Empirical Finance, LLC

CIK 1572838 · View on SEC EDGAR ↗

Portfolio value
$2.4B
#1,352 of 9,443 by 13F value · top 14.3%
Positions
505
As of
June 30, 2026

Portfolio value QoQ: +13.0% 13F does not disclose cash

Top 10 holdings weight
34.61%
Top 25 holdings weight
49.19%
Positions above 1%
15
Effective number of positions
55.6

Based on 13F long-equity holdings only (cash, bonds, shorts not disclosed)

Turnover Q2 2026: 5.65% Est. buys $128,014,905 · sells $128,974,894

Median holding: 7.0 quarters Tracked Q4 2024–Q2 2026 · 83.7% still held

New positions
39
Increased
378
Decreased
81
Closed
17
On this page

Performance vs S&P 500

Tracked Q4 2024–Q2 2026
+30.0%
S&P 500 total return (same window)
+28.1%
Excess return
+1.9%

Annualized: +19.2% · S&P 500: +18.0%

Approximates a buy-and-hold portfolio built from quarterly SEC 13F snapshots. Excludes cash, short positions, options/derivatives, and non-13(f) securities — reflects the disclosed long-equity book only, not total fund AUM. SEC filing lag is up to 45 days; this is not a real-time-copyable timing.

Priceable coverage: 95.7% · Options excluded: 0.0%

Sector breakdown

Technology
31.5%
Industrials
9.8%
Communication Services
9.4%
Health Care
8.8%
Retail
8.0%
Financials
5.4%
Financial Services
5.3%
Energy
4.8%
Consumer Discretionary
3.0%
Consumer Staples
2.0%
Utilities
2.0%
Consumer products
1.2%
Materials
1.2%
Communications
1.1%
Telecommunication
0.7%
Logistics & Transportation
0.3%
Real Estate
0.1%
Packaging
0.1%
Diversified Consumer Services
0.0%
Other/Unmapped
5.2%

