Empirical Financial Services, LLC d.b.a. Empirical Wealth Management
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed January 22, 2025), Empirical Financial Services, LLC d.b.a. Empirical Wealth Management reported 608 stock positions worth $3.7 billion. Its top holding was iShares MSCI USA Momentum Fa (MTUM) at 5.6% of the portfolio, followed by Vanguard Short-Term Tips (VTIP, 4.9%) and iShares MSCI USA Quality Fac (QUAL, 4.6%). Compared with Q3 2024, it opened 59 new positions, sold out of 15, added to 359 and reduced 134. The biggest buy was Nvidia (NVDA, shares +49%) and the biggest sale Vanguard Real Estate ETF (VNQ, shares −5%).
- Most Recent 13F
- Q2 2026
- Location
- Seattle, WA
- CIK
- 0001510434
- Portfolio Value
- $3.7B (Q4 2024)
- SEC Filing
- 0001085146-25-000387 ↗ filed Jan 22, 2025
Holdings Value
Holdings 608 stocks · $3.7B
| MTUM iShares MSCI USA Momentum Fa | 5.61% | 995,986 | $206.1M | Add +3.7% |
| VTIP Vanguard Short-Term Tips | 4.91% | 3,729,095 | $180.6M | Add +5.2% |
| QUAL iShares MSCI USA Quality Fac | 4.64% | 958,349 | $170.7M | Add +13.8% |
| VCSH Vanguard S/T Corp. Bond ETF | 4.58% | 2,156,665 | $168.2M | Add +3.3% |
| AAPL Apple Inc. | 3.10% | 454,544 | $113.8M | Add +3.1% |
| DFUV Dimensional US Marketwide Va | 2.93% | 2,635,288 | $107.8M | Add +6.5% |
| IQLT iShares MSCI International Q | 2.91% | 2,881,182 | $106.9M | Add +5.9% |
| VCIT Vanguard Int-Term Corporate | 2.68% | 1,229,252 | $98.7M | Add +3.8% |
| NVDA Nvidia Corp. | 2.48% | 679,765 | $91.3M | Add +48.7% |
| EFV iShares MSCI Eafe Value ETF | 2.36% | 1,653,265 | $86.7M | Add +4.3% |
| IEMG iShares Core MSCI Emerging | 2.34% | 1,650,434 | $86.2M | Add +1.5% |
| MSFT Microsoft Corp. | 2.20% | 191,443 | $80.7M | Add +1.7% |
| SJNK SS SPDR BB St Hi Yield ETF | 1.96% | 2,850,416 | $72.0M | Add +4.1% |
| DFIV Dimensional International Va | 1.78% | 1,839,267 | $65.3M | Add +4.5% |
| VGSH Vanguard Short-Term Treasury | 1.53% | 964,855 | $56.1M | Add +6.4% |
| SPY SS SPDR S&P 500 ETF Trust-US | 1.43% | 89,942 | $52.7M | Reduce -3.0% |
| META Meta Platforms Inc. Class A | 1.33% | 83,468 | $48.9M | Add +8.0% |
| VTV Vanguard Mrngstr Val ETF-Aui | 1.31% | 284,417 | $48.2M | Add +0.1% |
| DFAT Dimensional US Target Value | 1.30% | 858,363 | $47.8M | Add +1.4% |
| VEA Vanguard Ftse Developed ETF | 1.09% | 838,833 | $40.1M | Add +12.1% |
| AMZN Amazon.com Inc. | 1.08% | 181,727 | $39.9M | Add +3.3% |
| AVDV Avantis Intl S/C Value ETF | 0.93% | 527,225 | $34.3M | Add +5.1% |
| VNQ Vanguard Real Estate ETF | 0.90% | 371,960 | $33.1M | Reduce -4.5% |
| COST Costco Wholesale Corp. | 0.78% | 31,170 | $28.6M | Reduce -1.1% |
| DFAC Dimensional US Core Equity 2 | 0.71% | 754,475 | $26.1M | Add +1.2% |
