SEC 13F Intelligence

Managers / Q1 2026

Empirical Finance, LLC

CIK 0001572838 · 3803 WEST CHESTER PIKE, SUITE 150, NEWTOWN SQUARE, PA, 19073 · 2158829983

Reported Value
$2.1B
Q1 2026
Positions
483
Filings on Record
36
2019–present window
Filed
May 15, 2026
amendment (RESTATEMENT)

Summary

Empirical Finance, LLC reported $2.1B in U.S.-listed holdings across 483 positions for Q1 2026.

Its largest position, NVDA, represents 6.7% of the portfolio.

Compared with Q4 2025, the fund opened 22 new positions and exited 20.

Portfolio Metrics

Turnover
+14.2%
vs prior filed quarter
Top-10 Concentration
+33.4%
share of reported value
Largest Position
+6.7%
Nvidia Corporation
New / Exited
22 / 20
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: $337MQ4 ’18Q1 ’19: $393MQ2 ’19: $365MQ3 ’19: $358MQ4 ’19: $411MQ4 ’19Q1 ’20: $322MQ2 ’20: $730MQ3 ’20: $467MQ4 ’20: $569MQ4 ’20Q1 ’21: $569MQ2 ’21: $1.2BQ3 ’21: $663MQ4 ’21: $847MQ4 ’21Q1 ’22: $893MQ2 ’22: $785MQ3 ’22: $843MQ4 ’22: $966MQ4 ’22Q1 ’23: $1.1BQ2 ’23: $1.3BQ3 ’23: $1.4BQ4 ’23: $1.4BQ4 ’23Q1 ’24: $1.6BQ2 ’24: $1.6BQ3 ’24: $1.7BQ4 ’24: $1.7BQ4 ’24Q1 ’25: $1.7BQ2 ’25: $1.9BQ3 ’25: $2.1BQ4 ’25: $2.1BQ4 ’25Q1 ’26: $2.1Bfilingsflow.com

Portfolio Composition

By security type
Common Stock: 88.1%ETP: 5.2%ADR: 4.0%MLP: 2.7%
  • Common Stock · 88.1% · $1.9B
  • ETP · 5.2% · $112M
  • ADR · 4.0% · $84M
  • MLP · 2.7% · $58M

Quarter-over-Quarter Changes full breakdown →

vs Q4 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
GOOGLALPHABET INCNEW+197.4K197.4K+$57M$57M
VANGUARD INDEX FDSNEW+55.0K55.0K+$18M$18M
EA SERIES TRUSTNEW+187.1K187.1K+$17M$17M
CSWCCAPITAL SOUTHWEST CORPNEW+618.9K618.9K+$14M$14M
EA SERIES TRUSTNEW+294.9K294.9K+$10M$10M
EA SERIES TRUSTNEW+264.1K264.1K+$8M$8M
ASRGRUPO AEROPORTUARIO DEL SURENEW+22.9K22.9K+$8M$8M
PACER FDS TRNEW+193.1K193.1K+$6M$6M

