Empirical Finance, LLC
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed January 28, 2025), Empirical Finance, LLC reported 500 stock positions worth $1.7 billion. Its top holding was Apple (AAPL) at 7.4% of the portfolio, followed by Nvidia (NVDA, 6.7%) and Microsoft (MSFT, 6.3%). Compared with Q3 2024, it opened 18 new positions, sold out of 20, added to 71 and reduced 404. The biggest buy was a new position in iShares 0-1 Year Treasury Bo (SHV) and the biggest sale Microsoft (MSFT, shares −1%).
- Most Recent 13F
- Q2 2026
- Location
- NEWTOWN SQUARE, PA
- CIK
- 0001572838
- Portfolio Value
- $1.7B (Q4 2024)
- SEC Filing
- 0001592828-25-000002 ↗ filed Jan 28, 2025
Holdings Value
Holdings 500 stocks · $1.7B
| AAPL Apple Inc. | 7.36% | 508,078 | $127.2M | Reduce -1.4% |
| NVDA Nvidia Corp. | 6.73% | 866,035 | $116.3M | Reduce -1.2% |
| MSFT Microsoft Corp. | 6.32% | 259,139 | $109.2M | Reduce -1.3% |
| AMZN Amazon.com Inc. | 4.06% | 319,712 | $70.1M | Reduce -1.1% |
| META Meta Platforms Inc. Class A | 2.69% | 79,445 | $46.5M | Reduce -1.3% |
| GOOGL Alphabet Inc. Class A | 2.31% | 210,854 | $39.9M | Reduce -1.3% |
| GOOG Alphabet Inc. Class C | 2.01% | 182,005 | $34.7M | Reduce -1.6% |
| AVGO Broadcom Inc. | 1.90% | 141,340 | $32.8M | Reduce -1.0% |
| TSLA Tesla Inc. | 1.89% | 80,689 | $32.6M | Reduce -0.7% |
| QVAL Alpha Arch US QNT Value ETF | 1.41% | 545,630 | $24.4M | No change |
| JPM JPMorgan Chase & Co. | 1.38% | 99,845 | $23.9M | Reduce -1.4% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.31% | 50,013 | $22.7M | Reduce -1.4% |
| LLY Eli Lilly & Co. | 1.21% | 27,175 | $21.0M | Reduce -1.3% |
| XOM Exxon Mobil Corp. | 0.96% | 154,720 | $16.6M | Reduce -3.8% |
| UNH Unitedhealth Group Inc. | 0.93% | 31,818 | $16.1M | Reduce -1.3% |
| VTI VG Morningstar TS MKT ETF-US | 0.93% | 55,300 | $16.0M | Reduce -0.1% |
| MA Mastercard Inc. Class A | 0.87% | 28,561 | $15.0M | Reduce -1.4% |
| V Visa Inc. Class A | 0.80% | 43,775 | $13.8M | Reduce -0.2% |
| COST Costco Wholesale Corp. | 0.80% | 15,089 | $13.8M | Reduce -1.2% |
| PG The Procter & Gamble Co. | 0.79% | 81,141 | $13.6M | Reduce -1.4% |
| HD Home Depot Inc. | 0.78% | 34,563 | $13.4M | Reduce -1.4% |
| NFLX Netflix Inc. | 0.77% | 14,894 | $13.3M | Reduce -1.2% |
| IVAL Alpha Archi Intl QT Vlu ETF | 0.76% | 549,009 | $13.2M | Reduce -0.9% |
| QMOM Alpha US Quant Mom ETF | 0.76% | 205,114 | $13.2M | Reduce -0.2% |
| WMT Walmart Inc. | 0.76% | 144,721 | $13.1M | Reduce -1.3% |
| JNJ Johnson & Johnson | 0.70% | 84,159 | $12.2M | Reduce -1.5% |
| CRM Salesforce Inc. | 0.63% | 32,810 | $11.0M | Reduce -1.2% |
| ABBV Abbvie Inc. | 0.62% | 60,148 | $10.7M | Reduce -1.3% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.61% | 238,366 | $10.5M | Reduce -1.5% |
