Empirical Finance, LLC
In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 15, 2026), Empirical Finance, LLC reported 483 stock positions worth $2.1 billion. Its top holding was Nvidia (NVDA) at 6.7% of the portfolio, followed by Apple (AAPL, 6.0%) and Microsoft (MSFT, 4.3%). Compared with Q4 2025, it opened 21 new positions, sold out of 20, added to 55 and reduced 376. The biggest buy was a new position in Alphabet Class A (GOOGL) and the biggest sale Alphabet Class C (GOOG, shares −42%).
- Most Recent 13F
- Q2 2026
- Location
- NEWTOWN SQUARE, PA
- CIK
- 0001572838
- Portfolio Value
- $2.1B (Q1 2026)
- SEC Filing
- 0001572838-26-000006 ↗ filed May 15, 2026
Holdings Value
Holdings 483 stocks · $2.1B
| NVDA Nvidia Corp. | 6.69% | 815,983 | $142.3M | Reduce -0.2% |
| AAPL Apple Inc. | 5.98% | 501,183 | $127.2M | Reduce -0.2% |
| MSFT Microsoft Corp. | 4.27% | 245,743 | $91.0M | Reduce -0.1% |
| AMZN Amazon.com Inc. | 3.69% | 377,013 | $78.5M | Add +9.9% |
| GOOG Alphabet Inc. Class C | 3.15% | 233,926 | $67.1M | Reduce -41.9% |
| GOOGL Alphabet Inc. Class A | 2.67% | 197,426 | $56.8M | New |
| AVGO Broadcom Inc. | 2.08% | 143,038 | $44.3M | Add +0.0% |
| META Meta Platforms Inc. Class A | 2.00% | 74,448 | $42.6M | Reduce -0.1% |
| TSM Taiwan Semiconductor-SP ADR | 1.51% | 95,230 | $32.2M | Add +86.5% |
| TSLA Tesla Inc. | 1.39% | 79,426 | $29.5M | Reduce -0.0% |
| JPM JPMorgan Chase & Co. | 1.39% | 100,238 | $29.5M | Reduce -0.3% |
| ET Energy Transfer LP | 1.27% | 1,404,756 | $27.1M | Add +86.8% |
| XOM Exxon Mobil Corp. | 1.21% | 151,381 | $25.7M | Reduce -0.3% |
| LLY Eli Lilly & Co. | 1.15% | 26,607 | $24.5M | Reduce -0.2% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.13% | 50,121 | $24.0M | Add +0.5% |
| JNJ Johnson & Johnson | 0.95% | 82,435 | $20.2M | Reduce -0.2% |
| OMAB Grupo Aeroportuario Cen-ADR | 0.91% | 168,343 | $19.3M | Add +74.6% |
| PAC Grupo Aeroportuario Pac-ADR | 0.87% | 74,607 | $18.4M | Add +148.1% |
| WES Western Midstream Partners L | 0.86% | 442,189 | $18.2M | Add +86.8% |
| WMT Walmart Inc. | 0.83% | 142,431 | $17.7M | Reduce -0.1% |
| VTI VG Morningstar TS MKT ETF-US | 0.83% | 55,050 | $17.7M | New |
| CAOS Alpha Architect Tail Risk | 0.80% | 187,063 | $17.0M | New |
| CVX Chevron Corp. | 0.74% | 75,841 | $15.7M | Reduce -0.2% |
| AX Axos Financial Inc. | 0.71% | 178,281 | $15.2M | Add +86.5% |
| COST Costco Wholesale Corp. | 0.70% | 14,854 | $14.8M | Reduce -0.1% |
| QVAL Alpha Arch US QNT Value ETF | 0.68% | 275,814 | $14.4M | Reduce -78.3% |
| NFLX Netflix Inc. | 0.66% | 146,215 | $14.1M | Reduce -0.2% |
| MA Mastercard Inc. Class A | 0.66% | 28,051 | $14.0M | Reduce -0.2% |
| CSWC Capital Southwest Corp. | 0.64% | 618,866 | $13.7M | New |
