Institution

Empirical Financial Services, LLC D.B.A. Empirical Wealth Management

13F for the quarter to June 30, 2026, filed July 15, 2026 · SEC CIK 1510434

Reported value: $6.8bn
Positions we cover: 730
Copy, a year: +15.6%
Copy Sharpe ratio: 0.75

How copying its 13F would have done

CopyS&P 500 $10,000 copying Empirical Financial Services, LLC D.B.A. Empirical Wealth Management's filed holdings in companies we cover from August 14, 2020, buying on the first trading day after each 13F was filed and holding until the next, against the S&P 500 (total return). Marked weekly, log scale. Before costs and taxes; misses trading within each quarter and anything 13F does not show (shorts, cash, bonds, non-US holdings).

Biggest drop −24.5% (S&P 500 −23.9%); beta 1.03; alpha −0.2% a year (t = −0.12); last 12 months +13.4% against +12.1%.

Reported value by quarter

Empirical Financial Services, LLC D.B.A. Empirical Wealth Management: 13F reported value Total value of all positions in each quarter's 13F, as filed (values before 2023 were filed in thousands of dollars and are converted).

View chart data

Period	Reported value
2020-06-30	$1.1B
2020-09-30	$1.2B
2020-12-31	$1.3B
2021-03-31	$1.2B
2021-06-30	$1.7B
2021-09-30	$1.8B
2021-12-31	$2B
2022-03-31	$2B
2022-06-30	$1.9B
2022-09-30	$1.9B
2022-12-31	$2.1T
2023-03-31	$2.3B
2023-06-30	$2.5B
2023-09-30	$2.5B
2023-12-31	$2.9B
2024-03-31	$3.2B
2024-06-30	$3.3B
2024-09-30	$3.5B
2024-12-31	$3.7B
2025-03-31	$3.9B
2025-06-30	$4.4B
2025-09-30	$5B
2025-12-31	$5.6B
2026-03-31	$5.8B
2026-06-30	$6.8B

