Empower Advisory Group, LLC

Registered adviser

CIK

1978885

Location

Greenwood Village, CO

Portfolio Value

Large $41,915,244,791

Diversification

Diversified

Filing Date

Global Rank

#211 / 8,823 ▼ 13

Top Industry

Utilities - Regulated Electric 7.4%

Period ended 4 months ago

Filed Aug 12, 2026 · 3mo

14 quarters · since Mar 2023

Regulatory profile

From Form ADV, the SEC filer profile, 13D/13G type codes and N-CEN, never from the name.

Holder type

Registered adviser

Form ADV roster, Nov 1, 2026

Form ADV adviser

CRD 112058

Roster of Nov 1, 2026

Regulatory AUM

$195,426,321,479

Main clients

Individuals and high net worth (85% of AUM)

Form ADV history

Monthly rosters from Dec 2019; each row is a run with the same figures, newest first.

Rosters	Regulatory AUM	Main clients
Apr 2026 to Nov 2026	$195,426,321,479	Individuals and high net worth (85%)
Apr 2025 to Mar 2026	$159,120,330,491	Individuals and high net worth (83%)
Apr 2024 to Mar 2025	$134,279,160,181	Individuals and high net worth (84%)
May 2023 to Mar 2024	$116,213,253,377	Individuals and high net worth (84%)
Apr 2023	$86,096,277,244	Individuals and high net worth (80%)
Apr 2022 to Mar 2023	$83,075,998,298	Individuals and high net worth (76%)

3 earlier changes not shown.

Stated strategy

Quantitative / systematic, Multi-asset, Wealth management / planning Form ADV Part 2A, May 15, 2026 · original

In the firm's words

Quantitative / systematic: Morningstar Investment Management processes the data using a series of optimization routines.
Multi-asset: These optimization routines serve as a blueprint for how the asset classes are combined to help achieve an optimal portfolio for a given level of risk.
Wealth management / planning: When accumulating for retirement, the investment strategy is generally based on information such as retirement account balances, expected retirement age, savings rate and other preferences provided by the individual.

Stated strategy

Quantitative / systematic, Multi-asset, Wealth management / planning Form ADV Part 2A, May 15, 2026 · original

In the firm's words

Quantitative / systematic: Certain EAG’s Services rely on Morningstar Investment Management’s proprietary methodology, which is based on a review of available quantitative data to analyze and screen the investment options within a plan or IRA.
Multi-asset: The asset classes and sub-asset classes used to build these model portfolios depend on the specific investment options available within the plan.
Wealth management / planning: EAG also provides account holders enrolled in any of the above EAG’s Services with an additional feature of Spend-Down Advice, which includes retirement planning tools.

Stated strategy

Quantitative / systematic, Multi-asset, Wealth management / planning Form ADV Part 2A, May 15, 2026 · original

In the firm's words

Quantitative / systematic: In providing advisory services, Morningstar Investment Management reviews available quantitative data to analyze and screen the investment options within a plan.
Multi-asset: For the MA Service and OA, they generate unique portfolios (ranging from conservative to aggressive) for each retirement plan or product using a customized approach to blending traditional asset allocation models with liability-driven investing and decumulation strategies.
Wealth management / planning: Using this model, they develop an investment strategy tailored to your investment goals and assign you to one of those portfolios.

Portfolio style

Measured from the filed 13F common-share book for Jun 30, 2026, never from the firm's own description.

Style

Concentrated

The top 10 positions are 60.4% of the book (60%+)

Turnover

Low turnover

8.6% over the last four quarters (under 30%)

Horizon

Long horizon

Value-weighted holding period 13.6 quarters (12+)

Closest benchmark: every 13F filer's combined book, active share 67.6%; sector active share 54.1% against the combined 13F book's sector weights.

Over time 14 measured quarters

How the bands are measured

Style bands measure the filed 13F common-share book each closed quarter, tested in this order. Unknown: under $10,000,000 of valued equity or 5 stocks. Index-like (100+ stocks): active share of 20% or less against the closest benchmark, which is the S&P 500, S&P MidCap 400, S&P SmallCap 600, Russell 1000, Russell 2000, Nasdaq-100 or Dow Jones Industrial Average (weighted by an index-tracking fund's reported holdings or the index's constituents nearest the quarter end, over the names resolved to companies, and only when those are 90%+ of its weight) or every 13F filer's combined book, or index series holding 80%+ of the registered fund assets it advises (N-CEN) and equal to 50%+ of its book. Systematic-like: 500+ stocks, 100%+ annual turnover and a top 10 weight of 25% or less. Concentrated: a top 10 weight of 60%+ or 12 or fewer effective positions. Diversified active: none of these. Turnover is the smaller of buys and sells over average equity value, summed over four quarters: low under 30%, high 100%+. Horizon is the value-weighted number of quarters each position has been held: short under 4, long 12+.