| CSCO Cisco Systems Inc. | 0.52% | 152,855 | $9.0M | Reduce -1.2% |
| WFC Wells Fargo & Co. | 0.51% | 125,837 | $8.8M | Reduce -1.5% |
| CVX Chevron Corp. | 0.50% | 60,195 | $8.7M | Reduce -1.4% |
| MRK Merck & Co. Inc. | 0.50% | 87,001 | $8.7M | Reduce -1.3% |
| IMOM Alpha Intl Quant Mom ETF | 0.49% | 316,358 | $8.4M | Reduce -0.9% |
| KO The Coca-Cola Co. | 0.48% | 132,709 | $8.3M | Reduce -1.3% |
| QQQ Invesco QQQ Trust Series 1 | 0.46% | 15,419 | $7.9M | Add +6.0% |
| ORCL Oracle Corp. | 0.43% | 44,872 | $7.5M | Reduce -0.5% |
| PEP Pepsico Inc. | 0.41% | 46,903 | $7.1M | Reduce -1.3% |
| NOW ServiceNow Inc. | 0.40% | 6,582 | $7.0M | Reduce -0.9% |
| ADBE Adobe Inc. | 0.40% | 15,587 | $6.9M | Reduce -1.3% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.40% | 62,233 | $6.9M | Reduce -1.4% |
| TMO Thermo Fisher Scientific Inc. | 0.40% | 13,255 | $6.9M | Reduce -1.3% |
| T AT&T Inc. | 0.40% | 301,417 | $6.9M | Add +7.5% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.39% | 30,854 | $6.8M | Reduce -1.2% |
| ABT Abbott Laboratories | 0.39% | 59,547 | $6.7M | Reduce -1.4% |
| AMD Advanced Micro Devices | 0.38% | 54,956 | $6.6M | Reduce -1.3% |
| AAVM Alpha Architect Global Facto | 0.38% | 260,010 | $6.6M | Add +4.3% |
| GS Goldman Sachs Group Inc. | 0.37% | 11,250 | $6.4M | Reduce -1.3% |
| CMCSA Comcast Corp. Class A | 0.37% | 169,417 | $6.4M | Add +6.9% |
| PM Philip Morris International | 0.37% | 52,828 | $6.4M | Reduce -1.3% |
| CAT Caterpillar Inc. | 0.37% | 17,486 | $6.3M | Reduce -1.4% |
| BKNG Booking Holdings Inc. | 0.36% | 1,258 | $6.3M | Reduce -0.9% |
| ISRG Intuitive Surgical Inc. | 0.36% | 11,955 | $6.2M | Reduce -1.3% |
| GE General Electric filed as GE AEROSPACE | 0.36% | 37,129 | $6.2M | Reduce -1.3% |
| AXP American Express Co. | 0.35% | 20,145 | $6.0M | Reduce -1.5% |
| INTU Intuit Inc. | 0.35% | 9,501 | $6.0M | Reduce -1.1% |
| TXN Texas Instruments Inc. | 0.34% | 31,017 | $5.8M | Reduce -1.3% |
| VZ Verizon Communications Inc. | 0.33% | 142,608 | $5.7M | Reduce -1.3% |
| PTIN Pacer Trendpilot Intl ETF | 0.33% | 205,455 | $5.7M | Reduce -8.7% |
| MS Morgan Stanley | 0.32% | 44,285 | $5.6M | Reduce -1.5% |
| RTX RTX Corp. | 0.32% | 48,060 | $5.6M | Reduce -1.4% |
| HON Honeywell International Inc. | 0.30% | 22,726 | $5.1M | Reduce -1.4% |
| SPGI S&P Global Inc. | 0.30% | 10,304 | $5.1M | Reduce -1.1% |
| PFE Pfizer Inc. | 0.30% | 193,348 | $5.1M | Reduce -1.3% |
| DHR Danaher Corp. | 0.30% | 22,332 | $5.1M | Reduce -1.3% |
| LOW Lowe's Cos Inc. | 0.30% | 20,676 | $5.1M | Reduce -1.7% |
| BLK BlackRock Inc. | 0.29% | 4,917 | $5.0M | Reduce -1.1% |
