Empirical Finance, LLC

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 13, 2025), Empirical Finance, LLC reported 506 stock positions worth $2.1 billion. Its top holding was Nvidia (NVDA) at 7.6% of the portfolio, followed by Apple (AAPL, 6.4%) and Microsoft (MSFT, 6.3%). Compared with Q2 2025, it opened 6 new positions, sold out of 8, added to 458 and reduced 19. The biggest buy was Apple (AAPL, shares +1%) and the biggest sale Alpha Architect Tail Risk (CAOS, shares −8%).

Most Recent 13F
Q2 2026
Location
NEWTOWN SQUARE, PA
CIK
0001572838
Portfolio Value
$2.1B (Q3 2025)
SEC Filing
0001572838-25-000012 ↗ filed Nov 13, 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 Q1 2025 Q2 2025: $1.9B Q2 2025 Q3 2025: $2.1B $2.1B Q3 2025 Q4 2025: $2.1B Q4 2025 Q1 2026: $2.1B Q1 2026 Q2 2026: $2.4B Q2 2026

Holdings 506 stocks · $2.1B
NVDA Nvidia Corp. 7.64% 859,953 $160.5M Add +0.9%
AAPL Apple Inc. 6.38% 526,416 $134.0M Add +0.9%
MSFT Microsoft Corp. 6.33% 256,810 $133.0M Add +1.6%
AMZN Amazon.com Inc. 3.60% 344,686 $75.7M Add +3.5%
META Meta Platforms Inc. Class A 2.73% 78,037 $57.3M Add +0.9%
GOOGL Alphabet Inc. Class A 2.40% 206,995 $50.3M Add +0.3%
AVGO Broadcom Inc. 2.35% 149,735 $49.4M Add +1.1%
GOOG Alphabet Inc. Class C 2.07% 178,554 $43.5M Reduce -4.5%
TSLA Tesla Inc. 1.76% 83,293 $37.0M Add +1.1%
JPM JPMorgan Chase & Co. 1.58% 105,419 $33.3M Add +0.9%
BRK.B Berkshire Hathaway Inc. Class B 1.24% 51,831 $26.1M Add +1.2%
LLY Eli Lilly & Co. 1.02% 28,118 $21.5M Add +1.7%
QVAL Alpha Arch US QNT Value ETF 0.95% 428,678 $20.0M Reduce -1.5%
NFLX Netflix Inc. 0.87% 15,308 $18.4M Add +0.9%
VTI VG Morningstar TS MKT ETF-US 0.86% 55,050 $18.1M No change
XOM Exxon Mobil Corp. 0.85% 158,750 $17.9M Add +0.9%
CAOS Alpha Architect Tail Risk 0.82% 192,048 $17.2M Reduce -8.1%
MA Mastercard Inc. Class A 0.79% 29,341 $16.7M Add +0.9%
JNJ Johnson & Johnson 0.76% 86,469 $16.0M Add +0.9%
V Visa Inc. Class A 0.74% 45,467 $15.5M Add +1.3%
WMT Walmart Inc. 0.73% 148,900 $15.3M Add +1.0%
HD Home Depot Inc. 0.71% 36,975 $15.0M Add +5.1%
COST Costco Wholesale Corp. 0.68% 15,524 $14.4M Add +1.0%
ABBV Abbvie Inc. 0.68% 61,862 $14.3M Add +1.0%
PG The Procter & Gamble Co. 0.63% 86,216 $13.2M Add +4.4%
ORCL Oracle Corp. 0.62% 46,478 $13.1M Add +1.1%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.60% 244,731 $12.6M Add +0.9%
CVX Chevron Corp. 0.58% 79,092 $12.3M Add +29.1%
UNH Unitedhealth Group Inc. 0.58% 35,092 $12.1M Add +0.9%
GE General Electric filed as GE AEROSPACE 0.55% 38,195 $11.5M Add +0.9%
