CIK: 0001572838
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%.
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Empirical Finance, LLC's disclosed holdings carry a Herfindahl concentration index of 0.017 — mathematically equivalent to about 59 equally-sized positions, well below its 483 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 2.69), 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 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
Showing top 200 holdings (of 483 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | NVDA | Nvidia CORP | Stock-Tech | 6.69% | -0.58% | -0.17% | |
| 2 | AAPL | Apple INC | Stock-Tech | 5.98% | -0.53% | -0.17% | |
| 3 | MSFT | Microsoft CORP | Stock-Tech | 4.27% | -1.41% | -0.14% | |
| 4 | AMZN | Amazon.com INC | Stock-Consumer Disc | 3.69% | — | +9.90% | |
| 5 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 3.15% | -2.87% | -41.87% | |
| 6 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 2.67% | +2.67% | NEW | |
| 7 | AVGO | Broadcom INC | Stock-Tech | 2.08% | -0.28% | +0.01% | |
| 8 | META | Meta Platforms Inc-class A | Stock-Comm Services | 2.00% | -0.35% | -0.15% | |
| 9 | TSM | Taiwan Semiconductor-sp Adr | Stock-Tech | 1.51% | +0.77% | +86.46% | |
| 10 | TSLA | Tesla INC | Stock-Consumer Disc | 1.39% | -0.31% | -0.02% | |
| 11 | JPM | Jpmorgan Chase & Co | Stock-Financials | 1.39% | -0.15% | -0.26% | |
| 12 | ET | Energy Transfer LP | Stock-Energy | 1.27% | +0.68% | +86.79% | |
| 13 | XOM | Exxon Mobil CORP | Stock-Energy | 1.21% | +0.34% | -0.26% | |
| 14 | LLY | Eli Lilly & Co | Stock-Healthcare | 1.15% | -0.22% | -0.17% | |
| 15 | BRK-B | Berkshire Hathaway Inc-cl B | Stock-Other | 1.13% | — | +0.50% | |
| 16 | JNJ | Johnson & Johnson | Stock-Healthcare | 0.95% | +0.13% | -0.17% | |
| 17 | OMAB | Grupo Aeroportuario Cen-adr | Stock-Other | 0.91% | +0.41% | +74.60% | |
| 18 | PAC | Grupo Aeroportuario Pac-adr | Stock-Other | 0.87% | +0.49% | +148.06% | |
| 19 | WES | Western Midstream Partners L | Stock-Energy | 0.86% | +0.41% | +86.76% | |
| 20 | WMT | Walmart INC | Stock-Consumer Staples | 0.83% | — | -0.10% | |
| 21 | VTI | Vanguard Total Stock Mkt ETF | ETF-Other | 0.83% | +0.83% | NEW | |
| 22 | CAOS | Alpha Architect Tail Risk | ETF-Other | 0.80% | +0.80% | NEW | |
| 23 | CVX | Chevron CORP | Stock-Energy | 0.74% | +0.19% | -0.22% | |
| 24 | AX | Axos Financial INC | Stock-Financials | 0.71% | +0.32% | +86.55% | |
| 25 | COST | Costco Wholesale CORP | Stock-Consumer Staples | 0.70% | +0.09% | -0.15% | |
| 26 | QVAL | Alpha Arch US Qnt Value ETF | ETF-Other | 0.68% | -2.24% | -78.32% | |
| 27 | NFLX | Netflix INC | Stock-Comm Services | 0.66% | — | -0.22% | |
| 28 | MA | Mastercard INC - A | Stock-Financials | 0.66% | -0.11% | -0.19% | |
| 29 | CSWC | Capital Southwest CORP | Stock-Other | 0.64% | +0.64% | NEW | |
| 30 | CAT | Caterpillar INC | Stock-Industrials | 0.64% | +0.12% | -0.25% | |
| 31 | V | Visa Inc-class A Shares | Stock-Financials | 0.62% | -0.11% | -0.07% | |
| 32 | ABBV | Abbvie INC | Stock-Healthcare | 0.60% | — | -0.17% | |
| 33 | MU | Micron Technology INC | Stock-Tech | 0.59% | — | -0.02% | |
| 34 | MPLX | Mplx LP | Stock-Energy | 0.58% | +0.28% | +86.58% | |
| 35 | PG | Procter & Gamble Co/the | Stock-Consumer Staples | 0.56% | — | -0.17% | |
| 36 | HD | Home Depot INC | Stock-Consumer Disc | 0.55% | — | -0.17% | |
| 37 | BAC | Bank Of America CORP | Stock-Financials | 0.53% | — | -0.23% | |
| 38 | MS | Morgan Stanley | Stock-Financials | 0.53% | — | +3.35% | |
