Empirical Financial Services, LLC d.b.a. Empirical Wealth Management
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 21, 2025), Empirical Financial Services, LLC d.b.a. Empirical Wealth Management reported 683 stock positions worth $4.4 billion. Its top holding was iShares MSCI USA Momentum Fa (MTUM) at 5.6% of the portfolio, followed by Vanguard Short-Term Tips (VTIP, 4.6%) and Vanguard S/T Corp. Bond ETF (VCSH, 4.1%). Compared with Q1 2025, it opened 86 new positions, sold out of 48, added to 360 and reduced 203. The biggest buy was Nvidia (NVDA, shares +25%) and the biggest sale iShares MSCI USA Quality Fac (QUAL, shares −5%).
- Most Recent 13F
- Q2 2026
- Location
- Seattle, WA
- CIK
- 0001510434
- Portfolio Value
- $4.4B (Q2 2025)
- SEC Filing
- 0001085146-25-004013 ↗ filed Jul 21, 2025
Holdings Value
Holdings 683 stocks · $4.4B
| MTUM iShares MSCI USA Momentum Fa | 5.61% | 1,031,275 | $247.8M | Add +1.1% |
| VTIP Vanguard Short-Term Tips | 4.64% | 4,084,092 | $205.3M | Add +5.3% |
| VCSH Vanguard S/T Corp. Bond ETF | 4.06% | 2,256,378 | $179.4M | Add +4.0% |
| QUAL iShares MSCI USA Quality Fac | 3.93% | 950,182 | $173.7M | Reduce -4.8% |
| NVDA Nvidia Corp. | 3.93% | 1,099,078 | $173.6M | Add +24.8% |
| IQLT iShares MSCI International Q | 3.25% | 3,328,573 | $143.9M | Add +4.3% |
| AAPL Apple Inc. | 2.75% | 592,479 | $121.6M | Add +19.7% |
| EFV iShares MSCI Eafe Value ETF | 2.61% | 1,818,826 | $115.5M | Add +6.1% |
| DFUV Dimensional US Marketwide Va | 2.61% | 2,730,157 | $115.4M | Reduce -1.1% |
| VCIT Vanguard Int-Term Corporate | 2.42% | 1,288,855 | $106.9M | Add +3.1% |
| IEMG iShares Core MSCI Emerging | 2.39% | 1,758,294 | $105.6M | Add +3.5% |
| MSFT Microsoft Corp. | 2.35% | 208,507 | $103.7M | Add +4.8% |
| SJNK SS SPDR BB St Hi Yield ETF | 1.81% | 3,145,151 | $80.1M | Add +4.7% |
| DFIV Dimensional International Va | 1.77% | 1,824,444 | $78.1M | Reduce -1.9% |
| META Meta Platforms Inc. Class A | 1.50% | 89,829 | $66.3M | Add +6.9% |
| VTV Vanguard Mrngstr Val ETF-Aui | 1.40% | 349,987 | $61.9M | Add +19.6% |
| SPY SS SPDR S&P 500 ETF Trust-US | 1.37% | 97,956 | $60.5M | Add +7.1% |
| VGSH Vanguard Short-Term Treasury | 1.35% | 1,012,783 | $59.5M | Add +3.3% |
| VEA Vanguard Ftse Developed ETF | 1.17% | 910,398 | $51.9M | Add +4.7% |
| DFAT Dimensional US Target Value | 1.13% | 922,479 | $49.8M | Add +3.8% |
| AMZN Amazon.com Inc. | 1.06% | 213,208 | $46.8M | Add +6.3% |
| AVDV Avantis Intl S/C Value ETF | 1.04% | 578,543 | $45.9M | Add +3.5% |
