Institutional Manager · CIK 0001510434

Empirical Financial Services, LLC d.b.a. Empirical Wealth Management

Seattle, WA · File #028-14067

Latest AUM

$5.61B

Positions

1,378

Top-10 Concentration

54.6%

Filings

Portfolio Value Over Time

2024-03

2024-06

2024-09

2024-12

2025-03

2025-06

2025-09

2025-12

Biggest QoQ Changes

Ranked by conviction flow (share change × current price) so mark-to-market moves don't dominate. Price effect column shows how much of the $ change was just the stock moving.

Action	Issuer	Ticker / CUSIP	Δ Shares	Flow ($)	Price Effect
REDUCE	ISHARES TR	46432F396	-1,025,924	-$256.8M	-$6.3M
ADD	VANGUARD MALVERN FDS	922020805	+4,623,510	+$228.7M	-$6,143
ADD	ISHARES TR	46434V456	+2,951,537	+$134.1M	+$4.4M
ADD	ISHARES INC	46434G103	+1,926,825	+$129.5M	+$9,599
ADD	META PLATFORMS INC	META	+92,624	+$61.1M	-$517,054
REDUCE	VANGUARD TAX-MANAGED FDS	921943858	-896,371	-$56.0M	+$2.3M
ADD	DIMENSIONAL ETF TRUST	25434V609	+918,247	+$54.7M	+$91
REDUCE	ALPHABET INC	GOOG	-154,706	-$48.6M	+$11.0M
ADD	WISDOMTREE TR	WT	+718,849	+$42.2M	+$6,045
ADD	VANGUARD INDEX FDS	922908553	+427,286	+$37.8M	-$2,957

Sector Allocation

Technology

16.1%$902.7M

Financials

3.8%$215.1M

Consumer Discretionary

2.8%$158.9M

Healthcare

1.9%$109.5M

Industrials

1.8%$99.1M

Communication Services

1.6%$88.8M

1.1%$59.4M

0.7%$37.2M

0.4%$20.3M

0.3%$17.0M

0.2%$11.4M

Filing History

Jan 16, 202613F HOLDINGS REPORTQ/E Dec 20251,378 pos · $5.61B
Nov 10, 202513F HOLDINGS REPORTQ/E Sep 20251,170 pos · $5.00B
Jul 21, 202513F HOLDINGS REPORTQ/E Jun 2025984 pos · $4.43B
May 8, 202513F HOLDINGS REPORTQ/E Mar 2025825 pos · $3.89B
Jan 22, 202513F HOLDINGS REPORTQ/E Dec 2024698 pos · $3.69B
Nov 1, 202413F HOLDINGS REPORTQ/E Sep 2024570 pos · $3.56B
Aug 9, 202413F HOLDINGS REPORTQ/E Jun 2024562 pos · $3.37B
May 7, 202413F HOLDINGS REPORTQ/E Mar 2024530 pos · $3.31B
Nov 3, 202313F HOLDINGS REPORTQ/E Dec 2023465 pos · $2.55B

Top 20 Holdings — Dec 2025

#	Issuer	Ticker	Shares	Value	% of Portfolio
1	ISHARES TR	46432F339	1,757,522	$349.1M	9.05%
2	ISHARES TR	46434V456	6,425,806	$292.1M	7.57%
3	ISHARES TR	46432F396	971,779	$243.2M	6.31%
4	NVIDIA CORPORATION	NVDA	1,245,495	$232.3M	6.02%
5	VANGUARD MALVERN FDS	922020805	4,628,760	$228.9M	5.94%
6	VANGUARD SCOTTSDALE FDS	92206C409	2,428,277	$193.6M	5.02%
7	APPLE INC	AAPL	586,988	$159.6M	4.14%
8	DIMENSIONAL ETF TRUST	25434V724	3,042,782	$141.8M	3.68%
9	ISHARES TR	464288877	1,905,855	$136.1M	3.53%
10	ISHARES INC	46434G103	1,934,209	$130.0M	3.37%
11	VANGUARD SCOTTSDALE FDS	92206C870	1,370,191	$114.8M	2.98%
12	MICROSOFT CORP	MSFT	223,247	$108.0M	2.80%
13	NVIDIA CORPORATION	NVDA	507,886	$94.7M	2.46%
14	DIMENSIONAL ETF TRUST	25434V807	1,797,589	$89.7M	2.33%
15	SPDR SERIES TRUST	78468R408	3,521,824	$89.2M	2.31%
16	SPDR S&P 500 ETF TR	SPY	97,118	$66.2M	1.72%
17	AMAZON COM INC	AMZN	285,901	$66.0M	1.71%
18	META PLATFORMS INC	META	99,587	$65.7M	1.70%
19	VANGUARD SCOTTSDALE FDS	92206C102	1,106,464	$65.0M	1.68%
20	VANGUARD INDEX FDS	922908744	340,029	$64.9M	1.68%