Empirical Financial Services, LLC d.b.a. Empirical Wealth Management
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 8, 2025), Empirical Financial Services, LLC d.b.a. Empirical Wealth Management reported 645 stock positions worth $3.9 billion. Its top holding was iShares MSCI USA Momentum Fa (MTUM) at 5.3% of the portfolio, followed by Vanguard Short-Term Tips (VTIP, 5.0%) and Vanguard S/T Corp. Bond ETF (VCSH, 4.4%). Compared with Q4 2024, it opened 110 new positions, sold out of 73, added to 284 and reduced 214. The biggest buy was Automatic Data Processing (ADP, shares +510%) and the biggest sale NVR (NVR, shares −64%).
- Most Recent 13F
- Q2 2026
- Location
- Seattle, WA
- CIK
- 0001510434
- Portfolio Value
- $3.9B (Q1 2025)
- SEC Filing
- 0001085146-25-002824 ↗ filed May 8, 2025
Holdings Value
Holdings 645 stocks · $3.9B
| MTUM iShares MSCI USA Momentum Fa | 5.32% | 1,019,904 | $206.2M | Add +2.4% |
| VTIP Vanguard Short-Term Tips | 4.99% | 3,877,740 | $193.5M | Add +4.0% |
| VCSH Vanguard S/T Corp. Bond ETF | 4.42% | 2,170,568 | $171.3M | Add +0.6% |
| QUAL iShares MSCI USA Quality Fac | 4.40% | 997,825 | $170.5M | Add +4.1% |
| IQLT iShares MSCI International Q | 3.27% | 3,190,711 | $126.6M | Add +10.7% |
| DFUV Dimensional US Marketwide Va | 2.94% | 2,762,034 | $113.8M | Add +4.8% |
| AAPL Apple Inc. | 2.84% | 495,101 | $110.0M | Add +8.9% |
| VCIT Vanguard Int-Term Corporate | 2.64% | 1,249,562 | $102.2M | Add +1.6% |
| EFV iShares MSCI Eafe Value ETF | 2.61% | 1,713,962 | $101.0M | Add +3.7% |
| NVDA Nvidia Corp. | 2.46% | 880,386 | $95.4M | Add +29.5% |
| IEMG iShares Core MSCI Emerging | 2.36% | 1,698,418 | $91.7M | Add +2.9% |
| SJNK SS SPDR BB St Hi Yield ETF | 1.95% | 3,004,022 | $75.6M | Add +5.4% |
| MSFT Microsoft Corp. | 1.93% | 198,941 | $74.7M | Add +3.9% |
| DFIV Dimensional International Va | 1.89% | 1,858,815 | $73.2M | Add +1.1% |
| VGSH Vanguard Short-Term Treasury | 1.48% | 980,132 | $57.5M | Add +1.6% |
| SPY SS SPDR S&P 500 ETF Trust-US | 1.32% | 91,495 | $51.2M | Add +1.7% |
| VTV Vanguard Mrngstr Val ETF-Aui | 1.30% | 292,724 | $50.6M | Add +2.9% |
| META Meta Platforms Inc. Class A | 1.25% | 84,062 | $48.5M | Add +0.7% |
| DFAT Dimensional US Target Value | 1.18% | 888,370 | $45.7M | Add +3.5% |
| VEA Vanguard Ftse Developed ETF | 1.14% | 869,542 | $44.2M | Add +3.7% |
| AVDV Avantis Intl S/C Value ETF | 1.01% | 558,746 | $39.0M | Add +6.0% |
| AMZN Amazon.com Inc. | 0.98% | 200,562 | $38.2M | Add +10.4% |
| VNQ Vanguard Real Estate ETF | 0.89% | 381,335 | $34.5M | Add +2.5% |
| COST Costco Wholesale Corp. | 0.74% | 30,210 | $28.6M | Reduce -3.1% |
| CSCO Cisco Systems Inc. | 0.66% | 415,462 | $25.6M | Add +11.7% |
| AVUV Avantis US Small Cap Value | 0.66% | 293,428 | $25.6M | Add +10.4% |
| VSS Vanguard Ftse All Wo X-US SC | 0.65% | 218,687 | $25.3M | Add +0.5% |
