FARMERS & MERCHANTS INVESTMENTS INC
"13F equity value" = market value of this filer's US-listed long equity positions only. It excludes cash, bonds, non-US and short positions, so it understates a fund's true assets under management — often by a lot.
13F holdings are disclosed ~45 days after quarter-end, and they never reveal when within the quarter a fund actually bought. So any 13F-based summary is structurally late and blurred — this applies to every fund, including this one.
We backtested copying it anyway. Buying this fund's new positions the day each filing went public, over 32 quarters, returned +2.7% per quarter — versus +2.7% per quarter from simply owning every 13F stock. It beat that baseline in only 40.6% of quarters (excess t = 0.08, not statistically significant). Its filings tell you what it bought — not what you should buy.
Quarterly compounding, invested quarters only · entry 47 days after quarter-end (when 13F data becomes public)
Top 20 holdings of 1760 · 2026 Q1
| Ticker | Value | Weight | QoQ |
|---|---|---|---|
| IVV | $253M | | ADD |
| VEA | $234M | | ADD |
| NNI | $153M | | HOLD |
| IJR | $151M | | ADD |
| IJH | $127M | | ADD |
| AAPL | $112M | | ADD |
| MSFT | $101M | | ADD |
| VWO | $77M | | HOLD |
| AVGO | $66M | | HOLD |
| BND | $60M | | ADD |
| BRK/B | $53M | | ADD |
| GOOGL | $52M | | HOLD |
| WMT | $52M | | TRIM |
| SLQD | $49M | | HOLD |
| WCC | $48M | | HOLD |
| APH | $46M | | ADD |
| XOM | $45M | | HOLD |
| JPM | $45M | | HOLD |
| GOOG | $42M | | ADD |
| LLY | $41M | | HOLD |
QoQ vs previous quarter's share count · NEW = new position · ADD/TRIM = ±2% shares · HOLD = unchanged.
New positions in 2026 Q1
Method & Limitations
Method: a "new position" = held this quarter, absent last quarter (options excluded; stocks with <50 prior holders excluded to filter spin-off artifacts). Entry 47 days after quarter-end — the first day the public could act on the filing. Benchmark = equal-weighted universe of all 13F-held stocks. Limitations: quarterly snapshots can't see intra-quarter trades; survivorship bias — funds that shut down are absent, which flatters the sample. Statistics, not advice.