Empirical Finance, LLC
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 11, 2025), Empirical Finance, LLC reported 508 stock positions worth $1.9 billion. Its top holding was Nvidia (NVDA) at 7.0% of the portfolio, followed by Microsoft (MSFT, 6.6%) and Apple (AAPL, 5.6%). Compared with Q1 2025, it opened 46 new positions, sold out of 42, added to 406 and reduced 45. The biggest buy was Nvidia (NVDA, shares +2%) and the biggest sale Alpha Arch US QNT Value ETF (QVAL, shares −2%).
- Most Recent 13F
- Q2 2026
- Location
- NEWTOWN SQUARE, PA
- CIK
- 0001572838
- Portfolio Value
- $1.9B (Q2 2025)
- SEC Filing
- 0001592828-25-000010 ↗ filed Aug 11, 2025
Holdings Value
Holdings 508 stocks · $1.9B
| NVDA Nvidia Corp. | 7.05% | 852,382 | $134.7M | Add +1.9% |
| MSFT Microsoft Corp. | 6.59% | 252,896 | $125.8M | Add +1.0% |
| AAPL Apple Inc. | 5.61% | 521,839 | $107.1M | Add +1.7% |
| AMZN Amazon.com Inc. | 3.83% | 333,086 | $73.1M | Add +3.7% |
| META Meta Platforms Inc. Class A | 2.99% | 77,335 | $57.1M | Add +0.6% |
| AVGO Broadcom Inc. | 2.14% | 148,179 | $40.8M | Add +3.6% |
| GOOGL Alphabet Inc. Class A | 1.90% | 206,390 | $36.4M | Add +1.2% |
| GOOG Alphabet Inc. Class C | 1.74% | 186,882 | $33.2M | Add +2.8% |
| JPM JPMorgan Chase & Co. | 1.59% | 104,514 | $30.3M | Add +3.6% |
| TSLA Tesla Inc. | 1.37% | 82,363 | $26.2M | Add +0.7% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.30% | 51,203 | $24.9M | Add +0.8% |
| LLY Eli Lilly & Co. | 1.13% | 27,659 | $21.6M | Add +0.7% |
| NFLX Netflix Inc. | 1.06% | 15,165 | $20.3M | Add +0.7% |
| QVAL Alpha Arch US QNT Value ETF | 1.00% | 435,049 | $19.1M | Reduce -2.1% |
| CAOS Alpha Architect Tail Risk | 0.97% | 208,963 | $18.6M | Add +322.5% |
| XOM Exxon Mobil Corp. | 0.89% | 157,354 | $17.0M | Add +0.6% |
| VTI VG Morningstar TS MKT ETF-US | 0.88% | 55,050 | $16.7M | Add +5.1% |
| MA Mastercard Inc. Class A | 0.85% | 29,065 | $16.3M | Add +0.6% |
| V Visa Inc. Class A | 0.83% | 44,891 | $15.9M | Add +0.9% |
| COST Costco Wholesale Corp. | 0.80% | 15,367 | $15.2M | Add +0.6% |
| WMT Walmart Inc. | 0.75% | 147,413 | $14.4M | Add +0.7% |
| PG The Procter & Gamble Co. | 0.69% | 82,601 | $13.2M | Add +0.6% |
| JNJ Johnson & Johnson | 0.68% | 85,653 | $13.1M | Add +0.6% |
| HD Home Depot Inc. | 0.68% | 35,182 | $12.9M | Add +0.6% |
| IVAL Alpha Archi Intl QT Vlu ETF | 0.64% | 438,109 | $12.2M | Reduce -0.1% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.60% | 242,519 | $11.5M | Add +0.6% |
| ABBV Abbvie Inc. | 0.60% | 61,266 | $11.4M | Add +0.6% |
| UNH Unitedhealth Group Inc. | 0.57% | 34,763 | $10.8M | Add +8.1% |
