Empirical Finance, LLC
CIK
1572838
Location
NEWTOWN SQUARE, PA
Portfolio Value
Small
$116,831,137
Diversification
Diversified
Filing Date
Global Rank
#1,225
/ 8,588
▲ 54
Top Industry
Semiconductors
13.8%
3Y Alpha vs SPY
-2.8%
Period ended 3 months ago
Filed May 15, 2026 · 33d
25 quarters · since Mar 2020
Clone Performance
Jun 2023–Jun 2026 · vs SPYHypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.
Cloned portfolio
+66.5%
SPY
+76.8%
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, 2025Top 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 |
|---|---|---|
| Technology | 31.5% | $615,421,872 |
| Financial Services | 13.1% | $255,623,173 |
| Industrials | 10.2% | $198,650,253 |
| Consumer Cyclical | 9.6% | $188,142,753 |
| Healthcare | 9.5% | $185,579,052 |
| Communication Services | 8.0% | $156,896,994 |
| Energy | 7.1% | $139,535,246 |
| Consumer Defensive | 6.0% | $116,831,137 |
| Utilities | 2.3% | $45,297,495 |
| Basic Materials | 1.9% | $37,175,909 |
| Unclassified | 0.5% | $10,282,197 |
| Real Estate | 0.3% | $5,959,106 |
Last Quarter's Activity
Export CSVAdded To
Positions the filer increased
25 positions
| Ticker | Company | Δ Shares | Shares | Value | Open |
|---|---|---|---|---|---|
| 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 | Open |
|---|---|---|---|---|---|
| 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 | |
| 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 | Open |
|---|---|---|---|---|
| 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 | Open |
|---|---|---|---|---|
| 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. | ||||
37 positions ·
$116,831,137 total
· Consumer Defensive only
· as of Mar 31, 2026
All sectors
Basic Materials
Communication Services
Consumer Cyclical
Consumer Defensive
Energy
Financial Services
Healthcare
Industrials
Real Estate
Technology
Utilities
| Ticker | Company | Type | Shares | Value (USD) | % of Portfolio | History |
|---|---|---|---|---|---|---|
| WMT |
Walmart Inc.
Consumer Defensive
|
Reduced | 142,431 | $17,701,324 | 15.15% | |
| COST |
Costco Wholesale Corp /New
Consumer Defensive
|
Reduced | 14,854 | $14,800,971 | 12.67% | |
| PG |
PROCTER & GAMBLE Co
Consumer Defensive
|
Reduced | 82,441 | $11,907,778 | 10.19% | |
| KO |
Coca Cola Co
Consumer Defensive
|
Reduced | 130,419 | $9,918,364 | 8.49% | |
| PM |
Philip Morris International Inc.
Consumer Defensive
|
Reduced | 52,019 | $8,600,821 | 7.36% | |
| SFM |
Sprouts Farmers Market, Inc.
Consumer Defensive
|
Added | 105,287 | $8,120,786 | 6.95% | |
| PEP |
Pepsico Inc
Consumer Defensive
|
Reduced | 46,126 | $7,162,906 | 6.13% | |
| KR |
Kroger Co
Consumer Defensive
|
Reduced | 96,062 | $6,951,046 | 5.95% | |
| MO |
Altria Group, Inc.
Consumer Defensive
|
Reduced | 60,977 | $4,023,872 | 3.44% | |
| NGVC |
Natural Grocers by Vitamin Cottage, Inc.
Consumer Defensive
|
Held | 146,916 | $3,797,778 | 3.25% | |
| MDLZ |
Mondelez International, Inc.
Consumer Defensive
|
Reduced | 45,853 | $2,642,966 | 2.26% | |
| CL |
Colgate Palmolive Co
Consumer Defensive
|
Reduced | 28,099 | $2,394,877 | 2.05% | |
| TGT |
Target Corp
Consumer Defensive
|
Reduced | 15,702 | $1,903,082 | 1.63% | |
| MNST |
Monster Beverage Corp
Consumer Defensive
|
Reduced | 25,247 | $1,829,397 | 1.57% | |
| ADM |
Archer-Daniels-Midland Co
Consumer Defensive
|
Reduced | 18,293 | $1,329,718 | 1.14% | |
| SYY |
Sysco Corp
Consumer Defensive
|
Reduced | 17,060 | $1,216,889 | 1.04% | |
| KMB |
Kimberly Clark Corp
Consumer Defensive
|
Reduced | 11,465 | $1,106,028 | 0.95% | |
| HSY |
Hershey Co
Consumer Defensive
|
Reduced | 5,096 | $1,059,407 | 0.91% | |
| DG |
Dollar General Corp
Consumer Defensive
|
Reduced | 7,801 | $926,212 | 0.79% | |
| INGR |
Ingredion Inc
Consumer Defensive
|
Held | 7,193 | $810,363 | 0.69% | |
| CALM |
Cal-Maine Foods Inc
Consumer Defensive
|
Held | 10,182 | $805,905 | 0.69% | |
| DLTR |
Dollar Tree, Inc.
Consumer Defensive
|
Reduced | 7,325 | $802,160 | 0.69% | |
| CHD |
Church & Dwight Co Inc /De/
Consumer Defensive
|
Reduced | 8,360 | $780,155 | 0.67% | |
| GIS |
General Mills Inc
Consumer Defensive
|
Reduced | 19,744 | $734,871 | 0.63% | |
| TSN |
Tyson Foods, Inc.
Consumer Defensive
|
Reduced | 9,981 | $639,482 | 0.55% | |
| KHC |
Kraft Heinz Co
Consumer Defensive
|
Reduced | 26,091 | $586,786 | 0.50% | |
| EL |
Estee Lauder Companies Inc
Consumer Defensive
|
Reduced | 8,003 | $574,375 | 0.49% | |
| KDP |
Keurig Dr Pepper Inc.
Consumer Defensive
|
Added | 20,313 | $534,841 | 0.46% | |
| KVUE |
Kenvue Inc.
Consumer Defensive
|
Added | 28,325 | $488,323 | 0.42% | |
| STZ |
Constellation Brands, Inc.
Consumer Defensive
|
Added | 3,079 | $461,850 | 0.40% | |
| CLX |
Clorox Co /De/
Consumer Defensive
|
Reduced | 4,269 | $442,396 | 0.38% | |
| MKC |
Mccormick & Co Inc
Consumer Defensive
|
Reduced | 8,593 | $433,430 | 0.37% | |
| SJM |
J M SMUCKER Co
Consumer Defensive
|
Reduced | 3,706 | $357,406 | 0.31% | |
| TAP |
Molson Coors Beverage Co
Consumer Defensive
|
Added | 6,569 | $282,861 | 0.24% | |
| CAG |
Conagra Brands Inc.
Consumer Defensive
|
Reduced | 16,607 | $261,062 | 0.22% | |
| HRL |
Hormel Foods Corp /De/
Consumer Defensive
|
Reduced | 10,262 | $232,434 | 0.20% | |
| LW |
Lamb Weston Holdings, Inc.
Consumer Defensive
|
Reduced | 4,927 | $208,215 | 0.18% |