Full portfolio 505 positions

Type Streak 8Q trend
NVDA NVIDIA Corporation - Common Stock $169,011,221 7.03% 844,676 $26,703,786 Up ×1
AAPL Apple Inc. - Common Stock $149,979,628 6.24% 518,315 $22,784,394 Up ×1
MSFT Microsoft Corporation - Common Stock $94,905,987 3.95% 254,426 $3,939,301 Up ×1
AMZN Amazon.com, Inc. - Common Stock $88,615,289 3.68% 371,802 $10,094,791 Down ×1
GOOG Alphabet Inc. - Class C Capital Stock $78,410,994 3.26% 221,920 $11,306,982 Down ×1
GOOGL Alphabet Inc. - Class A Common Stock $73,029,274 3.04% 204,352 $16,257,453 Up ×1
AVGO Broadcom Inc. - Common Stock $56,268,885 2.34% 148,958 $11,997,194 Up ×2
MU Micron Technology, Inc. - Common Stock $44,115,810 1.83% 38,219 $31,625,865 Up ×1
META Meta Platforms, Inc. - Class A Common Stock $43,384,596 1.80% 77,020 $790,662 Up ×1
TSLA Tesla, Inc. - Common Stock $34,874,470 1.45% 82,916 $5,347,854 Up ×1
JPM JP Morgan Chase & Co. Common Stock $33,816,790 1.41% 103,311 $4,330,780 Up ×1
LLY Eli Lilly and Company Common Stock $33,013,111 1.37% 27,524 $8,540,791 Up ×1
AMD Advanced Micro Devices, Inc. - Common Stock $32,518,180 1.35% 55,978 $21,520,347 Up ×1
TSM Taiwan Semiconductor Manufacturing Company Ltd. $29,685,751 1.23% 62,160 $-2,497,228 Down ×1
BRKB $26,175,401 1.09% 52,310 $2,157,418 Up ×2
JNJ Johnson & Johnson Common Stock $21,637,990 0.90% 85,199 $1,487,579 Up ×1
XOM Exxon Mobil Corporation Common Stock $21,357,056 0.89% 156,210 $-4,326,275 Up ×1
AMAT Applied Materials, Inc. - Common Stock $21,178,116 0.88% 29,292 $11,466,153 Up ×1
CAT Caterpillar, Inc. Common Stock $20,873,105 0.87% 19,601 $7,354,980 Up ×1
INTC Intel Corporation - Common Stock $20,605,339 0.86% 147,571 $14,341,968 Up ×1
LRCX Lam Research Corporation - Common Stock $20,102,179 0.84% 46,390 $10,484,701 Up ×1
ET Energy Transfer LP Common Units $19,839,180 0.82% 1,037,614 $-7,272,611 Down ×1
CSCO Cisco Systems, Inc. - Common Stock $17,587,756 0.73% 149,734 $6,328,206 Up ×1
WMT Walmart Inc. - Common Stock $16,738,469 0.70% 147,788 $-962,856 Up ×1
V Visa Inc. $15,588,637 0.65% 45,436 $2,482,302 Up ×1
ABBV AbbVie Inc. Common Stock $15,395,587 0.64% 61,181 $2,535,403 Up ×1
MA Mastercard Incorporated Common Stock $14,886,696 0.62% 28,985 $870,733 Up ×1
AX Axos Financial, Inc. Common Stock $14,885,769 0.62% 152,847 $-284,161 Down ×1
VTI $14,752,755 0.61% 39,868 $-2,907,836 Down ×1
KLAC KLA Corporation - Common Stock $14,501,088 0.60% 48,063 $7,642,602 Up ×1
WES Western Midstream Partners, LP Common Units Representing Limited Partner Interests $14,441,500 0.60% 330,016 $-3,763,421 Down ×1
COST Costco Wholesale Corporation - Common Stock $14,392,206 0.60% 15,385 $-408,765 Up ×1
OMAB Grupo Aeroportuario del Centro Norte S.A.B. de C.V. - American Depositary Shares each representing 8 Series B shares $14,268,113 0.59% 126,166 $-5,045,879 Down ×1
PAC Grupo Aeroportuario Del Pacifico, S.A. B. de C.V. Grupo Aeroportuario Del Pacifico, S.A. de C.V. (each representing 10 Series B shares) $14,137,467 0.59% 55,844 $-4,280,763 Down ×1
GE GE Aerospace Common Stock $14,096,722 0.59% 37,719 $3,734,009 Up ×1
BAC Bank of America Corporation Common Stock $13,710,414 0.57% 240,618 $2,348,300 Up ×1
UNH UnitedHealth Group Incorporated Common Stock (DE) $13,409,055 0.56% 32,262 $4,617,856 Down ×3
HD Home Depot, Inc. (The) Common Stock $12,883,400 0.54% 36,530 $1,251,876 Up ×1
CSWC Capital Southwest Corporation - Common Stock $12,491,135 0.52% 525,500 $-1,198,181 Down ×1
PG Procter & Gamble Company (The) Common Stock $12,487,276 0.52% 85,156 $579,498 Up ×1
CAOS $12,480,614 0.52% 138,121 $-4,497,224 Down ×1
CVX Chevron Corporation Common Stock $12,281,453 0.51% 74,091 $-3,410,055 Down ×3
MS Morgan Stanley Common Stock $12,277,337 0.51% 58,732 $979,936 Down ×1
QVAL Alpha Architect U.S. Quantitative Value ETF $12,181,367 0.51% 219,682 $-2,199,961 Down ×1
MRK Merck & Company, Inc. Common Stock (new) $12,049,959 0.50% 93,774 $1,110,305 Up ×1
GS Goldman Sachs Group, Inc. (The) Common Stock $11,492,197 0.48% 11,363 $2,169,387 Up ×1
KO Coca-Cola Company (The) Common Stock $10,967,793 0.46% 134,955 $1,049,428 Up ×1
NFLX Netflix, Inc. - Common Stock $10,786,112 0.45% 151,066 $-3,272,460 Up ×1
WFC Wells Fargo & Company Common Stock $10,392,063 0.43% 125,751 $651,620 Up ×1
