Empirical Finance, LLC
In its 13F for Q2 2024 (holdings as of June 30, 2024, filed July 30, 2024), Empirical Finance, LLC reported 502 stock positions worth $1.6 billion. Its top holding was Microsoft (MSFT) at 7.2% of the portfolio, followed by Apple (AAPL, 6.7%) and Nvidia (NVDA, 6.6%). Compared with Q1 2024, it opened 11 new positions, sold out of 25, added to 48 and reduced 429. The biggest buy was Alpha Architect Tail Risk (CAOS, shares +213%) and the biggest sale an exit from Pioneer Natural Resources (PXD).
- Most Recent 13F
- Q2 2026
- Location
- NEWTOWN SQUARE, PA
- CIK
- 0001572838
- Portfolio Value
- $1.6B (Q2 2024)
- SEC Filing
- 0001572838-24-000011 ↗ filed Jul 30, 2024
Holdings Value
Holdings 502 stocks · $1.6B
| MSFT Microsoft Corp. | 7.17% | 256,640 | $114.7M | Reduce -2.1% |
| AAPL Apple Inc. | 6.66% | 505,866 | $106.5M | Reduce -7.6% |
| NVDA Nvidia Corp. | 6.64% | 860,719 | $106.3M | Reduce -2.4% |
| AMZN Amazon.com Inc. | 3.82% | 316,288 | $61.1M | Reduce -0.8% |
| META Meta Platforms Inc. Class A | 2.49% | 79,044 | $39.9M | Reduce -3.6% |
| GOOGL Alphabet Inc. Class A | 2.38% | 209,151 | $38.1M | Reduce -2.5% |
| GOOG Alphabet Inc. Class C | 2.08% | 181,663 | $33.3M | Reduce -4.5% |
| LLY Eli Lilly & Co. | 1.52% | 26,896 | $24.4M | Reduce -6.2% |
| QVAL Alpha Arch US QNT Value ETF | 1.46% | 544,489 | $23.3M | Reduce -0.8% |
| AVGO Broadcom Inc. | 1.40% | 13,945 | $22.4M | Reduce -5.3% |
| JPM JPMorgan Chase & Co. | 1.25% | 99,123 | $20.0M | Reduce -6.8% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.22% | 47,930 | $19.5M | Reduce -7.4% |
| XOM Exxon Mobil Corp. | 1.13% | 157,800 | $18.2M | Add +3.4% |
| UNH Unitedhealth Group Inc. | 1.00% | 31,531 | $16.1M | Reduce -6.1% |
| TSLA Tesla Inc. | 0.97% | 78,308 | $15.5M | Add +0.1% |
| VTI VG Morningstar TS MKT ETF-US | 0.93% | 55,374 | $14.8M | No change |
| IVAL Alpha Archi Intl QT Vlu ETF | 0.86% | 553,755 | $13.8M | Reduce -6.1% |
| PG The Procter & Gamble Co. | 0.83% | 80,562 | $13.3M | Reduce -6.9% |
| COST Costco Wholesale Corp. | 0.79% | 14,934 | $12.7M | Reduce -6.5% |
| MA Mastercard Inc. Class A | 0.78% | 28,386 | $12.5M | Reduce -7.3% |
| JNJ Johnson & Johnson | 0.77% | 83,780 | $12.2M | Reduce -8.7% |
| QMOM Alpha US Quant Mom ETF | 0.75% | 205,003 | $11.9M | Reduce -1.8% |
| HD Home Depot Inc. | 0.74% | 34,383 | $11.8M | Reduce -7.4% |
| V Visa Inc. Class A | 0.69% | 42,273 | $11.1M | Reduce -7.5% |
| MRK Merck & Co. Inc. | 0.67% | 86,174 | $10.7M | Reduce -6.3% |
| ABBV Abbvie Inc. | 0.64% | 59,635 | $10.2M | Reduce -6.3% |
| NFLX Netflix Inc. | 0.62% | 14,793 | $10.0M | Reduce -7.1% |
