Farmers & Merchants Investments Inc.
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 3, 2026), Farmers & Merchants Investments Inc. reported 1,719 stock positions worth $3.6 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, 6.1%) and Nelnet Class A (NNI, 4.4%). Compared with Q3 2025, it opened 27 new positions, sold out of 47, added to 322 and reduced 340. The biggest buy was Vanguard Ftse Developed ETF (VEA, shares +6%) and the biggest sale Vanguard Ftse Emerging Marke (VWO, shares −6%).
- Most Recent 13F
- Q2 2026
- Location
- LINCOLN, NE
- CIK
- 0001259969
- Portfolio Value
- $3.6B (Q4 2025)
- SEC Filing
- 0001140361-26-003508 ↗ filed Feb 3, 2026
Holdings Value
Holdings 1,719 stocks · $3.6B
| IVV iShares Core S&P 500 ETF | 7.20% | 380,174 | $260.4M | Add +0.1% |
| VEA Vanguard Ftse Developed ETF | 6.13% | 3,549,570 | $221.7M | Add +5.5% |
| NNI Nelnet Inc. Class A | 4.35% | 1,184,351 | $157.5M | Add +0.1% |
| IJR iShares Core S&P Small-Cap E | 3.93% | 1,182,618 | $142.1M | Add +2.7% |
| MSFT Microsoft Corp. | 3.51% | 262,746 | $127.1M | Add +1.3% |
| IJH iShares Core S&P Midcap ETF | 3.34% | 1,832,117 | $120.9M | Add +3.4% |
| AAPL Apple Inc. | 3.22% | 428,221 | $116.4M | Reduce -1.9% |
| VWO Vanguard Ftse Emerging Marke | 2.13% | 1,434,195 | $77.1M | Reduce -6.4% |
| AVGO Broadcom Inc. | 2.05% | 214,094 | $74.1M | Reduce -1.7% |
| BND Vanguard Total Bond Market | 1.61% | 787,867 | $58.4M | Add +3.0% |
| GOOGL Alphabet Inc. Class A | 1.55% | 179,643 | $56.2M | Add +1.0% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.43% | 102,852 | $51.7M | Add +0.5% |
| SLQD iShares 0-5 YR Inv GRD Corp. | 1.36% | 968,322 | $49.1M | Reduce -2.0% |
| JPM JPMorgan Chase & Co. | 1.34% | 150,152 | $48.4M | Reduce -11.3% |
| APH Amphenol Corp. Class A | 1.33% | 355,685 | $48.1M | Add +0.1% |
| WMT Walmart Inc. | 1.32% | 430,084 | $47.9M | Reduce -1.7% |
| LLY Eli Lilly & Co. | 1.32% | 44,287 | $47.6M | Reduce -0.8% |
| GOOG Alphabet Inc. Class C | 1.24% | 143,502 | $45.0M | Add +0.9% |
| WCC Wesco International Inc. | 1.21% | 178,723 | $43.7M | Add +0.3% |
| AMD Advanced Micro Devices | 1.13% | 191,121 | $40.9M | Reduce -0.5% |
| ORCL Oracle Corp. | 1.10% | 204,543 | $39.9M | Add +1.9% |
| AMZN Amazon.com Inc. | 0.97% | 151,881 | $35.1M | Add +12.8% |
| NVDA Nvidia Corp. | 0.92% | 178,466 | $33.3M | Add +3.5% |
| JNJ Johnson & Johnson | 0.89% | 156,431 | $32.4M | Reduce -0.4% |
| XOM Exxon Mobil Corp. | 0.88% | 265,450 | $31.9M | Add +0.8% |
| LOW Lowe's Cos Inc. | 0.84% | 125,618 | $30.3M | Reduce -0.5% |
| BRK.A Berkshire Hathaway Inc. Class A | 0.79% | 38 | $28.7M | Reduce -5.0% |
