Empirical Finance, LLC

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 7, 2025), Empirical Finance, LLC reported 504 stock positions worth $1.7 billion. Its top holding was Apple (AAPL) at 6.9% of the portfolio, followed by Microsoft (MSFT, 5.7%) and Nvidia (NVDA, 5.5%). Compared with Q4 2024, it opened 15 new positions, sold out of 11, added to 436 and reduced 27. The biggest buy was Berkshire Hathaway Class B (BRK.B, shares +2%) and the biggest sale Nvidia (NVDA, shares −3%).

Most Recent 13F
Q2 2026
Location
NEWTOWN SQUARE, PA
CIK
0001572838
Portfolio Value
$1.7B (Q1 2025)
SEC Filing
0001572838-25-000006 ↗ filed May 7, 2025

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 Q3 2024 Q4 2024: $1.7B Q4 2024 Q1 2025: $1.7B $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 504 stocks · $1.7B
AAPL Apple Inc. 6.88% 513,240 $114.0M Add +1.0%
MSFT Microsoft Corp. 5.68% 250,439 $94.0M Reduce -3.4%
NVDA Nvidia Corp. 5.47% 836,272 $90.6M Reduce -3.4%
AMZN Amazon.com Inc. 3.69% 321,089 $61.1M Add +0.4%
META Meta Platforms Inc. Class A 2.67% 76,850 $44.3M Reduce -3.3%
GOOGL Alphabet Inc. Class A 1.90% 203,922 $31.5M Reduce -3.3%
GOOG Alphabet Inc. Class C 1.71% 181,765 $28.4M Reduce -0.1%
BRK.B Berkshire Hathaway Inc. Class B 1.63% 50,783 $27.0M Add +1.5%
JPM JPMorgan Chase & Co. 1.49% 100,899 $24.8M Add +1.1%
AVGO Broadcom Inc. 1.45% 143,070 $24.0M Add +1.2%
LLY Eli Lilly & Co. 1.37% 27,477 $22.7M Add +1.1%
TSLA Tesla Inc. 1.28% 81,787 $21.2M Add +1.4%
QVAL Alpha Arch US QNT Value ETF 1.14% 444,428 $19.0M Reduce -18.6%
XOM Exxon Mobil Corp. 1.12% 156,430 $18.6M Add +1.1%
UNH Unitedhealth Group Inc. 1.02% 32,174 $16.9M Add +1.1%
MA Mastercard Inc. Class A 0.96% 28,884 $15.8M Add +1.1%
V Visa Inc. Class A 0.94% 44,490 $15.6M Add +1.6%
COST Costco Wholesale Corp. 0.87% 15,270 $14.4M Add +1.2%
VTI VG Morningstar TS MKT ETF-US 0.87% 52,386 $14.4M Reduce -5.3%
JNJ Johnson & Johnson 0.85% 85,122 $14.1M Add +1.1%
NFLX Netflix Inc. 0.85% 15,067 $14.1M Add +1.2%
PG The Procter & Gamble Co. 0.84% 82,087 $14.0M Add +1.2%
WMT Walmart Inc. 0.78% 146,453 $12.9M Add +1.2%
HD Home Depot Inc. 0.77% 34,962 $12.8M Add +1.1%
ABBV Abbvie Inc. 0.77% 60,875 $12.8M Add +1.2%
IVAL Alpha Archi Intl QT Vlu ETF 0.68% 438,572 $11.2M Reduce -20.1%
CVX Chevron Corp. 0.62% 60,894 $10.2M Add +1.2%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.61% 241,083 $10.1M Add +1.1%
KO The Coca-Cola Co. 0.58% 134,373 $9.6M Add +1.3%
CSCO Cisco Systems Inc. 0.58% 154,557 $9.5M Add +1.1%
QMOM Alpha US Quant Mom ETF 0.57% 160,236 $9.5M Reduce -21.9%
WFC Wells Fargo & Co. 0.55% 127,202 $9.1M Add +1.1%
CRM Salesforce Inc. 0.54% 33,205 $8.9M Add +1.2%
T AT&T Inc. 0.52% 304,916 $8.6M Add +1.2%
PM Philip Morris International 0.51% 53,520 $8.5M Add +1.3%
ABT Abbott Laboratories 0.48% 60,301 $8.0M Add +1.3%
MRK Merck & Co. Inc. 0.48% 88,078 $7.9M Add +1.2%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.47% 31,258 $7.8M Add +1.3%
GE General Electric filed as GE AEROSPACE 0.45% 37,598 $7.5M Add +1.3%
PEP Pepsico Inc. 0.43% 47,513 $7.1M Add +1.3%
IMOM Alpha Intl Quant Mom ETF 0.41% 242,518 $6.8M Reduce -23.3%
