, 5.2%) and Nelnet Class A (NNI, 4.2%). Compared with Q1 2025, it opened 31 new positions, sold out of 50, added to 501 and reduced 304. The biggest buy was Microsoft (MSFT, shares +0%) and the biggest sale Eli Lilly (LLY, shares −2%).
- Most Recent 13F
- Q2 2026
- Location
- LINCOLN, NE
- CIK
- 0001259969
- Portfolio Value
- $3.4B (Q2 2025)
- SEC Filing
- 0001140361-25-025754 ↗ filed Jul 14, 2025
Holdings Value
Holdings 1,728 stocks · $3.4B
| IVV iShares Core S&P 500 ETF | 7.13% | 394,126 | $244.7M | Add +2.5% |
| VEA Vanguard Ftse Developed ETF | 5.19% | 3,120,846 | $177.9M | Add +1.8% |
| NNI Nelnet Inc. Class A | 4.25% | 1,202,262 | $145.6M | Reduce -0.2% |
| MSFT Microsoft Corp. | 3.96% | 273,085 | $135.8M | Add +0.0% |
| IJR iShares Core S&P Small-Cap E | 3.58% | 1,124,458 | $122.9M | Add +8.3% |
| IJH iShares Core S&P Midcap ETF | 3.13% | 1,729,458 | $107.3M | Add +8.4% |
| AAPL Apple Inc. | 2.73% | 456,368 | $93.6M | Add +1.1% |
| VWO Vanguard Ftse Emerging Marke | 2.39% | 1,658,374 | $82.0M | Add +3.6% |
| AVGO Broadcom Inc. | 1.85% | 230,743 | $63.6M | Reduce -3.7% |
| BND Vanguard Total Bond Market | 1.65% | 769,282 | $56.6M | Add +3.9% |
| SLQD iShares 0-5 YR Inv GRD Corp. | 1.49% | 1,008,095 | $51.0M | Reduce -2.2% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.42% | 100,030 | $48.6M | Add +0.1% |
| ORCL Oracle Corp. | 1.39% | 218,040 | $47.7M | Reduce -5.6% |
| JPM JPMorgan Chase & Co. | 1.34% | 158,601 | $46.0M | Reduce -3.5% |
| WMT Walmart Inc. | 1.30% | 457,746 | $44.8M | Reduce -0.6% |
| APH Amphenol Corp. Class A | 1.09% | 380,088 | $37.5M | Reduce -3.0% |
| LLY Eli Lilly & Co. | 1.05% | 46,109 | $35.9M | Reduce -2.4% |
| WCC Wesco International Inc. | 1.04% | 193,277 | $35.8M | Add +1.8% |
| GOOGL Alphabet Inc. Class A | 0.99% | 191,940 | $33.8M | Add +7.6% |
| BRK.A Berkshire Hathaway Inc. Class A | 0.98% | 46 | $33.5M | No change |
| AMZN Amazon.com Inc. | 0.96% | 150,191 | $33.0M | Add +10.7% |
| NVDA Nvidia Corp. | 0.88% | 190,027 | $30.0M | Add +22.4% |
| XOM Exxon Mobil Corp. | 0.86% | 273,413 | $29.5M | Add +1.3% |
| LOW Lowe's Cos Inc. | 0.84% | 130,540 | $29.0M | Add +1.4% |
| AMD Advanced Micro Devices | 0.84% | 202,553 | $28.7M | Reduce -1.1% |
| GOOG Alphabet Inc. Class C | 0.76% | 146,022 | $25.9M | Add +1.2% |
| JNJ Johnson & Johnson | 0.75% | 169,051 | $25.8M | Add +4.1% |
| V Visa Inc. Class A | 0.75% | 72,321 | $25.7M | Reduce -3.0% |
| EMR Emerson Electric Co. | 0.74% | 189,657 | $25.3M | Add +0.0% |
| PEP Pepsico Inc. | 0.70% | 181,021 | $23.9M | Add +4.3% |