| 39 | CSCO | Cisco Systems INC | Stock-Tech | 0.53% | — | -0.20% | |
| 40 | AMD | Advanced Micro Devices | Stock-Tech | 0.52% | — | -0.16% | |
| 41 | MRK | Merck & Co. INC. | Stock-Healthcare | 0.51% | — | -0.23% | |
| 42 | GE | General Electric | Stock-Industrials | 0.49% | — | -0.18% | |
| 43 | IVAL | Alpha Archi Intl Qt Vlu ETF | ETF-Other | 0.47% | +0.47% | NEW | |
| 44 | KO | Coca-cola Co/the | Stock-Consumer Staples | 0.47% | — | -0.16% | |
| 45 | WFC | Wells Fargo & Co | Stock-Financials | 0.46% | — | -0.39% | |
| 46 | AMAT | Applied Materials INC | Stock-Tech | 0.46% | +0.11% | -0.22% | |
| 47 | LRCX | Lam Research CORP | Stock-Tech | 0.45% | — | -0.23% | |
| 48 | GS | Goldman Sachs Group INC | Stock-Financials | 0.44% | — | -0.33% | |
| 49 | RTX | Rtx CORP | Stock-Industrials | 0.43% | — | -0.23% | |
| 50 | UNH | Unitedhealth Group INC | Stock-Healthcare | 0.41% | -0.10% | -0.14% |
Performance for Q3 2026
+3.3%
Performance Last 4 Quarters
+25.4%
Based on 75% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 483 | $2.1B | 30 | |
| 2025-12-31 | 496 | $2.1B | 24 | |
| 2025-09-30 | 506 | $2.1B | 29 | |
| 2025-06-30 | 508 | $1.9B | 0 | |
| 2025-03-31 | 504 | $1.7B | 100 | |
| 2024-12-31 | 500 | $1.7B | 0 | |
| 2024-09-30 | 502 | $1.7B | 0 | |
| 2024-06-30 | 502 | $1.6B | 0 | |
| 2024-03-31 | 514 | $1.6B | 0 | |
| 2023-12-31 | 513 | $1.4B | 0 | |
| 2023-09-30 | 510 | $1.4B | 0 | |
| 2023-06-30 | 509 | $1.3B | 0 | |
| 2023-03-31 | 496 | $1.1B | 0 | |
| 2022-12-31 | 493 | $965.9M | 0 | |
| 2022-09-30 | 480 | $843.2M | 0 | |
| 2022-06-30 | 466 | $784.6M | 0 | |
| 2022-03-31 | 479 | $892.8M | 0 | |
| 2021-12-31 | 463 | $846.9M | 0 | |
| 2021-09-30 | 418 | $663.4M | 0 | |
| 2021-06-30 | 403 | $613.4M | 96 | |
| 2021-03-31 | 325 | $568.6M | 0 | |
| 2020-12-31 | 325 | $568.6M | 31 | |
| 2020-09-30 | 287 | $466.7M | 47 | |
| 2020-06-30 | 148 | $339.6M | 40 | |
| 2020-03-31 | 209 | $321.7M | 73 | |
| 2019-12-31 | 202 | $411.2M | 21 | |
| 2019-09-30 | 159 | $358.1M | 25 | |
| 2019-06-30 | 153 | $364.9M | 15 | |
| 2019-03-31 | 161 | $393.0M | 34 | |
| 2018-12-31 | 142 | $337.4M | 52 | |
| 2018-09-30 | 152 | $401.9M | 30 | |
| 2018-06-30 | 139 | $394.7M | 62 | |
| 2018-03-31 | 161 | $393.0M | 85 | |
| 2017-12-31 | 96 | $303.1M | 36 | |
| 2017-09-30 | 147 | $289.9M | 37 | |
| 2017-06-30 | 122 | $260.1M | 38 | |
| 2017-03-31 | 86 | $213.8M | 61 | |
| 2016-12-31 | 689 | $148.3M | 0 |
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).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | TSM | Taiwan Semiconductor-sp Adr | +0.8% | +86.46% | Add |
| 2 | ET | Energy Transfer LP | +0.7% | +86.79% | Add |
| 3 | PAC | Grupo Aeroportuario Pac-adr | +0.5% | +148.06% | Add |
| 4 | WES | Western Midstream Partners L | +0.4% | +86.76% | Add |
| 5 | OMAB | Grupo Aeroportuario Cen-adr | +0.4% | +74.60% | Add |
| 6 | SFM | Sprouts Farmers Market INC | +0.4% | +2005.74% | Add |
| 7 | XOM | Exxon Mobil CORP | +0.3% | -0.26% | Trim |
| 8 | AX | Axos Financial INC | +0.3% | +86.55% | Add |
| 9 | MPLX | Mplx LP | +0.3% | +86.58% | Add |
| 10 | CVX | Chevron CORP | +0.2% | -0.22% | Trim |
| 11 | JNJ | Johnson & Johnson | +0.1% | -0.17% | Trim |
| 12 | TX | Ternium Sa-sponsored Adr | +0.1% | +69.42% | Add |
| 13 | CAT | Caterpillar INC | +0.1% | -0.25% | Trim |
| 14 | AMAT | Applied Materials INC | +0.1% | -0.22% | Trim |
| 15 | AGM | Federal Agric Mtg Corp-cl C | +0.1% | +85.89% | Add |
| 16 | MEDP | Medpace Holdings INC | +0.1% | +81.00% | Add |
