# Empirical Finance, LLC

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1572838. Source: https://holderbook.com/funds/1572838-empirical-finance-llc/

- Reported value: $2.4B
- Positions: 505
- Weight of the ten largest: 34.6%
- Filed: 2026-08-14

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| NVIDIA CORPORATION | [NVDA](https://holderbook.com/stocks/NVDA/) | $169.0M | 844,676 | 7.0% | 27 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $150.0M | 518,315 | 6.2% | 32 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $94.9M | 254,426 | 3.9% | 32 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $88.6M | 371,802 | 3.7% | 32 |
| ALPHABET INC | [GOOG](https://holderbook.com/stocks/GOOG/) | $78.4M | 221,920 | 3.3% | 32 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $73.0M | 204,352 | 3.0% | 2 |
| BROADCOM INC | [AVGO](https://holderbook.com/stocks/AVGO/) | $56.3M | 148,958 | 2.3% | 27 |
| MICRON TECHNOLOGY INC | [MU](https://holderbook.com/stocks/MU/) | $44.1M | 38,219 | 1.8% | 30 |
| META PLATFORMS INC | [META](https://holderbook.com/stocks/META/) | $43.4M | 77,020 | 1.8% | 32 |
| TESLA INC | [TSLA](https://holderbook.com/stocks/TSLA/) | $34.9M | 82,916 | 1.4% | 21 |
| JPMORGAN CHASE & CO | [JPM](https://holderbook.com/stocks/JPM/) | $33.8M | 103,311 | 1.4% | 32 |
| ELI LILLY & CO | [LLY](https://holderbook.com/stocks/LLY/) | $33.0M | 27,524 | 1.4% | 30 |
| ADVANCED MICRO DEVICES INC | [AMD](https://holderbook.com/stocks/AMD/) | $32.5M | 55,978 | 1.4% | 26 |
| TAIWAN SEMICONDUCTOR MANUFAC | [TSM](https://holderbook.com/stocks/TSM/) | $29.7M | 62,160 | 1.2% | 5 |
| BERKSHIRE HATHAWAY INC DEL | [BRKB](https://holderbook.com/stocks/BRKB/) | $26.2M | 52,310 | 1.1% | 32 |
| JOHNSON & JOHNSON | [JNJ](https://holderbook.com/stocks/JNJ/) | $21.6M | 85,199 | 0.9% | 32 |
| EXXON MOBIL CORP | [XOMXXXX](https://holderbook.com/stocks/XOMXXXX/) | $21.4M | 156,210 | 0.9% | 32 |
| APPLIED MATLS INC | [AMAT](https://holderbook.com/stocks/AMAT/) | $21.2M | 29,292 | 0.9% | 32 |
| CATERPILLAR INC | [CAT](https://holderbook.com/stocks/CAT/) | $20.9M | 19,601 | 0.9% | 32 |
| INTEL CORP | [INTC](https://holderbook.com/stocks/INTC/) | $20.6M | 147,571 | 0.9% | 32 |
| LAM RESEARCH CORP | [LRCX](https://holderbook.com/stocks/LRCX/) | $20.1M | 46,390 | 0.8% | 7 |
| ENERGY TRANSFER L P | [ET](https://holderbook.com/stocks/ET/) | $19.8M | 1,037,614 | 0.8% | 6 |
| CISCO SYS INC | [CSCO](https://holderbook.com/stocks/CSCO/) | $17.6M | 149,734 | 0.7% | 32 |
| WALMART INC | [WMT](https://holderbook.com/stocks/WMT/) | $16.7M | 147,788 | 0.7% | 32 |
