Empirical Finance, LLC
In its 13F for Q2 2026 (holdings as of June 30, 2026, filed August 14, 2026), Empirical Finance, LLC reported 505 stock positions worth $2.4 billion. Its top holding was Nvidia (NVDA) at 7.0% of the portfolio, followed by Apple (AAPL, 6.2%) and Microsoft (MSFT, 3.9%). Compared with Q1 2026, it opened 35 new positions, sold out of 15, added to 382 and reduced 81. The biggest buy was Micron Technology (MU, shares +3%) and the biggest sale Energy Transfer (ET, shares −26%).
- Most Recent 13F
- Q2 2026
- Location
- NEWTOWN SQUARE, PA
- CIK
- 0001572838
- Portfolio Value
- $2.4B (Q2 2026)
- SEC Filing
- 0001572838-26-000007 ↗ filed Aug 14, 2026
Holdings Value
Holdings 505 stocks · $2.4B
| NVDA Nvidia Corp. | 7.03% | 844,676 | $169.0M | Add +3.5% |
| AAPL Apple Inc. | 6.24% | 518,315 | $150.0M | Add +3.4% |
| MSFT Microsoft Corp. | 3.95% | 254,426 | $94.9M | Add +3.5% |
| AMZN Amazon.com Inc. | 3.68% | 371,802 | $88.6M | Reduce -1.4% |
| GOOG Alphabet Inc. Class C | 3.26% | 221,920 | $78.4M | Reduce -5.1% |
| GOOGL Alphabet Inc. Class A | 3.04% | 204,352 | $73.0M | Add +3.5% |
| AVGO Broadcom Inc. | 2.34% | 148,958 | $56.3M | Add +4.1% |
| MU Micron Technology Inc. | 1.83% | 38,219 | $44.1M | Add +3.4% |
| META Meta Platforms Inc. Class A | 1.80% | 77,020 | $43.4M | Add +3.5% |
| TSLA Tesla Inc. | 1.45% | 82,916 | $34.9M | Add +4.4% |
| JPM JPMorgan Chase & Co. | 1.41% | 103,311 | $33.8M | Add +3.1% |
| LLY Eli Lilly & Co. | 1.37% | 27,524 | $33.0M | Add +3.5% |
| AMD Advanced Micro Devices | 1.35% | 55,978 | $32.5M | Add +3.5% |
| TSM Taiwan Semiconductor-SP ADR | 1.23% | 62,160 | $29.7M | Reduce -34.7% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.09% | 52,310 | $26.2M | Add +4.4% |
| JNJ Johnson & Johnson | 0.90% | 85,199 | $21.6M | Add +3.4% |
| XOM Exxon Mobil Corp. | 0.89% | 156,210 | $21.4M | Add +3.2% |
| AMAT Applied Materials Inc. | 0.88% | 29,292 | $21.2M | Add +3.1% |
| CAT Caterpillar Inc. | 0.87% | 19,601 | $20.9M | Add +2.7% |
| INTC Intel Corp. | 0.86% | 147,571 | $20.6M | Add +4.0% |
| LRCX Lam Research Corp. | 0.84% | 46,390 | $20.1M | Add +3.1% |
| ET Energy Transfer LP | 0.82% | 1,037,614 | $19.8M | Reduce -26.1% |
| CSCO Cisco Systems Inc. | 0.73% | 149,734 | $17.6M | Add +3.2% |
| WMT Walmart Inc. | 0.70% | 147,788 | $16.7M | Add +3.8% |
| V Visa Inc. Class A | 0.65% | 45,436 | $15.6M | Add +4.8% |
| ABBV Abbvie Inc. | 0.64% | 61,181 | $15.4M | Add +3.5% |
| MA Mastercard Inc. Class A | 0.62% | 28,985 | $14.9M | Add +3.3% |
| AX Axos Financial Inc. | 0.62% | 152,847 | $14.9M | Reduce -14.3% |
| VTI VG Morningstar TS MKT ETF-US | 0.61% | 39,868 | $14.8M | Reduce -27.6% |
| KLAC KLA Corp. | 0.60% | 48,063 | $14.5M | Add +3.2% |
| WES Western Midstream Partners L | 0.60% | 330,016 | $14.4M | Reduce -25.4% |