| ABT Abbott Laboratories | 0.69% | 173,817 | $23.6M | Reduce -3.1% |
| PG The Procter & Gamble Co. | 0.67% | 144,911 | $23.1M | Add +0.2% |
| TSM Taiwan Semiconductor-SP ADR | 0.67% | 101,911 | $23.1M | Add +5.6% |
| GS Goldman Sachs Group Inc. | 0.65% | 31,479 | $22.3M | Add +0.9% |
| CSCO Cisco Systems Inc. | 0.63% | 313,249 | $21.7M | Reduce -0.8% |
| ROP Roper Technologies Inc. | 0.63% | 38,292 | $21.7M | Reduce -7.3% |
| TXN Texas Instruments Inc. | 0.63% | 103,868 | $21.6M | Reduce -0.0% |
| VOO Vanguard S&P 500 ETF | 0.61% | 37,013 | $21.0M | Add +9.1% |
| APD Air Products & Chemicals Inc. | 0.61% | 74,225 | $20.9M | Add +1.8% |
| MCD McDonald's Corp. | 0.60% | 70,819 | $20.7M | Reduce -1.7% |
| UNH Unitedhealth Group Inc. | 0.60% | 65,753 | $20.5M | Add +7.0% |
| VCSH Vanguard S/T Corp. Bond ETF | 0.58% | 252,138 | $20.0M | Add +5.9% |
| PANW Palo Alto Networks Inc. | 0.57% | 96,053 | $19.7M | Add +6.1% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.57% | 157,918 | $19.6M | Add +1.6% |
| UNP Union Pacific Corp. | 0.57% | 84,301 | $19.4M | Reduce -2.8% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.56% | 408,611 | $19.3M | Add +4.7% |
| CVS CVS Health Corp. | 0.54% | 266,774 | $18.4M | Add +1.7% |
| COF Capital One Financial Corp. | 0.53% | 85,784 | $18.3M | Reduce -2.7% |
| CVX Chevron Corp. | 0.50% | 119,856 | $17.2M | Add +0.2% |
| SYK Stryker Corp. | 0.50% | 43,270 | $17.1M | Reduce -2.4% |
| COST Costco Wholesale Corp. | 0.50% | 17,270 | $17.1M | Add +0.0% |
| RTX RTX Corp. | 0.50% | 116,500 | $17.0M | Add +0.5% |
| MET Metlife Inc. | 0.50% | 211,398 | $17.0M | Add +0.8% |
| AMP Ameriprise Financial Inc. | 0.49% | 31,742 | $16.9M | No change |
| VTIP Vanguard Short-Term Tips | 0.49% | 335,992 | $16.9M | Add +0.8% |
| WM Waste Management Inc. | 0.48% | 72,155 | $16.5M | Reduce -0.2% |
| ABBV Abbvie Inc. | 0.47% | 86,593 | $16.1M | Reduce -2.5% |
| DOV Dover Corp. | 0.46% | 87,036 | $15.9M | Reduce -1.6% |
| BSV Vanguard Short-Term Bond ETF | 0.46% | 201,586 | $15.9M | No change |
| IWM iShares Russell 2000 ETF | 0.46% | 72,974 | $15.7M | Reduce -0.9% |
| NKE Nike Inc. Class B | 0.45% | 219,289 | $15.6M | Add +7.7% |
| BLK BlackRock Inc. | 0.45% | 14,817 | $15.5M | Add +14.3% |
| LIN Linde PLC | 0.45% | 32,692 | $15.3M | Reduce -2.0% |
| ADP Automatic Data Processing | 0.43% | 48,326 | $14.9M | Reduce -0.4% |
| USB US Bancorp | 0.43% | 325,101 | $14.7M | Add +22.5% |
| CMCSA Comcast Corp. Class A | 0.43% | 412,018 | $14.7M | Reduce -0.9% |
| MBB iShares MBS ETF | 0.42% | 153,141 | $14.4M | Add +16.9% |
