Empirical Finance, LLC

In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 6, 2024), Empirical Finance, LLC reported 514 stock positions worth $1.6 billion. Its top holding was Microsoft (MSFT) at 6.8% of the portfolio, followed by Apple (AAPL, 5.8%) and Nvidia (NVDA, 4.9%). Compared with Q4 2023, it opened 2 new positions, sold out of 1, added to 462 and reduced 13. The biggest buy was Nvidia (NVDA, shares +3%) and the biggest sale Alpha Archi Intl QT Vlu ETF (IVAL, shares −19%).

Most Recent 13F
Q2 2026
Location
NEWTOWN SQUARE, PA
CIK
0001572838
Portfolio Value
$1.6B (Q1 2024)
SEC Filing
0001572838-24-000008 ↗ filed May 6, 2024

Holdings Value

0$500.0M$1.0B$1.5B$2.0B$2.5B Q1 2024: $1.6B $1.6B Q1 2024 Q2 2024: $1.6B Q2 2024 Q3 2024: $1.7B Q3 2024 Q4 2024: $1.7B Q4 2024 Q1 2025: $1.7B Q1 2025 Q2 2025: $1.9B Q2 2025 Q3 2025: $2.1B Q3 2025 Q4 2025: $2.1B Q4 2025 Q1 2026: $2.1B Q1 2026 Q2 2026: $2.4B Q2 2026