| TSLA Tesla Inc. | 0.71% | 64,393 | $26.0M | Add +2.6% |
| AVUV Avantis US Small Cap Value | 0.70% | 265,788 | $25.7M | Add +12.4% |
| VSS Vanguard Ftse All Wo X-US SC | 0.68% | 217,513 | $24.9M | Add +2.0% |
| VBR Vngrd Mrngst SL-CP Val ETF-U | 0.62% | 115,912 | $23.0M | Reduce -2.6% |
| ESGD iShares Trust iShares ESG Aw | 0.61% | 295,067 | $22.5M | Add +2.0% |
| CSCO Cisco Systems Inc. | 0.60% | 372,106 | $22.0M | Add +26.9% |
| SCHC Schwab Intl Small-Cap Equity | 0.55% | 589,540 | $20.2M | Add +5.3% |
| DFAS Dimensional US Small Cap ETF | 0.54% | 307,677 | $20.0M | Add +1.5% |
| OZ Belpointe Prep LLC Class A | 0.54% | 256,339 | $19.8M | Reduce -2.2% |
| STIP iShares 0-5 Year Tips Bond E | 0.54% | 196,070 | $19.7M | Add +7.2% |
| NVR NVR Inc. | 0.53% | 2,399 | $19.6M | Add +1.4% |
| FPE FT-Preferred Secur & Inc. ETF | 0.53% | 1,093,365 | $19.4M | Add +3.0% |
| GOOG Alphabet Inc. Class C | 0.52% | 100,229 | $19.1M | Add +5.2% |
| ACGL Arch Capital Group Ltd. | 0.50% | 197,111 | $18.2M | Add +3.5% |
| MCK McKesson Corp. | 0.49% | 31,801 | $18.1M | Add +13.3% |
| ORCL Oracle Corp. | 0.46% | 100,994 | $16.8M | Add +1.2% |
| BLK BlackRock Inc. | 0.45% | 16,300 | $16.7M | Add +7.8% |
| SCHX Schwab US Large-Cap ETF | 0.43% | 686,129 | $15.9M | Reduce -1.0% |
| VTI VG Morningstar TS MKT ETF-US | 0.43% | 54,228 | $15.7M | Add +3.9% |
| SCHE Schwab Emrg Mrkts Eqty ETF | 0.43% | 588,477 | $15.7M | Add +4.5% |
| NULV Nuveen ESG Large-Cap Val ETF | 0.42% | 392,218 | $15.4M | Add +3.1% |
| SCHF Schwab Intl Equity ETF | 0.42% | 829,109 | $15.3M | Add +4.3% |
| ABBV Abbvie Inc. | 0.41% | 85,095 | $15.1M | Add +7.8% |
| HYMB SS SPDR N Ice HY Muni ETF | 0.41% | 586,856 | $15.0M | Add +4.8% |
| MGC Vngrd Mrngstr MG Cap ETF-Usd | 0.40% | 69,940 | $14.9M | Add +6.5% |
| VV Vngrd Mrgstr LRG-Cap ETF-Usd | 0.40% | 54,183 | $14.6M | Reduce -0.5% |
| HPQ HP Inc. | 0.40% | 446,848 | $14.6M | Add +4.3% |
| CARR Carrier Global Corp. | 0.38% | 205,646 | $14.0M | Add +3.6% |
| GOOGL Alphabet Inc. Class A | 0.37% | 71,539 | $13.5M | Add +6.7% |
| IWC iShares Micro-Cap ETF | 0.36% | 102,483 | $13.4M | Add +0.2% |
| MGK Vngrd Mrgstr MG CP GR ETF-Ui | 0.36% | 38,706 | $13.3M | Add +7.1% |
| GILD Gilead Sciences Inc. | 0.36% | 142,167 | $13.1M | Add +3.9% |
| VNQI Vanguard GLBL Ex-US Real Est | 0.35% | 328,136 | $13.0M | Add +8.0% |
| VB Vanguard Most SM-Cap ETF-Usd | 0.35% | 53,053 | $12.7M | Reduce -1.0% |
| FEM First Trust Emerging Markets | 0.34% | 569,208 | $12.5M | Add +2.5% |
| ADBE Adobe Inc. | 0.34% | 28,156 | $12.5M | Reduce -1.1% |
| BLDR Builders Firstsource Inc. | 0.34% | 87,287 | $12.5M | Reduce -2.3% |
| QQQ Invesco QQQ Trust Series 1 | 0.33% | 23,642 | $12.1M | Add +13.7% |
