Funds › Empirical Finance, LLC
Empirical Finance, LLC
13F for Q3 2026, filed Nov 13, 2026. 525 positions worth $2.5B.Managers with more than $100 million in US-listed stocks list their holdings each quarter, within 45 days of quarter end. Long positions only: no short sales or cash.
Latest report
Q3 2026
filed Nov 13, 2026
Reported value
$2.5B
+$134.6M (5.6%) vs Q2 2026
Positions
525
505 in Q2 2026
Top 10 share
37.0%
of reported value
CheckedEach line's price per share is checked against other managers' reports of the same stock. Unit mix-ups are corrected. Reports no fix can rescue are left out.
Clean
prices match other managers' reports
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Holdings, Q3 2026
Largest first. Common shares only; puts and calls are under All positions.
| # | The fund's own figures at the end of the quarter. A report can be up to 45 days old when it is filed. Options and bonds are not counted here. | Filing | ||||
|---|---|---|---|---|---|---|
| 1 | NVDA NVIDIA Corporation | 864,507 | $197.4M | 7.8% | +2.3% | 13F ↗ |
| 2 | AAPL Apple Inc. | 529,238 | $176.2M | 6.9% | +2.1% | 13F ↗ |
| 3 | MSFT Microsoft Corporation | 259,287 | $133.0M | 5.2% | +1.9% | 13F ↗ |
| 4 | AMZN Amazon.com, Inc. | 382,895 | $95.4M | 3.8% | +3.0% | 13F ↗ |
| 5 | GOOG Alphabet Inc. Class C | 220,029 | $75.0M | 3.0% | -0.9% | 13F ↗ |
| 6 | GOOGL Alphabet Inc. Class A | 209,136 | $72.0M | 2.8% | +2.3% | 13F ↗ |
| 7 | META Meta Platforms, Inc. | 78,732 | $57.1M | 2.2% | +2.2% | 13F ↗ |
| 8 | AVGO Broadcom Inc. | 153,699 | $54.0M | 2.1% | +3.2% | 13F ↗ |
| 9 | MU Micron Technology, Inc. | 39,408 | $42.0M | 1.7% | +3.1% | 13F ↗ |
| 10 | LLY Eli Lilly and Company | 31,685 | $36.7M | 1.4% | +15.1% | 13F ↗ |
| 11 | AMD Advanced Micro Devices, Inc. | 57,503 | $35.2M | 1.4% | +2.7% | 13F ↗ |
| 12 | JPM JPMorgan Chase & Co. | 105,359 | $34.9M | 1.4% | +2.0% | 13F ↗ |
| 13 | TSLA Tesla, Inc. | 85,513 | $30.3M | 1.2% | +3.1% | 13F ↗ |
| 14 | BRK-B Berkshire Hathaway Inc. Class B | 54,082 | $26.9M | 1.1% | +3.4% | 13F ↗ |
| 15 | AX Axos Financial, Inc. | 309,962 | $26.8M | 1.1% | +103% | 13F ↗ |
| 16 | XOM ExxonMobil Holdings Corporation | 159,090 | $25.9M | 1.0% | New | 13F ↗ |
| 17 | JNJ Johnson & Johnson | 87,075 | $23.1M | 0.9% | +2.2% | 13F ↗ |
| 18 | INTC Intel Corporation | 152,780 | $18.4M | 0.7% | +3.5% | 13F ↗ |
| 19 | V Visa Inc. | 46,993 | $16.9M | 0.7% | +3.4% | 13F ↗ |
| 20 | ABBV AbbVie Inc. | 62,590 | $16.4M | 0.6% | +2.3% | 13F ↗ |
