Empirical Asset Management, LLC

WELLESLEY, MA · CIK 1926596 · 13F filing filed 2023-08-01

SEC-registered investment adviser since 2010 · limited liability company

Assets managed$560.0m
Staff14 · 10 in investment roles
Main clients (by assets)High net worth individuals 75%, Individuals 13%, Pension plans 6%
Private funds1 (1 hedge) · $444.7k gross assets
Websiteempiricalam.com
Form ADV · 2026-07-07SEC adviser record

Kindhedge funds, wealth
Others nearbyWellesley Hills, MA, Needham Heights, MA, Hull, MA, Warner, NH

As an employer

Offices in1 country
Private fundshedge 1

Where they work

people there (dot area)number not reportedmain officeHover or tap a dot. Australian and UK companies are placed at their business or registered address, with their staff across the whole country.

Offices

From Form ADV: the main office and the other offices where it does advisory work (at most the 25 largest), with the people doing investment work at each. “About” is worked out: the firm's investment staff less its other offices. Each city links to the other managers there.

City	Country	People
Wellesley, MA (main office)United States	United States	about 6
Needham, MAUnited States	United States	2
Hull, MAUnited States	United States	1
Warner, NHUnited States	United States	1

Map: places from GeoNames (CC BY 4.0), outlines from Natural Earth.