GEV GE Vernova Inc. Common Stock $10,209,533 0.42% 8,690 $2,898,995 Up ×1
PM Philip Morris International Inc Common Stock $9,741,642 0.40% 53,848 $1,140,821 Up ×1
TXN Texas Instruments Incorporated - Common Stock $9,419,906 0.39% 31,603 $3,492,035 Up ×1
C Citigroup, Inc. Common Stock $9,397,614 0.39% 67,145 $2,006,344 Up ×1
MPLX MPLX LP Common Units Representing Limited Partner Interests $9,268,538 0.39% 164,540 $-3,143,845 Down ×1
RTX RTX Corporation Common Stock $9,241,748 0.38% 48,710 $140,726 Up ×1
DLTR Dollar Tree, Inc. - Common Stock $8,933,851 0.37% 73,864 $8,131,690 Up ×1
IBM International Business Machines Corporation Common Stock $8,850,804 0.37% 31,474 $1,477,300 Up ×1
SNDK Sandisk Corporation - Common Stock $8,456,002 0.35% 3,719 $6,210,075 Up ×2
QQQ Invesco QQQ Trust, Series 1 $8,299,964 0.35% 11,271 $1,260,100 Down ×1
SFM Sprouts Farmers Market, Inc. - Common Stock $7,560,099 0.31% 89,384 $-560,687 Down ×1
APH Amphenol Corporation Common Stock $7,315,693 0.30% 41,491 $2,253,228 Up ×1
WDC Western Digital Corporation - Common Stock $7,225,201 0.30% 11,312 $4,272,803 Up ×1
VZ Verizon Communications Inc. Common Stock $7,139,921 0.30% 168,633 $-1,003,322 Up ×1
AGM Federal Agricultural Mortgage Corporation Common Stock $7,061,332 0.29% 35,436 $891,159 Down ×1
ADI Analog Devices, Inc. - Common Stock $6,942,134 0.29% 17,479 $1,564,932 Up ×1
GLW Corning Incorporated Common Stock $6,912,958 0.29% 27,064 $3,360,470 Up ×1
AXP American Express Company Common Stock $6,884,402 0.29% 20,353 $911,934 Up ×1
AMGN Amgen Inc. - Common Stock $6,831,394 0.28% 18,865 $413,298 Up ×1
ORCL Oracle Corporation Common Stock $6,821,902 0.28% 46,550 $280,656 Up ×1
TMO Thermo Fisher Scientific Inc Common Stock $6,754,866 0.28% 13,473 $344,295 Up ×1
VLO Valero Energy Corporation Common Stock $6,634,969 0.28% 25,476 $2,529,982 Up ×1
PEP PepsiCo, Inc. - Common Stock $6,462,100 0.27% 47,726 $-700,807 Up ×1
T AT&T Inc. $6,450,720 0.27% 311,629 $-1,655,029 Up ×1
BKNG Booking Holdings Inc. - Common Stock $6,330,728 0.26% 35,518 $1,105,721 Up ×1
NEE NextEra Energy, Inc. Common Stock $6,178,657 0.26% 70,396 $-130,774 Up ×1
TJX TJX Companies, Inc. (The) Common Stock $6,061,364 0.25% 40,009 $-120,463 Up ×1
DIS Walt Disney Company (The) Common Stock $6,058,168 0.25% 62,942 $183,807 Up ×1
AAVM Alpha Architect Global Factor Equity ETF $6,030,901 0.25% 178,907 $-2,248,990 Down ×1
ASR Grupo Aeroportuario del Sureste, S.A. de C.V. Common Stock $5,964,702 0.25% 19,448 $-1,721,919 Down ×1
DE Deere & Company Common Stock $5,905,612 0.25% 9,310 $824,646 Up ×1
IVAL Alpha Architect International Quantitative Value ETF $5,863,651 0.24% 172,106 $-4,150,207 Down ×1
UNP Union Pacific Corporation Common Stock $5,836,032 0.24% 21,456 $797,542 Up ×1
MEDP Medpace Holdings, Inc. - Common Stock $5,710,039 0.24% 10,782 $-370,607 Down ×1
QCOM QUALCOMM Incorporated - Common Stock $5,667,140 0.24% 30,668 $1,872,895 Up ×1
ANET Arista Networks, Inc. Common Stock $5,621,669 0.23% 33,092 $1,707,443 Up ×1
PTIN $5,604,056 0.23% 152,824 $-674,873 Down ×1
CVS CVS Health Corporation Common Stock $5,561,886 0.23% 53,764 $1,809,004 Up ×1
GILD Gilead Sciences, Inc. - Common Stock $5,505,897 0.23% 43,580 $-366,319 Up ×1
ABT Abbott Laboratories Common Stock $5,502,474 0.23% 60,640 $-515,117 Up ×1
KR Kroger Company (The) Common Stock $5,374,304 0.22% 96,782 $-1,576,742 Up ×1
CRM Salesforce, Inc. Common Stock $5,213,175 0.22% 33,277 $-805,066 Up ×1
COP ConocoPhillips Common Stock $4,910,125 0.20% 47,230 $-1,140,875 Up ×1
ISRG Intuitive Surgical, Inc. - Common Stock $4,855,275 0.20% 12,209 $-582,102 Up ×1
BLK BlackRock, Inc. Common Stock $4,830,877 0.20% 5,024 $163,698 Up ×1
PFE Pfizer, Inc. Common Stock $4,746,144 0.20% 197,099 $-602,562 Up ×1
SCHW Charles Schwab Corporation (The) Common Stock $4,719,241 0.20% 51,146 $101,346 Up ×1
LOW Lowe's Companies, Inc. Common Stock $4,624,337 0.19% 20,973 $-177,109 Up ×1
MPC Marathon Petroleum Corporation Common Stock $4,599,503 0.19% 17,990 $281,668 Up ×1
LMT Lockheed Martin Corporation Common Stock $4,587,687 0.19% 9,005 $-717,648 Up ×1
COF Capital One Financial Corporation Common Stock $4,587,344 0.19% 22,865 $546,914 Up ×1