| CAT Caterpillar Inc. | 0.64% | 19,081 | $13.5M | Reduce -0.3% |
| V Visa Inc. Class A | 0.62% | 43,364 | $13.1M | Reduce -0.1% |
| ABBV Abbvie Inc. | 0.60% | 59,130 | $12.9M | Reduce -0.2% |
| MU Micron Technology Inc. | 0.59% | 36,970 | $12.5M | Reduce -0.0% |
| MPLX MPLX LP | 0.58% | 217,494 | $12.4M | Add +86.6% |
| PG The Procter & Gamble Co. | 0.56% | 82,441 | $11.9M | Reduce -0.2% |
| HD Home Depot Inc. | 0.55% | 35,366 | $11.6M | Reduce -0.2% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.53% | 233,069 | $11.4M | Reduce -0.2% |
| MS Morgan Stanley | 0.53% | 68,648 | $11.3M | Add +3.4% |
| CSCO Cisco Systems Inc. | 0.53% | 145,116 | $11.3M | Reduce -0.2% |
| AMD Advanced Micro Devices | 0.52% | 54,062 | $11.0M | Reduce -0.2% |
| MRK Merck & Co. Inc. | 0.51% | 90,944 | $10.9M | Reduce -0.2% |
| GE General Electric filed as GE AEROSPACE | 0.49% | 36,518 | $10.4M | Reduce -0.2% |
| IVAL Alpha Archi Intl QT Vlu ETF | 0.47% | 294,873 | $10.0M | New |
| KO The Coca-Cola Co. | 0.47% | 130,419 | $9.9M | Reduce -0.2% |
| WFC Wells Fargo & Co. | 0.46% | 122,352 | $9.7M | Reduce -0.4% |
| AMAT Applied Materials Inc. | 0.46% | 28,415 | $9.7M | Reduce -0.2% |
| LRCX Lam Research Corp. | 0.45% | 45,013 | $9.6M | Reduce -0.2% |
| GS Goldman Sachs Group Inc. | 0.44% | 11,020 | $9.3M | Reduce -0.3% |
| RTX RTX Corp. | 0.43% | 47,180 | $9.1M | Reduce -0.2% |
| UNH Unitedhealth Group Inc. | 0.41% | 32,489 | $8.8M | Reduce -0.1% |
| PM Philip Morris International | 0.40% | 52,019 | $8.6M | Reduce -0.2% |
| AAVM Alpha Architect Global Facto | 0.39% | 264,140 | $8.3M | New |
| VZ Verizon Communications Inc. | 0.38% | 162,216 | $8.1M | Reduce -0.1% |
| SFM Sprouts Farmers Market Inc. | 0.38% | 105,287 | $8.1M | Add +2005.7% |
| T AT&T Inc. | 0.38% | 279,605 | $8.1M | Reduce -0.1% |
| ASR Grupo Aeroportuario Sur-ADR | 0.36% | 22,868 | $7.7M | New |
| C Citigroup Inc. | 0.35% | 65,173 | $7.4M | Reduce -0.3% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.35% | 30,420 | $7.4M | Reduce -0.1% |
| GEV GE Vernova Inc. | 0.34% | 8,375 | $7.3M | Reduce -0.2% |
| PEP Pepsico Inc. | 0.34% | 46,126 | $7.2M | Reduce -0.1% |
| QQQ Invesco QQQ Trust Series 1 | 0.33% | 12,197 | $7.0M | No change |
| KR Kroger Co. | 0.33% | 96,062 | $7.0M | Reduce -0.1% |
| KLAC KLA Corp. | 0.32% | 4,658 | $6.9M | Reduce -0.2% |
| ORCL Oracle Corp. | 0.31% | 44,465 | $6.5M | Reduce -0.0% |
| TX Ternium SA-Sponsored ADR | 0.30% | 161,171 | $6.5M | Add +69.4% |
| AMGN Amgen Inc. | 0.30% | 18,241 | $6.4M | Reduce -0.2% |
| TMO Thermo Fisher Scientific Inc. | 0.30% | 13,042 | $6.4M | Reduce -0.2% |
| NEE Nextera Energy Inc. | 0.30% | 67,931 | $6.3M | Reduce -0.1% |