Holdings and moves

Company	Share of portfolio	Value	Shares	Change in shares
NVDANVIDIA Corporation	6.04%	$412.3m	2.06M	+5.3% Added
AAPLApple Inc.	2.63%	$179.6m	620.7K	+1.4% Added
MSFTMicrosoft Corporation	1.25%	$85.6m	229.5K	+4.0% Added
AMZNAmazon	1.10%	$74.8m	313.9K	+6.2% Added
METAMeta Platforms	0.90%	$61.6m	109.4K	+3.3% Added
CSCOCisco	0.83%	$56.5m	481.1K	+1.1% Added
AVGOBroadcom	0.58%	$39.8m	105.4K	+6.8% Added
MUMicron Technology	0.54%	$36.9m	31.9K	−1.5% Reduced
TSLATesla, Inc.	0.53%	$36.0m	85.7K	+8.8% Added
DELLDell Technologies	0.53%	$35.9m	83.2K	−3.1% Reduced
LRCXLam Research	0.47%	$32.1m	74.0K	−2.2% Reduced
GOOGLAlphabet Inc. (Class A)	0.47%	$31.9m	89.4K	+6.0% Added
AMDAdvanced Micro Devices	0.46%	$31.1m	53.6K	−3.5% Reduced
JPMJPMorgan Chase	0.43%	$29.6m	90.6K	+4.3% Added
MOAltria	0.39%	$26.8m	371.8K	+3.5% Added
BNYBNY Mellon	0.38%	$25.9m	179.3K	+3.0% Added
WDCWestern Digital	0.38%	$25.9m	40.6K	−9.6% Reduced
GLWCorning Inc.	0.36%	$24.3m	95.2K	−8.5% Reduced
CMICummins	0.35%	$23.8m	33.3K	−2.3% Reduced
JNJJohnson & Johnson	0.34%	$22.9m	90.0K	+0.9% Added
COSTCostco	0.32%	$22.1m	23.6K	+9.9% Added
LLYLilly (Eli)	0.30%	$20.3m	17.0K	+4.0% Added
WMTWalmart	0.29%	$20.1m	177.2K	+0.6% Added
AMATApplied Materials	0.29%	$19.9m	27.6K	+2.9% Added
PWRQuanta Services	0.27%	$18.1m	25.1K	−1.9% Reduced
CATCaterpillar Inc.	0.25%	$17.1m	16.0K	−1.3% Reduced
IBMIBM	0.25%	$16.9m	60.2K	+5.4% Added
PMPhilip Morris International	0.25%	$16.9m	93.2K	+2.5% Added
INTCIntel	0.22%	$14.7m	105.5K	−5.9% Reduced
ADPAutomatic Data Processing	0.21%	$14.4m	64.3K	+26.2% Added
VVisa Inc.	0.20%	$13.6m	39.5K	+11.0% Added
ADIAnalog Devices	0.19%	$13.2m	33.2K	−2.4% Reduced
HPEHewlett Packard Enterprise	0.19%	$13.0m	288.2K	+1.8% Added
TXNTexas Instruments	0.17%	$11.8m	39.4K	−3.8% Reduced
SCHWCharles Schwab Corporation	0.17%	$11.6m	125.7K	+8.1% Added
UALUnited Airlines Holdings	0.17%	$11.3m	82.8K	+7.2% Added
OZBelpointe Prep, LLC	0.16%	$10.9m	241.0K	−2.3% Reduced
TAT&T	0.16%	$10.8m	522.4K	+1.1% Added
GILDGilead Sciences	0.16%	$10.6m	84.2K	−2.1% Reduced
TJXTJX Companies	0.15%	$10.4m	68.8K	+6.7% Added
CVXChevron Corporation	0.15%	$10.4m	62.7K	+0.8% Added
TSMTaiwan Semiconductor Manufacturing Co LTD	0.15%	$10.1m	21.2K	+0.5%
ABBVAbbVie	0.14%	$9.8m	39.1K	+2.9% Added
ETNEaton Corporation	0.14%	$9.8m	23.0K	+2.7% Added
PGProcter & Gamble	0.14%	$9.8m	66.6K	+2.7% Added
AZOAutoZone	0.14%	$9.7m	3.0K	+7.1% Added
PAYXPaychex	0.14%	$9.6m	97.6K	+39.7% Added
RTXRTX Corporation	0.14%	$9.4m	49.6K	+7.3% Added