| DFAC Dimensional US Core Equity 2 | 0.63% | 734,756 | $24.2M | Reduce -2.6% |
| ESGD iShares Trust iShares ESG Aw | 0.61% | 290,948 | $23.8M | Reduce -1.4% |
| SCHC Schwab Intl Small-Cap Equity | 0.59% | 641,899 | $23.0M | Add +8.9% |
| VBR Vngrd Mrngst SL-CP Val ETF-U | 0.59% | 123,224 | $23.0M | Add +6.3% |
| GOOG Alphabet Inc. Class C | 0.59% | 146,928 | $23.0M | Add +46.6% |
| ADP Automatic Data Processing | 0.51% | 64,833 | $19.8M | Add +509.9% |
| STIP iShares 0-5 Year Tips Bond E | 0.51% | 190,663 | $19.7M | Reduce -2.8% |
| SCHF Schwab Intl Equity ETF | 0.49% | 965,070 | $19.1M | Add +16.4% |
| FPE FT-Preferred Secur & Inc. ETF | 0.49% | 1,075,906 | $18.9M | Reduce -1.6% |
| MO Altria Group Inc. | 0.48% | 312,270 | $18.7M | Add +597.2% |
| SCHE Schwab Emrg Mrkts Eqty ETF | 0.46% | 653,554 | $18.0M | Add +11.1% |
| DFAS Dimensional US Small Cap ETF | 0.46% | 299,415 | $17.9M | Reduce -2.7% |
| PM Philip Morris International | 0.45% | 109,466 | $17.4M | Add +928.7% |
| FISV Fiserv Inc. | 0.45% | 78,236 | $17.3M | Add +871.0% |
| VTI VG Morningstar TS MKT ETF-US | 0.44% | 62,570 | $17.2M | Add +15.4% |
| WMT Walmart Inc. | 0.43% | 191,802 | $16.8M | Add +350.6% |
| TXN Texas Instruments Inc. | 0.43% | 92,439 | $16.6M | Add +768.2% |
| OZ Belpointe Prep LLC Class A | 0.42% | 251,698 | $16.2M | Reduce -1.8% |
| NULV Nuveen ESG Large-Cap Val ETF | 0.41% | 390,907 | $15.8M | Reduce -0.3% |
| SCHX Schwab US Large-Cap ETF | 0.41% | 712,534 | $15.7M | Add +3.9% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.40% | 28,997 | $15.4M | New |
| TSLA Tesla Inc. | 0.39% | 58,915 | $15.3M | Reduce -8.5% |
| JPM JPMorgan Chase & Co. | 0.39% | 61,529 | $15.1M | Add +129.2% |
| HYMB SS SPDR N Ice HY Muni ETF | 0.38% | 578,953 | $14.6M | Reduce -1.4% |
| VNQI Vanguard GLBL Ex-US Real Est | 0.37% | 352,859 | $14.3M | Add +7.5% |
| MGC Vngrd Mrngstr MG Cap ETF-Usd | 0.37% | 70,717 | $14.2M | Add +1.1% |
| ADI Analog Devices Inc. | 0.37% | 70,237 | $14.2M | Add +681.8% |
| EFG iShares MSCI Eafe Growth ETF | 0.36% | 137,953 | $13.8M | Add +17.5% |
| VV Vngrd Mrgstr LRG-Cap ETF-Usd | 0.35% | 53,446 | $13.7M | Reduce -1.4% |
| FEM First Trust Emerging Markets | 0.34% | 573,292 | $13.1M | Add +0.7% |
| MGV Vngrd Mrgstr MG CP VL ETF-Ui | 0.34% | 101,675 | $13.1M | Add +5.5% |
| IWC iShares Micro-Cap ETF | 0.33% | 114,362 | $12.7M | Add +11.6% |
| VWO Vanguard Ftse Emerging Marke | 0.32% | 276,800 | $12.5M | Add +8.9% |
| MGK Vngrd Mrgstr MG CP GR ETF-Ui | 0.32% | 39,885 | $12.3M | Add +3.0% |
| JNJ Johnson & Johnson | 0.31% | 73,230 | $12.1M | Add +10.0% |
| VB Vanguard Most SM-Cap ETF-Usd | 0.30% | 53,160 | $11.8M | Add +0.2% |
| HPQ HP Inc. | 0.30% | 414,445 | $11.5M | Reduce -7.3% |
| XOM Exxon Mobil Corp. | 0.29% | 95,887 | $11.4M | Add +29.2% |
