Farmers & Merchants Investments Inc.
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 17, 2025), Farmers & Merchants Investments Inc. reported 1,736 stock positions worth $3.5 billion. Its top holding was iShares Core S&P 500 ETF (IVV) at 7.2% of the portfolio, followed by Vanguard Ftse Developed ETF (VEA, 5.7%) and Nelnet Class A (NNI, 4.2%). Compared with Q2 2025, it opened 50 new positions, sold out of 43, added to 360 and reduced 334. The biggest buy was Vanguard Ftse Developed ETF (VEA, shares +8%) and the biggest sale Microsoft (MSFT, shares −5%).
- Most Recent 13F
- Q2 2026
- Location
- LINCOLN, NE
- CIK
- 0001259969
- Portfolio Value
- $3.5B (Q3 2025)
- SEC Filing
- 0001140361-25-038508 ↗ filed Oct 17, 2025
Holdings Value
Holdings 1,736 stocks · $3.5B
| IVV iShares Core S&P 500 ETF | 7.21% | 379,752 | $254.2M | Reduce -3.6% |
| VEA Vanguard Ftse Developed ETF | 5.71% | 3,364,114 | $201.6M | Add +7.8% |
| NNI Nelnet Inc. Class A | 4.21% | 1,183,342 | $148.4M | Reduce -1.6% |
| IJR iShares Core S&P Small-Cap E | 3.88% | 1,151,423 | $136.8M | Add +2.4% |
| MSFT Microsoft Corp. | 3.81% | 259,399 | $134.4M | Reduce -5.0% |
| IJH iShares Core S&P Midcap ETF | 3.28% | 1,772,453 | $115.7M | Add +2.5% |
| AAPL Apple Inc. | 3.15% | 436,385 | $111.1M | Reduce -4.4% |
| VWO Vanguard Ftse Emerging Marke | 2.35% | 1,532,655 | $83.0M | Reduce -7.6% |
| AVGO Broadcom Inc. | 2.04% | 217,750 | $71.8M | Reduce -5.6% |
| BND Vanguard Total Bond Market | 1.61% | 764,886 | $56.9M | Reduce -0.6% |
| ORCL Oracle Corp. | 1.60% | 200,716 | $56.4M | Reduce -8.0% |
| JPM JPMorgan Chase & Co. | 1.51% | 169,224 | $53.4M | Add +6.7% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.46% | 102,335 | $51.4M | Add +2.3% |
| SLQD iShares 0-5 YR Inv GRD Corp. | 1.42% | 988,006 | $50.2M | Reduce -2.0% |
| WMT Walmart Inc. | 1.28% | 437,564 | $45.1M | Reduce -4.4% |
| APH Amphenol Corp. Class A | 1.25% | 355,321 | $44.0M | Reduce -6.5% |
| GOOGL Alphabet Inc. Class A | 1.23% | 177,793 | $43.2M | Reduce -7.4% |
| WCC Wesco International Inc. | 1.07% | 178,219 | $37.7M | Reduce -7.8% |
| GOOG Alphabet Inc. Class C | 0.98% | 142,269 | $34.6M | Reduce -2.6% |
| LLY Eli Lilly & Co. | 0.97% | 44,637 | $34.1M | Reduce -3.2% |
| NVDA Nvidia Corp. | 0.91% | 172,387 | $32.2M | Reduce -9.3% |
| LOW Lowe's Cos Inc. | 0.90% | 126,247 | $31.7M | Reduce -3.3% |
| AMD Advanced Micro Devices | 0.88% | 192,064 | $31.1M | Reduce -5.2% |
| BRK.A Berkshire Hathaway Inc. Class A | 0.86% | 40 | $30.2M | Reduce -13.0% |
| XOM Exxon Mobil Corp. | 0.84% | 263,220 | $29.7M | Reduce -3.7% |
| AMZN Amazon.com Inc. | 0.84% | 134,693 | $29.6M | Reduce -10.3% |
| JNJ Johnson & Johnson | 0.83% | 157,108 | $29.1M | Reduce -7.1% |