Clone Performance

Build a hypothetical price-return history from this filer's public 13F holdings.

View clone backtest

Portfolio Concentration

532 tracked positions · as of Jun 30, 2026 · Δ vs Mar 31, 2026

Top Position

19.0%

+0.4 pts

Top 5

50.5%

+0.9 pts

Top 10

60.4%

+0.6 pts

HHI

692

Diversified+28

Portfolio Trend

14 quarters · across all stocks

Sector Breakdown

As of Jun 30, 2026

Sector	% Portfolio	Value	Positions
Unclassified	63.7%	$26,699,524,140	190
Technology	5.2%	$2,168,534,232	71
Consumer Defensive	3.8%	$1,601,009,570	19
Communication Services	3.7%	$1,531,150,667	16
Consumer Cyclical	3.6%	$1,516,035,808	24
Healthcare	3.6%	$1,511,463,021	34
Utilities	3.6%	$1,510,218,077	22
Basic Materials	3.6%	$1,493,239,920	19
Financial Services	3.5%	$1,447,392,372	56
Industrials	3.3%	$1,392,146,615	57
Energy	2.5%	$1,043,461,326	20
Real Estate	0.0%	$1,069,043	4

Last Quarter's Activity

Export CSV

Jun 30, 2026 vs Mar 31, 2026

Added To

Positions the filer increased

25 positions

Ticker	Company	Δ Shares	Shares	Value
SCHP	Schwab U.S. TIPS ETF	+3,555,040	56,682,533	$1,502,087,124
EBND	State Street(R) SPDR(R) Bloomberg Emerging Markets Local Bond ETF	+2,240,553	29,889,679	$625,292,084
VGIT	VANGUARD INTERMEDIATE-TERM TREASURY INDEX FUND	+1,964,633	25,562,812	$1,507,694,651
BSV	VANGUARD SHORT-TERM BOND INDEX FUND	+1,758,147	24,303,617	$1,893,494,800
USIG	iShares Broad USD Investment Grade Corporate Bond ETF	+1,588,151	21,938,094	$1,125,204,841
VGLT	VANGUARD LONG-TERM TREASURY INDEX FUND	+1,375,874	16,920,030	$933,647,255
SLB	Slb Limited	+1,348,230	1,354,163	$62,955,037
BNDX	Vanguard Total International Bond ETF	+1,115,273	9,884,431	$478,702,993
SHYG	iShares 0-5 Year High Yield Corporate Bond ETF	+955,664	13,050,164	$553,457,455
VNQI	VANGUARD GLOBAL EX-U.S. REAL ESTATE INDEX FUND	+911,504	15,483,969	$694,456,009
SCHA	Schwab U.S. Small-Cap ETF	+794,004	37,697,754	$1,362,019,852
VNQ	VANGUARD REAL ESTATE INDEX FUND	+711,156	17,590,235	$1,696,226,361
GLDM	World Gold Trust	+630,753	6,581,765	$522,723,776
CMG	Chipotle Mexican Grill Inc	+519,946	2,818,363	$95,824,342
KKR	KKR & Co. Inc.	+496,964	856,367	$78,597,363
DKNG	DraftKings Inc.	+490,446	2,159,587	$54,551,167
DASH	DoorDash, Inc.	+379,096	886,708	$163,624,227
PSX	Phillips 66	+334,549	335,903	$56,784,402
HOOD	Robinhood Markets, Inc.	+331,452	717,383	$71,939,167
NKE	NIKE, Inc.	+325,663	1,134,635	$46,576,766
COP	Conocophillips	+239,491	1,121,787	$116,620,976
VWO	VANGUARD EMERGING MARKETS STOCK INDEX FUND	+233,070	35,767,193	$2,134,943,750
CMCSA	Comcast Corp	+209,034	3,436,733	$84,371,795
KHC	Kraft Heinz Co	+182,463	2,765,990	$65,332,683
KO	Coca Cola Co	+168,927	1,483,851	$120,592,570
No positions match the current search.

