FARMERS & MERCHANTS INVESTMENTS INC

CIK 0001259969 · Q1 2026

13F Equity AUM

$3.6B

+0.1% QoQ

Positions

1,285

+17 QoQ

AUM Rank

#1,228

Top 10%

Skill Alpha (FF)

-0.8%/yr^ns

No Clear Edge

Rank #3,338 · Top 41%

vs S&P -4.7%/yr (unadj.)

Quarters Tracked

~13 years

Portfolio Concentration

Top 5: 25.3%Top 10: 36.8%Top 20: 49.9%

IVV7.0%

VEA6.5%

NIJ4.2%

IJR4.2%

IJH3.5%

AAPL3.1%

MSFT2.8%

VWO2.1%

AVGO1.8%

BND1.6%

Others (1275)63.2%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Financial Services41.1%

Technology16.8%

Industrials8.4%

Healthcare7.2%

Financials5.4%

Consumer Defensive4.7%

Consumer Cyclical4.5%

Communication Services4.1%

Other7.8%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 1285Median: 0.00%Avg: 0.08%

0–0.5%

1239(32.2%)

0.5–1%

24(15.8%)

1–3%

16(23.6%)

3–5%

4(15.0%)

5%+

2(13.4%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 1,281Unique: 4vs 20 funds

17.5%Moderate

1,285

Fund positions

7,299

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

Most Similar Funds

Top 9 benchmark funds with highest portfolio overlap (Jaccard similarity)

MORGAN STANLEY

24.3%

BANK OF AMERICA CORP /DE/

26.9%

26.1%

29.6%

39.9%

30.9%

VANGUARD CAPITAL MANAGEMENT LLC

30.1%

GEODE CAPITAL MANAGEMENT, LLC

29.4%

VANGUARD PORTFOLIO MANAGEMENT LLC

34.8%

Jaccard similarity per fund: shared CUSIPs / (fund A + fund B − shared). Higher values indicate more similar portfolios.

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Position Changes This Quarter

New72Increased258Decreased348Exited33

New Positions

Amcor PLC0.0%

+33K

Piper Sandler Compan…0.0%

+5K

VSNT0.0%

+6K

ONEV0.0%

+2K

IDVO0.0%

+25

GRPN0.0%

+12

IDEV0.0%

+2K

GPCR0.0%

+100

FIBK0.0%

+50

HEI/A0.0%

+129

Increased

VEA6.5%

+100K(+3%)

IJH3.5%

+53K(+3%)

VCSH0.6%

+33K(+14%)

IJR4.2%

+31K(+3%)

VTIP0.5%

+28K(+9%)

CRM0.4%

+24K(+43%)

BND1.6%

+21K(+3%)

GNMA0.4%

+21K(+7%)

MBB0.4%

+20K(+16%)

BAC0.6%

+17K(+4%)

Decreased

WMT1.4%

-11,620(-3%)

CMCSA0.1%

-10,402(-5%)

ALB0.2%

-9,784(-23%)

ATD0.1%

-7,388(-18%)

VWO2.1%

-7,269(-1%)

WFC0.3%

-6,753(-4%)

DAL0.1%

-5,999(-11%)

UL0.0%

-3,301(-44%)

PFE0.1%

-3,263(-2%)

BK0.0%

-3,195(-62%)

Exited

-160,123

-1,310

-63

-28

-62

-40

-205

-71

-78

-1,106

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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