Empirical Finance, LLC

In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 6, 2024), Empirical Finance, LLC reported 502 stock positions worth $1.7 billion. Its top holding was Apple (AAPL) at 7.0% of the portfolio, followed by Microsoft (MSFT, 6.6%) and Nvidia (NVDA, 6.2%). Compared with Q2 2024, it opened 3 new positions, sold out of 3, added to 456 and reduced 8. The biggest buy was Apple (AAPL, shares +2%) and the biggest sale an exit from Westrock (WRK).

Most Recent 13F
Q2 2026
Location
NEWTOWN SQUARE, PA
CIK
0001572838
Portfolio Value
$1.7B (Q3 2024)
SEC Filing
0001572838-24-000014 ↗ filed Nov 6, 2024

Holdings Value

0$500.0M$1.0B$1.5B$2.0B$2.5B Q1 2024: $1.6B Q1 2024 Q2 2024: $1.6B Q2 2024 Q3 2024: $1.7B $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 502 stocks · $1.7B
AAPL Apple Inc. 7.00% 515,494 $120.1M Add +1.9%
MSFT Microsoft Corp. 6.58% 262,432 $112.9M Add +2.3%
NVDA Nvidia Corp. 6.21% 876,401 $106.4M Add +1.8%
AMZN Amazon.com Inc. 3.51% 323,303 $60.2M Add +2.2%
META Meta Platforms Inc. Class A 2.69% 80,516 $46.1M Add +1.9%
GOOGL Alphabet Inc. Class A 2.07% 213,673 $35.4M Add +2.2%
GOOG Alphabet Inc. Class C 1.80% 184,877 $30.9M Add +1.8%
QVAL Alpha Arch US QNT Value ETF 1.47% 545,630 $25.2M Add +0.2%
AVGO Broadcom Inc. 1.44% 142,792 $24.6M Add +2.4%
LLY Eli Lilly & Co. 1.42% 27,540 $24.4M Add +2.4%
BRK.B Berkshire Hathaway Inc. Class B 1.36% 50,724 $23.3M Add +5.8%
JPM JPMorgan Chase & Co. 1.25% 101,277 $21.4M Add +2.2%
TSLA Tesla Inc. 1.24% 81,282 $21.3M Add +3.8%
XOM Exxon Mobil Corp. 1.10% 160,836 $18.9M Add +1.9%
UNH Unitedhealth Group Inc. 1.10% 32,223 $18.8M Add +2.2%
VTI VG Morningstar TS MKT ETF-US 0.91% 55,374 $15.7M No change
MA Mastercard Inc. Class A 0.83% 28,959 $14.3M Add +2.0%
IVAL Alpha Archi Intl QT Vlu ETF 0.83% 553,755 $14.3M No change
PG The Procter & Gamble Co. 0.83% 82,251 $14.2M Add +2.1%
HD Home Depot Inc. 0.83% 35,045 $14.2M Add +1.9%
JNJ Johnson & Johnson 0.81% 85,434 $13.8M Add +2.0%
COST Costco Wholesale Corp. 0.79% 15,275 $13.5M Add +2.3%
QMOM Alpha US Quant Mom ETF 0.77% 205,514 $13.2M Add +0.3%
V Visa Inc. Class A 0.70% 43,867 $12.1M Add +3.8%
ABBV Abbvie Inc. 0.70% 60,938 $12.0M Add +2.2%
WMT Walmart Inc. 0.69% 146,589 $11.8M Add +2.4%
NFLX Netflix Inc. 0.62% 15,079 $10.7M Add +1.9%
MRK Merck & Co. Inc. 0.58% 88,158 $10.0M Add +2.3%
KO The Coca-Cola Co. 0.56% 134,507 $9.7M Add +2.2%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.56% 242,022 $9.6M Add +2.0%
IMOM Alpha Intl Quant Mom ETF 0.54% 319,276 $9.2M No change
AMD Advanced Micro Devices 0.53% 55,695 $9.1M Add +2.4%
CRM Salesforce Inc. 0.53% 33,203 $9.1M Add +2.3%
CVX Chevron Corp. 0.52% 61,065 $9.0M Add +1.9%
TMO Thermo Fisher Scientific Inc. 0.48% 13,430 $8.3M Add +2.1%
CSCO Cisco Systems Inc. 0.48% 154,700 $8.2M Add +1.9%
ADBE Adobe Inc. 0.48% 15,798 $8.2M Add +1.9%
PEP Pepsico Inc. 0.47% 47,541 $8.1M Add +2.1%
ORCL Oracle Corp. 0.45% 45,093 $7.7M Add +4.0%
WFC Wells Fargo & Co. 0.42% 127,794 $7.2M Add +1.4%
QQQ Invesco QQQ Trust Series 1 0.41% 14,545 $7.1M No change
GE General Electric filed as GE AEROSPACE 0.41% 37,629 $7.1M Add +2.2%