| VISA INC | [V](https://holderbook.com/stocks/V/) | $15.6M | 45,436 | 0.6% | 21 |
| ABBVIE INC | [ABBV](https://holderbook.com/stocks/ABBV/) | $15.4M | 61,181 | 0.6% | 32 |
| MASTERCARD INCORPORATED | [MA](https://holderbook.com/stocks/MA/) | $14.9M | 28,985 | 0.6% | 32 |
| AXOS FINANCIAL INC | [AX](https://holderbook.com/stocks/AX/) | $14.9M | 152,847 | 0.6% | 6 |
| VANGUARD INDEX FDS | [VTI](https://holderbook.com/stocks/VTI/) | $14.8M | 39,868 | 0.6% | 2 |
| KLA CORP | [KLAC](https://holderbook.com/stocks/KLAC/) | $14.5M | 48,063 | 0.6% | 25 |
| WESTERN MIDSTREAM PARTNERS L | [WES](https://holderbook.com/stocks/WES/) | $14.4M | 330,016 | 0.6% | 5 |
| COSTCO WHOLESALE CORPORATION | [COST](https://holderbook.com/stocks/COST/) | $14.4M | 15,385 | 0.6% | 30 |
| GRUPO AEROPORTUARIO DEL CENT | [OMAB](https://holderbook.com/stocks/OMAB/) | $14.3M | 126,166 | 0.6% | 6 |
| GRUPO AEROPORTUNARIO DEL PAC | [PAC](https://holderbook.com/stocks/PAC/) | $14.1M | 55,844 | 0.6% | 5 |
| GE AEROSPACE | [GE](https://holderbook.com/stocks/GE/) | $14.1M | 37,719 | 0.6% | 20 |
| BANK OF AMER CORP | [BAC](https://holderbook.com/stocks/BAC/) | $13.7M | 240,618 | 0.6% | 32 |
| UNITEDHEALTH GROUP INC | [UNH](https://holderbook.com/stocks/UNH/) | $13.4M | 32,262 | 0.6% | 32 |
| HOME DEPOT INC | [HD](https://holderbook.com/stocks/HD/) | $12.9M | 36,530 | 0.5% | 32 |
| CAPITAL SOUTHWEST CORP | [CSWC](https://holderbook.com/stocks/CSWC/) | $12.5M | 525,500 | 0.5% | 2 |
| PROCTER & GAMBLE CO | [PG](https://holderbook.com/stocks/PG/) | $12.5M | 85,156 | 0.5% | 32 |
| EA SERIES TRUST | [CAOS](https://holderbook.com/stocks/CAOS/) | $12.5M | 138,121 | 0.5% | 2 |
| CHEVRON CORPORATION | [CVX](https://holderbook.com/stocks/CVX/) | $12.3M | 74,091 | 0.5% | 32 |
| MORGAN STANLEY | [MS](https://holderbook.com/stocks/MS/) | $12.3M | 58,732 | 0.5% | 27 |
| EA SERIES TRUST | [QVAL](https://holderbook.com/stocks/QVAL/) | $12.2M | 219,682 | 0.5% | 32 |
| MERCK & CO INC | [MRK](https://holderbook.com/stocks/MRK/) | $12.0M | 93,774 | 0.5% | 32 |
| GOLDMAN SACHS GROUP INC | [GS](https://holderbook.com/stocks/GS/) | $11.5M | 11,363 | 0.5% | 27 |
| COCA COLA CO | [KO](https://holderbook.com/stocks/KO/) | $11.0M | 134,955 | 0.5% | 32 |
| NETFLIX INC | [NFLX](https://holderbook.com/stocks/NFLX/) | $10.8M | 151,066 | 0.4% | 32 |
| WELLS FARGO & CO | [WFC](https://holderbook.com/stocks/WFC/) | $10.4M | 125,751 | 0.4% | 32 |
| GE VERNOVA INC | [GEV](https://holderbook.com/stocks/GEV/) | $10.2M | 8,690 | 0.4% | 9 |
| PHILIP MORRIS INTL INC | [PM](https://holderbook.com/stocks/PM/) | $9.7M | 53,848 | 0.4% | 30 |