| PTIN Pacer Trendpilot Intl ETF | 0.29% | 193,079 | $6.3M | New |
| INTC Intel Corp. | 0.29% | 141,930 | $6.3M | Reduce -0.0% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.29% | 38,709 | $6.2M | Reduce -0.2% |
| AGM Federal Agric MTG Corp. Class C | 0.29% | 41,592 | $6.2M | Add +85.9% |
| MEDP Medpace Holdings Inc. | 0.29% | 12,663 | $6.1M | Add +81.0% |
| COP Conocophillips | 0.28% | 45,840 | $6.1M | Reduce -0.2% |
| CRM Salesforce Inc. | 0.28% | 32,240 | $6.0M | Reduce -0.2% |
| ABT Abbott Laboratories | 0.28% | 58,611 | $6.0M | Reduce -0.1% |
| AXP American Express Co. | 0.28% | 19,745 | $6.0M | Reduce -0.3% |
| TXN Texas Instruments Inc. | 0.28% | 30,534 | $5.9M | Reduce -0.2% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.28% | 60,950 | $5.9M | Reduce -0.2% |
| GILD Gilead Sciences Inc. | 0.28% | 42,134 | $5.9M | Reduce -0.2% |
| ISRG Intuitive Surgical Inc. | 0.26% | 11,795 | $5.4M | Reduce -0.1% |
| ADI Analog Devices Inc. | 0.25% | 16,902 | $5.4M | Reduce -0.2% |
| PFE Pfizer Inc. | 0.25% | 190,481 | $5.3M | Reduce -0.1% |
| LMT Lockheed Martin Corp. | 0.25% | 8,778 | $5.3M | Reduce -0.3% |
| BKNG Booking Holdings Inc. | 0.25% | 1,241 | $5.2M | Reduce -0.4% |
| NEM Newmont Corp. | 0.25% | 48,223 | $5.2M | Add +0.1% |
| DE Deere & Co. | 0.24% | 9,020 | $5.1M | Reduce -0.2% |
| APH Amphenol Corp. Class A | 0.24% | 40,067 | $5.1M | Reduce -0.1% |
| HON Honeywell International Inc. | 0.24% | 22,359 | $5.1M | Reduce -0.2% |
| UNP Union Pacific Corp. | 0.24% | 20,767 | $5.0M | Reduce -0.2% |
| IMOM Alpha Intl Quant Mom ETF | 0.23% | 121,049 | $4.8M | New |
| LOW Lowe's Cos Inc. | 0.23% | 20,321 | $4.8M | Reduce -0.2% |
| GM General Motors Co. | 0.22% | 63,625 | $4.7M | Reduce -0.4% |
| BLK BlackRock Inc. | 0.22% | 4,853 | $4.7M | Reduce -0.3% |
| SCHW Schwab (charles) Corp. | 0.22% | 49,137 | $4.6M | Reduce -0.1% |
| VXUS Vanguard Total Intl Stock | 0.21% | 57,025 | $4.4M | No change |
| CMCSA Comcast Corp. Class A | 0.21% | 152,664 | $4.4M | Reduce -0.3% |
| SPGI S&P Global Inc. | 0.20% | 10,171 | $4.3M | Reduce -0.3% |
| MPC Marathon Petroleum Corp. | 0.20% | 17,683 | $4.3M | Reduce -0.4% |
| BMY Bristol-Myers Squibb Co. | 0.20% | 70,485 | $4.3M | Reduce -0.2% |
Portfolio Sells Q4 2025 → Q1 2026
| GOOG Alphabet Inc. Class C | Reduce -41.9% | 3.15% | −2.86 |
| QVAL Alpha Arch US QNT Value ETF | Reduce -78.3% | 0.68% | −2.24 |
| MSFT Microsoft Corp. | Reduce -0.1% | 4.27% | −1.40 |
| VOO Vanguard S&P 500 ETF | Reduce -97.6% | 0.05% | −0.99 |
| NVDA Nvidia Corp. | Reduce -0.2% | 6.69% | −0.58 |
| AAPL Apple Inc. | Reduce -0.2% | 5.98% | −0.53 |
| PTMC Pacer Trendpilot US Mid Cap | Reduce -83.2% | 0.08% | −0.47 |
| META Meta Platforms Inc. Class A | Reduce -0.1% | 2.00% | −0.35 |
