First Merchants Corp.
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed January 12, 2026), First Merchants Corp. reported 367 stock positions worth $2.7 billion. Its top holding was FMPW Inst Money at 7.7% of the portfolio, followed by Vanguard 500 Index-Adm (VFIAX, 5.0%) and Fed Herm TTL RTRN BND-R6 (FTRLX, 3.4%). Compared with Q3 2025, it opened 17 new positions, sold out of 20, added to 98 and reduced 162. The biggest buy was FMPW Inst Money (shares +4%) and the biggest sale Grant County State (shares −34%).
- Most Recent 13F
- Q2 2026
- Location
- Muncie, IN
- CIK
- 0000712534
- Portfolio Value
- $2.7B (Q4 2025)
- SEC Filing
- 0000712534-26-000005 ↗ filed Jan 12, 2026
Holdings Value
Holdings 367 stocks · $2.7B
| FMPW INST MONEY | 7.70% | 207,888,916 | $207.9M | Add +4.3% |
| VFIAX Vanguard 500 Index-Adm | 5.00% | 213,704 | $135.0M | Add +0.8% |
| FTRLX Fed Herm TTL RTRN BND-R6 filed as FED TTL RET BD CL R6 | 3.41% | 9,612,830 | $92.1M | Add +5.0% |
| SRBRX Federated SHRT-Intrm TTL-R6 filed as FED SH INTRM TTL BD | 3.39% | 8,944,134 | $91.4M | Add +5.2% |
| VIMAX VNGD Mrngst MD-CP Idx FD-Adm | 2.41% | 181,144 | $65.1M | Add +2.3% |
| BSV Vanguard Short-Term Bond ETF | 2.36% | 809,313 | $63.8M | Add +4.0% |
| GOOGL Alphabet Inc. Class A | 2.17% | 187,225 | $58.6M | Reduce -3.1% |
| AAPL Apple Inc. | 2.05% | 203,478 | $55.3M | Reduce -1.6% |
| LLY Eli Lilly & Co. | 2.01% | 50,505 | $54.3M | Reduce -0.3% |
| AVGO Broadcom Inc. | 1.92% | 149,583 | $51.8M | Reduce -9.1% |
| MSFT Microsoft Corp. | 1.88% | 105,166 | $50.9M | Add +2.5% |
| SFNNX Schwab Fndmnl Intl LRG Comp | 1.73% | 3,371,196 | $46.8M | Add +3.7% |
| FCNTX Fidelity Contrafund | 1.35% | 1,501,603 | $36.5M | Reduce -5.1% |
| VEIRX Vanguard Equity Income-Adm | 1.35% | 392,205 | $36.4M | Add +0.4% |
| VOO Vanguard S&P 500 ETF | 1.31% | 56,278 | $35.3M | Add +4.0% |
| IYW iShares Ustechnology ETF | 1.26% | 170,058 | $34.0M | Reduce -1.1% |
| IVW iShares S&P 500 Growth ETF | 1.19% | 261,291 | $32.2M | Reduce -1.8% |
| AGG iShares Core U.S. Aggregate | 1.18% | 320,022 | $32.0M | Reduce -2.8% |
| NUSFX Northern Ultra-SHRT Fix Inc. filed as NORTH ULT-SH FIX INC | 1.18% | 3,089,024 | $31.9M | Add +2.4% |
| NVDA Nvidia Corp. | 1.16% | 167,772 | $31.3M | Add +5.3% |
| AMZN Amazon.com Inc. | 1.12% | 130,926 | $30.2M | Add +2.4% |
| VGT Vanguard Info Tech ETF | 1.09% | 38,968 | $29.4M | Add +4.4% |
| VBIRX Vanguard S/T BND Indx-Adm | 1.09% | 2,835,669 | $29.3M | Add +2.2% |
| APH Amphenol Corp. Class A | 1.04% | 208,657 | $28.2M | Reduce -8.4% |
| IJR iShares Core S&P Small-Cap E | 0.97% | 218,188 | $26.2M | Reduce -2.4% |
| JPM JPMorgan Chase & Co. | 0.96% | 80,663 | $26.0M | Reduce -0.8% |
| JMGRX Janus Hndrsn Enterprise-I filed as JANUS ENTERPRISE | 0.96% | 181,373 | $25.9M | Add +7.2% |
| VSMAX Vangrd Mrgstr SML CP Idx-Adm | 0.92% | 200,162 | $24.7M | Reduce -4.4% |