| SYY Sysco Corp. | 0.41% | 187,235 | $14.2M | Add +1.3% |
| FISV Fiserv Inc. | 0.41% | 81,964 | $14.1M | Add +0.9% |
| WFC Wells Fargo & Co. | 0.41% | 174,622 | $14.0M | Reduce -2.7% |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | 0.41% | 173,010 | $14.0M | Add +0.8% |
| AFL Aflac Inc. | 0.40% | 130,582 | $13.8M | Reduce -8.6% |
| HON Honeywell International Inc. | 0.39% | 57,843 | $13.5M | Reduce -1.5% |
| MDLZ Mondelez International Inc. Class A | 0.39% | 198,261 | $13.4M | Reduce -0.0% |
| ENB Enbridge Inc. | 0.39% | 294,383 | $13.3M | Reduce -2.0% |
| VZ Verizon Communications Inc. | 0.39% | 306,677 | $13.3M | Add +8.0% |
| CRM Salesforce Inc. | 0.39% | 48,440 | $13.2M | Add +4156.6% |
| SBUX Starbucks Corp. | 0.38% | 141,290 | $12.9M | Add +3.6% |
| IWP iShares Russell Mid-Cap Grow | 0.38% | 93,028 | $12.9M | Reduce -0.8% |
| ICLR Icon PLC | 0.37% | 87,573 | $12.7M | Add +2.5% |
| IVW iShares S&P 500 Growth ETF | 0.37% | 115,559 | $12.7M | Reduce -1.1% |
| DELL Dell Technologies -C | 0.36% | 101,885 | $12.5M | Reduce -1.0% |
| MDT Medtronic PLC | 0.35% | 137,494 | $12.0M | Add +1.0% |
| PYPL PayPal Holdings Inc. | 0.35% | 160,495 | $11.9M | Reduce -0.4% |
| HD Home Depot Inc. | 0.33% | 31,239 | $11.5M | Reduce -3.9% |
| ASML ASML Holding NV-NY Reg SHS | 0.33% | 14,130 | $11.3M | Add +4.8% |
| BAH Booz Allen Hamilton Holdings | 0.33% | 107,868 | $11.2M | Add +3.1% |
| QCOM Qualcomm Inc. | 0.32% | 69,887 | $11.1M | Reduce -1.3% |
| GNMA iShares Gnma Bond ETF | 0.32% | 251,648 | $11.1M | Add +4.8% |
| EW Edwards Lifesciences Corp. | 0.32% | 138,782 | $10.9M | Add +0.9% |
| MRK Merck & Co. Inc. | 0.31% | 135,642 | $10.7M | Reduce -0.1% |
| ROST Ross Stores Inc. | 0.31% | 83,318 | $10.6M | Reduce -2.8% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.31% | 85,431 | $10.5M | Reduce -1.3% |
| ATR Aptargroup Inc. | 0.31% | 66,913 | $10.5M | Add +5.8% |
| CAT Caterpillar Inc. | 0.30% | 26,587 | $10.3M | Add +0.5% |
| NUE Nucor Corp. | 0.30% | 79,085 | $10.2M | Reduce -1.8% |
| ITT Itt Inc. | 0.30% | 65,027 | $10.2M | Add +2.9% |
| OXY Occidental Petroleum Corp. | 0.29% | 239,436 | $10.1M | Reduce -2.8% |
| UBER Uber Technologies Inc. | 0.29% | 107,057 | $10.0M | Add +3.9% |
| NEE Nextera Energy Inc. | 0.28% | 139,733 | $9.7M | Add +7.0% |
Other holdings (1): bonds, preferreds, convertibles and warrants · $9K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| OXY.WS Occidental Petroleum-CW27 | *W EXP 08/03/202 | 424 | $9K | Reduce -61.9% |
Total filed on the 13F, all lines: $3.4B.
