Q2 2026 13F · SEC CIK 1572838

Empirical Finance, LLC

Investment managerFiled 2026-08-14 for Q2 2026. Open the filing ↗ · All SEC filings ↗

Reported 13F value: $2.4B
Reported positions: 505
Top holdings a year, 3 yrs: +24.0%
Average holding period: 5.8 yrs

Empirical Finance, LLC is an investment manager that reported 505 positions worth $2.4B in its Q2 2026 13F, filed 2026-08-14. Its largest holdings were Nvidia Corporation (NVDA, 7.0%), Apple Inc (AAPL, 6.2%), Microsoft Corp (MSFT, 3.9%). A portfolio copying its top holdings returned 24.0% a year over the last 3 years, against 20.4% for the S&P 500.

Empirical Finance, LLC holdings largest 50 of 505 positions.

Weights are shares of the filer's total reported 13F value, compared with Q1 2026. Share changes may reflect splits; weight changes also reflect price moves. A 13F shows long US-listed positions only, up to 135 days after the fact.

Empirical Finance, LLC 13F holdings
Stock	% of 13F value	Q1 2026	Shares	Share change	Reported value
NVDANvidia Corporation	7.0%	6.7%	844,676	+3.5%	$169.0M
AAPLApple Inc	6.2%	6.0%	518,315	+3.4%	$150.0M
MSFTMicrosoft Corp	3.9%	4.3%	254,426	+3.5%	$94.9M
AMZNAmazon Com Inc	3.7%	3.7%	371,802	-1.4%	$88.6M
GOOGAlphabet Inc	3.3%	3.2%	221,920	-5.1%	$78.4M
GOOGLAlphabet Inc	3.0%	2.7%	204,352	+3.5%	$73.0M
AVGOBroadcom Inc	2.3%	2.1%	148,958	+4.1%	$56.3M
MUMicron Technology Inc	1.8%	0.6%	38,219	+3.4%	$44.1M
METAMeta Platforms Inc	1.8%	2.0%	77,020	+3.5%	$43.4M
TSLATesla Inc	1.4%	1.4%	82,916	+4.4%	$34.9M
JPMJpmorgan Chase & Co	1.4%	1.4%	103,311	+3.1%	$33.8M
LLYEli Lilly & Co	1.4%	1.1%	27,524	+3.4%	$33.0M
AMDAdvanced Micro Devices Inc	1.4%	0.5%	55,978	+3.5%	$32.5M
TSMTaiwan Semiconductor Manufac	1.2%	1.5%	62,160	-34.7%	$29.7M
BRK-BBerkshire Hathaway Inc Del	1.1%	1.1%	52,310	+4.4%	$26.2M
JNJJohnson & Johnson	0.9%	0.9%	85,199	+3.4%	$21.6M
XOMExxon Mobil Corp	0.9%	1.2%	156,210	+3.2%	$21.4M
AMATApplied Matls Inc	0.9%	0.5%	29,292	+3.1%	$21.2M
CATCaterpillar Inc	0.9%	0.6%	19,601	+2.7%	$20.9M
INTCIntel Corp	0.9%	—	147,571	—	$20.6M
LRCXLam Research Corp	0.8%	0.5%	46,390	+3.1%	$20.1M
ETPCEnergy Transfer L P	0.8%	1.3%	1,037,614	-26.1%	$19.8M
CSCOCisco Sys Inc	0.7%	0.5%	149,734	+3.2%	$17.6M
WMTWalmart Inc	0.7%	0.8%	147,788	+3.8%	$16.7M
VVisa Inc	0.6%	0.6%	45,436	+4.8%	$15.6M
ABBVAbbvie Inc	0.6%	0.6%	61,181	+3.5%	$15.4M
MAMastercard Incorporated	0.6%	0.7%	28,985	+3.3%	$14.9M
AXAxos Financial Inc	0.6%	0.7%	152,847	-14.3%	$14.9M
VTIVanguard Index Fds	0.6%	0.8%	39,868	-27.6%	$14.8M
KLACKla Corp	0.6%	—	48,063	—	$14.5M
WESWestern Midstream Partners LP	0.6%	0.9%	330,016	-25.4%	$14.4M
COSTCostco Wholesale Corporation	0.6%	0.7%	15,385	+3.6%	$14.4M
OMABGrupo Aeroportuario Del Cent	0.6%	0.9%	126,166	-25.1%	$14.3M
PACGrupo Aeroportuario Del Pacifi	0.6%	0.9%	55,844	-25.1%	$14.1M
GEGe Aerospace	0.6%	0.5%	37,719	+3.3%	$14.1M
BACBank of Amer Corp	0.6%	0.5%	240,618	+3.2%	$13.7M
UNHUnitedhealth Group Inc	0.6%	0.4%	32,262	-0.7%	$13.4M
HDHome Depot Inc	0.5%	0.5%	36,530	+3.3%	$12.9M
CSWCCapital Southwest Corporation	0.5%	0.6%	525,500	-15.1%	$12.5M
PGProcter & Gamble Co	0.5%	0.6%	85,156	+3.3%	$12.5M
CAOSEa Series Trust	0.5%	0.8%	138,121	-26.2%	$12.5M
CVXChevron Corporation	0.5%	0.7%	74,091	-2.3%	$12.3M
MSMorgan Stanley	0.5%	0.5%	58,732	-14.4%	$12.3M
QVALEa Series Trust	0.5%	0.7%	219,682	-20.4%	$12.2M
MRKMerck & Co Inc	0.5%	0.5%	93,774	+3.1%	$12.0M
GSGoldman Sachs Group Inc	0.5%	0.4%	11,363	+3.1%	$11.5M
KOCoca Cola Co	0.5%	0.5%	134,955	+3.5%	$11.0M
NFLXNetflix Inc.	0.4%	0.7%	151,066	+3.3%	$10.8M
WFCWells Fargo & Co	0.4%	0.5%	125,751	+2.8%	$10.4M
GEVGe Vernova Inc	0.4%	—	8,690	—	$10.2M

