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Livermore
Livermore
ZHEN

Empirical Asset Management, LLC

SEC CIK
0001926596
Latest filing
Aug 10, 2026

The latest 13F from Empirical Asset Management, LLC covers Q2 2026 (filed Aug 10, 2026): 448 long positions worth $444.0M. The top 10 holdings make up 19.6% of the portfolio, and the largest is Apple Inc. (AAPL) at 4.7%. Livermore has 19 filings on Form 13F from this institution, going back to Q4 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
114
Est. +$40.8M
Added
160
Est. +$31.5M
Reduced
157
Est. −$51.2M
Sold out
61
Est. −$18.9M

Top 5 holdings

Share of this quarter's portfolio value

  1. AAPLApple Inc.
    4.7%$20.8MHistory
  2. SPYSPDR S&P 500 ETF Trust
    2.6%$11.7MHistory
  3. NVDANVIDIA Corp
    2.2%$9.89MHistory
  4. SGOLabrdn Gold ETF Trust
    2.0%$8.86MHistory
  5. iShares Tr464287721
    1.8%$8.18M

Biggest buys

New and added positions, by estimated amount bought

  1. Sprott FDS Tr85208P402
    +$2.85MNew
  2. MUMicron Technology Inc
    +$2.62MAddedHistory
  3. PSLVSprott Physical Silver Trust
    +$2.30MNewHistory
  4. NVDANVIDIA Corp
    +$2.10MAddedHistory
  5. VanEck ETF Trust92189H805
    +$2.03MNew

Largest weight increases

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

  1. MUMicron Technology Inc
    +1.24 pp0.3% → 1.6%History
  2. Sprott FDS Tr85208P402
    +0.64 pp0.0% → 0.6%
  3. PSLVSprott Physical Silver Trust
    +0.52 pp0.0% → 0.5%History
  4. CSCOCisco Systems, Inc.
    +0.47 pp0.4% → 0.9%History
  5. VanEck ETF Trust92189H805
    +0.46 pp0.0% → 0.5%

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. Vanguard S&P 500 ETF922908363
    −$5.81MReduced
  2. Vanguard Morningstar Growth ETF922908736
    −$4.74MReducedConverted for a 6-for-1 split
  3. Uscf ETF Tr90290T809
    −$3.96MReduced
  4. SPYSPDR S&P 500 ETF Trust
    −$2.64MReducedHistory
  5. Vanguard Morningstar Mid-Cap ETF922908629
    −$2.40MReducedConverted for a 4-for-1 split

Largest weight decreases

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

  1. Uscf ETF Tr90290T809
    −1.34 pp2.6% → 1.2%
  2. SLViShares Silver Trust
    −0.95 pp1.8% → 0.8%History
  3. SPYSPDR S&P 500 ETF Trust
    −0.67 pp3.3% → 2.6%History
  4. METAMeta Platforms, Inc.
    −0.64 pp1.4% → 0.8%History
  5. XOMExxonMobil Holdings Corp
    −0.47 pp0.9% → 0.4%History

Metrics

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

Portfolio value
$444.0M
+$65.8M (+17.4%) vs. prior quarter
Positions
448
+53 vs. prior quarter
Top 10 concentration
19.6%
Top 10 as share of value
Turnover
17.0%
Q2 2026, one quarter
Average holding period
10.2 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 (Q4 2021), so positions held before then are understated.

13F filings by quarter

19 quarters, going back to Q4 2021. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $444.0M (Q2 2026)

Q4 2021: $103.6MQ1 2022: $105.2MQ2 2022: $94.9MQ3 2022: $91.7MQ4 2022: $95.0MQ1 2023: $104.5MQ2 2023: $113.0MQ3 2023: $114.8MQ4 2023: $122.6MQ1 2024: $207.3MQ2 2024: $265.8MQ3 2024: $280.9MQ4 2024: $301.7MQ1 2025: $293.4MQ2 2025: $323.4MQ3 2025: $360.1MQ4 2025: $354.5MQ1 2026: $378.2MQ2 2026: $444.0M
Q4 2021Q2 2026
13F filings of Empirical Asset Management, LLC by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Aug 10, 2026448$444.0MAAPLSPYNVDAvs. Q1 2026SEC
Q1 2026May 11, 2026395$378.2MAAPLSPYUscf ETF Trvs. Q4 2025SEC
Q4 2025Feb 6, 2026356$354.5MAAPLSPYSGOLvs. Q3 2025SEC
Q3 2025Nov 12, 2025368$360.1MAAPLSPYNVDAvs. Q2 2025SEC
Q2 2025Jul 29, 2025313$323.4MAAPLSPYNVDAvs. Q1 2025SEC
Q1 2025May 12, 2025301$293.4MAAPLSPYSGOLvs. Q4 2024SEC
Q4 2024Jan 15, 2025445$301.7MAAPLSPYNVDAvs. Q3 2024SEC
Q3 2024Oct 11, 2024308$280.9MAAPLSPYMSFTvs. Q2 2024SEC
Q2 2024Aug 12, 2024348$265.8MAAPLSPYMSFTvs. Q1 2024SEC
Q1 2024May 10, 2024275$207.3MAAPLMSFTHDvs. Q4 2023SEC
Q4 2023Jan 12, 2024176$122.6MRBB FD IncSGOLMSFTvs. Q3 2023SEC
Q3 2023Nov 1, 2023166$114.8MSPYRBB FD IncSGOLvs. Q2 2023SEC
Q2 2023Aug 1, 2023156$113.0MSPYRBB FD IncSGOLvs. Q1 2023SEC
Q1 2023Apr 18, 2023147$104.5MRBB FD IncSGOLSPYvs. Q4 2022SEC
Q4 2022Jan 31, 2023161$95.0MSGOLiShares TrWisdomTree Trvs. Q3 2022SEC
Q3 2022Oct 19, 2022146$91.7MSGOLiShares TrWisdomTree Trvs. Q2 2022SEC
Q2 2022Jul 18, 2022154$94.9MSGOLiShares TrWisdomTree Trvs. Q1 2022SEC
Q1 2022May 6, 2022145$105.2MSGOLiShares TrWisdomTree Trvs. Q4 2021SEC
Q4 2021May 6, 2022150$103.6MSPYSGOLiShares Tr–SEC