Empirical Financial Services, LLC d.b.a. Empirical Wealth Management
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 10, 2025), Empirical Financial Services, LLC d.b.a. Empirical Wealth Management reported 789 stock positions worth $5.0 billion. Its top holding was Nvidia (NVDA) at 5.6% of the portfolio, followed by iShares MSCI USA Momentum Fa (MTUM, 5.3%) and Vanguard Short-Term Tips (VTIP, 4.4%). Compared with Q2 2025, it opened 155 new positions, sold out of 49, added to 395 and reduced 185. The biggest buy was Nvidia (NVDA, shares +37%) and the biggest sale iShares MSCI USA Momentum Fa (MTUM, shares −0%).
- Most Recent 13F
- Q2 2026
- Location
- Seattle, WA
- CIK
- 0001510434
- Portfolio Value
- $5.0B (Q3 2025)
- SEC Filing
- 0001085146-25-005977 ↗ filed Nov 10, 2025
Holdings Value
Holdings 789 stocks · $5.0B
| NVDA Nvidia Corp. | 5.63% | 1,500,493 | $280.0M | Add +36.5% |
| MTUM iShares MSCI USA Momentum Fa | 5.32% | 1,030,720 | $264.3M | Reduce -0.1% |
| VTIP Vanguard Short-Term Tips | 4.38% | 4,300,563 | $217.7M | Add +5.3% |
| QUAL iShares MSCI USA Quality Fac | 3.86% | 985,960 | $191.8M | Add +3.8% |
| VCSH Vanguard S/T Corp. Bond ETF | 3.76% | 2,336,613 | $186.8M | Add +3.6% |
| IQLT iShares MSCI International Q | 3.10% | 3,487,855 | $154.1M | Add +4.8% |
| AAPL Apple Inc. | 3.09% | 602,915 | $153.5M | Add +1.8% |
| DFUV Dimensional US Marketwide Va | 2.59% | 2,881,660 | $128.8M | Add +5.5% |
| EFV iShares MSCI Eafe Value ETF | 2.55% | 1,871,231 | $126.9M | Add +2.9% |
| MSFT Microsoft Corp. | 2.37% | 227,352 | $117.8M | Add +9.0% |
| IEMG iShares Core MSCI Emerging | 2.34% | 1,766,844 | $116.5M | Add +0.5% |
| VCIT Vanguard Int-Term Corporate | 2.24% | 1,323,030 | $111.3M | Add +2.6% |
| SJNK SS SPDR BB St Hi Yield ETF | 1.70% | 3,310,477 | $84.7M | Add +5.3% |
| DFIV Dimensional International Va | 1.70% | 1,834,355 | $84.6M | Add +0.5% |
| META Meta Platforms Inc. Class A | 1.54% | 104,570 | $76.8M | Add +16.4% |
| VTV Vanguard Mrngstr Val ETF-Aui | 1.30% | 346,440 | $64.6M | Reduce -1.0% |
| SPY SS SPDR S&P 500 ETF Trust-US | 1.30% | 96,673 | $64.4M | Reduce -1.3% |
| VGSH Vanguard Short-Term Treasury | 1.24% | 1,047,642 | $61.7M | Add +3.4% |
| AMZN Amazon.com Inc. | 1.17% | 265,964 | $58.4M | Add +24.7% |
| VEA Vanguard Ftse Developed ETF | 1.08% | 898,707 | $53.9M | Reduce -1.3% |
| AVDV Avantis Intl S/C Value ETF | 1.06% | 594,022 | $52.9M | Add +2.7% |
| DFAT Dimensional US Target Value | 1.06% | 906,255 | $52.8M | Reduce -1.8% |
| GOOG Alphabet Inc. Class C | 0.77% | 158,167 | $38.5M | Add +12.5% |
| VNQ Vanguard Real Estate ETF | 0.74% | 402,241 | $36.8M | Add +3.9% |
| AVUV Avantis US Small Cap Value | 0.72% | 361,072 | $35.9M | Add +9.4% |
| SCHC Schwab Intl Small-Cap Equity | 0.67% | 728,102 | $33.1M | Add +4.2% |
