1y return+21.2%S&P 500 +20.9%
3y return+49.9%S&P 500 +68.5%
5y return+52.0%S&P 500 +74.5%
10y return+165.3%S&P 500 +256.5%
These returns are for its stock picks as disclosed on Form 13F: last quarter's holdings, valued at this quarter's prices. They miss trades within each quarter, short positions, options, bonds, cash and fees, so they aren't the returns its clients got.
$100 invested in its stock picks
Since June 30, 2016: $265 against $357 in the S&P 500.2
Farmers & Merchants Investments IncS&P 500 (SPY)
Top holdings
At the end of June 30, 2026. Change is in shares since the quarter before.2
| Stock | Value | Share of portfolio | Change |
|---|---|---|---|
| IVViShares S&P 500 Index Fund | $292.5M | 7.1% | |
| VEAVanguard FTSE Developed Markets ETF | $267.6M | 6.5% | +2.9% |
| IJRiShares S&P Small Cap 600 Index ETF | $165.6M | 4.0% | −8.0% |
| NNINelnet, Inc. | $157.2M | 3.8% | |
| IJHiShares S&P Midcap 400 | $149.5M | 3.6% | +2.8% |
| AAPLApple Inc | $129.4M | 3.1% | +1.6% |
| AMDAdvanced Micro Devices Inc | $112.4M | 2.7% | |
| MSFTMicrosoft Corp | $105.4M | 2.6% | +3.5% |
| VWOVanguard FTSE Emerging Markets ETF | $79.2M | 1.9% | −7.0% |
| AVGOBroadcom Inc | $77.6M | 1.9% | −3.6% |
| GOOGLAlphabet Inc Class A | $65.7M | 1.6% | +1.2% |
| APHAmphenol Corp Cl A | $65.1M | 1.6% | +1.2% |
| WCCWesco International Inc | $60.1M | 1.5% | |
| BNDVanguard Total Bond Market ETF | $59.7M | 1.4% | |
| BRK/BBerkshire Hathaway Inc Del Cl B New | $57.1M | 1.4% | +2.3% |
| GOOGAlphabet Inc Class C | $54.0M | 1.3% | +3.3% |
| LLYEli Lilly & Co | $53.3M | 1.3% | −1.4% |
| JPMJPMorgan Chase & Co. | $50.4M | 1.2% | +1.0% |
| SLQDiShares 0-5 Yr Inv Grd Corp Bond ETF | $49.5M | 1.2% | +1.2% |
| WMTWalmart, Inc | $45.9M | 1.1% | −3.2% |
| TSMTaiwan Semiconductor Manufacturing Company Ltd. | $45.6M | 1.1% | +2.2% |
| DELLDell Technologies Inc Cl C | $42.4M | 1.0% | −1.5% |
| AMZNAmazon.com, Inc. | $40.8M | 1.0% | +5.4% |
| JNJJohnson & Johnson | $40.5M | 1.0% | +1.4% |
| NVDANVIDIA Corporation | $39.8M | 1.0% | +7.5% |
Best picks still held
How each current holding has done since the quarter it first appeared in its filings (up to six years back).
| Stock | Held since | Return since | Now worth |
|---|---|---|---|
| NVDANVIDIA Corporation | June 30, 2020 | +2006.7% | $39.8M |
| AVGOBroadcom Inc | June 30, 2020 | +1096.9% | $77.6M |
| AMDAdvanced Micro Devices Inc | June 30, 2020 | +1004.1% | $112.4M |
| WCCWesco International Inc | June 30, 2020 | +883.9% | $60.1M |
| CATCaterpillar Inc | June 30, 2020 | +741.8% | $26.7M |
| DELLDell Technologies Inc Cl C | June 30, 2020 | +685.4% | $42.4M |
| APHAmphenol Corp Cl A | June 30, 2020 | +636.1% | $65.1M |
| LLYEli Lilly & Co | June 30, 2020 | +630.6% | $53.3M |
| GSGoldman Sachs Group Inc. | June 30, 2020 | +411.8% | $32.9M |
| GOOGLAlphabet Inc Class A | June 30, 2020 | +404.0% | $65.7M |
Sold off last quarter
- Honeywell Intl IncCUSIP 438516106 was $11.2M
- IMCBIShares Morningstar Mid Core Index Fund was $125K
- IYCiShares US Consumer Discretionary ETF was $84K
- CTRACoterra Energy Inc was $81K
- FTSMFirst Trust Enhanced Short Maturity ETF was $54K
- Dupont De Nemours Inc.CUSIP 26614N102 was $51K
- Carnival Corp newCUSIP 143658300 was $42K
- SHMState Street SPDR Nuveen ICE Short Term Municipal Bond ETF was $35K
- BSCRInvesco BulletShares 2027 Corporate Bond ETF was $25K
- Coinbase Global Inc 0.50 due 06/01/26CUSIP 19260QAB3 was $25K
Quarter by quarter
| Quarter | Its picks | S&P 500 |
|---|---|---|
| June 30, 2026 | +12.9% | +14.8% |
| March 31, 2026 | −1.6% | −4.6% |
| December 31, 2025 | +2.4% | +2.4% |
| September 30, 2025 | +6.5% | +7.8% |
| June 30, 2025 | +7.1% | +10.5% |
| March 31, 2025 | −2.0% | −4.6% |
| December 31, 2024 | −1.6% | +2.1% |
| September 30, 2024 | +6.4% | +5.4% |
| June 30, 2024 | +0.4% | +4.0% |
| March 31, 2024 | +7.6% | +10.0% |
| December 31, 2023 | +8.5% | +11.2% |
| September 30, 2023 | −4.0% | −3.6% |
| June 30, 2023 | +5.2% | +8.3% |
| March 31, 2023 | +3.1% | +7.0% |
| December 31, 2022 | +9.9% | +7.1% |
| September 30, 2022 | −5.7% | −5.3% |
| June 30, 2022 | −12.5% | −16.5% |
| March 31, 2022 | −4.6% | −4.9% |
| December 31, 2021 | +8.8% | +10.7% |
| September 30, 2021 | −0.6% | +0.3% |
Sources
Every number on this page points here. Each one links to the public record.
- 1SEC EDGAR: Farmers & Merchants Investments Inc Form 13F filingshttps://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1259969&type=13F-HR&dateb=&owner=include&count=40CIK 1259969
- 2SEC: 13F for the quarter ended June 30, 2026https://www.sec.gov/Archives/edgar/data/1259969/000114036126028983/Filed July 20, 2026 · accession 0001140361-26-028983