Institutional Manager · CIK 0000712534

FIRST MERCHANTS CORP

Muncie, IN · File #028-13037

Latest AUM

$2.70B

Positions

513

Top-10 Concentration

47.2%

Filings

Portfolio Value Over Time

2024-03

2024-06

2024-09

2024-12

2025-03

2025-06

2025-09

2025-12

Biggest QoQ Changes

Ranked by conviction flow (share change × current price) so mark-to-market moves don't dominate. Price effect column shows how much of the $ change was just the stock moving.

Action	Issuer	Ticker / CUSIP	Δ Shares	Flow ($)	Price Effect
ADD	FMPW INST MONEY	100001999	+8,354,766	+$8.4M	+$13
ADD	SERVICE NOW INC	NOW	+36,757	+$5.6M	-$6.8M
REDUCE	BROADCOM INC NPV	AVGO	-14,692	-$5.1M	+$2.6M
REDUCE	GRANT COUNTY STATE	372005991	-4,459	-$4.7M	+$966
ADD	TECHNOLOGY SEL ISH	81369Y803	+32,773	+$4.7M	-$4.5M
ADD	FED SH INTRM TTL BD	31420B862	+436,640	+$4.5M	+$83,108
ADD	FED TTL RET BD CL R6	31428Q739	+456,582	+$4.4M	+$90,041
ADD	CONSUMER DISC SPDR	81369Y407	+27,506	+$3.3M	-$3.4M
REDUCE	COMCAST CL A	CCZ	-97,548	-$2.9M	-$263,466
ADD	VANGUARD SHORT TERM	921937827	+35,641	+$2.8M	-$75,482

Sector Allocation

9.9%$267.0M

4.4%$120.1M

3.1%$83.0M

2.1%$57.0M

Consumer Discretionary

1.9%$52.4M

Consumer Staples

1.2%$31.5M

Energy

0.9%$25.9M

Materials

0.7%$17.7M

Communication Services

0.6%$16.4M

Utilities

0.3%$7.5M

Real Estate

0.1%$1.5M

Filing History

Jan 12, 202613F HOLDINGS REPORTQ/E Dec 2025513 pos · $2.70B
Oct 22, 202513F HOLDINGS REPORTQ/E Sep 2025523 pos · $2.65B
Jul 23, 202513F HOLDINGS REPORTQ/E Jun 2025518 pos · $2.58B
Apr 24, 202513F HOLDINGS REPORTQ/E Mar 2025514 pos · $2.51B
Jan 30, 202513F HOLDINGS REPORTQ/E Dec 2024560 pos · $2.60B
Oct 24, 202413F HOLDINGS REPORTQ/E Sep 2024563 pos · $2.62B
Jul 25, 202413F HOLDINGS REPORTQ/E Jun 2024517 pos · $2.49B
Apr 25, 202413F HOLDINGS REPORTQ/E Mar 2024336 pos · $1.33B
Oct 26, 202313F HOLDINGS REPORTQ/E Dec 2023331 pos · $1.12B

Top 20 Holdings — Dec 2025

#	Issuer	Ticker	Shares	Value	% of Portfolio
1	FMPW INST MONEY	100001999	206,578,597	$206.6M	11.34%
2	VANGUARD 500 INDEX A	922908710	210,769	$133.2M	7.31%
3	FED TTL RET BD CL R6	31428Q739	9,458,604	$90.6M	4.97%
4	FED SH INTRM TTL BD	31420B862	8,753,743	$89.5M	4.91%
5	VANGUARD MID-CAP AD	922908645	178,166	$64.0M	3.51%
6	VANGUARD SHORT TERM	921937827	790,463	$62.3M	3.42%
7	ALPHABET CL A	GOOG	185,609	$58.1M	3.19%
8	APPLE INC	AAPL	199,803	$54.3M	2.98%
9	BROADCOM INC NPV	AVGO	148,179	$51.3M	2.81%
10	MICROSOFT CORP	MSFT	103,633	$50.1M	2.75%
11	SCHWAB FDMTL INTL LC	808509376	3,344,429	$46.5M	2.55%
12	FIDELITY CONTRAFUND	316071109	1,478,051	$35.9M	1.97%
13	VANGUARD EQUITY	921921300	379,571	$35.3M	1.94%
14	VANGUARD S&P 500 ETF	922908363	55,178	$34.6M	1.90%
15	TECH ISHARES ETF	464287721	162,848	$32.5M	1.78%
16	NORTH ULT-SH FIX INC	665162467	3,033,801	$31.4M	1.72%
17	AGGREGATE BOND ISHR	464287226	312,936	$31.3M	1.72%
18	NVIDIA CORP	NVDA	167,227	$31.2M	1.71%
19	S&P 500 GR ISHR	464287309	248,325	$30.6M	1.68%
20	AMAZON	AMZN	130,527	$30.1M	1.65%