| VSS Vanguard Ftse All Wo X-US SC | 0.61% | 214,060 | $30.5M | Reduce -0.4% |
| CSCO Cisco Systems Inc. | 0.61% | 442,297 | $30.3M | Add +2.9% |
| TSLA Tesla Inc. | 0.59% | 65,823 | $29.3M | Reduce -4.5% |
| VTI VG Morningstar TS MKT ETF-US | 0.59% | 88,766 | $29.1M | Add +40.8% |
| AVGO Broadcom Inc. | 0.58% | 87,771 | $29.0M | Add +8.3% |
| SCHX Schwab US Large-Cap ETF | 0.57% | 1,075,445 | $28.3M | Reduce -1.4% |
| DFAC Dimensional US Core Equity 2 | 0.56% | 716,143 | $27.6M | Reduce -1.2% |
| VBR Vngrd Mrngst SL-CP Val ETF-U | 0.56% | 132,274 | $27.6M | Reduce -0.3% |
| ESGD iShares Trust iShares ESG Aw | 0.53% | 283,859 | $26.4M | Add +0.3% |
| DUHP Dimensional US High Profi Et | 0.52% | 688,403 | $26.0M | Reduce -2.9% |
| SCHF Schwab Intl Equity ETF | 0.50% | 1,057,450 | $24.6M | Add +10.6% |
| SCHE Schwab Emrg Mrkts Eqty ETF | 0.48% | 721,565 | $24.1M | Add +8.9% |
| JPM JPMorgan Chase & Co. | 0.48% | 75,686 | $23.9M | Add +10.6% |
| DFAS Dimensional US Small Cap ETF | 0.44% | 322,275 | $22.1M | Add +1.4% |
| IWC iShares Micro-Cap ETF | 0.44% | 145,805 | $21.7M | Reduce -0.4% |
| MO Altria Group Inc. | 0.43% | 325,933 | $21.5M | Add +1.1% |
| COST Costco Wholesale Corp. | 0.43% | 23,197 | $21.5M | Reduce -25.9% |
| FPE FT-Preferred Secur & Inc. ETF | 0.41% | 1,121,163 | $20.5M | Add +0.3% |
| MGC Vngrd Mrngstr MG Cap ETF-Usd | 0.41% | 83,092 | $20.3M | Add +14.3% |
| VFMO Vanguard US Momentum Factor | 0.40% | 103,917 | $19.9M | Reduce -3.4% |
| MGK Vngrd Mrgstr MG CP GR ETF-Ui | 0.39% | 48,651 | $19.6M | Add +17.6% |
| GOOGL Alphabet Inc. Class A | 0.39% | 79,218 | $19.3M | Add +3.8% |
| VNQI Vanguard GLBL Ex-US Real Est | 0.37% | 389,705 | $18.6M | Add +4.1% |
| EFG iShares MSCI Eafe Growth ETF | 0.37% | 161,867 | $18.4M | Add +14.5% |
| ADP Automatic Data Processing | 0.37% | 62,230 | $18.3M | Reduce -11.5% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.37% | 36,271 | $18.2M | Add +7.5% |
| STIP iShares 0-5 Year Tips Bond E | 0.36% | 173,177 | $17.9M | Reduce -0.4% |
| WMT Walmart Inc. | 0.36% | 173,644 | $17.9M | Reduce -23.5% |
| NULV Nuveen ESG Large-Cap Val ETF | 0.35% | 402,502 | $17.6M | Add +4.1% |
| BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP | 0.34% | 155,519 | $16.9M | Add +17.3% |
| VV Vngrd Mrgstr LRG-Cap ETF-Usd | 0.34% | 54,378 | $16.7M | Add +1.7% |
| FEM First Trust Emerging Markets | 0.33% | 601,722 | $16.3M | Reduce -0.8% |
| QQQ Invesco QQQ Trust Series 1 | 0.32% | 26,875 | $16.1M | Add +18.4% |
| VWO Vanguard Ftse Emerging Marke | 0.32% | 294,229 | $15.9M | Reduce -0.4% |
| OZ Belpointe Prep LLC Class A | 0.32% | 248,780 | $15.9M | Reduce -1.0% |
| ORCL Oracle Corp. | 0.32% | 56,148 | $15.8M | Add +0.6% |
| VOO Vanguard S&P 500 ETF | 0.32% | 25,783 | $15.8M | Add +17.5% |