| TSLA Tesla Inc. | Reduce -0.0% | 1.39% | −0.32 |
| CAAP Corp. America Airports SA | Sold out | 0.00% | −0.30 |
| CPA Copa Holdings SA Class A | Sold out | 0.00% | −0.22 |
| LLY Eli Lilly & Co. | Reduce -0.2% | 1.15% | −0.22 |
| JPM JPMorgan Chase & Co. | Reduce -0.3% | 1.39% | −0.16 |
| CRM Salesforce Inc. | Reduce -0.2% | 0.28% | −0.13 |
| V Visa Inc. Class A | Reduce -0.1% | 0.62% | −0.11 |
| MA Mastercard Inc. Class A | Reduce -0.2% | 0.66% | −0.11 |
| INTU Intuit Inc. | Reduce -0.1% | 0.19% | −0.11 |
| ORCL Oracle Corp. | Reduce -0.0% | 0.31% | −0.11 |
| UNH Unitedhealth Group Inc. | Reduce -0.1% | 0.41% | −0.10 |
| WFC Wells Fargo & Co. | Reduce -0.4% | 0.46% | −0.09 |
| IBM Intl Business Machines Corp. | Reduce -0.1% | 0.35% | −0.08 |
| ADBE Adobe Inc. | Reduce -0.3% | 0.17% | −0.08 |
| BAC Bank of America Corp. | Reduce -0.2% | 0.53% | −0.08 |
| NOW ServiceNow Inc. | Reduce -0.0% | 0.16% | −0.08 |
| BSX Boston Scientific Corp. | Reduce -0.1% | 0.14% | −0.08 |
| BKNG Booking Holdings Inc. | Reduce -0.4% | 0.25% | −0.07 |
| AXP American Express Co. | Reduce -0.3% | 0.28% | −0.07 |
| FTI Technipfmc PLC | Sold out | 0.00% | −0.07 |
| ABT Abbott Laboratories | Reduce -0.1% | 0.28% | −0.07 |
| COF Capital One Financial Corp. | Reduce -0.2% | 0.19% | −0.07 |
| ISRG Intuitive Surgical Inc. | Reduce -0.1% | 0.26% | −0.06 |
| QCOM Qualcomm Inc. | Reduce -0.2% | 0.18% | −0.06 |
| DEO Diageo PLC-Sponsored ADR | Sold out | 0.00% | −0.06 |
| TMO Thermo Fisher Scientific Inc. | Reduce -0.2% | 0.30% | −0.06 |
| DIS The Walt Disney Co. | Reduce -0.2% | 0.28% | −0.06 |
| SPGI S&P Global Inc. | Reduce -0.3% | 0.20% | −0.05 |
| GE General Electric | Reduce -0.2% | 0.49% | −0.05 |
| TIGO Millicom Intl Cellular S.A. | Sold out | 0.00% | −0.05 |
| DHR Danaher Corp. | Reduce -0.2% | 0.20% | −0.04 |
| ABBV Abbvie Inc. | Reduce -0.2% | 0.60% | −0.04 |
| GLD SPDR Gold Shares | Reduce -33.6% | 0.10% | −0.04 |
| CEG Constellation Energy | Reduce -0.1% | 0.14% | −0.04 |
| FOXA Fox Corp. Class A | Reduce -13.4% | 0.09% | −0.04 |
| ADP Automatic Data Processing | Reduce -0.2% | 0.13% | −0.04 |
| AMD Advanced Micro Devices | Reduce -0.2% | 0.52% | −0.04 |
| HD Home Depot Inc. | Reduce -0.2% | 0.55% | −0.04 |
| AZO AutoZone Inc. | Reduce -24.1% | 0.10% | −0.03 |
| GTES Gates Industrial Corp. UK Ltd. | Sold out | 0.00% | −0.03 |
| DLO Dlocal Ltd. | Sold out | 0.00% | −0.03 |
| PGR Progressive Corp. | Reduce -0.1% | 0.18% | −0.03 |
Portfolio Buys Q4 2025 → Q1 2026
| GOOGL Alphabet Inc. Class A | New | 2.67% | +2.67 |
| VTI VG Morningstar TS MKT ETF-US | New | 0.83% | +0.83 |
| CAOS Alpha Architect Tail Risk | New | 0.80% | +0.80 |