| WMT Walmart Inc. | 0.61% | 143,202 | $9.7M | Reduce -6.3% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.59% | 237,228 | $9.4M | Reduce -7.1% |
| CVX Chevron Corp. | 0.59% | 59,950 | $9.4M | Reduce -8.4% |
| AMD Advanced Micro Devices | 0.55% | 54,406 | $8.8M | Reduce -6.7% |
| IMOM Alpha Intl Quant Mom ETF | 0.55% | 319,276 | $8.8M | Reduce -0.4% |
| ADBE Adobe Inc. | 0.54% | 15,499 | $8.6M | Reduce -7.5% |
| KO The Coca-Cola Co. | 0.52% | 131,574 | $8.4M | Reduce -6.4% |
| CRM Salesforce Inc. | 0.52% | 32,446 | $8.3M | Reduce -6.3% |
| PEP Pepsico Inc. | 0.48% | 46,545 | $7.7M | Reduce -6.5% |
| WFC Wells Fargo & Co. | 0.47% | 126,043 | $7.5M | Reduce -8.5% |
| TMO Thermo Fisher Scientific Inc. | 0.45% | 13,159 | $7.3M | Reduce -7.0% |
| CSCO Cisco Systems Inc. | 0.45% | 151,739 | $7.2M | Add +1.3% |
| QQQ Invesco QQQ Trust Series 1 | 0.44% | 14,545 | $7.0M | No change |
| AMAT Applied Materials Inc. | 0.42% | 28,798 | $6.8M | Reduce -8.1% |
| PTIN Pacer Trendpilot Intl ETF | 0.41% | 225,094 | $6.5M | No change |
| INTU Intuit Inc. | 0.39% | 9,390 | $6.2M | Reduce -6.1% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.38% | 61,821 | $6.1M | Reduce -6.6% |
| ABT Abbott Laboratories | 0.38% | 59,025 | $6.1M | Reduce -6.7% |
| ORCL Oracle Corp. | 0.38% | 43,351 | $6.1M | Reduce -6.5% |
| CMCSA Comcast Corp. Class A | 0.38% | 156,214 | $6.1M | Add +0.8% |
| AAVM Alpha Architect Global Facto | 0.38% | 243,194 | $6.0M | Add +3.0% |
| TXN Texas Instruments Inc. | 0.37% | 30,769 | $6.0M | Reduce -6.9% |
| GE General Electric filed as GE AEROSPACE | 0.37% | 36,808 | $5.9M | Reduce -6.3% |
| VZ Verizon Communications Inc. | 0.36% | 141,356 | $5.8M | Reduce -6.3% |
| CAT Caterpillar Inc. | 0.36% | 17,461 | $5.8M | Reduce -7.6% |
| AMGN Amgen Inc. | 0.36% | 18,374 | $5.7M | Reduce -7.1% |
| QCOM Qualcomm Inc. | 0.36% | 28,789 | $5.7M | Reduce -8.0% |
| DHR Danaher Corp. | 0.35% | 22,146 | $5.5M | Reduce -6.1% |
| PFE Pfizer Inc. | 0.34% | 191,710 | $5.4M | Reduce -11.4% |
| PM Philip Morris International | 0.33% | 52,392 | $5.3M | Reduce -6.6% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.33% | 30,674 | $5.3M | Reduce -6.2% |
| ISRG Intuitive Surgical Inc. | 0.33% | 11,837 | $5.3M | Reduce -6.4% |
| T AT&T Inc. | 0.33% | 274,652 | $5.2M | Add +6.9% |
| NOW ServiceNow Inc. | 0.32% | 6,485 | $5.1M | Reduce -5.7% |
| GS Goldman Sachs Group Inc. | 0.32% | 11,175 | $5.1M | Reduce -7.5% |
| ELV Elevance Health Inc. | 0.31% | 9,147 | $5.0M | Add +6.1% |
| BKNG Booking Holdings Inc. | 0.31% | 1,249 | $4.9M | Reduce -9.1% |
| MU Micron Technology Inc. | 0.30% | 37,018 | $4.9M | Reduce -6.7% |
| LRCX Lam Research Corp. | 0.30% | 4,544 | $4.8M | Reduce -8.0% |
| NEE Nextera Energy Inc. | 0.30% | 68,265 | $4.8M | Reduce -5.6% |