| 21 | MA Mastercard Incorporated | 29,618 | $16.3M | 0.6% | +2.2% | 13F ↗ |
| 22 | Ea Series Trust Alpha Architect | 177,541 | $16.1M | 0.6% | +28.5% | 13F ↗ |
| 23 | WMT Walmart Inc. | 151,409 | $15.7M | 0.6% | +2.5% | 13F ↗ |
| 24 | CSCO Cisco Systems, Inc. | 145,640 | $15.7M | 0.6% | -2.7% | 13F ↗ |
| 25 | LRCX Lam Research Corporation | 47,429 | $15.6M | 0.6% | +2.2% | 13F ↗ |
| 26 | CVX Chevron Corporation | 75,508 | $15.4M | 0.6% | +1.9% | 13F ↗ |
| 27 | AMAT Applied Materials, Inc. | 29,968 | $15.3M | 0.6% | +2.3% | 13F ↗ |
| 28 | Vanguard Index Fds Mrngstr Ttl Stk | 39,868 | $14.9M | 0.6% | Unchanged | 13F ↗ |
| 29 | CAT Caterpillar, Inc. | 18,014 | $14.6M | 0.6% | -8.1% | 13F ↗ |
| 30 | COST Costco Wholesale Corporation | 15,733 | $14.3M | 0.6% | +2.3% | 13F ↗ |
| 31 | ET Energy Transfer LP · Com Ut Ltd Ptn | 698,115 | $13.8M | 0.5% | -32.7% | 13F ↗ |
| 32 | BAC Bank of America Corporation | 245,715 | $13.4M | 0.5% | +2.1% | 13F ↗ |
| 33 | MRK Merck & Company, Inc. | 90,046 | $13.1M | 0.5% | -4.0% | 13F ↗ |
| 34 | Ea Series Trust Us Quan Value | 221,372 | $12.9M | 0.5% | +0.8% | 13F ↗ |
| 35 | PG Procter & Gamble Company | 84,122 | $12.2M | 0.5% | -1.2% | 13F ↗ |
| 36 | UNH UnitedHealth Group Incorporated | 32,968 | $12.1M | 0.5% | +2.2% | 13F ↗ |
| 37 | GE GE Aerospace | 38,602 | $12.1M | 0.5% | +2.3% | 13F ↗ |
| 38 | KO Coca-Cola Company | 138,124 | $11.9M | 0.5% | +2.3% | 13F ↗ |
| 39 | CSWC Capital Southwest Corporation | 499,968 | $11.6M | 0.5% | -4.9% | 13F ↗ |
| 40 | NFLX Netflix, Inc. | 154,546 | $10.8M | 0.4% | +2.3% | 13F ↗ |
| 41 | DLTR Dollar Tree, Inc. | 93,977 | $10.7M | 0.4% | +27.2% | 13F ↗ |
| 42 | PM Philip Morris International Inc | 55,091 | $10.5M | 0.4% | +2.3% | 13F ↗ |
| 43 | GS Goldman Sachs Group, Inc. | 11,576 | $10.4M | 0.4% | +1.9% | 13F ↗ |
| 44 | WES Western Midstream Partners, LP · Units | 230,244 | $10.2M | 0.4% | -30.2% | 13F ↗ |
| 45 | WFC Wells Fargo & Company | 127,568 | $10.2M | 0.4% | +1.4% | 13F ↗ |
| 46 | HD Home Depot, Inc. | 35,868 | $10.2M | 0.4% | -1.8% | 13F ↗ |
| 47 | BLK BlackRock, Inc. | 9,414 | $10.0M | 0.4% | +87.4% | 13F ↗ |
| 48 | KLAC KLA Corporation | 49,167 | $9.6M | 0.4% | +2.3% | 13F ↗ |
| 49 | TMO Thermo Fisher Scientific Inc | 13,752 | $9.3M | 0.4% | +2.1% | 13F ↗ |
| 50 | RTX RTX Corporation | 49,801 | $9.2M | 0.4% | +2.2% | 13F ↗ |
Showing the top 50 of 525 positions. Premium lists every position, plus puts and calls.
Changes since Q2 2026
33 new, 397 added to, 49 trimmed, 13 exited, 46 unchanged. By estimated dollars.
