Empirical Finance, LLC

CIK

1572838

Location

NEWTOWN SQUARE, PA

Portfolio Value

Mid $1,955,395,188

Diversification

Diversified

Filing Date

Global Rank

#1,225 / 8,623 ▲ 52 · as of Mar 2026

Top Industry

Semiconductors 13.8%

3Y Alpha vs SPY

+0.1%

Period ended 4 months ago

Filed May 15, 2026 · 3mo

25 quarters · since Mar 2020

Clone Performance

Jul 2023–Jul 2026 · vs SPY

Hypothetical growth of buying every stock this filer reported holding, rebalancing on each filing and indexed to the same start. Option positions cannot be bought this way and are left out.

Cloned portfolio

+66.7%

SPY

+65.3%

Annualised alpha

+0.3%

Max drawdown

−18.9%

Estimate. 13F holdings are quarter-lagged, so the clone rebalances about 45 days after each period end — when the filing becomes public — and it excludes option and short positions. It tracks 100% of reported value on average across 13 quarters. Past performance does not predict future results.

Portfolio Concentration

457 tracked positions · as of Mar 31, 2026 · Δ vs Dec 31, 2025

Top Position

7.3%

−0.9 pts

Top 5

25.4%

−3.4 pts

Top 10

34.5%

−3.4 pts

HHI

187

Diversified−38

Portfolio Trend

25 quarters · across all stocks

Sector Breakdown

As of Mar 31, 2026

Sector	% Portfolio	Value	Positions
Technology	31.5%	$615,421,872	69
Financial Services	13.1%	$255,623,172	62
Industrials	10.2%	$198,650,254	72
Consumer Cyclical	9.6%	$188,142,754	54
Healthcare	9.5%	$185,579,052	58
Communication Services	8.0%	$156,896,994	21
Energy	7.1%	$139,535,246	25
Consumer Defensive	6.0%	$116,831,137	37
Utilities	2.3%	$45,297,495	31
Basic Materials	1.9%	$37,175,909	22
Unclassified	0.5%	$10,282,197	3
Real Estate	0.3%	$5,959,106	3

Last Quarter's Activity

Export CSV

Mar 31, 2026 vs Dec 31, 2025

Added To

Positions the filer increased

25 positions

Ticker	Company	Δ Shares	Shares	Value
ET	Energy Transfer LP	+652,711	1,404,756	$27,111,790
WES	Western Midstream Partners, LP	+205,421	442,189	$18,204,921
MPLX	Mplx LP	+100,927	217,494	$12,412,382
SFM	Sprouts Farmers Market, Inc.	+100,287	105,287	$8,120,786
AX	Axos Financial, Inc.	+82,715	178,281	$15,169,930
OMAB	Central North Airport Group	+71,924	168,343	$19,313,992
TX	Ternium S.A.	+66,042	161,171	$6,471,015
PKBK	Parke Bancorp, Inc.	+48,008	103,454	$2,938,093
PAC	Pacific Airport Group	+44,531	74,607	$18,418,230
TSM	Taiwan Semiconductor Manufacturing Co Ltd	+44,158	95,230	$32,182,978
PDLB	Ponce Financial Group, Inc.	+40,176	247,389	$4,133,870
CCS	Century Communities, Inc.	+34,039	73,394	$4,211,347
AMZN	Amazon Com Inc	+33,960	377,013	$78,520,497
AGM	Federal Agricultural Mortgage Corp	+19,217	41,592	$6,170,173
FITB	Fifth Third Bancorp	+7,271	30,556	$1,419,631
MEDP	Medpace Holdings, Inc.	+5,667	12,663	$6,080,645
MS	Morgan Stanley	+2,224	68,648	$11,297,401
WAT	Waters Corp /De/	+1,314	3,351	$997,927
UBER	Uber Technologies, Inc	+585	13,566	$975,802
BRK-B	Berkshire Hathaway Inc	+250	50,121	$24,017,983
BX	Blackstone Inc.	+231	5,717	$657,397
HBAN	Huntington Bancshares Inc /Md/	+207	46,729	$731,308
PCG	PG&E Corp	+197	37,404	$657,188
PLTR	Palantir Technologies Inc.	+175	4,050	$592,434
KDP	Keurig Dr Pepper Inc.	+174	20,313	$534,841
No positions match the current search.

