Who owns First Merchants (FRME)
Which tracked institutional funds hold FRME, how they are positioned, and who is buying versus exiting — from SEC Form 13F-HR filings. See FRME company fundamentals →
Ownership as of the 2026-Q2 13F filings (latest filed 2026-09-22). 13F is disclosed up to 45 days after quarter-end, so the most recent quarter fills in over the following weeks.
How the tape is positioned
The tracked-fund tape on FRME is one-sided between 2026-Q1 and 2026-Q2: 101 added or opened and 32 trimmed or exited — on balance accumulating.
A prompt to read the filings, not a verdict. 13F is a quarter-end snapshot disclosed up to 45 days late; a fund adds or exits for mandate, benchmark, and timing reasons that have nothing to do with a view on the stock. This is a starting question, not a signal to trade.
Conviction spread
FRME’s largest tracked holder by dollar value, BlackRock, Inc., sizes it at 0.0% of its own reported 13F book, while the median holder sizes it at 0.0% of theirs — a 0.0pp gap the other way — the median holder sizes FRME more heavily than its largest holder by dollar value does.
Book-share is each fund’s reported value in FRME divided by its whole reported 13F book, so it is comparable across funds of different sizes and is unaffected by stock splits. A higher share means a fund has committed more of its book to the name — a starting question about conviction, not a verdict or a signal to trade.
Institutional & insider positioning
Between 2026-Q1 and 2026-Q2, across 289 tracked filers holding FRME, 156 increased or opened the position and 127 reduced or closed it; over the same quarter, open-market insider Form 4s were net sales.
This fuses two public signals for the same quarter — how tracked institutions changed their positions and whether insiders bought or sold in the open market. It describes what was filed; it is a starting question, not a verdict or a signal to trade.
New buyers & exits
Funds opening or closing a position in FRME between the 2026-Q1 and 2026-Q2 13F filings, and the largest changes among funds holding it in both. New buyers and exits are counted on fund presence (split-invariant); adds and trims are measured on reported value.
New buyers 8
- ExodusPoint Capital Management, LP$4M
- Verition Fund Management LLC$3M
- Jain Global LLC$1M
- Quantbot Technologies LP$1M
- Jupiter Topco LLC$1M
- MIRABELLA FINANCIAL SERVICES LLP$956K
Full exits 15
- PUBLIC EMPLOYEES RETIREMENT ASSOCIATION OF COLORADO$21M
- JANE STREET GROUP, LLC$5M
- NORGES BANK$4M
- HRT FINANCIAL LP$3M
- BALYASNY ASSET MANAGEMENT L.P.$1M
- Connor, Clark & Lunn Investment Management Ltd.$1M
Largest adds
- BlackRock, Inc.$43M
- STATE STREET CORP$25M
- DIMENSIONAL FUND ADVISORS LP$22M
- VANGUARD PORTFOLIO MANAGEMENT LLC$19M
- VANGUARD CAPITAL MANAGEMENT LLC$13M
- GEODE CAPITAL MANAGEMENT, LLC$12M
Largest trims
- GOLDMAN SACHS GROUP INC$14M
- Bank of New York Mellon Corp$11M
- WELLINGTON MANAGEMENT GROUP LLP$7M
- ALLIANCEBERNSTEIN L.P.$3M
- WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC$3M
- Point72 Asset Management, L.P.$3M
Institutional holders
One row per tracked fund, most shares held first (every row is from one quarter; reported value breaks ties). “% of value” is the fund’s share of this security’s tracked institutional value — not of shares outstanding.