Holdings 514 stocks · $1.6B
MSFT Microsoft Corp. 6.77% 262,194 $110.3M Add +3.6%
AAPL Apple Inc. 5.76% 547,512 $93.9M Add +3.3%
NVDA Nvidia Corp. 4.89% 88,207 $79.7M Add +3.5%
AMZN Amazon.com Inc. 3.53% 318,667 $57.5M Add +3.6%
META Meta Platforms Inc. Class A 2.44% 81,992 $39.8M Add +3.3%
GOOGL Alphabet Inc. Class A 1.99% 214,424 $32.4M Add +3.4%
GOOG Alphabet Inc. Class C 1.78% 190,207 $29.0M Add +3.2%
QVAL Alpha Arch US QNT Value ETF 1.51% 549,119 $24.7M Reduce -9.1%
LLY Eli Lilly & Co. 1.37% 28,676 $22.3M Add +3.5%
BRK.B Berkshire Hathaway Inc. Class B 1.34% 51,744 $21.8M Add +4.7%
JPM JPMorgan Chase & Co. 1.31% 106,367 $21.3M Add +3.4%
AVGO Broadcom Inc. 1.20% 14,728 $19.5M Add +3.7%
XOM Exxon Mobil Corp. 1.09% 152,601 $17.7M Add +3.2%
UNH Unitedhealth Group Inc. 1.02% 33,595 $16.6M Add +3.5%
IVAL Alpha Archi Intl QT Vlu ETF 0.98% 589,799 $15.9M Reduce -19.4%
MA Mastercard Inc. Class A 0.91% 30,628 $14.7M Add +3.4%
JNJ Johnson & Johnson 0.89% 91,730 $14.5M Add +3.2%
VTI VG Morningstar TS MKT ETF-US 0.88% 55,374 $14.4M Reduce -1.2%
HD Home Depot Inc. 0.87% 37,127 $14.2M Add +3.3%
PG The Procter & Gamble Co. 0.86% 86,507 $14.0M Add +3.4%
TSLA Tesla Inc. 0.84% 78,230 $13.8M Add +4.5%
V Visa Inc. Class A 0.78% 45,724 $12.8M Add +4.4%
QMOM Alpha US Quant Mom ETF 0.76% 208,770 $12.3M Add +0.7%
MRK Merck & Co. Inc. 0.74% 91,929 $12.1M Add +3.5%
COST Costco Wholesale Corp. 0.72% 15,968 $11.7M Add +3.5%
ABBV Abbvie Inc. 0.71% 63,672 $11.6M Add +3.5%
AMD Advanced Micro Devices 0.65% 58,309 $10.5M Add +3.5%
CRM Salesforce Inc. 0.64% 34,632 $10.4M Add +3.4%
CVX Chevron Corp. 0.63% 65,427 $10.3M Add +3.3%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.59% 255,462 $9.7M Add +3.4%
NFLX Netflix Inc. 0.59% 15,922 $9.7M Add +3.4%
IMOM Alpha Intl Quant Mom ETF 0.57% 320,523 $9.3M Reduce -11.1%
WMT Walmart Inc. 0.56% 152,894 $9.2M Add +3.5%
PEP Pepsico Inc. 0.53% 49,761 $8.7M Add +3.4%
KO The Coca-Cola Co. 0.53% 140,576 $8.6M Add +3.5%
ADBE Adobe Inc. 0.52% 16,747 $8.5M Add +3.4%
TMO Thermo Fisher Scientific Inc. 0.50% 14,143 $8.2M Add +3.4%
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.50% 66,219 $8.1M Add +3.5%
WFC Wells Fargo & Co. 0.49% 137,747 $8.0M Add +3.3%
CSCO Cisco Systems Inc. 0.46% 149,733 $7.5M Add +3.4%
ABT Abbott Laboratories 0.44% 63,282 $7.2M Add +3.5%
CAT Caterpillar Inc. 0.42% 18,899 $6.9M Add +3.4%
GE General Electric 0.42% 39,263 $6.9M Add +3.5%
CMCSA Comcast Corp. Class A 0.41% 155,020 $6.7M Add +3.2%
INTC Intel Corp. 0.41% 150,337 $6.6M Add +3.6%
PTIN Pacer Trendpilot Intl ETF 0.40% 225,094 $6.5M No change
INTU Intuit Inc. 0.40% 10,004 $6.5M Add +3.5%
AMAT Applied Materials Inc. 0.40% 31,326 $6.5M Add +3.3%
QQQ Invesco QQQ Trust Series 1 0.40% 14,545 $6.5M No change
VZ Verizon Communications Inc. 0.39% 150,806 $6.3M Add +3.5%
COP Conocophillips 0.39% 49,705 $6.3M Add +3.0%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.38% 32,692 $6.2M Add +3.5%
AAVM Alpha Architect Global Facto 0.37% 236,060 $6.1M Add +0.5%
PFE Pfizer Inc. 0.37% 216,401 $6.0M Add +3.3%
DHR Danaher Corp. 0.36% 23,575 $5.9M Add +3.5%
ORCL Oracle Corp. 0.36% 46,347 $5.8M Add +4.4%
LOW Lowe's Cos Inc. 0.36% 22,826 $5.8M Add +3.1%
TXN Texas Instruments Inc. 0.35% 33,064 $5.8M Add +3.5%
AMGN Amgen Inc. 0.34% 19,773 $5.6M Add +3.4%
UNP Union Pacific Corp. 0.34% 22,685 $5.6M Add +3.4%
QCOM Qualcomm Inc. 0.33% 31,279 $5.3M Add +4.5%
NOW ServiceNow Inc. 0.32% 6,873 $5.2M Add +3.7%
RTX RTX Corp. 0.32% 52,925 $5.2M Add +3.1%
PM Philip Morris International 0.32% 56,069 $5.1M Add +3.5%
ISRG Intuitive Surgical Inc. 0.31% 12,648 $5.0M Add +3.5%
GS Goldman Sachs Group Inc. 0.31% 12,078 $5.0M Add +3.4%
HON Honeywell International Inc. 0.31% 24,387 $5.0M Add +3.4%
BKNG Booking Holdings Inc. 0.31% 1,374 $5.0M Add +2.9%
AXP American Express Co. 0.31% 21,877 $5.0M Add +3.3%
MPC Marathon Petroleum Corp. 0.30% 24,437 $4.9M Add +1.9%
LRCX Lam Research Corp. 0.29% 4,938 $4.8M Add +3.3%
MU Micron Technology Inc. 0.29% 39,659 $4.7M Add +3.5%
NEE Nextera Energy Inc. 0.28% 72,286 $4.6M Add +3.6%
SPGI S&P Global Inc. 0.28% 10,826 $4.6M Add +3.8%
MS Morgan Stanley 0.28% 48,371 $4.6M Add +3.3%
T AT&T Inc. 0.28% 256,956 $4.5M Add +3.5%
C Citigroup Inc. 0.28% 71,360 $4.5M Add +3.3%
ELV Elevance Health Inc. 0.27% 8,621 $4.5M Add +3.4%
BLK BlackRock Finance Inc. 0.27% 5,262 $4.4M Add +3.2%
PGR Progressive Corp. 0.27% 20,944 $4.3M Add +3.5%
SYK Stryker Corp. 0.26% 12,039 $4.3M Add +3.5%
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.26% 42,023 $4.3M Add +3.4%
NKE Nike Inc. Class B 0.26% 45,101 $4.2M Add +3.5%
BMY Bristol-Myers Squibb Co. 0.26% 77,242 $4.2M Add +3.3%
DE Deere & Co. 0.25% 9,974 $4.1M Add +3.3%
PSX Phillips 66 0.25% 24,943 $4.1M Add +2.3%
CI The Cigna Group 0.25% 11,155 $4.1M Add +3.2%
UPS United Parcel Service Class B 0.24% 26,286 $3.9M Add +3.5%
VRTX Vertex Pharmaceuticals Inc. 0.24% 9,332 $3.9M Add +3.5%
BA The Boeing Co. 0.24% 20,150 $3.9M Add +3.6%
LMT Lockheed Martin Corp. 0.24% 8,420 $3.8M Add +3.2%
PTNQ Pacer Trendpilot 100 ETF 0.23% 55,734 $3.8M No change
SBUX Starbucks Corp. 0.23% 41,803 $3.8M Add +3.4%
SCHW Schwab (charles) Corp. 0.23% 52,120 $3.8M Add +3.6%
ADP Automatic Data Processing 0.23% 15,089 $3.8M Add +3.4%
CVS CVS Health Corp. 0.23% 46,735 $3.7M Add +3.4%
MRSH Marsh & McLennan Cos 0.23% 17,965 $3.7M Add +3.5%
ADI Analog Devices Inc. 0.23% 18,563 $3.7M Add +3.4%
VXUS Vanguard Total Intl Stock 0.22% 60,658 $3.7M Reduce -3.8%
EOG EOG Resources Inc. 0.22% 28,532 $3.6M Add +2.6%