| VNQ Vanguard Real Estate ETF | 0.78% | 387,069 | $34.5M | Add +1.5% |
| COST Costco Wholesale Corp. | 0.70% | 31,317 | $31.0M | Add +3.7% |
| AVUV Avantis US Small Cap Value | 0.68% | 329,958 | $30.1M | Add +12.4% |
| CSCO Cisco Systems Inc. | 0.67% | 429,952 | $29.8M | Add +3.5% |
| SCHC Schwab Intl Small-Cap Equity | 0.67% | 698,854 | $29.8M | Add +8.9% |
| VSS Vanguard Ftse All Wo X-US SC | 0.65% | 214,963 | $28.9M | Reduce -1.7% |
| SCHX Schwab US Large-Cap ETF | 0.60% | 1,090,452 | $26.7M | Add +53.0% |
| DFAC Dimensional US Core Equity 2 | 0.59% | 725,156 | $26.0M | Reduce -1.3% |
| VBR Vngrd Mrngst SL-CP Val ETF-U | 0.59% | 132,699 | $25.9M | Add +7.7% |
| ESGD iShares Trust iShares ESG Aw | 0.57% | 282,864 | $25.2M | Reduce -2.8% |
| DUHP Dimensional US High Profi Et | 0.57% | 708,946 | $25.2M | Add +867.4% |
| GOOG Alphabet Inc. Class C | 0.56% | 140,610 | $24.9M | Reduce -4.3% |
| AVGO Broadcom Inc. | 0.51% | 81,019 | $22.3M | Add +22.6% |
| WMT Walmart Inc. | 0.50% | 226,945 | $22.2M | Add +18.3% |
| TSLA Tesla Inc. | 0.50% | 68,902 | $21.9M | Add +16.9% |
| ADP Automatic Data Processing | 0.49% | 70,309 | $21.7M | Add +8.4% |
| SCHF Schwab Intl Equity ETF | 0.48% | 955,803 | $21.1M | Reduce -1.0% |
| DFAS Dimensional US Small Cap ETF | 0.46% | 317,697 | $20.2M | Add +6.1% |
| SCHE Schwab Emrg Mrkts Eqty ETF | 0.45% | 662,657 | $20.0M | Add +1.4% |
| FPE FT-Preferred Secur & Inc. ETF | 0.45% | 1,117,589 | $19.9M | Add +3.9% |
| JPM JPMorgan Chase & Co. | 0.45% | 68,405 | $19.8M | Add +11.2% |
| PM Philip Morris International | 0.45% | 108,034 | $19.7M | Reduce -1.3% |
| VTI VG Morningstar TS MKT ETF-US | 0.43% | 63,051 | $19.2M | Add +0.8% |
| TXN Texas Instruments Inc. | 0.43% | 91,487 | $19.0M | Reduce -1.0% |
| MO Altria Group Inc. | 0.43% | 322,451 | $18.9M | Add +3.3% |
| IWC iShares Micro-Cap ETF | 0.42% | 146,444 | $18.7M | Add +28.1% |
| VFMO Vanguard US Momentum Factor | 0.42% | 107,518 | $18.5M | Add +51.5% |
| STIP iShares 0-5 Year Tips Bond E | 0.40% | 173,838 | $17.9M | Reduce -8.8% |
| VNQI Vanguard GLBL Ex-US Real Est | 0.39% | 374,205 | $17.3M | Add +6.0% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.37% | 33,728 | $16.4M | Add +16.3% |
| MGC Vngrd Mrngstr MG Cap ETF-Usd | 0.37% | 72,709 | $16.4M | Add +2.8% |
| NULV Nuveen ESG Large-Cap Val ETF | 0.37% | 386,763 | $16.2M | Reduce -1.1% |
| OZ Belpointe Prep LLC Class A | 0.36% | 251,255 | $16.1M | Reduce -0.2% |