New positions (33)
| XOM ExxonMobil Holdings Corporation | 159,090 | New | $25.9M |
| AER AerCap Holdings N.V. | 48,412 | New | $6.9M |
| CPA Copa Holdings, S.A. | 48,850 | New | $6.4M |
| CAAP Corporacion America Airports SA | 206,126 | New | $5.2M |
| CNQ Canadian Natural Resources Limited | 106,376 | New | $5.0M |
| AMG Affiliated Managers Group, Inc. | 12,306 | New | $4.5M |
| KSPI Joint Stock Company Kaspi.kz · ADR | 46,948 | New | $4.4M |
| NTB Bank of N.T. Butterfield & Son Limited (The) Voting · Commonstock | 74,514 | New | $4.3M |
| JAN Janus Living, Inc. · Reit | 144,756 | New | $4.3M |
| KRMN Karman Holdings Inc. | 127,191 | New | $4.1M |
Added to (397)
| AX Axos Financial, Inc. | 309,962 | +103% | $13.6M |
| SYF Synchrony Financial | 106,990 | +591% | $6.5M |
| ILMN Illumina, Inc. | 26,799 | +495% | $6.1M |
| LLY Eli Lilly and Company | 31,685 | +15.1% | $4.8M |
| CBOE Cboe Global Markets, Inc. | 20,814 | +454% | $4.7M |
| BLK BlackRock, Inc. | 9,414 | +87.4% | $4.6M |
| NVDA NVIDIA Corporation | 864,507 | +2.3% | $4.5M |
| OPCH Option Care Health, Inc. | 220,844 | +679% | $4.3M |
| APP AppLovin Corporation | 15,002 | +1944% | $4.1M |
| AAPL Apple Inc. | 529,238 | +2.1% | $3.6M |
Trimmed (49)
| ET Energy Transfer LP · Com Ut Ltd Ptn | 698,115 | -32.7% | -$6.7M |
| WES Western Midstream Partners, LP · Units | 230,244 | -30.2% | -$4.4M |
| VLO Valero Energy Corporation | 15,163 | -40.5% | -$4.0M |
| OMAB Grupo Aeroportuario del Centro Norte S.A.B. de C.V. · ADR | 90,560 | -28.2% | -$3.4M |
| PAC Grupo Aeroportuario del Pacifico, S.A.B. de C.V. · ADR | 39,848 | -28.6% | -$3.3M |
| MPLX Mplx LP · Comm | 117,982 | -28.3% | -$2.6M |
| MS Morgan Stanley | 45,750 | -22.1% | -$2.4M |
| MEDP Medpace Holdings, Inc. | 8,345 | -22.6% | -$1.5M |
| CAT Caterpillar, Inc. | 18,014 | -8.1% | -$1.3M |
| PKBK Parke Bancorp, Inc. | 66,466 | -24.4% | -$700.7K |
Exited (13)
| TSM Taiwan Semiconductor Manufacturing Company Ltd. | 62,160 | Exited | -$29.7M |
| Exxon Mobil Corp | 156,210 | Exited | -$21.4M |
| TX Ternium S.A. Ternium S.A. · ADR | 90,741 | Exited | -$3.9M |
| CCS Century Communities, Inc. | 42,077 | Exited | -$3.0M |
| PDLB Ponce Financial Group, Inc. | 114,179 | Exited | -$2.3M |
| Electronic Arts Inc | 8,424 | Exited | -$1.7M |
| Oneok Inc | 12,292 | Exited | -$1.1M |
| LWAY Lifeway Foods, Inc. | 19,795 | Exited | -$590.7K |
| NRC NRC Health | 20,000 | Exited | -$431.4K |
| POOL Pool Corporation | 1,177 | Exited | -$252.9K |
The 10 largest of each, by estimated dollars: shares changed times the later report's price. Index tracking, splits and mergers move positions too.
All positions
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Reported value by quarter
Value and number of positions at the end of each quarter.
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Largest positions in earlier quarters
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Ten largest positions
By value, Q3 2026.
Filings
| Filing | ||||||
|---|---|---|---|---|---|---|
| Q3 2026 | Nov 13, 2026 | 13F-HR | 525 | $2.5B | Current | SEC ↗ |
| Q2 2026 | Aug 14, 2026 | 13F-HR | 505 | $2.4B | Current | SEC ↗ |
| Q1 2026 | May 15, 2026 | 13F-HR/A (restatement) | 483 | $2.1B | Current | SEC ↗ |
| Q1 2026 | May 14, 2026 | 13F-HR | 483 | $2.1B | Replaced | SEC ↗ |
| Q4 2025 | Feb 12, 2026 | 13F-HR | 481 | $2.1B | Current | SEC ↗ |
| Q3 2025 | Nov 13, 2025 | 13F-HR | 506 | $2.1B | Current | SEC ↗ |
| Q2 2025 | Aug 11, 2025 | 13F-HR | 508 | $1.9B | Current | SEC ↗ |
| Q1 2025 | May 7, 2025 | 13F-HR | 504 | $1.7B | Current | SEC ↗ |
Most recent first, up to 80. An amendment can replace a report or add holdings to it. All 13F filings
Information, not investment advice. Values are the fund's own figures at quarter end; a report can be up to 45 days old when filed. Disclaimer