PTIN Pacer Trendpilot Intl ETF 0.41% 225,094 $7.0M No change
CAT Caterpillar Inc. 0.40% 17,728 $6.9M Add +1.5%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.40% 31,240 $6.9M Add +1.9%
ABT Abbott Laboratories 0.40% 60,360 $6.9M Add +2.3%
CMCSA Comcast Corp. Class A 0.39% 158,525 $6.6M Add +1.5%
AAVM Alpha Architect Global Facto 0.39% 249,349 $6.6M Add +2.5%
PM Philip Morris International 0.38% 53,528 $6.5M Add +2.2%
TXN Texas Instruments Inc. 0.38% 31,432 $6.5M Add +2.1%
VZ Verizon Communications Inc. 0.38% 144,538 $6.5M Add +2.3%
DHR Danaher Corp. 0.37% 22,629 $6.3M Add +2.2%
T AT&T Inc. 0.36% 280,341 $6.2M Add +2.1%
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.35% 63,113 $6.1M Add +2.1%
AMGN Amgen Inc. 0.35% 18,754 $6.0M Add +2.1%
INTU Intuit Inc. 0.35% 9,604 $6.0M Add +2.3%
ISRG Intuitive Surgical Inc. 0.35% 12,106 $5.9M Add +2.3%
NOW ServiceNow Inc. 0.35% 6,644 $5.9M Add +2.5%
AMAT Applied Materials Inc. 0.35% 29,350 $5.9M Add +1.9%
RTX RTX Corp. 0.34% 48,766 $5.9M Add +1.5%
NEE Nextera Energy Inc. 0.34% 69,774 $5.9M Add +2.2%
LOW Lowe's Cos Inc. 0.33% 21,024 $5.7M Add +1.5%
PFE Pfizer Inc. 0.33% 195,950 $5.7M Add +2.2%
GS Goldman Sachs Group Inc. 0.33% 11,397 $5.6M Add +2.0%
AXP American Express Co. 0.32% 20,444 $5.5M Add +1.7%
SPGI S&P Global Inc. 0.31% 10,417 $5.4M Add +2.6%
BKNG Booking Holdings Inc. 0.31% 1,270 $5.3M Add +1.7%
UNP Union Pacific Corp. 0.31% 21,408 $5.3M Add +2.0%
PGR Progressive Corp. 0.30% 20,115 $5.1M Add +2.3%
QCOM Qualcomm Inc. 0.30% 29,894 $5.1M Add +3.8%
ELV Elevance Health Inc. 0.28% 9,327 $4.9M Add +2.0%
HON Honeywell International Inc. 0.28% 23,059 $4.8M Add +1.9%
BLK BlackRock Finance Inc. 0.28% 4,973 $4.7M Add +1.9%
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.27% 39,880 $4.7M Add +2.1%
MS Morgan Stanley 0.27% 44,955 $4.7M Add +1.8%
LMT Lockheed Martin Corp. 0.27% 7,802 $4.6M Add +1.6%
COP Conocophillips 0.26% 41,942 $4.4M Add +1.8%
C Citigroup Inc. 0.25% 67,354 $4.2M Add +2.1%
SYK Stryker Corp. 0.24% 11,556 $4.2M Add +2.4%
BSX Boston Scientific Corp. 0.24% 49,639 $4.2M Add +2.6%
VRTX Vertex Pharmaceuticals Inc. 0.24% 8,916 $4.1M Add +2.2%
PTNQ Pacer Trendpilot 100 ETF 0.24% 55,734 $4.1M No change
ADI Analog Devices Inc. 0.23% 17,370 $4.0M Add +2.0%
ADP Automatic Data Processing 0.23% 14,335 $4.0M Add +1.9%
VXUS Vanguard Total Intl Stock 0.23% 60,658 $3.9M No change
MU Micron Technology Inc. 0.23% 37,843 $3.9M Add +2.2%
DE Deere & Co. 0.23% 9,303 $3.9M Add +1.9%
SBUX Starbucks Corp. 0.23% 39,692 $3.9M Add +2.1%
MRSH Marsh & McLennan Cos 0.22% 17,102 $3.8M Add +2.2%
LRCX Lam Research Corp. 0.22% 4,627 $3.8M Add +1.8%
NKE Nike Inc. Class B 0.22% 42,674 $3.8M Add +1.9%
BMY Bristol-Myers Squibb Co. 0.22% 72,676 $3.8M Add +1.9%
TMUS T-Mobile US Inc. 0.22% 17,994 $3.7M Add +1.5%
FISV Fiserv Inc. 0.22% 20,664 $3.7M Add +1.9%
KLAC KLA Corp. 0.22% 4,781 $3.7M Add +1.8%
GILD Gilead Sciences Inc. 0.21% 43,324 $3.6M Add +2.2%
CI The Cigna Group 0.21% 10,374 $3.6M Add +1.8%
CAOS Alpha Architect Tail Risk 0.21% 41,303 $3.6M Add +4.5%
MDLZ Mondelez International Inc. Class A 0.20% 47,200 $3.5M Add +2.0%
UPS United Parcel Service Class B 0.20% 24,995 $3.4M Add +2.1%