| GS Goldman Sachs Group Inc. | 0.71% | 31,626 | $25.2M | Add +0.5% |
| TSM Taiwan Semiconductor-SP ADR | 0.71% | 89,943 | $25.1M | Reduce -11.7% |
| EMR Emerson Electric Co. | 0.68% | 181,507 | $23.8M | Reduce -4.3% |
| PEP Pepsico Inc. | 0.66% | 166,277 | $23.4M | Reduce -8.1% |
| ABT Abbott Laboratories | 0.66% | 173,634 | $23.3M | Reduce -0.1% |
| V Visa Inc. Class A | 0.65% | 67,430 | $23.0M | Reduce -6.8% |
| VOO Vanguard S&P 500 ETF | 0.64% | 37,115 | $22.7M | Add +0.3% |
| UNH Unitedhealth Group Inc. | 0.61% | 61,930 | $21.4M | Reduce -5.8% |
| PG The Procter & Gamble Co. | 0.60% | 138,611 | $21.3M | Reduce -4.3% |
| CSCO Cisco Systems Inc. | 0.59% | 302,794 | $20.7M | Reduce -3.3% |
| MCD McDonald's Corp. | 0.59% | 68,005 | $20.7M | Reduce -4.0% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.56% | 386,102 | $19.9M | Reduce -5.5% |
| ABBV Abbvie Inc. | 0.55% | 84,543 | $19.6M | Reduce -2.4% |
| APD Air Products & Chemicals Inc. | 0.55% | 71,617 | $19.5M | Reduce -3.5% |
| RTX RTX Corp. | 0.55% | 116,139 | $19.4M | Reduce -0.3% |
| UNP Union Pacific Corp. | 0.55% | 81,407 | $19.2M | Reduce -3.4% |
| CVX Chevron Corp. | 0.54% | 121,778 | $18.9M | Add +1.6% |
| TXN Texas Instruments Inc. | 0.53% | 102,616 | $18.9M | Reduce -1.2% |
| CVS CVS Health Corp. | 0.53% | 249,736 | $18.8M | Reduce -6.4% |
| PANW Palo Alto Networks Inc. | 0.52% | 90,643 | $18.5M | Reduce -5.6% |
| COF Capital One Financial Corp. | 0.50% | 83,693 | $17.8M | Reduce -2.4% |
| IWM iShares Russell 2000 ETF | 0.50% | 73,032 | $17.7M | Add +0.1% |
| ROP Roper Technologies Inc. | 0.50% | 35,101 | $17.5M | Reduce -8.3% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.48% | 146,985 | $16.8M | Reduce -6.9% |
| VCSH Vanguard S/T Corp. Bond ETF | 0.47% | 208,660 | $16.7M | Reduce -17.2% |
| BLK BlackRock Inc. | 0.46% | 13,938 | $16.2M | Reduce -5.9% |
| COST Costco Wholesale Corp. | 0.46% | 17,475 | $16.2M | Add +1.2% |
| MET Metlife Inc. | 0.46% | 196,111 | $16.2M | Reduce -7.2% |
| AMP Ameriprise Financial Inc. | 0.44% | 31,492 | $15.5M | Reduce -0.8% |
| VTIP Vanguard Short-Term Tips | 0.43% | 302,214 | $15.3M | Reduce -10.1% |
| WM Waste Management Inc. | 0.43% | 69,051 | $15.2M | Reduce -4.3% |
| SYK Stryker Corp. | 0.43% | 40,673 | $15.0M | Reduce -6.0% |
| LIN Linde PLC | 0.43% | 31,567 | $15.0M | Reduce -3.4% |
| SYY Sysco Corp. | 0.42% | 178,684 | $14.7M | Reduce -4.6% |
| AFL Aflac Inc. | 0.41% | 130,062 | $14.5M | Reduce -0.4% |
| DOV Dover Corp. | 0.41% | 86,330 | $14.4M | Reduce -0.8% |
| DELL Dell Technologies -C | 0.41% | 101,110 | $14.3M | Reduce -0.8% |
| ADP Automatic Data Processing | 0.40% | 48,365 | $14.2M | Add +0.1% |
