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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
LHX icon
201
L3Harris
LHX
$51.6B
$1.7M 0.09%
6,786
+44
+0.7% +$10.1K
VLO icon
202
Valero Energy
VLO
$90.1B
$1.7M 0.09%
12,613
-3,694
-23% -$460K
PTMC icon
203
Pacer Trendpilot US Mid Cap ETF
PTMC
$392M
$1.69M 0.09%
48,411
– –
COR icon
204
Cencora
COR
$60.6B
$1.69M 0.09%
5,631
+42
+0.8% +$12.1K
FAST icon
205
Fastenal
FAST
$54.7B
$1.69M 0.09%
40,194
+258
+0.6% +$10.5K
EW icon
206
Edwards Lifesciences
EW
$49.6B
$1.67M 0.09%
21,329
+134
+0.6% +$9.99K
SRE icon
207
Sempra
SRE
$57.9B
$1.66M 0.09%
21,860
+145
+0.7% +$10.8K
FIS icon
208
Fidelity National Information Services
FIS
$23.1B
$1.65M 0.09%
20,316
+112
+0.6% +$8.71K
D icon
209
Dominion Energy
D
$60.8B
$1.65M 0.09%
29,240
+186
+0.6% +$10.2K
ACWI icon
210
iShares MSCI ACWI ETF
ACWI
$32.9B
$1.65M 0.09%
12,816
+327
+3% +$39.2K
GWW icon
211
W.W. Grainger
GWW
$65.3B
$1.64M 0.09%
1,580
+12
+0.8% +$12.5K
SNA icon
212
Snap-on
SNA
$21.2B
$1.64M 0.09%
5,278
-721
-12% -$229K
PAYX icon
213
Paychex
PAYX
$41.6B
$1.64M 0.09%
11,267
+75
+0.7% +$11.3K
MNST icon
214
Monster Beverage
MNST
$94.3B
$1.64M 0.09%
26,160
+156
+0.6% +$9.53K
ICE icon
215
Intercontinental Exchange
ICE
$85.6B
$1.64M 0.09%
8,920
+150
+2% +$25.8K
VRSK icon
216
Verisk Analytics
VRSK
$25.4B
$1.62M 0.09%
5,211
+34
+0.7% +$10.3K
CMI icon
217
Cummins
CMI
$87.5B
$1.61M 0.08%
4,919
+32
+0.7% +$9.91K
TGT icon
218
Target
TGT
$65.6B
$1.61M 0.08%
16,271
+109
+0.7% +$10.5K
MSCI icon
219
MSCI
MSCI
$41.6B
$1.6M 0.08%
2,772
+20
+0.7% +$11.1K
IDXX icon
220
Idexx Laboratories
IDXX
$44.1B
$1.58M 0.08%
2,951
+23
+0.8% +$11K
ROST icon
221
Ross Stores
ROST
$80.5B
$1.54M 0.08%
12,032
+74
+0.6% +$10.3K
KMB icon
222
Kimberly-Clark
KMB
$36.3B
$1.53M 0.08%
11,876
+76
+0.6% +$10.3K
FSLR icon
223
First Solar
FSLR
$22.7B
$1.53M 0.08%
9,235
+7,326
+384% +$1.08M
CAH icon
224
Cardinal Health
CAH
$53.9B
$1.52M 0.08%
9,044
+53
+0.6% +$7.87K
CBRE icon
225
CBRE Group
CBRE
$42.5B
$1.52M 0.08%
10,834
+64
+0.6% +$8.09K
7 8
9
10 11

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AAP
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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
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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.