| HON Honeywell International Inc. | 0.30% | 22,626 | $4.8M | Reduce -7.2% |
| RTX RTX Corp. | 0.30% | 48,045 | $4.8M | Reduce -9.2% |
| UNP Union Pacific Corp. | 0.30% | 20,994 | $4.8M | Reduce -7.5% |
| COP Conocophillips | 0.29% | 41,211 | $4.7M | Reduce -17.1% |
| AXP American Express Co. | 0.29% | 20,097 | $4.7M | Reduce -8.1% |
| LOW Lowe's Cos Inc. | 0.29% | 20,707 | $4.6M | Reduce -9.3% |
| SPGI S&P Global Inc. | 0.28% | 10,154 | $4.5M | Reduce -6.2% |
| INTC Intel Corp. | 0.27% | 141,652 | $4.4M | Reduce -5.8% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.27% | 39,058 | $4.3M | Reduce -7.1% |
| MS Morgan Stanley | 0.27% | 44,150 | $4.3M | Reduce -8.7% |
| C Citigroup Inc. | 0.26% | 65,970 | $4.2M | Reduce -7.5% |
| VRTX Vertex Pharmaceuticals Inc. | 0.26% | 8,726 | $4.1M | Reduce -6.5% |
| PGR Progressive Corp. | 0.26% | 19,666 | $4.1M | Reduce -6.1% |
| PTNQ Pacer Trendpilot 100 ETF | 0.25% | 55,734 | $4.0M | No change |
| ADI Analog Devices Inc. | 0.24% | 17,035 | $3.9M | Reduce -8.2% |
| KLAC KLA Corp. | 0.24% | 4,697 | $3.9M | Reduce -8.3% |
| BLK BlackRock Finance Inc. | 0.24% | 4,882 | $3.8M | Reduce -7.2% |
| SYK Stryker Corp. | 0.24% | 11,287 | $3.8M | Reduce -6.3% |
| BSX Boston Scientific Corp. | 0.23% | 48,385 | $3.7M | Reduce -5.7% |
| VXUS Vanguard Total Intl Stock | 0.23% | 60,658 | $3.7M | No change |
| SCHW Schwab (charles) Corp. | 0.23% | 48,883 | $3.6M | Reduce -6.2% |
| LMT Lockheed Martin Corp. | 0.22% | 7,678 | $3.6M | Reduce -8.8% |
| MRSH Marsh & McLennan Cos | 0.22% | 16,738 | $3.5M | Reduce -6.8% |
| BA The Boeing Co. | 0.22% | 19,024 | $3.5M | Reduce -5.6% |
| DE Deere & Co. | 0.21% | 9,133 | $3.4M | Reduce -8.4% |
| CI The Cigna Group | 0.21% | 10,195 | $3.4M | Reduce -8.6% |
| ADP Automatic Data Processing | 0.21% | 14,061 | $3.4M | Reduce -6.8% |
| CAOS Alpha Architect Tail Risk | 0.21% | 39,545 | $3.4M | Add +213.1% |
| UPS United Parcel Service Class B | 0.21% | 24,470 | $3.3M | Reduce -6.9% |
| NKE Nike Inc. Class B | 0.20% | 41,888 | $3.2M | Reduce -7.1% |
| MPC Marathon Petroleum Corp. | 0.20% | 18,052 | $3.1M | Reduce -26.1% |
| TMUS T-Mobile US Inc. | 0.20% | 17,721 | $3.1M | Reduce -9.2% |
| VLO Valero Energy Corp. | 0.19% | 19,356 | $3.0M | Reduce -7.6% |
Portfolio Sells Q1 2024 → Q2 2024
| PXD Pioneer Natural Resources Co. | Sold out | 0.00% | −0.16 |
| HD Home Depot Inc. | Reduce -7.4% | 0.74% | −0.13 |
| INTC Intel Corp. | Reduce -5.8% | 0.27% | −0.13 |
| JNJ Johnson & Johnson | Reduce -8.7% | 0.77% | −0.13 |
| MA Mastercard Inc. Class A | Reduce -7.3% | 0.78% | −0.12 |
| CRM Salesforce Inc. | Reduce -6.3% | 0.52% | −0.12 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -7.4% | 1.22% | −0.12 |