| LRCX Lam Research Corp. | 0.88% | 137,998 | $23.6M | Reduce -0.9% |
| BIV Vanguard Intermediate-Term B | 0.85% | 293,723 | $22.9M | Add +1.5% |
| VWILX Vanguard Intl Growth-Adm filed as STARBUCKS CORP | 0.83% | 197,168 | $22.5M | Add +7.2% |
| V Visa Inc. Class A | 0.80% | 61,500 | $21.6M | Add +0.6% |
| MVCKX MFS Mid Cap Value Fund-R5 | 0.79% | 679,285 | $21.2M | Add +10.0% |
| FRME First Merchants Corp. | 0.74% | 534,739 | $20.0M | Reduce -0.9% |
| SYK Stryker Corp. | 0.73% | 56,225 | $19.8M | Add +0.3% |
| WMT Walmart Inc. | 0.73% | 176,598 | $19.7M | Add +1.0% |
| PZIEX Pzena Emerg MKTS Val-Inst | 0.71% | 1,253,975 | $19.2M | Add +9.2% |
| IVE iShares S&P 500 Value ETF | 0.68% | 86,806 | $18.4M | Add +1.1% |
| VIGAX VNGD Mrngst Grwth Idx FD-Adm | 0.67% | 72,051 | $18.1M | Reduce -5.4% |
| AVUV Avantis US Small Cap Value | 0.66% | 175,077 | $17.9M | Add +12.7% |
| VWIUX Vanguard I/T Tax Exmpt-Adm | 0.65% | 1,263,212 | $17.4M | Add +9.0% |
| MFAIX Msif International Adv-I filed as MORGAN STANLEY INTL | 0.64% | 619,233 | $17.2M | Add +6.6% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.60% | 105,475 | $16.2M | Add +0.9% |
| VBTLX Vanguard TTL BD MKT Idx-Adm | 0.60% | 1,651,863 | $16.1M | Add +0.4% |
| WCMIX WCM Focused Intl Growth-Inst | 0.59% | 638,538 | $15.9M | Add +0.5% |
| LOW Lowe's Cos Inc. | 0.57% | 63,615 | $15.3M | Add +0.9% |
| IEFA iShares Core MSCI Eafe ETF | 0.55% | 165,750 | $14.8M | Add +1.4% |
| COST Costco Wholesale Corp. | 0.54% | 16,866 | $14.5M | Add +0.5% |
| DODIX Dodge & Cox Income-I | 0.53% | 1,114,957 | $14.3M | Reduce -2.7% |
| META Meta Platforms Inc. Class A | 0.53% | 21,473 | $14.2M | Add +13.3% |
| CB Chubb Ltd. | 0.50% | 43,263 | $13.5M | Add +0.3% |
| JNJ Johnson & Johnson | 0.50% | 64,837 | $13.4M | Add +1.0% |
| VFSUX Vanguard S/T Invest GRD-Adm | 0.49% | 1,259,603 | $13.3M | Reduce -2.0% |
| ABBV Abbvie Inc. | 0.48% | 56,344 | $12.9M | Add +0.6% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.47% | 18,752 | $12.8M | Add +1.1% |
| WCMEX WCM Focus Emrg MRKT-Inst | 0.47% | 655,861 | $12.7M | Add +3.9% |
| IJJ iShares S&P Mid-Cap 400 Valu | 0.47% | 95,428 | $12.6M | Reduce -9.9% |
| GSY Invesco Ultra Short Duration | 0.45% | 242,722 | $12.2M | Reduce -10.7% |
| BLK BlackRock Inc. | 0.45% | 11,280 | $12.1M | Add +1.4% |
| IJK iShares S&P Mid-Cap 400 Grow | 0.45% | 124,272 | $12.0M | Reduce -10.3% |
| SCHW Schwab (charles) Corp. | 0.44% | 119,779 | $12.0M | Add +0.9% |
| ACN Accenture PLC Class A | 0.44% | 44,296 | $11.9M | Add +5.7% |
| ADP Automatic Data Processing | 0.42% | 44,514 | $11.5M | Reduce -1.0% |
| VVIAX VNGD Mrgstr Value Idx FD-Adm | 0.40% | 146,286 | $10.9M | Reduce -3.4% |
| XLV SS Health Care Select Sector | 0.39% | 68,416 | $10.6M | Add +9.3% |
| PG The Procter & Gamble Co. | 0.37% | 69,180 | $9.9M | Add +14.1% |
