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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
VZ icon
51
Verizon
VZ
$194B
$7.41M 0.35%
168,657
+1,573
+0.9% +$68.1K
DIS icon
52
Walt Disney
DIS
$171B
$7.33M 0.35%
64,030
+619
+1% +$72.9K
QQQ icon
53
Invesco QQQ Trust
QQQ
$483B
$7.32M 0.35%
12,197
-1,800
-13% -$1.03M
OMAB icon
54
Grupo Aeroportuario Centro Norte
OMAB
$5.33B
$7.3M 0.35%
70,319
+20,378
+41% +$2.18M
BKNG icon
55
Booking.com
BKNG
$149B
$7M 0.33%
32,400
+275
+0.9% +$61.4K
C icon
56
Citigroup
C
$230B
$6.93M 0.33%
68,275
+593
+0.9% +$56.3K
AXP icon
57
American Express
AXP
$235B
$6.87M 0.33%
20,696
+174
+0.8% +$55.3K
TMO icon
58
Thermo Fisher Scientific
TMO
$210B
$6.81M 0.32%
14,043
+128
+0.9% +$59.6K
WES icon
59
Western Midstream Partners
WES
$19.3B
$6.79M 0.32%
172,718
+50,019
+41% +$1.95M
PEP icon
60
PepsiCo
PEP
$189B
$6.78M 0.32%
48,283
+465
+1% +$66.4K
INTU icon
61
Intuit
INTU
$87.5B
$6.69M 0.32%
9,792
+93
+1% +$67K
LRCX icon
62
Lam Research
LRCX
$394B
$6.57M 0.31%
49,076
+2,400
+5% +$254K
KR icon
63
Kroger
KR
$35.3B
$6.55M 0.31%
97,121
+240
+0.2% +$16.7K
MU icon
64
Micron Technology
MU
$1.01T
$6.45M 0.31%
38,575
-431
-1% -$55.1K
NOW icon
65
ServiceNow
NOW
$120B
$6.26M 0.3%
33,990
+360
+1% +$67.2K
AMAT icon
66
Applied Materials
AMAT
$433B
$6.09M 0.29%
29,740
+249
+0.8% +$45.2K
BLK icon
67
Blackrock
BLK
$176B
$5.92M 0.28%
5,074
+50
+1% +$55.9K
AX icon
68
Axos Financial
AX
$5.99B
$5.91M 0.28%
69,766
+15,133
+28% +$1.32M
PTIN icon
69
Pacer Trendpilot International ETF
PTIN
$186M
$5.88M 0.28%
193,079
– –
TXN icon
70
Texas Instruments
TXN
$259B
$5.87M 0.28%
31,942
+296
+0.9% +$57.9K
TJX icon
71
TJX Companies
TJX
$174B
$5.85M 0.28%
40,507
+369
+0.9% +$49K
ADBE icon
72
Adobe
ADBE
$101B
$5.65M 0.27%
16,024
+141
+0.9% +$50.6K
ISRG icon
73
Intuitive Surgical
ISRG
$130B
$5.64M 0.27%
12,617
+418
+3% +$201K
QCOM icon
74
Qualcomm
QCOM
$171B
$5.39M 0.26%
32,428
+343
+1% +$54.4K
GEV icon
75
GE Vernova
GEV
$271B
$5.39M 0.26%
8,773
+87
+1% +$52.7K
1 2
3
4 5

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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
Hardman Johnston Global Advisors Stamford, Connecticut $2.1B AUM 41.89% 1-Year Est. Return
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.