| TSM Taiwan Semiconductor-SP ADR | Add +86.5% | 1.51% | +0.77 |
| ET Energy Transfer LP | Add +86.8% | 1.27% | +0.68 |
| CSWC Capital Southwest Corp. | New | 0.64% | +0.64 |
| PAC Grupo Aeroportuario Pac-ADR | Add +148.1% | 0.87% | +0.49 |
| IVAL Alpha Archi Intl QT Vlu ETF | New | 0.47% | +0.47 |
| WES Western Midstream Partners L | Add +86.8% | 0.86% | +0.41 |
| OMAB Grupo Aeroportuario Cen-ADR | Add +74.6% | 0.91% | +0.41 |
| AAVM Alpha Architect Global Facto | New | 0.39% | +0.39 |
| SFM Sprouts Farmers Market Inc. | Add +2005.7% | 0.38% | +0.36 |
| ASR Grupo Aeroportuario Sur-ADR | New | 0.36% | +0.36 |
| AX Axos Financial Inc. | Add +86.5% | 0.71% | +0.32 |
| PTIN Pacer Trendpilot Intl ETF | New | 0.29% | +0.29 |
| MPLX MPLX LP | Add +86.6% | 0.58% | +0.29 |
| IMOM Alpha Intl Quant Mom ETF | New | 0.23% | +0.23 |
| QMOM Alpha US Quant Mom ETF | New | 0.17% | +0.17 |
| PTNQ Pacer Trendpilot 100 ETF | New | 0.16% | +0.16 |
| TX Ternium SA-Sponsored ADR | Add +69.4% | 0.30% | +0.13 |
| VOE Vngrd Mrngstr MD-Cap Val ETF | New | 0.11% | +0.11 |
| BOXX Alpha Architect 1-3 MNTH Box | New | 0.11% | +0.11 |
| AGM Federal Agric MTG Corp. Class C | Add +85.9% | 0.29% | +0.10 |
| MEDP Medpace Holdings Inc. | Add +81.0% | 0.29% | +0.10 |
| CCS Century Communities Inc. | Add +86.5% | 0.20% | +0.09 |
| PKBK Parke Bancorp Inc. | Add +86.6% | 0.14% | +0.07 |
| MOOD Relative Sentiment Tact Allo | New | 0.07% | +0.07 |
| SNDK Sandisk Corp. | Add +0.7% | 0.11% | +0.07 |
| PDLB Ponce Financial Group Inc. | Add +19.4% | 0.19% | +0.03 |
| BOXA Alpha Architect Agg Bond ETF | New | 0.02% | +0.02 |
| AVGV Avantis All Eq MKTS Val ETF | New | 0.02% | +0.02 |
| NEM Newmont Corp. | Add +0.1% | 0.25% | +0.02 |
| FITB Fifth Third Bancorp | Add +31.2% | 0.07% | +0.01 |
| EME Emcor Group Inc. | Add +0.8% | 0.08% | +0.01 |
| FOX Fox Corp. Class B | New | 0.01% | +0.01 |
| CE Celanese Corp. | New | 0.01% | +0.01 |
| AVUV Avantis US Small Cap Value | New | 0.01% | +0.01 |
| MPWR Monolithic Power Systems Inc. | Add +0.1% | 0.06% | +0.01 |
| WAT Waters Corp. | Add +64.5% | 0.05% | +0.01 |
| HUBB Hubbell Inc. | New | 0.01% | +0.01 |
| VFMO Vanguard US Momentum Factor | New | 0.01% | +0.01 |
| JBL Jabil Inc. | Add +0.6% | 0.07% | +0.01 |
| OKE Oneok Inc. | Add +0.4% | 0.05% | +0.01 |
| EQT Eqt Corp. | Add +0.8% | 0.03% | +0.00 |
| NI Nisource Inc. | Add +0.0% | 0.03% | +0.00 |
| PCG P G & E Corp. | Add +0.5% | 0.03% | +0.00 |
| EBAY eBay Inc. | Add +0.3% | 0.06% | +0.00 |
| STZ Constellation Brands Inc. Class A | Add +1.3% | 0.02% | +0.00 |
| LYV Live Nation Entertainment Inc. | Add +0.0% | 0.03% | +0.00 |
| GD General Dynamics Corp. | Add +0.0% | 0.13% | +0.00 |
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 |