Empowered Funds, LLC — 13F Holdings & Portfolio
CIK 1592828 · latest 13F-HR filed 2026-08-17
Empowered Funds, LLC manages $18.98B in 13F-reported U.S. long-equity assets across 7,205 reported positions as of its 2026-06-30 13F-HR filing. Its largest disclosed positions are TSM (1.72%), NVDA (0.75%), NVDA (0.65%). Quarter over quarter (versus its 2026-03-31 filing) the fund opened 224 new positions and exited 214; 1,132 existing positions rose in reported value and 555 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
$18.98B
Long-equity book
Holdings
7,205
Distinct positions
Period
2026-06-30
Filed 2026-08-17
Q/Q Activity
+224 / −214 / ↑1132 / ↓555
vs 2026-03-31
Portfolio charts
Latest quarter's book, what changed, and how the portfolio has evolved across filings.
Firm Profile & Key People
As of the firm’s regulatory filing dated Mar 18, 2026.
Assets Under Management
$29.74B
Discretionary
$28.74B
Employees
44
Accounts
222
Address
3803 WEST CHESTER PIKE
SUITE 150
NEWTOWN SQUARE, PA 19073
SUITE 150
NEWTOWN SQUARE, PA 19073
Phone
(215) 330-4476
| Name | Title / Status | Ownership | Type |
|---|---|---|---|
| ALPHA ARCHITECT Control | MANAGING MEMBER since Jan 2017 | 75% or more | Domestic Entity |
| BAROLSKY, MICHAEL, DAVID Control | CHIEF LEGAL OFFICER since Dec 2024 | Less than 5% | Individual |
| CLEARY, PATRICK, RUSSELL Control | SENIOR PARTNER - CLIENT EXPERIENCE since Jun 2024 | Less than 5% | Individual |
| GRAY, WESLEY, ROBERT Control | CHIEF EXECUTIVE OFFICER since Dec 2024 | Less than 5% | Individual |
| HEGARTY, SEAN, RICHARD Control | CHIEF OPERATIONS OFFICER since Feb 2022 | Less than 5% | Individual |
| LEIGHTY, JESSICA, DAWN Control | CHIEF COMPLIANCE OFFICER since Dec 2021 | Less than 5% | Individual |
| RUSSELL, WILLIAM, JOSHUA ANTHONY Control | SENIOR PORTFOLIO MANAGER since Oct 2022 | Less than 5% | Individual |
| EMPIRICAL FINANCE, LLC Control Indirect owner via ALPHA ARCHITECT, LLC | OWNER (100%) since Apr 2014 | 75% or more | Domestic Entity |
| GRAY, WESLEY, ROBERT Control Indirect owner via EMPIRICAL FINANCE, LLC | EXECUTIVE MANAGING MEMBER since Jul 2010 | 50–75% | Individual |
| KIRLIN, RYAN, PATRICK Control Indirect owner via ALPHA ARCHITECT | MANAGING MEMBER since Jan 2019 | General partner, trustee or manager | Individual |
| BABULAK FAMILY TRUST Indirect owner via EMPIRICAL FINANCE, LLC | MANAGING MEMBER since Jan 2017 | General partner, trustee or manager | Domestic Entity |
| BABULAK, DAVID, MICHAEL Indirect owner via BABULAK FAMILY TRUST | TRUSTEE since Jan 2017 | General partner, trustee or manager | Individual |
| BABULAK, LIEN, HOAN Indirect owner via BABULAK FAMILY TRUST | TRUSTEE since Jan 2017 | General partner, trustee or manager | Individual |
| CLEARY, PATRICK, RUSSELL Indirect owner via EMPIRICAL FINANCE, LLC | MANAGING MEMBER since Oct 2014 | General partner, trustee or manager | Individual |
| VOGEL, JOHN, ROBERT Indirect owner via EMPIRICAL FINANCE, LLC | MANAGING MEMBER since Mar 2012 | General partner, trustee or manager | Individual |
Ownership & leadership changes · 15 filings with changes since May 22, 2014
From the firm’s regulatory filings, newest first. Dates are filing dates: a filing that no longer lists someone does not say when they left.