Trimmed

Positions the filer reduced

25 positions

Ticker	Company	Δ Shares	Shares	Value
SCHF	Schwab International Equity ETF	−3,132,744	182,562,625	$5,056,984,712
MTCH	Match Group, Inc.	−1,917,248	298,355	$11,352,407
PDBC	Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF	−1,756,348	32,745,235	$519,994,331
D	Dominion Energy, Inc	−1,006,624	8,213	$560,865
BKR	Baker Hughes Co	−947,418	1,287,313	$71,445,871
SPYM	State Street(R) SPDR(R) Portfolio S&P 500(R) ETF	−907,842	1,151,797	$101,219,920
PFE	Pfizer Inc	−795,541	4,830,581	$116,320,390
DD	DuPont de Nemours, Inc.	−791,473	406,010	$55,071,196
IWM	iShares Russell 2000 ETF	−662,017	7,928,734	$2,382,188,130
ESGE	iShares Trust	−568,145	4,655,004	$254,582,168
FTNT	Fortinet, Inc.	−385,290	635,048	$97,556,073
T	At&T Inc.	−320,229	3,949,912	$81,763,178
HON	Honeywell International Inc	−267,773	257,110	$57,566,929
VLO	Valero Energy Corp	−214,864	383,974	$100,002,188
IAU	Ishares Gold Trust	−166,406	5,237,754	$395,502,804
AES	Aes Corp	−129,137	31,172	$456,981
ECL	Ecolab Inc.	−120,957	502,698	$140,056,689
SRE	Sempra	−74,348	1,146,724	$106,312,782
LHX	L3harris Technologies, Inc.	−57,258	340,136	$98,840,120
NVDA	Nvidia Corp	−56,433	2,832,261	$566,707,103
VST	Vistra Corp.	−55,408	322,533	$51,163,409
ESGD	iShares ESG Aware MSCI EAFE ETF	−42,377	5,431,650	$558,427,936
PBUS	Invesco Ltd.	−26,409	48,305	$3,615,146
SYK	Stryker Corp	−25,179	139,722	$43,990,074
ABT	Abbott Laboratories	−13,585	934,540	$84,800,159
No positions match the current search.

New Positions

Positions the filer opened this quarter

25 positions

Ticker	Company	Shares	Value
EXC	Exelon Corp	1,472,084	$68,628,556
HONA	Honeywell Aerospace Inc.	257,110	$56,841,878
BSY	Bentley Systems Inc	35,849	$1,071,526
SNPS	Synopsys Inc	1,716	$765,456
RF	Regions Financial Corp	24,685	$745,487
AXON	Axon Enterprise, Inc.	1,167	$654,231
SPCX	Space Exploration Technologies Corp	3,512	$600,060
VT	VANGUARD TOTAL WORLD STOCK INDEX FUND	3,531	$554,190
ROL	Rollins Inc	11,536	$481,512
GWW	W.W. Grainger, Inc.	331	$450,292
MRVL	Marvell Technology, Inc.	1,511	$450,111
FXR	First Trust Industrials/Producer Durables AlphaDEX Fund	4,641	$422,887
CW	Curtiss Wright Corp	500	$378,880
FXH	First Trust Health Care AlphaDEX Fund	2,833	$346,759
BELFB	Bel Fuse Inc	1,012	$337,036
VICR	Vicor Corp	865	$328,509
CGGR	Capital Group Growth ETF	6,357	$300,050
HBM	Hudbay Minerals Inc.	12,099	$285,657
APH	Amphenol Corp	1,602	$282,464
TMFC	Motley Fool 100 Index ETF	3,467	$264,046
STT	State Street Corp	1,556	$263,897
DYNF	iShares U.S. Equity Factor Rotation Active ETF	3,675	$249,936
ADI	Analog Devices Inc	629	$249,819
MCHP	Microchip Technology Inc	2,719	$247,972
XYZ	Block, Inc.	3,043	$231,268
No positions match the current search.