| ADI Analog Devices Inc. | 0.36% | 66,520 | $15.8M | Reduce -5.3% |
| EFG iShares MSCI Eafe Growth ETF | 0.36% | 141,348 | $15.8M | Add +2.5% |
| VV Vngrd Mrgstr LRG-Cap ETF-Usd | 0.35% | 53,468 | $15.3M | Add +0.0% |
| MGK Vngrd Mrgstr MG CP GR ETF-Ui | 0.34% | 41,381 | $15.2M | Add +3.8% |
| FEM First Trust Emerging Markets | 0.34% | 606,409 | $14.9M | Add +5.8% |
| VWO Vanguard Ftse Emerging Marke | 0.33% | 295,512 | $14.6M | Add +6.8% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.32% | 48,474 | $14.3M | Add +9.3% |
| NFLX Netflix Inc. | 0.32% | 10,664 | $14.3M | Add +13.8% |
| HYMB SS SPDR N Ice HY Muni ETF | 0.31% | 549,509 | $13.6M | Reduce -5.1% |
| GOOGL Alphabet Inc. Class A | 0.30% | 76,355 | $13.5M | Add +7.8% |
| VB Vanguard Most SM-Cap ETF-Usd | 0.30% | 56,566 | $13.4M | Add +6.4% |
| MGV Vngrd Mrgstr MG CP VL ETF-Ui | 0.30% | 100,663 | $13.2M | Reduce -1.0% |
| QQQ Invesco QQQ Trust Series 1 | 0.28% | 22,702 | $12.5M | Add +0.5% |
| VOO Vanguard S&P 500 ETF | 0.28% | 21,944 | $12.5M | Add +7.4% |
| ORCL Oracle Corp. | 0.28% | 55,834 | $12.2M | Reduce -12.0% |
| BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP | 0.27% | 132,629 | $12.1M | Add +4.8% |
| FISV Fiserv Inc. | 0.27% | 69,913 | $12.1M | Reduce -10.6% |
| EWX State Street SPDR S&P Emergi | 0.27% | 194,041 | $12.0M | Add +4.9% |
| CMI Cummins Inc. | 0.27% | 35,862 | $11.7M | Add +10.1% |
| IVV iShares Core S&P 500 ETF | 0.26% | 18,843 | $11.7M | Add +1.7% |
| SCHA Schwab US Small-Cap ETF | 0.26% | 455,753 | $11.5M | Add +5.9% |
| ESGE iShares Inc. iShares ESG Awar | 0.25% | 285,073 | $11.2M | Reduce -4.5% |
| IJR iShares Core S&P Small-Cap E | 0.25% | 101,760 | $11.1M | Add +3.4% |
| ADBE Adobe Inc. | 0.25% | 28,604 | $11.1M | Add +4.1% |
| V Visa Inc. Class A | 0.25% | 30,963 | $11.0M | Add +4.3% |
| XOM Exxon Mobil Corp. | 0.25% | 101,971 | $11.0M | Add +6.3% |
| SCHW Schwab (charles) Corp. | 0.25% | 119,273 | $10.9M | Add +0.1% |
| SCHV Schwab US Large-Cap Value | 0.24% | 390,508 | $10.8M | Reduce -1.2% |
| ESML iShares ESG Aware MSCI USA S | 0.24% | 260,921 | $10.8M | Add +1.4% |
| LLY Eli Lilly & Co. | 0.24% | 13,747 | $10.7M | Add +6.9% |
| PAYX Paychex Inc. | 0.24% | 72,087 | $10.5M | Add +7.2% |
| VOE Vngrd Mrngstr MD-Cap Val ETF | 0.23% | 62,564 | $10.3M | Add +8.5% |
| EBI Longview Advantage ETF | 0.23% | 201,299 | $10.2M | No change |
| VYM Vanguard High DVD Yield ETF | 0.23% | 75,798 | $10.1M | Add +2.6% |
| EMR Emerson Electric Co. | 0.23% | 75,616 | $10.1M | Reduce -2.2% |
