# FARMERS & MERCHANTS INVESTMENTS INC

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1259969. Source: https://holderbook.com/funds/1259969-farmers-merchants-investments-inc/

- Reported value: $4.1B
- Positions: 1,760
- Weight of the ten largest: 37.2%
- Filed: 2026-07-20

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| ISHARES TR | [IVV](https://holderbook.com/stocks/IVV/) | $292.5M | 390,589 | 7.1% | 31 |
| VANGUARD TAX-MANAGED FDS | [VEA](https://holderbook.com/stocks/VEA/) | $267.6M | 3,755,844 | 6.5% | 31 |
| ISHARES TR | [IJR](https://holderbook.com/stocks/IJR/) | $165.6M | 1,116,608 | 4.0% | 31 |
| NELNET INC | [NNI](https://holderbook.com/stocks/NNI/) | $157.2M | 1,179,351 | 3.8% | 31 |
| ISHARES TR | [IJH](https://holderbook.com/stocks/IJH/) | $149.5M | 1,938,937 | 3.6% | 31 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $129.4M | 447,308 | 3.1% | 31 |
| ADVANCED MICRO DEVICES INC | [AMD](https://holderbook.com/stocks/AMD/) | $112.4M | 193,518 | 2.7% | 31 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $105.4M | 282,623 | 2.6% | 31 |
| VANGUARD INTL EQUITY INDEX F | [VWO](https://holderbook.com/stocks/VWO/) | $79.2M | 1,326,765 | 1.9% | 31 |
| BROADCOM INC | [AVGO](https://holderbook.com/stocks/AVGO/) | $77.6M | 205,311 | 1.9% | 31 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $65.7M | 183,721 | 1.6% | 31 |
| AMPHENOL CORP | [APH](https://holderbook.com/stocks/APH/) | $65.1M | 369,201 | 1.6% | 31 |
| WESCO INTL INC | [WCC](https://holderbook.com/stocks/WCC/) | $60.1M | 174,057 | 1.5% | 26 |
| VANGUARD BD INDEX FDS | [BND](https://holderbook.com/stocks/BND/) | $59.7M | 813,345 | 1.4% | 29 |
| BERKSHIRE HATHAWAY INC DEL | [BRKB](https://holderbook.com/stocks/BRKB/) | $57.1M | 114,155 | 1.4% | 31 |
| ALPHABET INC | [GOOG](https://holderbook.com/stocks/GOOG/) | $54.0M | 152,949 | 1.3% | 31 |
| ELI LILLY & CO | [LLY](https://holderbook.com/stocks/LLY/) | $53.3M | 44,397 | 1.3% | 31 |
| JPMORGAN CHASE & CO | [JPM](https://holderbook.com/stocks/JPM/) | $50.4M | 153,996 | 1.2% | 31 |
| ISHARES TR | [SLQD](https://holderbook.com/stocks/SLQD/) | $49.5M | 982,350 | 1.2% | 29 |
| WALMART INC | [WMT](https://holderbook.com/stocks/WMT/) | $45.9M | 405,094 | 1.1% | 31 |
| TAIWAN SEMICONDUCTOR MANUFAC | [TSM](https://holderbook.com/stocks/TSM/) | $45.6M | 95,452 | 1.1% | 11 |
| DELL TECHNOLOGIES INC | [DELL](https://holderbook.com/stocks/DELL/) | $42.4M | 98,373 | 1.0% | 25 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $40.8M | 171,378 | 1.0% | 31 |
| JOHNSON & JOHNSON | [JNJ](https://holderbook.com/stocks/JNJ/) | $40.5M | 159,376 | 1.0% | 31 |
