FIRST MERCHANTS CORP

CIK 0000712534 · Q1 2026

13F Equity AUM

$2.6B

-2.6% QoQ

Positions

345

-11 QoQ

AUM Rank

#1,537

Top 12%

Skill Alpha (FF)

-0.6%/yr^ns

No Clear Edge

Rank #3,157 · Top 38%

vs S&P -4.5%/yr (unadj.)

Quarters Tracked

~13 years

Portfolio Concentration

Top 5: 21.8%Top 10: 31.8%Top 20: 44.9%

FMPW INST MONEY6.9%

VFIAX4.9%

SRBRX3.7%

FTRLX3.6%

BSV2.6%

VIMAX2.4%

GOOGL2.0%

SFNNX2.0%

AAPL1.9%

LLY1.8%

Others (335)68.2%

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

Sector Allocation

Financial Services52.4%

Fund10.1%

Technology9.9%

Unclassified8.0%

Healthcare4.3%

Consumer Cyclical3.6%

Industrials3.2%

Communication Services3.0%

Other5.6%

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

Position Sizing

Positions: 345Median: 0.07%Avg: 0.29%

0–0.5%

292(29.8%)

0.5–1%

29(21.0%)

1–3%

20(30.0%)

3–5%

3(12.2%)

5%+

1(6.9%)

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

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Portfolio Overlap

Shared: 220Unique: 125vs 20 funds

3%Low

345

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

4.1%

BANK OF AMERICA CORP /DE/

4.5%

4.4%

6.9%

4.9%

4.6%

VANGUARD CAPITAL MANAGEMENT LLC

4.1%

GEODE CAPITAL MANAGEMENT, LLC

3.9%

VANGUARD PORTFOLIO MANAGEMENT LLC

4.6%

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

New7Increased93Decreased170Exited18

New Positions

SGOV0.4%

+102K

KMI0.0%

+13K

TFC0.0%

+6K

DOW0.0%

+6K

CYVF0.0%

+3K

VTRS0.0%

+20K

LKFN0.0%

+4K

Increased

FGTXX0.3%

+1.1M(+16%)

SRBRX3.7%

+712K(+8%)

FTRLX3.6%

+496K(+5%)

PZIEX1.0%

+320K(+26%)

NUSFX1.3%

+195K(+6%)

VBIRX1.2%

+177K(+6%)

MS V4.431 01/23/30 G0.0%

+105K(+17%)

VWIUX0.7%

+89K(+7%)

SFNNX2.0%

+87K(+3%)

MFAIX0.7%

+75K(+12%)

Decreased

FMPW INST MONEY6.9%

-26,746,501(-13%)

CMCSA0.0%

-49,586(-66%)

LRCX0.8%

-34,231(-25%)

FMB CK A/C #14849310.0%

-33,326(-35%)

XEVVX0.0%

-30,000(-59%)

NOMIX0.3%

-29,956(-8%)

VWEHX0.0%

-27,729(-50%)

ADP0.1%

-26,652(-60%)

VBILX0.1%

-21,563(-11%)

APH0.9%

-18,376(-9%)

Exited

AZN

-97,418

ALC

-11,653

13600 SINGING HILLS …

-1

-138

-11,616

-1,984

-1,941

RUDISILL CENTER RLTY

-250

ITOT

-1,389

AMD

-1,199

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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