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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
MHK icon
501
Mohawk Industries
MHK
$9.01B
$206K 0.01%
1,969
+16
+0.8% +$1.67K
CE icon
502
Celanese
CE
$4.81B
$202K 0.01%
3,654
-2
-0.1% -$100
TFX icon
503
Teleflex
TFX
$6.18B
$200K 0.01%
1,690
– –
ADAP
504
DELISTED
Adaptimmune Therapeutics
ADAP
$192K 0.01%
+800,000
New +$214K
FLL icon
505
Full House Resorts
FLL
$83M
$73.1K ﹤0.01%
+19,975
New +$66.9K
STKS icon
506
The ONE Group
STKS
$54.6M
$63K ﹤0.01%
+15,550
New +$53.5K
IMPP icon
507
Imperial Petroleum
IMPP
$214M
$47.4K ﹤0.01%
+15,383
New +$42.3K
LUMN icon
508
Lumen
LUMN
$6.65B
$44.9K ﹤0.01%
10,247
-32
-0.3% -$124
ACIC icon
509
American Coastal Insurance
ACIC
$529M
– –
-37,186
Closed -$430K
AGCO icon
510
AGCO
AGCO
$7.28B
– –
-5,358
Closed -$496K
AMR icon
511
Alpha Metallurgical Resources
AMR
$1.76B
– –
-1,833
Closed -$230K
ANF icon
512
Abercrombie & Fitch
ANF
$4.84B
– –
-8,857
Closed -$676K
ARW icon
513
Arrow Electronics
ARW
$11.1B
– –
-4,831
Closed -$502K
ASO icon
514
Academy Sports + Outdoors
ASO
$3.01B
– –
-9,781
Closed -$446K
ATKR icon
515
Atkore
ATKR
$3.16B
– –
-3,382
Closed -$203K
AVES icon
516
Avantis Emerging Markets Value ETF
AVES
$1.43B
– –
-4,355
Closed -$205K
AVUV icon
517
Avantis US Small Cap Value ETF
AVUV
$30.9B
– –
-2,328
Closed -$203K
BF.B icon
518
Brown-Forman Class B
BF.B
$12.8B
– –
-6,889
Closed -$234K
BG icon
519
Bunge Global
BG
$20.2B
– –
-5,848
Closed -$447K
CRC icon
520
California Resources
CRC
$4.63B
– –
-11,381
Closed -$500K
CRI icon
521
Carter's
CRI
$1.46B
– –
-16,909
Closed -$692K
CVI icon
522
CVR Energy
CVI
$3.31B
– –
-20,140
Closed -$391K
DFS
523
DELISTED
Discover Financial Services
DFS
– –
-9,063
Closed -$1.55M
DINO icon
524
HF Sinclair
DINO
$15.8B
– –
-11,159
Closed -$367K
DKNG icon
525
DraftKings
DKNG
$11.7B
– –
-8,475
Closed -$281K
18 19 20
21
22

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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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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.