| TEXAS INSTRS INC | [TXN](https://holderbook.com/stocks/TXN/) | $9.4M | 31,603 | 0.4% | 30 |
| CITIGROUP INC | [C](https://holderbook.com/stocks/C/) | $9.4M | 67,145 | 0.4% | 32 |
| MPLX LP | [MPLX](https://holderbook.com/stocks/MPLX/) | $9.3M | 164,540 | 0.4% | 5 |
| RTX CORPORATION | [RTX](https://holderbook.com/stocks/RTX/) | $9.2M | 48,710 | 0.4% | 25 |
| DOLLAR TREE INC | [DLTR](https://holderbook.com/stocks/DLTR/) | $8.9M | 73,864 | 0.4% | 23 |
| INTERNATIONAL BUSINESS MACHS | [IBM](https://holderbook.com/stocks/IBM/) | $8.9M | 31,474 | 0.4% | 32 |
| SANDISK CORP | [SNDK](https://holderbook.com/stocks/SNDK/) | $8.5M | 3,719 | 0.4% | 4 |
| INVESCO QQQ TR | [QQQ](https://holderbook.com/stocks/QQQ/) | $8.3M | 11,271 | 0.3% | 32 |
| SPROUTS FMRS MKT INC | [SFM](https://holderbook.com/stocks/SFM/) | $7.6M | 89,384 | 0.3% | 3 |
| AMPHENOL CORP | [APH](https://holderbook.com/stocks/APH/) | $7.3M | 41,491 | 0.3% | 24 |
| WESTERN DIGITAL CORP | [WDC](https://holderbook.com/stocks/WDC/) | $7.2M | 11,312 | 0.3% | 21 |
| VERIZON COMMUNICATIONS INC | [VZ](https://holderbook.com/stocks/VZ/) | $7.1M | 168,633 | 0.3% | 32 |
| FEDERAL AGRIC MTG CORP | [AGM](https://holderbook.com/stocks/AGM/) | $7.1M | 35,436 | 0.3% | 6 |
| ANALOG DEVICES INC | [ADI](https://holderbook.com/stocks/ADI/) | $6.9M | 17,479 | 0.3% | 25 |
| CORNING INC | [GLW](https://holderbook.com/stocks/GLW/) | $6.9M | 27,064 | 0.3% | 24 |
| AMERICAN EXPRESS CO | [AXP](https://holderbook.com/stocks/AXP/) | $6.9M | 20,353 | 0.3% | 29 |
| AMGEN INC | [AMGN](https://holderbook.com/stocks/AMGN/) | $6.8M | 18,865 | 0.3% | 32 |
| ORACLE CORP | [ORCL](https://holderbook.com/stocks/ORCL/) | $6.8M | 46,550 | 0.3% | 32 |
| THERMO FISHER SCIENTIFIC INC | [TMO](https://holderbook.com/stocks/TMO/) | $6.8M | 13,473 | 0.3% | 30 |
| VALERO ENERGY CORP | [VLO](https://holderbook.com/stocks/VLO/) | $6.6M | 25,476 | 0.3% | 23 |
| PEPSICO INC | [PEP](https://holderbook.com/stocks/PEP/) | $6.5M | 47,726 | 0.3% | 32 |
| AT&T INC | [T](https://holderbook.com/stocks/T/) | $6.5M | 311,629 | 0.3% | 32 |
| BOOKING HOLDINGS INC | [BKNG](https://holderbook.com/stocks/BKNG/) | $6.3M | 35,518 | 0.3% | 29 |
| NEXTERA ENERGY INC | [NEE](https://holderbook.com/stocks/NEE/) | $6.2M | 70,396 | 0.3% | 30 |
| TJX COS INC NEW | [TJX](https://holderbook.com/stocks/TJX/) | $6.1M | 40,009 | 0.3% | 27 |
| DISNEY WALT CO | [DIS](https://holderbook.com/stocks/DIS/) | $6.1M | 62,942 | 0.3% | 32 |
| EA SERIES TRUST | [AAVM](https://holderbook.com/stocks/AAVM/) | $6.0M | 178,907 | 0.3% | 2 |