TMO Thermo Fisher Scientific Inc. 0.40% 13,426 $6.7M Add +1.3%
QQQ Invesco QQQ Trust Series 1 0.40% 13,997 $6.6M Reduce -9.2%
VZ Verizon Communications Inc. 0.40% 144,542 $6.6M Add +1.4%
RTX RTX Corp. 0.39% 48,655 $6.4M Add +1.2%
ORCL Oracle Corp. 0.38% 45,595 $6.4M Add +1.6%
CMCSA Comcast Corp. Class A 0.38% 171,408 $6.3M Add +1.2%
GS Goldman Sachs Group Inc. 0.38% 11,389 $6.2M Add +1.2%
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.38% 63,021 $6.2M Add +1.3%
ADBE Adobe Inc. 0.37% 15,787 $6.1M Add +1.3%
ISRG Intuitive Surgical Inc. 0.36% 12,116 $6.0M Add +1.4%
AAVM Alpha Architect Global Facto 0.36% 243,291 $6.0M Reduce -6.4%
INTU Intuit Inc. 0.36% 9,633 $5.9M Add +1.4%
BKNG Booking Holdings Inc. 0.35% 1,276 $5.9M Add +1.4%
AMGN Amgen Inc. 0.35% 18,762 $5.8M Add +1.4%
CAT Caterpillar Inc. 0.35% 17,705 $5.8M Add +1.3%
AMD Advanced Micro Devices 0.35% 55,696 $5.7M Add +1.4%
PGR Progressive Corp. 0.34% 20,161 $5.7M Add +1.5%
PTIN Pacer Trendpilot Intl ETF 0.34% 193,079 $5.7M Reduce -6.0%
TXN Texas Instruments Inc. 0.34% 31,444 $5.7M Add +1.4%
AXP American Express Co. 0.33% 20,398 $5.5M Add +1.3%
NOW ServiceNow Inc. 0.32% 6,675 $5.3M Add +1.4%
SPGI S&P Global Inc. 0.32% 10,458 $5.3M Add +1.5%
MS Morgan Stanley 0.32% 44,847 $5.2M Add +1.3%
UNP Union Pacific Corp. 0.31% 21,397 $5.1M Add +1.4%
BSX Boston Scientific Corp. 0.30% 49,721 $5.0M Add +1.4%
COP Conocophillips 0.30% 47,383 $5.0M Add +1.4%
PFE Pfizer Inc. 0.30% 196,019 $5.0M Add +1.4%
NEE Nextera Energy Inc. 0.30% 69,878 $5.0M Add +1.4%
LOW Lowe's Cos Inc. 0.29% 20,944 $4.9M Add +1.3%
HON Honeywell International Inc. 0.29% 23,042 $4.9M Add +1.4%
GILD Gilead Sciences Inc. 0.29% 43,387 $4.9M Add +1.5%
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.29% 39,881 $4.9M Add +1.4%
TMUS T-Mobile US Inc. 0.29% 18,013 $4.8M Add +1.4%
C Citigroup Inc. 0.29% 67,266 $4.8M Add +1.3%
BLK BlackRock Inc. 0.29% 4,989 $4.7M Add +1.5%
QCOM Qualcomm Inc. 0.28% 30,337 $4.7M Add +1.9%
DHR Danaher Corp. 0.28% 22,644 $4.6M Add +1.4%
FISV Fiserv Inc. 0.28% 20,684 $4.6M Add +1.4%
ELV Elevance Health Inc. 0.27% 10,438 $4.5M Add +1.3%
ET Energy Transfer LP 0.27% 240,445 $4.5M New
BMY Bristol-Myers Squibb Co. 0.27% 72,612 $4.4M Add +1.4%
ADP Automatic Data Processing 0.26% 14,347 $4.4M Add +1.4%
DE Deere & Co. 0.26% 9,298 $4.4M Add +1.4%
CAOS Alpha Architect Tail Risk 0.26% 49,457 $4.3M Add +2.6%
VRTX Vertex Pharmaceuticals Inc. 0.26% 8,946 $4.3M Add +1.5%
SYK Stryker Corp. 0.26% 11,596 $4.3M Add +1.5%
AMAT Applied Materials Inc. 0.26% 29,316 $4.3M Add +1.4%
MRSH Marsh & McLennan Cos 0.25% 17,134 $4.2M Add +1.5%
MO Altria Group Inc. 0.24% 66,877 $4.0M Add +1.6%
CI The Cigna Group 0.24% 11,969 $3.9M Add +1.5%
SCHW Schwab (charles) Corp. 0.24% 50,212 $3.9M Add +1.7%
SBUX Starbucks Corp. 0.24% 39,742 $3.9M Add +1.5%
CVS CVS Health Corp. 0.22% 53,434 $3.6M Add +1.6%
ADI Analog Devices Inc. 0.21% 17,411 $3.5M Add +1.5%
LMT Lockheed Martin Corp. 0.21% 7,806 $3.5M Add +1.5%
SO The Southern Co. 0.21% 37,529 $3.5M Add +1.6%
LRCX Lam Research Corp. 0.20% 46,397 $3.4M Add +1.5%
PTNQ Pacer Trendpilot 100 ETF 0.20% 47,352 $3.4M Reduce -6.0%
BA The Boeing Co. 0.20% 19,713 $3.4M Add +2.0%