| JNJ Johnson & Johnson | 0.23% | 65,885 | $10.1M | Reduce -10.0% |
| HPQ HP Inc. | 0.22% | 399,391 | $9.8M | Reduce -3.6% |
| T AT&T Inc. | 0.22% | 332,242 | $9.6M | Add +0.2% |
| NUMV Nuveen ESG Mid-Cap Value ETF | 0.21% | 256,110 | $9.2M | Reduce -0.2% |
| DWX State Street SPDR S&P Intern | 0.20% | 214,955 | $9.1M | Reduce -3.9% |
| PYPL PayPal Holdings Inc. | 0.20% | 121,732 | $9.0M | Add +21.3% |
| VOT Vngrd Mrngstr MC GRW ETF-Usd | 0.20% | 31,567 | $9.0M | Add +8.1% |
| ESGU iShares ESG Aware MSCI USA | 0.20% | 64,424 | $8.7M | Add +10.9% |
| FNDF Schwab Fndmn Intl LRG Co. ETF | 0.18% | 198,224 | $7.9M | Reduce -12.2% |
| APO Apollo Global Management Inc. | 0.18% | 54,733 | $7.8M | Add +25.4% |
Options reported separately and not counted above: NVDA puts ($7.9M), COST puts ($1.5M), AAPL puts ($287K), AMZN puts ($285K).
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: $4.4B.
Portfolio Sells Q1 2025 → Q2 2025
| QUAL iShares MSCI USA Quality Fac | Reduce -4.8% | 3.93% | −0.47 |
| DFUV Dimensional US Marketwide Va | Reduce -1.1% | 2.61% | −0.33 |
| FISV Fiserv Inc. | Reduce -10.6% | 0.27% | −0.17 |
| IWB iShares Russell 1000 ETF | Reduce -70.5% | 0.06% | −0.14 |
| DFIV Dimensional International Va | Reduce -1.9% | 1.77% | −0.12 |
| STIP iShares 0-5 Year Tips Bond E | Reduce -8.8% | 0.40% | −0.10 |
| JNJ Johnson & Johnson | Reduce -10.0% | 0.23% | −0.09 |
| UNH Unitedhealth Group Inc. | Reduce -5.3% | 0.08% | −0.09 |
| HPQ HP Inc. | Reduce -3.6% | 0.22% | −0.08 |
| ABBV Abbvie Inc. | Reduce -15.1% | 0.14% | −0.07 |
| HYMB SS SPDR N Ice HY Muni ETF | Reduce -5.1% | 0.31% | −0.07 |
| OZ Belpointe Prep LLC Class A | Reduce -0.2% | 0.36% | −0.06 |
| ACGL Arch Capital Group Ltd. | Reduce -11.9% | 0.14% | −0.05 |
| NVR NVR Inc. | Reduce -22.2% | 0.11% | −0.05 |
| GILD Gilead Sciences Inc. | Reduce -15.6% | 0.13% | −0.05 |
| AFL Aflac Inc. | Reduce -32.7% | 0.06% | −0.05 |
| MCK McKesson Corp. | Reduce -20.4% | 0.14% | −0.04 |
| BLK BlackRock Inc. | Reduce -19.9% | 0.15% | −0.04 |
| TQQQ Proshares Ultrapro QQQ | Reduce -74.3% | 0.02% | −0.04 |
| ESGD iShares Trust iShares ESG Aw | Reduce -2.8% | 0.57% | −0.04 |
| BMY Bristol-Myers Squibb Co. | Reduce -2.8% | 0.08% | −0.04 |
| NULV Nuveen ESG Large-Cap Val ETF | Reduce -1.1% | 0.37% | −0.04 |
| AZO AutoZone Inc. | Reduce -12.6% | 0.12% | −0.04 |
| MGV Vngrd Mrgstr MG CP VL ETF-Ui | Reduce -1.0% | 0.30% | −0.04 |
| VUG Vanguard Mrngstar GR ETF-Sui | Reduce -30.4% | 0.10% | −0.04 |
