1y return+19.7%S&P 500 +20.9%
3y return+64.5%S&P 500 +68.5%
5y return+63.0%S&P 500 +74.5%
These returns are for its stock picks as disclosed on Form 13F: last quarter's holdings, valued at this quarter's prices. They miss trades within each quarter, short positions, options, bonds, cash and fees, so they aren't the returns its clients got.
$100 invested in its stock picks
Since December 31, 2016: $235 against $334 in the S&P 500.2
Empirical Finance, LLCS&P 500 (SPY)
Top holdings
At the end of June 30, 2026. Change is in shares since the quarter before.2
| Stock | Value | Share of portfolio | Change |
|---|---|---|---|
| NVDANvidia Corporation | $169.0M | 7.0% | +3.5% |
| AAPLApple Inc | $150.0M | 6.2% | +3.4% |
| MSFTMicrosoft Corp | $94.9M | 3.9% | +3.5% |
| AMZNAmazon Com Inc | $88.6M | 3.7% | −1.4% |
| GOOGAlphabet Inc | $78.4M | 3.3% | −5.1% |
| GOOGLAlphabet Inc | $73.0M | 3.0% | +3.5% |
| AVGOBroadcom Inc | $56.3M | 2.3% | +4.1% |
| MUMicron Technology Inc | $44.1M | 1.8% | +3.4% |
| METAMeta Platforms Inc | $43.4M | 1.8% | +3.5% |
| TSLATesla Inc | $34.9M | 1.4% | +4.4% |
| JPMJpmorgan Chase & Co | $33.8M | 1.4% | +3.1% |
| LLYEli Lilly & Co | $33.0M | 1.4% | +3.4% |
| AMDAdvanced Micro Devices Inc | $32.5M | 1.4% | +3.5% |
| TSMTaiwan Semiconductor Manufac | $29.7M | 1.2% | −34.7% |
| BRK/BBerkshire Hathaway Inc Del | $26.2M | 1.1% | +4.4% |
| JNJJohnson & Johnson | $21.6M | 0.9% | +3.4% |
| Exxon Mobil CorpCUSIP 30231G102 | $21.4M | 0.9% | +3.2% |
| AMATApplied Matls Inc | $21.2M | 0.9% | +3.1% |
| CATCaterpillar Inc | $20.9M | 0.9% | +2.7% |
| INTCIntel Corp | $20.6M | 0.9% | +4.0% |
| LRCXLam Research Corp | $20.1M | 0.8% | +3.1% |
| ETEnergy Transfer L P | $19.8M | 0.8% | −26.1% |
| CSCOCisco Sys Inc | $17.6M | 0.7% | +3.2% |
| WMTWalmart Inc | $16.7M | 0.7% | +3.8% |
| VVisa Inc | $15.6M | 0.6% | +4.8% |
Best picks still held
How each current holding has done since the quarter it first appeared in its filings (up to six years back).
| Stock | Held since | Return since | Now worth |
|---|---|---|---|
| NVDANvidia Corporation | June 30, 2020 | +2006.7% | $169.0M |
| AVGOBroadcom Inc | June 30, 2020 | +1096.9% | $56.3M |
| AMATApplied Matls Inc | June 30, 2020 | +1096.1% | $21.2M |
| AMDAdvanced Micro Devices Inc | June 30, 2020 | +1004.1% | $32.5M |
| CATCaterpillar Inc | June 30, 2020 | +741.8% | $20.9M |
| LLYEli Lilly & Co | June 30, 2020 | +630.6% | $33.0M |
| LRCXLam Research Corp | December 31, 2024 | +499.9% | $20.1M |
| GOOGAlphabet Inc | June 30, 2020 | +399.9% | $78.4M |
| GEGe Aerospace | September 30, 2021 | +262.7% | $14.1M |
| JPMJpmorgan Chase & Co | June 30, 2020 | +248.0% | $33.8M |
Sold off last quarter
- Honeywell Intl IncCUSIP 438516106 was $5.1M
- GLDSpdr Gold Tr was $2.1M
- ATNIAtn Intl Inc was $1.2M
- ALLYAlly Finl Inc was $863K
- CTRACoterra Energy Inc was $846K
- Dupont De Nemours IncCUSIP 26614N102 was $731K
- Hologic IncCUSIP 436440101 was $625K
- ALSNAllison Transmission Hldgs I was $596K
- CRMTAmericas Car-mart Inc was $554K
- BOXAEa Series Trust was $526K
Quarter by quarter
| Quarter | Its picks | S&P 500 |
|---|---|---|
| June 30, 2026 | +11.3% | +14.8% |
| March 31, 2026 | −3.3% | −4.6% |
| December 31, 2025 | +3.0% | +2.4% |
| September 30, 2025 | +8.0% | +7.8% |
| June 30, 2025 | +10.1% | +10.5% |
| March 31, 2025 | −4.8% | −4.6% |
| December 31, 2024 | +1.6% | +2.1% |
| September 30, 2024 | +5.0% | +5.4% |
| June 30, 2024 | +3.5% | +4.0% |
| March 31, 2024 | +10.6% | +10.0% |
| December 31, 2023 | +10.4% | +11.2% |
| September 30, 2023 | −2.8% | −3.6% |
| June 30, 2023 | +7.5% | +8.3% |
| March 31, 2023 | +6.5% | +7.0% |
| December 31, 2022 | +7.4% | +7.1% |
| September 30, 2022 | −4.9% | −5.3% |
| June 30, 2022 | −16.2% | −16.5% |
| March 31, 2022 | −4.6% | −4.9% |
| December 31, 2021 | +7.7% | +10.7% |
| September 30, 2021 | −1.6% | +0.3% |
Sources
Every number on this page points here. Each one links to the public record.
- 1SEC EDGAR: Empirical Finance, LLC Form 13F filingshttps://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1572838&type=13F-HR&dateb=&owner=include&count=40CIK 1572838
- 2SEC: 13F for the quarter ended June 30, 2026https://www.sec.gov/Archives/edgar/data/1572838/000157283826000007/Filed August 14, 2026 · accession 0001572838-26-000007