Sold Out

Positions the filer fully exited

20 positions

Ticker	Company	Shares	Value
—		14,105	$2,508,856
BILL	BILL Holdings, Inc.	21,610	$827,663
BHRB	Burke & Herbert Financial Services Corp.	9,239	$575,497
LQD	iShares iBoxx $ Investment Grade Corporate Bond ETF	4,887	$532,634
DHI	Horton D R Inc	3,538	$485,484
CPSS	Consumer Portfolio Services, Inc.	62,558	$483,573
AIZ	Assurant, Inc.	2,083	$453,698
MKC	Mccormick & Co Inc	8,438	$425,612
KTOS	Kratos Defense & Security Solutions, Inc.	4,108	$289,655
UL	Unilever PLC	4,315	$245,825
MBB	iShares MBS ETF	2,444	$232,057
FHLC	Fidelity MSCI Health Care Index ETF	3,221	$226,629
BIV	Vanguard Bond Index Funds	2,829	$218,342
ARKB	Ark 21Shares Bitcoin ETF	9,640	$216,803
SCHV	Schwab U.S. Large-Cap Value ETF	7,038	$214,659
MKL	Markel Group Inc.	107	$204,805
AMP	Ameriprise Financial Inc	455	$202,202
PLD	Prologis, Inc.	1,527	$201,838
NVTS	Navitas Semiconductor Corp	11,032	$96,750
BB	BLACKBERRY Ltd	20,301	$65,775
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

532 tracked positions · $41,915,244,791 total · filing declares 533 positions · $41,915,229,042 · as of Jun 30, 2026