Aug 8, 2025 filing
- ChangedALPHA ARCHITECT · title OWNER (100%) → MANAGING MEMBER
Apr 1, 2025 filing
- AddedBAROLSKY, MICHAEL, DAVID · CHIEF LEGAL OFFICER · Less than 5% · control person
Mar 31, 2025 filing
- Listed againGRAY, WESLEY, ROBERT · CHIEF EXECUTIVE OFFICER · Less than 5% · control person
- ChangedCLEARY, PATRICK, RUSSELL · title CHIEF EXECUTIVE OFFICER → SENIOR PARTNER - CLIENT EXPERIENCE
Mar 31, 2023 filing
- No longer listedGRAY, WESLEY, ROBERT · CHIEF INVESTMENT OFFICER · Less than 5% · control person · listed since Nov 2013
- No longer listedKoepke, Brandon, Dale · PORTFOLIO MANAGER · Less than 5% · control person · listed since Jun 2020
- No longer listedVOGEL, JOHN, ROBERT · CHIEF FINANCIAL OFFICER · Less than 5% · control person · listed since Nov 2013
- AddedHEGARTY, SEAN, RICHARD · CHIEF OPERATIONS OFFICER · Less than 5% · control person
- AddedRUSSELL, WILLIAM, JOSHUA ANTHONY · SENIOR PORTFOLIO MANAGER · Less than 5% · control person
Dec 22, 2021 filing
- AddedLEIGHTY, JESSICA, DAWN · CHIEF COMPLIANCE OFFICER · Less than 5% · control person
- ChangedCLEARY, PATRICK, RUSSELL · title CHIEF COMPLIANCE OFFICER → CHIEF EXECUTIVE OFFICER
Feb 15, 2021 filing
- No longer listedWANG, TAO · DIRECTOR, TRADING AND EXECUTION · Less than 5% · control person · listed since Nov 2013
- No longer listedWANG, TAO · MANAGING MEMBER · General partner, trustee or manager · indirect via EMPIRICAL FINANCE, LLC · listed since Sep 2013
- AddedKoepke, Brandon, Dale · PORTFOLIO MANAGER · Less than 5% · control person
Jan 21, 2020 filing
- AddedKIRLIN, RYAN, PATRICK · MANAGING MEMBER · General partner, trustee or manager · indirect via ALPHA ARCHITECT · control person
Jan 31, 2018 filing
- No longer listedXU, YANG · DIRECTOR, TRADING AND EXECUTION · Less than 5% · control person · listed since Nov 2013
- No longer listedXU, YANG · MANAGING MEMBER · General partner, trustee or manager · indirect via EMPIRICAL FINANCE, LLC · listed since Sep 2013
Aug 24, 2017 filing
- No longer listedCLEARY, PATRICK, RUSSELL · MANAGING MEMBER · General partner, trustee or manager · indirect via ALPHA ARCHITECT, LLC · listed since Oct 2014
- No longer listedGRAY, WESLEY, ROBERT · EXECUTIVE MANAGING MEMBER · 50–75% · indirect via ALPHA ARCHITECT, LLC · control person · listed since Apr 2014
- No longer listedVOGEL, JOHN, ROBERT · MANAGING MEMBER · General partner, trustee or manager · indirect via ALPHA ARCHITECT, LLC · listed since Apr 2014
- No longer listedWANG, TAO · MANAGING MEMBER · General partner, trustee or manager · indirect via ALPHA ARCHITECT, LLC · listed since Apr 2014
- No longer listedXU, YANG · MANAGING MEMBER · General partner, trustee or manager · indirect via ALPHA ARCHITECT, LLC · listed since Apr 2014
- AddedBABULAK FAMILY TRUST · MANAGING MEMBER · General partner, trustee or manager · indirect via EMPIRICAL FINANCE, LLC
