CIK: 0001978885
Total reported value
$38.5B
Reporting period: 2026-03-31 · Number of holdings: 511
Empower Advisory Group, LLC disclosed 511 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $38.5B and a quarterly turnover rate of 12.9%.
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Empower Advisory Group, LLC's disclosed holdings carry a Herfindahl concentration index of 0.032 — mathematically equivalent to about 31 equally-sized positions, well below its 511 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 3.92), 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.
Sector classification currently covers about 36% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Trim GOOG
-29.0% -$221.1M
Trim VTI
-21.4% -$137.9M
Add SPYM
+1693.1% $148.4M
Add PDBC
+4.9% $161.7M
Trim PBUS
-96.3% -$131.5M
Add RSP
+26710.1% $124.4M
Empower Advisory is rotating capital out of US large-cap (VTI, GOOG) into international equities (SCHF), commodities (PDBC), high-yield credit (SPYM), and equal-weight US (RSP)—a deliberate macro pivot away from US tech concentration toward a broader reflation trade. They are not stock-picking but placing a factor bet on momentum across asset classes.
The core macro bet embedded here is a fading US exceptionalism and a global reflation ahead: adding international exposure and commodities signals belief in synchronized global growth, while trimming US tech and adding high yield reflects expectations of a narrowing equity risk premium and a desire for carry. The opposing thesis is that the US economy continues to outpace, tech margins compress less than feared, and high yield spreads widen on a slowdown—in which case this rotation into ex-US and credit becomes a source of underperformance.
The portfolio's extreme momentum tilt (100/100) makes it structurally net-long whatever has recently outperformed, leaving it exposed to sharp reversals in crowded positions. Specifically, the new adds into international, commodities, and high yield likely represent consensus trade flows—if a liquidity shock or growth scare reverses these trends, the strategy's size and lack of contrarian mechanism could trigger a forced unwinding, akin to a momentum crash. The addition of equal-weight S&P (RSP) alongside reduction in cap-weight (VTI) is a subtly crowded factor bet that could suffer if the largest stocks reassert dominance.
This narrative is produced by AI from publicly available filings and describes past activity only — it is informational, not investment advice.
Showing top 200 holdings (of 511 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | SCHF | Schwab Intl Equity ETF | ETF-Other | 11.93% | +0.19% | +2.72% | |
| 2 | IWM | Ishares Russell 2000 ETF | ETF-Small Cap | 5.53% | -0.10% | +1.42% | |
| 3 | VWO | Vanguard Ftse Emerging Marke | ETF-Emerging Markets | 4.99% | +0.04% | +4.30% | |
| 4 | BSV | Vanguard Short-term Bond ETF | ETF-Other | 4.59% | +0.13% | +7.50% | |
| 5 | VNQ | Vanguard Real Estate ETF | ETF-Other | 3.89% | +0.03% | +4.51% | |
| 6 | SCHP | Schwab U.s. Tips ETF | ETF-Other | 3.67% | +0.12% | +6.97% | |
| 7 | VGIT | Vanguard Intermediate-term T | ETF-Other | 3.65% | +0.11% | +7.79% | |
| 8 | SCHA | Schwab US Small-cap ETF | ETF-Other | 2.79% | +0.17% | +8.46% | |
| 9 | USIG | Ishares Broad Usd Investment | ETF-Other | 2.71% | +0.07% | +7.57% | |
| 10 | VGLT | Vanguard Long-term Treasury | ETF-Gov Bonds | 2.23% | +0.06% | +7.86% | |
| 11 | VSS | Vanguard Ftse All Wo X-us Sc | ETF-Other | 1.89% | — | +1.10% | |
| 12 | VNQI | Vanguard Glbl Ex-us Real Est | ETF-Other | 1.68% | — | +2.92% | |
| 13 | PDBC | Invesco Optimum Yield Divers | ETF-Other | 1.55% | +0.37% | +4.89% | |
| 14 | EBND | State Street Spdr Bloomberg | ETF-Other | 1.48% | — | +5.91% | |
