CIK: 0001592828
Total reported value
$15.7B
Reporting period: 2026-03-31 · Number of holdings: 8595
Empowered Funds, LLC disclosed 8595 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $15.7B and a quarterly turnover rate of 105.2%.
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Empowered Funds, LLC's disclosed holdings carry a Herfindahl concentration index of 0.005 — mathematically equivalent to about 219 equally-sized positions, well below its 8595 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 2.93), with a handful of outsized bets alongside many smaller positions.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Trim NVDA
+47.5% $129.6M
Trim AVGO
+64.9% $69.7M
Trim XOM
-5.3% $43.0M
Trim GOOGL
+85.1% $115.8M
Trim META
+76.2% $57.0M
Trim JPM
+84.1% $55.3M
Empowered Funds is executing a high-turnover, systematic momentum rotation into AI mega-caps (AAPL, MSFT, AMZN, NVDA, GOOGL) and cyclical reflation plays (CVX, VEA), hunting short-term price continuation alpha. The extreme diversification (2,102 holdings) and negligible concentration confirm a fully factor-driven strategy with zero fundamental conviction sizing.
The portfolio is pricing in a risk-on regime of resilient growth, AI-driven capex, and contained inflation—overweighting Information Technology (27%), Consumer Discretionary (13%), and Energy versus underweighting Defensives and Real Estate (<1%). The opposing thesis is that lagged monetary tightening cracks consumer spending and earnings, collapsing the high-multiple growth names and reversing momentum signals in a correlated unwind.
Empowered Funds' 100% momentum personality score and 1.05 turnover ratio create a fragility paradox: the strategy is a leveraged bet on a single factor that has become the consensus crowd trade. The 2,102 positions offer no cushion in a momentum crash because all bets are positively correlated; the first sharp reversal in a fulcrum name like NVDA will trigger simultaneous stop-loss fires in every corner of the portfolio, amplified by the liquidity withdrawal from other momentum funds.
Sourced and summarized by AI from public SEC filings, limited to historical activity. Not investment guidance.
Showing top 200 holdings (of 8595 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | NVDA | Nvidia CORP | Stock-Tech | 3.01% | -2.79% | +47.49% | |
| 2 | AAPL | Apple INC | Stock-Tech | 2.61% | +2.61% | NEW | |
| 3 | MSFT | Microsoft CORP | Stock-Tech | 1.91% | +1.91% | NEW | |
| 4 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 1.79% | -1.02% | +85.06% | |
| 5 | AVGO | Broadcom INC | Stock-Tech | 1.38% | -1.11% | +64.86% | |
| 6 | AMZN | Amazon.com INC | Stock-Consumer Disc | 1.37% | +1.37% | NEW | |
| 7 | XOM | Exxon Mobil CORP | Stock-Energy | 1.09% | -1.09% | -5.31% | |
| 8 | META | Meta Platforms Inc-class A | Stock-Comm Services | 1.05% | -0.79% | +76.24% | |
| 9 | CVX | Chevron CORP | Stock-Energy | 0.99% | +0.99% | NEW | |
| 10 | JPM | Jpmorgan Chase & Co | Stock-Financials | 0.87% | -0.51% | +84.12% | |
| 11 | LLY | Eli Lilly & Co | Stock-Healthcare | 0.81% | +0.81% | NEW | |
| 12 | VEA | Vanguard Ftse Developed ETF | ETF-Other | 0.79% | +0.79% | NEW | |
| 13 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 0.77% | — | +22.63% | |
| 14 | BOXX | Alpha Architect 1-3 Mnth Box | ETF-Other | 0.71% | +0.14% | +228.64% | |
