Empirical Financial Services, LLC d.b.a. Empirical Wealth Management
In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 7, 2024), Empirical Financial Services, LLC d.b.a. Empirical Wealth Management reported 526 stock positions worth $3.2 billion. Its top holding was Vanguard S/T Corp. Bond ETF (VCSH) at 4.8% of the portfolio, followed by iShares MSCI USA Momentum Fa (MTUM, 4.8%) and Vanguard Short-Term Tips (VTIP, 4.7%). Compared with Q4 2023, it opened 50 new positions, sold out of 18, added to 264 and reduced 173. The biggest buy was iShares MSCI USA Momentum Fa (MTUM, shares +0%) and the biggest sale Apple (AAPL, shares −24%).
- Most Recent 13F
- Q2 2026
- Location
- Seattle, WA
- CIK
- 0001510434
- Portfolio Value
- $3.2B (Q1 2024)
- SEC Filing
- 0001085146-24-002270 ↗ filed May 7, 2024
Holdings Value
Holdings 526 stocks · $3.2B
| VCSH Vanguard S/T Corp. Bond ETF | 4.81% | 2,006,129 | $155.1M | Add +1.7% |
| MTUM iShares MSCI USA Momentum Fa | 4.77% | 821,075 | $153.8M | Add +0.1% |
| VTIP Vanguard Short-Term Tips | 4.75% | 3,195,453 | $153.0M | Add +3.8% |
| NVDA Nvidia Corp. | 4.25% | 151,447 | $136.8M | Reduce -8.4% |
| QUAL iShares MSCI USA Quality Fac | 3.97% | 777,913 | $127.8M | Add +3.8% |
| IQLT iShares MSCI International Q | 3.10% | 2,519,098 | $99.9M | Add +5.2% |
| VCIT Vanguard Int-Term Corporate | 2.84% | 1,138,218 | $91.6M | Add +1.4% |
| DFUV Dimensional US Marketwide Va | 2.71% | 2,135,636 | $87.3M | Add +3.4% |
| IEMG iShares Core MSCI Emerging | 2.62% | 1,636,511 | $84.4M | Add +4.6% |
| EFV iShares MSCI Eafe Value ETF | 2.60% | 1,537,958 | $83.7M | Add +4.2% |
| AAPL Apple Inc. | 2.56% | 481,086 | $82.5M | Reduce -24.4% |
| MSFT Microsoft Corp. | 2.34% | 179,257 | $75.4M | Add +7.8% |
| DFIV Dimensional International Va | 2.04% | 1,788,041 | $65.7M | Add +2.9% |
| SJNK SS SPDR BB St Hi Yield ETF | 2.03% | 2,591,643 | $65.4M | Add +2.5% |
| VNQ Vanguard Real Estate ETF | 1.66% | 618,066 | $53.5M | Add +2.9% |
| VGSH Vanguard Short-Term Treasury | 1.53% | 850,502 | $49.4M | Add +2.5% |
| VTV Vanguard Mrngstr Val ETF-Aui | 1.52% | 300,933 | $49.0M | Reduce -5.7% |
| SPY SS SPDR S&P 500 ETF Trust-US | 1.51% | 92,961 | $48.6M | Reduce -1.3% |
| DFAT Dimensional US Target Value | 1.45% | 856,066 | $46.6M | Add +0.9% |
| VEA Vanguard Ftse Developed ETF | 1.15% | 740,431 | $37.1M | Reduce -3.5% |
| AVDV Avantis Intl S/C Value ETF | 1.03% | 505,483 | $33.3M | Add +4.8% |
| AMZN Amazon.com Inc. | 0.89% | 158,202 | $28.5M | Add +3.1% |
| VSS Vanguard Ftse All Wo X-US SC | 0.80% | 221,295 | $25.9M | Reduce -0.4% |
| ESGD iShares Trust iShares ESG Aw | 0.79% | 317,597 | $25.4M | Add +4.4% |
| DFAC Dimensional US Core Equity 2 | 0.78% | 786,768 | $25.1M | Add +0.8% |