Conviction holdings

Positions increased for 3+ consecutive quarters.

Share counts are as reported in 13F filings (not split-adjusted)

Security Value % of portfolio Streak
JBL $2,152,520 0.09% up ×4
CRWD $1,253,076 0.05% up ×6
UBER $1,192,372 0.05% up ×6
WSM $946,153 0.04% up ×6
BX $797,567 0.03% up ×6
ABNB $590,717 0.02% up ×6
VST $375,794 0.02% up ×4

Biggest new bets

New positions opened this quarter, largest first.

Security Value Shares % of portfolio
Unknown issuer (CUSIP: 438516205) $2,583,694 11,539 0.11%
Unknown issuer (CUSIP: 43849R105) $2,544,852 11,511 0.11%
BTI $1,235,200 20,000 0.05%
MHK $945,646 7,794 0.04%
BFB $789,240 29,615 0.03%
AYI $771,400 2,048 0.03%
PTCT $752,565 9,226 0.03%
Unknown issuer (CUSIP: 26614N201) $742,132 5,471 0.03%
TOL $708,425 4,300 0.03%
DECK $704,463 7,095 0.03%
EAT $687,288 4,091 0.03%
ANF $669,044 7,433 0.03%
MTN $661,553 4,859 0.03%
Unknown issuer (CUSIP: 314352105) $601,886 3,986 0.03%
LEA $600,857 4,482 0.02%

Top movers (QoQ)

Security Action Shares Δ Value Δ
MU Bought more +1K +$31.6M
NVDA Bought more +29K +$26.7M
AAPL Bought more +17K +$22.8M
AMD Bought more +2K +$21.5M
GOOGL Bought more +7K +$16.3M
INTC Bought more +6K +$14.3M
AVGO Bought more +6K +$12.0M
AMAT Bought more +877 +$11.5M
GOOG Trimmed -12K +$11.3M
LRCX Bought more +1K +$10.5M

Exited positions

Includes corporate events (mergers, delistings) — not all exits are sells

Closed positions reflect 13F reporting changes; for index managers these are often mechanical (delisting, M&A, index rebalancing), not active decisions.

