SEC 13F Intelligence

Managers / Q4 2019 · view latest →

Empirical Financial Services, LLC d.b.a. Empirical Wealth Management

CIK 0001510434 · 1420 5TH AVE SUITE 3150, SEATTLE, WA, 98101 · 2069233474

Reported Value
$910M
Q4 2019
Positions
329
Filings on Record
30
2019–present window
Filed
Feb 13, 2020
original filing

Summary

Empirical Financial Services, LLC D.b.a. Empirical Wealth Management reported $910M in U.S.-listed holdings across 329 positions for Q4 2019.

Its largest position, Vanguard Scottsdale Fds, represents 14.3% of the portfolio.

Compared with Q3 2019, the fund opened 60 new positions and exited 16.

Portfolio Metrics

Turnover
+5.1%
vs prior filed quarter
Top-10 Concentration
+50.7%
share of reported value
Largest Position
+14.3%
Vanguard Scottsdale Fds
New / Exited
60 / 16
positions this quarter

Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.

Reported Value by Quarter

13F Reported Value
Q4 ’18: $589MQ4 ’18Q1 ’19: $687MQ2 ’19: $768MQ3 ’19: $826MQ4 ’19: $910MQ4 ’19Q1 ’20: $915MQ2 ’20: $1.1BQ3 ’20: $1.2BQ4 ’20: $1.3BQ4 ’20Q1 ’21: $1.2BQ2 ’21: $1.7BQ3 ’21: $1.8BQ4 ’21: $2.0BQ4 ’21Q1 ’22: $2.0BQ2 ’22: $1.9BQ3 ’22: $1.9BQ4 ’22: $2.1BQ4 ’22Q1 ’23: $2.3BQ2 ’23: $2.5BQ3 ’23: $2.6BQ4 ’23: $3.0BQ4 ’23Q1 ’24: $3.3BQ2 ’24: $3.4BQ3 ’24: $3.6BQ4 ’24: $3.7BQ4 ’24Q1 ’25: $3.9BQ2 ’25: $4.4BQ3 ’25: $5.0BQ4 ’25: $5.6BQ4 ’25Q1 ’26: $5.8Bfilingsflow.com

Portfolio Composition

By security type
ETP: 76.4%Common Stock: 22.2%Other: 0.7%REIT: 0.4%ADR: 0.1%Other: 0.2%
  • ETP · 76.4% · $695M
  • Common Stock · 22.2% · $202M
  • Other · 0.7% · $7M
  • REIT · 0.4% · $3M
  • ADR · 0.1% · $909,000
  • Other · 0.2% · $2M

Quarter-over-Quarter Changes full breakdown →

vs Q3 2019 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
AZOAUTOZONE INCNEW+1.2K1.2K+$1M$1M
INVESCO EXCH TRD SLF IDX FDNEW+48.5K48.5K+$997,000$997,000
ESGDISHARES TRNEW+12.9K12.9K+$884,000$884,000
ZEN1EURZENDESK INCNEW+10.9K10.9K+$833,000$833,000
FTNTFORTINET INCNEW+7.1K7.1K+$754,000$754,000
UBERUBER TECHNOLOGIES INCNEW+23.0K23.0K+$684,000$684,000
QCOMQUALCOMM INCNEW+7.4K7.4K+$651,000$651,000
DWDMORGAN STANLEYNEW+10.4K10.4K+$530,000$530,000