| 15 | IDEV | Ishares Core Msci Dev Mkts | ETF-Other | 0.69% | — | +2.29% | |
| 16 | BRK-B | Berkshire Hathaway Inc-cl B | Stock-Other | 0.55% | +0.55% | NEW | |
| 17 | NFLX | Netflix INC | Stock-Comm Services | 0.53% | -0.11% | +115.02% | |
| 18 | MU | Micron Technology INC | Stock-Tech | 0.53% | +0.53% | NEW | |
| 19 | JNJ | Johnson & Johnson | Stock-Healthcare | 0.49% | +0.49% | NEW | |
| 20 | LRCX | Lam Research CORP | Stock-Tech | 0.48% | +0.48% | NEW | |
| 21 | VWO | Vanguard Ftse Emerging Marke | ETF-Emerging Markets | 0.46% | +0.46% | NEW | |
| 22 | TSLA | Tesla INC | Stock-Consumer Disc | 0.43% | — | +15.88% | |
| 23 | COST | Costco Wholesale CORP | Stock-Consumer Staples | 0.43% | — | +71.67% | |
| 24 | VTIP | Vanguard Short-term Tips | ETF-Other | 0.43% | +0.43% | NEW | |
| 25 | VST | Vistra CORP | Stock-Utilities | 0.42% | +0.25% | +611.01% | |
| 26 | EXPE | Expedia Group INC | Stock-Consumer Disc | 0.41% | — | +76.92% | |
| 27 | TSM | Taiwan Semiconductor-sp Adr | Stock-Tech | 0.40% | +0.40% | NEW | |
| 28 | GEV | GE Vernova INC | Stock-Industrials | 0.40% | +0.04% | +121.79% | |
| 29 | MRK | Merck & Co. INC. | Stock-Healthcare | 0.39% | — | -26.00% | |
| 30 | NEM | Newmont CORP | Stock-Materials | 0.38% | +0.38% | NEW | |
| 31 | V | Visa Inc-class A Shares | Stock-Financials | 0.38% | — | +23.84% | |
| 32 | PG | Procter & Gamble Co/the | Stock-Consumer Staples | 0.37% | +0.37% | NEW | |
| 33 | WFC | Wells Fargo & Co | Stock-Financials | 0.35% | +0.35% | NEW | |
| 34 | BAC | Bank Of America CORP | Stock-Financials | 0.35% | +0.35% | NEW | |
| 35 | AVRE | Avantis Real Estate ETF | ETF-Other | 0.35% | +0.35% | NEW | |
| 36 | AVDV | Avantis Intl S/c Value ETF | ETF-Other | 0.35% | +0.35% | NEW | |
| 37 | CAOS | Alpha Architect Tail Risk | ETF-Other | 0.35% | — | — | |
| 38 | CF | Cf Industries Holdings INC | Stock-Materials | 0.34% | +0.34% | NEW | |
| 39 | THC | Tenet Healthcare CORP | Stock-Healthcare | 0.34% | — | +22.10% | |
| 40 | MCK | Mckesson CORP | Stock-Healthcare | 0.34% | — | +60.11% | |
| 41 | CAT | Caterpillar INC | Stock-Industrials | 0.34% | +0.34% | NEW | |
| 42 | QCOM | Qualcomm INC | Stock-Tech | 0.34% | +0.34% | NEW | |
| 43 | AMD | Advanced Micro Devices | Stock-Tech | 0.34% | +0.34% | NEW | |
| 44 | CSCO | Cisco Systems INC | Stock-Tech | 0.34% | — | +7.49% | |
| 45 | STIP | Ishares 0-5 Year Tips Bond E | ETF-Other | 0.33% | — | -1.67% | |
| 46 | VRT | Vertiv Holdings Co-a | Stock-Industrials | 0.33% | +0.12% | +170.66% | |
| 47 | WMT | Walmart INC | Stock-Consumer Staples | 0.33% | +0.33% | NEW | |
| 48 | GS | Goldman Sachs Group INC | Stock-Financials | 0.32% | — | +207.86% | |
| 49 | BKNG | Booking Holdings INC | Stock-Consumer Disc | 0.32% | — | +81.84% | |
| 50 | GE | General Electric | Stock-Industrials | 0.32% | +0.32% | NEW |
Performance for Q3 2026
+2%
Performance Last 4 Quarters
+25.1%
Based on 76% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 8595 | $15.7B | 100 | |
| 2025-12-31 | 3248 | $5.9B | 91 | |
| 2025-09-30 | 4604 | $9.9B | 70 | |
| 2025-06-30 | 4275 | $8.8B | 0 | |
| 2025-03-31 | 3475 | $7.0B | 100 | |
| 2024-12-31 | 3282 | $6.8B | 0 | |
| 2024-09-30 | 2563 | $6.4B | 0 | |
| 2024-06-30 | 2507 | $5.8B | 0 | |
| 2024-03-31 | 2610 | $5.5B | 0 | |
| 2023-12-31 | 2083 | $4.0B | 0 | |
| 2023-09-30 | 2049 | $3.4B | 0 | |
| 2023-06-30 | 1740 | $2.8B | 0 | |
| 2023-03-31 | 994 | $1.7B | 0 | |
