Empirical Financial Services, LLC d.b.a. Empirical Wealth Management
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed January 16, 2026), Empirical Financial Services, LLC d.b.a. Empirical Wealth Management reported 890 stock positions worth $5.6 billion. Its top holding was iShares MSCI USA Quality Fac (QUAL) at 6.3% of the portfolio, followed by Nvidia (NVDA, 5.9%) and iShares MSCI International Q (IQLT, 5.3%). Compared with Q3 2025, it opened 194 new positions, sold out of 93, added to 387 and reduced 260. The biggest buy was iShares MSCI USA Quality Fac (QUAL, shares +79%) and the biggest sale iShares MSCI USA Momentum Fa (MTUM, shares −5%).
- Most Recent 13F
- Q2 2026
- Location
- Seattle, WA
- CIK
- 0001510434
- Portfolio Value
- $5.6B (Q4 2025)
- SEC Filing
- 0001085146-26-000089 ↗ filed Jan 16, 2026
Holdings Value
Holdings 890 stocks · $5.6B
| QUAL iShares MSCI USA Quality Fac | 6.29% | 1,764,425 | $350.5M | Add +79.0% |
| NVDA Nvidia Corp. | 5.87% | 1,753,381 | $327.0M | Add +16.9% |
| IQLT iShares MSCI International Q | 5.25% | 6,444,572 | $292.9M | Add +84.8% |
| MTUM iShares MSCI USA Momentum Fa | 4.37% | 974,177 | $243.8M | Reduce -5.5% |
| VTIP Vanguard Short-Term Tips | 4.13% | 4,653,452 | $230.2M | Add +8.2% |
| VCSH Vanguard S/T Corp. Bond ETF | 3.47% | 2,429,096 | $193.7M | Add +4.0% |
| AAPL Apple Inc. | 3.02% | 620,346 | $168.6M | Add +2.9% |
| DFUV Dimensional US Marketwide Va | 2.56% | 3,058,248 | $142.5M | Add +6.1% |
| EFV iShares MSCI Eafe Value ETF | 2.47% | 1,928,740 | $137.7M | Add +3.1% |
| IEMG iShares Core MSCI Emerging | 2.34% | 1,941,744 | $130.5M | Add +9.9% |
| VCIT Vanguard Int-Term Corporate | 2.06% | 1,370,668 | $114.8M | Add +3.6% |
| MSFT Microsoft Corp. | 1.99% | 229,603 | $111.0M | Add +1.0% |
| DFIV Dimensional International Va | 1.62% | 1,807,792 | $90.2M | Reduce -1.4% |
| SJNK SS SPDR BB St Hi Yield ETF | 1.60% | 3,522,304 | $89.2M | Add +6.4% |
| META Meta Platforms Inc. Class A | 1.27% | 106,942 | $70.6M | Add +2.3% |
| AMZN Amazon.com Inc. | 1.22% | 295,078 | $68.1M | Add +10.9% |
| SPY SS SPDR S&P 500 ETF Trust-US | 1.21% | 98,688 | $67.3M | Add +2.1% |
| VTV Vanguard Mrngstr Val ETF-Aui | 1.17% | 342,402 | $65.4M | Reduce -1.2% |
| VGSH Vanguard Short-Term Treasury | 1.17% | 1,106,747 | $65.0M | Add +5.6% |
| AVDV Avantis Intl S/C Value ETF | 1.03% | 612,414 | $57.5M | Add +3.1% |
| VEA Vanguard Ftse Developed ETF | 1.02% | 908,989 | $56.8M | Add +1.1% |
| DFAT Dimensional US Target Value | 0.98% | 918,385 | $54.7M | Add +1.3% |
| GOOG Alphabet Inc. Class C | 0.85% | 151,433 | $47.5M | Reduce -4.3% |
| QGRW Wisdomtree US Quality Growth | 0.76% | 723,464 | $42.4M | Add +15576.4% |
| AVUV Avantis US Small Cap Value | 0.72% | 394,769 | $40.3M | Add +9.3% |
| VNQ Vanguard Real Estate ETF | 0.68% | 429,304 | $38.0M | Add +6.7% |