| Fund | Shares | Reported value | % of value | Quarter |
|---|---|---|---|---|
| BlackRock, Inc. added | 5,324,728 | $233M | 12.2% | 2026-Q2 |
| DIMENSIONAL FUND ADVISORS LP added | 3,689,776 | $161M | 8.5% | 2026-Q2 |
| VANGUARD PORTFOLIO MANAGEMENT LLC added | 3,402,832 | $149M | 7.8% | 2026-Q2 |
| VANGUARD CAPITAL MANAGEMENT LLC trimmed | 2,720,680 | $119M | 6.3% | 2026-Q2 |
| STATE STREET CORP added | 2,551,308 | $111M | 5.9% | 2026-Q2 |
| EARNEST PARTNERS LLC trimmed | 2,174,024 | $95M | 5.0% | 2026-Q2 |
| GEODE CAPITAL MANAGEMENT, LLC added | 1,670,991 | $73M | 3.8% | 2026-Q2 |
| Nuveen, LLC added | 1,058,876 | $46M | 2.4% | 2026-Q2 |
| VICTORY CAPITAL MANAGEMENT INC added | 1,042,728 | $46M | 2.4% | 2026-Q2 |
| SYSTEMATIC FINANCIAL MANAGEMENT LP trimmed | 850,405 | $37M | 2.0% | 2026-Q2 |
| FIRST TRUST ADVISORS LP added | 776,088 | $34M | 1.8% | 2026-Q2 |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC trimmed | 711,910 | $31M | 1.6% | 2026-Q2 |
| FJ Capital Management LLC | 711,425 | $31M | 1.6% | 2026-Q2 |
| GOLDMAN SACHS GROUP INC trimmed | 697,055 | $30M | 1.6% | 2026-Q2 |
| WELLINGTON MANAGEMENT GROUP LLP trimmed | 696,621 | $30M | 1.6% | 2026-Q2 |
| PL Capital Advisors, LLC | 686,333 | $30M | 1.6% | 2026-Q2 |
| NORTHERN TRUST CORP added | 683,988 | $30M | 1.6% | 2026-Q2 |
| Qube Research & Technologies Ltd trimmed | 648,844 | $28M | 1.5% | 2026-Q2 |
| JPMORGAN CHASE & CO added | 639,609 | $28M | 1.5% | 2026-Q2 |
| WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC trimmed | 622,443 | $27M | 1.4% | 2026-Q2 |
| AQR CAPITAL MANAGEMENT LLC added | 566,471 | $25M | 1.3% | 2026-Q2 |
| TWO SIGMA INVESTMENTS, LP added | 470,409 | $21M | 1.1% | 2026-Q2 |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE trimmed | 432,341 | $19M | 1.0% | 2026-Q2 |
| BRIDGEWAY CAPITAL MANAGEMENT, LLC added | 429,606 | $19M | 1.0% | 2026-Q2 |
| FMR LLC added | 420,996 | $18M | 1.0% | 2026-Q2 |
| Bank of New York Mellon Corp trimmed | 415,568 | $18M | 1.0% | 2026-Q2 |
| VANGUARD FIDUCIARY TRUST CO added | 410,238 | $18M | 0.9% | 2026-Q2 |
| Fisher Asset Management, LLC added | 367,005 | $16M | 0.8% | 2026-Q2 |
| AMERICAN CENTURY COMPANIES INC trimmed | 344,504 | $15M | 0.8% | 2026-Q2 |
| RAYMOND JAMES FINANCIAL INC trimmed | 339,054 | $15M | 0.8% | 2026-Q2 |
| HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC added | 337,897 | $15M | 0.8% | 2026-Q2 |
| MetLife Investment Management, LLC added | 320,319 | $14M | 0.7% | 2026-Q2 |
| MILLENNIUM MANAGEMENT LLC trimmed | 318,618 | $14M | 0.7% | 2026-Q2 |
| GLENMEDE TRUST CO NA added | 296,414 | $13M | 0.7% | 2026-Q2 |
| Empowered Funds, LLC added | 277,911 | $12M | 0.6% | 2026-Q2 |
| MORGAN STANLEY trimmed | 213,604 | $9M | 0.5% | 2026-Q2 |
| BANK OF AMERICA CORP /DE/ trimmed | 206,018 | $9M | 0.5% | 2026-Q2 |