SecurityQuarter Shares before Value before Price since exit
GOOGL Dec. 31, 2025 206,995 $50,320,485 9.3%
VTI Dec. 31, 2025 55,050 $18,065,759 No longer tracked
CAOS Dec. 31, 2025 192,048 $17,194,634 No longer tracked
IVAL Dec. 31, 2025 367,721 $11,093,481
QMOM Dec. 31, 2025 152,306 $9,814,751
IMOM Dec. 31, 2025 226,820 $8,311,637
AAVM Dec. 31, 2025 271,706 $7,812,825
CAAP March 31, 2026 243,987 $6,343,662 -6.8%
PTIN Dec. 31, 2025 193,079 $5,883,117 No longer tracked
HON June 30, 2026 22,359 $5,053,805 -1.9%
CPA March 31, 2026 38,850 $4,685,699 14.9%
EC Dec. 31, 2025 423,622 $3,901,559 74.9%
PTNQ Dec. 31, 2025 47,352 $3,671,201
BOXX Dec. 31, 2025 20,427 $2,325,818 No longer tracked
HES Sept. 30, 2025 16,772 $2,323,593 No longer tracked
BTI Sept. 30, 2025 48,681 $2,304,072 6.8%
VOE Dec. 31, 2025 13,181 $2,301,139 No longer tracked
GLD June 30, 2026 4,945 $2,127,784 No longer tracked
GPRK Dec. 31, 2025 295,971 $1,885,335 31.2%
ARE Dec. 31, 2025 20,000 $1,666,800 6.9%
DFS June 30, 2025 9,063 $1,547,054 No longer tracked
FTI March 31, 2026 32,275 $1,438,174 12.6%
MOOD Dec. 31, 2025 36,216 $1,314,536
DEO March 31, 2026 15,139 $1,306,042 25.3%
LOGCXXXX Sept. 30, 2025 184,517 $1,256,561 No longer tracked
ATNI June 30, 2026 45,343 $1,234,236 17.3%
GVAL March 31, 2025 58,288 $1,215,888 No longer tracked
EYLD March 31, 2025 38,479 $1,204,777 No longer tracked
SHV June 30, 2025 10,465 $1,155,964
THC June 30, 2025 8,392 $1,128,724 56.0%
GPK June 30, 2025 40,536 $1,052,315 -44.6%
UFPI June 30, 2025 9,315 $997,078 -10.6%
CNH Dec. 31, 2025 90,230 $978,996 19.4%
TIGO March 31, 2026 17,082 $947,026 21.9%
CNR June 30, 2025 12,173 $938,555 38.3%
DECK Dec. 31, 2025 9,098 $922,264 -13.3%
TOL June 30, 2025 8,451 $892,341 27.6%
ALLY June 30, 2026 22,000 $863,060 -6.4%
LBRT June 30, 2025 54,400 $861,152 67.9%
CTRA June 30, 2026 24,072 $845,890 No longer tracked
TEX June 30, 2025 20,931 $790,773 40.4%
CEIX March 31, 2025 7,210 $769,163 No longer tracked
CROX Dec. 31, 2025 9,073 $758,049 45.1%
SM June 30, 2025 24,856 $744,437 52.9%
DD June 30, 2026 15,954 $730,693 3.3%
XLV March 31, 2025 5,152 $708,761 No longer tracked
CRI June 30, 2025 16,909 $691,578 22.4%
SIG June 30, 2025 11,891 $690,391 3.2%
ARKK March 31, 2025 12,044 $683,738 No longer tracked
ANF June 30, 2025 8,857 $676,409 30.1%
GTES March 31, 2026 31,362 $673,342 15.7%
K Dec. 31, 2025 7,993 $655,586 No longer tracked
DLO March 31, 2026 46,177 $652,943 12.3%
TMHC June 30, 2025 10,538 $632,702 No longer tracked
HOLX June 30, 2026 8,262 $624,525 No longer tracked
BUR March 31, 2026 70,000 $624,400 -4.5%
OSG Dec. 31, 2025 72,182 $601,998 -41.8%
WFRD June 30, 2025 11,135 $596,279 82.8%
ALSN June 30, 2026 5,093 $596,187 15.7%
SMH March 31, 2025 2,408 $583,145 165.6%
XRT March 31, 2025 7,084 $563,816 No longer tracked
CRMT June 30, 2026 43,518 $553,984 3.2%