- AddedBABULAK, DAVID, MICHAEL · TRUSTEE · General partner, trustee or manager · indirect via BABULAK FAMILY TRUST
- AddedBABULAK, LIEN, HOAN · TRUSTEE · General partner, trustee or manager · indirect via BABULAK FAMILY TRUST
- AddedCLEARY, PATRICK, RUSSELL · MANAGING MEMBER · General partner, trustee or manager · indirect via EMPIRICAL FINANCE, LLC
- AddedGRAY, WESLEY, ROBERT · EXECUTIVE MANAGING MEMBER · 50–75% · indirect via EMPIRICAL FINANCE, LLC · control person
- AddedVOGEL, JOHN, ROBERT · MANAGING MEMBER · General partner, trustee or manager · indirect via EMPIRICAL FINANCE, LLC
- AddedWANG, TAO · MANAGING MEMBER · General partner, trustee or manager · indirect via EMPIRICAL FINANCE, LLC
- AddedXU, YANG · MANAGING MEMBER · General partner, trustee or manager · indirect via EMPIRICAL FINANCE, LLC
- ChangedALPHA ARCHITECT · title OWNER → OWNER (100%)
- ChangedCLEARY, PATRICK, RUSSELL · title CHIEF COMPLIANCE OFFICER, MANAGING MEMBER → CHIEF COMPLIANCE OFFICER
- ChangedEMPIRICAL FINANCE, LLC · indirect via ALPHA ARCHITECT, LLC: title OWNER → OWNER (100%)
- ChangedGRAY, WESLEY, ROBERT · title CHIEF INVESTMENT OFFICER, EXECUTIVE MANAGING MEMBER → CHIEF INVESTMENT OFFICER
- ChangedVOGEL, JOHN, ROBERT · title CHIEF FINANCIAL OFFICER, MANAGING MEMBER → CHIEF FINANCIAL OFFICER
- ChangedWANG, TAO · title DIRECTOR, TRADING AND EXECUTION, MANAGING MEMBER → DIRECTOR, TRADING AND EXECUTION
- ChangedXU, YANG · title DIRECTOR, TRADING AND EXECUTION, MANAGING MEMBER → DIRECTOR, TRADING AND EXECUTION
Jun 2, 2017 filing
- No longer listedEMPIRICAL FINANCE, LLC · OWNER · 75% or more · indirect via EMPOWERED FUNDS, LLC · control person · listed since Nov 2013
- AddedCLEARY, PATRICK, RUSSELL · MANAGING MEMBER · General partner, trustee or manager · indirect via ALPHA ARCHITECT, LLC
- AddedEMPIRICAL FINANCE, LLC · OWNER · 75% or more · indirect via ALPHA ARCHITECT, LLC · control person
- AddedGRAY, WESLEY, ROBERT · EXECUTIVE MANAGING MEMBER · 50–75% · indirect via ALPHA ARCHITECT, LLC · control person
- AddedVOGEL, JOHN, ROBERT · MANAGING MEMBER · General partner, trustee or manager · indirect via ALPHA ARCHITECT, LLC
- AddedWANG, TAO · MANAGING MEMBER · General partner, trustee or manager · indirect via ALPHA ARCHITECT, LLC
- AddedXU, YANG · MANAGING MEMBER · General partner, trustee or manager · indirect via ALPHA ARCHITECT, LLC
- ChangedCLEARY, PATRICK, RUSSELL · title CHIEF COMPLIANCE OFFICER → CHIEF COMPLIANCE OFFICER, MANAGING MEMBER
- ChangedGRAY, WESLEY, ROBERT · title CHIEF INVESTMENT OFFICER → CHIEF INVESTMENT OFFICER, EXECUTIVE MANAGING MEMBER
- ChangedVOGEL, JOHN, ROBERT · title CHIEF FINANCIAL OFFICER → CHIEF FINANCIAL OFFICER, MANAGING MEMBER
- ChangedWANG, TAO · title DIRECTOR, TRADING AND EXECUTION → DIRECTOR, TRADING AND EXECUTION, MANAGING MEMBER
- ChangedXU, YANG · title DIRECTOR, TRADING AND EXECUTION → DIRECTOR, TRADING AND EXECUTION, MANAGING MEMBER
