Empirical Finance, LLC

CIK 0001572838 · Q2 2026

13F Equity AUM

$2.4B

+13.0% QoQ

Positions

505

+22 QoQ

AUM Rank

#2,140

Top 17%

Skill Alpha (FF)

-2.0%/yr^ns

No Clear Edge

Rank #5,881 · Top 71%

vs S&P -2.7%/yr (unadj.)

Quarters Tracked

~9 years

Portfolio Concentration

Top 5: 24.1%Top 10: 34.6%Top 20: 45.5%

NVDA7.0%

AAPL6.2%

MSFT4.0%

AMZN3.7%

GOOG3.3%

GOOGL3.0%

AVGO2.3%

MU1.8%

META1.8%

TSLA1.4%

Others (495)65.4%

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

Sector Allocation

Technology33.7%

Financial Services14.9%

Communication Services10.1%

Consumer Cyclical8.8%

Healthcare8.8%

Industrials8.4%

Energy4.9%

Consumer Defensive4.9%

Other5.4%

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

Position Sizing

Positions: 505Median: 0.06%Avg: 0.20%

0–0.5%

460(39.5%)

0.5–1%

30(19.4%)

1–3%

9(13.9%)

3–5%

4(13.9%)

5%+

2(13.3%)

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

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Portfolio Overlap

Shared: 0Unique: 505vs 20 funds

0%Low

505

Fund positions

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.

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Position Changes This Quarter

New39Increased378Decreased81Exited17

New Positions

HONEYWELL AEROSPACE …0.1%

+12K

HONEYWELL INTL INC0.1%

+12K

BMTA0.1%

+20K

MHK0.0%

+8K

PTCT0.0%

+9K

EAT0.0%

+4K

AYI0.0%

+2K

LEA0.0%

+4K

DECK0.0%

+7K

DUPONT DE NEMOURS IN…0.0%

+5K

Increased

DLTR0.4%

+67K(+908%)

KLAC0.6%

+43K(+932%)

BKNG0.3%

+34K(+2762%)

T0.3%

+32K(+11%)

7HP0.1%

+30K(+93%)

NVDA7.0%

+29K(+4%)

DVN0.1%

+18K(+89%)

AAPL6.2%

+17K(+3%)

APA0.0%

+16K(+137%)

BOXX0.2%

+14K(+68%)

Decreased

ET0.8%

-367,142(-26%)

PDLB0.1%

-133,210(-54%)

IVAL0.2%

-122,767(-42%)

WES0.6%

-112,173(-25%)

CSWC0.5%

-93,366(-15%)

AAVM0.3%

-85,233(-32%)

TX0.2%

-70,430(-44%)

ADT0.0%

-61,380(-53%)

QVAL0.5%

-56,132(-20%)

MPLX0.4%

-52,954(-24%)

Exited

-22,359

-4,945

-45,343

-22,000

-24,072

-15,954

-5,093

-8,262

-43,518

-31,174

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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