Show all 514 holdings

Portfolio Sells Q4 2023 → Q1 2024
IVAL Alpha Archi Intl QT Vlu ETF Reduce -19.4% 0.98% −0.30
QVAL Alpha Arch US QNT Value ETF Reduce -9.1% 1.51% −0.19
IMOM Alpha Intl Quant Mom ETF Reduce -11.1% 0.57% −0.09
VTI VG Morningstar TS MKT ETF-US Reduce -1.2% 0.88% −0.04
BOXX Alpha Architect 1-3 MNTH Box Reduce -10.4% 0.14% −0.03
VXUS Vanguard Total Intl Stock Reduce -3.8% 0.22% −0.03
PODD Insulet Corp. Sold out 0.00% −0.01
REGN Regeneron Pharmaceuticals Reduce -0.6% 0.12% −0.01
HIDE Alpha Arc High Inf & Def ETF Reduce -0.2% 0.03% −0.00
NWL Newell Brands Inc. Reduce -0.7% 0.01% −0.00
STZ Constellation Brands Inc. Class A Reduce -0.3% 0.04% −0.00
LUMN Lumen Technologies Inc. Reduce -0.9% 0.00% −0.00
CTLT Catalent Inc. Reduce -0.7% 0.02% +0.00
JNPR Juniper Networks Inc. Reduce -0.8% 0.02% +0.00