ARCH March 31, 2025 3,743 $528,586 No longer tracked
BOXA June 30, 2026 5,000 $526,002 No longer tracked
BOXA Dec. 31, 2025 5,000 $523,097 No longer tracked
KBH June 30, 2025 8,966 $521,104 3.0%
DKS June 30, 2026 2,609 $517,339 -21.2%
WCC June 30, 2025 3,250 $504,725 85.3%
ARW June 30, 2025 4,831 $501,603 64.0%
CRC June 30, 2025 11,381 $500,423 17.3%
AGCO June 30, 2025 5,358 $495,990 1.0%
HRB June 30, 2025 8,833 $485,020 -4.4%
SKX June 30, 2025 8,328 $472,864 No longer tracked
SMCI Dec. 31, 2025 9,797 $469,668 27.2%
PSMT March 31, 2026 3,819 $468,477 15.2%
MAT June 30, 2026 31,174 $452,958 6.3%
BG June 30, 2025 5,848 $446,904 46.4%
ASO June 30, 2025 9,781 $446,111 2.0%
OC Dec. 31, 2025 3,147 $445,175 32.4%
ACIC June 30, 2025 37,186 $430,242 -17.7%
LEA June 30, 2025 4,682 $413,046 35.3%
DSGR June 30, 2025 14,742 $412,776 26.7%
LYB June 30, 2025 5,673 $399,379 18.2%
IPG Dec. 31, 2025 14,120 $394,089 No longer tracked
CVI June 30, 2025 20,140 $390,716 38.4%
PVH June 30, 2025 5,782 $373,748 13.4%
DINO June 30, 2025 11,159 $366,908 129.4%
INSW June 30, 2025 10,634 $353,049 176.6%
DELL Dec. 31, 2025 2,446 $346,769 248.9%
CMA March 31, 2026 3,909 $339,809 No longer tracked
SNPS Dec. 31, 2025 626 $308,852 -15.2%
WBA Sept. 30, 2025 26,503 $304,254 No longer tracked
FOX Dec. 31, 2025 5,174 $296,418 -6.2%
EPAM March 31, 2026 1,437 $294,413 -21.0%
SW March 31, 2026 7,342 $283,915 22.6%
DAY March 31, 2026 4,102 $283,694 No longer tracked
DKNG June 30, 2025 8,475 $281,455 -41.7%
PAYC March 31, 2026 1,635 $260,554 85.4%
SUNS Dec. 31, 2025 24,732 $256,965 -17.8%
ENPH June 30, 2025 3,996 $247,952 -1.3%
PODD June 30, 2026 1,162 $243,834 -4.0%
RHI March 31, 2025 3,374 $237,732 -19.2%
PARA Sept. 30, 2025 18,269 $235,670
MOH March 31, 2026 1,354 $234,973 48.7%
BFB June 30, 2025 6,889 $233,813 No longer tracked
BBWI Sept. 30, 2025 7,714 $231,111 -24.5%
ACLS Sept. 30, 2025 3,300 $229,977 28.4%
AMR June 30, 2025 1,833 $229,583 88.2%
CE June 30, 2026 3,471 $228,288 2.2%
SEG Dec. 31, 2025 9,935 $227,710 37.8%
VSNT June 30, 2026 5,999 $222,083 7.9%
PBF June 30, 2025 11,268 $215,106 228.7%
MKTX June 30, 2026 1,296 $213,814 42.8%
MHK March 31, 2026 1,940 $212,042 37.5%
STLA June 30, 2025 18,701 $209,638 -46.3%
FMC March 31, 2025 4,308 $209,412 -74.0%
LULU June 30, 2025 738 $208,898 -50.4%
TFX Dec. 31, 2025 1,690 $206,788 10.6%
AVES June 30, 2025 4,355 $205,382 No longer tracked
AVUV June 30, 2025 2,328 $202,932 No longer tracked
ATKR June 30, 2025 3,382 $202,886 32.8%
CE Sept. 30, 2025 3,654 $202,176 11.7%
CPB March 31, 2026 7,237 $201,695 6.4%
ETSY March 31, 2026 3,632 $201,358 61.5%
ETSY March 31, 2025 3,802 $201,088 71.0%
LUMN March 31, 2026 10,033 $77,956 -13.5%
IMPP Dec. 31, 2025 15,383 $73,531 46.5%
STKS Dec. 31, 2025 15,550 $46,028 -6.3%
FLL June 30, 2026 19,975 $44,944 -28.3%
ADAPY March 31, 2026 800,000 $20,800 No longer tracked