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

Holdings — Q1 2026

47 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1NVDANVIDIA CORPORATIONhistory →COM6.69%$142M816.0K
2AAPLAPPLE INChistory →COM5.98%$127M501.2K
3GOOGALPHABET INChistory →CAP STK CL C · CAP STK CL A5.82%$124M431.4K
4MSFTMICROSOFT CORPhistory →COM4.27%$91M245.7K
5AMZNAMAZON COM INChistory →COM3.69%$79M377.0K
6AVGOBROADCOM INChistory →COM2.08%$44M143.0K
7METAMETA PLATFORMS INChistory →CL A2.00%$43M74.4K
8EA SERIES TRUSTALPHA ARCHITECT · US QUAN VALUE · INTL QUAN VALUE1.94%$41M757.8K
9TSMTAIWAN SEMICONDUCTOR MANUFAChistory →SPONSORED ADS1.51%$32M95.2K
10TSLATESLA INChistory →COM1.39%$30M79.4K
11JPMJPMORGAN CHASE & COhistory →COM1.39%$29M100.2K
12ETENERGY TRANSFER L Phistory →COM UT LTD PTN1.27%$27M1.40M
13EXMOCEXXON MOBIL CORPhistory →COM1.21%$26M151.4K
14LLYELI LILLY & COhistory →COM1.15%$24M26.6K
15BRK/BBERKSHIRE HATHAWAY INC DELhistory →CL B NEW1.13%$24M50.1K
16JNJJOHNSON & JOHNSONhistory →COM0.95%$20M82.4K
17G7AGRUPO AEROPORTUARIO DEL CENThistory →SPON ADR0.91%$19M168.3K
18G9NGRUPO AEROPORTUNARIO DEL PAChistory →SPON ADS B0.87%$18M74.6K
19WESWESTERN MIDSTREAM PARTNERS Lhistory →COM UNIT LP INT0.86%$18M442.2K
20WMTWALMART INChistory →COM0.83%$18M142.4K
21VANGUARD INDEX FDSTOTAL STK MKT0.83%$18M55.0K
22CHVCHEVRON CORPORATIONhistory →COM0.74%$16M75.8K
23BB4AXOS FINANCIAL INChistory →COM0.71%$15M178.3K
24COSTCOSTCO WHOLESALE CORPORATIONhistory →COM0.70%$15M14.9K
25NFLXNETFLIX INC.history →COM0.66%$14M146.2K
26MAMASTERCARD INCORPORATEDhistory →CL A0.66%$14M28.1K
27CSWCCAPITAL SOUTHWEST CORPhistory →COM0.64%$14M618.9K
28CATCATERPILLAR INChistory →COM0.64%$14M19.1K
29VVISA INChistory →COM CL A0.62%$13M43.4K
30ABBVABBVIE INChistory →COM0.60%$13M59.1K
31MUMICRON TECHNOLOGY INChistory →COM0.59%$12M37.0K
32MPLXMPLX LPhistory →COM UNIT REP LTD0.58%$12M217.5K
33PGPROCTER & GAMBLE COhistory →COM0.56%$12M82.4K
34HDHOME DEPOT INChistory →COM0.55%$12M35.4K
35BACBANK AMERICA CORPhistory →COM0.53%$11M233.1K
36DWDMORGAN STANLEYhistory →COM NEW0.53%$11M68.6K
37CSCOCISCO SYS INChistory →COM0.53%$11M145.1K
38AMDADVANCED MICRO DEVICES INChistory →COM0.52%$11M54.1K
39MRKMERCK & CO INChistory →COM0.51%$11M90.9K
40GE AEROSPACECOM NEW0.49%$10M36.5K
41KOCOCA COLA COCOM0.47%$10M130.4K
42WFCWELLS FARGO & COCOM0.46%$10M122.4K
43AMATAPPLIED MATLS INCCOM0.46%$10M28.4K
44LRCXLAM RESEARCH CORPCOM NEW0.45%$10M45.0K
45GSGOLDMAN SACHS GROUP INCCOM0.44%$9M11.0K
46RTXRTX CORPORATIONCOM0.43%$9M47.2K
47UNHUNITEDHEALTH GROUP INCCOM0.41%$9M32.5K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$2.1B483May 15, 2026RESTATEMENTchanges · EDGAR ↗
Q4 2025$2.1B496Feb 12, 202613F-HRchanges · EDGAR ↗
Q3 2025$2.1B506Nov 13, 202513F-HRchanges · EDGAR ↗
Q2 2025$1.9B508Aug 11, 202513F-HRchanges · EDGAR ↗
Q1 2025$1.7B504May 7, 202513F-HRchanges · EDGAR ↗
Q4 2024$1.7B500Jan 28, 202513F-HRchanges · EDGAR ↗
Q3 2024$1.7B502Nov 6, 202413F-HRchanges · EDGAR ↗
Q2 2024$1.6B502Jul 30, 202413F-HRchanges · EDGAR ↗
Q1 2024$1.6B514May 6, 202413F-HRchanges · EDGAR ↗
Q4 2023$1.4B513Feb 14, 202413F-HRchanges · EDGAR ↗
Q3 2023$1.4B510Nov 2, 202313F-HRchanges · EDGAR ↗
Q2 2023$1.3B509Jul 27, 202313F-HRchanges · EDGAR ↗
Q1 2023$1.1B496Apr 5, 202313F-HRchanges · EDGAR ↗
Q4 2022$966M493Feb 21, 2023RESTATEMENTchanges · EDGAR ↗
Q3 2022$843M480Nov 4, 202213F-HRchanges · EDGAR ↗
Q2 2022$785M466Aug 1, 202213F-HRchanges · EDGAR ↗
Q1 2022$893M479Apr 21, 202213F-HRchanges · EDGAR ↗
Q4 2021$847M463Feb 4, 202213F-HRchanges · EDGAR ↗
Q3 2021$663M418Nov 12, 202113F-HRchanges · EDGAR ↗
Q2 2021REVEALED$1.2B728Aug 4, 202113F-HRchanges · EDGAR ↗
Q1 2021$569M325May 13, 202113F-HRchanges · EDGAR ↗
Q4 2020$569M325Feb 2, 202113F-HRchanges · EDGAR ↗
Q3 2020$467M287Oct 28, 2020RESTATEMENTchanges · EDGAR ↗
Q2 2020REVEALED$730M383Jul 20, 202013F-HRchanges · EDGAR ↗
Q1 2020$322M209Apr 16, 202013F-HRchanges · EDGAR ↗
Q4 2019$411M202Jan 27, 202013F-HRchanges · EDGAR ↗
Q3 2019$358M159Oct 30, 201913F-HRchanges · EDGAR ↗
Q2 2019$365M153Jul 9, 201913F-HRchanges · EDGAR ↗
Q1 2019$393M161May 10, 201913F-HRchanges · EDGAR ↗
Q4 2018$337M142Jan 22, 201913F-HRchanges · EDGAR ↗

Other Included Managers

This filing reports holdings on behalf of 1 additional manager.

  • Empowered Funds, LLC028-17729

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 ↗.