| ALLIANCEBERNSTEIN L.P. trimmed | 204,281 | $8M | 0.4% | 2026-Q2 |
| WELLS FARGO & COMPANY/MN added | 202,821 | $9M | 0.5% | 2026-Q2 |
| Phocas Financial Corp. trimmed | 201,603 | $9M | 0.5% | 2026-Q2 |
| DENALI ADVISORS LLC trimmed | 194,500 | $8M | 0.4% | 2026-Q2 |
| Edgestream Partners, L.P. added | 185,737 | $8M | 0.4% | 2026-Q2 |
| ProShare Advisors LLC trimmed | 170,104 | $7M | 0.4% | 2026-Q2 |
| MARSHALL WACE, LLP added | 159,382 | $7M | 0.4% | 2026-Q2 |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP trimmed | 151,364 | $7M | 0.3% | 2026-Q2 |
| Creative Planning added | 145,215 | $6M | 0.3% | 2026-Q2 |
| CITADEL ADVISORS LLC trimmed | 140,294 | $6M | 0.3% | 2026-Q2 |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP added | 134,606 | $6M | 0.3% | 2026-Q2 |
| LYNCH & ASSOCIATES/IN | 130,000 | $6M | 0.3% | 2026-Q2 |
| Swiss National Bank added | 127,162 | $6M | 0.3% | 2026-Q2 |
| ENVESTNET ASSET MANAGEMENT INC trimmed | 124,472 | $5M | 0.3% | 2026-Q2 |
| GREAT LAKES ADVISORS, LLC added | 116,095 | $5M | 0.3% | 2026-Q2 |
| Numerai GP LLC added | 115,285 | $5M | 0.3% | 2026-Q2 |
| NEW YORK STATE COMMON RETIREMENT FUND added | 114,510 | $5M | 0.3% | 2026-Q2 |
| AMERIPRISE FINANCIAL INC trimmed | 111,740 | $5M | 0.3% | 2026-Q2 |
| NORDEA INVESTMENT MANAGEMENT AB trimmed | 111,720 | $5M | 0.3% | 2026-Q2 |
| PEREGRINE CAPITAL MANAGEMENT LLC trimmed | 111,491 | $5M | 0.3% | 2026-Q2 |
| OneAscent Financial Services LLC added | 97,810 | $4M | 0.2% | 2026-Q2 |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC trimmed | 96,682 | $4M | 0.2% | 2026-Q2 |
| FRANKLIN RESOURCES INC added | 96,450 | $4M | 0.2% | 2026-Q2 |
| Petiole USA ltd | 94,047 | $4M | 0.2% | 2026-Q2 |
| PRICE T ROWE ASSOCIATES INC /MD/ added | 93,609 | $4M | 0.2% | 2026-Q2 |
| SEI INVESTMENTS CO trimmed | 92,890 | $4M | 0.2% | 2026-Q2 |
| Mariner, LLC added | 91,158 | $4M | 0.2% | 2026-Q2 |
| CITIGROUP INC added | 90,309 | $4M | 0.2% | 2026-Q2 |
| O'SHAUGHNESSY ASSET MANAGEMENT, LLC trimmed | 89,476 | $4M | 0.2% | 2026-Q2 |
| RHUMBLINE ADVISERS added | 88,773 | $4M | 0.2% | 2026-Q2 |
| Invesco Ltd. trimmed | 83,274 | $4M | 0.2% | 2026-Q2 |
| ExodusPoint Capital Management, LP added | 81,592 | $4M | 0.2% | 2026-Q2 |
| Cerity Partners LLC added | 80,081 | $3M | 0.2% | 2026-Q2 |
| STIFEL FINANCIAL CORP trimmed | 78,574 | $3M | 0.2% | 2026-Q2 |
| Curi Capital, LLC trimmed | 78,324 | $3M | 0.2% | 2026-Q2 |
| FIRST FINANCIAL BANK - TRUST DIVISION | 75,779 | $3M | 0.2% | 2026-Q2 |
| MENDON CAPITAL ADVISORS CORP trimmed | 75,000 | $3M | 0.2% | 2026-Q2 |
| PRINCIPAL FINANCIAL GROUP INC added | 74,933 | $3M | 0.2% | 2026-Q2 |
| UBS Group AG trimmed | 74,836 | $3M | 0.2% | 2026-Q2 |
| Verition Fund Management LLC added | 74,527 | $3M | 0.2% | 2026-Q2 |