What Empirical Finance, LLC bought and sold in Q2 2026, against Q1 2026.

New positions

Q1 2026's filing was too long to tell new positions apart.

Added to

No position grew by more than 5%.

Reduced

TSM Taiwan Semiconductor Manufac-34.7% shares
VTI Vanguard Index Fds-27.6% shares
CAOS Ea Series Trust-26.2% shares
ETPC Energy Transfer L P-26.1% shares
WES Western Midstream Partners LP-25.4% shares
PAC Grupo Aeroportuario Del Pacifi-25.1% shares
OMAB Grupo Aeroportuario Del Cent-25.1% shares
QVAL Ea Series Trust-20.4% shares

Left the top 50

Share counts compared with the Q1 2026 13F; a split also changes share counts. The latest filing lists more than 50 positions, so a position that left the top 50 may still be held.

How the holdings did against the S&P 500.

1 year: +16.8% /yr; S&P 500 +20.1%
3 years: +24.0% /yr; S&P 500 +20.4%
5 years: +13.8% /yr; S&P 500 +11.6%

A portfolio of the filer's 20 largest 13F positions, weighted by value, bought the trading day after each 13F was filed and held until the next one was: what copying this filer could have earned. 13Fs show long US-listed positions only, so this is an estimate of the stock picks, not the fund's reported returns.

Reported 13F value by quarter.

13F value by quarter
Quarter	13F value	Positions
Q2 2026	$2.4B	505
Q1 2026	$2.1B	483
Q4 2025	$2.1B	481
Q3 2025	$2.1B	506
Q2 2025	$1.9B	508
Q1 2025	$1.7B	504
Q4 2024	$1.7B	500
Q3 2024	$1.7B	502
Q2 2024	$1.6B	502
Q1 2024	$1.6B	514
Q4 2023	$1.4B	513
Q3 2023	$1.4B	510

Questions about Empirical Finance, LLC's portfolio

What stocks does Empirical Finance, LLC own?

Empirical Finance, LLC's latest 13F, for Q2 2026 and filed Aug 14, 2026, lists 505 positions worth $2.4B. The largest are Nvidia Corporation (NVDA) at 7.0%, Apple Inc (AAPL) at 6.2%, Microsoft Corp (MSFT) at 3.9%, Amazon Com Inc (AMZN) at 3.7% and Alphabet Inc (GOOG) at 3.3%.

What did Empirical Finance, LLC buy last quarter?

Empirical Finance, LLC opened no new positions and grew none by more than 5% among its largest holdings in Q2 2026.

What did Empirical Finance, LLC sell last quarter?

In Q2 2026, Empirical Finance, LLC cut from its top 50 Mplx LP (MPLX), cut from its top 50 Ea Series Trust (IVAL), cut from its top 50 Rtx Corporation (RTX), Taiwan Semiconductor Manufac (TSM) (-34.7% shares), Vanguard Index Fds (VTI) (-27.6% shares) and Ea Series Trust (CAOS) (-26.2% shares), compared with its Q1 2026 filing.

How has Empirical Finance, LLC's portfolio performed?

A portfolio copying Empirical Finance, LLC's 20 largest 13F holdings each quarter, from the day each filing was public, returned +24.0% a year over the last 3 years, against +20.4% for the S&P 500. Over 1 year: +16.8% against +20.1%. Over 5 years: +13.8% a year against +11.6%.

When is Empirical Finance, LLC's next 13F filing due?

13F filings are due 45 days after each quarter ends. Empirical Finance, LLC's filing for the quarter ending Sep 30, 2026 is due by Nov 14, 2026; this page updates the day after it is published.