EF

Empirical Finance, LLC

Diversified strategyContrarianQuality / disciplined sizing

Total reported value

$2.1B

Reporting period: 2026-03-31 · Number of holdings: 483

Empirical Finance, LLC disclosed 483 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $2.1B and a quarterly turnover rate of 30.0%.

Personality snowflake

Concentration
6.81
Portfolio Stability
29.97
Momentum/Contrarian
0
Sector conviction
49.36
Diversification
100
Sizing Uniformity
73.1

Recent moves

  • Trim GOOG

    -41.9%　-$59.0M

  • Trim QVAL

    -78.3%　-$46.8M

  • Trim MSFT

    -0.1%　-$28.0M

  • Trim VOO

    -97.6%　-$20.8M

  • Add TSM

    +86.5%　$16.7M

  • Add ET

    +86.8%　$14.7M

Holdings Map

New buyAddUnchangedTrim

Top 10 holdings by weight

Full holdings list this quarter

#TickerIssuerAsset SubclassWeightWeight ChangeShares Change4Q Trend
1NVDANvidia CORPStock-Tech6.69%-0.58%-0.17%
2AAPLApple INCStock-Tech5.98%-0.53%-0.17%
3MSFTMicrosoft CORPStock-Tech4.27%-1.41%-0.14%
4AMZNAmazon.com INCStock-Consumer Disc3.69%—+9.90%
5GOOGAlphabet Inc-cl CStock-Comm Services3.15%-2.87%-41.87%
6GOOGLAlphabet Inc-cl AStock-Comm Services2.67%+2.67%NEW
7AVGOBroadcom INCStock-Tech2.08%-0.28%+0.01%
8METAMeta Platforms Inc-class AStock-Comm Services2.00%-0.35%-0.15%
9TSMTaiwan Semiconductor-sp AdrStock-Tech1.51%+0.77%+86.46%
10TSLATesla INCStock-Consumer Disc1.39%-0.31%-0.02%
11JPMJpmorgan Chase & CoStock-Financials1.39%-0.15%-0.26%
12ETEnergy Transfer LPStock-Energy1.27%+0.68%+86.79%
13XOMExxon Mobil CORPStock-Energy1.21%+0.34%-0.26%
14LLYEli Lilly & CoStock-Healthcare1.15%-0.22%-0.17%
15BRK-BBerkshire Hathaway Inc-cl BStock-Other1.13%—+0.50%
16JNJJohnson & JohnsonStock-Healthcare0.95%+0.13%-0.17%
17OMABGrupo Aeroportuario Cen-adrStock-Other0.91%+0.41%+74.60%
18PACGrupo Aeroportuario Pac-adrStock-Other0.87%+0.49%+148.06%
19WESWestern Midstream Partners LStock-Energy0.86%+0.41%+86.76%
20WMTWalmart INCStock-Consumer Staples0.83%—-0.10%
21VTIVanguard Total Stock Mkt ETFETF-Other0.83%+0.83%NEW
22CAOSAlpha Architect Tail RiskETF-Other0.80%+0.80%NEW
23CVXChevron CORPStock-Energy0.74%+0.19%-0.22%
24AXAxos Financial INCStock-Financials0.71%+0.32%+86.55%
25COSTCostco Wholesale CORPStock-Consumer Staples0.70%+0.09%-0.15%
26QVALAlpha Arch US Qnt Value ETFETF-Other0.68%-2.24%-78.32%
27NFLXNetflix INCStock-Comm Services0.66%—-0.22%
28MAMastercard INC - AStock-Financials0.66%-0.11%-0.19%
29CSWCCapital Southwest CORPStock-Other0.64%+0.64%NEW
30CATCaterpillar INCStock-Industrials0.64%+0.12%-0.25%
31VVisa Inc-class A SharesStock-Financials0.62%-0.11%-0.07%
32ABBVAbbvie INCStock-Healthcare0.60%—-0.17%
33MUMicron Technology INCStock-Tech0.59%—-0.02%
34MPLXMplx LPStock-Energy0.58%+0.28%+86.58%
35PGProcter & Gamble Co/theStock-Consumer Staples0.56%—-0.17%
36HDHome Depot INCStock-Consumer Disc0.55%—-0.17%
37BACBank Of America CORPStock-Financials0.53%—-0.23%
38MSMorgan StanleyStock-Financials0.53%—+3.35%
39CSCOCisco Systems INCStock-Tech0.53%—-0.20%
40AMDAdvanced Micro DevicesStock-Tech0.52%—-0.16%
41MRKMerck & Co. INC.Stock-Healthcare0.51%—-0.23%
42GEGeneral ElectricStock-Industrials0.49%—-0.18%
43IVALAlpha Archi Intl Qt Vlu ETFETF-Other0.47%+0.47%NEW
44KOCoca-cola Co/theStock-Consumer Staples0.47%—-0.16%
45WFCWells Fargo & CoStock-Financials0.46%—-0.39%
46AMATApplied Materials INCStock-Tech0.46%+0.11%-0.22%
47LRCXLam Research CORPStock-Tech0.45%—-0.23%
48GSGoldman Sachs Group INCStock-Financials0.44%—-0.33%
49RTXRtx CORPStock-Industrials0.43%—-0.23%
50UNHUnitedhealth Group INCStock-Healthcare0.41%-0.10%-0.14%
1–50 of 483

Holding changes this quarter

Empirical Finance, LLC's most significant position changes for 2026-03-31: New buy: Alphabet Inc-cl A (GOOGL); New buy: Vanguard Total Stock Mkt ETF (VTI); New buy: Alpha Architect Tail Risk (CAOS); New buy: Capital Southwest CORP (CSWC); New buy: Alpha Archi Intl Qt Vlu ETF (IVAL).

