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Livermore
Livermore
ZHEN

Empirical Finance, LLC

SEC CIK
0001572838
Latest filing
Aug 14, 2026

The latest 13F from Empirical Finance, LLC covers Q2 2026 (filed Aug 14, 2026): 505 long positions worth $2.41B. The top 10 holdings make up 34.6% of the portfolio, and the largest is NVIDIA Corp (NVDA) at 7.0%. Livermore has 25 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q2 2026

Share counts compared with Q1 2026: how many positions were new, added to, reduced or sold out, and the biggest buys and sells. Dollar amounts are estimated at the quarter-end prices implied by the filing.

Full comparison
New
38
Est. +$24.7M
Added
379
Est. +$84.6M
Reduced
81
Est. −$113.9M
Sold out
16
Est. −$14.3M

Top 5 holdings

Share of this quarter's portfolio value

  1. NVDANVIDIA Corp
    7.0%$169.0MHistory
  2. AAPLApple Inc.
    6.2%$150.0MHistory
  3. MSFTMicrosoft Corp
    3.9%$94.9MHistory
  4. AMZNAmazon Com Inc
    3.7%$88.6MHistory
  5. GOOGAlphabet Inc.
    3.3%$78.4MHistory

Biggest buys

New and added positions, by estimated amount bought

  1. DLTRDollar Tree, Inc.
    +$8.05MAddedHistory
  2. NVDANVIDIA Corp
    +$5.74MAddedHistory
  3. AAPLApple Inc.
    +$4.96MAddedHistory
  4. MSFTMicrosoft Corp
    +$3.24MAddedHistory
  5. HONHoneywell International Inc
    +$2.58MNewHistory

Largest weight increases

New and added positions, by percentage points of the portfolio gained

  1. MUMicron Technology Inc
    +1.25 pp0.6% → 1.8%History
  2. AMDAdvanced Micro Devices Inc
    +0.84 pp0.5% → 1.4%History
  3. INTCIntel Corp
    +0.56 pp0.3% → 0.9%History
  4. AMATApplied Materials Inc
    +0.42 pp0.5% → 0.9%History
  5. LRCXLam Research Corp
    +0.38 pp0.5% → 0.8%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. TSMTaiwan Semiconductor Manufacturing Co Ltd
    −$15.8MReducedHistory
  2. ETEnergy Transfer LP
    −$7.02MReducedHistory
  3. Vanguard Morningstar Total Stock Market ETF922908769
    −$5.62MReduced
  4. HONHoneywell International Inc
    −$5.05MSold outHistory
  5. WESWestern Midstream Partners, LP
    −$4.91MReducedHistory

Largest weight decreases

Reduced and sold-out positions, by percentage points of the portfolio lost

  1. ETEnergy Transfer LP
    −0.45 pp1.3% → 0.8%History
  2. OMABCentral North Airport Group
    −0.31 pp0.9% → 0.6%History
  3. Ea Series Trust02072L516
    −0.28 pp0.8% → 0.5%
  4. TSMTaiwan Semiconductor Manufacturing Co Ltd
    −0.28 pp1.5% → 1.2%History
  5. PACPacific Airport Group
    −0.28 pp0.9% → 0.6%History

Metrics

13F metrics for Q2 2026, computed only from the numbers in the filings. Definitions below.

Portfolio value
$2.41B
+$277.1M (+13.0%) vs. prior quarter
Positions
505
+22 vs. prior quarter
Top 10 concentration
34.6%
Top 10 as share of value
Turnover
4.8%
Q2 2026, one quarter
Average holding period
18.7 quarters
Weighted by value

How these are calculated

  • Portfolio value: the market value of all long positions in the 13F, as reported at quarter end, excluding options.
  • Top 10 concentration: the combined value of the 10 largest positions as a share of portfolio value.
  • Turnover: the smaller of this quarter's estimated purchases and estimated sales, divided by the average of this and last quarter's portfolio value. Estimates multiply the change in shares by the quarter-end price implied by the filing (market value divided by shares); new positions use this quarter's value and sold-out positions last quarter's. Only positions reported in shares count, and it is not calculated when the previous quarter was not filed.
  • Average holding period: how many consecutive quarters each current position has been held (including this one; a quarter without the position or without a filing starts the count over), weighted by this quarter's value. Counting starts with the first 13F in Livermore (Q1 2021), so positions held before then are understated.