| GS Goldman Sachs Group Inc. | 0.78% | 31,920 | $28.1M | Add +0.9% |
| TSM Taiwan Semiconductor-SP ADR | 0.77% | 91,680 | $27.9M | Add +1.9% |
| EMR Emerson Electric Co. | 0.67% | 181,856 | $24.1M | Add +0.2% |
| PEP Pepsico Inc. | 0.65% | 164,843 | $23.7M | Reduce -0.9% |
| V Visa Inc. Class A | 0.65% | 66,872 | $23.5M | Reduce -0.8% |
| CSCO Cisco Systems Inc. | 0.64% | 302,120 | $23.3M | Reduce -0.2% |
| VOO Vanguard S&P 500 ETF | 0.63% | 36,368 | $22.8M | Reduce -2.0% |
| ABT Abbott Laboratories | 0.60% | 172,482 | $21.6M | Reduce -0.7% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.59% | 390,379 | $21.5M | Add +1.1% |
| RTX RTX Corp. | 0.58% | 115,429 | $21.2M | Reduce -0.6% |
| COF Capital One Financial Corp. | 0.57% | 84,711 | $20.5M | Add +1.2% |
| MCD McDonald's Corp. | 0.56% | 66,766 | $20.4M | Reduce -1.8% |
| UNH Unitedhealth Group Inc. | 0.56% | 61,587 | $20.3M | Reduce -0.6% |
| CVS CVS Health Corp. | 0.56% | 254,994 | $20.2M | Add +2.1% |
| PG The Procter & Gamble Co. | 0.53% | 133,984 | $19.2M | Reduce -3.3% |
| VCSH Vanguard S/T Corp. Bond ETF | 0.53% | 238,760 | $19.0M | Add +14.4% |
| UNP Union Pacific Corp. | 0.51% | 79,928 | $18.5M | Reduce -1.8% |
| ABBV Abbvie Inc. | 0.51% | 80,766 | $18.5M | Reduce -4.5% |
| IWM iShares Russell 2000 ETF | 0.49% | 72,416 | $17.8M | Reduce -0.8% |
| TXN Texas Instruments Inc. | 0.49% | 101,689 | $17.6M | Reduce -0.9% |
| APD Air Products & Chemicals Inc. | 0.48% | 69,988 | $17.3M | Reduce -2.3% |
| PANW Palo Alto Networks Inc. | 0.47% | 92,978 | $17.1M | Add +2.6% |
| CVX Chevron Corp. | 0.46% | 109,020 | $16.6M | Reduce -10.5% |
| DOV Dover Corp. | 0.45% | 84,078 | $16.4M | Reduce -2.6% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.45% | 143,238 | $16.3M | Reduce -2.5% |
| VTIP Vanguard Short-Term Tips | 0.44% | 321,170 | $15.9M | Add +6.3% |
| ROP Roper Technologies Inc. | 0.43% | 34,931 | $15.5M | Reduce -0.5% |
| MET Metlife Inc. | 0.43% | 194,933 | $15.4M | Reduce -0.6% |
| AMP Ameriprise Financial Inc. | 0.42% | 31,242 | $15.3M | Reduce -0.8% |
| COST Costco Wholesale Corp. | 0.42% | 17,484 | $15.1M | Add +0.1% |
| USB US Bancorp | 0.42% | 282,217 | $15.1M | Reduce -0.1% |
| WM Waste Management Inc. | 0.42% | 68,416 | $15.0M | Reduce -0.9% |
| BLK BlackRock Inc. | 0.42% | 14,042 | $15.0M | Add +0.8% |
| CRM Salesforce Inc. | 0.41% | 56,630 | $15.0M | Add +10.4% |
| ICLR Icon PLC | 0.41% | 80,575 | $14.7M | Add +0.7% |
| WFC Wells Fargo & Co. | 0.40% | 156,911 | $14.6M | Reduce -4.1% |
| CAT Caterpillar Inc. | 0.40% | 25,136 | $14.4M | Reduce -5.1% |
| IVW iShares S&P 500 Growth ETF | 0.39% | 115,390 | $14.2M | Reduce -0.1% |