Older changes (6 more filings)
Mar 31, 2017 filing
- No longer listedALPHA ARCHITECT · OWNER · 75% or more · indirect via EMPOWERED FUNDS, LLC · control person · listed since Nov 2013
- AddedEMPIRICAL FINANCE, LLC · OWNER · 75% or more · indirect via EMPOWERED FUNDS, LLC · control person
- ChangedGRAY, WESLEY, ROBERT · title EXECUTIVE MANAGING MEMBER → CHIEF INVESTMENT OFFICER
Jan 16, 2017 filing
- No longer listedBABULAK, DAVID, MICHAEL · OWNER · General partner, trustee or manager · indirect via STRONG POINT HOLDINGS, LLC · listed since Apr 2014
- No longer listedFOULKE, DAVID, PARDEE · MANAGING MEMBER · Less than 5% · control person · listed since Nov 2013
- No longer listedKANNER, CARLTON, HARRINGTON · MANAGING MEMBER · Less than 5% · control person · listed since Nov 2013
- No longer listedSONG, XIN · MANAGING MEMBER · Less than 5% · control person · listed since Jan 2015
- No longer listedSTRONG POINT HOLDINGS, LLC · OWNER · 10–25% · listed since Nov 2013
- ChangedCLEARY, PATRICK, RUSSELL · title MANAGING MEMBER / CCO → CHIEF COMPLIANCE OFFICER
- ChangedVOGEL, JOHN, ROBERT · title MANAGING MEMBER → CHIEF FINANCIAL OFFICER
- ChangedWANG, TAO · title MANAGING MEMBER → DIRECTOR, TRADING AND EXECUTION
- ChangedXU, YANG · title MANAGING MEMBER → DIRECTOR, TRADING AND EXECUTION
Sep 8, 2015 filing
- AddedCLEARY, PATRICK, RUSSELL · MANAGING MEMBER / CCO · Less than 5% · control person
- AddedSONG, XIN · MANAGING MEMBER · Less than 5% · control person
- ChangedFOULKE, DAVID, PARDEE · title MANAGING MEMBER/CCO → MANAGING MEMBER
Sep 16, 2014 filing
- No longer listedBABULAK, DAVID, MICHAEL · OWNER · 10–25% · control person · listed since Nov 2013
- AddedALPHA ARCHITECT · OWNER · 75% or more · indirect via EMPOWERED FUNDS, LLC · control person
- AddedBABULAK, DAVID, MICHAEL · OWNER · General partner, trustee or manager · indirect via STRONG POINT HOLDINGS, LLC
- AddedSTRONG POINT HOLDINGS, LLC · OWNER · 10–25%
Jul 23, 2014 filing
- ChangedFOULKE, DAVID, PARDEE · title MANAGING MEMBER → MANAGING MEMBER/CCO
- ChangedKANNER, CARLTON, HARRINGTON · title MANAGING MEMBER/CCO → MANAGING MEMBER
May 22, 2014 filing (earliest on record)
- ListedALPHA ARCHITECT · OWNER · 75% or more · control person
- ListedBABULAK, DAVID, MICHAEL · OWNER · 10–25% · control person
- ListedFOULKE, DAVID, PARDEE · MANAGING MEMBER · Less than 5% · control person
- ListedGRAY, WESLEY, ROBERT · EXECUTIVE MANAGING MEMBER · Less than 5% · control person
- ListedKANNER, CARLTON, HARRINGTON · MANAGING MEMBER/CCO · Less than 5% · control person
- ListedVOGEL, JOHN, ROBERT · MANAGING MEMBER · Less than 5% · control person
- ListedWANG, TAO · MANAGING MEMBER · Less than 5% · control person
- ListedXU, YANG · MANAGING MEMBER · Less than 5% · control person
Quarter-over-quarter changes
Changes in reported position value vs the prior 13F, so price moves count too, not just shares bought or sold.