| 2022-12-31 | 920 | $1.5B | 0 | |
| 2022-09-30 | 537 | $1.0B | 0 | |
| 2022-06-30 | 313 | $775.6M | 0 | |
| 2022-03-31 | 269 | $914.9M | 0 | |
| 2021-12-31 | 259 | $886.8M | 0 | |
| 2021-09-30 | 222 | $779.4M | 0 | |
| 2021-06-30 | 240 | $787.7M | 0 | |
| 2021-03-31 | 162 | $522.0M | 0 | |
| 2020-12-31 | 162 | $522.0M | 100 | |
| 2020-09-30 | 105 | $320.3M | 100 | |
| 2020-06-30 | 106 | $258.3M | 100 | |
| 2020-03-31 | 102 | $276.3M | 0 | |
| 2019-12-31 | 102 | $276.3M | 75 | |
| 2019-09-30 | 94 | $229.7M | 57 | |
| 2019-06-30 | 94 | $239.3M | 56 | |
| 2019-03-31 | 93 | $279.7M | 65 | |
| 2018-12-31 | 91 | $236.3M | 72 | |
| 2018-09-30 | 91 | $337.8M | 62 | |
| 2018-06-30 | 92 | $317.0M | 58 | |
| 2018-03-31 | 92 | $273.9M | 76 | |
| 2017-12-31 | 93 | $199.3M | 74 | |
| 2017-09-30 | 94 | $154.1M | 85 | |
| 2017-06-30 | 92 | $123.3M | 100 | |
| 2017-03-31 | 89 | $97.6M | 100 | |
| 2016-12-31 | 4 | $134.9M | 0 |
Empowered Funds, LLC's most significant position changes for 2026-03-31: New buy: Apple INC (AAPL); New buy: Microsoft CORP (MSFT); New buy: Amazon.com INC (AMZN); New buy: Chevron CORP (CVX); New buy: Eli Lilly & Co (LLY).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | VST | Vistra CORP | +0.3% | +611.01% | Add |
| 2 | BOXX | Alpha Architect 1-3 Mnth Box | +0.1% | +228.64% | Add |
| 3 | VRT | Vertiv Holdings Co-a | +0.1% | +170.66% | Add |
| 4 | GEV | GE Vernova INC | 0% | +121.79% | Add |
| 5 | NFLX | Netflix INC | -0.1% | +115.02% | Add |
| 6 | JPM | Jpmorgan Chase & Co | -0.5% | +84.12% | Add |
| 7 | META | Meta Platforms Inc-class A | -0.8% | +76.24% | Add |
| 8 | GOOGL | Alphabet Inc-cl A | -1% | +85.06% | Add |
| 9 | XOM | Exxon Mobil CORP | -1.1% | -5.31% | Trim |
| 10 | AVGO | Broadcom INC | -1.1% | +64.86% | Add |
| 11 | NVDA | Nvidia CORP | -2.8% | +47.49% | Add |
| 12 | AAPL | Apple INC | — | NEW | New buy |
| 13 | MSFT | Microsoft CORP | — | NEW | New buy |
| 14 | AMZN | Amazon.com INC | — | NEW | New buy |
| 15 | CVX | Chevron CORP | — | NEW | New buy |
| 16 | LLY | Eli Lilly & Co | — | NEW | New buy |
| 17 | VEA | Vanguard Ftse Developed ETF | — | NEW | New buy |
| 18 | BRK-B | Berkshire Hathaway Inc-cl B | — | NEW | New buy |
| 19 | MU | Micron Technology INC | — | NEW | New buy |
| 20 | JNJ | Johnson & Johnson | — | NEW | New buy |
| 21 | LRCX | Lam Research CORP | — | NEW | New buy |
| 22 | VWO | Vanguard Ftse Emerging Marke | — | NEW | New buy |
| 23 | VTIP | Vanguard Short-term Tips | — | NEW | New buy |
| 24 | TSM | Taiwan Semiconductor-sp Adr | — | NEW | New buy |
| 25 | NEM | Newmont CORP | — | NEW | New buy |
| 26 | PG | Procter & Gamble Co/the | — | NEW | New buy |
| 27 | WFC | Wells Fargo & Co | — | NEW | New buy |
| 28 | BAC | Bank Of America CORP | — | NEW | New buy |
| 29 | AVRE | Avantis Real Estate ETF | — | NEW | New buy |
| 30 | AVDV | Avantis Intl S/c Value ETF | — | NEW | New buy |
| 31 | CF | Cf Industries Holdings INC | — | NEW | New buy |
| 32 | CAT | Caterpillar INC | — | NEW | New buy |
| 33 | QCOM | Qualcomm INC | — | NEW | New buy |
| 34 | AMD | Advanced Micro Devices | — | NEW | New buy |
| 35 | WMT | Walmart INC | — | NEW | New buy |
| 36 | GE | General Electric | — | NEW | New buy |
| 37 | WDC | Western Digital CORP | — | NEW | New buy |
| 38 | DECK | Deckers Outdoor CORP | — | NEW | New buy |
| 39 | FIX | Comfort Systems USA INC | — | NEW | New buy |
| 40 | PH | Parker Hannifin CORP | — | NEW | New buy |