| IVAL Alpha Archi Intl QT Vlu ETF | Reduce -6.1% | 0.86% | −0.11 |
| DIS The Walt Disney Co. | Reduce -6.6% | 0.38% | −0.11 |
| MPC Marathon Petroleum Corp. | Reduce -26.1% | 0.20% | −0.11 |
| AMD Advanced Micro Devices | Reduce -6.7% | 0.55% | −0.09 |
| COP Conocophillips | Reduce -17.1% | 0.29% | −0.09 |
| V Visa Inc. Class A | Reduce -7.5% | 0.69% | −0.09 |
| PSX Phillips 66 | Reduce -23.9% | 0.17% | −0.08 |
| MRK Merck & Co. Inc. | Reduce -6.3% | 0.67% | −0.08 |
| ABBV Abbvie Inc. | Reduce -6.3% | 0.64% | −0.07 |
| BMY Bristol-Myers Squibb Co. | Reduce -7.7% | 0.18% | −0.07 |
| LOW Lowe's Cos Inc. | Reduce -9.3% | 0.29% | −0.07 |
| CVS CVS Health Corp. | Reduce -6.5% | 0.16% | −0.07 |
| NKE Nike Inc. Class B | Reduce -7.1% | 0.20% | −0.06 |
| CAT Caterpillar Inc. | Reduce -7.6% | 0.36% | −0.06 |
| LEN Lennar Corp. Class A | Reduce -35.6% | 0.08% | −0.06 |
| ABT Abbott Laboratories | Reduce -6.7% | 0.38% | −0.06 |
| GE General Electric | Reduce -6.3% | 0.37% | −0.06 |
| QVAL Alpha Arch US QNT Value ETF | Reduce -0.8% | 1.46% | −0.06 |
| JPM JPMorgan Chase & Co. | Reduce -6.8% | 1.25% | −0.06 |
| PEP Pepsico Inc. | Reduce -6.5% | 0.48% | −0.05 |
| IBM Intl Business Machines Corp. | Reduce -6.2% | 0.33% | −0.05 |
| HCC Warrior Met Coal Inc. | Sold out | 0.00% | −0.05 |
| TMO Thermo Fisher Scientific Inc. | Reduce -7.0% | 0.45% | −0.05 |
| CVX Chevron Corp. | Reduce -8.4% | 0.59% | −0.05 |
| UNP Union Pacific Corp. | Reduce -7.5% | 0.30% | −0.05 |
| SBUX Starbucks Corp. | Reduce -7.0% | 0.19% | −0.05 |
| WIRE Encore Wire Corp. | Sold out | 0.00% | −0.05 |
| OVV Ovintiv Inc. | Reduce -57.0% | 0.03% | −0.04 |
| NVR NVR Inc. | Reduce -46.4% | 0.05% | −0.04 |
| OXY Occidental Petroleum Corp. | Reduce -30.6% | 0.10% | −0.04 |
| RS Reliance Inc. | Reduce -50.5% | 0.03% | −0.04 |
| FANG Diamondback Energy Inc. | Reduce -38.4% | 0.07% | −0.04 |
| MLI Mueller Industries Inc. | Sold out | 0.00% | −0.04 |
| EOG EOG Resources Inc. | Reduce -18.5% | 0.18% | −0.04 |
| CF CF Industries Holdings Inc. | Reduce -51.2% | 0.03% | −0.04 |
| DE Deere & Co. | Reduce -8.4% | 0.21% | −0.04 |
| TGT Target Corp. | Reduce -6.9% | 0.15% | −0.04 |
| CI The Cigna Group | Reduce -8.6% | 0.21% | −0.04 |
| TPH Tri Pointe Homes Inc. | Sold out | 0.00% | −0.04 |
| CVCO Cavco Industries Inc. | Sold out | 0.00% | −0.04 |
| NUE Nucor Corp. | Reduce -6.6% | 0.12% | −0.04 |
| GPI Group 1 Automotive Inc. | Sold out | 0.00% | −0.04 |
| CTRA Coterra Energy Inc. | Reduce -32.7% | 0.07% | −0.04 |
Portfolio Buys Q1 2024 → Q2 2024
| CAOS Alpha Architect Tail Risk | Add +213.1% | 0.21% | +0.14 |
| TSLA Tesla Inc. | Add +0.1% | 0.97% | +0.12 |
