Empirical Financial Services, LLC d.b.a. Empirical Wealth Management

CIK 0001510434 · Q1 2026

13F Equity AUM

$5.8B

+3.0% QoQ

Positions

982

+92 QoQ

AUM Rank

#931

Top 8%

Skill Alpha (FF)

-1.5%/yr^ns

No Clear Edge

Rank #4,529 · Top 55%

vs S&P -9.2%/yr (unadj.)

Quarters Tracked

~13 years

Portfolio Concentration

Top 5: 25.9%Top 10: 40.0%Top 20: 52.7%

NVDA6.4%

QUAL5.9%

IQLT5.5%

VTIP4.2%

MTUM4.0%

VCSH3.8%

AAPL2.7%

DFUV2.7%

EFV2.6%

IEMG2.4%

Others (972)60.0%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Financial Services65.9%

Technology16.2%

Communication Services3.2%

Consumer Cyclical3.0%

Industrials3.0%

Healthcare2.3%

Other6.4%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 982Median: 0.01%Avg: 0.10%

0–0.5%

950(38.5%)

0.5–1%

12(8.8%)

1–3%

14(23.0%)

3–5%

3(12.0%)

5%+

3(17.7%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 973Unique: 9vs 20 funds

13.3%Low

982

Fund positions

7,299

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

Most Similar Funds

Top 9 benchmark funds with highest portfolio overlap (Jaccard similarity)

MORGAN STANLEY

18.3%

BANK OF AMERICA CORP /DE/

20.3%

18.8%

28.5%

20.7%

19.4%

VANGUARD CAPITAL MANAGEMENT LLC

18.1%

GEODE CAPITAL MANAGEMENT, LLC

17.7%

VANGUARD PORTFOLIO MANAGEMENT LLC

20.6%

Jaccard similarity per fund: shared CUSIPs / (fund A + fund B − shared). Higher values indicate more similar portfolios.

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Position Changes This Quarter

New146Increased535Decreased260Exited53

New Positions

DFA INVT DIMENSIONS …1.0%

+1.2M

RELY0.0%

+130K

JKHY0.0%

+6K

O0.0%

+7K

OKTA0.0%

+5K

BALL0.0%

+5K

CAG0.0%

+25K

DC40.0%

+5K

CUZ0.0%

+24K

VONE0.0%

+1K

Increased

IQLT5.5%

+395K(+6%)

VCSH3.8%

+310K(+13%)

QGRW0.9%

+298K(+41%)

VTIP4.2%

+237K(+5%)

NVDA6.4%

+165K(+8%)

DFUV2.7%

+136K(+4%)

T0.3%

+82K(+19%)

EFV2.6%

+80K(+4%)

SCHC0.7%

+80K(+10%)

FPE0.4%

+52K(+4%)

Decreased

SJNK0.6%

-2,034,773(-58%)

HYMB0.1%

-269,318(-46%)

SCHA0.2%

-84,193(-16%)

SCHX0.5%

-77,549(-7%)

HYD0.1%

-44,034(-37%)

KAT0.1%

-43,790(-37%)

CIG0.0%

-39,888(-67%)

SNAP0.0%

-33,955(-27%)

GLW0.2%

-29,676(-22%)

INTC0.1%

-25,414(-18%)

Exited

-31,546

-14,012

-9,539

-167,400

-4,867

-752

-7,024

-14,568

-78,876

-2,812

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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