Portfolio Sells Q1 2025 → Q2 2025
| LLY Eli Lilly & Co. | Reduce -2.4% | 1.05% | −0.19 |
| SLQD iShares 0-5 YR Inv GRD Corp. | Reduce -2.2% | 1.49% | −0.16 |
| ROP Roper Technologies Inc. | Reduce -7.3% | 0.63% | −0.14 |
| ABBV Abbvie Inc. | Reduce -2.5% | 0.47% | −0.12 |
| MCD McDonald's Corp. | Reduce -1.7% | 0.60% | −0.11 |
| AFL Aflac Inc. | Reduce -8.6% | 0.40% | −0.10 |
| OXY Occidental Petroleum Corp. | Reduce -2.8% | 0.29% | −0.09 |
| COP Conocophillips | Reduce -3.8% | 0.26% | −0.09 |
| UNP Union Pacific Corp. | Reduce -2.8% | 0.57% | −0.09 |
| V Visa Inc. Class A | Reduce -3.0% | 0.75% | −0.08 |
| MRK Merck & Co. Inc. | Reduce -0.1% | 0.31% | −0.07 |
| ABT Abbott Laboratories | Reduce -3.1% | 0.69% | −0.07 |
| CMCSA Comcast Corp. Class A | Reduce -0.9% | 0.43% | −0.06 |
| WM Waste Management Inc. | Reduce -0.2% | 0.48% | −0.05 |
| BMY Bristol-Myers Squibb Co. | Reduce -11.4% | 0.08% | −0.05 |
| AMGN Amgen Inc. | Reduce -1.2% | 0.21% | −0.05 |
| LIN Linde PLC | Reduce -2.0% | 0.45% | −0.05 |
| KMB Kimberly-Clark Corp. | Reduce -6.7% | 0.16% | −0.05 |
| HD Home Depot Inc. | Reduce -3.9% | 0.33% | −0.04 |
| ROST Ross Stores Inc. | Reduce -2.8% | 0.31% | −0.04 |
| MDLZ Mondelez International Inc. Class A | Reduce -0.0% | 0.39% | −0.04 |
| GIS General Mills Inc. | Reduce -9.2% | 0.10% | −0.04 |
| ADP Automatic Data Processing | Reduce -0.4% | 0.43% | −0.04 |
| AEP American Electric Power | Reduce -3.0% | 0.19% | −0.04 |
| MA Mastercard Inc. Class A | Reduce -26.6% | 0.08% | −0.03 |
| ENB Enbridge Inc. | Reduce -2.0% | 0.39% | −0.03 |
| FTV Fortive Corp. | Reduce 0.0% | 0.06% | −0.03 |
| FDX FedEx Corp. | Reduce -0.0% | 0.17% | −0.03 |
| DOV Dover Corp. | Reduce -1.6% | 0.46% | −0.03 |
| TJX TJX Companies Inc. | Reduce -1.3% | 0.31% | −0.03 |
| TGT Target Corp. | Reduce -1.5% | 0.16% | −0.03 |
| SJM The JM Smucker Co. | Reduce -99.0% | 0.00% | −0.03 |
| SYK Stryker Corp. | Reduce -2.4% | 0.50% | −0.03 |
| ZTS Zoetis Inc. | Reduce -1.7% | 0.14% | −0.02 |
| AME Ametek Inc. | Reduce -8.5% | 0.17% | −0.02 |
| AZO AutoZone Inc. | Reduce -6.7% | 0.11% | −0.02 |
| PFE Pfizer Inc. | Reduce -1.6% | 0.14% | −0.02 |
| QCOM Qualcomm Inc. | Reduce -1.3% | 0.32% | −0.02 |
| TROW T Rowe Price Group Inc. | Reduce -19.6% | 0.07% | −0.02 |
| TMO Thermo Fisher Scientific Inc. | Reduce -5.5% | 0.05% | −0.02 |
| BKH Black Hills Corp. | Reduce -5.0% | 0.08% | −0.02 |
| UPS United Parcel Service Class B | Reduce -4.2% | 0.08% | −0.02 |
| PFF iShares Preferred & Income S | Reduce -92.3% | 0.00% | −0.02 |
| PSX Phillips 66 | Reduce -0.0% | 0.13% | −0.02 |
| WEC WEC Energy Group Inc. | Reduce -3.2% | 0.09% | −0.02 |
| KVUE Kenvue Inc. | Reduce -4.7% | 0.04% | −0.01 |
| CL Colgate-Palmolive Co. | Reduce -2.1% | 0.09% | −0.01 |
| GWW WW Grainger Inc. | Reduce -1.1% | 0.28% | −0.01 |
| IWD iShares Russell 1000 Value E | Reduce -23.6% | 0.03% | −0.01 |
| SAFE Safehold Inc. | Reduce -7.6% | 0.03% | −0.01 |
Portfolio Buys Q1 2025 → Q2 2025
| MSFT Microsoft Corp. | Add +0.0% | 3.96% | +0.70 |