| NVIDIA CORPORATION | [NVDA](https://holderbook.com/stocks/NVDA/) | $39.8M | 199,159 | 1.0% | 31 |
| EXXON MOBIL CORP | [XOMXXXX](https://holderbook.com/stocks/XOMXXXX/) | $37.0M | 270,273 | 0.9% | 31 |
| CISCO SYS INC | [CSCO](https://holderbook.com/stocks/CSCO/) | $35.4M | 301,674 | 0.9% | 31 |
| PALO ALTO NETWORKS INC | [PANW](https://holderbook.com/stocks/PANW/) | $34.6M | 101,488 | 0.8% | 14 |
| GOLDMAN SACHS GROUP INC | [GS](https://holderbook.com/stocks/GS/) | $32.9M | 32,556 | 0.8% | 31 |
| TEXAS INSTRS INC | [TXN](https://holderbook.com/stocks/TXN/) | $31.3M | 104,902 | 0.8% | 31 |
| ORACLE CORP | [ORCL](https://holderbook.com/stocks/ORCL/) | $31.0M | 211,699 | 0.8% | 31 |
| LOWES COS INC | [LOW](https://holderbook.com/stocks/LOW/) | $28.6M | 129,937 | 0.7% | 31 |
| BERKSHIRE HATHAWAY INC DEL | [BRKA](https://holderbook.com/stocks/BRKA/) | $27.7M | 37 | 0.7% | 31 |
| CVS HEALTH CORP | [CVS](https://holderbook.com/stocks/CVS/) | $27.2M | 262,608 | 0.7% | 31 |
| CATERPILLAR INC | [CAT](https://holderbook.com/stocks/CAT/) | $26.7M | 25,053 | 0.6% | 31 |
| EMERSON ELEC CO | [EMR](https://holderbook.com/stocks/EMR/) | $26.5M | 185,400 | 0.6% | 31 |
| UNITEDHEALTH GROUP INC | [UNH](https://holderbook.com/stocks/UNH/) | $26.2M | 63,018 | 0.6% | 31 |
| ASML HLDG NV | [ASML](https://holderbook.com/stocks/ASML/) | $25.1M | 12,630 | 0.6% | 7 |
| VANGUARD INDEX FDS | [VOO](https://holderbook.com/stocks/VOO/) | $25.1M | 36,563 | 0.6% | 31 |
| BANK OF AMER CORP | [BAC](https://holderbook.com/stocks/BAC/) | $23.6M | 414,377 | 0.6% | 31 |
| PEPSICO INC | [PEP](https://holderbook.com/stocks/PEP/) | $23.3M | 172,175 | 0.6% | 31 |
| VISA INC | [V](https://holderbook.com/stocks/V/) | $23.3M | 67,906 | 0.6% | 31 |
| UNION PAC CORP | [UNP](https://holderbook.com/stocks/UNP/) | $22.4M | 82,218 | 0.5% | 31 |
| RTX CORPORATION | [RTX](https://holderbook.com/stocks/RTX/) | $21.8M | 114,759 | 0.5% | 24 |
| ISHARES TR | [IWM](https://holderbook.com/stocks/IWM/) | $21.7M | 72,308 | 0.5% | 31 |
| ABBVIE INC | [ABBV](https://holderbook.com/stocks/ABBV/) | $21.6M | 85,666 | 0.5% | 31 |
| AIR PRODUCTS AND CHEMICALS I | [APD](https://holderbook.com/stocks/APD/) | $20.7M | 70,728 | 0.5% | 31 |
| PROCTER & GAMBLE CO | [PG](https://holderbook.com/stocks/PG/) | $20.0M | 136,436 | 0.5% | 31 |
| VANGUARD SCOTTSDALE FDS | [VCSH](https://holderbook.com/stocks/VCSH/) | $19.9M | 251,560 | 0.5% | 23 |
| MCDONALDS CORP | [MCD](https://holderbook.com/stocks/MCD/) | $18.5M | 68,407 | 0.4% | 31 |
| DOVER CORP | [DOV](https://holderbook.com/stocks/DOV/) | $18.3M | 81,499 | 0.4% | 31 |
| CHEVRON CORPORATION | [CVX](https://holderbook.com/stocks/CVX/) | $18.3M | 110,157 | 0.4% | 31 |