| ANF Abercrombie & Fitch Co. Class A | New | 0.05% | +0.05 |
| T AT&T Inc. | Add +6.9% | 0.33% | +0.05 |
| HPQ HP Inc. | Add +47.0% | 0.12% | +0.05 |
| XOM Exxon Mobil Corp. | Add +3.4% | 1.13% | +0.05 |
| CROX Crocs Inc. | Add +88.0% | 0.09% | +0.04 |
| BBY Best Buy Co. Inc. | Add +108.7% | 0.08% | +0.04 |
| THC Tenet Healthcare Corp. | New | 0.04% | +0.04 |
| BG Bunge Global SA | New | 0.04% | +0.04 |
| PVH PVH Corp. | New | 0.04% | +0.04 |
| UHS Universal Health Services-B | Add +129.7% | 0.07% | +0.04 |
| CRC California Resources Corp. | New | 0.04% | +0.04 |
| ALSN Allison Transmission Holding | New | 0.04% | +0.04 |
| MO Altria Group Inc. | Add +24.9% | 0.15% | +0.04 |
| WFRD Weatherford International PL | New | 0.04% | +0.04 |
| JBL Jabil Inc. | New | 0.04% | +0.04 |
| GPK Graphic Packaging Holding Co. | New | 0.04% | +0.04 |
| ELV Elevance Health Inc. | Add +6.1% | 0.31% | +0.04 |
| ARW Arrow Electronics Inc. | Add +128.7% | 0.06% | +0.03 |
| ARCH Arch Resources Inc. | Add +135.8% | 0.06% | +0.03 |
| LEA Lear Corp. | New | 0.03% | +0.03 |
| MTCH Match Group Inc. | Add +265.0% | 0.05% | +0.03 |
| CRI Carter's Inc. | New | 0.03% | +0.03 |
| TEX Terex Corp. | Add +126.4% | 0.06% | +0.03 |
| IPG Interpublic Group of Cos Inc. | Add +129.3% | 0.06% | +0.03 |
| SIG Signet Jewelers Ltd. | Add +93.2% | 0.07% | +0.03 |
| SNA Snap-on Inc. | Add +105.5% | 0.07% | +0.03 |
| UTHR United Therapeutics Corp. | Add +8.0% | 0.09% | +0.03 |
| OMC Omnicom Group | Add +76.5% | 0.07% | +0.03 |
| SM SM Energy Co. | Add +105.2% | 0.06% | +0.03 |
| AGCO Agco Corp. | Add +134.7% | 0.06% | +0.03 |
| MOH Molina Healthcare Inc. | Add +123.5% | 0.05% | +0.02 |
| HAL Halliburton Co. | Add +42.1% | 0.10% | +0.02 |
| ULTA Ulta Beauty Inc. | Add +69.5% | 0.08% | +0.02 |
| STLA Stellantis NV | Add +128.8% | 0.04% | +0.02 |
| CONSOL ENERGY INC | Add +1.9% | 0.07% | +0.02 |
| EYLD Cambria Emerg Shrhldr Yield | Add +16.0% | 0.08% | +0.01 |
| GVAL Cambria Global Value ETF | Add +11.5% | 0.07% | +0.01 |
| APA Apa Corp. | Add +26.8% | 0.06% | +0.01 |
| CNH CNH Industrial NV | Add +36.9% | 0.06% | +0.00 |
| AAVM Alpha Architect Global Facto | Add +3.0% | 0.38% | +0.00 |
| LNG Cheniere Energy Inc. | Add +0.8% | 0.03% | +0.00 |
| VOO Vanguard S&P 500 ETF | Add +0.2% | 0.05% | +0.00 |
| RRC Range Resources Corp. | Add +0.8% | 0.03% | 0.00 |
| CHRD Chord Energy Corp. | Add +0.8% | 0.03% | −0.00 |
| CMC Commercial Metals Co. | Add +0.8% | 0.03% | −0.00 |
| DDS Dillards Inc. Class A | Add +0.8% | 0.04% | −0.00 |
| CIVI Civitas Resources Inc. | Add +0.8% | 0.03% | −0.00 |
| MUR Murphy Oil Corp. | Add +0.8% | 0.03% | −0.00 |
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 |