$113.0m reported value +8.1% vs Q1 2023

156positions

24.7%in top 10

38 new 74 added 33 reduced 29 sold out vs Q1 2023

Holdings, Q2 2023

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	SPDR S&P 500 ETF TR TR UNIT SPY	SPY	12,149	$5.4m4.77%	4.77%	Added +3.9k	+3,926 47.7%
2	RBB FD INC US TREASY 2 YR UTWO	UTWO	83,374	$4.0m3.56%	3.56%	Added +5.1k	+5,115 6.5%
3	ETFS GOLD TR PHYSCL GOLD SHS SGOL	SGOL	216,588	$4.0m3.52%	3.52%	Added +13.0k	+13,007 6.4%
4	WISDOMTREE TR FUTRE STRAT FD WTMF	WTMF	74,848	$2.6m2.32%	2.32%	Added +2.8k	+2,821 3.9%
5	RBB FD INC US TREASR 10 YR UTEN	UTEN	47,973	$2.2m1.93%	1.93%	Added +2.5k	+2,505 5.5%
6	FLEXSHARES TR DEV MRK EX LOW QLVD	QLVD	84,310	$2.1m1.90%	1.90%	Added +3.8k	+3,836 4.8%
7	PACER FDS TR DEVELOPED MRKT ICOW	ICOW	72,161	$2.1m1.90%	1.90%	Added +3.2k	+3,174 4.6%
8	ISHARES SILVER TR ISHARES SLV	SLV	95,777	$2.0m1.77%	1.77%	Added +8.3k	+8,321 9.5%
9	DBX ETF TR XTRACK MSCI EMRG DBEM	DBEM	75,572	$1.7m1.51%	1.51%	Added +3.5k	+3,457 4.8%
10	INDEXIQ ETF TR HEDGE MLTI ETF QAI	QAI	56,735	$1.7m1.50%	1.50%	Added +2.1k	+2,127 3.9%
11	GILEAD SCIENCES INC COM GILD	GILD	21,544	$1.7m1.47%	1.47%	Added +537	+537 2.6%
12	MICROSOFT CORP COM MSFT	MSFT	4,698	$1.6m1.42%	1.42%	Reduced -121	-121 -2.5%
13	VICTORY PORTFOLIOS II VICTORYSHS EMERG UEVM	UEVM	37,678	$1.6m1.40%	1.40%	Added +1.7k	+1,708 4.8%
14	WISDOMTREE TR ENHNCD CMMDTY ST GCC	GCC	89,007	$1.5m1.34%	1.34%	Added +4.1k	+4,099 4.8%
15	DIREXION SHS ETF TR AUSPCE CMD STG COM	COM	51,571	$1.5m1.34%	1.34%	Added +2.7k	+2,682 5.5%
16	J P MORGAN EXCHANGE TRADED F DIV RTN EM EQT JPEM	JPEM	30,050	$1.5m1.34%	1.34%	Added +1.4k	+1,430 5.0%
17	DBX ETF TR XTRACK MSCI EAFE DBEF	DBEF	42,510	$1.5m1.33%	1.33%	Added +2.4k	+2,375 5.9%
18	PACER FDS TR US CASH COWS 100 COWZ	COWZ	30,004	$1.4m1.27%	1.27%	Added +1.4k	+1,376 4.8%
19	INVESCO EXCH TRADED FD TR II S&P500 HDL VOL SPHD	SPHD	33,721	$1.4m1.23%	1.23%	Added +1.7k	+1,718 5.4%
20	WISDOMTREE TR HEDGED HI YLD BD HYZD	HYZD	64,499	$1.4m1.20%	1.20%	Added +2.8k	+2,771 4.5%
21	VICTORY PORTFOLIOS II VCSHS US EQ INCM CDC	CDC	23,370	$1.3m1.19%	1.19%	Added +1.2k	+1,205 5.4%
22	AGF INVTS TR US MARKET NETRL BTAL	BTAL	69,052	$1.3m1.15%	1.15%	Added +2.9k	+2,904 4.4%
23	APPLE INC COM AAPL	AAPL	6,401	$1.2m1.10%	1.10%	Reduced -3.5k	-3,517 -35.5%
24	PEPSICO INC COM PEP	PEP	6,370	$1.2m1.04%	1.04%	Added +2.8k	+2,775 77.2%
25	CISCO SYS INC COM CSCO	CSCO	22,493	$1.2m1.03%	1.03%	Added +4.4k	+4,384 24.2%
26	PROSHARES TR HGH YLD INT RATE HYHG	HYHG	18,560	$1.1m1.00%	1.00%	Added +893	+893 5.0%
27	ISHARES TR HDG MSCI EAFE HEFA	HEFA	36,510	$1.1m1.00%	1.00%	Added +1.4k	+1,350 3.8%
28	J P MORGAN EXCHANGE TRADED F DIVERSFED RTRN JPME	JPME	12,601	$1.1m0.98%	0.98%	Added +545	+545 4.5%
29	INVESCO EXCHANGE TRADED FD T ZACKS MID CAP CZA	CZA	12,388	$1.1m0.98%	0.98%	Added +543	+543 4.6%
30	FRANKLIN TEMPLETON ETF TR US MID CP MLTFCT FLQM	FLQM	24,586	$1.1m0.98%	0.98%	Added +988	+988 4.2%
31	TEXAS PACIFIC LAND CORPORATI COM TPL	TPL	819	$1.1m0.95%	0.95%	Added +2	+2 0.2%
32	SELECT SECTOR SPDR TR RL EST SEL SEC XLRE	XLRE	26,980	$1.0m0.90%	0.90%	Added +1.5k	+1,490 5.8%
33	FLEXSHARES TR IBOXX 3R TARGT TDTT	TDTT	42,665	$1.0m0.89%	0.89%	Added +2.1k	+2,060 5.1%
34	ISHARES TR 1 3 YR TREAS BD SHY	SHY	11,719	$950.2k0.84%	0.84%	Added +58	+58 0.5%
