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

-2.4%

Period ended 2 months ago

Filed May 15, 2026 · 29d

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

+66.4%

SPY

+76.5%

Annualised alpha

-2.4%

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
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	Exxon Mobil 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%