Latest Empirical Financial Services, LLC d.b.a. Empirical Stock Portfolio

Empirical Financial Services, LLC d.b.a. Empirical Performance:

2025 Q4: 0.06%YTD: 13.15%2024: 10.48%

Performance for 2025 Q4 is 0.06%, and YTD is 13.15%, and 2024 is 10.48%.

About Empirical Financial Services, LLC d.b.a. Empirical and 13F Hedge Fund Stock Holdings

Empirical Financial Services, LLC d.b.a. Empirical Wealth Management is a hedge fund based in SEATTLE, WA. On 23-Aug-2023, the fund reported that it had an AUM (Regulated Assets under Management) of $4.2 Billions. In it's latest 13F Holdings report, Empirical Financial Services, LLC d.b.a. Empirical Wealth Management reported an equity portfolio of $5.6 Billions as of 31 Dec, 2025.

The top stock holdings of Empirical Financial Services, LLC d.b.a. Empirical Wealth Management are IBCE, NVDA, ACWF. The fund has invested 6.2% of it's portfolio in ISHARES TR and 5.8% of portfolio in NVIDIA CORPORATION.

The fund managers got completely rid off INVESCO EXCH TRD SLF IDX FD (BSAE), CATHAY GEN BANCORP (CATY) and UFP INDUSTRIES INC (UFPI) stocks. They significantly reduced their stock positions in CAVCO INDS INC DEL (CVCO), PIPER SANDLER COMPANIES (PIPR) and OMEROS CORP (OMER). Empirical Financial Services, LLC d.b.a. Empirical Wealth Management opened new stock positions in ADVISORS SER TR (EATV), INVESCO EXCH TRD SLF IDX FD (IIGD) and PROFESIONALLY MANAGED PORTFO. The fund showed a lot of confidence in some stocks as they added substantially to WISDOMTREE TR (DWMF), NETFLIX INC (NFLX) and BANCO SANTANDER SA.

Empirical Financial Services, LLC d.b.a. Empirical Annual Return Estimates Vs S&P 500

Our best estimate is that Empirical Financial Services, LLC d.b.a. Empirical Wealth Management made a return of 0.06% in the last quarter. In trailing 12 months, it's portfolio return was 13.15%.

Performance
S&P 500

New Buys

Ticker	$ Bought
advisors ser tr	6,559,080
invesco exch trd slf idx fd	3,097,750
profesionally managed portfo	1,769,690
keysight technologies inc	1,693,590
avista corp	1,086,370
vanguard bd index fds	1,037,850
hamilton insurance group ltd	907,336
photronics inc	749,056

New stocks bought by Empirical Financial Services, LLC d.b.a. Empirical

Additions

Ticker	% Inc.
wisdomtree tr	15,576
netflix inc	868
banco santander sa	470
haleon plc	375
servicenow inc	327
dupont de nemours inc	311
agilent technologies inc	288
ase technology hldg co ltd	273

Additions to existing portfolio by Empirical Financial Services, LLC d.b.a. Empirical

Reductions

Ticker	% Reduced
metrocity bankshares inc	-63.91
carrier global corporation	-54.43
paypal hldgs inc	-53.73
schwab strategic tr	-52.6
resmed inc	-46.78
m & t bk corp	-46.53
lockheed martin corp	-43.3
canadian pacific kansas city	-42.65

Empirical Financial Services, LLC d.b.a. Empirical reduced stake in above stock

Sold off

None of the stocks were completely sold off by Empirical Financial Services, LLC d.b.a. Empirical

Sector Distribution

Empirical Financial Services, LLC d.b.a. Empirical Wealth Management has about 65.4% of it's holdings in Others sector.

Sector	%
Others	65.4
Technology	16
Consumer Cyclical	3.3
Communication Services	3.2
Financial Services	3
Industrials	2.8
Healthcare	2.2
Consumer Defensive	1.8

Market Cap. Distribution

Empirical Financial Services, LLC d.b.a. Empirical Wealth Management has about 32.6% of it's portfolio invested in the large-cap and mega-cap stocks.