| WFC Wells Fargo & Co. | 0.54% | 127,906 | $10.2M | Add +0.6% |
| ORCL Oracle Corp. | 0.53% | 45,970 | $10.1M | Add +0.8% |
| CSCO Cisco Systems Inc. | 0.52% | 142,763 | $9.9M | Reduce -7.6% |
| QMOM Alpha US Quant Mom ETF | 0.52% | 152,100 | $9.9M | Reduce -5.1% |
| PM Philip Morris International | 0.51% | 53,860 | $9.8M | Add +0.6% |
| GE General Electric filed as GE AEROSPACE | 0.51% | 37,839 | $9.7M | Add +0.6% |
| KO The Coca-Cola Co. | 0.50% | 135,222 | $9.6M | Add +0.6% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.49% | 31,461 | $9.3M | Add +0.7% |
| CRM Salesforce Inc. | 0.48% | 33,421 | $9.1M | Add +0.7% |
| CVX Chevron Corp. | 0.46% | 61,257 | $8.8M | Add +0.6% |
| ABT Abbott Laboratories | 0.43% | 60,696 | $8.3M | Add +0.7% |
| GS Goldman Sachs Group Inc. | 0.42% | 11,461 | $8.1M | Add +0.6% |
| IMOM Alpha Intl Quant Mom ETF | 0.42% | 238,401 | $8.1M | Reduce -1.7% |
| AMD Advanced Micro Devices | 0.42% | 56,063 | $8.0M | Add +0.7% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.41% | 63,411 | $7.9M | Add +0.6% |
| T AT&T Inc. | 0.41% | 271,270 | $7.9M | Reduce -11.0% |
| QQQ Invesco QQQ Trust Series 1 | 0.40% | 13,997 | $7.7M | No change |
| INTU Intuit Inc. | 0.40% | 9,699 | $7.6M | Add +0.7% |
| BKNG Booking Holdings Inc. | 0.39% | 1,285 | $7.4M | Add +0.7% |
| VZ Verizon Communications Inc. | 0.38% | 167,084 | $7.2M | Add +15.6% |
| MRK Merck & Co. Inc. | 0.38% | 90,630 | $7.2M | Add +2.9% |
| RTX RTX Corp. | 0.37% | 48,960 | $7.1M | Add +0.6% |
| ET Energy Transfer LP | 0.37% | 389,546 | $7.1M | Add +62.0% |
| KR Kroger Co. | 0.36% | 96,881 | $6.9M | Add +195.5% |
| NOW ServiceNow Inc. | 0.36% | 6,726 | $6.9M | Add +0.8% |
| CAT Caterpillar Inc. | 0.36% | 17,807 | $6.9M | Add +0.6% |
| ISRG Intuitive Surgical Inc. | 0.35% | 12,199 | $6.6M | Add +0.7% |
| TXN Texas Instruments Inc. | 0.34% | 31,646 | $6.6M | Add +0.6% |
| AXP American Express Co. | 0.34% | 20,522 | $6.5M | Add +0.6% |
| AAVM Alpha Architect Global Facto | 0.34% | 238,242 | $6.5M | Reduce -2.1% |
| MS Morgan Stanley | 0.33% | 45,122 | $6.4M | Add +0.6% |
| PEP Pepsico Inc. | 0.33% | 47,818 | $6.3M | Add +0.6% |
| ADBE Adobe Inc. | 0.32% | 15,883 | $6.1M | Add +0.6% |
| C Citigroup Inc. | 0.30% | 67,682 | $5.8M | Add +0.6% |
| TMO Thermo Fisher Scientific Inc. | 0.30% | 13,915 | $5.6M | Add +3.6% |
| CMCSA Comcast Corp. Class A | 0.30% | 158,071 | $5.6M | Reduce -7.8% |
| PTIN Pacer Trendpilot Intl ETF | 0.29% | 193,079 | $5.6M | No change |
| SPGI S&P Global Inc. | 0.29% | 10,531 | $5.6M | Add +0.7% |
| PGR Progressive Corp. | 0.28% | 20,290 | $5.4M | Add +0.6% |
