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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
NVDA icon
1
NVIDIA
NVDA
$4.72T
$160M 7.64%
859,953
+7,571
+0.9% +$1.32M
AAPL icon
2
Apple
AAPL
$4.94T
$134M 6.38%
526,416
+4,577
+0.9% +$1.03M
MSFT icon
3
Microsoft
MSFT
$2.92T
$133M 6.33%
256,810
+3,914
+2% +$2M
AMZN icon
4
Amazon
AMZN
$2.47T
$75.7M 3.6%
344,686
+11,600
+3% +$2.63M
META icon
5
Meta Platforms (Facebook)
META
$1.51T
$57.3M 2.73%
78,037
+702
+0.9% +$522K
GOOGL icon
6
Alphabet (Google) Class A
GOOGL
$3.99T
$50.3M 2.4%
206,995
+605
+0.3% +$127K
AVGO icon
7
Broadcom
AVGO
$1.8T
$49.4M 2.35%
149,735
+1,556
+1% +$477K
GOOG icon
8
Alphabet (Google) Class C
GOOG
$3.99T
$43.5M 2.07%
178,554
-8,328
-4% -$1.75M
TSLA icon
9
Tesla
TSLA
$1.2T
$37M 1.76%
83,293
+930
+1% +$323K
JPM icon
10
JPMorgan Chase
JPM
$944B
$33.3M 1.58%
105,419
+905
+0.9% +$269K
BRK.B icon
11
Berkshire Hathaway Class B
BRK.B
$1.1T
$26.1M 1.24%
51,831
+628
+1% +$304K
LLY icon
12
Eli Lilly
LLY
$1.09T
$21.5M 1.02%
28,118
+459
+2% +$342K
QVAL icon
13
Alpha Architect US Quantitative Value ETF
QVAL
$589M
$20M 0.95%
428,678
-6,371
-1% -$286K
NFLX icon
14
Netflix
NFLX
$307B
$18.4M 0.87%
153,080
+1,430
+0.9% +$175K
VTI icon
15
Vanguard Total Stock Market ETF
VTI
$653B
$18.1M 0.86%
55,050
– –
XOM icon
16
ExxonMobil
XOM
$645B
$17.9M 0.85%
158,750
+1,396
+0.9% +$155K
CAOS icon
17
Alpha Architect Tail Risk ETF
CAOS
$720M
$17.2M 0.82%
192,048
-16,915
-8% -$1.51M
MA icon
18
Mastercard
MA
$493B
$16.7M 0.79%
29,341
+276
+0.9% +$159K
JNJ icon
19
Johnson & Johnson
JNJ
$656B
$16M 0.76%
86,469
+816
+1% +$140K
V icon
20
Visa
V
$694B
$15.5M 0.74%
45,467
+576
+1% +$199K
WMT icon
21
Walmart Inc
WMT
$916B
$15.3M 0.73%
148,900
+1,487
+1% +$148K
HD icon
22
Home Depot
HD
$345B
$15M 0.71%
36,975
+1,793
+5% +$705K
COST icon
23
Costco
COST
$435B
$14.4M 0.68%
15,524
+157
+1% +$150K
ABBV icon
24
AbbVie
ABBV
$468B
$14.3M 0.68%
61,862
+596
+1% +$121K
PG icon
25
Procter & Gamble
PG
$354B
$13.2M 0.63%
86,216
+3,615
+4% +$565K
1
2 3 4 5

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GHA
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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
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GA
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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.