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

Showing 1–50 of 532 positions by value · page 1 of 11

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	Held (qtrs)	Est. cost/share	% of Portfolio
SCHF	Schwab International Equity ETF	Reduced	182,562,625	-3,132,744	$5,056,984,712	+10.0%	14	before history	12.06%
IWM	iShares Russell 2000 ETF	Reduced	7,928,734	-662,017	$2,382,188,130	+11.8%	14	before history	5.68%
VWO	VANGUARD EMERGING MARKETS STOCK INDEX FUND	Added	35,767,193	+233,070	$2,134,943,750	+11.2%	14	before history	5.09%
BSV	VANGUARD SHORT-TERM BOND INDEX FUND	Added	24,303,617	+1,758,147	$1,893,494,800	+7.1%	14	before history	4.52%
VNQ	VANGUARD REAL ESTATE INDEX FUND	Added	17,590,235	+711,156	$1,696,226,361	+13.3%	14	before history	4.05%
VGIT	VANGUARD INTERMEDIATE-TERM TREASURY INDEX FUND	Added	25,562,812	+1,964,633	$1,507,694,651	+7.3%	14	before history	3.60%
SCHP	Schwab U.S. TIPS ETF	Added	56,682,533	+3,555,040	$1,502,087,124	+6.3%	14	before history	3.58%
SCHA	Schwab U.S. Small-Cap ETF	Added	37,697,754	+794,004	$1,362,019,852	+26.9%	14	before history	3.25%
USIG	iShares Broad USD Investment Grade Corporate Bond ETF	Added	21,938,094	+1,588,151	$1,125,204,841	+7.9%	14	before history	2.68%
VGLT	VANGUARD LONG-TERM TREASURY INDEX FUND	Added	16,920,030	+1,375,874	$933,647,255	+8.5%	11	$56.55	2.23%
VSS	VANGUARD FTSE ALL-WORLD EX-US SMALL-CAP INDEX FUND	Added	5,041,385	+42,732	$777,835,291	+6.7%	14	before history	1.86%
VNQI	VANGUARD GLOBAL EX-U.S. REAL ESTATE INDEX FUND	Added	15,483,969	+911,504	$694,456,009	+7.2%	14	before history	1.66%
EBND	State Street(R) SPDR(R) Bloomberg Emerging Markets Local Bond ETF	Added	29,889,679	+2,240,553	$625,292,084	+9.6%	14	before history	1.49%
AAPL	Apple Inc. Technology	Reduced	2,096,561	-6,431	$606,660,890	+13.7%	14	before history	1.45%
NVDA	Nvidia Corp Technology	Reduced	2,832,261	-56,433	$566,707,103	+12.5%	14	before history	1.35%
ESGD	iShares ESG Aware MSCI EAFE ETF	Reduced	5,431,650	-42,377	$558,427,936	+6.7%	14	before history	1.33%
SHYG	iShares 0-5 Year High Yield Corporate Bond ETF	Added	13,050,164	+955,664	$553,457,455	+8.2%	14	before history	1.32%
GLDM	World Gold Trust	Added	6,581,765	+630,753	$522,723,776	−5.2%	5	$68.62	1.25%
PDBC	Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF	Reduced	32,745,235	-1,756,348	$519,994,331	−13.0%	14	before history	1.24%
VTI	VANGUARD TOTAL STOCK MARKET INDEX FUND	Added	1,378,311	+77,008	$510,030,202	+22.2%	14	before history	1.22%
AMZN	Amazon Com Inc Consumer Cyclical	Added	2,139,156	+10,359	$509,846,441	+15.0%	14	before history	1.22%
GOOG	Alphabet Inc. Communication Services	Added	1,429,431	+1,268	$505,060,855	+23.3%	14	before history	1.20%
BNDX	Vanguard Total International Bond ETF	Added	9,884,431	+1,115,273	$478,702,993	+13.6%	14	before history	1.14%
MSFT	Microsoft Corp Technology	Added	1,174,622	+53,823	$438,157,498	+5.6%	14	before history	1.05%
IAU	Ishares Gold Trust	Reduced	5,237,754	-166,406	$395,502,804	−17.0%	14	before history	0.94%
META	Meta Platforms, Inc. Communication Services	Added	608,286	+48,814	$342,641,420	+7.0%	14	before history	0.82%
LLY	ELI LILLY & Co Healthcare	Added	268,075	+8,303	$321,537,224	+34.6%	14	before history	0.77%
WMT	Walmart Inc. Consumer Defensive	Added	2,678,512	+11,400	$303,368,269	−8.5%	14	before history	0.72%
JPM	Jpmorgan Chase & Co Financial Services	Added	884,396	+17,506	$289,489,342	+13.5%	14	before history	0.69%
TSLA	Tesla, Inc. Consumer Cyclical	Added	687,262	+25,705	$289,062,397	+17.5%	14	before history	0.69%
BRK-B	Berkshire Hathaway Inc Financial Services	Added	553,421	+19,951	$276,926,334	+8.3%	14	before history	0.66%
ESGE	iShares Trust	Reduced	4,655,004	-568,145	$254,582,168	—	14	before history	0.61%
XOM	ExxonMobil Holdings Corp Energy	Added	1,778,973	+24,132	$243,221,188	−18.3%	14	before history	0.58%
JNJ	Johnson & Johnson Healthcare	Added	905,317	+7,799	$229,923,358	+4.8%	14	before history	0.55%
MA	Mastercard Inc Financial Services	Added	439,850	+35,767	$225,906,960	+11.9%	14	before history	0.54%
UNH	Unitedhealth Group Inc Healthcare	Added	501,433	+59,274	$208,410,597	+74.2%	14	before history	0.50%
NEE	Nextera Energy Inc Utilities	Added	2,148,375	+39,895	$188,562,873	−3.7%	14	before history	0.45%
LIN	Linde PLC Basic Materials	Added	351,687	+11,705	$182,504,451	+8.3%	12	$458.38	0.44%
CAT	Caterpillar Inc Industrials	Reduced	171,332	-558	$182,451,446	+49.8%	14	before history	0.44%
COST	Costco Wholesale Corp Consumer Defensive	Added	194,416	+4,885	$181,870,335	−3.7%	14	before history	0.43%
DUK	Duke Energy CORP Utilities	Added	1,406,743	+47,977	$178,065,528	+0.1%	14	before history	0.42%
GE	General Electric Co Industrials	Added	475,630	+70,694	$177,757,199	+54.7%	14	before history	0.42%
IWB	iShares Russell 1000 ETF	Reduced	430,492	-12,067	$176,286,474	+11.7%	14	before history	0.42%
PG	PROCTER & GAMBLE Co Consumer Defensive	Added	1,147,249	+84,717	$168,232,593	+9.6%	14	before history	0.40%
AVGO	Broadcom Inc. Technology	Reduced	440,326	-2,086	$166,333,146	+21.5%	14	before history	0.40%
DASH	DoorDash, Inc. Consumer Cyclical	Added	886,708	+379,096	$163,624,227	+114.7%	9	$188.71	0.39%
SO	Southern Co Utilities	Added	1,634,931	+51,640	$156,479,246	+2.4%	14	before history	0.37%
DIS	Walt Disney Co Communication Services	Added	1,606,937	+78,095	$154,667,686	+5.0%	14	before history	0.37%
NUE	Nucor Corp Basic Materials	Reduced	683,400	-5,436	$152,227,350	+30.7%	14	before history	0.36%
RSP	Victory Portfolios II	Added	709,955	+59,273	$151,057,125	+21.0%	14	before history	0.36%

Showing the top 50 of 532 positions. Create a free account to see every position, past quarters, search, filters and CSV export.

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.