| HON Honeywell International Inc. | 0.28% | 23,188 | $5.4M | Add +0.6% |
| AMAT Applied Materials Inc. | 0.28% | 29,491 | $5.4M | Add +0.6% |
| BSX Boston Scientific Corp. | 0.28% | 50,059 | $5.4M | Add +0.7% |
| BLK BlackRock Inc. | 0.28% | 5,024 | $5.3M | Add +0.7% |
| AMGN Amgen Inc. | 0.28% | 18,879 | $5.3M | Add +0.6% |
| OMAB Grupo Aeroportuario Cen-ADR | 0.28% | 49,941 | $5.3M | Add +73.9% |
| QCOM Qualcomm Inc. | 0.27% | 32,085 | $5.1M | Add +5.8% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.26% | 40,138 | $5.0M | Add +0.6% |
| UNP Union Pacific Corp. | 0.26% | 21,532 | $5.0M | Add +0.6% |
| NEE Nextera Energy Inc. | 0.26% | 70,346 | $4.9M | Add +0.7% |
| COF Capital One Financial Corp. | 0.26% | 22,940 | $4.9M | Add +69.2% |
| GILD Gilead Sciences Inc. | 0.25% | 43,664 | $4.8M | Add +0.6% |
| MU Micron Technology Inc. | 0.25% | 39,006 | $4.8M | Add +2.8% |
| PFE Pfizer Inc. | 0.25% | 197,247 | $4.8M | Add +0.6% |
| DE Deere & Co. | 0.25% | 9,358 | $4.8M | Add +0.7% |
| WES Western Midstream Partners L | 0.25% | 122,699 | $4.7M | New |
| TSM Taiwan Semiconductor-SP ADR | 0.25% | 20,768 | $4.7M | New |
| LOW Lowe's Cos Inc. | 0.24% | 21,069 | $4.7M | Add +0.6% |
| SCHW Schwab (charles) Corp. | 0.24% | 50,668 | $4.6M | Add +0.9% |
| SYK Stryker Corp. | 0.24% | 11,677 | $4.6M | Add +0.7% |
| GEV GE Vernova Inc. | 0.24% | 8,686 | $4.6M | Add +0.8% |
| LRCX Lam Research Corp. | 0.24% | 46,676 | $4.5M | Add +0.6% |
| DHR Danaher Corp. | 0.24% | 22,791 | $4.5M | Add +0.7% |
| CI The Cigna Group | 0.23% | 13,533 | $4.5M | Add +13.1% |
| ADP Automatic Data Processing | 0.23% | 14,440 | $4.5M | Add +0.7% |
| KLAC KLA Corp. | 0.23% | 4,826 | $4.3M | Add +0.7% |
| TMUS T-Mobile US Inc. | 0.23% | 18,115 | $4.3M | Add +0.6% |
| COP Conocophillips | 0.22% | 47,652 | $4.3M | Add +0.6% |
| CPA Copa Holdings SA Class A | 0.22% | 38,425 | $4.2M | New |
| ADI Analog Devices Inc. | 0.22% | 17,523 | $4.2M | Add +0.6% |
| BA The Boeing Co. | 0.22% | 19,904 | $4.2M | Add +1.0% |
| AX Axos Financial Inc. | 0.22% | 54,633 | $4.2M | Add +31.6% |
| APH Amphenol Corp. Class A | 0.21% | 41,449 | $4.1M | Add +0.7% |
Portfolio Sells Q1 2025 → Q2 2025
| QVAL Alpha Arch US QNT Value ETF | Reduce -2.1% | 1.00% | −0.14 |
| T AT&T Inc. | Reduce -11.0% | 0.41% | −0.11 |
| DFS Discover Financial Services | Sold out | 0.00% | −0.09 |
| CMCSA Comcast Corp. Class A | Reduce -7.8% | 0.30% | −0.09 |
| ELV Elevance Health Inc. | Reduce -8.9% | 0.19% | −0.08 |
| HPQ HP Inc. | Reduce -52.5% | 0.04% | −0.07 |
| SHV iShares 0-1 Year Treasury Bo | Sold out | 0.00% | −0.07 |
| THC Tenet Healthcare Corp. | Sold out | 0.00% | −0.07 |
