Empirical Finance, LLC
CIK
1572838
Location
NEWTOWN SQUARE, PA
Portfolio Value
Small
$615,421,872
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 · 30d
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
+66.7%
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, 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 | |
| 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 | 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. | ||||
69 positions ·
$615,421,872 total
· Technology 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
Showing 1–50
of 69 positions by value
· page 1 of 2
| Ticker | Company | Type | Shares | Value (USD) | % of Portfolio | History |
|---|---|---|---|---|---|---|
| NVDA |
Nvidia Corp
Technology
|
Reduced | 815,983 | $142,307,435 | 23.12% | |
| AAPL |
Apple Inc.
Technology
|
Reduced | 501,183 | $127,195,233 | 20.67% | |
| MSFT |
Microsoft Corp
Technology
|
Reduced | 245,743 | $90,966,686 | 14.78% | |
| AVGO |
Broadcom Inc.
Technology
|
Added | 143,038 | $44,271,691 | 7.19% | |
| TSM |
Taiwan Semiconductor Manufacturing Co Ltd
Technology
|
Added | 95,230 | $32,182,978 | 5.23% | |
| MU |
Micron Technology Inc
Technology
|
Reduced | 36,970 | $12,489,944 | 2.03% | |
| CSCO |
Cisco Systems, Inc.
Technology
|
Reduced | 145,116 | $11,259,550 | 1.83% | |
| AMD |
Advanced Micro Devices Inc
Technology
|
Reduced | 54,062 | $10,997,832 | 1.79% | |
| AMAT |
Applied Materials Inc /De
Technology
|
Reduced | 28,415 | $9,711,962 | 1.58% | |
| LRCX |
Lam Research Corp
Technology
|
Reduced | 45,013 | $9,617,477 | 1.56% | |
| IBM |
International Business Machines Corp
Technology
|
Reduced | 30,420 | $7,373,503 | 1.20% | |
| KLAC |
Kla Corp
Technology
|
Reduced | 4,658 | $6,858,485 | 1.11% | |
| ORCL |
Oracle Corp
Technology
|
Reduced | 44,465 | $6,541,246 | 1.06% | |
| INTC |
Intel Corp
Technology
|
Reduced | 141,930 | $6,263,370 | 1.02% | |
| CRM |
Salesforce, Inc.
Technology
|
Reduced | 32,240 | $6,018,240 | 0.98% | |
| TXN |
Texas Instruments Inc
Technology
|
Reduced | 30,534 | $5,927,870 | 0.96% | |
| ADI |
Analog Devices Inc
Technology
|
Reduced | 16,902 | $5,377,202 | 0.87% | |
| APH |
Amphenol Corp /De/
Technology
|
Reduced | 40,067 | $5,062,465 | 0.82% | |
| INTU |
Intuit Inc.
Technology
|
Reduced | 9,376 | $4,053,994 | 0.66% | |
| ANET |
Arista Networks, Inc.
Technology
|
Reduced | 31,880 | $3,914,226 | 0.64% | |
| QCOM |
Qualcomm Inc/De
Technology
|
Reduced | 29,463 | $3,794,245 | 0.62% | |
| ADBE |
Adobe Inc.
Technology
|
Reduced | 15,281 | $3,714,505 | 0.60% | |
| GLW |
Corning Inc /Ny
Technology
|
Reduced | 26,127 | $3,552,488 | 0.58% | |
| NOW |
ServiceNow, Inc.
Technology
|
Reduced | 32,506 | $3,398,502 | 0.55% | |
| WDC |
Western Digital Corp
Technology
|
Reduced | 10,915 | $2,952,398 | 0.48% | |
| ADP |
Automatic Data Processing Inc
Technology
|
Reduced | 13,936 | $2,831,516 | 0.46% | |
| NXT |
Nextpower Inc.
Technology
|
Held | 22,390 | $2,699,114 | 0.44% | |
| CDNS |
Cadence Design Systems Inc
Technology
|
Reduced | 9,104 | $2,529,728 | 0.41% | |
| MSI |
Motorola Solutions, Inc.
Technology
|
Reduced | 5,628 | $2,442,383 | 0.40% | |
| SNDK |
Sandisk Corp
Technology
|
Added | 3,535 | $2,245,926 | 0.36% | |
| FSLR |
First Solar, Inc.
Technology
|
Added | 9,255 | $1,825,641 | 0.30% | |
| ADSK |
Autodesk, Inc.
Technology
|
Reduced | 7,254 | $1,736,607 | 0.28% | |
| FTNT |
Fortinet, Inc.
Technology
|
Reduced | 21,185 | $1,731,238 | 0.28% | |
| LDOS |
Leidos Holdings, Inc.
Technology
|
Reduced | 10,907 | $1,696,256 | 0.28% | |
| KEYS |
Keysight Technologies, Inc.
Technology
|
Reduced | 5,877 | $1,659,488 | 0.27% | |
| PANW |
Palo Alto Networks Inc
Technology
|
Added | 9,986 | $1,600,955 | 0.26% | |
| CTSH |
Cognizant Technology Solutions Corp
Technology
|
Reduced | 24,543 | $1,505,713 | 0.24% | |
| TER |
Teradyne, Inc
Technology
|
Reduced | 4,993 | $1,480,224 | 0.24% | |
| JBL |
Jabil Inc
Technology
|
Added | 5,405 | $1,435,730 | 0.23% | |
| SNX |
Td Synnex Corp
Technology
|
Held | 8,299 | $1,400,124 | 0.23% | |
| CRUS |
Cirrus Logic, Inc.
Technology
|
Held | 9,607 | $1,389,364 | 0.23% | |
| MPWR |
Monolithic Power Systems Inc
Technology
|
Added | 1,256 | $1,373,247 | 0.22% | |
| ROP |
Roper Technologies Inc
Technology
|
Reduced | 3,598 | $1,273,188 | 0.21% | |
| MCHP |
Microchip Technology Inc
Technology
|
Reduced | 18,421 | $1,190,180 | 0.19% | |
| HPE |
Hewlett Packard Enterprise Co
Technology
|
Reduced | 44,068 | $1,049,259 | 0.17% | |
| PAYX |
Paychex Inc
Technology
|
Reduced | 10,887 | $1,002,910 | 0.16% | |
| UBER |
Uber Technologies, Inc
Technology
|
Added | 13,566 | $975,802 | 0.16% | |
| TDY |
Teledyne Technologies Inc
Technology
|
Reduced | 1,536 | $929,295 | 0.15% | |
| FIS |
Fidelity National Information Services, Inc.
Technology
|
Reduced | 19,544 | $916,809 | 0.15% | |
| Q |
Qnity Electronics, Inc.
Technology
|
Reduced | 7,819 | $902,156 | 0.15% |