| COST Costco Wholesale Corp. | 0.73% | 31,959 | $23.4M | Add +16.1% |
| VBR Vngrd Mrngst SL-CP Val ETF-U | 0.70% | 116,827 | $22.4M | Reduce -1.2% |
| STIP iShares 0-5 Year Tips Bond E | 0.59% | 191,926 | $19.1M | Add +2.7% |
| SCHC Schwab Intl Small-Cap Equity | 0.59% | 528,741 | $18.9M | Add +7.7% |
| DFAS Dimensional US Small Cap ETF | 0.58% | 300,224 | $18.7M | Add +0.1% |
| FPE FT-Preferred Secur & Inc. ETF | 0.57% | 1,057,119 | $18.3M | Add +0.3% |
| NVR NVR Inc. | 0.56% | 2,219 | $18.0M | Add +5.0% |
| VNQI Vanguard GLBL Ex-US Real Est | 0.55% | 423,057 | $17.8M | Add +11.1% |
| AVUV Avantis US Small Cap Value | 0.54% | 184,010 | $17.2M | Add +19.3% |
| ACGL Arch Capital Group Ltd. | 0.53% | 186,183 | $17.2M | Add +4.5% |
| OZ Belpointe Prep LLC Class A | 0.51% | 270,928 | $16.5M | Reduce -1.5% |
| VTI VG Morningstar TS MKT ETF-US | 0.49% | 61,242 | $15.9M | Add +8.5% |
| META Meta Platforms Inc. Class A | 0.47% | 31,430 | $15.3M | Reduce -8.4% |
| NULV Nuveen ESG Large-Cap Val ETF | 0.46% | 383,379 | $14.9M | Add +4.9% |
| SCHX Schwab US Large-Cap ETF | 0.44% | 229,179 | $14.2M | Add +1.7% |
| BLDR Builders Firstsource Inc. | 0.43% | 66,971 | $14.0M | Add +18.7% |
| FEM First Trust Emerging Markets | 0.43% | 609,135 | $13.9M | Reduce -1.0% |
| CSCO Cisco Systems Inc. | 0.43% | 278,195 | $13.9M | Add +7.8% |
| VV Vngrd Mrgstr LRG-Cap ETF-Usd | 0.43% | 57,755 | $13.8M | Reduce -4.7% |
| HYMB SS SPDR N Ice HY Muni ETF | 0.42% | 530,080 | $13.6M | Add +8.2% |
| GOOG Alphabet Inc. Class C | 0.42% | 88,723 | $13.5M | Add +6.1% |
| ABBV Abbvie Inc. | 0.40% | 71,559 | $13.0M | Add +10.6% |
| SCHF Schwab Intl Equity ETF | 0.40% | 333,253 | $13.0M | Add +12.7% |
| ADBE Adobe Inc. | 0.40% | 25,604 | $12.9M | Add +1.6% |
| VB Vanguard Most SM-Cap ETF-Usd | 0.39% | 54,694 | $12.5M | Reduce -4.9% |
| SCHE Schwab Emrg Mrkts Eqty ETF | 0.38% | 490,369 | $12.4M | Add +11.3% |
| IWC iShares Micro-Cap ETF | 0.38% | 101,851 | $12.3M | Reduce -0.5% |
| MCK McKesson Corp. | 0.38% | 22,691 | $12.2M | Add +264.9% |
| GOOGL Alphabet Inc. Class A | 0.37% | 79,054 | $11.9M | Reduce -21.7% |
| ORCL Oracle Corp. | 0.36% | 93,221 | $11.7M | Add +14.6% |
| HPQ HP Inc. | 0.36% | 380,671 | $11.5M | Add +15.6% |
| ESGE iShares Inc. iShares ESG Awar | 0.35% | 350,824 | $11.3M | Add +1.5% |
| AMAT Applied Materials Inc. | 0.34% | 53,447 | $11.0M | Add +8.3% |
| MGV Vngrd Mrgstr MG CP VL ETF-Ui | 0.34% | 90,991 | $10.9M | Add +13.9% |
| SCHV Schwab US Large-Cap Value | 0.34% | 142,581 | $10.8M | Reduce -0.5% |
| VWO Vanguard Ftse Emerging Marke | 0.34% | 258,616 | $10.8M | Reduce -1.6% |
| DELL Dell Technologies -C | 0.33% | 92,623 | $10.6M | Reduce -47.2% |
| TSLA Tesla Inc. | 0.32% | 59,071 | $10.4M | Add +34.1% |