Show all 504 holdings

Portfolio Sells Q4 2024 → Q1 2025
NVDA Nvidia Corp. Reduce -3.4% 5.47% −1.26
MSFT Microsoft Corp. Reduce -3.4% 5.68% −0.64
GOOGL Alphabet Inc. Class A Reduce -3.3% 1.90% −0.41
GOOG Alphabet Inc. Class C Reduce -0.1% 1.71% −0.29
QVAL Alpha Arch US QNT Value ETF Reduce -18.6% 1.14% −0.26
QMOM Alpha US Quant Mom ETF Reduce -21.9% 0.57% −0.19
IVAL Alpha Archi Intl QT Vlu ETF Reduce -20.1% 0.68% −0.09
IMOM Alpha Intl Quant Mom ETF Reduce -23.3% 0.41% −0.07
GVAL Cambria Global Value ETF Sold out 0.00% −0.07
EYLD Cambria Emerg Shrhldr Yield Sold out 0.00% −0.07
QQQ Invesco QQQ Trust Series 1 Reduce -9.2% 0.40% −0.06
VTI VG Morningstar TS MKT ETF-US Reduce -5.3% 0.87% −0.06
CONSOL ENERGY INC Sold out 0.00% −0.04
XLV SS Health Care Select Sector Sold out 0.00% −0.04
ARKK ARK Innovation ETF Sold out 0.00% −0.04
SMH Vaneck Semiconductor ETF Sold out 0.00% −0.03
XRT SS SPDR S&P Retail ETF Sold out 0.00% −0.03
ARCH Arch Resources Inc. Sold out 0.00% −0.03
AAVM Alpha Architect Global Facto Reduce -6.4% 0.36% −0.02
META Meta Platforms Inc. Class A Reduce -3.3% 2.67% −0.02
ILMN Illumina Inc. Reduce -0.3% 0.02% −0.01
RHI Robert Half Inc. Sold out 0.00% −0.01
PTNQ Pacer Trendpilot 100 ETF Reduce -6.0% 0.20% −0.01
FMC FMC Corp. Sold out 0.00% −0.01
ETSY Etsy Inc. Sold out 0.00% −0.01
PTMC Pacer Trendpilot US Mid Cap Reduce -6.2% 0.10% −0.01
AAL American Airlines Group Inc. Reduce -0.2% 0.01% −0.01
REGN Regeneron Pharmaceuticals Reduce -0.1% 0.06% −0.00
BBWI Bath & Body Works Inc. Reduce -0.2% 0.01% −0.00
SW Smurfit Westrock PLC Reduce -0.2% 0.02% −0.00
VOE Vngrd Mrngstr MD-Cap Val ETF Reduce -5.5% 0.13% −0.00
HLT Hilton Worldwide Holdings Inc. Reduce -0.3% 0.02% −0.00
LUMN Lumen Technologies Inc. Reduce -0.2% 0.00% −0.00
CMA Comerica Inc. Reduce -0.2% 0.01% −0.00
K Kellanova Reduce -4.2% 0.04% +0.00
QRVO Qorvo Inc. Reduce -0.2% 0.01% +0.00
VXUS Vanguard Total Intl Stock Reduce -8.0% 0.19% +0.00
PTIN Pacer Trendpilot Intl ETF Reduce -6.0% 0.34% +0.01