| HON Honeywell International Inc. | 0.37% | 50,773 | $9.9M | Reduce -0.2% |
| ORLY O'reilly Automotive Inc. | 0.36% | 105,218 | $9.6M | Add +2.5% |
| FRANKLIN ELECTRIC | 0.35% | 100,000 | $9.6M | No change |
| IWP iShares Russell Mid-Cap Grow | 0.35% | 68,672 | $9.4M | Reduce -0.5% |
| XLK SS Technology Select Sector | 0.35% | 65,240 | $9.4M | Add +0.7% |
| MDY State Street SPDR S&P Midcap | 0.35% | 15,567 | $9.4M | Reduce -0.8% |
| GRANT COUNTY STATE | 0.34% | 8,571 | $9.1M | Reduce -34.2% |
| AZN Astrazeneca PLC-Spons ADR | 0.33% | 97,418 | $9.0M | Add +1.6% |
| VMLUX Vanguard Ltd. TRM T/E-Adm | 0.33% | 807,270 | $8.9M | Add +10.8% |
| SPGI S&P Global Inc. | 0.32% | 16,614 | $8.7M | Add +19.7% |
| HD Home Depot Inc. | 0.32% | 24,786 | $8.5M | Reduce -0.8% |
| LIN Linde PLC | 0.31% | 19,328 | $8.2M | Add +1.9% |
| NOMIX Northern Mid Cap Index | 0.30% | 395,271 | $8.2M | Reduce -12.3% |
| VONV Vanguard Russell 1000 Value | 0.30% | 87,500 | $8.1M | No change |
| AME Ametek Inc. | 0.29% | 38,266 | $7.9M | Add +23.0% |
| DHR Danaher Corp. | 0.29% | 34,257 | $7.8M | Reduce -1.8% |
| FTNT Fortinet Inc. | 0.28% | 95,039 | $7.5M | Add +2.3% |
| MCD McDonald's Corp. | 0.28% | 24,611 | $7.5M | Add +0.8% |
| NEE Nextera Energy Inc. | 0.28% | 93,580 | $7.5M | Add +1.1% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.28% | 14,869 | $7.5M | Reduce -1.0% |
| PEP Pepsico Inc. | 0.27% | 51,297 | $7.4M | Reduce -1.8% |
| VHYAX Vanguard Hi DVD YLD Indx-Adm | 0.27% | 169,820 | $7.3M | Reduce -2.2% |
| BRO Brown & Brown Inc. | 0.27% | 90,746 | $7.2M | Reduce -1.3% |
| RTX RTX Corp. | 0.27% | 39,184 | $7.2M | Reduce -1.3% |
| CMI Cummins Inc. | 0.27% | 14,068 | $7.2M | Reduce -4.8% |
| FGTXX Gldmn SCHS Fin SQ GV-FST filed as GS FIN SQ GOVT | 0.26% | 7,120,590 | $7.1M | Reduce -6.9% |
| NOW ServiceNow Inc. | 0.26% | 45,824 | $7.0M | Add +2.6% |
| XLY SS Consumer Disc Select Sect | 0.25% | 56,550 | $6.8M | Reduce -0.7% |
| PDGIX T Rowe PR Dividend Grow-I | 0.25% | 82,230 | $6.7M | Reduce -9.5% |
| TXN Texas Instruments Inc. | 0.25% | 38,627 | $6.7M | Add +0.7% |
| IWR iShares Russell Mid-Cap ETF | 0.24% | 68,349 | $6.6M | Reduce -0.8% |
| XOM Exxon Mobil Corp. | 0.24% | 54,333 | $6.5M | Reduce -5.2% |
| VITAX Vanguard Inf Tech Idx-Adm | 0.24% | 16,487 | $6.4M | Reduce -3.6% |
| BAESY Bae Systems PLC -Spon ADR | 0.23% | 67,568 | $6.2M | Add +3.6% |
Other holdings (3): bonds, preferreds, convertibles and warrants · $1.2M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| MORGAN STANLEY 4.431 1/23/30 | Fixed Income · principal | 630,000 | $634K | Add +6.8% |
| INGERSOLL RAND 5.314 6/15/31 | Fixed Income · principal | 450,000 | $471K | Reduce -5.3% |
| MORGAN STANLEY BANK 4.800 DUE | Fixed Income · principal | 75,000 | $77K | No change |
Total filed on the 13F, all lines: $2.7B.
