Institutional Manager · CIK 0001259969

FARMERS & MERCHANTS INVESTMENTS INC

LINCOLN, NE · File #028-10511

Latest AUM

$3.62B

Positions

1,721

Top-10 Concentration

53.2%

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	Vanguard FTSE Developed Markets ETF	921943858	+185,456	+$11.6M	+$8.6M
ADD	Meta Platforms Inc	META	+16,194	+$10.7M	-$177,034
REDUCE	JPMorgan Chase & Co.	VYLD	-19,072	-$6.1M	+$1.1M
REDUCE	Comcast Corp Class A	CCZ	-183,780	-$5.5M	-$594,309
REDUCE	Vanguard FTSE Emerging Markets ETF	922042858	-98,460	-$5.3M	-$643,715
ADD	Netflix Inc.	NFLX	+51,985	+$4.9M	-$6.3M
REDUCE	Delta Air Lines Inc	DAL	-63,093	-$4.4M	+$1.5M
ADD	Amazon.com, Inc.	AMZN	+17,188	+$4.0M	+$1.5M
ADD	iShares S&P Midcap 400	464287507	+59,664	+$3.9M	+$1.3M
ADD	iShares S&P Small Cap 600 Index ETF	464287804	+31,195	+$3.7M	+$1.6M

Sector Allocation

14.5%$525.5M

6.6%$239.0M

6.6%$238.7M

4.5%$161.5M

Consumer Discretionary

3.4%$122.3M

Consumer Staples

3.1%$111.8M

Energy

1.9%$70.2M

Materials

0.9%$33.1M

Communication Services

0.8%$29.8M

Utilities

0.3%$12.5M

Real Estate

0.2%$8.5M

Filing History

Feb 3, 202613F HOLDINGS REPORTQ/E Dec 20251,721 pos · $3.62B
Oct 17, 202513F HOLDINGS REPORTQ/E Sep 20251,737 pos · $3.53B
Jul 14, 202513F HOLDINGS REPORTQ/E Jun 20251,729 pos · $3.43B
Apr 16, 202513F HOLDINGS REPORTQ/E Mar 20251,747 pos · $3.15B
Jan 28, 202513F HOLDINGS REPORTQ/E Dec 20241,774 pos · $3.19B
Oct 25, 202413F HOLDINGS REPORTQ/E Sep 20241,793 pos · $3.22B
Aug 5, 202413F HOLDINGS REPORTQ/E Jun 20241,777 pos · $3.00B
Apr 18, 202413F HOLDINGS REPORTQ/E Mar 20241,740 pos · $2.96B
Oct 25, 202313F HOLDINGS REPORTQ/E Dec 20231,755 pos · $2.55B

Top 20 Holdings — Dec 2025

#	Issuer	Ticker	Shares	Value	% of Portfolio
1	iShares S&P 500 Index Fund	464287200	380,174	$260.4M	10.23%
2	Vanguard FTSE Developed Markets ETF	921943858	3,549,570	$221.7M	8.71%
3	Nelnet, Inc.	NNI	1,184,351	$157.5M	6.18%
4	iShares S&P Small Cap 600 Index ETF	464287804	1,182,618	$142.1M	5.58%
5	Microsoft Corp	MSFT	262,746	$127.1M	4.99%
6	iShares S&P Midcap 400	464287507	1,832,117	$120.9M	4.75%
7	Apple Inc	AAPL	428,221	$116.4M	4.57%
8	Vanguard FTSE Emerging Markets ETF	922042858	1,434,195	$77.1M	3.03%
9	Broadcom Inc	AVGO	214,094	$74.1M	2.91%
10	Vanguard Total Bond Market ETF	921937835	787,867	$58.4M	2.29%
11	Alphabet Inc Class A	GOOG	179,643	$56.2M	2.21%
12	Berkshire Hathaway Inc Del Cl B New	BRK-A	102,852	$51.7M	2.03%
13	iShares 0-5 Yr Inv Grd Corp Bond ETF	46434V100	968,322	$49.1M	1.93%
14	JPMorgan Chase & Co.	VYLD	150,152	$48.4M	1.90%
15	Amphenol Corp Cl A	032095101	355,685	$48.1M	1.89%
16	Walmart, Inc	WMT	430,084	$47.9M	1.88%
17	Eli Lilly & Co	LLY	44,287	$47.6M	1.87%
18	Alphabet Inc Class C	GOOG	143,502	$45.0M	1.77%
19	Wesco International Inc	95082P105	178,723	$43.7M	1.72%
20	Advanced Micro Devices Inc	AMD	191,121	$40.9M	1.61%