| 41 | SCHR | Schwab Intermediate-term US | — | NEW | New buy |
| 42 | HD | Home Depot INC | — | NEW | New buy |
| 43 | RTX | Rtx CORP | — | NEW | New buy |
| 44 | TPR | Tapestry INC | — | NEW | New buy |
| 45 | AMAT | Applied Materials INC | — | NEW | New buy |
| 46 | AVES | Avantis Emerging Markets Val | — | NEW | New buy |
| 47 | JBL | Jabil INC | — | NEW | New buy |
| 48 | MS | Morgan Stanley | — | NEW | New buy |
| 49 | KO | Coca-cola Co/the | — | NEW | New buy |
| 50 | TJX | Tjx Companies INC | — | NEW | New buy |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-15 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-18 | Amendment | View on EDGAR |
| 2025-12-31 | 2026-02-11 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-13 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-11 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-16 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-01-28 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-06 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-07-30 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-07 | Amendment | View on EDGAR |
| 2024-03-31 | 2024-05-06 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-14 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-11-01 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-07-27 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-04-05 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-21 | Amendment | View on EDGAR |
| 2022-12-31 | 2023-01-26 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-11-04 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-01 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-04-21 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-10 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-11-12 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-11-12 | Amendment | View on EDGAR |
| 2021-06-30 | 2021-08-04 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-05-13 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-02-02 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-10-26 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-07-16 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-07-16 | Amendment | View on EDGAR |
| 2020-03-31 | 2020-04-16 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-07-16 | Amendment | View on EDGAR |
| 2019-12-31 | 2020-01-27 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2019-11-01 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-07-09 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-05-10 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-01-22 | 13F-HR | View on EDGAR |
| 2018-09-30 | 2018-10-18 | 13F-HR | View on EDGAR |
| 2018-06-30 | 2018-07-09 | 13F-HR | View on EDGAR |
| 2018-03-31 | 2018-04-25 | 13F-HR | View on EDGAR |
| 2017-12-31 | 2018-07-09 | Amendment | View on EDGAR |
| 2017-12-31 | 2018-02-01 | 13F-HR | View on EDGAR |
| 2017-09-30 | 2018-07-09 | Amendment | View on EDGAR |
| 2017-09-30 | 2017-10-31 | 13F-HR | View on EDGAR |
| 2017-06-30 | 2018-07-09 | Amendment | View on EDGAR |
| 2017-06-30 | 2017-08-08 | 13F-HR | View on EDGAR |
| 2017-03-31 | 2018-07-09 | Amendment | View on EDGAR |
| 2017-03-31 | 2017-05-11 | 13F-HR | View on EDGAR |
| 2016-12-31 | 2017-02-13 | 13F-HR | View on EDGAR |
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