| NEE Nextera Energy Inc. | 0.29% | 68,886 | $4.9M | Reduce -1.3% |
| AMGN Amgen Inc. | 0.28% | 18,507 | $4.8M | Reduce -1.3% |
| UNP Union Pacific Corp. | 0.28% | 21,105 | $4.8M | Reduce -1.4% |
| PGR Progressive Corp. | 0.28% | 19,871 | $4.8M | Reduce -1.2% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.28% | 39,340 | $4.8M | Reduce -1.4% |
| AMAT Applied Materials Inc. | 0.27% | 28,923 | $4.7M | Reduce -1.4% |
| C Citigroup Inc. | 0.27% | 66,378 | $4.7M | Reduce -1.4% |
| COP Conocophillips | 0.27% | 46,749 | $4.6M | Add +11.5% |
| QCOM Qualcomm Inc. | 0.26% | 29,783 | $4.6M | Reduce -0.4% |
| BSX Boston Scientific Corp. | 0.25% | 49,020 | $4.4M | Reduce -1.3% |
| CAOS Alpha Architect Tail Risk | 0.24% | 48,203 | $4.2M | Add +16.7% |
| FISV Fiserv Inc. | 0.24% | 20,396 | $4.2M | Reduce -1.3% |
| ADP Automatic Data Processing | 0.24% | 14,142 | $4.1M | Reduce -1.4% |
| SYK Stryker Corp. | 0.24% | 11,426 | $4.1M | Reduce -1.1% |
| BMY Bristol-Myers Squibb Co. | 0.23% | 71,603 | $4.0M | Reduce -1.5% |
| GILD Gilead Sciences Inc. | 0.23% | 42,746 | $3.9M | Reduce -1.3% |
| TMUS T-Mobile US Inc. | 0.23% | 17,766 | $3.9M | Reduce -1.3% |
| DE Deere & Co. | 0.22% | 9,169 | $3.9M | Reduce -1.4% |
| ELV Elevance Health Inc. | 0.22% | 10,300 | $3.8M | Add +10.4% |
| LMT Lockheed Martin Corp. | 0.22% | 7,692 | $3.7M | Reduce -1.4% |
| PTNQ Pacer Trendpilot 100 ETF | 0.22% | 50,393 | $3.7M | Reduce -9.6% |
| SCHW Schwab (charles) Corp. | 0.21% | 49,364 | $3.7M | Reduce -1.1% |
| ADI Analog Devices Inc. | 0.21% | 17,147 | $3.6M | Reduce -1.3% |
| MRSH Marsh & McLennan Cos | 0.21% | 16,876 | $3.6M | Reduce -1.3% |
| SBUX Starbucks Corp. | 0.21% | 39,169 | $3.6M | Reduce -1.3% |
| ANET Arista Networks Inc. | 0.21% | 32,202 | $3.6M | Reduce -0.5% |
| VRTX Vertex Pharmaceuticals Inc. | 0.21% | 8,813 | $3.5M | Reduce -1.2% |
| MO Altria Group Inc. | 0.20% | 65,802 | $3.4M | Add +20.1% |
| BA The Boeing Co. | 0.20% | 19,335 | $3.4M | Reduce -0.7% |
| VXUS Vanguard Total Intl Stock | 0.19% | 56,161 | $3.3M | Reduce -7.4% |
| LRCX Lam Research Corp. | 0.19% | 45,718 | $3.3M | Reduce -1.2% |
| CI The Cigna Group | 0.19% | 11,792 | $3.3M | Add +13.7% |
| PYPL PayPal Holdings Inc. | 0.19% | 37,529 | $3.2M | Reduce -1.5% |
Portfolio Sells Q3 2024 → Q4 2024
| MSFT Microsoft Corp. | Reduce -1.3% | 6.32% | −0.26 |
| LLY Eli Lilly & Co. | Reduce -1.3% | 1.21% | −0.21 |
| UNH Unitedhealth Group Inc. | Reduce -1.3% | 0.93% | −0.17 |
| AMD Advanced Micro Devices | Reduce -1.3% | 0.38% | −0.15 |
| XOM Exxon Mobil Corp. | Reduce -3.8% | 0.96% | −0.14 |
| JNJ Johnson & Johnson | Reduce -1.5% | 0.70% | −0.10 |
| KO The Coca-Cola Co. | Reduce -1.3% | 0.48% | −0.09 |
| TMO Thermo Fisher Scientific Inc. | Reduce -1.3% | 0.40% | −0.09 |