| DFAC Dimensional US Core Equity 2 | Reduce -1.3% | 0.59% | −0.04 |
| VGT Vanguard Info Tech ETF | Reduce -42.6% | 0.06% | −0.04 |
| MUB iShares National Muni Bond E | Reduce -9.8% | 0.11% | −0.03 |
| FNDF Schwab Fndmn Intl LRG Co. ETF | Reduce -12.2% | 0.18% | −0.03 |
| SPSB SS SPDR P St C Corp. ETF | Reduce -5.8% | 0.15% | −0.03 |
| GOOG Alphabet Inc. Class C | Reduce -4.3% | 0.56% | −0.03 |
| MRK Merck & Co. Inc. | Reduce -14.0% | 0.05% | −0.03 |
| SCHV Schwab US Large-Cap Value | Reduce -1.2% | 0.24% | −0.03 |
| BLDR Builders Firstsource Inc. | Reduce -52.5% | 0.02% | −0.03 |
| DES Wisdomtree US Smallcap Divid | Reduce -10.7% | 0.09% | −0.02 |
| SUB iShares Short-Term National | Reduce -5.3% | 0.12% | −0.02 |
| ACN Accenture PLC Class A | Reduce -7.6% | 0.08% | −0.02 |
| PEP Pepsico Inc. | Reduce -3.7% | 0.07% | −0.02 |
| TMO Thermo Fisher Scientific Inc. | Reduce -5.4% | 0.05% | −0.02 |
| AMGN Amgen Inc. | Reduce -1.3% | 0.07% | −0.02 |
| XHLF Bondbloxx BBG 6 MTH US Treas | Sold out | 0.00% | −0.02 |
| XONE Bondbloxx BBG 1 Dur US Treas | Sold out | 0.00% | −0.02 |
| WEC WEC Energy Group Inc. | Reduce -4.2% | 0.08% | −0.02 |
| SBUX Starbucks Corp. | Reduce -1.1% | 0.09% | −0.02 |
| CMF iShares California Muni Bond | Reduce -28.5% | 0.03% | −0.02 |
| DHR Danaher Corp. | Reduce -1.6% | 0.09% | −0.02 |
| IJS iShares S&P Small-Cap 600 Va | Reduce -5.8% | 0.10% | −0.02 |
| NUMV Nuveen ESG Mid-Cap Value ETF | Reduce -0.2% | 0.21% | −0.02 |
| DWX State Street SPDR S&P Intern | Reduce -3.9% | 0.20% | −0.02 |
| ESGE iShares Inc. iShares ESG Awar | Reduce -4.5% | 0.25% | −0.02 |
Portfolio Buys Q1 2025 → Q2 2025
| NVDA Nvidia Corp. | Add +24.8% | 3.93% | +1.47 |
| DUHP Dimensional US High Profi Et | Add +867.4% | 0.57% | +0.51 |
| MSFT Microsoft Corp. | Add +4.8% | 2.35% | +0.42 |
| MTUM iShares MSCI USA Momentum Fa | Add +1.1% | 5.61% | +0.29 |
| META Meta Platforms Inc. Class A | Add +6.9% | 1.50% | +0.25 |
| AVGO Broadcom Inc. | Add +22.6% | 0.51% | +0.22 |
| SCHX Schwab US Large-Cap ETF | Add +53.0% | 0.60% | +0.20 |
| VFMO Vanguard US Momentum Factor | Add +51.5% | 0.42% | +0.14 |
| CP Canadian Pacific Kansas City | New | 0.11% | +0.11 |
| TSLA Tesla Inc. | Add +16.9% | 0.50% | +0.10 |
| NFLX Netflix Inc. | Add +13.8% | 0.32% | +0.10 |
| IWC iShares Micro-Cap ETF | Add +28.1% | 0.42% | +0.10 |
| VTV Vanguard Mrngstr Val ETF-Aui | Add +19.6% | 1.40% | +0.09 |
| SCHC Schwab Intl Small-Cap Equity | Add +8.9% | 0.67% | +0.08 |