Trimmed

Positions the filer reduced

25 positions

Ticker	Company	Δ Shares	Shares	Value
ATNI	ATN International, Inc.	−20,732	45,343	$1,234,236
FOXA	Fox Corp	−5,023	32,311	$1,886,962
GLD	Spdr Gold Trust	−2,500	4,945	$2,127,784
NVDA	Nvidia Corp	−1,383	815,983	$142,307,435
AAPL	Apple Inc.	−854	501,183	$127,195,233
WBD	Warner Bros. Discovery, Inc.	−836	75,323	$2,068,369
BAC	Bank Of America Corp /De/	−535	233,069	$11,362,113
WFC	Wells Fargo & Company/Mn	−479	122,352	$9,740,442
T	At&T Inc.	−425	279,605	$8,105,748
CMCSA	Comcast Corp	−419	152,664	$4,382,983
XOM	ExxonMobil Holdings Corp	−392	151,381	$25,683,300
MSFT	Microsoft Corp	−339	245,743	$90,966,686
NFLX	Netflix Inc	−316	146,215	$14,058,572
AAL	American Airlines Group Inc.	−296	19,707	$211,653
CSCO	Cisco Systems, Inc.	−286	145,116	$11,259,550
PFE	Pfizer Inc	−277	190,481	$5,348,706
GM	General Motors Co	−267	63,625	$4,740,062
JPM	Jpmorgan Chase & Co	−258	100,238	$29,486,010
AES	Aes Corp	−237	20,017	$282,039
F	Ford Motor Co	−225	133,095	$1,535,916
CSX	Csx Corp	−219	69,042	$2,834,174
VZ	Verizon Communications Inc	−219	162,216	$8,143,243
KO	Coca Cola Co	−214	130,419	$9,918,364
MRK	Merck & Co., Inc.	−207	90,944	$10,939,653
AZO	Autozone Inc	−202	635	$2,144,890
No positions match the current search.

New Positions

Positions the filer opened this quarter

6 positions

Ticker	Company	Shares	Value
GOOGL	Alphabet Inc.	197,426	$56,771,820
CSWC	Capital Southwest Corp	618,866	$13,689,315
ASR	Southeast Airport Group	22,868	$7,686,620
CE	Celanese Corp	3,471	$228,287
VSNT	Versant Media Group, Inc.	5,999	$222,082
HUBB	Hubbell Inc	427	$209,545
No positions match the current search.

Sold Out

Positions the filer fully exited

21 positions

Ticker	Company	Shares	Value
CAAP	Corporacion America Airports S.A.	243,987	$6,343,662
CPA	Copa Holdings, S.A.	38,850	$4,685,698
UTHR	UNITED THERAPEUTICS Corp	3,210	$1,564,072
FTI	TechnipFMC plc	32,275	$1,438,174
DEO	Diageo PLC	15,139	$1,306,041
TIGO	Millicom International Cellular SA	17,082	$947,026
NTAP	NetApp, Inc.	7,308	$782,613
GTES	Gates Industrial Corp plc	31,362	$673,342
DLO	dLocal Ltd	46,177	$652,942
BUR	Burford Capital Ltd	70,000	$624,400
PSMT	Pricesmart Inc	3,819	$468,476
EPAM	EPAM Systems, Inc.	1,437	$294,412
SW	Smurfit Westrock plc	7,342	$283,915
PAYC	Paycom Software, Inc.	1,635	$260,553
MOH	Molina Healthcare, Inc.	1,354	$234,973
DVA	Davita Inc.	2,051	$233,014
MHK	Mohawk Industries Inc	1,940	$212,042
CPB	CAMPBELL'S Co	7,237	$201,695
ETSY	Etsy Inc	3,632	$201,358
LUMN	Lumen Technologies, Inc.	10,033	$77,956
ADAPY	Adaptimmune Therapeutics PLC	800,000	$20,800
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

457 tracked positions · $1,955,395,188 total · filing declares 483 positions · $2,128,271,728 · as of Mar 31, 2026

All sectors Basic Materials Communication Services Consumer Cyclical Consumer Defensive Energy Financial Services Healthcare Industrials Real Estate Technology Utilities

