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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
DSGR icon
526
Distribution Solutions Group
DSGR
$1.61B
– –
-14,742
Closed -$413K
ENPH icon
527
Enphase Energy
ENPH
$5.42B
– –
-3,996
Closed -$248K
GPK icon
528
Graphic Packaging
GPK
$3.46B
– –
-40,536
Closed -$1.05M
HRB icon
529
H&R Block
HRB
$5.75B
– –
-8,833
Closed -$485K
INSW icon
530
International Seaways
INSW
$4.58B
– –
-10,634
Closed -$353K
KBH icon
531
KB Home
KBH
$3.54B
– –
-8,966
Closed -$521K
LBRT icon
532
Liberty Energy
LBRT
$3.22B
– –
-54,400
Closed -$861K
LEA icon
533
Lear
LEA
$6.11B
– –
-4,682
Closed -$413K
LULU icon
534
lululemon athletica
LULU
$13.9B
– –
-738
Closed -$209K
LYB icon
535
LyondellBasell Industries
LYB
$19.6B
– –
-5,673
Closed -$399K
PBF icon
536
PBF Energy
PBF
$7.84B
– –
-11,268
Closed -$215K
PVH icon
537
PVH
PVH
$4.09B
– –
-5,782
Closed -$374K
SHV icon
538
iShares 0-1 Year Treasury Bond ETF
SHV
$20.6B
– –
-10,465
Closed -$1.16M
SIG icon
539
Signet Jewelers
SIG
$3.75B
– –
-11,891
Closed -$690K
SKX
540
DELISTED
Skechers
SKX
– –
-8,328
Closed -$473K
SM icon
541
SM Energy
SM
$7.51B
– –
-24,856
Closed -$744K
STLA icon
542
Stellantis
STLA
$21.8B
– –
-18,701
Closed -$210K
TEX icon
543
Terex
TEX
$7.63B
– –
-20,931
Closed -$791K
THC icon
544
Tenet Healthcare
THC
$20.1B
– –
-8,392
Closed -$1.13M
TMHC
545
DELISTED
Taylor Morrison
TMHC
– –
-10,538
Closed -$633K
TOL icon
546
Toll Brothers
TOL
$14.3B
– –
-8,451
Closed -$892K
UFPI icon
547
UFP Industries
UFPI
$5.3B
– –
-9,315
Closed -$997K
WCC
548
WESCO International
WCC
$18.1B
– –
-3,250
Closed -$505K
WFRD icon
549
Weatherford International
WFRD
$6.41B
– –
-11,135
Closed -$596K
CNR
550
Core Natural Resources Inc
CNR
$4.07B
– –
-12,173
Closed -$939K
18 19 20 21
22

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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.