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q4 2019

30 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1VGSHVANGUARD SCOTTSDALE FDSSHRT TRM CORP BD · INT-TERM CORP · SHORT TERM TREAS26.39%$240M2.98M
2VANGUARD MALVERN FDSSTRM INFPROIDX8.68%$79M1.60M
3SPDR SERIES TRUSTBLOOMBERG SRT TR · NUVEEN BBG BRCLY · NUVEEN BLMBRG SR6.21%$57M1.68M
4VTVVANGUARD INDEX FDSREAL ESTATE ETF · LARGE CAP ETF · TOTAL STK MKT · VALUE ETF · SM CP VAL ETF · SMALL CP ETF5.73%$52M451.4K
5ISHARES TR1 3 YR TREAS BD · USA QUALITY FCTR · INTL QLTY FACTOR · EAFE VALUE ETF · NATIONAL MUN ETF · MICRO-CAP ETF5.21%$47M695.3K
6ISHARES INCCORE MSCI EMKT · MSCI FRNTR100ETF4.18%$38M749.2K
7SCHWAB STRATEGIC TRUS LRG CAP ETF · INTL SCEQT ETF · US AGGREGATE B · EMRG MKTEQ ETF3.11%$28M621.9K
8AAPLAPPLE INChistory →COM2.20%$20M68.3K
9MSFTMICROSOFT CORPhistory →COM1.74%$16M100.3K
10FIRST TR EXCHANGE-TRADED FDPFD SECS INC ETF · SENIOR LN FD1.74%$16M682.3K
11SPDR S&P 500 ETF TRTR UNIT1.50%$14M42.3K
12VANGUARD INTL EQUITY INDEX FFTSE SMCAP ETF · GLB EX US ETF1.08%$10M125.5K
13AMZNAMAZON COM INChistory →COM1.03%$9M5.1K
14RSRELIANCE STEEL & ALUMINUM COCOM0.85%$8M64.9K
15AMDADVANCED MICRO DEVICES INCCOM0.66%$6M131.7K
16VVISA INCCOM CL A0.61%$6M29.4K
17BABOEING COCOM0.59%$5M16.5K
18SPDR INDEX SHS FDSS&P INTL ETF0.56%$5M127.3K
19VANGUARD WHITEHALL FDS INCHIGH DIV YLD0.52%$5M50.9K
20FIRST TR EXCH TRD ALPHA FD IEMERG MKT ALPH0.52%$5M178.7K
21INTCINTEL CORPCOM0.48%$4M72.3K
22COSTCOSTCO WHSL CORP NEWCOM0.45%$4M13.8K
23ISHARES US ETF TRCOMMOD SEL STG0.40%$4M109.4K
24CHVCHEVRON CORP NEWCOM0.39%$4M29.7K
25VANGUARD TAX MANAGED INTL FDFTSE DEV MKT ETF0.39%$4M80.1K
26USBUS BANCORP DELCOM NEW0.34%$3M51.5K
27SBUXSTARBUCKS CORPCOM0.33%$3M34.1K
28JNJJOHNSON & JOHNSONCOM0.32%$3M20.3K
29NFLXNETFLIX INCCOM0.31%$3M8.8K
30NDQINVESCO QQQ TRUNIT SER 10.31%$3M13.3K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$5.8B1,706May 4, 202613F-HRchanges · EDGAR ↗
Q4 2025$5.6B1,378Jan 16, 202613F-HRchanges · EDGAR ↗
Q3 2025$5.0B1,170Nov 10, 202513F-HRchanges · EDGAR ↗
Q2 2025$4.4B984Jul 21, 202513F-HRchanges · EDGAR ↗
Q1 2025$3.9B825May 8, 202513F-HRchanges · EDGAR ↗
Q4 2024$3.7B698Jan 22, 202513F-HRchanges · EDGAR ↗
Q3 2024$3.6B570Nov 1, 202413F-HRchanges · EDGAR ↗
Q2 2024$3.4B562Aug 9, 202413F-HRchanges · EDGAR ↗
Q1 2024$3.3B530May 7, 202413F-HRchanges · EDGAR ↗
Q4 2023$3.0B498Feb 6, 202413F-HRchanges · EDGAR ↗
Q3 2023$2.6B465Nov 3, 202313F-HRchanges · EDGAR ↗
Q2 2023$2.5B460Aug 11, 202313F-HRchanges · EDGAR ↗
Q1 2023$2.3B463May 9, 202313F-HRchanges · EDGAR ↗
Q4 2022$2.1B459Feb 8, 202313F-HRchanges · EDGAR ↗
Q3 2022$1.9B467Nov 3, 202213F-HRchanges · EDGAR ↗
Q2 2022$1.9B463Aug 2, 202213F-HRchanges · EDGAR ↗
Q1 2022$2.0B493May 13, 202213F-HRchanges · EDGAR ↗
Q4 2021$2.0B517Feb 14, 202213F-HRchanges · EDGAR ↗
Q3 2021$1.8B451Nov 2, 202113F-HRchanges · EDGAR ↗
Q2 2021$1.7B443Aug 12, 202113F-HRchanges · EDGAR ↗
Q1 2021$1.2B393May 17, 202113F-HRchanges · EDGAR ↗
Q4 2020$1.3B381Feb 12, 202113F-HRchanges · EDGAR ↗
Q3 2020$1.2B345Nov 12, 202013F-HRchanges · EDGAR ↗
Q2 2020$1.1B331Aug 12, 202013F-HRchanges · EDGAR ↗
Q1 2020$915M320May 11, 202013F-HRchanges · EDGAR ↗
Q4 2019$910M329Feb 13, 202013F-HRchanges · EDGAR ↗
Q3 2019$826M286Nov 13, 201913F-HRchanges · EDGAR ↗
Q2 2019$768M267Aug 12, 201913F-HRchanges · EDGAR ↗
Q1 2019$687M235May 13, 201913F-HRchanges · EDGAR ↗
Q4 2018$589M200Feb 13, 201913F-HRchanges · EDGAR ↗

13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.