| MGV Vngrd Mrgstr MG CP VL ETF-Ui | 0.33% | 96,384 | $12.0M | Add +3.8% |
| AZO AutoZone Inc. | 0.32% | 3,627 | $11.6M | Add +8.7% |
| EFG iShares MSCI Eafe Growth ETF | 0.31% | 117,375 | $11.4M | Add +8.6% |
| VWO Vanguard Ftse Emerging Marke | 0.30% | 254,053 | $11.2M | Add +2.1% |
| RS Reliance Inc. | 0.30% | 40,899 | $11.0M | Add +7.8% |
| AMAT Applied Materials Inc. | 0.30% | 67,341 | $11.0M | Add +12.3% |
| EWX State Street SPDR S&P Emergi | 0.29% | 184,562 | $10.8M | Add +1.5% |
| IJR iShares Core S&P Small-Cap E | 0.29% | 92,819 | $10.7M | Add +6.0% |
| ESML iShares ESG Aware MSCI USA S | 0.29% | 253,812 | $10.7M | Add +0.0% |
| SCHV Schwab US Large-Cap Value | 0.28% | 401,608 | $10.5M | Reduce -3.3% |
| DOX Amdocs Ltd. | 0.28% | 122,470 | $10.4M | Add +16.4% |
| SCHA Schwab US Small-Cap ETF | 0.28% | 402,867 | $10.4M | Reduce -1.7% |
| VFMO Vanguard US Momentum Factor | 0.28% | 62,657 | $10.3M | Reduce -0.9% |
| VYM Vanguard High DVD Yield ETF | 0.27% | 77,885 | $9.9M | Add +3.1% |
| ESGE iShares Inc. iShares ESG Awar | 0.27% | 297,039 | $9.9M | Reduce -0.7% |
| AFL Aflac Inc. | 0.27% | 95,161 | $9.8M | Add +7.8% |
| JNJ Johnson & Johnson | 0.26% | 66,590 | $9.6M | Reduce -2.4% |
| UPS United Parcel Service Class B | 0.26% | 75,049 | $9.5M | Add +15.4% |
| IVV iShares Core S&P 500 ETF | 0.24% | 15,132 | $8.9M | Reduce -2.0% |
| NUMV Nuveen ESG Mid-Cap Value ETF | 0.24% | 253,286 | $8.8M | Reduce -2.3% |
| DELL Dell Technologies -C | 0.23% | 74,332 | $8.6M | Reduce -9.5% |
| AVGO Broadcom Inc. | 0.23% | 36,258 | $8.4M | Add +1.7% |
| VOE Vngrd Mrngstr MD-Cap Val ETF | 0.23% | 51,555 | $8.3M | Add +9.3% |
| NFLX Netflix Inc. | 0.22% | 9,097 | $8.1M | Reduce -38.3% |
| XOM Exxon Mobil Corp. | 0.22% | 74,223 | $8.0M | Add +10.2% |
| V Visa Inc. Class A | 0.21% | 24,868 | $7.9M | Add +16.5% |
| PHM Pultegroup Inc. | 0.21% | 72,064 | $7.8M | Add +4.8% |
| VOO Vanguard S&P 500 ETF | 0.21% | 14,494 | $7.8M | Add +8.7% |
| DWX State Street SPDR S&P Intern | 0.21% | 222,898 | $7.8M | Add +1.7% |
| SCHW Schwab (charles) Corp. | 0.21% | 104,832 | $7.8M | Add +3.5% |
| FNDF Schwab Fndmn Intl LRG Co. ETF | 0.21% | 231,142 | $7.7M | Add +8.2% |
| ESGU iShares ESG Aware MSCI USA | 0.21% | 58,547 | $7.5M | Reduce -3.9% |
| CVX Chevron Corp. | 0.20% | 51,789 | $7.5M | Reduce -2.0% |
| SPIB SS SPDR P Int C Corp. ETF | 0.20% | 228,763 | $7.5M | Add +11.3% |
| SPSB SS SPDR P St C Corp. ETF | 0.20% | 249,956 | $7.5M | Add +25.3% |
| SHM SS SPDR N Ice St Muni ETF | 0.20% | 155,697 | $7.4M | Add +0.9% |
| HD Home Depot Inc. | 0.19% | 18,027 | $7.0M | Add +8.4% |
Options reported separately and not counted above: NVDA puts ($9.2M), PLTR puts ($605K), COST puts ($367K).