NFLXNetflix	0.14%	$9.4m	131.7K	+6.9% Added
ANETArista Networks	0.13%	$9.1m	53.9K	+29.5% Added
HDThe Home Depot	0.12%	$8.4m	23.7K	+0.1%
ORCLOracle Corporation	0.11%	$7.7m	52.6K	−1.9% Reduced
MCKMcKesson	0.11%	$7.7m	10.2K	+2.2% Added
ORLYO'Reilly Automotive	0.11%	$7.4m	80.1K	+14.7% Added
NEMNewmont	0.11%	$7.2m	77.5K	−1.8% Reduced
MPWRMonolithic Power Systems, Inc.	0.10%	$7.1m	5.1K	−2.4% Reduced
QCOMQualcomm	0.10%	$6.7m	36.5K	+7.5% Added
BACBank of America	0.10%	$6.5m	114.8K	+3.2% Added
EMEEmcor	0.09%	$6.3m	7.6K	−1.3% Reduced
MRKMerck & Co.	0.09%	$6.3m	48.8K	+8.0% Added
BKRBaker Hughes	0.09%	$6.2m	112.2K	−1.4% Reduced
GEGE Aerospace	0.09%	$6.2m	16.5K	−18.9% Reduced
TMUST-Mobile US	0.09%	$5.8m	34.6K	+1.7% Added
GEVGE Vernova	0.08%	$5.7m	4.9K	−11.0% Reduced
GRMNGarmin	0.08%	$5.7m	23.8K	+1.0% Added
MCDMcDonald's	0.08%	$5.6m	20.6K	+4.7% Added
KOThe Coca-Cola Company	0.08%	$5.5m	67.3K	+14.4% Added
KLACKLA Corporation	0.08%	$5.4m	17.9K	+971.7% Added
LPLALPL Financial Holdings Inc.	0.08%	$5.4m	19.0K	+11.1% Added
MAMastercard	0.08%	$5.3m	10.4K	+8.0% Added
SBUXStarbucks	0.08%	$5.3m	52.1K	+4.4% Added
SANMSanmina Corp	0.08%	$5.3m	20.8K	+10.5% Added
BLKBlackRock	0.08%	$5.2m	5.5K	+0.7% Added
AXPAmerican Express	0.08%	$5.2m	15.5K	+10.7% Added
CAHCardinal Health	0.08%	$5.2m	22.0K	−1.8% Reduced
COLBColumbia Banking System, Inc.	0.07%	$5.1m	157.7K	New
ETREntergy	0.07%	$5.0m	43.7K	−0.1%
STTState Street Corporation	0.07%	$5.0m	29.4K	+6.7% Added
BMYBristol Myers Squibb	0.07%	$5.0m	86.2K	+4.0% Added
PANWPalo Alto Networks	0.07%	$4.8m	14.2K	+1.1% Added
PHParker Hannifin	0.07%	$4.8m	4.9K	+1.2% Added
AMGNAmgen	0.07%	$4.7m	13.1K	+10.6% Added
HIGThe Hartford	0.07%	$4.7m	35.7K	+6.4% Added
GSGoldman Sachs	0.07%	$4.7m	4.6K	+4.8% Added
KRKroger	0.07%	$4.6m	83.2K	+5.2% Added
ACGLArch Capital Group	0.07%	$4.5m	46.7K	−0.4%
DALDelta Air Lines	0.07%	$4.5m	48.0K	+12.2% Added
DEDeere & Company	0.07%	$4.5m	7.1K	−2.1% Reduced
WECWEC Energy Group	0.06%	$4.3m	36.7K	0.0%
WRBW. R. Berkley Corporation	0.06%	$4.2m	59.7K	+49.9% Added
ACMRACM Research, Inc.	0.06%	$4.2m	33.2K	+41.5% Added
NTCTNetscout Systems Inc	0.06%	$4.1m	94.6K	+1.1% Added
BABoeing	0.06%	$4.1m	18.9K	−1.3% Reduced
AIGAmerican International Group	0.06%	$3.8m	50.4K	+19.0% Added
DUKDuke Energy	0.05%	$3.7m	29.1K	+8.0% Added
KEYSKeysight Technologies	0.05%	$3.7m	10.5K	+7.1% Added
CPNGCoupang, Inc.	0.05%	$3.6m	208.6K	−0.1%
DHRDanaher Corporation	0.05%	$3.5m	18.4K	+1.0% Added
MSMorgan Stanley	0.05%	$3.5m	16.7K	−2.9% Reduced
VZVerizon	0.05%	$3.4m	80.6K	+17.9% Added