| OMC Omnicom Group | Reduce -61.8% | 0.03% | −0.07 |
| IPG Interpublic Group of Cos Inc. | Reduce -72.4% | 0.02% | −0.07 |
| GPK Graphic Packaging Holding Co. | Sold out | 0.00% | −0.06 |
| UFPI Ufp Industries Inc. | Sold out | 0.00% | −0.06 |
| CSCO Cisco Systems Inc. | Reduce -7.6% | 0.52% | −0.06 |
| QMOM Alpha US Quant Mom ETF | Reduce -5.1% | 0.52% | −0.06 |
| CNR Core Natural Resources Inc. | Sold out | 0.00% | −0.06 |
| TOL Toll Brothers Inc. | Sold out | 0.00% | −0.05 |
| ALSN Allison Transmission Holding | Reduce -62.5% | 0.03% | −0.05 |
| LBRT Liberty Energy Inc. | Sold out | 0.00% | −0.05 |
| MO Altria Group Inc. | Reduce -7.0% | 0.19% | −0.05 |
| PCAR Paccar Inc. | Reduce -22.9% | 0.09% | −0.05 |
| MOH Molina Healthcare Inc. | Reduce -38.0% | 0.05% | −0.05 |
| TEX Terex Corp. | Sold out | 0.00% | −0.05 |
| UHS Universal Health Services-B | Reduce -38.2% | 0.05% | −0.05 |
| SM SM Energy Co. | Sold out | 0.00% | −0.04 |
| BBY Best Buy Co. Inc. | Reduce -53.3% | 0.03% | −0.04 |
| CTSH Cognizant Tech Solutions-A | Reduce -28.2% | 0.07% | −0.04 |
| CRI Carter's Inc. | Sold out | 0.00% | −0.04 |
| SIG Signet Jewelers Ltd. | Sold out | 0.00% | −0.04 |
| VLO Valero Energy Corp. | Reduce -22.6% | 0.09% | −0.04 |
| ANF Abercrombie & Fitch Co. Class A | Sold out | 0.00% | −0.04 |
| HAL Halliburton Co. | Reduce -33.7% | 0.03% | −0.04 |
| TMHC Taylor Morrison Home Corp. | Sold out | 0.00% | −0.04 |
| IVAL Alpha Archi Intl QT Vlu ETF | Reduce -0.1% | 0.64% | −0.04 |
| SNA Snap-on Inc. | Reduce -12.0% | 0.09% | −0.04 |
| WFRD Weatherford International PL | Sold out | 0.00% | −0.04 |
| OC Owens Corning | Reduce -52.3% | 0.02% | −0.03 |
| DVN Devon Energy Corp. | Reduce -20.0% | 0.05% | −0.03 |
| KBH KB Home | Sold out | 0.00% | −0.03 |
| DAL Delta Air Lines Inc. | Reduce -33.5% | 0.06% | −0.03 |
| BKR Baker Hughes Co. | Reduce -1.4% | 0.09% | −0.03 |
| WCC Wesco International Inc. | Sold out | 0.00% | −0.03 |
| ARW Arrow Electronics Inc. | Sold out | 0.00% | −0.03 |
| CRC California Resources Corp. | Sold out | 0.00% | −0.03 |
| AGCO Agco Corp. | Sold out | 0.00% | −0.03 |
| APA Apa Corp. | Reduce -62.6% | 0.01% | −0.03 |
| HRB H&R Block Inc. | Sold out | 0.00% | −0.03 |
| SKX Skechers USA Inc. Class A | Sold out | 0.00% | −0.03 |
| ULTA Ulta Beauty Inc. | Reduce -45.0% | 0.04% | −0.03 |
| BG Bunge Global SA | Sold out | 0.00% | −0.03 |
| ASO Academy Sports & Outdoors Inc. | Sold out | 0.00% | −0.03 |
Portfolio Buys Q1 2025 → Q2 2025
| NVDA Nvidia Corp. | Add +1.9% | 7.05% | +1.58 |
| MSFT Microsoft Corp. | Add +1.0% | 6.59% | +0.91 |