| MGV Vngrd Mrgstr MG CP VL ETF-Ui | 0.31% | 113,170 | $15.6M | Add +12.4% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.31% | 53,950 | $15.2M | Add +11.3% |
| CMI Cummins Inc. | 0.30% | 35,272 | $14.9M | Reduce -1.6% |
| PM Philip Morris International | 0.29% | 90,156 | $14.6M | Reduce -16.6% |
| IVV iShares Core S&P 500 ETF | 0.29% | 21,565 | $14.4M | Add +14.4% |
| HYMB SS SPDR N Ice HY Muni ETF | 0.29% | 576,876 | $14.4M | Add +5.0% |
| VB Vanguard Most SM-Cap ETF-Usd | 0.28% | 55,597 | $14.1M | Reduce -1.7% |
| NFLX Netflix Inc. | 0.28% | 11,570 | $13.9M | Add +8.5% |
| JNJ Johnson & Johnson | 0.27% | 73,407 | $13.6M | Add +11.4% |
| IJR iShares Core S&P Small-Cap E | 0.27% | 111,945 | $13.3M | Add +10.0% |
| EWX State Street SPDR S&P Emergi | 0.26% | 195,658 | $13.2M | Add +0.8% |
| SCHA Schwab US Small-Cap ETF | 0.26% | 461,940 | $12.9M | Add +1.4% |
| ESGE iShares Inc. iShares ESG Awar | 0.25% | 282,761 | $12.3M | Reduce -0.8% |
| VOE Vngrd Mrngstr MD-Cap Val ETF | 0.24% | 69,632 | $12.2M | Add +11.3% |
| ESML iShares ESG Aware MSCI USA S | 0.24% | 267,417 | $12.1M | Add +2.5% |
| DELL Dell Technologies -C | 0.23% | 82,158 | $11.6M | Add +34.3% |
| SCHW Schwab (charles) Corp. | 0.23% | 120,223 | $11.5M | Add +0.8% |
| V Visa Inc. Class A | 0.23% | 33,250 | $11.4M | Add +7.4% |
| GLW Corning Inc. | 0.23% | 138,058 | $11.3M | Add +0.3% |
| SCHV Schwab US Large-Cap Value | 0.23% | 386,984 | $11.3M | Reduce -0.9% |
| LLY Eli Lilly & Co. | 0.22% | 14,588 | $11.1M | Add +6.1% |
| EBI Longview Advantage ETF | 0.22% | 201,298 | $11.0M | Reduce 0.0% |
| T AT&T Inc. | 0.22% | 390,744 | $11.0M | Add +17.6% |
| AZO AutoZone Inc. | 0.22% | 2,499 | $10.7M | Add +76.9% |
| XOM Exxon Mobil Corp. | 0.21% | 94,700 | $10.7M | Reduce -7.1% |
| PWR Quanta Services Inc. | 0.21% | 25,490 | $10.6M | Add +3450.1% |
| VYM Vanguard High DVD Yield ETF | 0.21% | 74,150 | $10.5M | Reduce -2.2% |
| ADBE Adobe Inc. | 0.21% | 29,161 | $10.3M | Add +1.9% |
| VOT Vngrd Mrngstr MC GRW ETF-Usd | 0.21% | 34,814 | $10.2M | Add +10.3% |
| NUMV Nuveen ESG Mid-Cap Value ETF | 0.21% | 263,816 | $10.2M | Add +3.0% |
| ADI Analog Devices Inc. | 0.20% | 40,612 | $10.0M | Reduce -39.0% |
| TXN Texas Instruments Inc. | 0.19% | 51,774 | $9.5M | Reduce -43.4% |
| LRCX Lam Research Corp. | 0.19% | 69,549 | $9.3M | Add +185.0% |
| ESGU iShares ESG Aware MSCI USA | 0.19% | 63,876 | $9.3M | Reduce -0.8% |
| DWX State Street SPDR S&P Intern | 0.18% | 214,407 | $9.2M | Reduce -0.3% |
| PAYX Paychex Inc. | 0.18% | 69,172 | $8.8M | Reduce -4.0% |
| GILD Gilead Sciences Inc. | 0.18% | 78,494 | $8.7M | Add +52.1% |
Options reported separately and not counted above: NVDA puts ($26.9M), AAPL puts ($356K), 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: $5.0B.