| CRM Salesforce Inc. | Add +4156.6% | 0.39% | +0.38 |
| NVDA Nvidia Corp. | Add +22.4% | 0.88% | +0.34 |
| IVV iShares Core S&P 500 ETF | Add +2.5% | 7.13% | +0.27 |
| VEA Vanguard Ftse Developed ETF | Add +1.8% | 5.19% | +0.24 |
| IJH iShares Core S&P Midcap ETF | Add +8.4% | 3.13% | +0.17 |
| TSM Taiwan Semiconductor-SP ADR | Add +5.6% | 0.67% | +0.16 |
| AMZN Amazon.com Inc. | Add +10.7% | 0.96% | +0.14 |
| IJR iShares Core S&P Small-Cap E | Add +8.3% | 3.58% | +0.13 |
| GOOGL Alphabet Inc. Class A | Add +7.6% | 0.99% | +0.11 |
| GS Goldman Sachs Group Inc. | Add +0.9% | 0.65% | +0.11 |
| WCC Wesco International Inc. | Add +1.8% | 1.04% | +0.11 |
| VWO Vanguard Ftse Emerging Marke | Add +3.6% | 2.39% | +0.09 |
| DIS The Walt Disney Co. | Add +1.6% | 0.57% | +0.08 |
| PANW Palo Alto Networks Inc. | Add +6.1% | 0.57% | +0.08 |
| EMR Emerson Electric Co. | Add +0.0% | 0.74% | +0.08 |
| USB US Bancorp | Add +22.5% | 0.43% | +0.07 |
| SPGI S&P Global Inc. | Add +1972.8% | 0.07% | +0.07 |
| BLK BlackRock Inc. | Add +14.3% | 0.45% | +0.06 |
| VOO Vanguard S&P 500 ETF | Add +9.1% | 0.61% | +0.06 |
| NFLX Netflix Inc. | Add +0.1% | 0.22% | +0.05 |
| UBER Uber Technologies Inc. | Add +3.9% | 0.29% | +0.05 |
| CLX Clorox Company | Add +285.4% | 0.08% | +0.05 |
| ASML ASML Holding NV-NY Reg SHS | Add +4.8% | 0.33% | +0.05 |
| BAC Bank of America Corp. | Add +4.7% | 0.56% | +0.05 |
| JCI Johnson Controls Internation | Add +5.8% | 0.20% | +0.04 |
| NKE Nike Inc. Class B | Add +7.7% | 0.45% | +0.04 |
| GOOG Alphabet Inc. Class C | Add +1.2% | 0.76% | +0.04 |
| ITT Itt Inc. | Add +2.9% | 0.30% | +0.04 |
| DLR Digital Realty Trust Inc. | Add +1.4% | 0.25% | +0.03 |
| MBB iShares MBS ETF | Add +16.9% | 0.42% | +0.03 |
| C Citigroup Inc. | Add +3.2% | 0.23% | +0.03 |
| ROK Rockwell Automation Inc. | Add +3.3% | 0.15% | +0.03 |
| CAT Caterpillar Inc. | Add +0.5% | 0.30% | +0.02 |
| VMI Valmont Industries | Add +14300.0% | 0.02% | +0.02 |
| GEV GE Vernova Inc. | Add +3.5% | 0.03% | +0.01 |
| RTX RTX Corp. | Add +0.5% | 0.50% | +0.01 |
| IEFA iShares Core MSCI Eafe ETF | Add +84.4% | 0.02% | +0.01 |
| META Meta Platforms Inc. Class A | Add +0.5% | 0.05% | +0.01 |
| ATR Aptargroup Inc. | Add +5.8% | 0.31% | +0.01 |
| FLEX Flex Ltd. | Add +0.3% | 0.02% | +0.01 |
| HII Huntington Ingalls Industrie | Add +0.7% | 0.07% | +0.01 |
| UL Unilever PLC | Add +51.5% | 0.02% | +0.00 |
| EFA iShares MSCI Eafe ETF | Add +2.7% | 0.12% | +0.00 |
| PM Philip Morris International | Add +2.2% | 0.05% | +0.00 |
| ADM Archer-Daniels-Midland Co. | Add +396.4% | 0.00% | +0.00 |
| VOT Vngrd Mrngstr MC GRW ETF-Usd | Add +7.4% | 0.03% | +0.00 |
| PLTR Palantir Technologies Inc. Class A | Add +3.4% | 0.01% | +0.00 |
| TEL Te Connectivity PLC | Add +10.0% | 0.02% | +0.00 |
| TEX Terex Corp. | Add +0.0% | 0.02% | +0.00 |
Notes & Other Activity Q1 2025 → Q2 2025
| OXY.WS Occidental Petroleum-CW27 | *W EXP 08/03/202 | Reduce -61.9% | 424 | $9K |
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 |