| EWX State Street SPDR S&P Emergi | 0.32% | 185,657 | $10.4M | Reduce -1.7% |
| CARR Carrier Global Corp. | 0.32% | 175,592 | $10.2M | Add +21.9% |
| ESML iShares ESG Aware MSCI USA S | 0.31% | 250,781 | $10.1M | Add +3.0% |
| SCHA Schwab US Small-Cap ETF | 0.31% | 204,636 | $10.1M | Reduce -1.8% |
| MGC Vngrd Mrngstr MG Cap ETF-Usd | 0.31% | 53,383 | $10.0M | Add +14.4% |
| BLK BlackRock Finance Inc. | 0.31% | 11,923 | $9.9M | Add +70.3% |
| VFMO Vanguard US Momentum Factor | 0.30% | 64,987 | $9.8M | Reduce -5.4% |
| AZO AutoZone Inc. | 0.30% | 3,040 | $9.6M | Add +5.0% |
| RS Reliance Inc. | 0.30% | 28,562 | $9.5M | Add +108.9% |
| NUMV Nuveen ESG Mid-Cap Value ETF | 0.29% | 277,516 | $9.5M | Add +3.5% |
| VYM Vanguard High DVD Yield ETF | 0.28% | 74,644 | $9.0M | Reduce -1.1% |
| JNJ Johnson & Johnson | 0.28% | 56,217 | $8.9M | Add +0.3% |
| QQQ Invesco QQQ Trust Series 1 | 0.27% | 19,591 | $8.7M | Reduce -1.4% |
| FNDF Schwab Fndmn Intl LRG Co. ETF | 0.26% | 238,055 | $8.5M | Add +0.8% |
| GILD Gilead Sciences Inc. | 0.26% | 114,840 | $8.4M | Add +15.4% |
| EFG iShares MSCI Eafe Growth ETF | 0.26% | 81,005 | $8.4M | Add +16.6% |
| DOX Amdocs Ltd. | 0.25% | 88,288 | $8.0M | Add +21.7% |
| UPS United Parcel Service Class B | 0.24% | 53,124 | $7.9M | Add +9.2% |
| DWX State Street SPDR S&P Intern | 0.24% | 223,256 | $7.8M | Reduce -2.2% |
| IVV iShares Core S&P 500 ETF | 0.24% | 14,673 | $7.7M | Reduce -3.0% |
| SHM SS SPDR N Ice St Muni ETF | 0.24% | 162,520 | $7.7M | Reduce -7.2% |
| SCHW Schwab (charles) Corp. | 0.23% | 104,554 | $7.6M | Add +7.1% |
| MGK Vngrd Mrgstr MG CP GR ETF-Ui | 0.23% | 26,321 | $7.5M | Reduce -2.8% |
| SPIB SS SPDR P Int C Corp. ETF | 0.23% | 225,860 | $7.4M | Add +1.3% |
| IJR iShares Core S&P Small-Cap E | 0.22% | 65,346 | $7.2M | Add +8.2% |
| ESGU iShares ESG Aware MSCI USA | 0.22% | 61,501 | $7.1M | Reduce -1.4% |
| CI The Cigna Group | 0.22% | 19,336 | $7.0M | Add +13.5% |
| PHM Pultegroup Inc. | 0.22% | 57,896 | $7.0M | Add +17.6% |
| XOM Exxon Mobil Corp. | 0.21% | 59,407 | $6.9M | Reduce -52.4% |
| AFL Aflac Inc. | 0.21% | 78,919 | $6.8M | Add +18.1% |
| HYD Vaneck High Yield Muni ETF | 0.20% | 123,982 | $6.5M | Reduce -3.0% |
| MUB iShares National Muni Bond E | 0.20% | 59,641 | $6.4M | Add +2.7% |
| VOO Vanguard S&P 500 ETF | 0.20% | 13,345 | $6.4M | Add +4.7% |
| FTSL First Trust Senior Loan ETF | 0.20% | 137,817 | $6.4M | Reduce -5.8% |
| SPSB SS SPDR P St C Corp. ETF | 0.20% | 213,323 | $6.4M | Reduce -7.3% |
| LRCX Lam Research Corp. | 0.19% | 6,444 | $6.3M | Add +7.4% |
| LLY Eli Lilly & Co. | 0.19% | 7,819 | $6.1M | Add +71.3% |
Options reported separately and not counted above: NVDA puts ($89.5M), TSLA calls ($352K), UNH calls ($99K).