Other holdings (1): bonds, preferreds, convertibles and warrants · $2K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| MOBXW Chavrant Capital Acq -CW23 | *W EXP 12/21/202 | 13,000 | $2K | No change |
Total filed on the 13F, all lines: $3.7B.
Portfolio Sells Q3 2024 → Q4 2024
| VNQ Vanguard Real Estate ETF | Reduce -4.5% | 0.90% | −0.17 |
| BLDR Builders Firstsource Inc. | Reduce -2.3% | 0.34% | −0.15 |
| BSCO Invesco Bulletshares 2024 CB | Sold out | 0.00% | −0.08 |
| ADBE Adobe Inc. | Reduce -1.1% | 0.34% | −0.07 |
| NFLX Netflix Inc. | Reduce -38.3% | 0.22% | −0.07 |
| DHR Danaher Corp. | Reduce -17.3% | 0.13% | −0.07 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -3.0% | 1.43% | −0.07 |
| PBP Invesco S&P 500 Buywrite ETF | Reduce -39.7% | 0.08% | −0.05 |
| JNJ Johnson & Johnson | Reduce -2.4% | 0.26% | −0.05 |
| VBR Vngrd Mrngst SL-CP Val ETF-U | Reduce -2.6% | 0.62% | −0.05 |
| DELL Dell Technologies -C | Reduce -9.5% | 0.23% | −0.04 |
| ESGE iShares Inc. iShares ESG Awar | Reduce -0.7% | 0.27% | −0.04 |
| NUMV Nuveen ESG Mid-Cap Value ETF | Reduce -2.3% | 0.24% | −0.03 |
| SCHV Schwab US Large-Cap Value | Reduce -3.3% | 0.28% | −0.03 |
| SWKS Skyworks Solutions Inc. | Reduce -1.0% | 0.16% | −0.03 |
| SCHH Schwab US REIT ETF | Reduce -10.0% | 0.09% | −0.03 |
| COMT iShares Gsci Commodity Dynam | Reduce -76.2% | 0.01% | −0.02 |
| VSGX Vanguard ESG Intl Stock ETF | Reduce -5.5% | 0.11% | −0.02 |
| ADP Automatic Data Processing | Reduce -21.6% | 0.08% | −0.02 |
| NEE Nextera Energy Inc. | Reduce -19.6% | 0.04% | −0.02 |
| BSJO Invesco Bulletshares 2024 HY | Sold out | 0.00% | −0.02 |
| SCHZ Schwab US Aggregate Bond ETF | Reduce -6.5% | 0.10% | −0.02 |
| CVX Chevron Corp. | Reduce -2.0% | 0.20% | −0.02 |
| TMO Thermo Fisher Scientific Inc. | Reduce -1.3% | 0.06% | −0.01 |
| MCD McDonald's Corp. | Reduce -4.1% | 0.11% | −0.01 |
| SCHA Schwab US Small-Cap ETF | Reduce -1.7% | 0.28% | −0.01 |
| INTC Intel Corp. | Reduce -15.5% | 0.03% | −0.01 |
| WEC WEC Energy Group Inc. | Reduce -6.2% | 0.09% | −0.01 |
| FTSL First Trust Senior Loan ETF | Reduce -3.7% | 0.17% | −0.01 |
| MUB iShares National Muni Bond E | Reduce -1.8% | 0.15% | −0.01 |
| ESGU iShares ESG Aware MSCI USA | Reduce -3.9% | 0.21% | −0.01 |