| 15 | GLDM | Spdr Gold Minishares Trust | ETF-Commodities | 1.43% | +0.08% | +1.41% | |
| 16 | AAPL | Apple INC | Stock-Tech | 1.39% | -0.17% | -1.23% | |
| 17 | ESGD | Ishares Trust Ishares Esg Aw | ETF-Other | 1.36% | -0.32% | -16.59% | |
| 18 | SHYG | Ishares 0-5 Yr Hy CORP Bond | ETF-Corp Bonds | 1.33% | +0.04% | +8.56% | |
| 19 | NVDA | Nvidia CORP | Stock-Tech | 1.31% | -0.14% | +0.11% | |
| 20 | IAU | Ishares Gold Trust | ETF-Commodities | 1.24% | — | -2.10% | |
| 21 | AMZN | Amazon.com INC | Stock-Consumer Disc | 1.15% | — | +9.17% | |
| 22 | BNDX | Vanguard Total Intl Bond ETF | ETF-Other | 1.09% | — | +7.36% | |
| 23 | VTI | Vanguard Total Stock Mkt ETF | ETF-Other | 1.08% | -0.42% | -21.45% | |
| 24 | MSFT | Microsoft CORP | Stock-Tech | 1.08% | -0.14% | +19.79% | |
| 25 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 1.06% | -0.64% | -28.96% | |
| 26 | WMT | Walmart INC | Stock-Consumer Staples | 0.86% | +0.06% | +0.80% | |
| 27 | META | Meta Platforms Inc-class A | Stock-Comm Services | 0.83% | — | +15.82% | |
| 28 | XOM | Exxon Mobil CORP | Stock-Energy | 0.77% | +0.22% | +3.46% | |
| 29 | BRK-B | Berkshire Hathaway Inc-cl B | Stock-Other | 0.66% | — | +5.83% | |
| 30 | JPM | Jpmorgan Chase & Co | Stock-Financials | 0.66% | — | +3.20% | |
| 31 | TSLA | Tesla INC | Stock-Consumer Disc | 0.64% | -0.15% | +1.92% | |
| 32 | LLY | Eli Lilly & Co | Stock-Healthcare | 0.62% | -0.10% | +4.07% | |
| 33 | ESGE | Ishares INC Ishares Esg Awar | ETF-Other | 0.62% | -0.14% | -18.09% | |
| 34 | JNJ | Johnson & Johnson | Stock-Healthcare | 0.57% | +0.07% | +0.92% | |
| 35 | MA | Mastercard INC - A | Stock-Financials | 0.52% | — | +7.70% | |
| 36 | NEE | Nextera Energy INC | Stock-Utilities | 0.51% | +0.06% | +1.97% | |
| 37 | COST | Costco Wholesale CORP | Stock-Consumer Staples | 0.49% | +0.07% | +5.32% | |
| 38 | CVX | Chevron CORP | Stock-Energy | 0.47% | +0.13% | +5.20% | |
| 39 | DUK | Duke Energy CORP | Stock-Utilities | 0.46% | — | +4.91% | |
| 40 | NFLX | Netflix INC | Stock-Comm Services | 0.46% | +0.08% | +23.59% | |
| 41 | LIN | Linde plc | Stock-Materials | 0.44% | +0.21% | +71.16% | |
| 42 | ECL | Ecolab INC | Stock-Materials | 0.43% | — | +3.48% | |
| 43 | PFE | Pfizer INC | Stock-Healthcare | 0.41% | +0.06% | +9.38% | |
| 44 | IWB | Ishares Russell 1000 ETF | ETF-Other | 0.41% | +0.10% | +44.00% | |
| 45 | SPYM | Ste Str Spdr Pt S&p 500 ETF | ETF-Large Cap & Growth | 0.41% | +0.39% | +1693.14% | |
| 46 | NEM | Newmont CORP | Stock-Materials | 0.41% | — | -0.64% | |
| 47 | PG | Procter & Gamble Co/the | Stock-Consumer Staples | 0.40% | — | +18.65% | |
| 48 | SO | Southern Co/the | Stock-Utilities | 0.40% | — | +8.40% | |
| 49 | VLO | Valero Energy CORP | Stock-Energy | 0.38% | +0.13% | +3.55% | |
| 50 | DIS | Walt Disney Co/the | Stock-Comm Services | 0.38% | — | +6.22% |
Performance for Q3 2026
+1.3%
Performance Last 4 Quarters
+19.2%
Based on 80% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 511 | $38.5B | 13 | |
| 2025-12-31 | 501 | $37.0B | 7 | |
| 2025-09-30 | 528 | $36.1B | 22 | |
| 2025-06-30 | 497 | $33.4B | 0 | |
| 2025-03-31 | 495 | $30.6B | 0 | |
| 2024-12-31 | 498 | $29.7B | 0 | |
| 2024-09-30 | 502 | $29.6B | 0 | |
| 2024-06-30 | 490 | $26.9B | 0 | |
| 2024-03-31 | 495 | $26.7B | 0 | |
| 2023-12-31 | 475 | $25.4B | 0 | |
| 2023-09-30 | 459 | $22.6B | 0 | |
| 2023-06-30 | 481 | $23.2B | 0 | |
| 2023-03-31 | 484 | $22.3B | 0 |
Empower Advisory Group, LLC's most significant position changes for 2026-03-31: Trim: Alphabet Inc-cl C (GOOG) — shares -28.96%; Trim: Vanguard Total Stock Mkt ETF (VTI) — shares -21.45%; Add: Ste Str Spdr Pt S&p 500 ETF (SPYM) — shares +1693.14%; Add: Invesco Optimum Yield Divers (PDBC) — shares +4.89%; Trim: Invesco Msci USA ETF (PBUS) — shares -96.25%.