Show all 502 holdings

Portfolio Sells Q2 2024 → Q3 2024
WRK Westrock Co. Sold out 0.00% −0.03
JNPR Juniper Networks Inc. Sold out 0.00% −0.02
BEN Franklin Templeton Inc. Sold out 0.00% −0.01
REGN Regeneron Pharmaceuticals Reduce -3.5% 0.10% −0.01
HP Helmerich & Payne Reduce -0.0% 0.02% −0.01
HLT Hilton Worldwide Holdings Inc. Reduce -3.4% 0.03% −0.00
RHI Robert Half Inc. Reduce -5.6% 0.01% −0.00
PARAA Paramount Global Class B Reduce -3.7% 0.01% −0.00
CMA Comerica Inc. Reduce -5.4% 0.01% +0.00
ILMN Illumina Inc. Reduce -5.5% 0.04% +0.00
LUMN Lumen Technologies Inc. Reduce -8.1% 0.00% +0.00

Portfolio Buys Q2 2024 → Q3 2024
AAPL Apple Inc. Add +1.9% 7.00% +0.35
TSLA Tesla Inc. Add +3.8% 1.24% +0.27
META Meta Platforms Inc. Class A Add +1.9% 2.69% +0.20
BRK.B Berkshire Hathaway Inc. Class B Add +5.8% 1.36% +0.14
UNH Unitedhealth Group Inc. Add +2.2% 1.10% +0.10
HD Home Depot Inc. Add +1.9% 0.83% +0.09
WMT Walmart Inc. Add +2.4% 0.69% +0.08
IBM Intl Business Machines Corp. Add +1.9% 0.40% +0.07
ORCL Oracle Corp. Add +4.0% 0.45% +0.07
ABBV Abbvie Inc. Add +2.2% 0.70% +0.06
MA Mastercard Inc. Class A Add +2.0% 0.83% +0.05
GE General Electric Add +2.2% 0.41% +0.05
PM Philip Morris International Add +2.2% 0.38% +0.05
LOW Lowe's Cos Inc. Add +1.5% 0.33% +0.05
RTX RTX Corp. Add +1.5% 0.34% +0.04
PGR Progressive Corp. Add +2.3% 0.30% +0.04
JNJ Johnson & Johnson Add +2.0% 0.81% +0.04
LMT Lockheed Martin Corp. Add +1.6% 0.27% +0.04
NEE Nextera Energy Inc. Add +2.2% 0.34% +0.04
CAT Caterpillar Inc. Add +1.5% 0.40% +0.04
KO The Coca-Cola Co. Add +2.2% 0.56% +0.04
GEV GE Vernova Inc. Add +2.3% 0.13% +0.04
AVGO Broadcom Inc. Add +2.4% 1.44% +0.04
PYPL PayPal Holdings Inc. Add +1.6% 0.17% +0.04
SBUX Starbucks Corp. Add +2.1% 0.23% +0.04
DHI D.R. Horton Inc. Add +1.0% 0.17% +0.04
BLK BlackRock Finance Inc. Add +1.9% 0.28% +0.04
BMY Bristol-Myers Squibb Co. Add +1.9% 0.22% +0.03
MMM 3M Co. Add +2.2% 0.15% +0.03
AXP American Express Co. Add +1.7% 0.32% +0.03
SHW The Sherwin-Williams Co. Add +2.0% 0.18% +0.03
T AT&T Inc. Add +2.1% 0.36% +0.03
CEG Constellation Energy Add +1.9% 0.17% +0.03
SPGI S&P Global Inc. Add +2.6% 0.31% +0.03
GILD Gilead Sciences Inc. Add +2.2% 0.21% +0.03
TMO Thermo Fisher Scientific Inc. Add +2.1% 0.48% +0.03
CSCO Cisco Systems Inc. Add +1.9% 0.48% +0.03
HCA HCA Healthcare Inc. Add +1.4% 0.17% +0.03
NOW ServiceNow Inc. Add +2.5% 0.35% +0.03
FISV Fiserv Inc. Add +1.9% 0.22% +0.03
PH Parker Hannifin Corp. Add +2.0% 0.16% +0.03
CARR Carrier Global Corp. Add +2.3% 0.14% +0.02
SW Smurfit Westrock PLC New 0.02% +0.02
QMOM Alpha US Quant Mom ETF Add +0.3% 0.77% +0.02
NKE Nike Inc. Class B Add +1.9% 0.22% +0.02
PHM Pultegroup Inc. Add +0.8% 0.12% +0.02
ADP Automatic Data Processing Add +1.9% 0.23% +0.02
TMUS T-Mobile US Inc. Add +1.5% 0.22% +0.02
DHR Danaher Corp. Add +2.2% 0.37% +0.02
TOL Toll Brothers Inc. Add +0.3% 0.10% +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