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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
+9.68%
1 Year Est. Return
+29.56%
3 Year Est. Return
+97.59%
5 Year Est. Return
+123.59%
10 Year Est. Return
–
AUM
$2.1B
AUM Growth
+$190M
Cap. Flow
+$38M
Cap. Flow %
1.81%
Top 10 Hldgs %
36.85%
Holding
514
New
6
Increased
458
Reduced
19
Closed
8

Top Buys

Rank Stock Value
1
TSM icon
TSMC
TSM
+$4.04M
2
ET icon
Energy Transfer Partners
ET
+$2.79M
3
CVX icon
Chevron
CVX
+$2.76M
4
AMZN icon
Amazon
AMZN
+$2.63M
5
MS icon
Morgan Stanley
MS
+$2.52M

Top Sells

Rank Stock Value
1
HES
Hess
HES
+$2.32M
2
BTI icon
British American Tobacco
BTI
+$2.3M
3
IVAL icon
Alpha Architect International Quantitative Value ETF
IVAL
+$2.05M
4
MOOD icon
Relative Sentiment Tactical Allocation ETF
MOOD
+$1.86M
5
GOOG icon
Alphabet (Google) Class C
GOOG
+$1.75M

Sector Composition

Rank Sector Weight
1 Technology 31.99%
2 Financials 11.76%
3 Communication Services 10.34%
4 Consumer Discretionary 9.7%
5 Healthcare 8.78%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
TFX icon
501
Teleflex
TFX
$6.06B
$207K 0.01%
1,690
– –
ADAP
502
DELISTED
Adaptimmune Therapeutics
ADAP
$104K 0.01%
800,000
– –
IMPP icon
503
Imperial Petroleum
IMPP
$209M
$73.5K ﹤0.01%
15,383
– –
FLL icon
504
Full House Resorts
FLL
$80.5M
$64.1K ﹤0.01%
19,975
– –
LUMN icon
505
Lumen
LUMN
$6.26B
$62.6K ﹤0.01%
10,225
-22
-0.2% -$106
STKS icon
506
The ONE Group
STKS
$56.2M
$46K ﹤0.01%
15,550
– –
ACLS icon
507
Axcelis
ACLS
$4.2B
– –
-3,300
Closed -$230K
BBWI icon
508
Bath & Body Works
BBWI
$4.19B
– –
-7,714
Closed -$231K
BTI icon
509
British American Tobacco
BTI
$128B
– –
-48,681
Closed -$2.3M
CE icon
510
Celanese
CE
$4.73B
– –
-3,654
Closed -$202K
HES
511
DELISTED
Hess
HES
– –
-16,772
Closed -$2.32M
PARA
512
DELISTED
Paramount Global Class B
PARA
– –
-18,269
Closed -$236K
WBA
513
DELISTED
Walgreens Boots Alliance
WBA
– –
-26,503
Closed -$304K
LOGC
514
DELISTED
ContextLogic
LOGC
– –
-184,517
Closed -$1.26M
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
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 Q3 2025 Portfolio in Review

As of Q3 2025, Empirical Finance held 514 positions worth $2.1B, up 10% from $1.91B the previous quarter. Its ten largest holdings account for 37% of the portfolio.

Trading was light in Q3 2025: portfolio turnover was 2.7%. Empirical Finance opened 6 new positions and exited 8, leaving the 514-position portfolio largely intact.

By sector, the portfolio is most concentrated in Technology at 32% of assets, up from 31% a quarter earlier, followed by Financials and Communication Services.

  • Empirical Finance's largest Q3 2025 buy was Diageo: 11,089 shares worth $1.06M.
  • Empirical Finance added most to TSMC in Q3 2025, an estimated $4.04M increase.
  • Empirical Finance's biggest Q3 2025 reduction was Alpha Architect International Quantitative Value ETF, cutting an estimated $2.05M.
  • Empirical Finance fully exited Hess in Q3 2025, selling an estimated $2.32M.
  • Empirical Finance's ten largest holdings make up 37% of its $2.1B portfolio in Q3 2025.
  • Empirical Finance opened 6 new positions and closed 8 in Q3 2025.
  • Empirical Finance's portfolio value rose 10% quarter-over-quarter to $2.1B.

Based on Empirical Finance's 13F filing for Q3 2025, filed 13 Nov 2025.