| CAOS Alpha Architect Tail Risk | Add +322.5% | 0.97% | +0.71 |
| AVGO Broadcom Inc. | Add +3.6% | 2.14% | +0.69 |
| META Meta Platforms Inc. Class A | Add +0.6% | 2.99% | +0.31 |
| WES Western Midstream Partners L | New | 0.25% | +0.25 |
| TSM Taiwan Semiconductor-SP ADR | New | 0.25% | +0.25 |
| KR Kroger Co. | Add +195.5% | 0.36% | +0.23 |
| CPA Copa Holdings SA Class A | New | 0.22% | +0.22 |
| NFLX Netflix Inc. | Add +0.7% | 1.06% | +0.21 |
| PAC Grupo Aeroportuario Pac-ADR | New | 0.19% | +0.19 |
| PDLB Ponce Financial Group Inc. | New | 0.17% | +0.17 |
| MPLX MPLX LP | New | 0.16% | +0.16 |
| ORCL Oracle Corp. | Add +0.8% | 0.53% | +0.14 |
| OMAB Grupo Aeroportuario Cen-ADR | Add +73.9% | 0.28% | +0.14 |
| AMZN Amazon.com Inc. | Add +3.7% | 3.83% | +0.14 |
| BTI British American Tob-SP ADR | New | 0.12% | +0.12 |
| COF Capital One Financial Corp. | Add +69.2% | 0.26% | +0.11 |
| PSMT Pricesmart Inc. | New | 0.11% | +0.11 |
| ET Energy Transfer LP | Add +62.0% | 0.37% | +0.10 |
| NGVC Natural Grocers BY Vitamin C | New | 0.10% | +0.10 |
| TX Ternium SA-Sponsored ADR | New | 0.10% | +0.10 |
| JPM JPMorgan Chase & Co. | Add +3.6% | 1.59% | +0.09 |
| TSLA Tesla Inc. | Add +0.7% | 1.37% | +0.09 |
| GEV GE Vernova Inc. | Add +0.8% | 0.24% | +0.08 |
| ARE Alexandria Real Estate Equit | New | 0.08% | +0.08 |
| AMD Advanced Micro Devices | Add +0.7% | 0.42% | +0.07 |
| CONTEXTLOGIC INC - A | New | 0.07% | +0.07 |
| FSLR First Solar Inc. | Add +383.8% | 0.08% | +0.07 |
| NXT Nextpower Inc. | New | 0.06% | +0.06 |
| OSK Oshkosh Corp. | New | 0.06% | +0.06 |
| EME Emcor Group Inc. | New | 0.06% | +0.06 |
| NEM Newmont Corp. | Add +61.0% | 0.15% | +0.06 |
| SNX TD Synnex Corp. | New | 0.06% | +0.06 |
| FTI Technipfmc PLC | New | 0.06% | +0.06 |
| NXST Nexstar Media Group Inc. | New | 0.06% | +0.06 |
| AA Alcoa Corp. | New | 0.06% | +0.06 |
| ATNI Atn International Inc. | New | 0.06% | +0.06 |
| PR Permian Resources Corp. Class A | New | 0.06% | +0.06 |
| AX Axos Financial Inc. | Add +31.6% | 0.22% | +0.06 |
| GE General Electric | Add +0.6% | 0.51% | +0.06 |
| YETI Yeti Holdings Inc. | New | 0.05% | +0.05 |
| LDOS Leidos Holdings Inc. | Add +138.9% | 0.09% | +0.05 |
| CEG Constellation Energy | Add +0.7% | 0.19% | +0.05 |
| UAL United Airlines Holdings Inc. | Add +114.1% | 0.10% | +0.05 |
| CALM Cal-Maine Foods Inc. | New | 0.05% | +0.05 |
| MU Micron Technology Inc. | Add +2.8% | 0.25% | +0.05 |
| CCK Crown Holdings Inc. | New | 0.05% | +0.05 |
| CRUS Cirrus Logic Inc. | New | 0.05% | +0.05 |
| MMS Maximus Inc. | New | 0.05% | +0.05 |
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 |