| AVGO Broadcom Inc. | 0.29% | 66,084 | $11.1M | Add +82.3% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.28% | 44,352 | $11.0M | Add +317.5% |
| GOOGL Alphabet Inc. Class A | 0.28% | 70,814 | $11.0M | Reduce -1.0% |
| VFMO Vanguard US Momentum Factor | 0.28% | 70,970 | $10.8M | Add +13.3% |
| LLY Eli Lilly & Co. | 0.27% | 12,860 | $10.6M | Add +74.7% |
| BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP | 0.27% | 126,592 | $10.6M | Add +1663.9% |
| QQQ Invesco QQQ Trust Series 1 | 0.27% | 22,590 | $10.6M | Reduce -4.5% |
| ADBE Adobe Inc. | 0.27% | 27,480 | $10.5M | Reduce -2.4% |
| SCHV Schwab US Large-Cap Value | 0.27% | 395,098 | $10.5M | Reduce -1.6% |
| VOO Vanguard S&P 500 ETF | 0.27% | 20,433 | $10.5M | Add +41.0% |
| EWX State Street SPDR S&P Emergi | 0.27% | 185,024 | $10.5M | Add +0.3% |
| ESGE iShares Inc. iShares ESG Awar | 0.27% | 298,342 | $10.4M | Add +0.4% |
| IVV iShares Core S&P 500 ETF | 0.27% | 18,534 | $10.4M | Add +22.5% |
| V Visa Inc. Class A | 0.27% | 29,692 | $10.4M | Add +19.4% |
| PAYX Paychex Inc. | 0.27% | 67,235 | $10.4M | Add +2145.7% |
| IJR iShares Core S&P Small-Cap E | 0.27% | 98,426 | $10.3M | Add +6.0% |
| CMI Cummins Inc. | 0.26% | 32,576 | $10.2M | Add +1791.8% |
| SCHA Schwab US Small-Cap ETF | 0.26% | 430,514 | $10.1M | Add +6.9% |
| ESML iShares ESG Aware MSCI USA S | 0.26% | 257,404 | $9.9M | Add +1.4% |
| VYM Vanguard High DVD Yield ETF | 0.25% | 73,891 | $9.5M | Reduce -5.1% |
| EBI Longview Advantage ETF | 0.25% | 201,299 | $9.5M | New |
| T AT&T Inc. | 0.24% | 331,469 | $9.4M | Add +65.0% |
| SCHW Schwab (charles) Corp. | 0.24% | 119,211 | $9.3M | Add +13.7% |
| VOE Vngrd Mrngstr MD-Cap Val ETF | 0.24% | 57,664 | $9.3M | Add +11.8% |
| ORCL Oracle Corp. | 0.23% | 63,462 | $8.9M | Reduce -37.2% |
| NUMV Nuveen ESG Mid-Cap Value ETF | 0.23% | 256,703 | $8.8M | Add +1.4% |
| NFLX Netflix Inc. | 0.23% | 9,369 | $8.7M | Add +3.0% |
| DWX State Street SPDR S&P Intern | 0.22% | 223,742 | $8.6M | Add +0.4% |
| EMR Emerson Electric Co. | 0.22% | 77,335 | $8.5M | Add +1729.1% |
| ABBV Abbvie Inc. | 0.21% | 39,026 | $8.2M | Reduce -54.1% |
| FNDF Schwab Fndmn Intl LRG Co. ETF | 0.21% | 225,756 | $8.2M | Reduce -2.3% |
| CVX Chevron Corp. | 0.21% | 47,559 | $8.0M | Reduce -8.2% |
| IWB iShares Russell 1000 ETF | 0.20% | 25,607 | $7.9M | Add +317.7% |
| BLK BlackRock Inc. | 0.20% | 8,011 | $7.6M | Reduce -50.9% |
| ACGL Arch Capital Group Ltd. | 0.19% | 77,664 | $7.5M | Reduce -60.6% |
Options reported separately and not counted above: COST puts ($6.1M), NVDA puts ($4.8M), AAPL puts ($622K), AMZN puts ($247K).
Other holdings (1): bonds, preferreds, convertibles and warrants · $1K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| MOBXW Chavrant Capital Acq -CW23 | *W EXP 12/21/202 | 13,000 | $1K | No change |
Total filed on the 13F, all lines: $3.9B.