SCCOSouthern Copper Corp/	0.05%	$3.4m	19.5K	−0.8% Reduced
CCitigroup	0.05%	$3.4m	24.1K	+14.8% Added
CRHCRH plc	0.05%	$3.4m	31.4K	+6.9% Added
NTBBank Of N.t. Butterfield & Son Ltd	0.05%	$3.3m	56.2K	+11.0% Added
NVRNVR, Inc.	0.05%	$3.3m	489	−7.4% Reduced
ASMLAsml Holding NV	0.05%	$3.3m	1.6K	+25.7% Added
PLTRPalantir Technologies Inc.	0.05%	$3.2m	27.8K	−14.9% Reduced
SNASnap-on	0.04%	$3.1m	7.6K	+33.1% Added
GDGeneral Dynamics	0.04%	$3.0m	8.6K	+9.5% Added
PEPPepsiCo	0.04%	$3.0m	21.9K	+14.9% Added
WFCWells Fargo	0.04%	$2.9m	35.3K	+4.4% Added
UNPUnion Pacific Corporation	0.04%	$2.9m	10.7K	+14.8% Added
CMECME Group	0.04%	$2.8m	12.8K	+4.5% Added
FISVFiserv	0.04%	$2.8m	57.7K	+11.6% Added
ABTAbbott Laboratories	0.04%	$2.8m	30.8K	−4.5% Reduced
NEENextEra Energy	0.04%	$2.8m	31.6K	+6.1% Added
LOARLoar Holdings Inc.	0.04%	$2.7m	33.7K	0.0%
WMBWilliams Companies	0.04%	$2.7m	36.3K	−11.1% Reduced
EWEdwards Lifesciences	0.04%	$2.7m	29.6K	+28.0% Added
JBLJabil	0.04%	$2.7m	6.9K	+11.4% Added
USBU.S. Bancorp	0.04%	$2.6m	42.3K	+13.7% Added
WRLDWorld Acceptance Corp	0.04%	$2.5m	11.3K	+23.7% Added
CPCanadian Pacific Kansas City LTD	0.04%	$2.5m	29.2K	−5.2% Reduced
NDAQNasdaq, Inc.	0.04%	$2.4m	30.7K	+6.9% Added
RELYRemitly Global, Inc.	0.04%	$2.4m	107.9K	−16.8% Reduced
AXSAxis Capital Holdings LTD	0.04%	$2.4m	22.0K	+14.3% Added
FLEXFlex Ltd.	0.03%	$2.3m	14.5K	−7.8% Reduced
LAURLaureate Education, Inc.	0.03%	$2.2m	61.0K	+11.8% Added
CLColgate-Palmolive	0.03%	$2.2m	24.1K	+21.9% Added
LINLinde plc	0.03%	$2.2m	4.2K	+9.5% Added
UBERUber	0.03%	$2.2m	30.2K	−3.0% Reduced
AAgilent Technologies	0.03%	$2.2m	16.4K	+23.8% Added
AUAnglogold Ashanti PLC	0.03%	$2.2m	26.7K	−3.3% Reduced
INBXInhibrx Biosciences, Inc.	0.03%	$2.1m	22.6K	0.0%
BEBloom Energy	0.03%	$2.1m	7.0K	+4.7% Added
SMCISupermicro	0.03%	$2.1m	72.4K	+28.0% Added
EOGEOG Resources	0.03%	$2.1m	16.3K	+2.7% Added
PHMPulteGroup	0.03%	$2.1m	15.4K	−5.7% Reduced
FASTFastenal	0.03%	$2.1m	43.9K	+17.6% Added
COFCapital One	0.03%	$2.1m	10.4K	+6.8% Added
TMOThermo Fisher Scientific	0.03%	$2.1m	4.2K	+6.0% Added
DISThe Walt Disney Company	0.03%	$2.1m	21.6K	+2.0% Added
WELLWelltower	0.03%	$2.1m	9.1K	+10.4% Added
CRDOCredo Technology Group Holding Ltd	0.03%	$2.1m	7.6K	+32.0% Added
CCLCarnival Corporation	0.03%	$2.0m	71.4K	New
LOWLowe's	0.03%	$2.0m	9.2K	−9.3% Reduced
LNGCheniere Energy, Inc.	0.03%	$2.0m	8.4K	−0.8% Reduced
STXSeagate Technology	0.03%	$2.0m	2.1K	+73.6% Added
ROKRockwell Automation	0.03%	$1.9m	3.9K	+23.5% Added
AEPAmerican Electric Power	0.03%	$1.9m	14.2K	+3.3% Added