| CSCO Cisco Systems Inc. | 0.64% | 463,944 | $35.7M | Add +4.9% |
| SCHC Schwab Intl Small-Cap Equity | 0.63% | 777,154 | $35.4M | Add +6.7% |
| TSLA Tesla Inc. | 0.63% | 77,747 | $35.0M | Add +18.1% |
| AVGO Broadcom Inc. | 0.59% | 94,293 | $32.6M | Add +7.4% |
| SCHX Schwab US Large-Cap ETF | 0.55% | 1,130,533 | $30.4M | Add +5.1% |
| VSS Vanguard Ftse All Wo X-US SC | 0.54% | 211,317 | $30.3M | Reduce -1.3% |
| DFAC Dimensional US Core Equity 2 | 0.51% | 715,356 | $28.3M | Reduce -0.1% |
| VBR Vngrd Mrngst SL-CP Val ETF-U | 0.50% | 130,954 | $27.7M | Reduce -1.0% |
| SCHF Schwab Intl Equity ETF | 0.50% | 1,152,306 | $27.7M | Add +9.0% |
| VTI VG Morningstar TS MKT ETF-US | 0.48% | 80,459 | $27.0M | Reduce -9.4% |
| ESGD iShares Trust iShares ESG Aw | 0.48% | 282,078 | $26.8M | Reduce -0.6% |
| JPM JPMorgan Chase & Co. | 0.47% | 81,399 | $26.2M | Add +7.5% |
| DUHP Dimensional US High Profi Et | 0.46% | 669,656 | $25.5M | Reduce -2.7% |
| GOOGL Alphabet Inc. Class A | 0.43% | 77,360 | $24.2M | Reduce -2.4% |
| IWC iShares Micro-Cap ETF | 0.41% | 146,016 | $23.0M | Add +0.1% |
| DFAS Dimensional US Small Cap ETF | 0.40% | 323,700 | $22.6M | Add +0.4% |
| FPE FT-Preferred Secur & Inc. ETF | 0.39% | 1,187,858 | $21.6M | Add +6.0% |
| MGC Vngrd Mrngstr MG Cap ETF-Usd | 0.39% | 85,758 | $21.5M | Add +3.2% |
| MGK Vngrd Mrgstr MG CP GR ETF-Ui | 0.37% | 49,576 | $20.5M | Add +1.9% |
| VFMO Vanguard US Momentum Factor | 0.36% | 106,121 | $20.3M | Add +2.1% |
| MO Altria Group Inc. | 0.36% | 344,671 | $19.9M | Add +5.8% |
| WMT Walmart Inc. | 0.35% | 176,554 | $19.7M | Add +1.7% |
| COST Costco Wholesale Corp. | 0.35% | 22,349 | $19.3M | Reduce -3.7% |
| VNQI Vanguard GLBL Ex-US Real Est | 0.34% | 418,381 | $19.2M | Add +7.4% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.34% | 37,653 | $18.9M | Add +3.8% |
| BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP | 0.34% | 162,971 | $18.9M | Add +4.8% |
| EFG iShares MSCI Eafe Growth ETF | 0.33% | 163,118 | $18.6M | Add +0.8% |
| NULV Nuveen ESG Large-Cap Val ETF | 0.33% | 409,247 | $18.4M | Add +1.7% |
| STIP iShares 0-5 Year Tips Bond E | 0.32% | 173,830 | $17.8M | Add +0.4% |
| CMI Cummins Inc. | 0.31% | 34,158 | $17.4M | Reduce -3.2% |
| JNJ Johnson & Johnson | 0.31% | 84,003 | $17.4M | Add +14.4% |
| QQQ Invesco QQQ Trust Series 1 | 0.31% | 28,078 | $17.2M | Add +4.5% |
| VV Vngrd Mrgstr LRG-Cap ETF-Usd | 0.30% | 53,246 | $16.8M | Reduce -2.1% |
| MGV Vngrd Mrgstr MG CP VL ETF-Ui | 0.30% | 118,512 | $16.7M | Add +4.7% |
| VOO Vanguard S&P 500 ETF | 0.30% | 26,405 | $16.6M | Add +2.4% |
| FEM First Trust Emerging Markets | 0.30% | 605,433 | $16.6M | Add +0.6% |
| OZ Belpointe Prep LLC Class A | 0.29% | 248,081 | $16.1M | Reduce -0.3% |
