Data as of Q4 2025 (Dec 31, 2025)

FARMERS & MERCHANTS INVESTMENTS INC

•CIK: 1259969•Filing: Q4 2025

Farmers & Merchants Investments Inc., with $3.6 billion in assets under management, is known for its concentrated, high-conviction approach, focusing on a core group of 1,720 positions. Recently, the fund has made notable shifts by adding significant positions in META (+601%) and ALB (+83%), while cutting CMCSA by 50% and DOW by 44%, reflecting a strategic pivot towards tech and growth-oriented sectors.

Total AUM
$3.6B
QoQ Performance
+2.6%
Positions
1,720
Top 10 Concentration
38.2%
Latest Filing
Q4 2025

Top Holdings Allocation

IVV
VEA
IVV7.2%
VEA6.1%
NIJ4.4%
IJR3.9%
MSFT3.5%
IJH3.3%
AAPL3.2%
VWO2.1%

📈 Biggest Buys

VEA
Vanguard FTSE Developed Markets ETF
+5.5%
6.1% of portfolio
META
Meta Platforms Inc
+679.6%
0.3% of portfolio
NFLX
Netflix Inc.
+917.7%
0.1% of portfolio
AMZN
Amazon.com, Inc.
+12.8%
1.0% of portfolio
IJH
iShares S&P Midcap 400
+3.4%
3.3% of portfolio

📉 Biggest Sells

JPM
JPMorgan Chase & Co.
-11.3%
1.3% of portfolio
CMCSA
Comcast Corp Class A
-47.3%
0.2% of portfolio
VWO
Vanguard FTSE Emerging Markets ETF
-6.4%
2.1% of portfolio
DAL
Delta Air Lines Inc
-53.1%
0.1% of portfolio
AAPL
Apple Inc
-1.9%
3.2% of portfolio

Sector Breakdown

Other47.0%
Technology17.6%
ETF8.2%
Financial7.5%
Healthcare6.0%
Consumer5.6%
Industrial2.5%
Energy1.6%

🚪 Exited Positionssold since Q3 2025

DOW
Dow Inc
SOLD
$1.2M
KVUE
Kenvue Inc
SOLD
$1.1M
CARR
Carrier Global Corp
SOLD
$1.1M
TMUS
T-Mobile US, Inc.
SOLD
$1.1M
VOT
Vanguard Mid-Cap Growth Index ETF
SOLD
$958.3K
+1531 more exited positions

Changes from Q3 2025

↑63 increased
↓124 decreased

Historical Filings

Q4 2025Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024Q4 2023

📌 Top Holdings

IVV7.2%
iShares S&P 500 Index Fund
$260.4M
VEA6.1%
Vanguard FTSE Developed Markets ETF
$221.7M
NIJ4.4%
Nelnet, Inc.
$157.5M
IJR3.9%
iShares S&P Small Cap 600 Index ETF
$142.1M
MSFT3.5%
Microsoft Corp
$127.1M

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