Position changes disclosed by Empirical Finance, LLC for the quarter ending 2026-03-31, including ticker, issuer, weight change, shares change, and action
#TickerIssuerWeight ChangeShares ChangeAction
1TSMTaiwan Semiconductor-sp Adr+0.8%+86.46%Add
2ETEnergy Transfer LP+0.7%+86.79%Add
3PACGrupo Aeroportuario Pac-adr+0.5%+148.06%Add
4WESWestern Midstream Partners L+0.4%+86.76%Add
5OMABGrupo Aeroportuario Cen-adr+0.4%+74.60%Add
6SFMSprouts Farmers Market INC+0.4%+2005.74%Add
7XOMExxon Mobil CORP+0.3%-0.26%Trim
8AXAxos Financial INC+0.3%+86.55%Add
9MPLXMplx LP+0.3%+86.58%Add
10CVXChevron CORP+0.2%-0.22%Trim
11JNJJohnson & Johnson+0.1%-0.17%Trim
12TXTernium Sa-sponsored Adr+0.1%+69.42%Add
13CATCaterpillar INC+0.1%-0.25%Trim
14AMATApplied Materials INC+0.1%-0.22%Trim
15AGMFederal Agric Mtg Corp-cl C+0.1%+85.89%Add
16MEDPMedpace Holdings INC+0.1%+81.00%Add
17COSTCostco Wholesale CORP+0.1%-0.15%Trim
18ORCLOracle CORP-0.1%-0.02%Trim
19UNHUnitedhealth Group INC-0.1%-0.14%Trim
20INTUIntuit INC-0.1%-0.12%Trim
21VVisa Inc-class A Shares-0.1%-0.07%Trim
22MAMastercard INC - A-0.1%-0.19%Trim
23CRMSalesforce INC-0.1%-0.19%Trim
24JPMJpmorgan Chase & Co-0.2%-0.26%Trim
25LLYEli Lilly & Co-0.2%-0.17%Trim
26AVGOBroadcom INC-0.3%+0.01%Add
27TSLATesla INC-0.3%-0.02%Trim
28METAMeta Platforms Inc-class A-0.4%-0.15%Trim
29PTMCPacer Trendpilot US Mid Cap-0.5%-83.24%Trim
30AAPLApple INC-0.5%-0.17%Trim
31NVDANvidia CORP-0.6%-0.17%Trim
32VOOVanguard S&p 500 ETF-1%-97.58%Trim
33MSFTMicrosoft CORP-1.4%-0.14%Trim
34QVALAlpha Arch US Qnt Value ETF-2.2%-78.32%Trim
35GOOGAlphabet Inc-cl C-2.9%-41.87%Trim
36GOOGLAlphabet Inc-cl A—NEWNew buy
37VTIVanguard Total Stock Mkt ETF—NEWNew buy
38CAOSAlpha Architect Tail Risk—NEWNew buy
39CSWCCapital Southwest CORP—NEWNew buy
40IVALAlpha Archi Intl Qt Vlu ETF—NEWNew buy
41AAVMAlpha Architect Global Facto—NEWNew buy
42ASRGrupo Aeroportuario Sur-adr—NEWNew buy
43✓ Corporacion Amer Arpts S A—EXITSold out
44PTINPacer Trendpilot Intl ETF—NEWNew buy
45IMOMAlpha Intl Quant Mom ETF—NEWNew buy
46CPACopa Holdings, S.A.—EXITSold out
47QMOMAlpha US Quant Mom ETF—NEWNew buy
48PTNQPacer Trendpilot 100 ETF—NEWNew buy
49VOEVanguard Mid-cap Value ETF—NEWNew buy
50BOXXAlpha Architect 1-3 Mnth Box—NEWNew buy

FAQ

What is Empirical Finance, LLC and what type of investor is it?
Empirical Finance, LLC is a investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-03-31), the firm manages a tracked equity portfolio valued at approximately $2.1B, spread across 483 disclosed positions.
What are Empirical Finance, LLC's largest equity positions?
Based on the latest 13F filing, Empirical Finance, LLC's top holdings by market value are: 1. Nvidia CORP (NVDA) — $142.3M (6.7%) 2. Apple INC (AAPL) — $127.2M (6.0%) 3. Microsoft CORP (MSFT) — $91.0M (4.3%) 4. Amazon.com INC (AMZN) — $78.5M (3.7%) 5. Alphabet Inc-cl C (GOOG) — $67.1M (3.1%)
What changes did Empirical Finance, LLC make in its most recent portfolio filing?
In the latest reported quarter, Empirical Finance, LLC made 50 notable position adjustments: 13 new positions were initiated, 12 existing holdings were added to, 23 positions were partially reduced, and 2 were completely exited. The largest of these moves: New buy: Alphabet Inc-cl A (GOOGL); New buy: Vanguard Total Stock Mkt ETF (VTI); New buy: Alpha Architect Tail Risk (CAOS); New buy: Capital Southwest CORP (CSWC); New buy: Alpha Archi Intl Qt Vlu ETF (IVAL)
What sectors does Empirical Finance, LLC focus on?
Empirical Finance, LLC is concentrated in the following sectors based on its current disclosed equity portfolio: • Information Technology: 31.9% • Financials: 11.9% • Communication Services: 11.6% • Consumer Discretionary: 9.8% • Health Care: 9.7% • Industrials: 8.0%