Company	Bought (value)	Shares
NVDANVIDIA Corporation	$20.6m	103.0K
COLBColumbia Banking System, Inc.	$5.1m	157.7K
KLACKLA Corporation	$4.9m	16.3K
AMZNAmazon	$4.4m	18.3K
MSFTMicrosoft Corporation	$3.3m	8.8K
ADPAutomatic Data Processing	$3.0m	13.4K
TSLATesla, Inc.	$2.9m	6.9K
PAYXPaychex	$2.7m	27.8K
AVGOBroadcom	$2.5m	6.7K
AAPLApple Inc.	$2.4m	8.3K
ANETArista Networks	$2.1m	12.3K
CCLCarnival Corporation	$2.0m	71.4K
COSTCostco	$2.0m	2.1K
METAMeta Platforms	$2.0m	3.5K
GOOGLAlphabet Inc. (Class A)	$1.8m	5.0K

Change in shares on the previous quarter's 13F, valued at this quarter's reported price.

Company	Sold (value)	Shares
ADBEAdobe Inc.	−$3.5m	−17.3K
FTNTFortinet	−$3.5m	−22.6K
WDCWestern Digital	−$2.7m	−4.3K
GLWCorning Inc.	−$2.3m	−8.8K
GEGE Aerospace	−$1.4m	−3.8K
AMDAdvanced Micro Devices	−$1.1m	−2.0K
DELLDell Technologies	−$1.1m	−2.6K
INTCIntel	−$917,785	−6.6K
INGRIngredion Inc	−$843,373	−7.5K
LRCXLam Research	−$718,894	−1.7K
GEVGE Vernova	−$710,788	−605
CDNSCadence Design Systems Inc	−$676,703	−1.8K
PLTRPalantir Technologies Inc.	−$569,350	−4.9K
CMICummins	−$559,165	−784
MUMicron Technology	−$548,282	−475

Change in shares on the previous quarter's 13F, valued at this quarter's reported price.

Company	Value last quarter	Shares
INGRIngredion Inc	$843,373	7.5K
GGGGraco Inc	$468,792	5.5K
SAMBoston Beer Co Inc	$465,178	2.0K
GAPGAP Inc	$424,638	17.5K
LOPEGrand Canyon Education, Inc.	$405,352	2.4K
TTDTrade Desk, Inc.	$373,138	16.4K
APAAPA Corporation	$360,146	8.5K
EPAMEPAM Systems, Inc.	$316,295	2.3K
MGMMGM Resorts	$309,035	8.3K
AWIArmstrong World Industries Inc	$306,528	1.9K
TIGOMillicom International Cellular SA	$290,093	3.9K
AMTAmerican Tower	$289,418	1.7K
DINOHF Sinclair Corp	$287,743	4.6K
ALLEAllegion	$275,035	1.9K
CLXClorox	$269,646	2.6K
AMXAmerica Movil SAB DE Cv/	$263,286	10.3K
MLIMueller Industries Inc	$261,156	2.4K
LDOSLeidos	$253,810	1.6K
AXTAAxalta Coating Systems Ltd.	$248,497	9.0K
STLDSteel Dynamics	$246,600	1.4K
DECKDeckers Brands	$238,716	2.4K
CNXCConcentrix Corp	$234,367	8.6K
PNRPentair	$228,751	2.6K
WEXWEX Inc.	$224,204	1.5K
FLSFlowserve Corp	$221,634	3.0K
BURLBurlington Stores, Inc.	$218,331	671
SUISUN Communities Inc	$216,652	1.7K
SGISomnigroup International Inc.	$210,673	2.9K
GTMZoominfo Technologies Inc.	$207,943	34.8K
FISFidelity National Information Services	$206,030	4.4K

Technology49.2%
Industrials9.9%
Financials9.7%
Consumer Discretionary8.7%
Health Care6.0%
Communication Services5.6%
Consumer Staples5.1%
Utilities1.5%
Energy1.5%
Materials1.5%
Real Estate1.4%

Share of the value held in companies we cover, by sector.

Period	Copy, a year	S&P 500	Sharpe	S&P 500	Biggest drop	Beta
Whole backtestAugust 14, 2020 to November 2, 2026	+15.6%	+15.5%	0.75	0.78	−24.5%	1.03
Last three yearsNovember 3, 2023 to November 2, 2026	+22.6%	+21.8%	1.12	1.16	−17.7%	1.06
Last yearNovember 7, 2025 to November 2, 2026	+15.9%	+14.2%	0.86	0.84	−7.7%	1.07

From SEC Form 13F data sets. A 13F lists long positions in US-listed shares at the quarter's end, filed up to 45 days later; it does not show shorts, cash, bonds, non-US holdings or trades within the quarter. Positions in companies outside our coverage are not listed here. Research, not investment advice.