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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
AFL icon
176
Aflac
AFL
$64.9B
$2.04M 0.11%
19,384
+107
+0.6% +$11.2K
PANW icon
177
Palo Alto Networks
PANW
$270B
$2.03M 0.11%
9,900
+189
+2% +$35.1K
KMI icon
178
Kinder Morgan
KMI
$71.7B
$2.01M 0.11%
68,342
+434
+0.6% +$11.9K
TFC icon
179
Truist Financial
TFC
$63.3B
$1.99M 0.1%
46,253
+289
+0.6% +$11.3K
AMP icon
180
Ameriprise Financial
AMP
$48.3B
$1.96M 0.1%
3,667
+24
+0.7% +$11.9K
UAL icon
181
United Airlines
UAL
$39.4B
$1.91M 0.1%
24,000
+12,790
+114% +$942K
PWR icon
182
Quanta Services
PWR
$100B
$1.9M 0.1%
5,031
+36
+0.7% +$11.6K
ALL icon
183
Allstate
ALL
$68B
$1.9M 0.1%
9,427
+61
+0.7% +$12.2K
NGVC icon
184
Vitamin Cottage Natural Grocers
NGVC
$739M
$1.89M 0.1%
+48,279
New +$2.24M
AEP icon
185
American Electric Power
AEP
$69.6B
$1.87M 0.1%
18,027
+124
+0.7% +$12.9K
CTVA icon
186
Corteva
CTVA
$52.6B
$1.86M 0.1%
24,935
+153
+0.6% +$10.2K
PSX icon
187
Phillips 66
PSX
$84.9B
$1.85M 0.1%
15,526
+100
+0.6% +$11.2K
FDX icon
188
FedEx
FDX
$72.7B
$1.85M 0.1%
8,145
+51
+0.6% +$11.2K
TX icon
189
Ternium
TX
$9.67B
$1.85M 0.1%
+61,431
New +$1.76M
FOXA icon
190
Fox Class A
FOXA
$24.5B
$1.82M 0.1%
32,549
+10,116
+45% +$534K
URI icon
191
United Rentals
URI
$67.2B
$1.82M 0.1%
2,419
+15
+0.6% +$10K
MET icon
192
MetLife
MET
$61.9B
$1.81M 0.1%
22,568
+125
+0.6% +$9.65K
TPR icon
193
Tapestry
TPR
$30.8B
$1.79M 0.09%
20,367
+30
+0.1% +$2.27K
RSG icon
194
Republic Services
RSG
$64.8B
$1.78M 0.09%
7,232
+47
+0.7% +$11.6K
WMB icon
195
Williams Companies
WMB
$87.5B
$1.76M 0.09%
27,960
+306
+1% +$18.1K
URBN icon
196
Urban Outfitters
URBN
$6.35B
$1.76M 0.09%
24,198
+9,249
+62% +$555K
LDOS icon
197
Leidos
LDOS
$14.5B
$1.74M 0.09%
11,040
+6,419
+139% +$949K
BDX icon
198
Becton Dickinson
BDX
$45.6B
$1.74M 0.09%
10,099
+66
+0.7% +$12.1K
BKR icon
199
Baker Hughes
BKR
$60B
$1.73M 0.09%
45,241
-625
-1% -$23.6K
PCAR icon
200
PACCAR
PCAR
$69.8B
$1.73M 0.09%
18,246
-5,425
-23% -$501K
6 7
8
9 10

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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
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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.