IVAL Alpha Archi Intl QT Vlu ETF 0.53% 367,721 $11.1M Reduce -16.1%
WFC Wells Fargo & Co. 0.51% 128,903 $10.8M Add +0.8%
TSM Taiwan Semiconductor-SP ADR 0.50% 37,272 $10.4M Add +79.5%
CSCO Cisco Systems Inc. 0.49% 151,596 $10.4M Add +6.2%
MS Morgan Stanley 0.47% 62,219 $9.9M Add +37.9%
QMOM Alpha US Quant Mom ETF 0.47% 152,306 $9.8M Add +0.1%
CAT Caterpillar Inc. 0.45% 19,919 $9.5M Add +11.9%
ET Energy Transfer LP 0.45% 548,495 $9.4M Add +40.8%
GS Goldman Sachs Group Inc. 0.44% 11,558 $9.2M Add +0.8%
AMD Advanced Micro Devices 0.44% 56,576 $9.2M Add +0.9%
KO The Coca-Cola Co. 0.43% 136,564 $9.1M Add +1.0%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.43% 31,780 $9.0M Add +1.0%
PM Philip Morris International 0.42% 54,404 $8.8M Add +1.0%
IMOM Alpha Intl Quant Mom ETF 0.40% 226,820 $8.3M Reduce -4.9%
RTX RTX Corp. 0.39% 49,398 $8.3M Add +0.9%
ABT Abbott Laboratories 0.39% 61,304 $8.2M Add +1.0%
T AT&T Inc. 0.39% 290,650 $8.2M Add +7.1%
MRK Merck & Co. Inc. 0.39% 96,986 $8.1M Add +7.0%
CRM Salesforce Inc. 0.38% 33,744 $8.0M Add +1.0%
AAVM Alpha Architect Global Facto 0.37% 271,706 $7.8M Add +14.1%
VZ Verizon Communications Inc. 0.35% 168,657 $7.4M Add +0.9%
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.35% 64,030 $7.3M Add +1.0%
QQQ Invesco QQQ Trust Series 1 0.35% 12,197 $7.3M Reduce -12.9%
OMAB Grupo Aeroportuario Cen-ADR 0.35% 70,319 $7.3M Add +40.8%
BKNG Booking Holdings Inc. 0.33% 1,296 $7.0M Add +0.9%
C Citigroup Inc. 0.33% 68,275 $6.9M Add +0.9%
AXP American Express Co. 0.33% 20,696 $6.9M Add +0.8%
TMO Thermo Fisher Scientific Inc. 0.32% 14,043 $6.8M Add +0.9%
WES Western Midstream Partners L 0.32% 172,718 $6.8M Add +40.8%
PEP Pepsico Inc. 0.32% 48,283 $6.8M Add +1.0%
INTU Intuit Inc. 0.32% 9,792 $6.7M Add +1.0%
LRCX Lam Research Corp. 0.31% 49,076 $6.6M Add +5.1%
KR Kroger Co. 0.31% 97,121 $6.5M Add +0.3%
MU Micron Technology Inc. 0.31% 38,575 $6.5M Reduce -1.1%
NOW ServiceNow Inc. 0.30% 6,798 $6.3M Add +1.1%
AMAT Applied Materials Inc. 0.29% 29,740 $6.1M Add +0.8%
BLK BlackRock Inc. 0.28% 5,074 $5.9M Add +1.0%
AX Axos Financial Inc. 0.28% 69,766 $5.9M Add +27.7%
PTIN Pacer Trendpilot Intl ETF 0.28% 193,079 $5.9M No change
TXN Texas Instruments Inc. 0.28% 31,942 $5.9M Add +0.9%
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.28% 40,507 $5.9M Add +0.9%
ADBE Adobe Inc. 0.27% 16,024 $5.7M Add +0.9%
ISRG Intuitive Surgical Inc. 0.27% 12,617 $5.6M Add +3.4%
QCOM Qualcomm Inc. 0.26% 32,428 $5.4M Add +1.1%
GEV GE Vernova Inc. 0.26% 8,773 $5.4M Add +1.0%