| VB Vanguard Most SM-Cap ETF-Usd | Reduce -1.0% | 0.35% | −0.01 |
| EMXC iShares MSCI Emr MRK Ex Chna | Reduce -4.8% | 0.06% | −0.01 |
| HYD Vaneck High Yield Muni ETF | Reduce -0.6% | 0.17% | −0.01 |
| COST Costco Wholesale Corp. | Reduce -1.1% | 0.78% | −0.01 |
| KLAC KLA Corp. | Reduce -18.9% | 0.02% | −0.01 |
| ELV Elevance Health Inc. | Reduce -1.3% | 0.02% | −0.01 |
| SCHX Schwab US Large-Cap ETF | Reduce -1.0% | 0.43% | −0.01 |
| IVV iShares Core S&P 500 ETF | Reduce -2.0% | 0.24% | −0.01 |
| NUE Nucor Corp. | Reduce -6.3% | 0.02% | −0.01 |
| EW Edwards Lifesciences Corp. | Reduce -21.0% | 0.05% | −0.01 |
| NULG Nuveen ESG LRG-Cap GRW ETF | Reduce -40.6% | 0.01% | −0.01 |
| TXN Texas Instruments Inc. | Reduce -0.6% | 0.05% | −0.01 |
| LMT Lockheed Martin Corp. | Reduce -4.0% | 0.03% | −0.01 |
| IDV iShares International Select | Reduce -0.9% | 0.05% | −0.01 |
| UBER Uber Technologies Inc. | Reduce -2.9% | 0.02% | −0.01 |
| CL Colgate-Palmolive Co. | Reduce -4.8% | 0.03% | −0.01 |
| CEG Constellation Energy | Sold out | 0.00% | −0.01 |
| IGV iShares Expanded Tech-Softwa | Sold out | 0.00% | −0.01 |
| LDOS Leidos Holdings Inc. | Sold out | 0.00% | −0.01 |
Portfolio Buys Q3 2024 → Q4 2024
| NVDA Nvidia Corp. | Add +48.7% | 2.48% | +0.92 |
| QUAL iShares MSCI USA Quality Fac | Add +13.8% | 4.64% | +0.39 |
| TSLA Tesla Inc. | Add +2.6% | 0.71% | +0.24 |
| AAPL Apple Inc. | Add +3.1% | 3.10% | +0.20 |
| AMZN Amazon.com Inc. | Add +3.3% | 1.08% | +0.16 |
| CSCO Cisco Systems Inc. | Add +26.9% | 0.60% | +0.16 |
| LOAR Loar Holdings Inc. | New | 0.14% | +0.14 |
| MTUM iShares MSCI USA Momentum Fa | Add +3.7% | 5.61% | +0.12 |
| MCK McKesson Corp. | Add +13.3% | 0.49% | +0.10 |
| META Meta Platforms Inc. Class A | Add +8.0% | 1.33% | +0.08 |
| GOOG Alphabet Inc. Class C | Add +5.2% | 0.52% | +0.07 |
| BSCV Invesco Bulletshares 2031 CB | New | 0.07% | +0.07 |
| AVUV Avantis US Small Cap Value | Add +12.4% | 0.70% | +0.06 |
| AVGO Broadcom Inc. | Add +1.7% | 0.23% | +0.06 |
| GOOGL Alphabet Inc. Class A | Add +6.7% | 0.37% | +0.06 |
| BLK BlackRock Inc. | Add +7.8% | 0.45% | +0.05 |
| V Visa Inc. Class A | Add +16.5% | 0.21% | +0.05 |
| BITX 2X Bitcoin ETF | New | 0.05% | +0.05 |
| QQQ Invesco QQQ Trust Series 1 | Add +13.7% | 0.33% | +0.04 |