| AMZN Amazon.com Inc. | Add +6.3% | 1.06% | +0.07 |
| CPNG Coupang Inc. | New | 0.07% | +0.07 |
| WMT Walmart Inc. | Add +18.3% | 0.50% | +0.07 |
| LOAR Loar Holdings Inc. | New | 0.07% | +0.07 |
| JPM JPMorgan Chase & Co. | Add +11.2% | 0.45% | +0.06 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +7.1% | 1.37% | +0.05 |
| UAL United Airlines Holdings Inc. | Add +57.3% | 0.13% | +0.05 |
| MU Micron Technology Inc. | Add +449.2% | 0.05% | +0.04 |
| IBM Intl Business Machines Corp. | Add +9.3% | 0.32% | +0.04 |
| PYPL PayPal Holdings Inc. | Add +21.3% | 0.20% | +0.04 |
| VEA Vanguard Ftse Developed ETF | Add +4.7% | 1.17% | +0.03 |
| AVDV Avantis Intl S/C Value ETF | Add +3.5% | 1.04% | +0.03 |
| AMD Advanced Micro Devices | Add +18.8% | 0.10% | +0.03 |
| IVW iShares S&P 500 Growth ETF | Add +84.5% | 0.06% | +0.03 |
| JMOM JPMorgan US Momentum Factor | New | 0.03% | +0.03 |
| IEFA iShares Core MSCI Eafe ETF | Add +56.3% | 0.08% | +0.03 |
| MGK Vngrd Mrgstr MG CP GR ETF-Ui | Add +3.8% | 0.34% | +0.03 |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | Add +126.4% | 0.04% | +0.02 |
| IEMG iShares Core MSCI Emerging | Add +3.5% | 2.39% | +0.02 |
| VNQI Vanguard GLBL Ex-US Real Est | Add +6.0% | 0.39% | +0.02 |
| GOOGL Alphabet Inc. Class A | Add +7.8% | 0.30% | +0.02 |
| TSM Taiwan Semiconductor-SP ADR | Add +19.9% | 0.07% | +0.02 |
| APO Apollo Global Management Inc. | Add +25.4% | 0.18% | +0.02 |
| PLTR Palantir Technologies Inc. Class A | Add +21.7% | 0.05% | +0.02 |
| GEV GE Vernova Inc. | Add +15.8% | 0.05% | +0.02 |
| SCHG Schwab US Large-Cap Growth | Add +36.2% | 0.07% | +0.02 |
| AVUV Avantis US Small Cap Value | Add +12.4% | 0.68% | +0.02 |
| ETN Eaton Corp. PLC | Add +27.0% | 0.06% | +0.02 |
| ANET Arista Networks Inc. | Add +5.0% | 0.11% | +0.02 |
| AXP American Express Co. | Add +13.2% | 0.13% | +0.02 |
| VOT Vngrd Mrngstr MC GRW ETF-Usd | Add +8.1% | 0.20% | +0.02 |
| GS Goldman Sachs Group Inc. | Add +40.0% | 0.05% | +0.02 |
| COF Capital One Financial Corp. | Add +270.8% | 0.02% | +0.02 |
| CAT Caterpillar Inc. | Add +11.2% | 0.13% | +0.02 |
| NOW ServiceNow Inc. | Add +22.1% | 0.06% | +0.02 |
| CRVS Corvus Pharmaceuticals Inc. | New | 0.02% | +0.02 |
Options Activity Q1 2025 → Q2 2025
| NVDA Nvidia Corp. | put | Add +11.6% | 49,900 | $7.9M |
| COST Costco Wholesale Corp. | put | Reduce -76.9% | 1,500 | $1.5M |
| AAPL Apple Inc. | put | Reduce -50.0% | 1,400 | $287K |
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 |