| LLY Eli Lilly & Co. | 0.29% | 14,879 | $16.0M | Add +2.0% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.29% | 53,798 | $15.9M | Reduce -0.3% |
| VWO Vanguard Ftse Emerging Marke | 0.28% | 292,666 | $15.7M | Reduce -0.5% |
| SCHE Schwab Emrg Mrkts Eqty ETF | 0.27% | 467,279 | $15.3M | Reduce -35.2% |
| IJR iShares Core S&P Small-Cap E | 0.27% | 126,408 | $15.2M | Add +12.9% |
| IVV iShares Core S&P 500 ETF | 0.27% | 21,634 | $14.8M | Add +0.3% |
| SCHA Schwab US Small-Cap ETF | 0.26% | 513,395 | $14.6M | Add +11.1% |
| HYMB SS SPDR N Ice HY Muni ETF | 0.26% | 585,312 | $14.6M | Add +1.5% |
| PM Philip Morris International | 0.25% | 87,615 | $14.1M | Reduce -2.8% |
| VB Vanguard Most SM-Cap ETF-Usd | 0.25% | 53,725 | $13.9M | Reduce -3.4% |
| ADP Automatic Data Processing | 0.23% | 50,376 | $13.0M | Reduce -19.1% |
| V Visa Inc. Class A | 0.22% | 35,452 | $12.4M | Add +6.6% |
| VOE Vngrd Mrngstr MD-Cap Val ETF | 0.22% | 70,003 | $12.4M | Add +0.5% |
| ESML iShares ESG Aware MSCI USA S | 0.22% | 267,772 | $12.3M | Add +0.1% |
| ESGE iShares Inc. iShares ESG Awar | 0.22% | 277,903 | $12.3M | Reduce -1.7% |
| EWX State Street SPDR S&P Emergi | 0.22% | 183,078 | $12.0M | Reduce -6.4% |
| SCHW Schwab (charles) Corp. | 0.21% | 119,535 | $11.9M | Reduce -0.6% |
| AMD Advanced Micro Devices | 0.21% | 55,112 | $11.8M | Add +63.9% |
| GLW Corning Inc. | 0.21% | 133,676 | $11.7M | Reduce -3.2% |
| LRCX Lam Research Corp. | 0.21% | 67,776 | $11.6M | Reduce -2.5% |
| SCHV Schwab US Large-Cap Value | 0.20% | 383,747 | $11.4M | Reduce -0.8% |
| EBI Longview Advantage ETF | 0.20% | 198,399 | $11.2M | Reduce -1.4% |
| PWR Quanta Services Inc. | 0.20% | 26,484 | $11.2M | Add +3.9% |
| XOM Exxon Mobil Corp. | 0.20% | 92,113 | $11.1M | Reduce -2.7% |
| ORCL Oracle Corp. | 0.20% | 56,553 | $11.0M | Add +0.7% |
| T AT&T Inc. | 0.19% | 435,024 | $10.8M | Add +11.3% |
| NUMV Nuveen ESG Mid-Cap Value ETF | 0.19% | 271,862 | $10.6M | Add +3.0% |
| VYM Vanguard High DVD Yield ETF | 0.19% | 73,970 | $10.6M | Reduce -0.2% |
| DELL Dell Technologies -C | 0.19% | 83,452 | $10.5M | Add +1.6% |
| NFLX Netflix Inc. | 0.19% | 112,013 | $10.5M | Reduce -3.2% |
| GILD Gilead Sciences Inc. | 0.19% | 84,484 | $10.4M | Add +7.6% |
| VOT Vngrd Mrngstr MC GRW ETF-Usd | 0.18% | 35,940 | $10.0M | Add +3.2% |
| ADBE Adobe Inc. | 0.18% | 28,148 | $9.9M | Reduce -3.5% |
| CAT Caterpillar Inc. | 0.17% | 16,799 | $9.6M | Add +17.0% |
| ADI Analog Devices Inc. | 0.17% | 35,469 | $9.6M | Reduce -12.7% |
| DWX State Street SPDR S&P Intern | 0.17% | 216,919 | $9.5M | Add +1.2% |
| ESGU iShares ESG Aware MSCI USA | 0.17% | 62,473 | $9.3M | Reduce -2.2% |
Options reported separately and not counted above: NVDA puts ($38.5M), AVGO puts ($519K), AAPL puts ($272K), AAON calls ($229K).
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: $5.6B.
