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Empirical Finance, LLC

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13F filer, CIK 1572838, NEWTOWN SQUARE, PA

Empirical Finance, LLC reported $2,100,398,754 across 506 holdings for the quarter ended 2025-09-30, in a 13F-HR filed 2025-11-13. Its ten largest share positions make up 36.85% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001572838-25-000012

Period
2025-09-30
Reported value
$2.1B
Holdings
506
Top 10 weight
36.85%
New
6
Sold out
8

Largest buys vs the previous quarter

SecurityShares changeApprox. value
TSMadded+16,504$4.61M
CVXadded+17,835$2.77M
ETadded+158,949$2.73M
MSadded+17,097$2.72M
AMZNadded+11,600$2.55M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
HESS CORPexited-16,772-$2.32M
BTIexited-48,681-$2.3M
IVALreduced-70,388-$2.12M
GOOGreduced-8,328-$2.03M
MOODreduced-54,116-$1.96M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q3 2025

Share positions as resolved from 13F-HR 0001572838-25-000012, largest first. % of portfolio is the value over $2,100,398,754, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
TFXTELEFLEX INCORPORATEDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,574 shares; 2024Q4: 1,566 shares; 2025Q1: 1,690 shares; 2025Q2: 1,690 shares; 2025Q3: 1,690 shares 1,690$207K0.01%0Timeline
ADAPYADAPTIMMUNE THERAPEUTICS PLC SQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 800,000 shares; 2025Q3: 800,000 shares 800,000$104K<0.01%0Timeline
IMPPIMPERIAL PETE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 15,383 shares; 2025Q3: 15,383 shares 15,383$73.5K<0.01%0Timeline
FLLFULL HSE RESORTS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 19,975 shares; 2025Q3: 19,975 shares 19,975$64.1K<0.01%0Timeline
LUMNLUMEN TECHNOLOGIES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 10,936 shares; 2024Q4: 10,301 shares; 2025Q1: 10,279 shares; 2025Q2: 10,247 shares; 2025Q3: 10,225 shares 10,225$62.6K<0.01%-22Timeline
STKSTHE ONE GROUP HOSPITALITY INQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 15,550 shares; 2025Q3: 15,550 shares 15,550$46K<0.01%0Timeline

Sold out in Q3 2025

Positions in the previous quarter's report that this quarter's report no longer lists.

SecurityShares beforeValue beforeType
HESS CORPHESS CORP16,772$2.32Mshares
BTIBRITISH AMERN TOB PLC48,681$2.3Mshares
CONTEXTLOGIC INCCONTEXTLOGIC INC184,517$1.26Mshares
WALGREENS BOOTS ALLIANCE INCWALGREENS BOOTS ALLIANCE INC26,503$304Kshares
PARAMOUNT GLOBALPARAMOUNT GLOBAL18,269$236Kshares
BBWIBATH & BODY WORKS INC7,714$231Kshares
ACLSAXCELIS TECHNOLOGIES INC3,300$230Kshares
CECELANESE CORP DEL3,654$202Kshares

How Q3 2025 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0001572838-25-000012 base2025-11-13acceptance time not in the bulk data set