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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
+13.3%
1 Year Est. Return
+29.56%
3 Year Est. Return
+97.59%
5 Year Est. Return
+123.59%
10 Year Est. Return
–
AUM
$1.91B
AUM Growth
+$254M
Cap. Flow
+$81.8M
Cap. Flow %
4.28%
Top 10 Hldgs %
34.79%
Holding
550
New
46
Increased
404
Reduced
47
Closed
42

Top Buys

Rank Stock Value
1
CAOS icon
Alpha Architect Tail Risk ETF
CAOS
+$14.2M
2
WES icon
Western Midstream Partners
WES
+$4.67M
3
KR icon
Kroger
KR
+$4.43M
4
TSM icon
TSMC
TSM
+$3.85M
5
CPA icon
Copa Holdings
CPA
+$3.79M

Top Sells

Rank Stock Value
1
DFS
Discover Financial Services
DFS
+$1.55M
2
SHV icon
iShares 0-1 Year Treasury Bond ETF
SHV
+$1.16M
3
THC icon
Tenet Healthcare
THC
+$1.13M
4
GPK icon
Graphic Packaging
GPK
+$1.05M
5
UFPI icon
UFP Industries
UFPI
+$997K

Sector Composition

Rank Sector Weight
1 Technology 30.6%
2 Financials 12.06%
3 Communication Services 10.15%
4 Consumer Discretionary 9.62%
5 Healthcare 9.23%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
FITB
301
Fifth Third Bancorp
FITB
$51.7B
$990K 0.05%
24,081
+154
+0.6% +$5.78K
MMS icon
302
Maximus
MMS
$3.27B
$990K 0.05%
+14,109
New +$991K
BR icon
303
Broadridge
BR
$20.4B
$989K 0.05%
4,069
+31
+0.8% +$7.37K
RJF icon
304
Raymond James Financial
RJF
$34.3B
$987K 0.05%
6,433
+43
+0.7% +$6.16K
ADT icon
305
ADT
ADT
$5.68B
$982K 0.05%
+115,928
New +$949K
XYL icon
306
Xylem
XYL
$27.9B
$977K 0.05%
7,549
+61
+0.8% +$7.39K
INGR icon
307
Ingredion
INGR
$6.37B
$970K 0.05%
+7,152
New +$966K
NOV icon
308
NOV
NOV
$7B
$963K 0.05%
+77,507
New +$976K
VOO icon
309
Vanguard S&P 500 ETF
VOO
$1T
$954K 0.05%
1,679
+6
+0.4% +$3.15K
DTE icon
310
DTE Energy
DTE
$29.1B
$951K 0.05%
7,183
+50
+0.7% +$6.72K
AXON
311
Axon Enterprise
AXON
$47.9B
$951K 0.05%
1,149
+20
+2% +$13.6K
PPG icon
312
PPG Industries
PPG
$25.8B
$950K 0.05%
8,352
+54
+0.7% +$5.84K
DRI icon
313
Darden Restaurants
DRI
$23.3B
$949K 0.05%
4,355
+28
+0.6% +$5.81K
OKE icon
314
Oneok
OKE
$53.5B
$943K 0.05%
11,549
+169
+1% +$14.1K
AWK icon
315
American Water Works
AWK
$25.9B
$939K 0.05%
6,752
+45
+0.7% +$6.45K
HPE icon
316
Hewlett Packard
HPE
$68B
$932K 0.05%
45,579
+301
+0.7% +$5.05K
UHS icon
317
Universal Health Services
UHS
$10.1B
$932K 0.05%
5,143
-3,176
-38% -$573K
NTRS icon
318
Northern Trust
NTRS
$33.5B
$932K 0.05%
7,347
+46
+0.6% +$4.7K
MTD icon
319
Mettler-Toledo International
MTD
$28.7B
$929K 0.05%
791
+6
+0.8% +$6.71K
DECK icon
320
Deckers Outdoor
DECK
$13.7B
$928K 0.05%
+8,999
New +$996K
M icon
321
Macy's
M
$6.92B
$926K 0.05%
+79,388
New +$920K
SLB icon
322
SLB Ltd
SLB
$74B
$925K 0.05%
+27,359
New +$949K
DG icon
323
Dollar General
DG
$27.6B
$922K 0.05%
8,060
+51
+0.6% +$5.06K
UTHR icon
324
United Therapeutics
UTHR
$22B
$917K 0.05%
3,192
+895
+39% +$267K
CROX icon
325
Crocs
CROX
$6.7B
$914K 0.05%
9,021
+378
+4% +$38.5K
11 12
13
14 15

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AAP
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BCM
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SC
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NAAA
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IVAV
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GA
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HJGA
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CF
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Empirical Finance's Q2 2025 Portfolio in Review

As of Q2 2025, Empirical Finance held 550 positions worth $1.91B, up 15% from $1.66B the previous quarter. Its ten largest holdings account for 35% of the portfolio.

Empirical Finance deployed $81.8M of net new capital in Q2 2025, opening 46 new positions and adding to 404 existing holdings. Its largest new stake was Western Midstream Partners: 122,699 shares worth $4.75M.

By sector, the portfolio is most concentrated in Technology at 31% of assets, up from 28% a quarter earlier, followed by Financials and Communication Services.

On the sell side, the largest reduction was AT&T, an estimated $927K trimmed.

  • Empirical Finance's largest Q2 2025 buy was Western Midstream Partners: 122,699 shares worth $4.75M.
  • Empirical Finance added most to Alpha Architect Tail Risk ETF in Q2 2025, an estimated $14.2M increase.
  • Empirical Finance's biggest Q2 2025 reduction was AT&T, cutting an estimated $927K.
  • Empirical Finance fully exited Discover Financial Services in Q2 2025, selling an estimated $1.55M.
  • Empirical Finance's ten largest holdings make up 35% of its $1.91B portfolio in Q2 2025.
  • Empirical Finance opened 46 new positions and closed 42 in Q2 2025.
  • Empirical Finance's portfolio value rose 15% quarter-over-quarter to $1.91B.

Based on Empirical Finance's 13F filing for Q2 2025, filed 11 Aug 2025.