| COST Costco Wholesale Corp. | 0.60% | 15,385 | $14.4M | Add +3.6% |
| OMAB Grupo Aeroportuario Cen-ADR | 0.59% | 126,166 | $14.3M | Reduce -25.1% |
| PAC Grupo Aeroportuario Pac-ADR | 0.59% | 55,844 | $14.1M | Reduce -25.1% |
| GE General Electric filed as GE AEROSPACE | 0.59% | 37,719 | $14.1M | Add +3.3% |
| BAC Bank of America Corp. | 0.57% | 240,618 | $13.7M | Add +3.2% |
| UNH Unitedhealth Group Inc. | 0.56% | 32,262 | $13.4M | Reduce -0.7% |
| HD Home Depot Inc. | 0.54% | 36,530 | $12.9M | Add +3.3% |
| CSWC Capital Southwest Corp. | 0.52% | 525,500 | $12.5M | Reduce -15.1% |
| PG The Procter & Gamble Co. | 0.52% | 85,156 | $12.5M | Add +3.3% |
| CAOS Alpha Architect Tail Risk | 0.52% | 138,121 | $12.5M | Reduce -26.2% |
| CVX Chevron Corp. | 0.51% | 74,091 | $12.3M | Reduce -2.3% |
| MS Morgan Stanley | 0.51% | 58,732 | $12.3M | Reduce -14.4% |
| QVAL Alpha Arch US QNT Value ETF | 0.51% | 219,682 | $12.2M | Reduce -20.4% |
| MRK Merck & Co. Inc. | 0.50% | 93,774 | $12.0M | Add +3.1% |
| GS Goldman Sachs Group Inc. | 0.48% | 11,363 | $11.5M | Add +3.1% |
| KO The Coca-Cola Co. | 0.46% | 134,955 | $11.0M | Add +3.5% |
| NFLX Netflix Inc. | 0.45% | 151,066 | $10.8M | Add +3.3% |
| WFC Wells Fargo & Co. | 0.43% | 125,751 | $10.4M | Add +2.8% |
| GEV GE Vernova Inc. | 0.42% | 8,690 | $10.2M | Add +3.8% |
| PM Philip Morris International | 0.41% | 53,848 | $9.7M | Add +3.5% |
| TXN Texas Instruments Inc. | 0.39% | 31,603 | $9.4M | Add +3.5% |
| C Citigroup Inc. | 0.39% | 67,145 | $9.4M | Add +3.0% |
| MPLX MPLX LP | 0.39% | 164,540 | $9.3M | Reduce -24.4% |
| RTX RTX Corp. | 0.38% | 48,710 | $9.2M | Add +3.2% |
| DLTR Dollar Tree Inc. | 0.37% | 73,864 | $8.9M | Add +908.4% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.37% | 31,474 | $8.9M | Add +3.5% |
| SNDK Sandisk Corp. | 0.35% | 3,719 | $8.5M | Add +5.2% |
| QQQ Invesco QQQ Trust Series 1 | 0.35% | 11,271 | $8.3M | Reduce -7.6% |
| SFM Sprouts Farmers Market Inc. | 0.31% | 89,384 | $7.6M | Reduce -15.1% |
| APH Amphenol Corp. Class A | 0.30% | 41,491 | $7.3M | Add +3.5% |
| WDC Western Digital Corp. | 0.30% | 11,312 | $7.2M | Add +3.6% |
| VZ Verizon Communications Inc. | 0.30% | 168,633 | $7.1M | Add +4.0% |
| AGM Federal Agric MTG Corp. Class C | 0.29% | 35,436 | $7.1M | Reduce -14.8% |
| ADI Analog Devices Inc. | 0.29% | 17,479 | $6.9M | Add +3.4% |
| GLW Corning Inc. | 0.29% | 27,064 | $6.9M | Add +3.6% |
| AXP American Express Co. | 0.29% | 20,353 | $6.9M | Add +3.1% |
| AMGN Amgen Inc. | 0.28% | 18,865 | $6.8M | Add +3.4% |
| ORCL Oracle Corp. | 0.28% | 46,550 | $6.8M | Add +4.7% |
| TMO Thermo Fisher Scientific Inc. | 0.28% | 13,473 | $6.8M | Add +3.3% |
| VLO Valero Energy Corp. | 0.28% | 25,476 | $6.6M | Add +53.3% |
| PEP Pepsico Inc. | 0.27% | 47,726 | $6.5M | Add +3.5% |
