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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
SJM icon
451
J.M. Smucker
SJM
$12.7B
$375K 0.02%
3,822
+26
+0.7% +$2.86K
SWK icon
452
Stanley Black & Decker
SWK
$15.5B
$375K 0.02%
5,532
+37
+0.7% +$2.39K
MGM icon
453
MGM Resorts International
MGM
$11.7B
$375K 0.02%
10,891
+44
+0.4% +$1.4K
AVDV icon
454
Avantis International Small Cap Value ETF
AVDV
$19.3B
$369K 0.02%
4,651
-340
-7% -$25.1K
PNW icon
455
Pinnacle West Capital
PNW
$12.3B
$368K 0.02%
4,117
+29
+0.7% +$2.65K
PODD icon
456
Insulet
PODD
$11.6B
$367K 0.02%
1,167
+18
+2% +$5.2K
VTRS icon
457
Viatris
VTRS
$20.6B
$365K 0.02%
40,857
+279
+0.7% +$2.36K
LKQ icon
458
LKQ Corp
LKQ
$6.2B
$359K 0.02%
9,693
+61
+0.6% +$2.43K
HSIC icon
459
Henry Schein
HSIC
$10.2B
$357K 0.02%
4,885
+30
+0.6% +$2.06K
HII icon
460
Huntington Ingalls Industries
HII
$12.7B
$355K 0.02%
1,472
+10
+0.7% +$2.23K
CAG icon
461
Conagra Brands
CAG
$7.18B
$352K 0.02%
17,174
+110
+0.6% +$2.58K
HAS icon
462
Hasbro
HAS
$12.9B
$350K 0.02%
4,740
+34
+0.7% +$2.14K
POOL icon
463
Pool Corp
POOL
$7.39B
$344K 0.02%
1,180
+11
+0.9% +$3.33K
IPG
464
DELISTED
Interpublic Group of Companies
IPG
$342K 0.02%
13,990
-36,756
-72% -$894K
SW
465
Smurfit Westrock
SW
$25.4B
$337K 0.02%
7,819
-7
-0.1% -$299
STLD icon
466
Steel Dynamics
STLD
$38B
$336K 0.02%
2,622
+40
+2% +$5.11K
TIGO icon
467
Millicom
TIGO
$15.6B
$334K 0.02%
+8,921
New +$306K
HRL icon
468
Hormel Foods
HRL
$13.9B
$321K 0.02%
10,598
+70
+0.7% +$2.11K
VST icon
469
Vistra
VST
$48.3B
$314K 0.02%
+1,619
New +$240K
WBA
470
DELISTED
Walgreens Boots Alliance
WBA
$304K 0.02%
26,503
-26
-0.1% -$289
AOS icon
471
A.O. Smith
AOS
$8.61B
$303K 0.02%
4,617
+29
+0.6% +$1.9K
WYNN icon
472
Wynn Resorts
WYNN
$10.1B
$302K 0.02%
3,226
+21
+0.7% +$1.78K
MKTX icon
473
MarketAxess Holdings
MKTX
$5.71B
$301K 0.02%
1,346
+11
+0.8% +$2.42K
DVA icon
474
DaVita
DVA
$14.6B
$299K 0.02%
2,096
+12
+0.6% +$1.7K
QRVO icon
475
Qorvo
QRVO
$8.38B
$291K 0.02%
3,429
-2
-0.1% -$144
17 18
19
20 21

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AAP
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BCM
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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
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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.