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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
ES icon
351
Eversource Energy
ES
$27.1B
$791K 0.04%
12,427
+88
+0.7% +$5.42K
VLTO icon
352
Veralto
VLTO
$23.1B
$787K 0.04%
7,799
+59
+0.8% +$5.69K
RF icon
353
Regions Financial
RF
$27.3B
$786K 0.04%
33,404
+208
+0.6% +$4.4K
BX icon
354
Blackstone
BX
$108B
$775K 0.04%
5,180
+200
+4% +$27.5K
TROW icon
355
T. Rowe Price
TROW
$24.2B
$770K 0.04%
7,982
+52
+0.7% +$4.78K
WRB icon
356
W.R. Berkley
WRB
$26.8B
$767K 0.04%
10,434
+69
+0.7% +$4.95K
ATO icon
357
Atmos Energy
ATO
$28.9B
$756K 0.04%
4,907
+42
+0.9% +$6.52K
FE icon
358
FirstEnergy
FE
$28B
$754K 0.04%
18,729
+117
+0.6% +$4.83K
DLTR icon
359
Dollar Tree
DLTR
$24.9B
$753K 0.04%
7,607
+49
+0.6% +$4.23K
GPN icon
360
Global Payments
GPN
$23.6B
$752K 0.04%
9,397
+53
+0.6% +$4.19K
ON icon
361
ON Semiconductor
ON
$31.4B
$750K 0.04%
14,312
+5,108
+55% +$222K
TRGP icon
362
Targa Resources
TRGP
$56.8B
$746K 0.04%
4,283
+57
+1% +$9.57K
CFG icon
363
Citizens Financial Group
CFG
$30.7B
$738K 0.04%
16,498
+100
+0.6% +$3.94K
DGX icon
364
Quest Diagnostics
DGX
$25.6B
$734K 0.04%
4,086
+28
+0.7% +$4.86K
WAT icon
365
Waters Corp
WAT
$38.9B
$730K 0.04%
2,092
+16
+0.8% +$5.5K
LYV icon
366
Live Nation Entertainment
LYV
$42.3B
$730K 0.04%
4,824
+39
+0.8% +$5.37K
PKBK icon
367
Parke Bancorp
PKBK
$400M
$721K 0.04%
35,407
+13,036
+58% +$250K
WDC icon
368
Western Digital
WDC
$189B
$720K 0.04%
11,248
+81
+0.7% +$3.86K
CMS icon
369
CMS Energy
CMS
$22.5B
$719K 0.04%
10,385
+69
+0.7% +$4.92K
GTES icon
370
Gates Industrial Corporation Ltd.
GTES
$7.44B
$718K 0.04%
31,168
– –
CNP icon
371
CenterPoint Energy
CNP
$27.6B
$702K 0.04%
19,119
+164
+0.9% +$6.08K
EIX icon
372
Edison International
EIX
$27.2B
$698K 0.04%
13,529
+90
+0.7% +$4.93K
KHC icon
373
Kraft Heinz
KHC
$31.6B
$695K 0.04%
26,920
+200
+0.7% +$5.55K
LUV icon
374
Southwest Airlines
LUV
$23B
$689K 0.04%
21,230
+131
+0.6% +$3.95K
ZBH icon
375
Zimmer Biomet
ZBH
$18.5B
$674K 0.04%
7,387
+46
+0.6% +$4.45K
13 14
15
16 17

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AAP
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BCM
Basswood Capital Management New York $2.12B AUM 19.53% 1-Year Est. Return
SC
SouthState Corp Winter Haven, Florida $2.14B AUM 18.39% 1-Year Est. Return
NAAA
New Age Alpha Advisors Rye, New York $2.15B AUM 27.2% 1-Year Est. Return
IVAV
Index Venture Associates VI St. Helier, Channel Islands, Jersey $2.11B AUM 13.76% 1-Year Est. Return
GA
General Atlantic New York $2.15B AUM 35.02% 1-Year Est. Return
HJGA
Hardman Johnston Global Advisors Stamford, Connecticut $2.1B AUM 41.89% 1-Year Est. Return
CF
Centaurus Financial Anaheim, California $2.1B AUM 21.28% 1-Year Est. Return

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.