AMGN Amgen Inc. 0.26% 19,060 $5.4M Add +1.0%
NEE Nextera Energy Inc. 0.26% 71,041 $5.4M Add +1.0%
LOW Lowe's Cos Inc. 0.25% 21,257 $5.3M Add +0.9%
KLAC KLA Corp. 0.25% 4,868 $5.3M Add +0.9%
PAC Grupo Aeroportuario Pac-ADR 0.25% 21,976 $5.2M Add +40.4%
APH Amphenol Corp. Class A 0.25% 41,863 $5.2M Add +1.0%
SPGI S&P Global Inc. 0.25% 10,639 $5.2M Add +1.0%
UNP Union Pacific Corp. 0.24% 21,718 $5.1M Add +0.9%
PFE Pfizer Inc. 0.24% 199,183 $5.1M Add +1.0%
PGR Progressive Corp. 0.24% 20,493 $5.1M Add +1.0%
CMCSA Comcast Corp. Class A 0.24% 159,359 $5.0M Add +0.8%
INTC Intel Corp. 0.24% 148,085 $5.0M Add +1.1%
BSX Boston Scientific Corp. 0.24% 50,576 $4.9M Add +1.0%
HON Honeywell International Inc. 0.23% 23,396 $4.9M Add +0.9%
COF Capital One Financial Corp. 0.23% 23,151 $4.9M Add +0.9%
GILD Gilead Sciences Inc. 0.23% 44,079 $4.9M Add +0.9%
SCHW Schwab (charles) Corp. 0.23% 51,248 $4.9M Add +1.1%
ANET Arista Networks Inc. 0.23% 33,320 $4.9M Reduce -2.5%
CPA Copa Holdings SA Class A 0.22% 38,850 $4.6M Add +1.1%
DHR Danaher Corp. 0.22% 23,010 $4.6M Add +1.0%
LMT Lockheed Martin Corp. 0.22% 9,136 $4.6M Add +16.3%
COP Conocophillips 0.22% 48,053 $4.5M Add +0.8%
TMUS T-Mobile US Inc. 0.21% 18,277 $4.4M Add +0.9%
SYK Stryker Corp. 0.21% 11,795 $4.4M Add +1.0%
BA The Boeing Co. 0.21% 20,166 $4.4M Add +1.3%

Show all 506 holdings

Portfolio Sells Q2 2025 → Q3 2025
CAOS Alpha Architect Tail Risk Reduce -8.1% 0.82% −0.15
HES Hess Corp. Sold out 0.00% −0.12
BTI British American Tob-SP ADR Sold out 0.00% −0.12
IVAL Alpha Archi Intl QT Vlu ETF Reduce -16.1% 0.53% −0.11
MOOD Relative Sentiment Tact Allo Reduce -59.9% 0.06% −0.09
CONTEXTLOGIC INC - A Sold out 0.00% −0.07
QQQ Invesco QQQ Trust Series 1 Reduce -12.9% 0.35% −0.06
QVAL Alpha Arch US QNT Value ETF Reduce -1.5% 0.95% −0.05
IMOM Alpha Intl Quant Mom ETF Reduce -4.9% 0.40% −0.03
WBA Walgreens Boots Alliance Inc. Sold out 0.00% −0.02
PARAA Paramount Global Class B Sold out 0.00% −0.01
BBWI Bath & Body Works Inc. Sold out 0.00% −0.01
ACLS Axcelis Technologies Inc. Sold out 0.00% −0.01
CE Celanese Corp. Sold out 0.00% −0.01
ILMN Illumina Inc. Reduce -0.1% 0.03% −0.00
K Kellanova Reduce -0.1% 0.03% −0.00
SW Smurfit Westrock PLC Reduce -0.1% 0.02% −0.00
REGN Regeneron Pharmaceuticals Reduce -0.1% 0.05% −0.00
AAL American Airlines Group Inc. Reduce -0.1% 0.01% −0.00
QRVO Qorvo Inc. Reduce -0.0% 0.01% −0.00
CMA Comerica Inc. Reduce -0.1% 0.01% +0.00
LUMN Lumen Technologies Inc. Reduce -0.2% 0.00% +0.00
BWA Borgwarner Inc. Reduce -0.1% 0.02% +0.00