| ABBV Abbvie Inc. | Reduce -1.3% | 0.62% | −0.08 |
| MRK Merck & Co. Inc. | Reduce -1.3% | 0.50% | −0.08 |
| DHI D.R. Horton Inc. | Reduce -30.0% | 0.09% | −0.08 |
| ADBE Adobe Inc. | Reduce -1.3% | 0.40% | −0.08 |
| PTIN Pacer Trendpilot Intl ETF | Reduce -8.7% | 0.33% | −0.08 |
| AMAT Applied Materials Inc. | Reduce -1.4% | 0.27% | −0.07 |
| AMGN Amgen Inc. | Reduce -1.3% | 0.28% | −0.07 |
| DHR Danaher Corp. | Reduce -1.3% | 0.30% | −0.07 |
| PHM Pultegroup Inc. | Reduce -45.6% | 0.05% | −0.07 |
| IVAL Alpha Archi Intl QT Vlu ETF | Reduce -0.9% | 0.76% | −0.07 |
| KBH KB Home | Reduce -53.0% | 0.03% | −0.06 |
| PEP Pepsico Inc. | Reduce -1.3% | 0.41% | −0.06 |
| NEE Nextera Energy Inc. | Reduce -1.3% | 0.29% | −0.06 |
| GE General Electric | Reduce -1.3% | 0.36% | −0.06 |
| TMHC Taylor Morrison Home Corp. | Reduce -51.0% | 0.04% | −0.05 |
| IMOM Alpha Intl Quant Mom ETF | Reduce -0.9% | 0.49% | −0.05 |
| HD Home Depot Inc. | Reduce -1.4% | 0.78% | −0.05 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -1.4% | 1.31% | −0.05 |
| LMT Lockheed Martin Corp. | Reduce -1.4% | 0.22% | −0.05 |
| NTSX Wisdomtree US Efficient Core | Sold out | 0.00% | −0.05 |
| BLDR Builders Firstsource Inc. | Sold out | 0.00% | −0.05 |
| VZ Verizon Communications Inc. | Reduce -1.3% | 0.33% | −0.05 |
| HCA HCA Healthcare Inc. | Reduce -1.6% | 0.12% | −0.05 |
| PSX Phillips 66 | Reduce -21.4% | 0.10% | −0.05 |
| MU Micron Technology Inc. | Reduce -1.3% | 0.18% | −0.05 |
| MTH Meritage Homes Corp. | Sold out | 0.00% | −0.05 |
| NUE Nucor Corp. | Reduce -26.6% | 0.06% | −0.04 |
| UTHR United Therapeutics Corp. | Reduce -47.5% | 0.05% | −0.04 |
| KLAC KLA Corp. | Reduce -1.3% | 0.17% | −0.04 |
| PG The Procter & Gamble Co. | Reduce -1.4% | 0.79% | −0.04 |
| TXN Texas Instruments Inc. | Reduce -1.3% | 0.34% | −0.04 |
| MDLZ Mondelez International Inc. Class A | Reduce -1.4% | 0.16% | −0.04 |
| VLO Valero Energy Corp. | Reduce -17.8% | 0.11% | −0.04 |
| TOL Toll Brothers Inc. | Reduce -24.9% | 0.06% | −0.04 |
| VXUS Vanguard Total Intl Stock | Reduce -7.4% | 0.19% | −0.04 |
| CAT Caterpillar Inc. | Reduce -1.4% | 0.37% | −0.04 |
| LOW Lowe's Cos Inc. | Reduce -1.7% | 0.30% | −0.04 |
| VRTX Vertex Pharmaceuticals Inc. | Reduce -1.2% | 0.21% | −0.04 |
| STNG Scorpio Tankers Inc. | Sold out | 0.00% | −0.04 |
| NKE Nike Inc. Class B | Reduce -1.5% | 0.18% | −0.04 |
| REGN Regeneron Pharmaceuticals | Reduce -2.9% | 0.07% | −0.04 |
| ARW Arrow Electronics Inc. | Reduce -43.5% | 0.03% | −0.03 |
Portfolio Buys Q3 2024 → Q4 2024
| SHV iShares 0-1 Year Treasury Bo | New | 0.07% | +0.07 |
| TPR Tapestry Inc. | Add +137.5% | 0.08% | +0.05 |
| DAL Delta Air Lines Inc. | Add +50.2% | 0.12% | +0.05 |
