Top Institutional Investors

Empirical Finance, LLC — 13F Holdings & Portfolio

CIK 1572838 · latest 13F-HR filed 2026-08-14

Backtest portfolio

Empirical Finance, LLC manages $2.41B in 13F-reported U.S. long-equity assets across 505 reported positions as of its 2026-06-30 13F-HR filing. Its largest disclosed positions are NVDA (7.03%), AAPL (6.24%), MSFT (3.95%). Quarter over quarter (versus its 2026-03-31 filing) the fund opened 39 new positions and exited 17; 263 existing positions rose in reported value and 122 fell.

AUM is the long-equity portion reported on Form 13F-HR. Excludes short positions, cash, foreign holdings, and non-13F assets. For informational purposes only — not investment advice.

Loading holdings…
AUM
$2.41B

Long-equity book

Holdings
505

Distinct positions

Period
2026-06-30

Filed 2026-08-14

Q/Q Activity
+39 / −17 / ↑263 / ↓122

vs 2026-03-31

Portfolio charts

Latest quarter's book, what changed, and how the portfolio has evolved across filings.

Portfolio map

Q2 26
NVDA7.0% · +4%AAPL6.2% · +3%MSFT3.9% · +4%AMZN3.7% · -1%GOOG3.3% · -5%GOOGL3.0% · +4%AVGO2.3% · +4%MU1.8% · +3%META1.8% · +4%TSLA1.4% · +4%JPM1.4% · +3%LLY1.4% · +3%AMD1.4% · +4%TSM1.2% · -35%BRK.B1.1% · +4%JNJ0.9% · +3%XOM0.9% · +3%AMAT0.9% · +3%CAT0.9% · +3%INTC0.9% · +4%LRCX0.8% · +3%ET0.8% · -26%CSCO0.7% · +3%WMT0.7% · +4%V0.6% · +5%ABBV0.6% · +4%MA0.6% · +3%AX0.6% · -14%VTI0.6% · -28%KLAC0.6% · +932%WES0.6% · -25%COST0.6% · +4%OMAB0.6% · -25%PAC0.6% · -25%GE0.6% · +3%BAC0.6% · +3%UNH0.6% · -1%HD0.5% · +3%CSWC0.5% · -15%PG0.5% · +3%CAOS0.5% · -26%CVX0.5% · -2%MS0.5% · -14%QVAL0.5% · -20%MRK0.5% · +3%GS0.5% · +3%KO0.5% · +4%NFLX0.4% · +3%WFC0.4% · +3%GEV0.4% · +4%PM0.4% · +4%TXN0.4% · +4%C0.4% · +3%MPLX0.4% · -24%RTX0.4% · +3%DLTR0.4% · +908%IBM0.4% · +4%SNDK0.4% · +5%QQQ0.3% · -8%SFM0.3% · -15%

Box size = position value; colour = change in share count vs the prior quarter (green added, red trimmed, blue new). Rows split across managers or share classes are combined. Click a box for the stock.

Sector mix

% of 13F value

Sectors from each company's SIC code; funds and ETFs grouped separately.

Biggest buys and sells

Q1 26 → Q2 26

Estimated from the change in shares held × the quarter-end price, so price moves alone don't count as buying. New and exited positions are included.

13F assets and positions

4 quarters

Total reported 13F value (bars) and number of positions (line) each quarter. Value changes include market moves.

Top positions over time

reported value

The eight largest current positions, valued at each quarter end.

Concentration

top 10 = 34.6%

Cumulative share of the portfolio held in the largest N positions.

Firm Profile & Key People

Name Title / Status Ownership Type

Quarter-over-quarter changes

Changes in reported position value vs the prior 13F, so price moves count too, not just shares bought or sold.

Empirical Finance, LLC Holdings (2026-06-30)

Rows tagged Call or Put are options positions, not stock. Per SEC Form 13F-HR, Value shows the notional value of the underlying (shares covered × underlying price), not the option premium. Shares is the number of underlying shares covered (divide by 100 for contract count).