| WSR Whitestone REIT | New | 0.04% | +0.04 |
| JPM JPMorgan Chase & Co. | Add +18.1% | 0.17% | +0.04 |
| JCI Johnson Controls Internation | New | 0.04% | +0.04 |
| JNPR Juniper Networks Inc. | New | 0.04% | +0.04 |
| GILD Gilead Sciences Inc. | Add +3.9% | 0.36% | +0.03 |
| MGK Vngrd Mrgstr MG CP GR ETF-Ui | Add +7.1% | 0.36% | +0.03 |
| SPSB SS SPDR P St C Corp. ETF | Add +25.3% | 0.20% | +0.03 |
| OKE Oneok Inc. | Add +448.6% | 0.04% | +0.03 |
| SCHW Schwab (charles) Corp. | Add +3.5% | 0.21% | +0.03 |
| DFUV Dimensional US Marketwide Va | Add +6.5% | 2.93% | +0.03 |
| DOX Amdocs Ltd. | Add +16.4% | 0.28% | +0.02 |
| JBL Jabil Inc. | Add +6.6% | 0.13% | +0.02 |
| MGC Vngrd Mrngstr MG Cap ETF-Usd | Add +6.5% | 0.40% | +0.02 |
| BSV Vanguard Short-Term Bond ETF | Add +58.5% | 0.06% | +0.02 |
| BAC Bank of America Corp. | Add +16.1% | 0.10% | +0.02 |
| AZO AutoZone Inc. | Add +8.7% | 0.32% | +0.02 |
| BSJU Invesco Bulletshares 2030 HY | New | 0.02% | +0.02 |
| VGSH Vanguard Short-Term Treasury | Add +6.4% | 1.53% | +0.02 |
| TFII Tfi International Inc. | New | 0.02% | +0.02 |
| VOT Vngrd Mrngstr MC GRW ETF-Usd | Add +10.7% | 0.17% | +0.02 |
| IBM Intl Business Machines Corp. | Add +42.8% | 0.06% | +0.02 |
| MS Morgan Stanley | Add +18.8% | 0.06% | +0.02 |
| GD General Dynamics Corp. | Add +94.2% | 0.04% | +0.02 |
| RTX RTX Corp. | Add +51.5% | 0.05% | +0.02 |
| XYZ Block Inc. | Add +183.8% | 0.02% | +0.02 |
| WMT Walmart Inc. | Add +7.9% | 0.10% | +0.01 |
| STIP iShares 0-5 Year Tips Bond E | Add +7.2% | 0.54% | +0.01 |
| MA Mastercard Inc. Class A | Add +21.7% | 0.07% | +0.01 |
| XLU St Sr Utl SL SE SPDR ETF-Usd | New | 0.01% | +0.01 |
| VOO Vanguard S&P 500 ETF | Add +8.7% | 0.21% | +0.01 |
| BNDX Vanguard Total Intl Bond ETF | New | 0.01% | +0.01 |
Options Activity Q3 2024 → Q4 2024
| NFLX Netflix Inc. | put | Sold out | 5,500 | $3.9Mbefore exit |
| PLTR Palantir Technologies Inc. Class A | put | New | 8,000 | $605K |
| AAPL Apple Inc. | put | Sold out | 2,400 | $559Kbefore exit |
| TSLA Tesla Inc. | put | Sold out | 2,000 | $523Kbefore exit |
| COST Costco Wholesale Corp. | put | Reduce -86.7% | 400 | $367K |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings 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 |