Showing 1–50 of 457 positions by value · page 1 of 10

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
NVDA	Nvidia Corp Technology	Reduced	815,983	-1,383	$142,307,435	−6.6%	7.28%
AAPL	Apple Inc. Technology	Reduced	501,183	-854	$127,195,233	−6.8%	6.50%
MSFT	Microsoft Corp Technology	Reduced	245,743	-339	$90,966,686	−23.6%	4.65%
AMZN	Amazon Com Inc Consumer Cyclical	Added	377,013	+33,960	$78,520,497	−0.8%	4.02%
GOOGL	Alphabet Inc. Communication Services	NEW	197,426	NEW	$56,771,820	NEW	2.90%
AVGO	Broadcom Inc. Technology	Added	143,038	+13	$44,271,691	−10.6%	2.26%
META	Meta Platforms, Inc. Communication Services	Reduced	74,448	-109	$42,593,934	−13.5%	2.18%
TSM	Taiwan Semiconductor Manufacturing Co Ltd Technology	Added	95,230	+44,158	$32,182,978	+107.4%	1.65%
TSLA	Tesla, Inc. Consumer Cyclical	Reduced	79,426	-19	$29,526,615	−17.4%	1.51%
JPM	Jpmorgan Chase & Co Financial Services	Reduced	100,238	-258	$29,486,010	−8.9%	1.51%
ET	Energy Transfer LP Energy	Added	1,404,756	+652,711	$27,111,790	+118.6%	1.39%
XOM	ExxonMobil Holdings Corp Energy	Reduced	151,381	-392	$25,683,300	+40.6%	1.31%
LLY	ELI LILLY & Co Healthcare	Reduced	26,607	-44	$24,472,320	−14.6%	1.25%
BRK-B	Berkshire Hathaway Inc Financial Services	Added	50,121	+250	$24,017,983	−4.2%	1.23%
JNJ	Johnson & Johnson Healthcare	Reduced	82,435	-141	$20,150,411	+17.9%	1.03%
OMAB	Central North Airport Group Industrials	Added	168,343	+71,924	$19,313,992	+84.2%	0.99%
PAC	Pacific Airport Group Industrials	Added	74,607	+44,531	$18,418,230	+132.3%	0.94%
WES	Western Midstream Partners, LP Energy	Added	442,189	+205,421	$18,204,921	+94.7%	0.93%
WMT	Walmart Inc. Consumer Defensive	Reduced	142,431	-146	$17,701,324	+11.4%	0.91%
CVX	Chevron Corp Energy	Reduced	75,841	-169	$15,691,502	+35.5%	0.80%
AX	Axos Financial, Inc. Financial Services	Added	178,281	+82,715	$15,169,930	+84.2%	0.78%
COST	Costco Wholesale Corp /New Consumer Defensive	Reduced	14,854	-23	$14,800,971	+15.4%	0.76%
NFLX	Netflix Inc Communication Services	Reduced	146,215	-316	$14,058,572	+2.3%	0.72%
MA	Mastercard Inc Financial Services	Reduced	28,051	-54	$14,015,962	−12.6%	0.72%
CSWC	Capital Southwest Corp Financial Services	NEW	618,866	NEW	$13,689,315	NEW	0.70%
CAT	Caterpillar Inc Industrials	Reduced	19,081	-47	$13,518,125	+23.4%	0.69%
V	Visa Inc. Financial Services	Reduced	43,364	-32	$13,106,335	−13.9%	0.67%
ABBV	AbbVie Inc. Healthcare	Reduced	59,130	-99	$12,860,183	−5.0%	0.66%
MU	Micron Technology Inc Technology	Reduced	36,970	-9	$12,489,944	+18.3%	0.64%
MPLX	Mplx LP Energy	Added	217,494	+100,927	$12,412,382	+99.5%	0.63%
PG	PROCTER & GAMBLE Co Consumer Defensive	Reduced	82,441	-138	$11,907,778	+0.6%	0.61%
HD	Home Depot, Inc. Consumer Cyclical	Reduced	35,366	-61	$11,631,523	−4.6%	0.59%
BAC	Bank Of America Corp /De/ Financial Services	Reduced	233,069	-535	$11,362,113	−11.6%	0.58%
MS	Morgan Stanley Financial Services	Added	68,648	+2,224	$11,297,401	−4.2%	0.58%
CSCO	Cisco Systems, Inc. Technology	Reduced	145,116	-286	$11,259,550	+0.5%	0.58%
AMD	Advanced Micro Devices Inc Technology	Reduced	54,062	-86	$10,997,832	−5.2%	0.56%
MRK	Merck & Co., Inc. Healthcare	Reduced	90,944	-207	$10,939,653	+14.0%	0.56%
GE	General Electric Co Industrials	Reduced	36,518	-66	$10,362,712	−8.0%	0.53%
KO	Coca Cola Co Consumer Defensive	Reduced	130,419	-214	$9,918,364	+8.6%	0.51%
WFC	Wells Fargo & Company/Mn Financial Services	Reduced	122,352	-479	$9,740,442	−14.9%	0.50%
AMAT	Applied Materials Inc /De Technology	Reduced	28,415	-64	$9,711,962	+32.7%	0.50%
LRCX	Lam Research Corp Technology	Reduced	45,013	-106	$9,617,477	+24.5%	0.49%
GS	Goldman Sachs Group Inc Financial Services	Reduced	11,020	-36	$9,322,809	−4.1%	0.48%
RTX	RTX Corp Industrials	Reduced	47,180	-108	$9,101,022	+4.9%	0.47%
UNH	Unitedhealth Group Inc Healthcare	Reduced	32,489	-44	$8,791,198	−18.1%	0.45%
PM	Philip Morris International Inc. Consumer Defensive	Reduced	52,019	-87	$8,600,821	+2.9%	0.44%
VZ	Verizon Communications Inc Communication Services	Reduced	162,216	-219	$8,143,243	+23.1%	0.42%
SFM	Sprouts Farmers Market, Inc. Consumer Defensive	Added	105,287	+100,287	$8,120,786	+1938.6%	0.42%
T	At&T Inc. Communication Services	Reduced	279,605	-425	$8,105,748	+16.5%	0.41%
ASR	Southeast Airport Group Industrials	NEW	22,868	NEW	$7,686,620	NEW	0.39%

Covers the securities this platform tracks: U.S.-listed common stock and the put/call positions reported on it. A 13F can also report security types outside that coverage — preferred shares, bonds, warrants, untracked share classes — so the filing's own declared total can exceed the figures above. The source filing is linked at the top of this table.