Empirical Finance, LLC
Long book
$2.13B
Q1 2026
Positions
483
Top-10 weight
33%
concentration
Last quarter
+14.1%
SPY +14.8%
Turnover
8%
of book per quarter
Strategy in plain words
auto-generated from filingsEmpirical Finance, LLC is an institutional manager, running a $2.13B US long book across 483 positions.
The portfolio is moderately concentrated (top 10 ≈ 33% of the book). The book barely moves quarter to quarter — a patient, low-turnover holder. Current anchor positions: NVIDIA CORP, APPLE INC, MICROSOFT CORP, AMAZON.COM INC, ALPHABET INC-CL C.
Over the last 9 quarters its long book ran on average 0pp per quarter ahead of the S&P 500, beating the index in 3 of 9 quarters. Signal value of individual moves is limited — treat changes as weak evidence.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
+4.1%
Q2 2024
+5.4%
Q3 2024
+2.0%
Q4 2024
-4.4%
Q1 2025
+10.5%
Q2 2025
+8.3%
Q3 2025
+3.7%
Q4 2025
-2.9%
Q1 2026
+14.1%
Sector allocation
Technology 38%
Financials 11%
Industrials 10%
Consumer discretionary 10%
Healthcare 8%
Utilities 5%
Energy 4%
Services media 4%
Long book by quarter
What does Empirical Finance, own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| NVDA NVIDIA CORP | Technology | 816.0K | $142.3M | 6.7% | -0.2% |
| AAPL APPLE INC | Technology | 501.2K | $127.2M | 6.0% | -0.2% |
| MSFT MICROSOFT CORP | Technology | 245.7K | $91.0M | 4.3% | -0.1% |
| AMZN AMAZON.COM INC | Consumer discretionary | 377.0K | $78.5M | 3.7% | +9.9% |
| GOOG ALPHABET INC-CL C | Technology | 233.9K | $67.1M | 3.2% | -41.9% |
| GOOGL ALPHABET INC-CL A | Technology | 197.4K | $56.8M | 2.7% | New |
| AVGO BROADCOM INC | Technology | 143.0K | $44.3M | 2.1% | 0.0% |
| META META PLATFORMS INC-CLASS A | Technology | 74.4K | $42.6M | 2.0% | -0.1% |
| TSLA TESLA INC | Industrials | 79.4K | $29.5M | 1.4% | 0.0% |
| JPM JPMORGAN CHASE & CO | Financials | 100.2K | $29.5M | 1.4% | -0.3% |
| ET ENERGY TRANSFER LP | Utilities | 1.4M | $27.1M | 1.3% | +86.8% |
| XOM EXXON MOBIL CORP | Energy | 151.4K | $25.7M | 1.2% | -0.3% |
| LLY ELI LILLY & CO | Healthcare | 26.6K | $24.5M | 1.1% | -0.2% |
| BRK/B BERKSHIRE HATHAWAY INC-CL B | Financials | 50.1K | $24.0M | 1.1% | +0.5% |
| JNJ JOHNSON & JOHNSON | Healthcare | 82.4K | $20.2M | 0.9% | -0.2% |
| WES WESTERN MIDSTREAM PARTNERS L | Utilities | 442.2K | $18.2M | 0.9% | +86.8% |
| WMT WALMART INC | Consumer discretionary | 142.4K | $17.7M | 0.8% | -0.1% |
| CVX CHEVRON CORP | Energy | 75.8K | $15.7M | 0.7% | -0.2% |
| AX AXOS FINANCIAL INC | Financials | 178.3K | $15.2M | 0.7% | +86.6% |
| COST COSTCO WHOLESALE CORP | Consumer discretionary | 14.9K | $14.8M | 0.7% | -0.2% |
| NFLX NETFLIX INC | Services media | 146.2K | $14.1M | 0.7% | -0.2% |
| MA MASTERCARD INC - A | Services media | 28.1K | $14.0M | 0.7% | -0.2% |
| CSWC CAPITAL SOUTHWEST CORP | — | 618.9K | $13.7M | 0.6% | New |
