Empirical Financial Services, LLC d.b.a. Empirical Wealth Management
Long book
$5.75B
Q1 2026
Positions
984
Top-10 weight
40%
concentration
Last quarter
+13.0%
SPY +14.8%
Turnover
19%
of book per quarter
Strategy in plain words
auto-generated from filingsEmpirical Financial Services, LLC d.b.a. Empirical Wealth Management is a wealth-management firm allocating client money, running a $5.75B US long book across 984 positions.
The portfolio is moderately concentrated (top 10 ≈ 40% of the book). Turnover is modest: positions are typically held for years. Current anchor positions: NVIDIA CORP, ISHARES MSCI USA QUALITY FAC, ISHARES MSCI INTERNATIONAL Q, VANGUARD SHORT-TERM TIPS, ISHARES MSCI USA MOMENTUM FA.
Over the last 9 quarters its long book ran on average 0.3pp per quarter behind the S&P 500, beating the index in 3 of 9 quarters. Its holdings are mechanical (indexing / client flows), so position changes carry no stock-picking signal.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
+3.2%
Q2 2024
+6.2%
Q3 2024
-1.2%
Q4 2024
-1.1%
Q1 2025
+9.0%
Q2 2025
+6.7%
Q3 2025
+2.3%
Q4 2025
-0.7%
Q1 2026
+13.0%
Sector allocation
Technology 49%
Industrials 12%
Consumer discretionary 10%
Financials 9%
Healthcare 5%
Services media 3%
Consumer staples 3%
Utilities 2%
Long book by quarter
What does Empirical Financial own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| NVDA NVIDIA CORP | Technology | 2.0M | $341.4M | 5.9% | +11.6% |
| AAPL APPLE INC | Technology | 612.4K | $155.4M | 2.7% | -1.3% |
| MSFT MICROSOFT CORP | Technology | 220.7K | $81.7M | 1.4% | -3.9% |
| AMZN AMAZON.COM INC | Consumer discretionary | 295.6K | $61.6M | 1.1% | +0.2% |
| META META PLATFORMS INC-CLASS A | Technology | 105.9K | $60.6M | 1.1% | -1.0% |
| GOOG ALPHABET INC-CL C | Technology | 170.4K | $48.9M | 0.8% | +12.6% |
| CSCO CISCO SYSTEMS INC | Technology | 475.8K | $36.9M | 0.6% | +2.6% |
| AVGO BROADCOM INC | Technology | 98.8K | $30.6M | 0.5% | +4.7% |
| TSLA TESLA INC | Industrials | 78.7K | $29.3M | 0.5% | +1.3% |
| JPM JPMORGAN CHASE & CO | Financials | 86.8K | $25.5M | 0.4% | +6.6% |
| GOOGL ALPHABET INC-CL A | Technology | 84.3K | $24.3M | 0.4% | +9.0% |
| MO ALTRIA GROUP INC | Consumer staples | 359.3K | $23.7M | 0.4% | +4.2% |
| WMT WALMART INC | Consumer discretionary | 176.3K | $21.9M | 0.4% | -0.2% |
| JNJ JOHNSON & JOHNSON | Healthcare | 89.3K | $21.8M | 0.4% | +6.3% |
| COST COSTCO WHOLESALE CORP | Consumer discretionary | 21.5K | $21.4M | 0.4% | -3.7% |
| BNY BANK OF NEW YORK MELLON CORP | Financials | 174.0K | $20.6M | 0.4% | +6.8% |
| CMI CUMMINS INC | Industrials | 34.1K | $18.4M | 0.3% | -0.1% |
| BRK/B BERKSHIRE HATHAWAY INC-CL B | Financials | 37.7K | $18.1M | 0.3% | +0.1% |
| XOM EXXON MOBIL CORP | Energy | 97.0K | $16.5M | 0.3% | +5.3% |
| LRCX LAM RESEARCH CORP | Industrials | 75.6K | $16.2M | 0.3% | +11.6% |
| PM PHILIP MORRIS INTERNATIONAL | Consumer staples | 91.0K | $15.0M | 0.3% | +3.8% |
| LLY ELI LILLY & CO | Healthcare | 16.3K | $15.0M | 0.3% | +9.6% |
| T AT&T INC | Communications | 516.5K | $15.0M | 0.3% | +18.7% |
| GLW CORNING INC | Industrials | 104.0K | $14.1M | 0.2% | -22.2% |
| DELL DELL TECHNOLOGIES -C | Technology | 85.9K | $14.1M | 0.2% | +2.9% |
| PWR QUANTA SERVICES INC | Industrials | 25.6K | $14.0M | 0.2% | -3.4% |
| IBM INTL BUSINESS MACHINES CORP | Technology | 57.1K | $13.8M | 0.2% | +6.0% |
| OZ BELPOINTE PREP LLC- CLASS A | Real estate | 246.6K | $13.1M | 0.2% | -0.6% |
| CVX CHEVRON CORP | Energy | 62.2K | $12.9M | 0.2% | +15.2% |
| WDC WESTERN DIGITAL CORP | Technology | 44.9K | $12.1M | 0.2% | -7.4% |
| GILD GILEAD SCIENCES INC | Healthcare | 86.0K | $12.0M | 0.2% | +1.8% |
| NFLX NETFLIX INC | Services media | 123.2K | $11.8M | 0.2% | +10.0% |
| CAT CATERPILLAR INC | Industrials | 16.2K | $11.5M | 0.2% | -3.3% |
| AMD ADVANCED MICRO DEVICES | Technology | 55.5K | $11.3M | 0.2% | +0.8% |
| MU MICRON TECHNOLOGY INC | Technology | 32.4K | $10.9M | 0.2% | +9.4% |
| SCHW SCHWAB (CHARLES) CORP | Financials | 116.3K | $10.9M | 0.2% | -2.7% |
| ADI ANALOG DEVICES INC | Technology | 34.1K | $10.8M | 0.2% | -4.0% |
| V VISA INC-CLASS A SHARES | Services media | 35.6K | $10.8M | 0.2% | +0.4% |
| ADP AUTOMATIC DATA PROCESSING | Technology | 50.9K | $10.3M | 0.2% | +1.1% |
| TJX TJX COMPANIES INC | Consumer discretionary | 64.5K | $10.3M | 0.2% | +7.9% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 4, 2026 | 1706 | $5.78B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Jan 16, 2026 | 1378 | $5.61B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 10, 2025 | 1170 | $5.00B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Jul 21, 2025 | 984 | $4.43B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 8, 2025 | 825 | $3.89B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Jan 22, 2025 | 698 | $3.69B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 1, 2024 | 570 | $3.56B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 9, 2024 | 562 | $3.37B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 7, 2024 | 530 | $3.31B | canonical | SEC ↗ |