| CAPITAL ONE FINL CORP | [COF](https://holderbook.com/stocks/COF/) | $17.7M | 88,390 | 0.4% | 31 |
| VANGUARD MALVERN FDS | [VTIP](https://holderbook.com/stocks/VTIP/) | $16.9M | 335,679 | 0.4% | 31 |
| METLIFE INC | [MET](https://holderbook.com/stocks/MET/) | $16.8M | 198,029 | 0.4% | 31 |
| US BANCORP | [USB](https://holderbook.com/stocks/USB/) | $16.6M | 275,473 | 0.4% | 31 |
| ABBOTT LABORATORIES | [ABT](https://holderbook.com/stocks/ABT/) | $16.6M | 182,692 | 0.4% | 31 |
| COSTCO WHOLESALE CORPORATION | [COST](https://holderbook.com/stocks/COST/) | $16.4M | 17,524 | 0.4% | 31 |
| LINDE PLC | [LIN](https://holderbook.com/stocks/LIN/) | $16.2M | 31,198 | 0.4% | 14 |
| ROSS STORES INC | [ROST](https://holderbook.com/stocks/ROST/) | $16.1M | 75,872 | 0.4% | 31 |
| NUCOR CORP | [NUE](https://holderbook.com/stocks/NUE/) | $16.0M | 71,960 | 0.4% | 31 |
| ENBRIDGE INC | [ENB](https://holderbook.com/stocks/ENB/) | $15.9M | 292,885 | 0.4% | 31 |
| SALESFORCE INC | [CRM](https://holderbook.com/stocks/CRM/) | $15.8M | 100,581 | 0.4% | 31 |
| ISHARES TR | [IVW](https://holderbook.com/stocks/IVW/) | $15.3M | 111,546 | 0.4% | 31 |
| WASTE MGMT INC DEL | [WM](https://holderbook.com/stocks/WM/) | $15.2M | 68,281 | 0.4% | 31 |
| MERCK & CO INC | [MRK](https://holderbook.com/stocks/MRK/) | $15.1M | 117,788 | 0.4% | 31 |
| STARBUCKS CORP | [SBUX](https://holderbook.com/stocks/SBUX/) | $14.8M | 144,591 | 0.4% | 31 |
| ISHARES TR | [GNMA](https://holderbook.com/stocks/GNMA/) | $14.6M | 330,244 | 0.4% | 12 |
| SYSCO CORP | [SYY](https://holderbook.com/stocks/SYY/) | $14.5M | 173,992 | 0.4% | 31 |
| ICON PUB LTD CO | [ICLR](https://holderbook.com/stocks/ICLR/) | $14.4M | 82,928 | 0.3% | 31 |
| DISNEY WALT CO | [DIS](https://holderbook.com/stocks/DIS/) | $14.3M | 148,428 | 0.3% | 31 |
| AFLAC INC | [AFL](https://holderbook.com/stocks/AFL/) | $14.3M | 121,837 | 0.3% | 31 |
| ISHARES TR | [MBB](https://holderbook.com/stocks/MBB/) | $14.1M | 149,687 | 0.3% | 31 |
| BLACKROCK INC | [BLK](https://holderbook.com/stocks/BLK/) | $13.8M | 14,312 | 0.3% | 7 |
| ISHARES TR | [IWP](https://holderbook.com/stocks/IWP/) | $13.7M | 93,272 | 0.3% | 31 |
| AMERIPRISE FINL INC | [AMP](https://holderbook.com/stocks/AMP/) | $13.6M | 29,691 | 0.3% | 31 |
| ISHARES TR | [HYG](https://holderbook.com/stocks/HYG/) | $13.6M | 169,455 | 0.3% | 31 |
| VANGUARD BD INDEX FDS | [BSV](https://holderbook.com/stocks/BSV/) | $13.1M | 168,486 | 0.3% | 31 |
| TJX COS INC NEW | [TJX](https://holderbook.com/stocks/TJX/) | $12.6M | 82,849 | 0.3% | 31 |
| STRYKER CORPORATION | [SYK](https://holderbook.com/stocks/SYK/) | $12.4M | 39,439 | 0.3% | 31 |