| CAT CATERPILLAR INC | Industrials | 19.1K | $13.5M | 0.6% | -0.2% |
| V VISA INC-CLASS A SHARES | Services media | 43.4K | $13.1M | 0.6% | -0.1% |
| ABBV ABBVIE INC | Healthcare | 59.1K | $12.9M | 0.6% | -0.2% |
| MU MICRON TECHNOLOGY INC | Technology | 37.0K | $12.5M | 0.6% | 0.0% |
| MPLX MPLX LP | Energy | 217.5K | $12.4M | 0.6% | +86.6% |
| PG PROCTER & GAMBLE CO/THE | Other | 82.4K | $11.9M | 0.6% | -0.2% |
| HD HOME DEPOT INC | Consumer discretionary | 35.4K | $11.6M | 0.5% | -0.2% |
| BAC BANK OF AMERICA CORP | Financials | 233.1K | $11.4M | 0.5% | -0.2% |
| MS MORGAN STANLEY | Financials | 68.6K | $11.3M | 0.5% | +3.3% |
| CSCO CISCO SYSTEMS INC | Technology | 145.1K | $11.3M | 0.5% | -0.2% |
| AMD ADVANCED MICRO DEVICES | Technology | 54.1K | $11.0M | 0.5% | -0.2% |
| MRK MERCK & CO. INC. | Healthcare | 90.9K | $10.9M | 0.5% | -0.2% |
| GE GENERAL ELECTRIC | Industrials | 36.5K | $10.4M | 0.5% | -0.2% |
| KO COCA-COLA CO/THE | Consumer staples | 130.4K | $9.9M | 0.5% | -0.2% |
| WFC WELLS FARGO & CO | Financials | 122.4K | $9.7M | 0.5% | -0.4% |
| AMAT APPLIED MATERIALS INC | Technology | 28.4K | $9.7M | 0.5% | -0.2% |
| LRCX LAM RESEARCH CORP | Industrials | 45.0K | $9.6M | 0.5% | -0.2% |
| GS GOLDMAN SACHS GROUP INC | Financials | 11.0K | $9.3M | 0.4% | -0.3% |
| RTX RTX CORP | Industrials | 47.2K | $9.1M | 0.4% | -0.2% |
| UNH UNITEDHEALTH GROUP INC | Financials | 32.5K | $8.8M | 0.4% | -0.1% |
| PM PHILIP MORRIS INTERNATIONAL | Consumer staples | 52.0K | $8.6M | 0.4% | -0.2% |
| VZ VERIZON COMMUNICATIONS INC | Communications | 162.2K | $8.1M | 0.4% | -0.1% |
| SFM SPROUTS FARMERS MARKET INC | Consumer discretionary | 105.3K | $8.1M | 0.4% | +2005.7% |
| T AT&T INC | Communications | 279.6K | $8.1M | 0.4% | -0.2% |
| C CITIGROUP INC | Financials | 65.2K | $7.4M | 0.3% | -0.3% |
| IBM INTL BUSINESS MACHINES CORP | Technology | 30.4K | $7.4M | 0.3% | -0.1% |
| GEV GE VERNOVA INC | Industrials | 8.4K | $7.3M | 0.3% | -0.2% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR/ARESTATEMENT | May 15, 2026 | 483 | $2.13B | canonical | SEC ↗ |
| Q1 2026 | 13F-HR | May 14, 2026 | 483 | $2.13B | SEC ↗ | |
| Q4 2025 | 13F-HR | Feb 12, 2026 | 497 | $2.10B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 13, 2025 | 506 | $2.10B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 11, 2025 | 508 | $1.91B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 7, 2025 | 504 | $1.66B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Jan 28, 2025 | 500 | $1.73B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 6, 2024 | 502 | $1.72B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Jul 30, 2024 | 502 | $1.60B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 6, 2024 | 514 | $1.63B | canonical | SEC ↗ |
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