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EF

Empirical Finance Portfolio holdings

AUM $2.13B
1-Year Est. Return 29.56%
This Fund
S&P 500
This Quarter Est. Return
-20.14%
1 Year Est. Return
+29.56%
3 Year Est. Return
+97.59%
5 Year Est. Return
+123.59%
10 Year Est. Return
–
AUM
$322M
AUM Growth
-$89.5M
Cap. Flow
+$6.81M
Cap. Flow %
2.12%
Top 10 Hldgs %
43.93%
Holding
251
New
49
Increased
124
Reduced
26
Closed
42

Top Buys

Rank Stock Value
1
SHY icon
iShares 1-3 Year Treasury Bond ETF
SHY
+$22.2M
2
SCHR
Schwab Intermediately-Term US Treasury ETF
SCHR
+$6.07M
3
MSFT icon
Microsoft
MSFT
+$2.57M
4
AAPL icon
Apple
AAPL
+$2.48M
5
DAL icon
Delta Air Lines
DAL
+$2.17M

Top Sells

Rank Stock Value
1
IMOM icon
Alpha Architect International Quantitative Momentum ETF
IMOM
+$11.1M
2
QMOM icon
Alpha Architect US Quantitative Momentum ETF
QMOM
+$10.6M
3
IVAL icon
Alpha Architect International Quantitative Value ETF
IVAL
+$9.99M
4
BIL icon
State Street SPDR Bloomberg 1-3 Month T-Bill ETF
BIL
+$9.29M
5
QVAL icon
Alpha Architect US Quantitative Value ETF
QVAL
+$8.46M

Sector Composition

Rank Sector Weight
1 Consumer Discretionary 11.03%
2 Healthcare 9.44%
3 Technology 9%
4 Industrials 7.53%
5 Communication Services 4.58%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
LEA icon
226
Lear
LEA
$7.93B
– –
-6,605
Closed -$906K
LYB icon
227
LyondellBasell Industries
LYB
$19.8B
– –
-11,687
Closed -$1.1M
NVR icon
228
NVR
NVR
$16.8B
– –
-385
Closed -$1.47M
PARA
229
DELISTED
Paramount Global Class B
PARA
– –
-22,312
Closed -$936K
RSP icon
230
Invesco S&P 500 Equal Weight ETF
RSP
$98.8B
– –
-20,504
Closed -$2.37M
SBH icon
231
Sally Beauty Holdings
SBH
$1.51B
– –
-54,840
Closed -$1M
STX icon
232
Seagate
STX
$193B
– –
-22,326
Closed -$1.33M
THO icon
233
Thor Industries
THO
$4.04B
– –
-15,716
Closed -$1.17M
VEU icon
234
Vanguard FTSE All-World ex-US ETF
VEU
$67.8B
– –
-68,810
Closed -$3.7M
VGK icon
235
Vanguard FTSE Europe ETF
VGK
$31.1B
– –
-18,740
Closed -$1.1M
VGT icon
236
Vanguard Information Technology ETF
VGT
$147B
– –
-39,632
Closed -$1.21M
VO icon
237
Vanguard Morningstar Mid-Cap ETF
VO
$108B
– –
-12,344
Closed -$550K
VPL icon
238
Vanguard FTSE Pacific ETF
VPL
$8.32B
– –
-15,372
Closed -$1.07M
VSS icon
239
Vanguard FTSE All-World ex-US Small-Cap Index Fund
VSS
$11.7B
– –
-12,568
Closed -$1.4M
VT icon
240
Vanguard Total World Stock ETF
VT
$79.1B
– –
-17,252
Closed -$1.4M
VWO icon
241
Vanguard FTSE Emerging Markets ETF
VWO
$123B
– –
-40,903
Closed -$1.82M
WLK icon
242
Westlake Corp
WLK
$9.9B
– –
-13,196
Closed -$926K
WU icon
243
Western Union
WU
$2.23B
– –
-55,875
Closed -$1.5M
XLB icon
244
State Street Materials Select Sector SPDR ETF
XLB
$8.55B
– –
-37,908
Closed -$1.16M
XLI icon
245
State Street Industrial Select Sector SPDR ETF
XLI
$33.6B
– –
-13,885
Closed -$1.13M
XLY icon
246
State Street Consumer Discretionary Select Sector SPDR ETF
XLY
$22.9B
– –
-18,524
Closed -$1.16M
GAP
247
The Gap Inc
GAP
$7.39B
– –
-40,784
Closed -$721K
BBBY
248
DELISTED
Bed Bath & Beyond Inc
BBBY
– –
-64,148
Closed -$1.11M
TEN
249
DELISTED
Tenneco Inc. Class A Voting Common Stock
TEN
– –
-30,108
Closed -$394K
COHR
250
DELISTED
Coherent Inc
COHR
– –
-8,231
Closed -$1.37M
7 8 9
10
11

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NAAA
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Empirical Finance's Q1 2020 Portfolio in Review

As of Q1 2020, Empirical Finance held 251 positions worth $322M, down 22% from $411M the previous quarter. Its ten largest holdings account for 44% of the portfolio.

Empirical Finance's Q1 2020 filing shows 49 new, 124 increased, 26 reduced and 42 closed positions. Its largest new stake was iShares 1-3 Year Treasury Bond ETF: 259,926 shares worth $22.5M. The largest sale was Alpha Architect International Quantitative Momentum ETF, an estimated $11.1M.

By sector, the portfolio is most concentrated in Consumer Discretionary at 11% of assets, up from 10% a quarter earlier, followed by Healthcare and Technology.

  • Empirical Finance's largest Q1 2020 buy was iShares 1-3 Year Treasury Bond ETF: 259,926 shares worth $22.5M.
  • Empirical Finance added most to Microsoft in Q1 2020, an estimated $2.57M increase.
  • Empirical Finance's biggest Q1 2020 reduction was Alpha Architect International Quantitative Momentum ETF, cutting an estimated $11.1M.
  • Empirical Finance fully exited Vanguard FTSE All-World ex-US ETF in Q1 2020, selling an estimated $3.7M.
  • Empirical Finance's ten largest holdings make up 44% of its $322M portfolio in Q1 2020.
  • Empirical Finance opened 49 new positions and closed 42 in Q1 2020.
  • Empirical Finance's portfolio value fell 22% quarter-over-quarter to $322M.

Based on Empirical Finance's 13F filing for Q1 2020, filed 16 Apr 2020.