Portfolio Sells Q4 2024 → Q1 2025
| NVR NVR Inc. | Reduce -64.4% | 0.16% | −0.37 |
| TSLA Tesla Inc. | Reduce -8.5% | 0.39% | −0.31 |
| MCK McKesson Corp. | Reduce -66.7% | 0.18% | −0.31 |
| ACGL Arch Capital Group Ltd. | Reduce -60.6% | 0.19% | −0.30 |
| BLDR Builders Firstsource Inc. | Reduce -84.6% | 0.04% | −0.30 |
| DOX Amdocs Ltd. | Reduce -97.9% | 0.01% | −0.28 |
| CARR Carrier Global Corp. | Reduce -67.8% | 0.11% | −0.27 |
| BLK BlackRock Inc. | Reduce -50.9% | 0.20% | −0.26 |
| RS Reliance Inc. | Reduce -86.7% | 0.04% | −0.26 |
| ORCL Oracle Corp. | Reduce -37.2% | 0.23% | −0.23 |
| UPS United Parcel Service Class B | Reduce -82.2% | 0.04% | −0.22 |
| AMAT Applied Materials Inc. | Reduce -67.5% | 0.08% | −0.22 |
| ABBV Abbvie Inc. | Reduce -54.1% | 0.21% | −0.20 |
| GILD Gilead Sciences Inc. | Reduce -57.0% | 0.18% | −0.18 |
| IPG Interpublic Group of Cos Inc. | Sold out | 0.00% | −0.17 |
| PHM Pultegroup Inc. | Reduce -79.3% | 0.04% | −0.17 |
| CI The Cigna Group | Reduce -92.4% | 0.02% | −0.16 |
| AFL Aflac Inc. | Reduce -61.3% | 0.11% | −0.16 |
| AZO AutoZone Inc. | Reduce -55.5% | 0.16% | −0.16 |
| SWKS Skyworks Solutions Inc. | Sold out | 0.00% | −0.16 |
| LEN Lennar Corp. Class A | Reduce -95.2% | 0.01% | −0.15 |
| OMC Omnicom Group | Sold out | 0.00% | −0.14 |
| LOAR Loar Holdings Inc. | Sold out | 0.00% | −0.14 |
| HOLX Hologic Inc. | Sold out | 0.00% | −0.13 |
| OZ Belpointe Prep LLC Class A | Reduce -1.8% | 0.42% | −0.12 |
| WSO Watsco Inc. | Reduce -81.1% | 0.03% | −0.12 |
| LRCX Lam Research Corp. | Reduce -63.8% | 0.05% | −0.10 |
| HPQ HP Inc. | Reduce -7.3% | 0.30% | −0.10 |
| COLB Columbia Banking System Inc. | Sold out | 0.00% | −0.09 |
| SCCO Southern Copper Corp. | Reduce -84.3% | 0.02% | −0.09 |
| JBL Jabil Inc. | Reduce -66.0% | 0.04% | −0.09 |
| GOOGL Alphabet Inc. Class A | Reduce -1.0% | 0.28% | −0.09 |
| DFAC Dimensional US Core Equity 2 | Reduce -2.6% | 0.63% | −0.08 |
| DFAS Dimensional US Small Cap ETF | Reduce -2.7% | 0.46% | −0.08 |
| EXPD Expeditors Intl Wash Inc. | Reduce -90.1% | 0.01% | −0.08 |
| STLD Steel Dynamics Inc. | Reduce -91.4% | 0.01% | −0.08 |
| DELL Dell Technologies -C | Reduce -8.6% | 0.16% | −0.07 |
| HIG Hartford Insurance Group Inc. | Reduce -65.5% | 0.04% | −0.07 |
| ADBE Adobe Inc. | Reduce -2.4% | 0.27% | −0.07 |
| COR Cencora Inc. | Reduce -86.4% | 0.01% | −0.07 |
| QQQ Invesco QQQ Trust Series 1 | Reduce -4.5% | 0.27% | −0.06 |
| FDX FedEx Corp. | Reduce -80.2% | 0.01% | −0.05 |
| MCHP Microchip Technology Inc. | Reduce -71.3% | 0.02% | −0.05 |
| OTIS Otis Worldwide Corp. | Reduce -86.2% | 0.01% | −0.05 |
| CMCSA Comcast Corp. Class A | Reduce -68.4% | 0.02% | −0.05 |
| REGN Regeneron Pharmaceuticals | Sold out | 0.00% | −0.05 |
| EME Emcor Group Inc. | Reduce -68.3% | 0.02% | −0.05 |
| CTRA Coterra Energy Inc. | Reduce -90.0% | 0.01% | −0.05 |
| BITX 2X Bitcoin ETF | Sold out | 0.00% | −0.05 |
| L Loews Corp. | Sold out | 0.00% | −0.04 |
Portfolio Buys Q4 2024 → Q1 2025
| ADP Automatic Data Processing | Add +509.9% | 0.51% | +0.43 |
| MO Altria Group Inc. | Add +597.2% | 0.48% | +0.42 |
| PM Philip Morris International | Add +928.7% | 0.45% | +0.41 |