| GRUPO AEROPORTUARIO DEL SURE | [ASR](https://holderbook.com/stocks/ASR/) | $6.0M | 19,448 | 0.2% | 2 |
| DEERE & CO | [DE](https://holderbook.com/stocks/DE/) | $5.9M | 9,310 | 0.2% | 27 |
| EA SERIES TRUST | [IVAL](https://holderbook.com/stocks/IVAL/) | $5.9M | 172,106 | 0.2% | 2 |
| UNION PAC CORP | [UNP](https://holderbook.com/stocks/UNP/) | $5.8M | 21,456 | 0.2% | 30 |
| MEDPACE HLDGS INC | [MEDP](https://holderbook.com/stocks/MEDP/) | $5.7M | 10,782 | 0.2% | 6 |
| QUALCOMM INC | [QCOM](https://holderbook.com/stocks/QCOM/) | $5.7M | 30,668 | 0.2% | 24 |
| ARISTA NETWORKS INC | [ANET](https://holderbook.com/stocks/ANET/) | $5.6M | 33,092 | 0.2% | 7 |
| PACER FDS TR | [PTIN](https://holderbook.com/stocks/PTIN/) | $5.6M | 152,824 | 0.2% | 2 |
| CVS HEALTH CORP | [CVS](https://holderbook.com/stocks/CVS/) | $5.6M | 53,764 | 0.2% | 27 |
| GILEAD SCIENCES INC | [GILD](https://holderbook.com/stocks/GILD/) | $5.5M | 43,580 | 0.2% | 32 |
| ABBOTT LABORATORIES | [ABT](https://holderbook.com/stocks/ABT/) | $5.5M | 60,640 | 0.2% | 32 |
| KROGER CO | [KR](https://holderbook.com/stocks/KR/) | $5.4M | 96,782 | 0.2% | 24 |
| SALESFORCE INC | [CRM](https://holderbook.com/stocks/CRM/) | $5.2M | 33,277 | 0.2% | 30 |
| CONOCOPHILLIPS | [COP](https://holderbook.com/stocks/COP/) | $4.9M | 47,230 | 0.2% | 28 |
| INTUITIVE SURGICAL INC | [ISRG](https://holderbook.com/stocks/ISRG/) | $4.9M | 12,209 | 0.2% | 27 |
| BLACKROCK INC | [BLK](https://holderbook.com/stocks/BLK/) | $4.8M | 5,024 | 0.2% | 7 |
| PFIZER INC | [PFE](https://holderbook.com/stocks/PFE/) | $4.7M | 197,099 | 0.2% | 32 |
| SCHWAB CHARLES CORP | [SCHW](https://holderbook.com/stocks/SCHW/) | $4.7M | 51,146 | 0.2% | 27 |
| LOWES COS INC | [LOW](https://holderbook.com/stocks/LOW/) | $4.6M | 20,973 | 0.2% | 28 |
| MARATHON PETE CORP | [MPC](https://holderbook.com/stocks/MPC/) | $4.6M | 17,990 | 0.2% | 23 |
| LOCKHEED MARTIN CORP | [LMT](https://holderbook.com/stocks/LMT/) | $4.6M | 9,005 | 0.2% | 29 |
| CAPITAL ONE FINL CORP | [COF](https://holderbook.com/stocks/COF/) | $4.6M | 22,865 | 0.2% | 24 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | +13.9% | +14.8% | -0.9% | 100% |
| Q1 2026 | -3.3% | -4.6% | +1.4% | 101% |
| Q4 2025 | +3.2% | +2.4% | +0.9% | 100% |
| Q3 2025 | +8.0% | +7.8% | +0.2% | 100% |
| Q2 2025 | +10.1% | +10.5% | -0.4% | 100% |
| Q1 2025 | -4.8% | -4.6% | -0.2% | 100% |
| Q4 2024 | +1.6% | +2.1% | -0.5% | 100% |
| Q3 2024 | +5.0% | +5.4% | -0.4% | 100% |

## Quarter by quarter

| Quarter | 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 |