Top Adds (vs prior quarter)
- TAIWAN SEMICONDUCTOR MANUFAC$336.2M +533.7%
- MICRON TECHNOLOGY INC$236.0M +286.3%
- NVIDIA CORPORATION$132.3M +28.1%
- ALPHABET INC$98.0M +34.9%
- ADVANCED MICRO DEVICES INC$93.0M +175.3%
Top Trims
- MICROSOFT CORP-$35.5M -11.9%
- PARKER-HANNIFIN CORP-$24.6M -51.0%
- CF INDUSTRIES HOLD-$24.3M -45.2%
- ISHARES TR-$24.2M -73.0%
- CHEVRON CORPORATION-$23.3M -15.0%
New Positions
- INVESCO QQQ TR$61.4M
- ISHARES TR$57.9M
- UNITED MICROELECTRONICS CORP$51.5M
- ASCENDIS PHARMA A/S$49.9M
- DAVE INC$39.4M
Exited Positions
- GRANITESHARES ETF TR$26.4M
- KRATOS DEFENSE & SEC SOLUTIO$25.8M
- SELECT SECTOR SPDR TR$21.5M
- VANGUARD SCOTTSDALE FDS$20.9M
- HONEYWELL INTL INC$16.6M
Empowered Funds, 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 | TAIWAN SEMICONDUCTOR MANUFAC | TSM | 874039100 | $326.7M | 1.72% | 684,182 | SH |
| 2 | NVIDIA CORPORATION | NVDA | 67066G104 | $142.8M | 0.75% | 713,854 | SH |
| 3 | NVIDIA CORPORATION | NVDA | 67066G104 | $123.3M | 0.65% | 616,374 | SH |
| 4 | VANGUARD TAX-MANAGED FDS | VEA | 921943858 | $113.7M | 0.60% | 1,596,057 | SH |
| 5 | ISHARES TR | IDEV | 46435G326 | $113.6M | 0.60% | 1,275,964 | SH |
| 6 | ALPHABET INC | GOOGL | 02079K305 | $109.1M | 0.57% | 305,198 | SH |
| 7 | NVIDIA CORPORATION | NVDA | 67066G104 | $105.1M | 0.55% | 525,142 | SH |
| 8 | APPLE INC | AAPL | 037833100 | $101.4M | 0.53% | 350,583 | SH |
| 9 | APPLE INC | AAPL | 037833100 | $99.9M | 0.53% | 345,095 | SH |
| 10 | NVIDIA CORPORATION | NVDA | 67066G104 | $89.6M | 0.47% | 448,017 | SH |
| 11 | APPLE INC | AAPL | 037833100 | $84.7M | 0.45% | 292,621 | SH |
| 12 | ALPHABET INC | GOOGL | 02079K305 | $75.7M | 0.40% | 211,847 | SH |
| 13 | EXXON MOBIL CORP | XOM | 30231G102 | $74.3M | 0.39% | 543,529 | SH |
| 14 | AMAZON COM INC | AMZN | 023135106 | $70.6M | 0.37% | 296,204 | SH |
| 15 | SCHWAB STRATEGIC TR | SCHR | 808524854 | $70.3M | 0.37% | 2,862,224 | SH |
| 16 | ELI LILLY & CO | LLY | 532457108 | $69.6M | 0.37% | 58,053 | SH |
| 17 | VANGUARD INTL EQUITY INDEX F | VWO | 922042858 | $68.9M | 0.36% | 1,153,680 | SH |
| 18 | MICRON TECHNOLOGY INC | MU | 595112103 | $67.8M | 0.36% | 58,699 | SH |
| 19 | MICROSOFT CORP | MSFT | 594918104 | $67.4M | 0.35% | 180,588 | SH |
| 20 | EXPEDIA GROUP INC | EXPE | 30212P303 | $66.9M | 0.35% | 261,556 | SH |
| 21 | CHEVRON CORPORATION | CVX | 166764100 | $65.9M | 0.35% | 397,840 | SH |
| 22 | BROADCOM INC | AVGO | 11135F101 | $65.6M | 0.35% | 173,690 | SH |
| 23 | MICRON TECHNOLOGY INC | MU | 595112103 | $65.0M | 0.34% | 56,307 | SH |
| 24 | VISTRA CORP | VST | 92840M102 | $62.5M | 0.33% | 393,805 | SH |
