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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
GAP
326
The Gap Inc
GAP
$7.47B
$913K 0.05%
+41,879
New +$936K
DOV icon
327
Dover
DOV
$28.3B
$913K 0.05%
4,984
+32
+0.6% +$5.57K
VRSN icon
328
VeriSign
VRSN
$27B
$904K 0.05%
3,131
+17
+0.5% +$4.61K
WBD icon
329
Warner Bros
WBD
$65.5B
$900K 0.05%
78,563
+566
+0.7% +$5.28K
PPL
330
PPL Corp
PPL
$26.5B
$885K 0.05%
26,118
+168
+0.6% +$5.85K
AEE icon
331
Ameren
AEE
$30.3B
$878K 0.05%
9,143
+67
+0.7% +$6.5K
CBOE icon
332
Cboe Global Markets
CBOE
$30.4B
$877K 0.05%
3,759
+25
+0.7% +$5.57K
HSY icon
333
Hershey
HSY
$35.8B
$874K 0.05%
5,267
+36
+0.7% +$5.93K
MOH icon
334
Molina Healthcare
MOH
$10B
$873K 0.05%
2,932
-1,796
-38% -$564K
DVN icon
335
Devon Energy
DVN
$50.9B
$869K 0.05%
27,326
-6,840
-20% -$218K
CPAY icon
336
Corpay
CPAY
$25.8B
$849K 0.04%
2,558
+17
+0.7% +$5.54K
PHM icon
337
Pultegroup
PHM
$25.1B
$844K 0.04%
8,001
+45
+0.6% +$4.53K
ULTA icon
338
Ulta Beauty
ULTA
$23.4B
$843K 0.04%
1,803
-1,478
-45% -$611K
FANG icon
339
Diamondback Energy
FANG
$54.5B
$840K 0.04%
6,117
+48
+0.8% +$6.65K
CHD icon
340
Church & Dwight Co
CHD
$24.3B
$831K 0.04%
8,647
+58
+0.7% +$5.72K
TYL icon
341
Tyler Technologies
TYL
$12.7B
$829K 0.04%
1,398
+12
+0.9% +$6.8K
CINF icon
342
Cincinnati Financial
CINF
$27.4B
$826K 0.04%
5,547
+39
+0.7% +$5.58K
LH icon
343
Labcorp
LH
$25.1B
$826K 0.04%
3,146
+20
+0.6% +$4.87K
EXPE icon
344
Expedia Group
EXPE
$37.1B
$822K 0.04%
4,873
+29
+0.6% +$4.7K
CDW icon
345
CDW
CDW
$19.2B
$816K 0.04%
4,571
+33
+0.7% +$5.61K
TDY icon
346
Teledyne Technologies
TDY
$31.8B
$810K 0.04%
1,582
+13
+0.8% +$6.27K
NVR icon
347
NVR
NVR
$16.8B
$805K 0.04%
109
+2
+2% +$14.3K
NTAP icon
348
NetApp
NTAP
$38.3B
$805K 0.04%
7,555
+48
+0.6% +$4.55K
HBAN icon
349
Huntington Bancshares
HBAN
$35.7B
$805K 0.04%
48,003
+336
+0.7% +$5.07K
HPQ icon
350
HP
HPQ
$26.1B
$803K 0.04%
32,835
-36,279
-52% -$925K
12 13
14
15 16

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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.