| ROST Ross Stores Inc. | 0.39% | 78,712 | $14.2M | Reduce -1.0% |
| SYK Stryker Corp. | 0.39% | 40,325 | $14.2M | Reduce -0.9% |
| AFL Aflac Inc. | 0.38% | 124,559 | $13.7M | Reduce -4.2% |
| LIN Linde PLC | 0.37% | 31,547 | $13.5M | Reduce -0.1% |
| ENB Enbridge Inc. | 0.37% | 280,005 | $13.4M | Add +1.7% |
| GNMA iShares Gnma Bond ETF | 0.37% | 299,939 | $13.4M | Add +12.4% |
| SYY Sysco Corp. | 0.36% | 178,006 | $13.1M | Reduce -0.4% |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | 0.36% | 162,343 | $13.1M | Add +7.0% |
| MDT Medtronic PLC | 0.36% | 135,856 | $13.1M | Reduce -0.3% |
| BSV Vanguard Short-Term Bond ETF | 0.36% | 163,786 | $12.9M | Add +0.7% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.36% | 83,899 | $12.9M | Reduce -1.6% |
| IWP iShares Russell Mid-Cap Grow | 0.35% | 93,501 | $12.8M | Reduce -0.1% |
| ASML ASML Holding NV-NY Reg SHS | 0.35% | 11,920 | $12.8M | Add +1.6% |
| NKE Nike Inc. Class B | 0.35% | 199,229 | $12.7M | Reduce -0.5% |
| DELL Dell Technologies -C | 0.35% | 100,395 | $12.6M | Reduce -0.7% |
| META Meta Platforms Inc. Class A | 0.34% | 18,577 | $12.3M | Add +679.6% |
| MRK Merck & Co. Inc. | 0.34% | 116,482 | $12.3M | Reduce -5.4% |
| NUE Nucor Corp. | 0.34% | 74,725 | $12.2M | Reduce -1.1% |
| ADP Automatic Data Processing | 0.33% | 46,598 | $12.0M | Reduce -3.6% |
| MBB iShares MBS ETF | 0.33% | 125,469 | $11.9M | Add +9.8% |
| SBUX Starbucks Corp. | 0.33% | 140,742 | $11.9M | Reduce -1.0% |
| QCOM Qualcomm Inc. | 0.32% | 67,821 | $11.6M | Reduce -2.1% |
| VZ Verizon Communications Inc. | 0.31% | 272,390 | $11.1M | Reduce -2.5% |
| EW Edwards Lifesciences Corp. | 0.30% | 125,707 | $10.7M | Add +1.6% |
| HD Home Depot Inc. | 0.29% | 30,996 | $10.7M | Reduce -0.1% |
| ITT Itt Inc. | 0.27% | 56,455 | $9.8M | Reduce -0.4% |
| HON Honeywell International Inc. | 0.27% | 50,162 | $9.8M | Reduce -1.7% |
| MDLZ Mondelez International Inc. Class A | 0.26% | 175,097 | $9.4M | Reduce -1.4% |
| OXY Occidental Petroleum Corp. | 0.26% | 228,305 | $9.4M | Add +0.5% |
| COP Conocophillips | 0.26% | 99,698 | $9.3M | Reduce -1.5% |
| ITW Illinois Tool Works | 0.25% | 37,029 | $9.1M | Reduce -0.1% |
| NEE Nextera Energy Inc. | 0.25% | 112,722 | $9.0M | Reduce -2.6% |
| GWW WW Grainger Inc. | 0.24% | 8,674 | $8.8M | Reduce -4.9% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.24% | 12,536 | $8.5M | Reduce -1.3% |
| PYPL PayPal Holdings Inc. | 0.23% | 145,547 | $8.5M | Reduce -1.5% |
Other holdings (2): bonds, preferreds, convertibles and warrants · $8K (not counted above)
Total filed on the 13F, all lines: $3.6B.