| 25 | VANGUARD MALVERN FDS | VTIP | 922020805 | $62.3M | 0.33% | 1,258,283 | SH |
| 26 | EA SERIES TRUST | BOXX | 02072L565 | $61.9M | 0.33% | 529,077 | SH |
| 27 | MICROSOFT CORP | MSFT | 594918104 | $59.0M | 0.31% | 158,207 | SH |
| 28 | BROADCOM INC | AVGO | 11135F101 | $57.5M | 0.30% | 152,314 | SH |
| 29 | MICRON TECHNOLOGY INC | MU | 595112103 | $57.3M | 0.30% | 49,623 | SH |
| 30 | ISHARES TR | ITOT | 464287150 | $57.1M | 0.30% | 347,728 | SH |
| 31 | ALPHABET INC | GOOGL | 02079K305 | $57.0M | 0.30% | 159,580 | SH |
| 32 | AMERICAN CENTY ETF TR | AVDV | 025072802 | $56.5M | 0.30% | 548,409 | SH |
| 33 | AMERICAN CENTY ETF TR | AVRE | 025072356 | $56.4M | 0.30% | 1,191,067 | SH |
| 34 | EA SERIES TRUST | CAOS | 02072L516 | $54.0M | 0.28% | 597,146 | SH |
| 35 | AMAZON COM INC | AMZN | 023135106 | $53.6M | 0.28% | 224,818 | SH |
| 36 | APPLE INC | AAPL | 037833100 | $53.0M | 0.28% | 183,199 | SH |
| 37 | UNITED MICROELECTRONICS CORP | UMC | 910873405 | $51.5M | 0.27% | 1,891,076 | SH |
| 38 | CITIGROUP INC | C | 172967424 | $49.5M | 0.26% | 353,616 | SH |
| 39 | AMAZON COM INC | AMZN | 023135106 | $46.9M | 0.25% | 196,887 | SH |
| 40 | GE VERNOVA INC | GEV | 36828A101 | $46.5M | 0.24% | 39,578 | SH |
| 41 | PALO ALTO NETWORKS INC | PANW | 697435105 | $46.5M | 0.24% | 136,348 | SH |
| 42 | VERTIV HOLDINGS CO | VRT | 92537N108 | $46.3M | 0.24% | 138,236 | SH |
| 43 | AMERICAN CENTY ETF TR | AVES | 025072372 | $45.6M | 0.24% | 695,217 | SH |
| 44 | EA SERIES TRUST | BOXX | 02072L565 | $45.0M | 0.24% | 384,022 | SH |
| 45 | LAM RESEARCH CORP | LRCX | 512807306 | $43.9M | 0.23% | 101,335 | SH |
| 46 | MICRON TECHNOLOGY INC | MU | 595112103 | $43.8M | 0.23% | 37,943 | SH |
| 47 | JPMORGAN CHASE & CO | JPM | 46625H100 | $43.3M | 0.23% | 132,152 | SH |
| 48 | ALPHABET INC | GOOGL | 02079K305 | $41.9M | 0.22% | 117,338 | SH |
| 49 | ALPHABET INC | GOOG | 02079K107 | $40.0M | 0.21% | 113,176 | SH |
| 50 | ASCENDIS PHARMA A/S | ASND | K08588103 | $39.5M | 0.21% | 148,159 | SH |
Filing History
| Period | Filed | AUM | Holdings | Accession |
|---|---|---|---|---|
| 2026-06-30 | 2026-08-17 | $18.98B | 7,205 | 0001592828-26-000007 |
| 2026-03-31 | 2026-05-15 | $15.68B | 8,595 | 0001592828-26-000005 |
| 2026-03-31 | 2026-06-16 | $15.67B | 8,620 | 0001592828-26-000006 |
| 2025-12-31 | 2026-02-18 | $5.89B | 3,248 | 0001592828-26-000004 |
| 2025-12-31 | 2026-02-11 | $12.57B | 6,524 | 0001592828-26-000003 |
Filer Information
Address
3803 WEST CHESTER PIKESUITE 150
NEWTOWN SQUARE, PA 19073
Phone
(215) 882-9983
Filing Manager
Empowered Funds, LLC
NEWTOWN SQUARE, PA
Signatory
Brian P, Massaro
Chief Technology Officer