13F filings by quarter

22 quarters, going back to Q1 2021. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $2.41B (Q2 2026)

Q1 2021: $568.6MQ2 2021: $613.4MQ3 2021: $663.4MQ4 2021: $846.9MQ1 2022: $892.8MQ2 2022: $784.6MQ3 2022: $843.2MQ4 2022: $965.9MQ1 2023: $1.07BQ2 2023: $1.29BQ3 2023: $1.36BQ4 2023: $1.43BQ1 2024: $1.63BQ2 2024: $1.60BQ3 2024: $1.72BQ4 2024: $1.73BQ1 2025: $1.66BQ2 2025: $1.91BQ3 2025: $2.10BQ4 2025: $2.10BQ1 2026: $2.13BQ2 2026: $2.41B
Q1 2021Q2 2026
13F filings of Empirical Finance, LLC by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Aug 14, 2026505$2.41BNVDAAAPLMSFTvs. Q1 2026SEC
Q1 2026May 15, 2026Amended483$2.13BNVDAAAPLMSFTvs. Q4 2025SEC
Q4 2025Feb 12, 2026481$2.10BNVDAAAPLGOOGvs. Q3 2025SEC
Q3 2025Nov 13, 2025506$2.10BNVDAAAPLMSFTvs. Q2 2025SEC
Q2 2025Aug 11, 2025508$1.91BNVDAMSFTAAPLvs. Q1 2025SEC
Q1 2025May 7, 2025504$1.66BAAPLMSFTNVDAvs. Q4 2024SEC
Q4 2024Jan 28, 2025500$1.73BAAPLNVDAMSFTvs. Q3 2024SEC
Q3 2024Nov 6, 2024502$1.72BAAPLMSFTNVDAvs. Q2 2024SEC
Q2 2024Jul 30, 2024502$1.60BMSFTAAPLNVDAvs. Q1 2024SEC
Q1 2024May 6, 2024514$1.63BMSFTAAPLNVDAvs. Q4 2023SEC
Q4 2023Feb 14, 2024513$1.43BAAPLMSFTAMZNvs. Q3 2023SEC
Q3 2023Nov 2, 2023510$1.36BAAPLMSFTAMZNvs. Q2 2023SEC
Q2 2023Jul 27, 2023509$1.29BAAPLMSFTAMZNvs. Q1 2023SEC
Q1 2023Apr 5, 2023496$1.07BAAPLMSFTAlpha Architect ETF Trvs. Q4 2022SEC
Q4 2022Feb 21, 2023Amended493$965.9MAAPLMSFTAlpha Architect ETF Trvs. Q3 2022SEC
Q3 2022Nov 4, 2022480$843.2MAAPLMSFTAlpha Architect ETF Trvs. Q2 2022SEC
Q2 2022Aug 1, 2022466$784.6MAAPLMSFTAlpha Architect ETF Trvs. Q1 2022SEC
Q1 2022Apr 21, 2022479$892.8MAAPLMSFTAlpha Architect ETF Trvs. Q4 2021SEC
Q4 2021Feb 4, 2022463$846.9MAAPLMSFTAlpha Architect ETF Trvs. Q3 2021SEC
Q3 2021Nov 12, 2021418$663.4MAlpha Architect ETF TrAlpha Architect ETF TrAlpha Architect ETF Trvs. Q2 2021SEC
Q2 2021Aug 10, 2021Amended403$613.4MAlpha Architect ETF TrAlpha Architect ETF TrAAPLvs. Q1 2021SEC
Q1 2021May 13, 2021325$568.6MAlpha Architect ETF TrAlpha Architect ETF TrAlpha Architect ETF Tr–SEC