Category	%
UNALLOCATED	65.4
MEGA-CAP	20.1
LARGE-CAP	12.5

Stocks belong to which Index?

About 32.7% of the stocks held by Empirical Financial Services, LLC d.b.a. Empirical Wealth Management either belong to S&P 500 or RUSSELL 2000 index.

Index	%
Others	67.3
S&P 500	31.5
RUSSELL 2000	1.2

Top 5 Winners (%)		%
OMER	omeros corp	200.8 %
	inhibrx biosciences inc	132.5 %
MU	micron technology inc	69.3 %
	oruka therapeutics inc	57.6 %
TWLO	twilio inc	41.8 %

Top 5 Winners ($)		$
GOOG	alphabet inc	10.9 M
AAPL	apple inc	10.5 M
DFAC	dimensional etf trust	6.9 M
AAXJ	ishares tr	6.8 M
ACWF	ishares tr	6.3 M

Top 5 Losers (%)		%
NFLX	netflix inc	-86.7 %
NOW	servicenow inc	-75.5 %
LRN	stride inc	-50.9 %
	fiserv inc	-46.9 %
EET	proshares tr	-43.3 %

Top 5 Losers ($)		$
NFLX	netflix inc	-68.3 M
META	meta platforms inc	-7.9 M
MSFT	microsoft corp	-7.8 M
IBCE	ishares tr	-6.2 M
VTIP	vanguard malvern fds	-5.2 M

Empirical Financial Services, LLC d.b.a. Empirical Holdings Map

This heatmap illustrates the top 50 positions within the fund's portfolio.

Current Stock Holdings of Empirical Financial Services, LLC d.b.a. Empirical

Empirical Financial Services, LLC d.b.a. Empirical Wealth Management has 886 stocks in it's portfolio. About 39.5% of the portfolio is in top 10 stocks. NFLX proved to be the most loss making stock for the portfolio. GOOG was the most profitable stock for Empirical Financial Services, LLC d.b.a. Empirical Wealth Management last quarter.

Last Reported on: 16 Jan, 2026

Ticker	Namesorted ascending	% Portfolio	Shares Held	$ Value	Type	% Change
A	agilent technologies inc	0.03	12,463	1,695,880	added	288

AAPL	apple inc	3.00	620,346	168,647,000	added	2.89

AAXJ	ishares tr	2.45	1,928,740	137,731,000	added	3.07

AAXJ	ishares tr	0.41	146,016	23,026,700	added	0.14

AAXJ	ishares tr	0.33	163,118	18,582,400	added	0.77

AAXJ	ishares tr	0.10	52,757	5,629,170	added	1.25

AAXJ	ishares tr	0.09	49,001	5,248,540	reduced	-0.21

AAXJ	ishares tr	0.04	59,721	2,355,980	reduced	-2.5

AAXJ	ishares tr	0.04	39,244	2,254,960	added	15.18

AAXJ	ishares tr	0.03	13,154	1,861,100	added	52.02

AAXJ	ishares tr	0.03	20,229	1,568,340	reduced	-5.65

AAXJ	ishares tr	0.03	11,672	1,393,030	added	38.2

AAXJ	ishares tr	0.02	12,539	1,207,220	added	2.02

AAXJ	ishares tr	0.01	10,108	534,536	added	37.41

ABBV	abbvie inc	0.15	36,207	8,272,940	added	8.49

ABC	cencora inc	0.02	3,242	1,094,990	added	24.88

ABT	abbott labs	0.08	36,127	4,526,290	added	15.26

ACGL	arch cap group ltd	0.09	53,350	5,117,330	reduced	-10.28

ACMR	acm resh inc	0.02	26,124	1,030,590	added	22.95

ACN	accenture plc ireland	0.05	9,577	2,569,490	reduced	-10.88