Portfolio Sells Q3 2025 → Q4 2025
| VWO Vanguard Ftse Emerging Marke | Reduce -6.4% | 2.13% | −0.22 |
| CMCSA Comcast Corp. Class A | Reduce -47.3% | 0.17% | −0.18 |
| JPM JPMorgan Chase & Co. | Reduce -11.3% | 1.34% | −0.18 |
| DAL Delta Air Lines Inc. | Reduce -53.1% | 0.11% | −0.08 |
| CVX Chevron Corp. | Reduce -10.5% | 0.46% | −0.08 |
| APD Air Products & Chemicals Inc. | Reduce -2.3% | 0.48% | −0.08 |
| PG The Procter & Gamble Co. | Reduce -3.3% | 0.53% | −0.07 |
| ADP Automatic Data Processing | Reduce -3.6% | 0.33% | −0.07 |
| SLQD iShares 0-5 YR Inv GRD Corp. | Reduce -2.0% | 1.36% | −0.07 |
| ROP Roper Technologies Inc. | Reduce -0.5% | 0.43% | −0.07 |
| BRK.A Berkshire Hathaway Inc. Class A | Reduce -5.0% | 0.79% | −0.06 |
| LOW Lowe's Cos Inc. | Reduce -0.5% | 0.84% | −0.06 |
| ABT Abbott Laboratories | Reduce -0.7% | 0.60% | −0.06 |
| HD Home Depot Inc. | Reduce -0.1% | 0.29% | −0.06 |
| DELL Dell Technologies -C | Reduce -0.7% | 0.35% | −0.06 |
| SYY Sysco Corp. | Reduce -0.4% | 0.36% | −0.05 |
| BAH Booz Allen Hamilton Holdings | Reduce -2.5% | 0.22% | −0.05 |
| MDLZ Mondelez International Inc. Class A | Reduce -1.4% | 0.26% | −0.05 |
| LIN Linde PLC | Reduce -0.1% | 0.37% | −0.05 |
| TXN Texas Instruments Inc. | Reduce -0.9% | 0.49% | −0.05 |
| PYPL PayPal Holdings Inc. | Reduce -1.5% | 0.23% | −0.05 |
| ABBV Abbvie Inc. | Reduce -4.5% | 0.51% | −0.04 |
| NKE Nike Inc. Class B | Reduce -0.5% | 0.35% | −0.04 |
| UNH Unitedhealth Group Inc. | Reduce -0.6% | 0.56% | −0.04 |
| VZ Verizon Communications Inc. | Reduce -2.5% | 0.31% | −0.04 |
| ZTS Zoetis Inc. | Reduce -18.7% | 0.08% | −0.04 |
| SYK Stryker Corp. | Reduce -0.9% | 0.39% | −0.03 |
| UNP Union Pacific Corp. | Reduce -1.8% | 0.51% | −0.03 |
| HON Honeywell International Inc. | Reduce -1.7% | 0.27% | −0.03 |
| MET Metlife Inc. | Reduce -0.6% | 0.43% | −0.03 |
| AFL Aflac Inc. | Reduce -4.2% | 0.38% | −0.03 |
| KMB Kimberly-Clark Corp. | Reduce -4.0% | 0.10% | −0.03 |
| DIS The Walt Disney Co. | Reduce -2.5% | 0.45% | −0.03 |
| IWP iShares Russell Mid-Cap Grow | Reduce -0.1% | 0.35% | −0.02 |
| MCD McDonald's Corp. | Reduce -1.8% | 0.56% | −0.02 |
| VMI Valmont Industries | Reduce -99.2% | 0.00% | −0.02 |
| GPC Genuine Parts Co. | Reduce -0.1% | 0.14% | −0.02 |
| ITW Illinois Tool Works | Reduce -0.1% | 0.25% | −0.02 |
| DUK Duke Energy Corp. | Reduce -3.4% | 0.18% | −0.02 |
| AZO AutoZone Inc. | Reduce -2.1% | 0.06% | −0.02 |
| PSX Phillips 66 | Reduce -4.6% | 0.13% | −0.02 |
| WM Waste Management Inc. | Reduce -0.9% | 0.42% | −0.02 |
| ITT Itt Inc. | Reduce -0.4% | 0.27% | −0.02 |
| DOW Dow Inc. | Reduce -45.4% | 0.02% | −0.02 |
| INGR Ingredion Inc. | Reduce -14.6% | 0.05% | −0.02 |
| AMP Ameriprise Financial Inc. | Reduce -0.8% | 0.42% | −0.02 |
| VOO Vanguard S&P 500 ETF | Reduce -2.0% | 0.63% | −0.01 |
| GIS General Mills Inc. | Reduce -5.9% | 0.08% | −0.01 |
| CL Colgate-Palmolive Co. | Reduce -15.3% | 0.06% | −0.01 |
| COP Conocophillips | Reduce -1.5% | 0.26% | −0.01 |