Portfolio Sells Q3 2025 → Q4 2025
| GRANT COUNTY STATE | Reduce -34.2% | 0.34% | −0.18 |
| AVGO Broadcom Inc. | Reduce -9.1% | 1.92% | −0.13 |
| FCNTX Fidelity Contrafund | Reduce -5.1% | 1.35% | −0.13 |
| CMCSA Comcast Corp. Class A | Reduce -56.9% | 0.08% | −0.12 |
| ZTS Zoetis Inc. | Reduce -42.0% | 0.07% | −0.08 |
| ADP Automatic Data Processing | Reduce -1.0% | 0.42% | −0.07 |
| VWNAX Vanguard Windsor II-Adm | Reduce -30.5% | 0.13% | −0.07 |
| ADBE Adobe Inc. | Reduce -49.5% | 0.07% | −0.07 |
| NOMIX Northern Mid Cap Index | Reduce -12.3% | 0.30% | −0.07 |
| VPMAX Vanguard Primecap Fund-Adm | Reduce -49.4% | 0.06% | −0.07 |
| HD Home Depot Inc. | Reduce -0.8% | 0.32% | −0.07 |
| GSY Invesco Ultra Short Duration | Reduce -10.7% | 0.45% | −0.06 |
| AGG iShares Core U.S. Aggregate | Reduce -2.8% | 1.18% | −0.06 |
| BRO Brown & Brown Inc. | Reduce -1.3% | 0.27% | −0.06 |
| IJK iShares S&P Mid-Cap 400 Grow | Reduce -10.3% | 0.45% | −0.06 |
| IJJ iShares S&P Mid-Cap 400 Valu | Reduce -9.9% | 0.47% | −0.05 |
| RETSX Russell Tax-MGD US L/C-S | Sold out | 0.00% | −0.05 |
| VSMAX Vangrd Mrgstr SML CP Idx-Adm | Reduce -4.4% | 0.92% | −0.05 |
| SCHD Schwab US DVD Equity ETF | Reduce -16.3% | 0.21% | −0.04 |
| PDGIX T Rowe PR Dividend Grow-I | Reduce -9.5% | 0.25% | −0.04 |
| VIGAX VNGD Mrngst Grwth Idx FD-Adm | Reduce -5.4% | 0.67% | −0.04 |
| HON Honeywell International Inc. | Reduce -0.2% | 0.37% | −0.04 |
| TY Tri-Continental Corp. | Sold out | 0.00% | −0.04 |
| ORCL Oracle Corp. | Reduce -2.7% | 0.06% | −0.03 |
| CVX Chevron Corp. | Reduce -10.1% | 0.20% | −0.03 |
| IJR iShares Core S&P Small-Cap E | Reduce -2.4% | 0.97% | −0.03 |
| LHX L3HARRIS Technologies Inc. | Reduce -7.2% | 0.21% | −0.03 |
| BETHEL INVSTMTS III | Sold out | 0.00% | −0.03 |
| FRME First Merchants Corp. | Reduce -0.9% | 0.74% | −0.02 |
| FGTXX Gldmn SCHS Fin SQ GV-FST | Reduce -6.9% | 0.26% | −0.02 |
| MEZZANINE LOAN | Sold out | 0.00% | −0.02 |
| ABT Abbott Laboratories | Reduce -2.6% | 0.20% | −0.02 |
| DODIX Dodge & Cox Income-I | Reduce -2.7% | 0.53% | −0.02 |
| IWP iShares Russell Mid-Cap Grow | Reduce -0.5% | 0.35% | −0.02 |
| EOG EOG Resources Inc. | Reduce -0.2% | 0.23% | −0.02 |
| APH Amphenol Corp. Class A | Reduce -8.4% | 1.04% | −0.02 |
| VFSUX Vanguard S/T Invest GRD-Adm | Reduce -2.0% | 0.49% | −0.02 |
| IVW iShares S&P 500 Growth ETF | Reduce -1.8% | 1.19% | −0.02 |