| SNA Snap-on Inc. | Add +45.8% | 0.12% | +0.05 |
| URBN Urban Outfitters Inc. | New | 0.05% | +0.05 |
| JBL Jabil Inc. | Add +80.8% | 0.08% | +0.05 |
| QQQ Invesco QQQ Trust Series 1 | Add +6.0% | 0.46% | +0.04 |
| BKR Baker Hughes Co. | Add +44.9% | 0.11% | +0.04 |
| XLV SS Health Care Select Sector | New | 0.04% | +0.04 |
| ALSN Allison Transmission Holding | Add +70.5% | 0.08% | +0.04 |
| ARKK ARK Innovation ETF | New | 0.04% | +0.04 |
| ANF Abercrombie & Fitch Co. Class A | Add +87.2% | 0.08% | +0.04 |
| T AT&T Inc. | Add +7.5% | 0.40% | +0.04 |
| KR Kroger Co. | Add +40.0% | 0.11% | +0.04 |
| GTES Gates Industrial Corp. UK Ltd. | New | 0.04% | +0.04 |
| PCAR Paccar Inc. | Add +29.3% | 0.14% | +0.04 |
| MO Altria Group Inc. | Add +20.1% | 0.20% | +0.04 |
| CAOS Alpha Architect Tail Risk | Add +16.7% | 0.24% | +0.04 |
| DKS Dick's Sporting Goods Inc. | New | 0.04% | +0.04 |
| SMH Vaneck Semiconductor ETF | New | 0.03% | +0.03 |
| WCC Wesco International Inc. | New | 0.03% | +0.03 |
| XRT SS SPDR S&P Retail ETF | New | 0.03% | +0.03 |
| SKX Skechers USA Inc. Class A | New | 0.03% | +0.03 |
| TAP Molson Coors Beverage Co. Class B | Add +147.1% | 0.05% | +0.03 |
| CTSH Cognizant Tech Solutions-A | Add +38.7% | 0.11% | +0.03 |
| MAT Mattel Inc. | New | 0.03% | +0.03 |
| BOXA Alpha Architect Agg Bond ETF | New | 0.03% | +0.03 |
| GLD SPDR Gold Shares | New | 0.03% | +0.03 |
| HRB H&R Block Inc. | New | 0.03% | +0.03 |
| GPK Graphic Packaging Holding Co. | Add +84.3% | 0.06% | +0.03 |
| LYB Lyondellbasell Indu Class A | New | 0.02% | +0.02 |
| WFRD Weatherford International PL | Add +130.2% | 0.05% | +0.02 |
| UFPI Ufp Industries Inc. | Add +82.1% | 0.06% | +0.02 |
| CRI Carter's Inc. | Add +98.8% | 0.05% | +0.02 |
| IPG Interpublic Group of Cos Inc. | Add +52.8% | 0.08% | +0.02 |
| MOH Molina Healthcare Inc. | Add +53.8% | 0.08% | +0.02 |
| HPQ HP Inc. | Add +27.7% | 0.13% | +0.02 |
| CRWD CrowdStrike Holdings Inc. Class A | New | 0.02% | +0.02 |
| DVN Devon Energy Corp. | Add +61.5% | 0.06% | +0.02 |
| LULU Lululemon Athletica Inc. | New | 0.01% | +0.01 |
| THC Tenet Healthcare Corp. | Add +69.0% | 0.06% | +0.01 |
| AXON Axon Enterprise Inc. | Add +3.1% | 0.04% | +0.01 |
| FOX Fox Corp. Class B | New | 0.01% | +0.01 |
| OMC Omnicom Group | Add +39.2% | 0.09% | +0.01 |
| COP Conocophillips | Add +11.5% | 0.27% | +0.01 |
| CNC Centene Corp. | Add +38.4% | 0.09% | +0.01 |
| UHS Universal Health Services-B | Add +43.3% | 0.08% | +0.01 |
| PANW Palo Alto Networks Inc. | Add +3.0% | 0.10% | +0.01 |
| CNH CNH Industrial NV | Add +12.1% | 0.07% | +0.01 |
| BX Blackstone Inc. | Add +6.8% | 0.05% | +0.01 |
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 |