Portfolio Buys Q3 2025 → Q4 2025
| VEA Vanguard Ftse Developed ETF | Add +5.5% | 6.13% | +0.41 |
| GOOGL Alphabet Inc. Class A | Add +1.0% | 1.55% | +0.33 |
| META Meta Platforms Inc. Class A | Add +679.6% | 0.34% | +0.29 |
| GOOG Alphabet Inc. Class C | Add +0.9% | 1.24% | +0.26 |
| NNI Nelnet Inc. Class A | Add +0.1% | 4.35% | +0.15 |
| WCC Wesco International Inc. | Add +0.3% | 1.21% | +0.14 |
| AMZN Amazon.com Inc. | Add +12.8% | 0.97% | +0.13 |
| APH Amphenol Corp. Class A | Add +0.1% | 1.33% | +0.08 |
| ALB Albemarle Corp. | Add +4.7% | 0.17% | +0.07 |
| CRM Salesforce Inc. | Add +10.4% | 0.41% | +0.07 |
| COF Capital One Financial Corp. | Add +1.2% | 0.57% | +0.06 |
| IJH iShares Core S&P Midcap ETF | Add +3.4% | 3.34% | +0.06 |
| GS Goldman Sachs Group Inc. | Add +0.9% | 0.78% | +0.06 |
| FRT Federal Realty Invs Trust | Add +42977.6% | 0.06% | +0.06 |
| TSM Taiwan Semiconductor-SP ADR | Add +1.9% | 0.77% | +0.06 |
| VCSH Vanguard S/T Corp. Bond ETF | Add +14.4% | 0.53% | +0.05 |
| IJR iShares Core S&P Small-Cap E | Add +2.7% | 3.93% | +0.05 |
| XOM Exxon Mobil Corp. | Add +0.8% | 0.88% | +0.04 |
| AMCR Amcor PLC | Add +2116.2% | 0.04% | +0.04 |
| GNMA iShares Gnma Bond ETF | Add +12.4% | 0.37% | +0.03 |
| ASML ASML Holding NV-NY Reg SHS | Add +1.6% | 0.35% | +0.03 |
| BAC Bank of America Corp. | Add +1.1% | 0.59% | +0.03 |
| ECL Ecolab Inc. | Add +29.4% | 0.16% | +0.03 |
| CVS CVS Health Corp. | Add +2.1% | 0.56% | +0.03 |
| EW Edwards Lifesciences Corp. | Add +1.6% | 0.30% | +0.02 |
| MBB iShares MBS ETF | Add +9.8% | 0.33% | +0.02 |
| AGG iShares Core U.S. Aggregate | Add +12.8% | 0.22% | +0.02 |
| JCI Johnson Controls Internation | Add +2.7% | 0.19% | +0.02 |
| HII Huntington Ingalls Industrie | Add +0.7% | 0.09% | +0.01 |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | Add +7.0% | 0.36% | +0.01 |
| SPGI S&P Global Inc. | Add +10.2% | 0.09% | +0.01 |
| VTI VG Morningstar TS MKT ETF-US | Add +12.2% | 0.10% | +0.01 |
| VIG Vanguard Dividend Apprec ETF | Add +8.4% | 0.12% | +0.01 |
| ICLR Icon PLC | Add +0.7% | 0.41% | +0.01 |
| NVDA Nvidia Corp. | Add +3.5% | 0.92% | +0.01 |
| VNQ Vanguard Real Estate ETF | Add +14.5% | 0.10% | +0.01 |
| GIL Gildan Activewear Inc. | New | 0.01% | +0.01 |
| OMC Omnicom Group | Add +44.2% | 0.02% | +0.01 |
| VTIP Vanguard Short-Term Tips | Add +6.3% | 0.44% | +0.01 |
| CMI Cummins Inc. | Add +0.1% | 0.03% | +0.00 |
| VST Vistra Corp. | Add +412.4% | 0.01% | +0.00 |
| FTS Fortis Inc. | Add +2.6% | 0.13% | +0.00 |
| MU Micron Technology Inc. | Add +1.3% | 0.01% | +0.00 |
| KNX Knight-Swift Transportation | Add +0.1% | 0.01% | +0.00 |
| CMG Chipotle Mexican Grill Inc. | Add +235.6% | 0.00% | +0.00 |
| CRH CRH PLC | Add +17.2% | 0.01% | +0.00 |
| XRP Bitwise XRP ETF | New | 0.00% | +0.00 |
| TPVG Triplepoint Venture Growth B | Add +221.7% | 0.00% | +0.00 |
| CVNA Carvana Co. | New | 0.00% | +0.00 |
| GLW Corning Inc. | Add +50.4% | 0.00% | +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 |