| T AT&T Inc. | 0.27% | 311,629 | $6.5M | Add +11.4% |
| BKNG Booking Holdings Inc. | 0.26% | 35,518 | $6.3M | Add +14.5% |
| NEE Nextera Energy Inc. | 0.26% | 70,396 | $6.2M | Add +3.6% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.25% | 40,009 | $6.1M | Add +3.4% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.25% | 62,942 | $6.1M | Add +3.3% |
| AAVM Alpha Architect Global Facto | 0.25% | 178,907 | $6.0M | Reduce -32.3% |
| ASR Grupo Aeroportuario Sur-ADR | 0.25% | 19,448 | $6.0M | Reduce -15.0% |
| DE Deere & Co. | 0.25% | 9,310 | $5.9M | Add +3.2% |
| IVAL Alpha Archi Intl QT Vlu ETF | 0.24% | 172,106 | $5.9M | Reduce -41.6% |
| UNP Union Pacific Corp. | 0.24% | 21,456 | $5.8M | Add +3.3% |
| MEDP Medpace Holdings Inc. | 0.24% | 10,782 | $5.7M | Reduce -14.8% |
| QCOM Qualcomm Inc. | 0.24% | 30,668 | $5.7M | Add +4.1% |
| ANET Arista Networks Inc. | 0.23% | 33,092 | $5.6M | Add +3.8% |
| PTIN Pacer Trendpilot Intl ETF | 0.23% | 152,824 | $5.6M | Reduce -20.9% |
| CVS CVS Health Corp. | 0.23% | 53,764 | $5.6M | Add +2.9% |
| GILD Gilead Sciences Inc. | 0.23% | 43,580 | $5.5M | Add +3.4% |
| ABT Abbott Laboratories | 0.23% | 60,640 | $5.5M | Add +3.5% |
| KR Kroger Co. | 0.22% | 96,782 | $5.4M | Add +0.8% |
| CRM Salesforce Inc. | 0.22% | 33,277 | $5.2M | Add +3.2% |
| COP Conocophillips | 0.20% | 47,230 | $4.9M | Add +3.0% |
| ISRG Intuitive Surgical Inc. | 0.20% | 12,209 | $4.9M | Add +3.5% |
| BLK BlackRock Inc. | 0.20% | 5,024 | $4.8M | Add +3.5% |
| PFE Pfizer Inc. | 0.20% | 197,099 | $4.7M | Add +3.5% |
| SCHW Schwab (charles) Corp. | 0.20% | 51,146 | $4.7M | Add +4.1% |
| LOW Lowe's Cos Inc. | 0.19% | 20,973 | $4.6M | Add +3.2% |
| MPC Marathon Petroleum Corp. | 0.19% | 17,990 | $4.6M | Add +1.7% |
| LMT Lockheed Martin Corp. | 0.19% | 9,005 | $4.6M | Add +2.6% |
| COF Capital One Financial Corp. | 0.19% | 22,865 | $4.6M | Add +3.2% |
Portfolio Sells Q1 2026 → Q2 2026
| ET Energy Transfer LP | Reduce -26.1% | 0.82% | −0.45 |
| OMAB Grupo Aeroportuario Cen-ADR | Reduce -25.1% | 0.59% | −0.31 |
| CAOS Alpha Architect Tail Risk | Reduce -26.2% | 0.52% | −0.28 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -34.7% | 1.23% | −0.28 |
| PAC Grupo Aeroportuario Pac-ADR | Reduce -25.1% | 0.59% | −0.28 |
| WES Western Midstream Partners L | Reduce -25.4% | 0.60% | −0.26 |
| IVAL Alpha Archi Intl QT Vlu ETF | Reduce -41.6% | 0.24% | −0.23 |
| CVX Chevron Corp. | Reduce -2.3% | 0.51% | −0.23 |
| VTI VG Morningstar TS MKT ETF-US | Reduce -27.6% | 0.61% | −0.22 |
| MPLX MPLX LP | Reduce -24.4% | 0.39% | −0.20 |
| QVAL Alpha Arch US QNT Value ETF | Reduce -20.4% | 0.51% | −0.17 |
| TX Ternium SA-Sponsored ADR | Reduce -43.7% | 0.16% | −0.14 |
| AAVM Alpha Architect Global Facto | Reduce -32.3% | 0.25% | −0.14 |