| ICLR Icon PLC | 0.40% | 80,038 | $14.0M | Reduce -8.6% |
| NKE Nike Inc. Class B | 0.40% | 200,194 | $14.0M | Reduce -8.7% |
| IVW iShares S&P 500 Growth ETF | 0.40% | 115,509 | $13.9M | Reduce -0.0% |
| ENB Enbridge Inc. | 0.39% | 275,327 | $13.9M | Reduce -6.5% |
| WFC Wells Fargo & Co. | 0.39% | 163,561 | $13.7M | Reduce -6.3% |
| USB US Bancorp | 0.39% | 282,538 | $13.7M | Reduce -13.1% |
| IWP iShares Russell Mid-Cap Grow | 0.38% | 93,629 | $13.3M | Add +0.7% |
| MDT Medtronic PLC | 0.37% | 136,306 | $13.0M | Reduce -0.9% |
| BSV Vanguard Short-Term Bond ETF | 0.36% | 162,586 | $12.8M | Reduce -19.4% |
| CAT Caterpillar Inc. | 0.36% | 26,481 | $12.6M | Reduce -0.4% |
| HD Home Depot Inc. | 0.36% | 31,042 | $12.6M | Reduce -0.6% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.35% | 85,271 | $12.3M | Reduce -0.2% |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | 0.35% | 151,758 | $12.3M | Reduce -12.3% |
| VZ Verizon Communications Inc. | 0.35% | 279,282 | $12.3M | Reduce -8.9% |
| CMCSA Comcast Corp. Class A | 0.35% | 388,438 | $12.2M | Reduce -5.7% |
| CRM Salesforce Inc. | 0.34% | 51,301 | $12.2M | Add +5.9% |
| ROST Ross Stores Inc. | 0.34% | 79,507 | $12.1M | Reduce -4.6% |
| SBUX Starbucks Corp. | 0.34% | 142,172 | $12.0M | Add +0.6% |
| GNMA iShares Gnma Bond ETF | 0.34% | 266,935 | $11.8M | Add +6.1% |
| QCOM Qualcomm Inc. | 0.33% | 69,281 | $11.5M | Reduce -0.9% |
| ASML ASML Holding NV-NY Reg SHS | 0.32% | 11,731 | $11.4M | Reduce -17.0% |
| MDLZ Mondelez International Inc. Class A | 0.31% | 177,656 | $11.1M | Reduce -10.4% |
| MBB iShares MBS ETF | 0.31% | 114,275 | $10.9M | Reduce -25.4% |
| HON Honeywell International Inc. | 0.30% | 51,043 | $10.7M | Reduce -11.8% |
| OXY Occidental Petroleum Corp. | 0.30% | 227,115 | $10.7M | Reduce -5.2% |
| FISV Fiserv Inc. | 0.30% | 83,140 | $10.7M | Add +1.4% |
| MRK Merck & Co. Inc. | 0.29% | 123,142 | $10.3M | Reduce -9.2% |
| NUE Nucor Corp. | 0.29% | 75,585 | $10.2M | Reduce -4.4% |
| ITT Itt Inc. | 0.29% | 56,705 | $10.1M | Reduce -12.8% |
| PYPL PayPal Holdings Inc. | 0.28% | 147,704 | $9.9M | Reduce -8.0% |
| BAH Booz Allen Hamilton Holdings | 0.28% | 97,046 | $9.7M | Reduce -10.0% |
| ITW Illinois Tool Works | 0.27% | 37,047 | $9.7M | Reduce -0.9% |
| EW Edwards Lifesciences Corp. | 0.27% | 123,745 | $9.6M | Reduce -10.8% |
| UBER Uber Technologies Inc. | 0.27% | 98,134 | $9.6M | Reduce -8.3% |
| COP Conocophillips | 0.27% | 101,198 | $9.6M | Add +0.1% |
Other holdings (1): bonds, preferreds, convertibles and warrants · $11K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| OXY.WS Occidental Petroleum-CW27 | *W EXP 08/03/202 | 424 | $11K | No change |
Total filed on the 13F, all lines: $3.5B.