| DARK FOREST CAPITAL MANAGEMENT LP trimmed | 72,174 | $3M | 0.2% | 2026-Q2 |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM added | 71,220 | $3M | 0.2% | 2026-Q2 |
| Schonfeld Strategic Advisors LLC added | 69,722 | $3M | 0.2% | 2026-Q2 |
| OCCUDO QUANTITATIVE STRATEGIES LP added | 69,144 | $3M | 0.2% | 2026-Q2 |
| IEQ CAPITAL, LLC added | 68,021 | $3M | 0.2% | 2026-Q2 |
| Inspire Advisors, LLC trimmed | 67,888 | $3M | 0.2% | 2026-Q2 |
| PRUDENTIAL FINANCIAL INC added | 67,873 | $3M | 0.2% | 2026-Q2 |
| DEUTSCHE BANK AG\ added | 67,265 | $3M | 0.2% | 2026-Q2 |
| ADVISORY RESEARCH INC trimmed | 65,315 | $3M | 0.2% | 2026-Q2 |
| Atom Investors LP added | 64,208 | $3M | 0.1% | 2026-Q2 |
| Russell Investments Group, Ltd. added | 63,561 | $3M | 0.1% | 2026-Q2 |
| VANGUARD ASSET MANAGEMENT, Ltd added | 63,215 | $3M | 0.1% | 2026-Q2 |
| BridgePort Financial Solutions, LLC trimmed | 58,069 | $3M | 0.1% | 2026-Q2 |
| Y-Intercept (Hong Kong) Ltd trimmed | 57,284 | $3M | 0.1% | 2026-Q2 |
| XTX Topco Ltd added | 56,918 | $2M | 0.1% | 2026-Q2 |
| Quantinno Capital Management LP added | 55,686 | $2M | 0.1% | 2026-Q2 |
| Round Hill Asset Management trimmed | 54,531 | $2M | 0.1% | 2026-Q2 |
| Legal & General Group Plc added | 53,763 | $2M | 0.1% | 2026-Q2 |
| SUSQUEHANNA FUNDAMENTAL INVESTMENTS, LLC trimmed | 51,564 | $2M | 0.1% | 2026-Q2 |
| D. E. Shaw & Co., Inc. added | 49,198 | $2M | 0.1% | 2026-Q2 |
| Vanguard Global Advisers, LLC trimmed | 47,176 | $2M | 0.1% | 2026-Q2 |
| Vest Financial, LLC added | 42,174 | $2M | 0.1% | 2026-Q2 |
Ownership over time
Tracked institutional holder count and total shares held by filing quarter (independent scales). The curated-era tail and any mid-ingest latest quarter are handled honestly — a partial quarter is not drawn as a collapse.
Reading this table
Funds hold the same stock for different reasons — an index fund “holds” almost everything, an active manager sizes a name to a mandate and a benchmark, and each fund entered at its own price and time. Because 13F is filed up to 45 days after quarter-end, every row is a backward-looking snapshot; a manager may have traded since. Share-class siblings (a company’s A and C shares) are rolled up to one line so a dual-class name is never double-counted. Compare like-for-like. A large holder is not an endorsement, and a fund exiting is not a warning — this is a starting question, not a verdict.
About 13F filings
A Form 13F is a quarterly disclosure that institutional investment managers with over $100 million in US-listed equities must file with the SEC. In plain English: it is a snapshot of the long stock positions a fund held at the end of a quarter. It covers long US-listed equities only — not short positions, options, cash, or private holdings — and the funds shown are the large sample we track, not the complete 13F universe.