| CSWC Capital Southwest Corp. | Reduce -15.1% | 0.52% | −0.12 |
| ASR Grupo Aeroportuario Sur-ADR | Reduce -15.0% | 0.25% | −0.11 |
| IMOM Alpha Intl Quant Mom ETF | Reduce -43.1% | 0.12% | −0.10 |
| GLD SPDR Gold Shares | Sold out | 0.00% | −0.10 |
| PDLB Ponce Financial Group Inc. | Reduce -53.9% | 0.09% | −0.10 |
| AX Axos Financial Inc. | Reduce -14.3% | 0.62% | −0.09 |
| NEM Newmont Corp. | Reduce -17.3% | 0.15% | −0.09 |
| AA Alcoa Corp. | Reduce -51.8% | 0.04% | −0.08 |
| VXUS Vanguard Total Intl Stock | Reduce -35.0% | 0.13% | −0.07 |
| NXT Nextpower Inc. | Reduce -52.9% | 0.05% | −0.07 |
| CCS Century Communities Inc. | Reduce -42.7% | 0.13% | −0.07 |
| SFM Sprouts Farmers Market Inc. | Reduce -15.1% | 0.31% | −0.07 |
| PTIN Pacer Trendpilot Intl ETF | Reduce -20.9% | 0.23% | −0.06 |
| ATNI Atn International Inc. | Sold out | 0.00% | −0.06 |
| BKR Baker Hughes Co. | Reduce -28.0% | 0.07% | −0.05 |
| GM General Motors Co. | Reduce -16.0% | 0.17% | −0.05 |
| PR Permian Resources Corp. Class A | Reduce -53.5% | 0.03% | −0.05 |
| MEDP Medpace Holdings Inc. | Reduce -14.8% | 0.24% | −0.05 |
| LDOS Leidos Holdings Inc. | Reduce -29.6% | 0.03% | −0.05 |
| SLB SLB Ltd. | Reduce -52.8% | 0.03% | −0.04 |
| OSK Oshkosh Corp. | Reduce -53.0% | 0.03% | −0.04 |
| ALLY Ally Financial Inc. | Sold out | 0.00% | −0.04 |
| FOXA Fox Corp. Class A | Reduce -30.4% | 0.05% | −0.04 |
| NOV Nov Inc. | Reduce -51.6% | 0.03% | −0.04 |
| CTRA Coterra Energy Inc. | Sold out | 0.00% | −0.04 |
| EME Emcor Group Inc. | Reduce -48.8% | 0.04% | −0.04 |
| CRUS Cirrus Logic Inc. | Reduce -52.8% | 0.03% | −0.04 |
| UTHR United Therapeutics Corp. | Reduce -20.8% | 0.06% | −0.03 |
| NXST Nexstar Media Group Inc. | Reduce -52.7% | 0.02% | −0.03 |
| QMOM Alpha US Quant Mom ETF | Reduce -20.1% | 0.14% | −0.03 |
| HOLX Hologic Inc. | Sold out | 0.00% | −0.03 |
| ALSN Allison Transmission Holding | Sold out | 0.00% | −0.03 |
| CI The Cigna Group | Reduce -9.2% | 0.14% | −0.03 |
| URBN Urban Outfitters Inc. | Reduce -37.8% | 0.04% | −0.03 |
| MMS Maximus Inc. | Reduce -52.7% | 0.01% | −0.03 |
| VOE Vngrd Mrngstr MD-Cap Val ETF | Reduce -19.5% | 0.09% | −0.03 |
| CRMT America's Car-Mart Inc. | Sold out | 0.00% | −0.03 |
Portfolio Buys Q1 2026 → Q2 2026
| MU Micron Technology Inc. | Add +3.4% | 1.83% | +1.25 |
| AMD Advanced Micro Devices | Add +3.5% | 1.35% | +0.84 |
| INTC Intel Corp. | Add +4.0% | 0.86% | +0.56 |
| AMAT Applied Materials Inc. | Add +3.1% | 0.88% | +0.42 |
| LRCX Lam Research Corp. | Add +3.1% | 0.84% | +0.38 |
| GOOGL Alphabet Inc. Class A | Add +3.5% | 3.04% | +0.37 |
| NVDA Nvidia Corp. | Add +3.5% | 7.03% | +0.34 |
| DLTR Dollar Tree Inc. | Add +908.4% | 0.37% | +0.33 |
| KLAC KLA Corp. | Add +3.2% | 0.60% | +0.28 |
| AVGO Broadcom Inc. | Add +4.1% | 2.34% | +0.26 |
