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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
-20.14%
1 Year Est. Return
+29.56%
3 Year Est. Return
+97.59%
5 Year Est. Return
+123.59%
10 Year Est. Return
–
AUM
$322M
AUM Growth
-$89.5M
Cap. Flow
+$6.81M
Cap. Flow %
2.12%
Top 10 Hldgs %
43.93%
Holding
251
New
49
Increased
124
Reduced
26
Closed
42

Top Buys

Rank Stock Value
1
SHY icon
iShares 1-3 Year Treasury Bond ETF
SHY
+$22.2M
2
SCHR
Schwab Intermediately-Term US Treasury ETF
SCHR
+$6.07M
3
MSFT icon
Microsoft
MSFT
+$2.57M
4
AAPL icon
Apple
AAPL
+$2.48M
5
DAL icon
Delta Air Lines
DAL
+$2.17M

Top Sells

Rank Stock Value
1
IMOM icon
Alpha Architect International Quantitative Momentum ETF
IMOM
+$11.1M
2
QMOM icon
Alpha Architect US Quantitative Momentum ETF
QMOM
+$10.6M
3
IVAL icon
Alpha Architect International Quantitative Value ETF
IVAL
+$9.99M
4
BIL icon
State Street SPDR Bloomberg 1-3 Month T-Bill ETF
BIL
+$9.29M
5
QVAL icon
Alpha Architect US Quantitative Value ETF
QVAL
+$8.46M

Sector Composition

Rank Sector Weight
1 Consumer Discretionary 11.03%
2 Healthcare 9.44%
3 Technology 9%
4 Industrials 7.53%
5 Communication Services 4.58%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
SHY icon
1
iShares 1-3 Year Treasury Bond ETF
SHY
$25.4B
$22.5M 7%
+259,926
New +$22.2M
IMOM icon
2
Alpha Architect International Quantitative Momentum ETF
IMOM
$147M
$20.7M 6.45%
1,001,725
-443,644
-31% -$11.1M
QMOM icon
3
Alpha Architect US Quantitative Momentum ETF
QMOM
$414M
$20.6M 6.4%
792,554
-330,505
-29% -$10.6M
IVAL icon
4
Alpha Architect International Quantitative Value ETF
IVAL
$218M
$19.9M 6.18%
956,420
-384,948
-29% -$9.99M
QVAL icon
5
Alpha Architect US Quantitative Value ETF
QVAL
$589M
$17.1M 5.32%
945,355
-324,574
-26% -$8.46M
AAVM
6
EA Series Trust Alpha Architect Global Factor Equity ETF
AAVM
$25M
$16.3M 5.08%
790,703
-213,670
-21% -$5.04M
AAPL icon
7
Apple
AAPL
$4.93T
$6.6M 2.05%
103,848
+33,752
+48% +$2.48M
SCHR
8
Schwab Intermediately-Term US Treasury ETF
SCHR
$13.3B
$6.32M 1.96%
+215,000
New +$6.07M
IEF icon
9
iShares 7-10 Year Treasury Bond ETF
IEF
$47.4B
$5.63M 1.75%
46,332
-5,032
-10% -$579K
MSFT icon
10
Microsoft
MSFT
$2.92T
$5.6M 1.74%
35,488
+15,631
+79% +$2.57M
BIL icon
11
State Street SPDR Bloomberg 1-3 Month T-Bill ETF
BIL
$47.1B
$5.05M 1.57%
55,166
-101,441
-65% -$9.29M
QQQ icon
12
Invesco QQQ Trust
QQQ
$442B
$4.58M 1.42%
24,050
– –
AMZN icon
13
Amazon
AMZN
$2.47T
$4.56M 1.42%
46,780
+16,360
+54% +$1.58M
VTI icon
14
Vanguard Total Stock Market ETF
VTI
$653B
$4.32M 1.34%
33,474
-26,558
-44% -$4.11M
BIIB icon
15
Biogen
BIIB
$29.7B
$3.01M 0.94%
9,523
+4,157
+77% +$1.26M
ELV icon
16
Elevance Health
ELV
$80.4B
$2.49M 0.77%
10,963
+5,693
+108% +$1.55M
UTHR icon
17
United Therapeutics
UTHR
$26.4B
$2.44M 0.76%
25,685
+3,935
+18% +$374K
META icon
18
Meta Platforms (Facebook)
META
$1.51T
$2.32M 0.72%
13,901
+4,899
+54% +$959K
CMI icon
19
Cummins
CMI
$87.9B
$2.18M 0.68%
16,105
+2,415
+18% +$377K
RS icon
20
Reliance Steel & Aluminium
RS
$21.2B
$2.1M 0.65%
23,973
+13,334
+125% +$1.42M
NTAP icon
21
NetApp
NTAP
$32.7B
$2.06M 0.64%
49,436
+28,996
+142% +$1.5M
BRK.B icon
22
Berkshire Hathaway Class B
BRK.B
$1.1T
$2.06M 0.64%
11,262
+4,045
+56% +$860K
GOOG icon
23
Alphabet (Google) Class C
GOOG
$3.99T
$2.03M 0.63%
34,960
+12,100
+53% +$821K
JNJ icon
24
Johnson & Johnson
JNJ
$656B
$2.02M 0.63%
15,441
+5,449
+55% +$773K
GOOGL icon
25
Alphabet (Google) Class A
GOOGL
$4T
$2M 0.62%
34,380
+12,120
+54% +$821K
1
2 3 4 5

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AAP
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BCM
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GS
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SC
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NAAA
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IVAV
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Empirical Finance's Q1 2020 Portfolio in Review

As of Q1 2020, Empirical Finance held 251 positions worth $322M, down 22% from $411M the previous quarter. Its ten largest holdings account for 44% of the portfolio.

Empirical Finance's Q1 2020 filing shows 49 new, 124 increased, 26 reduced and 42 closed positions. Its largest new stake was iShares 1-3 Year Treasury Bond ETF: 259,926 shares worth $22.5M. The largest sale was Alpha Architect International Quantitative Momentum ETF, an estimated $11.1M.

By sector, the portfolio is most concentrated in Consumer Discretionary at 11% of assets, up from 10% a quarter earlier, followed by Healthcare and Technology.

  • Empirical Finance's largest Q1 2020 buy was iShares 1-3 Year Treasury Bond ETF: 259,926 shares worth $22.5M.
  • Empirical Finance added most to Microsoft in Q1 2020, an estimated $2.57M increase.
  • Empirical Finance's biggest Q1 2020 reduction was Alpha Architect International Quantitative Momentum ETF, cutting an estimated $11.1M.
  • Empirical Finance fully exited Vanguard FTSE All-World ex-US ETF in Q1 2020, selling an estimated $3.7M.
  • Empirical Finance's ten largest holdings make up 44% of its $322M portfolio in Q1 2020.
  • Empirical Finance opened 49 new positions and closed 42 in Q1 2020.
  • Empirical Finance's portfolio value fell 22% quarter-over-quarter to $322M.

Based on Empirical Finance's 13F filing for Q1 2020, filed 16 Apr 2020.