Other holdings (1): bonds, preferreds, convertibles and warrants · $3K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| MOBXW Chavrant Capital Acq -CW23 | *W EXP 12/21/202 | 13,000 | $3K | New |
Total filed on the 13F, all lines: $3.2B.
Portfolio Sells Q4 2023 → Q1 2024
| AAPL Apple Inc. | Reduce -24.4% | 2.56% | −1.60 |
| CVX Chevron Corp. | Reduce -62.5% | 0.16% | −0.29 |
| OZ Belpointe Prep LLC Class A | Reduce -1.5% | 0.51% | −0.21 |
| XOM Exxon Mobil Corp. | Reduce -52.4% | 0.21% | −0.21 |
| TRV The Travelers Cos Inc. | Reduce -64.9% | 0.10% | −0.15 |
| DELL Dell Technologies -C | Reduce -47.2% | 0.33% | −0.13 |
| GOOGL Alphabet Inc. Class A | Reduce -21.7% | 0.37% | −0.11 |
| VTV Vanguard Mrngstr Val ETF-Aui | Reduce -5.7% | 1.52% | −0.10 |
| VEA Vanguard Ftse Developed ETF | Reduce -3.5% | 1.15% | −0.10 |
| SNAP Snap Inc. Class A | Reduce -3.1% | 0.11% | −0.08 |
| VSS Vanguard Ftse All Wo X-US SC | Reduce -0.4% | 0.80% | −0.07 |
| MRNA Moderna Inc. | Sold out | 0.00% | −0.06 |
| V Visa Inc. Class A | Reduce -22.5% | 0.19% | −0.06 |
| WBA Walgreens Boots Alliance Inc. | Reduce -79.2% | 0.01% | −0.05 |
| BIIB Biogen Inc. | Sold out | 0.00% | −0.05 |
| SHM SS SPDR N Ice St Muni ETF | Reduce -7.2% | 0.24% | −0.05 |
| PM Philip Morris International | Reduce -58.6% | 0.03% | −0.04 |
| KLAC KLA Corp. | Reduce -62.1% | 0.03% | −0.04 |
| EWX State Street SPDR S&P Emergi | Reduce -1.7% | 0.32% | −0.04 |
| UTHR United Therapeutics Corp. | Sold out | 0.00% | −0.04 |
| SPSB SS SPDR P St C Corp. ETF | Reduce -7.3% | 0.20% | −0.04 |
| SPLK Splunk Inc. | Sold out | 0.00% | −0.03 |
| DWX State Street SPDR S&P Intern | Reduce -2.2% | 0.24% | −0.03 |
| VWO Vanguard Ftse Emerging Marke | Reduce -1.6% | 0.34% | −0.03 |
| FTSL First Trust Senior Loan ETF | Reduce -5.8% | 0.20% | −0.03 |
| FEM First Trust Emerging Markets | Reduce -1.0% | 0.43% | −0.03 |
| VB Vanguard Most SM-Cap ETF-Usd | Reduce -4.9% | 0.39% | −0.03 |
| VBR Vngrd Mrngst SL-CP Val ETF-U | Reduce -1.2% | 0.70% | −0.03 |
| SDY SS SPDR S&P Dividend ETF | Reduce -48.3% | 0.02% | −0.02 |
| HYD Vaneck High Yield Muni ETF | Reduce -3.0% | 0.20% | −0.02 |
| SPYV SS SPDR P S&P 500 Value ETF | Reduce -19.1% | 0.09% | −0.02 |
| SCHA Schwab US Small-Cap ETF | Reduce -1.8% | 0.31% | −0.02 |
| SCHH Schwab US REIT ETF | Reduce -1.9% | 0.15% | −0.02 |
| IWC iShares Micro-Cap ETF | Reduce -0.5% | 0.38% | −0.02 |
| SBUX Starbucks Corp. | Reduce -2.9% | 0.11% | −0.02 |