Portfolio Buys Q4 2024 → Q1 2025
BRK.B Berkshire Hathaway Inc. Class B Add +1.5% 1.63% +0.32
ET Energy Transfer LP New 0.27% +0.27
AX Axos Financial Inc. New 0.16% +0.16
XOM Exxon Mobil Corp. Add +1.1% 1.12% +0.16
LLY Eli Lilly & Co. Add +1.1% 1.37% +0.16
ABBV Abbvie Inc. Add +1.2% 0.77% +0.15
JNJ Johnson & Johnson Add +1.1% 0.85% +0.15
PM Philip Morris International Add +1.3% 0.51% +0.15
V Visa Inc. Class A Add +1.6% 0.94% +0.14
OMAB Grupo Aeroportuario Cen-ADR New 0.14% +0.14
T AT&T Inc. Add +1.2% 0.52% +0.12
CVX Chevron Corp. Add +1.2% 0.62% +0.11
JPM JPMorgan Chase & Co. Add +1.1% 1.49% +0.11
EC Ecopetrol SA-Sponsored ADR New 0.11% +0.11
KO The Coca-Cola Co. Add +1.3% 0.58% +0.10
AGM Federal Agric MTG Corp. Class C New 0.10% +0.10
CAAP Corp. America Airports SA New 0.10% +0.10
GE General Electric Add +1.3% 0.45% +0.10
ABT Abbott Laboratories Add +1.3% 0.48% +0.09
UNH Unitedhealth Group Inc. Add +1.1% 1.02% +0.09
MA Mastercard Inc. Class A Add +1.1% 0.96% +0.09
CVS CVS Health Corp. Add +1.6% 0.22% +0.08
NFLX Netflix Inc. Add +1.2% 0.85% +0.08
IBM Intl Business Machines Corp. Add +1.3% 0.47% +0.08
MEDP Medpace Holdings Inc. New 0.07% +0.07
AMGN Amgen Inc. Add +1.4% 0.35% +0.07
COST Costco Wholesale Corp. Add +1.2% 0.87% +0.07
PGR Progressive Corp. Add +1.5% 0.34% +0.07
RTX RTX Corp. Add +1.2% 0.39% +0.07
VZ Verizon Communications Inc. Add +1.4% 0.40% +0.07
GILD Gilead Sciences Inc. Add +1.5% 0.29% +0.07
TMUS T-Mobile US Inc. Add +1.4% 0.29% +0.06
GPRK Geopark Ltd. New 0.06% +0.06
PG The Procter & Gamble Co. Add +1.2% 0.84% +0.06
CNR Core Natural Resources Inc. New 0.06% +0.06
VRTX Vertex Pharmaceuticals Inc. Add +1.5% 0.26% +0.06
ELV Elevance Health Inc. Add +1.3% 0.27% +0.05
CSCO Cisco Systems Inc. Add +1.1% 0.58% +0.05
BSX Boston Scientific Corp. Add +1.4% 0.30% +0.05
CI The Cigna Group Add +1.5% 0.24% +0.05
CCS Century Communities Inc. New 0.05% +0.05
MRSH Marsh & McLennan Cos Add +1.5% 0.25% +0.05
MO Altria Group Inc. Add +1.6% 0.24% +0.04
ORLY O'reilly Automotive Inc. Add +1.8% 0.19% +0.04
WFC Wells Fargo & Co. Add +1.1% 0.55% +0.04
MCK McKesson Corp. Add +1.6% 0.19% +0.04
DE Deere & Co. Add +1.4% 0.26% +0.04
TTWO Take-Two Interactive Softwre Add +46.3% 0.09% +0.04
CME Cme Group Inc. Add +1.7% 0.20% +0.04
INTC Intel Corp. Add +1.8% 0.20% +0.03

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