| BETHEL INVSTMNTS LLC | Sold out | 0.00% | −0.02 |
| TSLA Tesla Inc. | Reduce -37.7% | 0.02% | −0.02 |
| AMP Ameriprise Financial Inc. | Reduce -5.0% | 0.20% | −0.01 |
| DAGVX BNY Mellon Dynamic Value-A | Sold out | 0.00% | −0.01 |
| XLE SS Energy Select Sector | Reduce -8.3% | 0.12% | −0.01 |
| PXINX Impax Intl Sustain Econ-Inv | Sold out | 0.00% | −0.01 |
| VB Vanguard Most SM-Cap ETF-Usd | Reduce -6.5% | 0.17% | −0.01 |
| IYW iShares Ustechnology ETF | Reduce -1.1% | 1.26% | −0.01 |
| VVIAX VNGD Mrgstr Value Idx FD-Adm | Reduce -3.4% | 0.40% | −0.01 |
| VITAX Vanguard Inf Tech Idx-Adm | Reduce -3.6% | 0.24% | −0.01 |
| VZ Verizon Communications Inc. | Reduce -22.4% | 0.03% | −0.01 |
| IBB iShares Biotechnology ETF | Reduce -51.3% | 0.01% | −0.01 |
Portfolio Buys Q3 2025 → Q4 2025
| FMPW INST MONEY | Add +4.3% | 7.70% | +0.19 |
| SRBRX Federated SHRT-Intrm TTL-R6 | Add +5.2% | 3.39% | +0.11 |
| FTRLX Fed Herm TTL RTRN BND-R6 | Add +5.0% | 3.41% | +0.11 |
| BALL Ball Corp. | Add +125.9% | 0.15% | +0.08 |
| SFNNX Schwab Fndmnl Intl LRG Comp | Add +3.7% | 1.73% | +0.08 |
| AVUV Avantis US Small Cap Value | Add +12.7% | 0.66% | +0.08 |
| AME Ametek Inc. | Add +23.0% | 0.29% | +0.07 |
| VFIAX Vanguard 500 Index-Adm | Add +0.8% | 5.00% | +0.07 |
| SPGI S&P Global Inc. | Add +19.7% | 0.32% | +0.07 |
| XLV SS Health Care Select Sector | Add +9.3% | 0.39% | +0.06 |
| AMZN Amazon.com Inc. | Add +2.4% | 1.12% | +0.06 |
| VOO Vanguard S&P 500 ETF | Add +4.0% | 1.31% | +0.06 |
| PZIEX Pzena Emerg MKTS Val-Inst | Add +9.2% | 0.71% | +0.06 |
| AZN Astrazeneca PLC-Spons ADR | Add +1.6% | 0.33% | +0.05 |
| ACN Accenture PLC Class A | Add +5.7% | 0.44% | +0.05 |
| WMT Walmart Inc. | Add +1.0% | 0.73% | +0.05 |
| JNJ Johnson & Johnson | Add +1.0% | 0.50% | +0.05 |
| VWIUX Vanguard I/T Tax Exmpt-Adm | Add +9.0% | 0.65% | +0.05 |
| BSV Vanguard Short-Term Bond ETF | Add +4.0% | 2.36% | +0.05 |
| CB Chubb Ltd. | Add +0.3% | 0.50% | +0.04 |
| NVDA Nvidia Corp. | Add +5.3% | 1.16% | +0.04 |
| VGT Vanguard Info Tech ETF | Add +4.4% | 1.09% | +0.04 |
| MFAIX Msif International Adv-I | Add +6.6% | 0.64% | +0.04 |
| TJX TJX Companies Inc. | Add +0.9% | 0.60% | +0.03 |
| TSM Taiwan Semiconductor-SP ADR | Add +12.0% | 0.19% | +0.03 |
| VMLUX Vanguard Ltd. TRM T/E-Adm | Add +10.8% | 0.33% | +0.03 |
