Empirical Finance, LLC

Q3 2025 13F-HR Holdings

Location
Newtown Square, PA
Holdings as of
9/30/2025
Date filed
11/13/2025
Form type
13F-HR
Num holdings
506
Total value ($000)
$2,100,399
Net value change ($000)
+190,206 (10.0%)
New positions
6
Sold out positions
8
Turnover %
0.5%
Sector allocation + QoQ delta (equities-only)
Prev filing: 8/11/2025 Next filing: 2/12/2026 SEC filing

Snapshot: Change Analysis

Compared to Q2 2025
Methodology: sector metrics are equities-only; instrument mix chart is ex-options; options exposure is shown separately. Why this matters.
Top Adds (Value $000, Stocks/ETFs)
AAPL 26,975 25.2%
NVDA 25,782 19.1%
GOOGL 13,948 38.3%
TSLA 10,879 41.6%
GOOGL 10,336 31.2%
AVGO 8,553 20.9%
MSFT 7,222 5.7%
TSM 5,706 121.3%
MS 3,534 55.6%
CVX 3,511 40.0%
Top Reduces (Value $000, Stocks/ETFs)
AHC -2,324 -100.0%
BTI -2,304 -100.0%
NFLX -1,955 -9.6%
MOOD -1,680 -56.1%
CAOS -1,369 -7.4%
ContextLogic Inc. -1,257 -100.0%
IVAL -1,121 -9.2%
CRM -1,117 -12.3%
ISRG -986 -14.9%
PM -986 -10.1%
Instrument mix + QoQ Δ (ex-options)
How this table is calculated: SEC VALUE ($000) is used as reported. For derivatives (PUT/CALL/WARRANT/RIGHT), SEC value represents reported underlying exposure, not premium cash paid/received. Column % is bucket-based: non-options share is calculated inside non-option total, options share is calculated inside options total. Details.
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Instrument:
Issuer Name Ticker Sector Industry Class History Value ($000) % Shares Shares Δ Shares Δ% Value Δ ($000) Value Δ% Principal Option Type