# Issuer Symbol CUSIP Value Weight Shares Type
1 NVIDIA CORPORATION NVDA 67066G104 $169.0M 7.03% 844,676 SH
2 APPLE INC AAPL 037833100 $150.0M 6.24% 518,315 SH
3 MICROSOFT CORP MSFT 594918104 $94.9M 3.95% 254,426 SH
4 AMAZON COM INC AMZN 023135106 $88.6M 3.68% 371,802 SH
5 ALPHABET INC GOOG 02079K107 $78.4M 3.26% 221,920 SH
6 ALPHABET INC GOOGL 02079K305 $73.0M 3.04% 204,352 SH
7 BROADCOM INC AVGO 11135F101 $56.3M 2.34% 148,958 SH
8 MICRON TECHNOLOGY INC MU 595112103 $44.1M 1.83% 38,219 SH
9 META PLATFORMS INC META 30303M102 $43.4M 1.80% 77,020 SH
10 TESLA INC TSLA 88160R101 $34.9M 1.45% 82,916 SH
11 JPMORGAN CHASE & CO JPM 46625H100 $33.8M 1.41% 103,311 SH
12 ELI LILLY & CO LLY 532457108 $33.0M 1.37% 27,524 SH
13 ADVANCED MICRO DEVICES INC AMD 007903107 $32.5M 1.35% 55,978 SH
14 TAIWAN SEMICONDUCTOR MANUFAC TSM 874039100 $29.7M 1.23% 62,160 SH
15 BERKSHIRE HATHAWAY INC DEL BRK.B 084670702 $26.2M 1.09% 52,310 SH
16 JOHNSON & JOHNSON JNJ 478160104 $21.6M 0.90% 85,199 SH
17 EXXON MOBIL CORP XOM 30231G102 $21.4M 0.89% 156,210 SH
18 APPLIED MATLS INC AMAT 038222105 $21.2M 0.88% 29,292 SH
19 CATERPILLAR INC CAT 149123101 $20.9M 0.87% 19,601 SH
20 INTEL CORP INTC 458140100 $20.6M 0.86% 147,571 SH
21 LAM RESEARCH CORP LRCX 512807306 $20.1M 0.84% 46,390 SH
22 ENERGY TRANSFER L P ET 29273V100 $19.8M 0.82% 1,037,614 SH
23 CISCO SYS INC CSCO 17275R102 $17.6M 0.73% 149,734 SH
24 WALMART INC WMT 931142103 $16.7M 0.70% 147,788 SH
25 VISA INC V 92826C839 $15.6M 0.65% 45,436 SH
26 ABBVIE INC ABBV 00287Y109 $15.4M 0.64% 61,181 SH
27 MASTERCARD INCORPORATED MA 57636Q104 $14.9M 0.62% 28,985 SH
28 AXOS FINANCIAL INC AX 05465C100 $14.9M 0.62% 152,847 SH
29 VANGUARD INDEX FDS VTI 922908769 $14.8M 0.61% 39,868 SH
30 KLA CORP KLAC 482480100 $14.5M 0.60% 48,063 SH
31 WESTERN MIDSTREAM PARTNERS L WES 958669103 $14.4M 0.60% 330,016 SH
32 COSTCO WHOLESALE CORPORATION COST 22160K105 $14.4M 0.60% 15,385 SH
33 GRUPO AEROPORTUARIO DEL CENT OMAB 400501102 $14.3M 0.59% 126,166 SH
34 GRUPO AEROPORTUNARIO DEL PAC PAC 400506101 $14.1M 0.59% 55,844 SH
35 GE AEROSPACE GE 369604301 $14.1M 0.59% 37,719 SH
36 BANK OF AMER CORP BAC 060505104 $13.7M 0.57% 240,618 SH
37 UNITEDHEALTH GROUP INC UNH 91324P102 $13.4M 0.56% 32,262 SH
38 HOME DEPOT INC HD 437076102 $12.9M 0.54% 36,530 SH
39 CAPITAL SOUTHWEST CORP CSWC 140501107 $12.5M 0.52% 525,500 SH
40 PROCTER & GAMBLE CO PG 742718109 $12.5M 0.52% 85,156 SH
41 EA SERIES TRUST CAOS 02072L516 $12.5M 0.52% 138,121 SH
42 CHEVRON CORPORATION CVX 166764100 $12.3M 0.51% 74,091 SH
43 MORGAN STANLEY MS 617446448 $12.3M 0.51% 58,732 SH
44 EA SERIES TRUST QVAL 02072L102 $12.2M 0.51% 219,682 SH
45 MERCK & CO INC MRK 58933Y105 $12.0M 0.50% 93,774 SH
46 GOLDMAN SACHS GROUP INC GS 38141G104 $11.5M 0.48% 11,363 SH
47 COCA COLA CO KO 191216100 $11.0M 0.46% 134,955 SH
48 NETFLIX INC. NFLX 64110L106 $10.8M 0.45% 151,066 SH
49 WELLS FARGO & CO WFC 949746101 $10.4M 0.43% 125,751 SH
50 GE VERNOVA INC GEV 36828A101 $10.2M 0.42% 8,690 SH
Filing History
Period Filed AUM Holdings Accession
2026-06-30 2026-08-14 $2.41B 505 0001572838-26-000007
2026-03-31 2026-05-15 $2.13B 483 0001572838-26-000006
2026-03-31 2026-05-14 $2.13B 483 0001572838-26-000005
2025-12-31 2026-02-12 $2.10B 496 0001572838-26-000004
2025-09-30 2025-11-13 $2.10B 506 0001572838-25-000012
Filer Information
Address
3803 WEST CHESTER PIKE
SUITE 150
NEWTOWN SQUARE, PA 19073
Phone
(215) 882-9983
Filing Manager
Empirical Finance, LLC
NEWTOWN SQUARE, PA
Signatory
Brian P, Massaro
Chief Technology Officer