| 17 | COST | Costco Wholesale CORP | +0.1% | -0.15% | Trim |
| 18 | ORCL | Oracle CORP | -0.1% | -0.02% | Trim |
| 19 | UNH | Unitedhealth Group INC | -0.1% | -0.14% | Trim |
| 20 | INTU | Intuit INC | -0.1% | -0.12% | Trim |
| 21 | V | Visa Inc-class A Shares | -0.1% | -0.07% | Trim |
| 22 | MA | Mastercard INC - A | -0.1% | -0.19% | Trim |
| 23 | CRM | Salesforce INC | -0.1% | -0.19% | Trim |
| 24 | JPM | Jpmorgan Chase & Co | -0.2% | -0.26% | Trim |
| 25 | LLY | Eli Lilly & Co | -0.2% | -0.17% | Trim |
| 26 | AVGO | Broadcom INC | -0.3% | +0.01% | Add |
| 27 | TSLA | Tesla INC | -0.3% | -0.02% | Trim |
| 28 | META | Meta Platforms Inc-class A | -0.4% | -0.15% | Trim |
| 29 | PTMC | Pacer Trendpilot US Mid Cap | -0.5% | -83.24% | Trim |
| 30 | AAPL | Apple INC | -0.5% | -0.17% | Trim |
| 31 | NVDA | Nvidia CORP | -0.6% | -0.17% | Trim |
| 32 | VOO | Vanguard S&p 500 ETF | -1% | -97.58% | Trim |
| 33 | MSFT | Microsoft CORP | -1.4% | -0.14% | Trim |
| 34 | QVAL | Alpha Arch US Qnt Value ETF | -2.2% | -78.32% | Trim |
| 35 | GOOG | Alphabet Inc-cl C | -2.9% | -41.87% | Trim |
| 36 | GOOGL | Alphabet Inc-cl A | — | NEW | New buy |
| 37 | VTI | Vanguard Total Stock Mkt ETF | — | NEW | New buy |
| 38 | CAOS | Alpha Architect Tail Risk | — | NEW | New buy |
| 39 | CSWC | Capital Southwest CORP | — | NEW | New buy |
| 40 | IVAL | Alpha Archi Intl Qt Vlu ETF | — | NEW | New buy |
| 41 | AAVM | Alpha Architect Global Facto | — | NEW | New buy |
| 42 | ASR | Grupo Aeroportuario Sur-adr | — | NEW | New buy |
| 43 | ✓ | Corporacion Amer Arpts S A | — | EXIT | Sold out |
| 44 | PTIN | Pacer Trendpilot Intl ETF | — | NEW | New buy |
| 45 | IMOM | Alpha Intl Quant Mom ETF | — | NEW | New buy |
| 46 | CPA | Copa Holdings, S.A. | — | EXIT | Sold out |
| 47 | QMOM | Alpha US Quant Mom ETF | — | NEW | New buy |
| 48 | PTNQ | Pacer Trendpilot 100 ETF | — | NEW | New buy |
| 49 | VOE | Vanguard Mid-cap Value ETF | — | NEW | New buy |
| 50 | BOXX | Alpha Architect 1-3 Mnth Box | — | NEW | New buy |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-15 | Amendment | View on EDGAR |
| 2026-03-31 | 2026-05-14 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-12 | 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 | 2025-05-07 | 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 | 2024-05-06 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-14 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-11-02 | 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 | 2023-01-24 | 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 | 2022-02-04 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-11-12 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-08-10 | 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 | 2020-10-28 | Amendment | View on EDGAR |
| 2020-09-30 | 2020-10-26 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-07-20 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-07-20 | Amendment | View on EDGAR |
| 2020-03-31 | 2020-04-16 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-01-27 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2019-10-30 | 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 | 2019-05-10 | 13F-HR | View on EDGAR |
| 2018-03-31 | 2018-04-25 | 13F-HR | View on EDGAR |
| 2017-12-31 | 2018-02-01 | 13F-HR | View on EDGAR |
| 2017-09-30 | 2017-10-31 | 13F-HR | View on EDGAR |
| 2017-06-30 | 2017-08-10 | 13F-HR | 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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