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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
MSI icon
151
Motorola Solutions
MSI
$72.3B
$2.45M 0.13%
5,822
+41
+0.7% +$17.2K
MAR icon
152
Marriott International
MAR
$98.3B
$2.43M 0.13%
8,892
+54
+0.6% +$13.5K
EOG icon
153
EOG Resources
EOG
$79.2B
$2.42M 0.13%
20,211
+122
+0.6% +$13.9K
BNY
154
Bank of New York Mellon
BNY
$106B
$2.4M 0.13%
26,295
+159
+0.6% +$13.5K
ITW icon
155
Illinois Tool Works
ITW
$82.6B
$2.39M 0.13%
9,666
+61
+0.6% +$14.7K
ECL icon
156
Ecolab
ECL
$78.1B
$2.37M 0.12%
8,790
+61
+0.7% +$15.5K
CSX icon
157
CSX Corp
CSX
$93.4B
$2.34M 0.12%
71,727
+420
+0.6% +$12.6K
GD icon
158
General Dynamics
GD
$104B
$2.33M 0.12%
8,004
+59
+0.7% +$16.2K
ADSK icon
159
Autodesk
ADSK
$49.5B
$2.32M 0.12%
7,506
+53
+0.7% +$15K
HES
160
DELISTED
Hess
HES
$2.32M 0.12%
16,772
+7,211
+75% +$974K
FTNT icon
161
Fortinet
FTNT
$119B
$2.32M 0.12%
21,936
+148
+0.7% +$14.9K
BTI icon
162
British American Tobacco
BTI
$131B
$2.3M 0.12%
+48,681
New +$2.16M
USB icon
163
US Bancorp
USB
$98.2B
$2.3M 0.12%
50,737
+364
+0.7% +$15.3K
BOXX icon
164
Alpha Architect 1-3 Month Box ETF
BOXX
$13.1B
$2.28M 0.12%
20,247
– –
AGM icon
165
Federal Agricultural Mortgage
AGM
$2.47B
$2.27M 0.12%
11,685
+2,766
+31% +$508K
APD icon
166
Air Products & Chemicals
APD
$65.7B
$2.19M 0.11%
7,779
+53
+0.7% +$14.5K
MEDP icon
167
Medpace
MEDP
$16.1B
$2.19M 0.11%
6,974
+2,928
+72% +$879K
TRV icon
168
Travelers Companies
TRV
$78.1B
$2.19M 0.11%
8,175
+55
+0.7% +$14.5K
FCX icon
169
Freeport-McMoran
FCX
$90B
$2.17M 0.11%
50,113
-10,500
-17% -$399K
AIG icon
170
American International
AIG
$41.7B
$2.17M 0.11%
25,338
+113
+0.4% +$9.41K
VOE icon
171
Vanguard Morningstar Mid-Cap Value ETF
VOE
$23.7B
$2.17M 0.11%
13,181
– –
CARR icon
172
Carrier Global
CARR
$51B
$2.14M 0.11%
29,227
+168
+0.6% +$11.4K
ROP icon
173
Roper Technologies
ROP
$38.8B
$2.11M 0.11%
3,720
+27
+0.7% +$15.3K
NSC icon
174
Norfolk Southern
NSC
$75.4B
$2.08M 0.11%
8,130
+55
+0.7% +$13K
PSMT icon
175
Pricesmart
PSMT
$5.98B
$2.06M 0.11%
+19,623
New +$1.98M
5 6
7
8 9

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AAP
Aristotle Atlantic Partners Sarasota, Florida $2.14B AUM 37.01% 1-Year Est. Return
BCM
Basswood Capital Management New York $2.12B AUM 19.53% 1-Year Est. Return
GS
Gilead Sciences Foster City, California $2.12B AUM 143.53% 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

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.