| VV Vngrd Mrgstr LRG-Cap ETF-Usd | Reduce -4.7% | 0.43% | −0.02 |
| XLK SS Technology Select Sector | Reduce -25.3% | 0.05% | −0.02 |
| PBP Invesco S&P 500 Buywrite ETF | Reduce -6.5% | 0.14% | −0.02 |
| FDM First Trust Dow J Select Mic | Reduce -14.0% | 0.07% | −0.02 |
| IGHG Proshares Ig Hedged | Sold out | 0.00% | −0.02 |
| MCHP Microchip Technology Inc. | Reduce -6.6% | 0.10% | −0.02 |
| IJS iShares S&P Small-Cap 600 Va | Reduce -2.2% | 0.14% | −0.02 |
| AI C3.AI Inc. Class A | Reduce -68.6% | 0.01% | −0.02 |
| EL Estee Lauder Companies Class A | Sold out | 0.00% | −0.02 |
| WEC WEC Energy Group Inc. | Reduce -1.4% | 0.10% | −0.01 |
| PFE Pfizer Inc. | Reduce -14.4% | 0.04% | −0.01 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -1.3% | 1.51% | −0.01 |
| NUDM Nuveen ESG Intl Devel MRK Eq | Reduce -28.2% | 0.03% | −0.01 |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | Reduce -18.3% | 0.05% | −0.01 |
| CMF iShares California Muni Bond | Reduce -10.9% | 0.05% | −0.01 |
Portfolio Buys Q4 2023 → Q1 2024
| MTUM iShares MSCI USA Momentum Fa | Add +0.1% | 4.77% | +0.40 |
| MCK McKesson Corp. | Add +264.9% | 0.38% | +0.28 |
| QUAL iShares MSCI USA Quality Fac | Add +3.8% | 3.97% | +0.22 |
| MSFT Microsoft Corp. | Add +7.8% | 2.34% | +0.22 |
| RS Reliance Inc. | Add +108.9% | 0.30% | +0.17 |
| DHR Danaher Corp. | Add +170.2% | 0.19% | +0.12 |
| BLK BlackRock Finance Inc. | Add +70.3% | 0.31% | +0.12 |
| BLDR Builders Firstsource Inc. | Add +18.7% | 0.43% | +0.11 |
| COST Costco Wholesale Corp. | Add +16.1% | 0.73% | +0.11 |
| LLY Eli Lilly & Co. | Add +71.3% | 0.19% | +0.10 |
| DFUV Dimensional US Marketwide Va | Add +3.4% | 2.71% | +0.10 |
| AMZN Amazon.com Inc. | Add +3.1% | 0.89% | +0.09 |
| ACGL Arch Capital Group Ltd. | Add +4.5% | 0.53% | +0.08 |
| ORCL Oracle Corp. | Add +14.6% | 0.36% | +0.07 |
| AMAT Applied Materials Inc. | Add +8.3% | 0.34% | +0.07 |
| AVUV Avantis US Small Cap Value | Add +19.3% | 0.54% | +0.06 |
| ABBV Abbvie Inc. | Add +10.6% | 0.40% | +0.06 |
| COR Cencora Inc. | Add +746.9% | 0.07% | +0.06 |
| NVR NVR Inc. | Add +5.0% | 0.56% | +0.06 |
| EME Emcor Group Inc. | New | 0.05% | +0.05 |
| FDX FedEx Corp. | New | 0.05% | +0.05 |
| CI The Cigna Group | Add +13.5% | 0.22% | +0.04 |
| IQLT iShares MSCI International Q | Add +5.2% | 3.10% | +0.04 |
| PHM Pultegroup Inc. | Add +17.6% | 0.22% | +0.04 |
| AZO AutoZone Inc. | Add +5.0% | 0.30% | +0.04 |
| ADI Analog Devices Inc. | New | 0.04% | +0.04 |
| MGC Vngrd Mrngstr MG Cap ETF-Usd | Add +14.4% | 0.31% | +0.04 |