| META PLATFORMS INC | [META](https://holderbook.com/stocks/META/) | $12.3M | 21,757 | 0.3% | 31 |
| QUALCOMM INC | [QCOM](https://holderbook.com/stocks/QCOM/) | $12.2M | 66,047 | 0.3% | 31 |
| WELLS FARGO & CO | [WFC](https://holderbook.com/stocks/WFC/) | $12.1M | 146,477 | 0.3% | 31 |
| EDWARDS LIFESCIENCES CORP | [EW](https://holderbook.com/stocks/EW/) | $12.1M | 133,747 | 0.3% | 31 |
| VERIZON COMMUNICATIONS INC | [VZ](https://holderbook.com/stocks/VZ/) | $12.0M | 284,410 | 0.3% | 31 |
| ITT INC | [ITT](https://holderbook.com/stocks/ITT/) | $12.0M | 60,772 | 0.3% | 31 |
| ROPER TECHNOLOGIES INC | [ROP](https://holderbook.com/stocks/ROP/) | $12.0M | 35,448 | 0.3% | 31 |
| WW GRAINGER INC | [GWW](https://holderbook.com/stocks/GWW/) | $11.3M | 8,301 | 0.3% | 31 |
| OCCIDENTAL PETE CORP | [OXY](https://holderbook.com/stocks/OXY/) | $11.0M | 227,248 | 0.3% | 31 |
| HOME DEPOT INC | [HD](https://holderbook.com/stocks/HD/) | $10.6M | 29,919 | 0.3% | 31 |
| MEDTRONIC PLC | [MDT](https://holderbook.com/stocks/MDT/) | $10.4M | 133,089 | 0.3% | 31 |
| CONOCOPHILLIPS | [COP](https://holderbook.com/stocks/COP/) | $10.3M | 99,465 | 0.3% | 31 |
| AUTOMATIC DATA PROCESSING IN | [ADP](https://holderbook.com/stocks/ADP/) | $10.3M | 45,900 | 0.2% | 31 |
| NEXTERA ENERGY INC | [NEE](https://holderbook.com/stocks/NEE/) | $10.3M | 117,021 | 0.2% | 31 |
| MONDELEZ INTL INC | [MDLZ](https://holderbook.com/stocks/MDLZ/) | $10.2M | 176,009 | 0.2% | 31 |
| ILLINOIS TOOL WKS INC | [ITW](https://holderbook.com/stocks/ITW/) | $9.8M | 36,414 | 0.2% | 31 |
| STATE STR SPDR S&P 500 ETF T | [SPY](https://holderbook.com/stocks/SPY/) | $9.5M | 12,691 | 0.2% | 31 |
| COCA COLA CO | [KO](https://holderbook.com/stocks/KO/) | $9.4M | 115,698 | 0.2% | 31 |
| JOHNSON CONTROLS INTERNATION | [JCI](https://holderbook.com/stocks/JCI/) | $9.4M | 64,239 | 0.2% | 31 |
| AMGEN INC | [AMGN](https://holderbook.com/stocks/AMGN/) | $9.3M | 25,625 | 0.2% | 31 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | +13.2% | +14.8% | -1.7% | 100% |
| Q1 2026 | -1.6% | -4.6% | +3.0% | 100% |
| Q4 2025 | +2.4% | +2.4% | -0.0% | 100% |
| Q3 2025 | +6.6% | +7.8% | -1.3% | 100% |
| Q2 2025 | +7.1% | +10.5% | -3.3% | 100% |
| Q1 2025 | -2.0% | -4.6% | +2.6% | 100% |
| Q4 2024 | -1.6% | +2.1% | -3.8% | 100% |
| Q3 2024 | +6.4% | +5.4% | +1.0% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $4.1B | 1,760 |
| Q1 2026 | $3.6B | 1,759 |
| Q4 2025 | $3.6B | 1,720 |
| Q3 2025 | $3.5B | 1,736 |
| Q2 2025 | $3.4B | 1,728 |
| Q1 2025 | $3.1B | 1,746 |
| Q4 2024 | $3.2B | 1,773 |
| Q3 2024 | $3.2B | 1,792 |
| Q2 2024 | $3.0B | 1,776 |
| Q1 2024 | $3.0B | 1,739 |
| Q4 2023 | $2.7B | 1,753 |
| Q3 2023 | $2.5B | 1,755 |