Portfolio Sells Q2 2025 → Q3 2025
| MTUM iShares MSCI USA Momentum Fa | Reduce -0.1% | 5.32% | −0.29 |
| COST Costco Wholesale Corp. | Reduce -25.9% | 0.43% | −0.27 |
| TXN Texas Instruments Inc. | Reduce -43.4% | 0.19% | −0.24 |
| EMR Emerson Electric Co. | Reduce -95.1% | 0.01% | −0.22 |
| PYPL PayPal Holdings Inc. | Reduce -84.1% | 0.03% | −0.18 |
| FISV Fiserv Inc. | Reduce -44.3% | 0.10% | −0.17 |
| ADI Analog Devices Inc. | Reduce -39.0% | 0.20% | −0.16 |
| HPQ HP Inc. | Reduce -70.9% | 0.06% | −0.16 |
| APO Apollo Global Management Inc. | Reduce -83.9% | 0.02% | −0.15 |
| PM Philip Morris International | Reduce -16.6% | 0.29% | −0.15 |
| WMT Walmart Inc. | Reduce -23.5% | 0.36% | −0.14 |
| MTB M & T Bank Corp. | Reduce -82.6% | 0.03% | −0.14 |
| ADP Automatic Data Processing | Reduce -11.5% | 0.37% | −0.12 |
| GDDY GoDaddy Inc. Class A | Reduce -93.6% | 0.01% | −0.12 |
| RMD Resmed Inc. | Reduce -76.9% | 0.03% | −0.11 |
| LMT Lockheed Martin Corp. | Reduce -78.7% | 0.03% | −0.10 |
| VTV Vanguard Mrngstr Val ETF-Aui | Reduce -1.0% | 1.30% | −0.10 |
| VEA Vanguard Ftse Developed ETF | Reduce -1.3% | 1.08% | −0.09 |
| FCNCA First Citizens Bcshs Class A | Reduce -89.0% | 0.01% | −0.09 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -1.3% | 1.30% | −0.07 |
| DFAT Dimensional US Target Value | Reduce -1.8% | 1.06% | −0.07 |
| PAYX Paychex Inc. | Reduce -4.0% | 0.18% | −0.06 |
| CARR Carrier Global Corp. | Reduce -39.2% | 0.04% | −0.05 |
| DUHP Dimensional US High Profi Et | Reduce -2.9% | 0.52% | −0.05 |
| STIP iShares 0-5 Year Tips Bond E | Reduce -0.4% | 0.36% | −0.04 |
| OZ Belpointe Prep LLC Class A | Reduce -1.0% | 0.32% | −0.04 |
| BR Broadridge Financial Solutio | Reduce -74.5% | 0.01% | −0.04 |
| FIS Fidelity National Info Serv | Sold out | 0.00% | −0.04 |
| VSS Vanguard Ftse All Wo X-US SC | Reduce -0.4% | 0.61% | −0.04 |
| ALL Allstate Corp. | Reduce -44.7% | 0.04% | −0.04 |
| KMI Kinder Morgan Inc. | Reduce -65.9% | 0.02% | −0.04 |
| SO The Southern Co. | Reduce -54.5% | 0.03% | −0.04 |
| ADUS Addus Homecare Corp. | Sold out | 0.00% | −0.03 |
| XOM Exxon Mobil Corp. | Reduce -7.1% | 0.21% | −0.03 |
| XEL Xcel Energy Inc. | Reduce -80.0% | 0.01% | −0.03 |
| JNPR Juniper Networks Inc. | Sold out | 0.00% | −0.03 |
| SCHX Schwab US Large-Cap ETF | Reduce -1.4% | 0.57% | −0.03 |
| DFAC Dimensional US Core Equity 2 | Reduce -1.2% | 0.56% | −0.03 |
| ACGL Arch Capital Group Ltd. | Reduce -13.1% | 0.11% | −0.03 |
| VBR Vngrd Mrngst SL-CP Val ETF-U | Reduce -0.3% | 0.56% | −0.03 |
| HYD Vaneck High Yield Muni ETF | Reduce -10.1% | 0.13% | −0.03 |
| SPSB SS SPDR P St C Corp. ETF | Reduce -10.0% | 0.12% | −0.03 |
| AXP American Express Co. | Reduce -15.7% | 0.10% | −0.03 |
| UNH Unitedhealth Group Inc. | Reduce -31.1% | 0.06% | −0.03 |
| ACN Accenture PLC Class A | Reduce -8.6% | 0.05% | −0.03 |
| EBF Ennis Inc. | Sold out | 0.00% | −0.02 |
| TXO Txo Partners LP | Sold out | 0.00% | −0.02 |
| ICUI Icu Medical Inc. | Sold out | 0.00% | −0.02 |
| MLI Mueller Industries Inc. | Sold out | 0.00% | −0.02 |
| DWX State Street SPDR S&P Intern | Reduce -0.3% | 0.18% | −0.02 |