| MGV Vngrd Mrgstr MG CP VL ETF-Ui | Add +13.9% | 0.34% | +0.04 |
| VTI VG Morningstar TS MKT ETF-US | Add +8.5% | 0.49% | +0.04 |
| CNC Centene Corp. | New | 0.04% | +0.04 |
| L Loews Corp. | New | 0.04% | +0.04 |
| MOH Molina Healthcare Inc. | New | 0.04% | +0.04 |
| CME Cme Group Inc. | New | 0.04% | +0.04 |
| ORLY O'reilly Automotive Inc. | Add +440.0% | 0.04% | +0.04 |
| CARR Carrier Global Corp. | Add +21.9% | 0.32% | +0.04 |
| LRCX Lam Research Corp. | Add +7.4% | 0.19% | +0.03 |
| CMCSA Comcast Corp. Class A | Add +111.7% | 0.07% | +0.03 |
| LEN Lennar Corp. Class A | Add +18.6% | 0.17% | +0.03 |
| EFG iShares MSCI Eafe Growth ETF | Add +16.6% | 0.26% | +0.03 |
| SCHF Schwab Intl Equity ETF | Add +12.7% | 0.40% | +0.03 |
| SCHG Schwab US Large-Cap Growth | Add +115.0% | 0.06% | +0.03 |
| DOX Amdocs Ltd. | Add +21.7% | 0.25% | +0.03 |
| TXN Texas Instruments Inc. | Add +144.6% | 0.05% | +0.03 |
| IPG Interpublic Group of Cos Inc. | Add +30.7% | 0.16% | +0.03 |
| OMC Omnicom Group | Add +19.4% | 0.15% | +0.03 |
| ELV Elevance Health Inc. | New | 0.03% | +0.03 |
| NOW ServiceNow Inc. | Add +375.6% | 0.03% | +0.03 |
| SCCO Southern Copper Corp. | Add +11.6% | 0.12% | +0.02 |
| LOW Lowe's Cos Inc. | Add +99.5% | 0.05% | +0.02 |
| NFLX Netflix Inc. | Add +21.3% | 0.08% | +0.02 |
Options Activity Q4 2023 → Q1 2024
| NVDA Nvidia Corp. | put | Reduce -27.3% | 99,000 | $89.5M |
| TSLA Tesla Inc. | call | New | 2,000 | $352K |
| UNH Unitedhealth Group Inc. | call | New | 200 | $99K |
| BA The Boeing Co. | put | Sold out | 300 | $78Kbefore exit |
| AAPL Apple Inc. | put | Sold out | 300 | $58Kbefore exit |
| F Ford Motor Co. | put | Sold out | 100 | $1Kbefore exit |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q4 2023 → Q1 2024
| MOBXW Chavrant Capital Acq -CW23 | *W EXP 12/21/202 | New | 13,000 | $3K |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 1,045 | $6.8B | NVDA, QUAL, IQLT, MTUM, VTIP |
| Q1 2026 | 982 | $5.8B | NVDA, QUAL, IQLT, VTIP, MTUM |
| Q4 2025 | 890 | $5.6B | QUAL, NVDA, IQLT, MTUM, VTIP |
| Q3 2025 | 789 | $5.0B | NVDA, MTUM, VTIP, QUAL, VCSH |
| Q2 2025 | 683 | $4.4B | MTUM, VTIP, VCSH, QUAL, NVDA |
| Q1 2025 | 645 | $3.9B | MTUM, VTIP, VCSH, QUAL, IQLT |
| Q4 2024 | 608 | $3.7B | MTUM, VTIP, QUAL, VCSH, AAPL |
| Q3 2024 | 564 | $3.5B | MTUM, VTIP, VCSH, QUAL, IQLT |
| Q2 2024 | 558 | $3.3B | MTUM, VTIP, VCSH, QUAL, NVDA |
| Q1 2024 | 526 | $3.2B | VCSH, MTUM, VTIP, NVDA, QUAL |