Portfolio Sells Q2 2025 → Q3 2025
| MSFT Microsoft Corp. | Reduce -5.0% | 3.81% | −0.15 |
| ROP Roper Technologies Inc. | Reduce -8.3% | 0.50% | −0.14 |
| AMZN Amazon.com Inc. | Reduce -10.3% | 0.84% | −0.12 |
| BRK.A Berkshire Hathaway Inc. Class A | Reduce -13.0% | 0.86% | −0.12 |
| VCSH Vanguard S/T Corp. Bond ETF | Reduce -17.2% | 0.47% | −0.11 |
| MBB iShares MBS ETF | Reduce -25.4% | 0.31% | −0.11 |
| BSV Vanguard Short-Term Bond ETF | Reduce -19.4% | 0.36% | −0.10 |
| V Visa Inc. Class A | Reduce -6.8% | 0.65% | −0.10 |
| TXN Texas Instruments Inc. | Reduce -1.2% | 0.53% | −0.09 |
| DIS The Walt Disney Co. | Reduce -6.9% | 0.48% | −0.09 |
| HON Honeywell International Inc. | Reduce -11.8% | 0.30% | −0.09 |
| CMCSA Comcast Corp. Class A | Reduce -5.7% | 0.35% | −0.08 |
| LLY Eli Lilly & Co. | Reduce -3.2% | 0.97% | −0.08 |
| MDLZ Mondelez International Inc. Class A | Reduce -10.4% | 0.31% | −0.08 |
| SYK Stryker Corp. | Reduce -6.0% | 0.43% | −0.07 |
| ATR Aptargroup Inc. | Reduce -8.1% | 0.23% | −0.07 |
| PG The Procter & Gamble Co. | Reduce -4.3% | 0.60% | −0.07 |
| PYPL PayPal Holdings Inc. | Reduce -8.0% | 0.28% | −0.07 |
| SLQD iShares 0-5 YR Inv GRD Corp. | Reduce -2.0% | 1.42% | −0.06 |
| EMR Emerson Electric Co. | Reduce -4.3% | 0.68% | −0.06 |
| VTIP Vanguard Short-Term Tips | Reduce -10.1% | 0.43% | −0.06 |
| NKE Nike Inc. Class B | Reduce -8.7% | 0.40% | −0.06 |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | Reduce -12.3% | 0.35% | −0.06 |
| APD Air Products & Chemicals Inc. | Reduce -3.5% | 0.55% | −0.06 |
| DOV Dover Corp. | Reduce -0.8% | 0.41% | −0.06 |
| AMP Ameriprise Financial Inc. | Reduce -0.8% | 0.44% | −0.06 |
| BAH Booz Allen Hamilton Holdings | Reduce -10.0% | 0.28% | −0.05 |
| PANW Palo Alto Networks Inc. | Reduce -5.6% | 0.52% | −0.05 |
| WM Waste Management Inc. | Reduce -4.3% | 0.43% | −0.05 |
| CSCO Cisco Systems Inc. | Reduce -3.3% | 0.59% | −0.05 |
| EW Edwards Lifesciences Corp. | Reduce -10.8% | 0.27% | −0.04 |
| USB US Bancorp | Reduce -13.1% | 0.39% | −0.04 |
| O Realty Income Corp. | Reduce -20.2% | 0.18% | −0.04 |
| IBM Intl Business Machines Corp. | Reduce -9.1% | 0.21% | −0.04 |
| NNI Nelnet Inc. Class A | Reduce -1.6% | 4.21% | −0.04 |
| VZ Verizon Communications Inc. | Reduce -8.9% | 0.35% | −0.04 |
| BND Vanguard Total Bond Market | Reduce -0.6% | 1.61% | −0.04 |
| MET Metlife Inc. | Reduce -7.2% | 0.46% | −0.04 |
| VWO Vanguard Ftse Emerging Marke | Reduce -7.6% | 2.35% | −0.04 |
| NEE Nextera Energy Inc. | Reduce -17.2% | 0.25% | −0.04 |
| PEP Pepsico Inc. | Reduce -8.1% | 0.66% | −0.03 |
| GWW WW Grainger Inc. | Reduce -0.5% | 0.25% | −0.03 |
| ABT Abbott Laboratories | Reduce -0.1% | 0.66% | −0.03 |
| DUK Duke Energy Corp. | Reduce -14.3% | 0.20% | −0.03 |
| KMB Kimberly-Clark Corp. | Reduce -12.4% | 0.13% | −0.03 |
| AZO AutoZone Inc. | Reduce -32.8% | 0.09% | −0.03 |
| COF Capital One Financial Corp. | Reduce -2.4% | 0.50% | −0.03 |
| DHR Danaher Corp. | Reduce -10.0% | 0.20% | −0.03 |
| WMT Walmart Inc. | Reduce -4.4% | 1.28% | −0.03 |
