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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
ALGN icon
426
Align Technology
ALGN
$12.4B
$490K 0.03%
2,586
+17
+0.7% +$3K
ROL icon
427
Rollins
ROL
$18.4B
$486K 0.03%
8,610
+69
+0.8% +$3.87K
ALSN icon
428
Allison Transmission
ALSN
$9.65B
$481K 0.03%
5,066
-8,426
-62% -$814K
BBY icon
429
Best Buy
BBY
$18B
$479K 0.03%
7,141
-8,136
-53% -$553K
HLT icon
430
Hilton Worldwide
HLT
$70.7B
$476K 0.02%
1,787
– –
TER icon
431
Teradyne
TER
$57.2B
$465K 0.02%
5,169
+38
+0.7% +$3.04K
JKHY icon
432
Jack Henry & Associates
JKHY
$11.1B
$464K 0.02%
2,577
+18
+0.7% +$3.2K
IEX icon
433
IDEX
IEX
$17.2B
$456K 0.02%
2,600
+18
+0.7% +$3.19K
MOS icon
434
The Mosaic Company
MOS
$6.93B
$450K 0.02%
12,327
+76
+0.6% +$2.44K
INCY icon
435
Incyte
INCY
$24B
$443K 0.02%
6,503
+37
+0.6% +$2.34K
AKAM icon
436
Akamai
AKAM
$17.1B
$442K 0.02%
5,536
+35
+0.6% +$2.72K
FDS icon
437
Factset
FDS
$9.59B
$439K 0.02%
982
+11
+1% +$4.82K
SWKS icon
438
Skyworks Solutions
SWKS
$9.22B
$434K 0.02%
5,821
+38
+0.7% +$2.54K
OC icon
439
Owens Corning
OC
$11.5B
$430K 0.02%
3,128
-3,423
-52% -$473K
JBHT icon
440
JB Hunt Transport Services
JBHT
$25.1B
$429K 0.02%
2,984
+20
+0.7% +$2.77K
ABNB icon
441
Airbnb
ABNB
$89.4B
$428K 0.02%
3,235
+116
+4% +$14.7K
RVTY icon
442
Revvity
RVTY
$12.9B
$427K 0.02%
4,416
+30
+0.7% +$2.83K
RL icon
443
Ralph Lauren
RL
$22.6B
$421K 0.02%
1,535
+10
+0.7% +$2.48K
CHRW icon
444
C.H. Robinson
CHRW
$17.2B
$419K 0.02%
4,362
+28
+0.6% +$2.62K
NWSA icon
445
News Corp Class A
NWSA
$15.1B
$413K 0.02%
13,880
+87
+0.6% +$2.39K
GL icon
446
Globe Life
GL
$14.3B
$404K 0.02%
3,250
+19
+0.6% +$2.31K
PAYC icon
447
Paycom
PAYC
$7.86B
$389K 0.02%
1,682
+12
+0.7% +$2.85K
AIZ icon
448
Assurant
AIZ
$14B
$387K 0.02%
1,959
+12
+0.6% +$2.36K
KMX icon
449
CarMax
KMX
$8.29B
$385K 0.02%
5,735
+38
+0.7% +$2.56K
SOLV icon
450
Solventum
SOLV
$15.3B
$383K 0.02%
5,045
+36
+0.7% +$2.55K
16 17
18
19 20

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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
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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.