Empirical Finance, LLC

CIK

1572838

Location

NEWTOWN SQUARE, PA

Portfolio Value

Mid $1,955,395,187

Diversification

Diversified

Filing Date

Global Rank

#1,009 / 8,232 ▲ 116

Top Industry

Semiconductors 13.8%

3Y Alpha vs SPY

-2.2%

Period ended 2 months ago

Filed May 15, 2026 · 30d

25 quarters · since Mar 2020

Clone Performance

Jun 2023–Jun 2026 · vs SPY

Hypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.

Cloned portfolio

+66.7%

SPY

+76.3%

Annualised alpha

-2.2%

Max drawdown

−18.9%

Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.

Portfolio Concentration

457 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%	$255,623,173	62
Industrials	10.2%	$198,650,253	72
Consumer Cyclical	9.6%	$188,142,753	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	Exxon Mobil 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
VZ	Verizon Communications Inc	−219	162,216	$8,143,243
CSX	Csx Corp	−219	69,042	$2,834,174
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

20 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
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

457 positions · $1,955,395,187 total · 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
FLL	Full House Resorts Inc Consumer Cyclical	Held	19,975	0	$44,943	−13.8%	0.00%
PSKY	Paramount Skydance Corp Communication Services	Reduced	17,793	-49	$160,492	−32.9%	0.01%
FDS	Factset Research Systems Inc Financial Services	Reduced	959	-1	$208,093	−25.3%	0.01%
LW	Lamb Weston Holdings, Inc. Consumer Defensive	Reduced	4,927	-45	$208,215	−0.0%	0.01%
HUBB	Hubbell Inc Industrials	NEW	427	NEW	$209,545	NEW	0.01%
AAL	American Airlines Group Inc. Industrials	Reduced	19,707	-296	$211,653	−31.0%	0.01%
MKTX	Marketaxess Holdings Inc Financial Services	Reduced	1,296	-17	$213,814	−10.2%	0.01%
VSNT	Versant Media Group, Inc. Communication Services	NEW	5,999	NEW	$222,082	NEW	0.01%
TECH	BIO-TECHNE Corp Healthcare	Reduced	4,289	-9	$224,143	−11.3%	0.01%
KMX	Carmax Inc Consumer Cyclical	Reduced	5,399	-75	$224,490	+6.1%	0.01%
CE	Celanese Corp Basic Materials	NEW	3,471	NEW	$228,287	NEW	0.01%
POOL	Pool Corp Industrials	Reduced	1,138	-5	$230,251	−11.9%	0.01%
HRL	Hormel Foods Corp /De/ Consumer Defensive	Reduced	10,262	-10	$232,434	−4.5%	0.01%
CRL	Charles River Laboratories International, Inc. Healthcare	Reduced	1,407	-2	$242,707	−13.6%	0.01%
PODD	Insulet Corp Healthcare	Added	1,162	+1	$243,834	−26.1%	0.01%
BEN	Franklin Resources Inc Financial Services	Reduced	10,403	-9	$245,718	−1.2%	0.01%
QRVO	Qorvo, Inc. Technology	Reduced	3,248	-46	$251,395	−9.7%	0.01%
CAG	Conagra Brands Inc. Consumer Defensive	Reduced	16,607	-23	$261,062	−9.3%	0.01%
LKQ	Lkq Corp Consumer Cyclical	Reduced	9,266	-121	$272,142	−4.0%	0.01%
AES	Aes Corp Utilities	Reduced	20,017	-237	$282,039	−2.9%	0.01%
TAP	Molson Coors Beverage Co Consumer Defensive	Added	6,569	+3	$282,861	−7.7%	0.01%
VST	Vistra Corp. Utilities	Added	1,933	+107	$290,587	−1.4%	0.01%
AOS	Smith A O Corp Industrials	Reduced	4,456	-15	$293,828	−1.7%	0.02%
BAX	Baxter International Inc Healthcare	Reduced	17,562	-27	$295,041	−12.2%	0.02%
SWKS	Skyworks Solutions, Inc. Technology	Reduced	5,612	-14	$300,522	−15.8%	0.02%
MOS	Mosaic Co Basic Materials	Reduced	11,909	-24	$303,679	+5.6%	0.02%
WYNN	Wynn Resorts Ltd Consumer Cyclical	Reduced	3,138	-14	$318,663	−16.0%	0.02%
EMN	Eastman Chemical Co Basic Materials	Reduced	4,183	-57	$319,246	+18.0%	0.02%
SOLV	Solventum Corp Healthcare	Reduced	4,900	-2	$319,970	−17.6%	0.02%
CSGP	Costar Group, Inc. Real Estate	Held	8,225	0	$331,796	−40.0%	0.02%
NWSA	News Corp Communication Services	Reduced	13,419	-24	$334,535	−4.7%	0.02%
NDSN	Nordson Corp Industrials	Reduced	1,302	-2	$346,410	+10.5%	0.02%
GNRC	Generac Holdings Inc. Industrials	Reduced	1,788	-3	$349,250	+43.0%	0.02%
HSIC	Henry Schein Inc Healthcare	Reduced	4,756	-24	$350,517	−3.0%	0.02%
SJM	J M SMUCKER Co Consumer Defensive	Reduced	3,706	-3	$357,406	−1.5%	0.02%
ZBRA	Zebra Technologies Corp Technology	Reduced	1,710	-3	$357,526	−14.0%	0.02%
GEN	Gen Digital Inc. Technology	Reduced	19,593	-33	$368,936	−30.9%	0.02%
RVTY	Revvity, Inc. Healthcare	Reduced	4,260	-16	$373,218	−9.8%	0.02%
SWK	Stanley Black & Decker, Inc. Industrials	Reduced	5,349	-7	$380,099	−4.5%	0.02%
MGM	MGM Resorts International Consumer Cyclical	Reduced	10,433	-54	$386,125	+0.9%	0.02%
JKHY	Jack Henry & Associates Inc Technology	Reduced	2,494	-6	$394,151	−13.6%	0.02%
PNW	Pinnacle West Capital Corp Utilities	Reduced	4,001	-2	$403,100	+13.5%	0.02%
AIZ	Assurant, Inc. Financial Services	Reduced	1,900	-3	$413,839	−9.7%	0.02%
SOLS	Solstice Advanced Materials Inc. Basic Materials	Reduced	5,493	-76	$418,346	+54.6%	0.02%
IT	Gartner Inc Technology	Reduced	2,697	-7	$427,042	−37.4%	0.02%
ALGN	Align Technology Inc Healthcare	Reduced	2,497	-6	$428,060	+9.5%	0.02%
HAS	Hasbro, Inc. Consumer Cyclical	Reduced	4,596	-6	$430,185	+14.0%	0.02%
MKC	Mccormick & Co Inc Consumer Defensive	Reduced	8,593	-8	$433,430	−26.0%	0.02%
GL	Globe Life Inc. Financial Services	Reduced	3,141	-8	$437,132	−0.7%	0.02%
CLX	Clorox Co /De/ Consumer Defensive	Reduced	4,269	-8	$442,396	+2.6%	0.02%