| DLR Digital Realty Trust Inc. | Reduce -6.8% | 0.23% | −0.03 |
Portfolio Buys Q2 2025 → Q3 2025
| VEA Vanguard Ftse Developed ETF | Add +7.8% | 5.71% | +0.53 |
| IJR iShares Core S&P Small-Cap E | Add +2.4% | 3.88% | +0.30 |
| JPM JPMorgan Chase & Co. | Add +6.7% | 1.51% | +0.17 |
| IJH iShares Core S&P Midcap ETF | Add +2.5% | 3.28% | +0.15 |
| GS Goldman Sachs Group Inc. | Add +0.5% | 0.71% | +0.06 |
| BRK.B Berkshire Hathaway Inc. Class B | Add +2.3% | 1.46% | +0.04 |
| IWM iShares Russell 2000 ETF | Add +0.1% | 0.50% | +0.04 |
| CVX Chevron Corp. | Add +1.6% | 0.54% | +0.04 |
| VOO Vanguard S&P 500 ETF | Add +0.3% | 0.64% | +0.03 |
| PSX Phillips 66 | Add +0.1% | 0.14% | +0.01 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +1.4% | 0.24% | +0.01 |
| GNMA iShares Gnma Bond ETF | Add +6.1% | 0.34% | +0.01 |
| OGE Oge Energy Corp. | Add +3911.6% | 0.01% | +0.01 |
| SPGI S&P Global Inc. | Add +23.3% | 0.08% | +0.01 |
| TMO Thermo Fisher Scientific Inc. | Add +0.0% | 0.05% | +0.01 |
| COP Conocophillips | Add +0.1% | 0.27% | +0.01 |
| CMI Cummins Inc. | Add +3.8% | 0.03% | +0.01 |
| FTS Fortis Inc. | Add +1.8% | 0.13% | +0.01 |
| GLD SPDR Gold Shares | Add +3.8% | 0.04% | +0.01 |
| EVRG Evergy Inc. | Add +0.2% | 0.09% | +0.01 |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | Add +5.0% | 0.08% | +0.01 |
| VUG Vanguard Mrngstar GR ETF-Sui | Add +8.4% | 0.04% | +0.01 |
| GEV GE Vernova Inc. | Add +2.6% | 0.03% | +0.00 |
| WELL Welltower Inc. | Add +0.2% | 0.04% | +0.00 |
| IAU iShares Gold Trust | Add +0.1% | 0.03% | +0.00 |
| ITOT iShares Core S&P Total U.S. | Add +0.2% | 0.07% | +0.00 |
| PLTR Palantir Technologies Inc. Class A | Add +2.7% | 0.01% | +0.00 |
| QQQ Invesco QQQ Trust Series 1 | Add +19.1% | 0.02% | +0.00 |
| FLEX Flex Ltd. | Add +0.1% | 0.03% | +0.00 |
| APP AppLovin Corp. Class A | New | 0.00% | +0.00 |
| SDY SS SPDR S&P Dividend ETF | Add +297.2% | 0.00% | +0.00 |
| VMI Valmont Industries | Add +0.1% | 0.02% | +0.00 |
| CSX CSX Corp. | Add +0.4% | 0.05% | +0.00 |
| STX Seagate Technology Holdings | Add +2.4% | 0.01% | +0.00 |
| VOE Vngrd Mrngstr MD-Cap Val ETF | Add +6.2% | 0.03% | +0.00 |
| VBK Van Morst SML-Cap Gro-Usd Inc. | Add +102.3% | 0.00% | +0.00 |
| EFA iShares MSCI Eafe ETF | Add +0.1% | 0.12% | +0.00 |
| IWP iShares Russell Mid-Cap Grow | Add +0.7% | 0.38% | +0.00 |
| IJK iShares S&P Mid-Cap 400 Grow | Add +0.6% | 0.06% | +0.00 |
| HOOD Robinhood Markets Inc. Class A | New | 0.00% | +0.00 |
| XLK SS Technology Select Sector | Add +0.1% | 0.02% | +0.00 |
| IJJ iShares S&P Mid-Cap 400 Valu | Add +2.0% | 0.04% | +0.00 |
| IEFA iShares Core MSCI Eafe ETF | Add +7.0% | 0.02% | +0.00 |
| IONQ Ionq Inc. | New | 0.00% | +0.00 |
| SLV iShares Silver Trust | New | 0.00% | +0.00 |
| TEX Terex Corp. | Add +0.0% | 0.02% | +0.00 |
| IJT iShares S&P Small-Cap 600 GR | Add +1.7% | 0.03% | +0.00 |
| IBIT iShares Bitcoin Trust ETF | New | 0.00% | +0.00 |
| UMBF Umb Financial Corp. | Add +0.1% | 0.01% | +0.00 |
| MS Morgan Stanley | Add +13.9% | 0.01% | +0.00 |
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 |