| VWSUX Vangrd Ultra SH TM TX Ex-Adm | Add +19.8% | 0.13% | +0.02 |
| CEG Constellation Energy | Add +3.5% | 0.23% | +0.02 |
| XEVVX Eaton Vance Ltd. Durat Inc. | New | 0.02% | +0.02 |
| PG The Procter & Gamble Co. | Add +14.1% | 0.37% | +0.02 |
| SCHW Schwab (charles) Corp. | Add +0.9% | 0.44% | +0.02 |
| JPC Nuveen Prefered & Income Opp | New | 0.02% | +0.02 |
| PXNIX Impax Intl Sustain Econ-Inst | New | 0.02% | +0.02 |
| NEE Nextera Energy Inc. | Add +1.1% | 0.28% | +0.01 |
| IBM Intl Business Machines Corp. | New | 0.01% | +0.01 |
| IVE iShares S&P 500 Value ETF | Add +1.1% | 0.68% | +0.01 |
| FUMBX Fidelty SHRT TRM TRSR BD | Add +16.8% | 0.10% | +0.01 |
| V Visa Inc. Class A | Add +0.6% | 0.80% | +0.01 |
| VWEHX Vanguard Hi YLD Corp.-Inv | New | 0.01% | +0.01 |
| IWM iShares Russell 2000 ETF | Add +9.8% | 0.13% | +0.01 |
| PFF iShares Preferred & Income S | New | 0.01% | +0.01 |
| IEFA iShares Core MSCI Eafe ETF | Add +1.4% | 0.55% | +0.01 |
| VSGAX VNGD Mrgst SC GRW Idx FD-Adm | Add +57.8% | 0.03% | +0.01 |
| WCMEX WCM Focus Emrg MRKT-Inst | Add +3.9% | 0.47% | +0.01 |
| IYSIX Nomura Small Cap Growth-Inst | New | 0.01% | +0.01 |
| L RYAN PN DTD 12-1-25 6.5 $310 | New | 0.01% | +0.01 |
| AMD Advanced Micro Devices | New | 0.01% | +0.01 |
| DUK Duke Energy Corp. | Add +125.5% | 0.02% | +0.01 |
| LDLAX Lord Abbett SHRT Dur Inc. Class C | New | 0.01% | +0.01 |
| CVS CVS Health Corp. | New | 0.01% | +0.01 |
Notes & Other Activity Q3 2025 → Q4 2025
| MORGAN STANLEY 4.431 1/23/30 | Fixed Income · principal | Add +6.8% | 630,000 | $634K |
| INGERSOLL RAND 5.314 6/15/31 | Fixed Income · principal | Reduce -5.3% | 450,000 | $471K |
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 | 358 | $2.8B | FMPW INST MONEY, VFIAX, SRBRX, FTRLX, VIMAX |
| Q1 2026 | 356 | $2.6B | FMPW INST MONEY, VFIAX, SRBRX, FTRLX, BSV |
| Q4 2025 | 367 | $2.7B | FMPW INST MONEY, VFIAX, FTRLX, SRBRX, VIMAX |
| Q3 2025 | 370 | $2.7B | FMPW INST MONEY, VFIAX, FTRLX, SRBRX, VIMAX |
| Q2 2025 | 368 | $2.6B | FMPW INST MONEY, VFIAX, FTRLX, SRBRX, VIMAX |
| Q1 2025 | 374 | $2.5B | FMPW INST MONEY, VFIAX, FTRLX, SRBRX, BSV |
| Q4 2024 | 398 | $2.6B | FMPW INST MONEY, VFIAX, FTRLX, SRBRX, AGG |
| Q3 2024 | 396 | $2.6B | FMPW INST MONEY, VFIAX, SRBRX, FTRLX, AGG |
| Q2 2024 | 372 | $2.5B | FMPW INST MONEY, VFIAX, SRBRX, FTRLX, AGG |
| Q1 2024 | 215 | $1.3B | AGG, MSFT, AAPL, LLY, IJR |