Portfolio Sells Q3 2025 → Q4 2025
| MTUM iShares MSCI USA Momentum Fa | Reduce -5.5% | 4.37% | −0.94 |
| SCHE Schwab Emrg Mrkts Eqty ETF | Reduce -35.2% | 0.27% | −0.21 |
| ADP Automatic Data Processing | Reduce -19.1% | 0.23% | −0.14 |
| VTV Vanguard Mrngstr Val ETF-Aui | Reduce -1.2% | 1.17% | −0.13 |
| VTI VG Morningstar TS MKT ETF-US | Reduce -9.4% | 0.48% | −0.10 |
| NFLX Netflix Inc. | Reduce -3.2% | 0.19% | −0.09 |
| COST Costco Wholesale Corp. | Reduce -3.7% | 0.35% | −0.09 |
| DFIV Dimensional International Va | Reduce -1.4% | 1.62% | −0.08 |
| VSS Vanguard Ftse All Wo X-US SC | Reduce -1.3% | 0.54% | −0.07 |
| BSCP Invesco Bulletshares 2025 CB | Sold out | 0.00% | −0.07 |
| DUHP Dimensional US High Profi Et | Reduce -2.7% | 0.46% | −0.07 |
| VBR Vngrd Mrngst SL-CP Val ETF-U | Reduce -1.0% | 0.50% | −0.06 |
| CPNG Coupang Inc. | Reduce -3.1% | 0.09% | −0.05 |
| TXN Texas Instruments Inc. | Reduce -13.2% | 0.14% | −0.05 |
| TMUS T-Mobile US Inc. | Reduce -12.4% | 0.10% | −0.05 |
| ESGD iShares Trust iShares ESG Aw | Reduce -0.6% | 0.48% | −0.05 |
| EWX State Street SPDR S&P Emergi | Reduce -6.4% | 0.22% | −0.05 |
| DFAC Dimensional US Core Equity 2 | Reduce -0.1% | 0.51% | −0.05 |
| CP Canadian Pacific Kansas City | Reduce -42.6% | 0.05% | −0.04 |
| BLK BlackRock Inc. | Reduce -13.8% | 0.10% | −0.04 |
| PM Philip Morris International | Reduce -2.8% | 0.25% | −0.04 |
| VWO Vanguard Ftse Emerging Marke | Reduce -0.5% | 0.28% | −0.04 |
| PAYX Paychex Inc. | Reduce -0.3% | 0.14% | −0.04 |
| VV Vngrd Mrgstr LRG-Cap ETF-Usd | Reduce -2.1% | 0.30% | −0.04 |
| VB Vanguard Most SM-Cap ETF-Usd | Reduce -3.4% | 0.25% | −0.04 |
| HPQ HP Inc. | Reduce -39.2% | 0.03% | −0.04 |
| CATY Cathay General Bancorp | Sold out | 0.00% | −0.04 |
| ANET Arista Networks Inc. | Reduce -7.7% | 0.10% | −0.03 |
| CVCO Cavco Industries Inc. | Reduce -82.7% | 0.01% | −0.03 |
| OZ Belpointe Prep LLC Class A | Reduce -0.3% | 0.29% | −0.03 |
| ADBE Adobe Inc. | Reduce -3.5% | 0.18% | −0.03 |
| NVR NVR Inc. | Reduce -13.5% | 0.07% | −0.03 |
| ADI Analog Devices Inc. | Reduce -12.7% | 0.17% | −0.03 |
| CARR Carrier Global Corp. | Reduce -54.4% | 0.02% | −0.03 |
| ESGE iShares Inc. iShares ESG Awar | Reduce -1.7% | 0.22% | −0.03 |
| PIPR Piper Sandler Cos | Reduce -79.8% | 0.01% | −0.02 |
| PG The Procter & Gamble Co. | Reduce -8.0% | 0.07% | −0.02 |
| SCHV Schwab US Large-Cap Value | Reduce -0.8% | 0.20% | −0.02 |
| MCBS Metrocity Bankshares Inc. | Reduce -63.9% | 0.01% | −0.02 |
| CVX Chevron Corp. | Reduce -0.3% | 0.15% | −0.02 |
| PANW Palo Alto Networks Inc. | Reduce -11.8% | 0.05% | −0.02 |
| EBI Longview Advantage ETF | Reduce -1.4% | 0.20% | −0.02 |
| IBM Intl Business Machines Corp. | Reduce -0.3% | 0.29% | −0.02 |
| SPIB SS SPDR P Int C Corp. ETF | Reduce -3.2% | 0.13% | −0.02 |
| ESGU iShares ESG Aware MSCI USA | Reduce -2.2% | 0.17% | −0.02 |
| VYM Vanguard High DVD Yield ETF | Reduce -0.2% | 0.19% | −0.02 |
| LOW Lowe's Cos Inc. | Reduce -19.2% | 0.04% | −0.02 |
| BKR Baker Hughes Co. | Reduce -0.6% | 0.09% | −0.02 |
| TPH Tri Pointe Homes Inc. | Reduce -62.5% | 0.01% | −0.02 |
| RMD Resmed Inc. | Reduce -46.8% | 0.01% | −0.02 |
Portfolio Buys Q3 2025 → Q4 2025