| FISV Fiserv Inc. | Add +871.0% | 0.45% | +0.40 |
| BRK.B Berkshire Hathaway Inc. Class B | New | 0.40% | +0.40 |
| TXN Texas Instruments Inc. | Add +768.2% | 0.43% | +0.37 |
| IQLT iShares MSCI International Q | Add +10.7% | 3.27% | +0.36 |
| WMT Walmart Inc. | Add +350.6% | 0.43% | +0.33 |
| ADI Analog Devices Inc. | Add +681.8% | 0.37% | +0.31 |
| BNY Bank of New York Mellon Corp. | Add +1663.9% | 0.27% | +0.26 |
| PAYX Paychex Inc. | Add +2145.7% | 0.27% | +0.26 |
| CMI Cummins Inc. | Add +1791.8% | 0.26% | +0.25 |
| EFV iShares MSCI Eafe Value ETF | Add +3.7% | 2.61% | +0.25 |
| EBI Longview Advantage ETF | New | 0.25% | +0.25 |
| IBM Intl Business Machines Corp. | Add +317.5% | 0.28% | +0.22 |
| JPM JPMorgan Chase & Co. | Add +129.2% | 0.39% | +0.21 |
| EMR Emerson Electric Co. | Add +1729.1% | 0.22% | +0.20 |
| MTB M & T Bank Corp. | New | 0.17% | +0.17 |
| APO Apollo Global Management Inc. | New | 0.15% | +0.15 |
| PYPL PayPal Holdings Inc. | Add +1319.7% | 0.17% | +0.15 |
| TMUS T-Mobile US Inc. | Add +651.7% | 0.17% | +0.15 |
| IWB iShares Russell 1000 ETF | Add +317.7% | 0.20% | +0.15 |
| TJX TJX Companies Inc. | Add +929.5% | 0.16% | +0.14 |
| RMD Resmed Inc. | New | 0.14% | +0.14 |
| LLY Eli Lilly & Co. | Add +74.7% | 0.27% | +0.12 |
| GDDY GoDaddy Inc. Class A | Add +1938.3% | 0.13% | +0.12 |
| T AT&T Inc. | Add +65.0% | 0.24% | +0.12 |
| DFIV Dimensional International Va | Add +1.1% | 1.89% | +0.11 |
| LMT Lockheed Martin Corp. | Add +490.1% | 0.13% | +0.11 |
| BKR Baker Hughes Co. | New | 0.11% | +0.11 |
| FCNCA First Citizens Bcshs Class A | New | 0.10% | +0.10 |
| GLW Corning Inc. | Add +174.8% | 0.16% | +0.10 |
| BMY Bristol-Myers Squibb Co. | Add +273.6% | 0.12% | +0.09 |
| BRK.A Berkshire Hathaway Inc. Class A | New | 0.08% | +0.08 |
| UAL United Airlines Holdings Inc. | New | 0.08% | +0.08 |
| VTIP Vanguard Short-Term Tips | Add +4.0% | 4.99% | +0.08 |
| XOM Exxon Mobil Corp. | Add +29.2% | 0.29% | +0.08 |
| SCHF Schwab Intl Equity ETF | Add +16.4% | 0.49% | +0.08 |
| ALL Allstate Corp. | Add +404.4% | 0.09% | +0.07 |
| UNH Unitedhealth Group Inc. | Add +81.0% | 0.17% | +0.07 |
| GOOG Alphabet Inc. Class C | Add +46.6% | 0.59% | +0.07 |
| AVDV Avantis Intl S/C Value ETF | Add +6.0% | 1.01% | +0.07 |
| TQQQ Proshares Ultrapro QQQ | New | 0.06% | +0.06 |
| VUG Vanguard Mrngstar GR ETF-Sui | Add +116.2% | 0.14% | +0.06 |
| ETR Entergy Corp. | New | 0.06% | +0.06 |
| DUHP Dimensional US High Profi Et | New | 0.06% | +0.06 |
| CSCO Cisco Systems Inc. | Add +11.7% | 0.66% | +0.06 |
| DUK Duke Energy Corp. | Add +448.6% | 0.07% | +0.06 |
| VOO Vanguard S&P 500 ETF | Add +41.0% | 0.27% | +0.06 |
| RTX RTX Corp. | Add +89.2% | 0.11% | +0.06 |
Options Activity Q4 2024 → Q1 2025
| COST Costco Wholesale Corp. | put | Add +1525.0% | 6,500 | $6.1M |
| NVDA Nvidia Corp. | put | Reduce -35.0% | 44,700 | $4.8M |
| AAPL Apple Inc. | put | New | 2,800 | $622K |
| PLTR Palantir Technologies Inc. Class A | put | Sold out | 8,000 | $605Kbefore exit |
| AMZN Amazon.com Inc. | put | New | 1,300 | $247K |
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 |