MEDP Medpace Holdings Inc. Reduce -25.5% 0.13% +0.01
ANET Arista Networks Inc. Reduce -2.5% 0.23% +0.05
MU Micron Technology Inc. Reduce -1.1% 0.31% +0.06
GOOG Alphabet Inc. Class C Reduce -4.5% 2.07% +0.33

Portfolio Buys Q2 2025 → Q3 2025
AAPL Apple Inc. Add +0.9% 6.38% +0.78
NVDA Nvidia Corp. Add +0.9% 7.64% +0.59
GOOGL Alphabet Inc. Class A Add +0.3% 2.40% +0.49
TSLA Tesla Inc. Add +1.1% 1.76% +0.39
TSM Taiwan Semiconductor-SP ADR Add +79.5% 0.50% +0.25
AVGO Broadcom Inc. Add +1.1% 2.35% +0.21
MS Morgan Stanley Add +37.9% 0.47% +0.14
CVX Chevron Corp. Add +29.1% 0.58% +0.13
ORCL Oracle Corp. Add +1.1% 0.62% +0.10
CAT Caterpillar Inc. Add +11.9% 0.45% +0.09
ABBV Abbvie Inc. Add +1.0% 0.68% +0.09
ET Energy Transfer LP Add +40.8% 0.45% +0.08
JNJ Johnson & Johnson Add +0.9% 0.76% +0.08
LRCX Lam Research Corp. Add +5.1% 0.31% +0.07
WES Western Midstream Partners L Add +40.8% 0.32% +0.07
OMAB Grupo Aeroportuario Cen-ADR Add +40.8% 0.35% +0.07
INTC Intel Corp. Add +1.1% 0.24% +0.06
AX Axos Financial Inc. Add +27.7% 0.28% +0.06
PAC Grupo Aeroportuario Pac-ADR Add +40.4% 0.25% +0.06
VLO Valero Energy Corp. Add +36.3% 0.14% +0.05
DEO Diageo PLC-Sponsored ADR New 0.05% +0.05
NEM Newmont Corp. Add +0.9% 0.20% +0.05
EC Ecopetrol SA-Sponsored ADR Add +40.8% 0.19% +0.05
TX Ternium SA-Sponsored ADR Add +40.8% 0.14% +0.05
NGVC Natural Grocers BY Vitamin C Add +55.9% 0.14% +0.04
MPLX MPLX LP Add +40.7% 0.20% +0.04
HD Home Depot Inc. Add +5.1% 0.71% +0.04
GE General Electric Add +0.9% 0.55% +0.04
AAVM Alpha Architect Global Facto Add +14.1% 0.37% +0.03
APH Amphenol Corp. Class A Add +1.0% 0.25% +0.03
GLW Corning Inc. Add +1.0% 0.11% +0.03
TMO Thermo Fisher Scientific Inc. Add +0.9% 0.32% +0.03
C Citigroup Inc. Add +0.9% 0.33% +0.03
WDC Western Digital Corp. Add +1.0% 0.06% +0.03
LMT Lockheed Martin Corp. Add +16.3% 0.22% +0.03
WBD Warner Bros Discovery Inc. Add +1.0% 0.07% +0.03
CCS Century Communities Inc. Add +40.8% 0.09% +0.03
KLAC KLA Corp. Add +0.9% 0.25% +0.02
CRMT America's Car-Mart Inc. New 0.02% +0.02
GM General Motors Co. Add +0.6% 0.19% +0.02
DUK Duke Energy Corp. Add +17.4% 0.19% +0.02
M Macy's Inc. Add +0.6% 0.07% +0.02
SNDK Sandisk Corp. New 0.02% +0.02
AMD Advanced Micro Devices Add +0.9% 0.44% +0.02
RTX RTX Corp. Add +0.9% 0.39% +0.02
TJX TJX Companies Inc. Add +0.9% 0.28% +0.02
GPRK Geopark Ltd. Add +40.8% 0.09% +0.02
FSLR First Solar Inc. Add +0.8% 0.10% +0.02
TPR Tapestry Inc. Add +0.7% 0.11% +0.02
PSKY Paramount Skydance Class B New 0.02% +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