Portfolio Buys Q4 2023 → Q1 2024
NVDA Nvidia Corp. Add +3.5% 4.89% +1.95
META Meta Platforms Inc. Class A Add +3.3% 2.44% +0.49
AMZN Amazon.com Inc. Add +3.6% 3.53% +0.27
LLY Eli Lilly & Co. Add +3.5% 1.37% +0.24
MSFT Microsoft Corp. Add +3.6% 6.77% +0.13
BRK.B Berkshire Hathaway Inc. Class B Add +4.7% 1.34% +0.11
DIS The Walt Disney Co. Add +3.5% 0.50% +0.09
AVGO Broadcom Inc. Add +3.7% 1.20% +0.09
JPM JPMorgan Chase & Co. Add +3.4% 1.31% +0.09
GE General Electric Add +3.5% 0.42% +0.09
NFLX Netflix Inc. Add +3.4% 0.59% +0.07
MRK Merck & Co. Inc. Add +3.5% 0.74% +0.07
AMD Advanced Micro Devices Add +3.5% 0.65% +0.07
MU Micron Technology Inc. Add +3.5% 0.29% +0.06
XOM Exxon Mobil Corp. Add +3.2% 1.09% +0.06
MPC Marathon Petroleum Corp. Add +1.9% 0.30% +0.05
AMAT Applied Materials Inc. Add +3.3% 0.40% +0.05
CAT Caterpillar Inc. Add +3.4% 0.42% +0.05
ABBV Abbvie Inc. Add +3.5% 0.71% +0.05
PGR Progressive Corp. Add +3.5% 0.27% +0.04
CEG Constellation Energy Add +3.4% 0.13% +0.04
QMOM Alpha US Quant Mom ETF Add +0.7% 0.76% +0.04
VLO Valero Energy Corp. Add +2.1% 0.22% +0.03
LRCX Lam Research Corp. Add +3.3% 0.29% +0.03
WFC Wells Fargo & Co. Add +3.3% 0.49% +0.03
ORCL Oracle Corp. Add +4.4% 0.36% +0.03
C Citigroup Inc. Add +3.3% 0.28% +0.03
AXP American Express Co. Add +3.3% 0.31% +0.03
CRM Salesforce Inc. Add +3.4% 0.64% +0.03
CMG Chipotle Mexican Grill Inc. Add +3.5% 0.18% +0.02
MA Mastercard Inc. Class A Add +3.4% 0.91% +0.02
PSX Phillips 66 Add +2.3% 0.25% +0.02
WMT Walmart Inc. Add +3.5% 0.56% +0.02
QCOM Qualcomm Inc. Add +4.5% 0.33% +0.02
CI The Cigna Group Add +3.2% 0.25% +0.02
IBM Intl Business Machines Corp. Add +3.5% 0.38% +0.02
ISRG Intuitive Surgical Inc. Add +3.5% 0.31% +0.02
SYK Stryker Corp. Add +3.5% 0.26% +0.02
TGT Target Corp. Add +3.4% 0.18% +0.02
ABNB Airbnb Inc. Class A New 0.02% +0.02
PCAR Paccar Inc. Add +3.5% 0.14% +0.02
KLAC KLA Corp. Add +3.3% 0.22% +0.02
FISV Fiserv Inc. Add +3.4% 0.21% +0.02
GM General Motors Co. Add +2.9% 0.14% +0.02
HCA HCA Healthcare Inc. Add +3.0% 0.16% +0.02
UBER Uber Technologies Inc. Add +99.0% 0.03% +0.02
ANET Arista Networks Inc. Add +3.8% 0.15% +0.02
BSX Boston Scientific Corp. Add +3.6% 0.22% +0.02
EW Edwards Lifesciences Corp. Add +3.4% 0.13% +0.02
RTX RTX Corp. Add +3.1% 0.32% +0.02

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 505$2.4BNVDA, AAPL, MSFT, AMZN, GOOG
Q1 2026Amended 483$2.1BNVDA, AAPL, MSFT, AMZN, GOOG
Q4 2025 481$2.1BNVDA, AAPL, GOOG, MSFT, AMZN
Q3 2025 506$2.1BNVDA, AAPL, MSFT, AMZN, META
Q2 2025 508$1.9BNVDA, MSFT, AAPL, AMZN, META
Q1 2025 504$1.7BAAPL, MSFT, NVDA, AMZN, META
Q4 2024 500$1.7BAAPL, NVDA, MSFT, AMZN, META
Q3 2024 502$1.7BAAPL, MSFT, NVDA, AMZN, META
Q2 2024 502$1.6BMSFT, AAPL, NVDA, AMZN, META
Q1 2024 514$1.6BMSFT, AAPL, NVDA, AMZN, META