13F
中
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FIRST MERCHANTS CORP

13F equity value
$2.6B
Positions
359
Top 10 concentration
31.8%
Quarters / total new picks
31 / 200
13F equity value over time
$0M$1B$3B2017201820192020202120222023202420252026

"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.

Not significant Verdict

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 31 quarters, returned +4.2% per quarter — versus +2.9% per quarter from simply owning every 13F stock. It beat that baseline in only 61.3% of quarters (excess t = 0.48, not statistically significant). Its filings tell you what it bought — not what you should buy.

Avg 2Q excess
+0.9%
t-stat
0.48
Quarterly win rate
61%
Annualized excess
+5.2%
$1 → follow vs universe
$3.01 vs $2.11
Cumulative return: $1 invested in new picks vs universe
1.00 20180331: universe 1.04120180630: universe 0.95920180930: universe 1.00320190331: universe 0.98520190630: universe 1.05920190930: universe 1.13920191231: universe 0.91920200331: universe 1.10820200630: universe 1.22420200930: universe 1.50120201231: universe 1.56920210331: universe 1.58320210630: universe 1.71020210930: universe 1.53520211231: universe 1.30620220331: universe 1.40220220630: universe 1.29920220930: universe 1.39620221231: universe 1.29620230331: universe 1.36620230630: universe 1.31720230930: universe 1.49520231231: universe 1.56120240331: universe 1.59720240630: universe 1.74220240930: universe 1.72720241231: universe 1.61120250331: universe 1.75720250630: universe 1.81220250930: universe 2.03820251231: universe 2.108 20180331: follow 1.10920180630: follow 1.07320180930: follow 1.09320190331: follow 1.07520190630: follow 1.11820190930: follow 1.21920191231: follow 0.97020200331: follow 1.38320200630: follow 1.41720200930: follow 1.45620201231: follow 1.64220210331: follow 1.76420210630: follow 1.91920210930: follow 1.96520211231: follow 1.86620220331: follow 1.84320220630: follow 1.75320220930: follow 1.72820221231: follow 1.68420230331: follow 1.71420230630: follow 1.51220230930: follow 1.72420231231: follow 1.72820240331: follow 1.78420240630: follow 2.00620240930: follow 2.17020241231: follow 2.09820250331: follow 2.04420250630: follow 2.25620250930: follow 2.28220251231: follow 3.008 0.85 2.05 3.25 20182019202020212022202320242025 Follow Universe

Quarterly compounding, invested quarters only · entry 47 days after quarter-end (when 13F data becomes public)

Listed as facts. See the verdict above before treating this as signal.

Top 20 holdings of 359 · 2026 Q1

Ticker Value Weight QoQ
VFIAX $128M
4.9%
HOLD
BSV $69M
2.6%
ADD
GOOGL $52M
2.0%
TRIM
AAPL $51M
1.9%
HOLD
LLY $46M
1.8%
HOLD
AVGO $43M
1.6%
TRIM
MSFT $37M
1.4%
TRIM
VOO $36M
1.4%
ADD
AGG $32M
1.2%
HOLD
IYW $30M
1.1%
TRIM
NVDA $30M
1.1%
HOLD
IVW $29M
1.1%
TRIM
AMZN $28M
1.1%
ADD
VGT $27M
1.0%
HOLD
IJR $26M
1.0%
TRIM
APH $24M
0.9%
TRIM
JPM $23M
0.9%
HOLD
BIV $23M
0.9%
ADD
LRCX $22M
0.8%
TRIM
WMT $22M
0.8%
HOLD

QoQ vs previous quarter's share count · NEW = new position · ADD/TRIM = ±2% shares · HOLD = unchanged.

Listed as facts. See the verdict above before treating this as signal.

New positions in 2026 Q1

DOWKMILKFNSGOVTFCVTRS

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.