| QUAL iShares MSCI USA Quality Fac | Add +79.0% | 6.29% | +2.43 |
| IQLT iShares MSCI International Q | Add +84.8% | 5.25% | +2.15 |
| QGRW Wisdomtree US Quality Growth | Add +15576.4% | 0.76% | +0.76 |
| NVDA Nvidia Corp. | Add +16.9% | 5.87% | +0.23 |
| KAT Scharf ETF | New | 0.12% | +0.12 |
| AMD Advanced Micro Devices | Add +63.9% | 0.21% | +0.10 |
| LLY Eli Lilly & Co. | Add +2.0% | 0.29% | +0.06 |
| BSCW Invesco Bulletshares 2032 CB | New | 0.06% | +0.06 |
| AMZN Amazon.com Inc. | Add +10.9% | 1.22% | +0.05 |
| INTC Intel Corp. | Add +91.6% | 0.09% | +0.04 |
| TSLA Tesla Inc. | Add +18.1% | 0.63% | +0.04 |
| JNJ Johnson & Johnson | Add +14.4% | 0.31% | +0.04 |
| CAT Caterpillar Inc. | Add +17.0% | 0.17% | +0.03 |
| CSCO Cisco Systems Inc. | Add +4.9% | 0.64% | +0.03 |
| AKRE Akre Focus ETF | New | 0.03% | +0.03 |
| KEYS Keysight Technologies Inc. | New | 0.03% | +0.03 |
| IWD iShares Russell 1000 Value E | Add +107.1% | 0.05% | +0.03 |
| MRK Merck & Co. Inc. | Add +35.0% | 0.07% | +0.02 |
| IWB iShares Russell 1000 ETF | Add +55.0% | 0.08% | +0.02 |
| A Agilent Technologies Inc. | Add +288.9% | 0.03% | +0.02 |
| AVA Avista Corp. | New | 0.02% | +0.02 |
| BND Vanguard Total Bond Market | New | 0.02% | +0.02 |
| INBX Inhibrx Biosciences Inc. | Add +1.3% | 0.03% | +0.02 |
| CTSH Cognizant Tech Solutions-A | Add +217.4% | 0.02% | +0.02 |
| HG Hamilton Insurance Grou Class B | New | 0.02% | +0.02 |
| TSM Taiwan Semiconductor-SP ADR | Add +20.1% | 0.11% | +0.02 |
| GLD SPDR Gold Shares | Add +100.9% | 0.03% | +0.01 |
| NEM Newmont Corp. | Add +6.3% | 0.14% | +0.01 |
| BSV Vanguard Short-Term Bond ETF | Add +42.6% | 0.07% | +0.01 |
| UAL United Airlines Holdings Inc. | Add +7.1% | 0.15% | +0.01 |
| LPLA LPL Financial Holdings Inc. | Add +19.7% | 0.11% | +0.01 |
| BSJV Invesco Bulletshares 2031 HY | New | 0.01% | +0.01 |
| PLAB Photronics Inc. | New | 0.01% | +0.01 |
| EXPE Expedia Group Inc. | Add +233.7% | 0.02% | +0.01 |
| TNK Teekay Tankers Ltd. Class A | New | 0.01% | +0.01 |
| INSW International Seaways Inc. | New | 0.01% | +0.01 |
| AXS Axis Capital Holdings Ltd. | Add +103.3% | 0.02% | +0.01 |
| SGOV iShares 0-3 Month Treasury B | Add +125.9% | 0.02% | +0.01 |
| SYF Synchrony Financial | New | 0.01% | +0.01 |
| ES Eversource Energy | New | 0.01% | +0.01 |
| CCK Crown Holdings Inc. | New | 0.01% | +0.01 |
| BBVA Banco Bilbao Vizcaya-SP ADR | New | 0.01% | +0.01 |
| GILD Gilead Sciences Inc. | Add +7.6% | 0.19% | +0.01 |
| AME Ametek Inc. | New | 0.01% | +0.01 |
| DHT DHT Holdings Inc. | New | 0.01% | +0.01 |
| SAN Banco Santander SA-Spon ADR | Add +471.0% | 0.01% | +0.01 |
| GE General Electric | Add +20.6% | 0.11% | +0.01 |
| ATO Atmos Energy Corp. | New | 0.01% | +0.01 |
| C Citigroup Inc. | Add +19.9% | 0.05% | +0.01 |
| ASX Ase Technology Holding -ADR | Add +273.1% | 0.01% | +0.01 |
Options Activity Q3 2025 → Q4 2025
| NVDA Nvidia Corp. | put | Add +43.0% | 206,500 | $38.5M |
| AVGO Broadcom Inc. | put | New | 1,500 | $519K |
| AMZN Amazon.com Inc. | put | Sold out | 1,300 | $285Kbefore exit |
| AAPL Apple Inc. | put | Reduce -28.6% | 1,000 | $272K |
| AAON Aaon Inc. | call | New | 3,000 | $229K |
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 |