Portfolio Buys Q2 2025 → Q3 2025
| NVDA Nvidia Corp. | Add +36.5% | 5.63% | +1.70 |
| AAPL Apple Inc. | Add +1.8% | 3.09% | +0.34 |
| GOOG Alphabet Inc. Class C | Add +12.5% | 0.77% | +0.21 |
| PWR Quanta Services Inc. | Add +3450.1% | 0.21% | +0.21 |
| VTI VG Morningstar TS MKT ETF-US | Add +40.8% | 0.59% | +0.15 |
| WDC Western Digital Corp. | New | 0.13% | +0.13 |
| LRCX Lam Research Corp. | Add +185.0% | 0.19% | +0.13 |
| AMZN Amazon.com Inc. | Add +24.7% | 1.17% | +0.12 |
| AZO AutoZone Inc. | Add +76.9% | 0.22% | +0.10 |
| ETN Eaton Corp. PLC | Add +168.2% | 0.16% | +0.10 |
| ORLY O'reilly Automotive Inc. | Add +1108.7% | 0.10% | +0.09 |
| LPLA LPL Financial Holdings Inc. | New | 0.09% | +0.09 |
| GOOGL Alphabet Inc. Class A | Add +3.8% | 0.39% | +0.08 |
| GRMN Garmin Ltd. | New | 0.08% | +0.08 |
| MPWR Monolithic Power Systems Inc. | New | 0.08% | +0.08 |
| AVGO Broadcom Inc. | Add +8.3% | 0.58% | +0.08 |
| QCOM Qualcomm Inc. | Add +141.2% | 0.14% | +0.08 |
| CPNG Coupang Inc. | Add +112.5% | 0.14% | +0.07 |
| NEM Newmont Corp. | Add +83.5% | 0.12% | +0.07 |
| BNY Bank of New York Mellon Corp. | Add +17.3% | 0.34% | +0.07 |
| DELL Dell Technologies -C | Add +34.3% | 0.23% | +0.06 |
| EME Emcor Group Inc. | Add +384.5% | 0.08% | +0.06 |
| GLW Corning Inc. | Add +0.3% | 0.23% | +0.06 |
| CRH CRH PLC | New | 0.06% | +0.06 |
| MU Micron Technology Inc. | Add +75.1% | 0.10% | +0.05 |
| HPE Hewlett Packard Enterprise | Add +78.4% | 0.11% | +0.05 |
| SCHB Schwab US Broad Market ETF | Add +87.6% | 0.12% | +0.05 |
| MGK Vngrd Mrgstr MG CP GR ETF-Ui | Add +17.6% | 0.39% | +0.05 |
| JNJ Johnson & Johnson | Add +11.4% | 0.27% | +0.05 |
| GILD Gilead Sciences Inc. | Add +52.1% | 0.18% | +0.05 |
| AIG American International Group | New | 0.05% | +0.05 |
| META Meta Platforms Inc. Class A | Add +16.4% | 1.54% | +0.04 |
| AVUV Avantis US Small Cap Value | Add +9.4% | 0.72% | +0.04 |
| ORCL Oracle Corp. | Add +0.6% | 0.32% | +0.04 |
| QQQ Invesco QQQ Trust Series 1 | Add +18.4% | 0.32% | +0.04 |
| NTCT Netscout Systems Inc. | New | 0.04% | +0.04 |
| SMCI Super Micro Computer Inc. | New | 0.04% | +0.04 |
| MGC Vngrd Mrngstr MG Cap ETF-Usd | Add +14.3% | 0.41% | +0.04 |
| AU Anglogold Ashanti PLC | New | 0.04% | +0.04 |
| VOO Vanguard S&P 500 ETF | Add +17.5% | 0.32% | +0.04 |
| SCCO Southern Copper Corp. | Add +378.3% | 0.04% | +0.03 |
| WRB WR Berkley Corp. | Add +682.3% | 0.04% | +0.03 |
| HIG Hartford Insurance Group Inc. | Add +109.2% | 0.07% | +0.03 |
| FTNT Fortinet Inc. | Add +333.1% | 0.05% | +0.03 |
| SCHE Schwab Emrg Mrkts Eqty ETF | Add +8.9% | 0.48% | +0.03 |
| JPM JPMorgan Chase & Co. | Add +10.6% | 0.48% | +0.03 |
| INTC Intel Corp. | Add +107.6% | 0.05% | +0.03 |
| AVDV Avantis Intl S/C Value ETF | Add +2.7% | 1.06% | +0.03 |
| CCL Carnival Corp. | New | 0.03% | +0.03 |
| IVV iShares Core S&P 500 ETF | Add +14.4% | 0.29% | +0.03 |
Options Activity Q2 2025 → Q3 2025
| NVDA Nvidia Corp. | put | Add +189.4% | 144,400 | $26.9M |
| COST Costco Wholesale Corp. | put | Sold out | 1,500 | $1.5Mbefore exit |
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 |