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | SPYM | Ste Str Spdr Pt S&p 500 ETF | +0.4% | +1693.14% | Add |
| 2 | PDBC | Invesco Optimum Yield Divers | +0.4% | +4.89% | Add |
| 3 | RSP | Invesco S&p 500 Equal Weight | +0.3% | +26710.14% | Add |
| 4 | XOM | Exxon Mobil CORP | +0.2% | +3.46% | Add |
| 5 | LIN | Linde plc | +0.2% | +71.16% | Add |
| 6 | SCHF | Schwab Intl Equity ETF | +0.2% | +2.72% | Add |
| 7 | GE | General Electric | +0.2% | +189.77% | Add |
| 8 | SCHA | Schwab US Small-cap ETF | +0.2% | +8.46% | Add |
| 9 | D | Dominion Energy INC | +0.2% | +19337.60% | Add |
| 10 | BSV | Vanguard Short-term Bond ETF | +0.1% | +7.50% | Add |
| 11 | CVX | Chevron CORP | +0.1% | +5.20% | Add |
| 12 | VLO | Valero Energy CORP | +0.1% | +3.55% | Add |
| 13 | SCHP | Schwab U.s. Tips ETF | +0.1% | +6.97% | Add |
| 14 | DOW | Dow INC | +0.1% | +6.20% | Add |
| 15 | VGIT | Vanguard Intermediate-term T | +0.1% | +7.79% | Add |
| 16 | IWB | Ishares Russell 1000 ETF | +0.1% | +44.00% | Add |
| 17 | COP | Conocophillips | +0.1% | +9.06% | Add |
| 18 | GLDM | Spdr Gold Minishares Trust | +0.1% | +1.41% | Add |
| 19 | BKR | Baker Hughes Co | +0.1% | +3.48% | Add |
| 20 | NFLX | Netflix INC | +0.1% | +23.59% | Add |
| 21 | APD | Air Products & Chemicals INC | +0.1% | +25.54% | Add |
| 22 | USIG | Ishares Broad Usd Investment | +0.1% | +7.57% | Add |
| 23 | JNJ | Johnson & Johnson | +0.1% | +0.92% | Add |
| 24 | COST | Costco Wholesale CORP | +0.1% | +5.32% | Add |
| 25 | VGLT | Vanguard Long-term Treasury | +0.1% | +7.86% | Add |
| 26 | WMT | Walmart INC | +0.1% | +0.80% | Add |
| 27 | PFE | Pfizer INC | +0.1% | +9.38% | Add |
| 28 | NEE | Nextera Energy INC | +0.1% | +1.97% | Add |
| 29 | ADM | Archer-daniels-midland Co | +0.1% | +3.20% | Add |
| 30 | VWO | Vanguard Ftse Emerging Marke | 0% | +4.30% | Add |
| 31 | SHYG | Ishares 0-5 Yr Hy CORP Bond | 0% | +8.56% | Add |
| 32 | VNQ | Vanguard Real Estate ETF | 0% | +4.51% | Add |
| 33 | IWM | Ishares Russell 2000 ETF | -0.1% | +1.42% | Add |
| 34 | LLY | Eli Lilly & Co | -0.1% | +4.07% | Add |
| 35 | GS | Goldman Sachs Group INC | -0.1% | -29.60% | Trim |
| 36 | IBKR | Interactive Brokers Gro-cl A | -0.1% | -37.35% | Trim |
| 37 | OC | Owens Corning | -0.1% | -99.21% | Trim |
| 38 | ESGU | Ishares Esg Aware Msci USA | -0.1% | -33.90% | Trim |
| 39 | DASH | Doordash INC - A | -0.1% | -7.45% | Trim |
| 40 | ESGE | Ishares INC Ishares Esg Awar | -0.1% | -18.09% | Trim |
| 41 | MSFT | Microsoft CORP | -0.1% | +19.79% | Add |
| 42 | NVDA | Nvidia CORP | -0.1% | +0.11% | Add |
| 43 | PYPL | Paypal Holdings INC | -0.2% | -98.26% | Trim |
| 44 | TSLA | Tesla INC | -0.2% | +1.92% | Add |
| 45 | AES | Aes CORP | -0.2% | -96.63% | Trim |
| 46 | AAPL | Apple INC | -0.2% | -1.23% | Trim |
| 47 | ESGD | Ishares Trust Ishares Esg Aw | -0.3% | -16.59% | Trim |
| 48 | PBUS | Invesco Msci USA ETF | -0.4% | -96.25% | Trim |
| 49 | VTI | Vanguard Total Stock Mkt ETF | -0.4% | -21.45% | Trim |
| 50 | GOOG | Alphabet Inc-cl C | -0.6% | -28.96% | Trim |
| Period | Filed | Type | 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 | 2025-11-14 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-08 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-09 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-01-31 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-05 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-07-25 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-02 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-07 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-11-06 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-08-10 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-25 | 13F-HR | View on EDGAR |
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