| AAPL Apple Inc. | Add +3.4% | 6.24% | +0.26 |
| SNDK Sandisk Corp. | Add +5.2% | 0.35% | +0.25 |
| CAT Caterpillar Inc. | Add +2.7% | 0.87% | +0.23 |
| LLY Eli Lilly & Co. | Add +3.5% | 1.37% | +0.22 |
| CSCO Cisco Systems Inc. | Add +3.2% | 0.73% | +0.20 |
| WDC Western Digital Corp. | Add +3.6% | 0.30% | +0.16 |
| GLW Corning Inc. | Add +3.6% | 0.29% | +0.12 |
| TXN Texas Instruments Inc. | Add +3.5% | 0.39% | +0.11 |
| GE General Electric | Add +3.3% | 0.59% | +0.10 |
| VLO Valero Energy Corp. | Add +53.3% | 0.28% | +0.08 |
| PANW Palo Alto Networks Inc. | Add +11.4% | 0.16% | +0.08 |
| GEV GE Vernova Inc. | Add +3.8% | 0.42% | +0.08 |
| APH Amphenol Corp. Class A | Add +3.5% | 0.30% | +0.07 |
| TSLA Tesla Inc. | Add +4.4% | 1.45% | +0.06 |
| FTNT Fortinet Inc. | Add +3.4% | 0.14% | +0.06 |
| QCOM Qualcomm Inc. | Add +4.1% | 0.24% | +0.06 |
| BOXX Alpha Architect 1-3 MNTH Box | Add +68.3% | 0.17% | +0.06 |
| CVS CVS Health Corp. | Add +2.9% | 0.23% | +0.05 |
| HUM Humana Inc. | Add +2.5% | 0.10% | +0.05 |
| BTI British American Tob-SP ADR | New | 0.05% | +0.05 |
| ANET Arista Networks Inc. | Add +3.8% | 0.23% | +0.05 |
| NTAP Netapp Inc. | Add +77.0% | 0.08% | +0.05 |
| C Citigroup Inc. | Add +3.0% | 0.39% | +0.04 |
| GS Goldman Sachs Group Inc. | Add +3.1% | 0.48% | +0.04 |
| MHK Mohawk Industries Inc. | New | 0.04% | +0.04 |
| HPE Hewlett Packard Enterprise | Add +3.5% | 0.09% | +0.04 |
| BAC Bank of America Corp. | Add +3.2% | 0.57% | +0.04 |
| ADI Analog Devices Inc. | Add +3.4% | 0.29% | +0.04 |
| ABBV Abbvie Inc. | Add +3.5% | 0.64% | +0.04 |
| TER Teradyne Inc. | Add +3.8% | 0.10% | +0.03 |
| BBY Best Buy Co. Inc. | Add +153.0% | 0.06% | +0.03 |
| URI United Rentals Inc. | Add +2.9% | 0.11% | +0.03 |
| BF.B Brown-Forman Corp. Class B | New | 0.03% | +0.03 |
| V Visa Inc. Class A | Add +4.8% | 0.65% | +0.03 |
| AYI Acuity Inc. | New | 0.03% | +0.03 |
| PTCT PTC Therapeutics Inc. | New | 0.03% | +0.03 |
| INCY Incyte Corp. | Add +98.8% | 0.06% | +0.03 |
| PHM Pultegroup Inc. | Add +67.4% | 0.07% | +0.03 |
| TOL Toll Brothers Inc. | New | 0.03% | +0.03 |
| DECK Deckers Outdoor Corp. | New | 0.03% | +0.03 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 505 | $2.4B | NVDA, AAPL, MSFT, AMZN, GOOG |
| Q1 2026Amended | 483 | $2.1B | NVDA, AAPL, MSFT, AMZN, GOOG |
| Q4 2025 | 481 | $2.1B | NVDA, AAPL, GOOG, MSFT, AMZN |
| Q3 2025 | 506 | $2.1B | NVDA, AAPL, MSFT, AMZN, META |
| Q2 2025 | 508 | $1.9B | NVDA, MSFT, AAPL, AMZN, META |
| Q1 2025 | 504 | $1.7B | AAPL, MSFT, NVDA, AMZN, META |
| Q4 2024 | 500 | $1.7B | AAPL, NVDA, MSFT, AMZN, META |
| Q3 2024 | 502 | $1.7B | AAPL, MSFT, NVDA, AMZN, META |
| Q2 2024 | 502 | $1.6B | MSFT, AAPL, NVDA, AMZN, META |
| Q1 2024 | 514 | $1.6B | MSFT, AAPL, NVDA, AMZN, META |