35	VANGUARD SCOTTSDALE FDS LONG TERM TREAS VGLT	VGLT	14,571	$925.7k0.82%	0.82%	Added +634	+634 4.5%
36	STARBOARD INVT TR ADAPTIVE ALPHA AGOX	AGOX	39,281	$920.4k0.81%	0.81%	Reduced -1.3k	-1,267 -3.1%
37	ALPS ETF TR OSHARES US SMLCP OUSM	OUSM	24,633	$904.0k0.80%	0.80%	Added +1.0k	+1,012 4.3%
38	SPDR GOLD TR GOLD SHS GLD	GLD	4,939	$880.5k0.78%	0.78%	Added +16	+16 0.3%
39	HOME DEPOT INC COM HD	HD	2,765	$858.8k0.76%	0.76%	Reduced -1.9k	-1,928 -41.1%
40	ISHARES TR 0-5 YR TIPS ETF STIP	STIP	8,793	$858.2k0.76%	0.76%	Added +460	+460 5.5%
41	ISHARES TR INTL TREA BD ETF IGOV	IGOV	21,320	$844.1k0.75%	0.75%	Added +1.1k	+1,083 5.3%
42	AUTOMATIC DATA PROCESSING IN COM ADP	ADP	3,835	$843.0k0.75%	0.75%	Reduced -1.4k	-1,360 -26.2%
43	INDEXIQ ETF TR IQ CHAIKIN US IQ CHAIKIN US		25,634	$831.4k0.74%	0.74%	Added +1.3k	+1,282 5.3%
44	VICTORY PORTFOLIOS II VCSHS US DISCVRY VCSHS US DISCVRY		15,797	$821.4k0.73%	0.73%	Added +758	+758 5.0%
45	INTERNATIONAL BUSINESS MACHS COM IBM	IBM	5,933	$793.8k0.70%	0.70%	New
46	WISDOMTREE TR INTRST RATE HDGE AGZD	AGZD	17,612	$779.2k0.69%	0.69%	Added +923	+923 5.5%
47	KIMBERLY-CLARK CORP COM KMB	KMB	5,451	$752.6k0.67%	0.67%	New
48	TRAVELERS COMPANIES INC COM TRV	TRV	4,323	$750.7k0.66%	0.66%	New
49	EXXON MOBIL CORP COM XOM	XOM	6,959	$746.4k0.66%	0.66%	Added +22	+22 0.3%
50	MCDONALDS CORP COM MCD	MCD	2,466	$735.7k0.65%	0.65%	Added +545	+545 28.4%
51	BERKLEY W R CORP COM WRB	WRB	12,064	$718.6k0.64%	0.64%	New
52	AKAMAI TECHNOLOGIES INC COM AKAM	AKAM	7,931	$712.8k0.63%	0.63%	New
53	REGENERON PHARMACEUTICALS COM REGN	REGN	985	$707.8k0.63%	0.63%	Added +55	+55 5.9%
54	CBOE GLOBAL MKTS INC COM CBOE	CBOE	5,062	$698.7k0.62%	0.62%	New
55	THE CIGNA GROUP COM CI	CI	2,469	$692.9k0.61%	0.61%	New
56	GLOBE LIFE INC COM GL	GL	6,307	$691.4k0.61%	0.61%	New
57	XYLEM INC COM XYL	XYL	6,138	$691.3k0.61%	0.61%	New
58	EVEREST GROUP LTD COM EG	EG	1,964	$671.3k0.59%	0.59%	Added +232	+232 13.4%
59	AMERICAN WTR WKS CO INC NEW COM AWK	AWK	4,603	$657.0k0.58%	0.58%	New
60	AMGEN INC COM AMGN	AMGN	2,889	$641.4k0.57%	0.57%	New
61	LOWES COS INC COM LOW	LOW	2,825	$637.5k0.56%	0.56%	Added +2	+2 0.1%
62	HUMANA INC COM HUM	HUM	1,423	$636.4k0.56%	0.56%	New
63	ISHARES TR MSCI EAFE ETF EFA	EFA	8,592	$622.9k0.55%	0.55%	Added +117	+117 1.4%
64	GENUINE PARTS CO COM GPC	GPC	3,592	$607.9k0.54%	0.54%	New
65	ISHARES TR US TREAS BD ETF GOVT	GOVT	25,752	$589.7k0.52%	0.52%	Reduced -7.3k	-7,299 -22.1%
66	RBB FD INC US TREAS 3 MNTH TBIL	TBIL	11,721	$587.2k0.52%	0.52%	Added +653	+653 5.9%
67	FORTIVE CORP COM FTV	FTV	7,744	$579.0k0.51%	0.51%	Reduced -43	-43 -0.6%
68	STARBOARD INVT TR RH TACTICAL OUTL RHTX	RHTX	42,769	$576.9k0.51%	0.51%	Reduced -1.8k	-1,787 -4.0%
69	KROGER CO COM KR	KR	12,236	$575.1k0.51%	0.51%	Reduced -2.8k	-2,802 -18.6%
70	ISHARES TR CORE S&P US GWT IUSG	IUSG	5,781	$564.5k0.50%	0.50%	Reduced -27	-27 -0.5%
71	CHUBB LIMITED COM CB	CB	2,831	$545.1k0.48%	0.48%	New
72	MARATHON PETE CORP COM MPC	MPC	4,606	$537.1k0.48%	0.48%	Added +8	+8 0.2%
73	SPDR SER TR FTSE INT GVT ETF WIP	WIP	12,856	$536.9k0.48%	0.48%	Added +606	+606 5.0%
74	MOTOROLA SOLUTIONS INC COM NEW MSI	MSI	1,814	$532.0k0.47%	0.47%	New
75	PAYCHEX INC COM PAYX	PAYX	4,648	$520.0k0.46%	0.46%	Added +1.0k	+1,010 27.8%
76	SNAP ON INC COM SNA	SNA	1,800	$518.9k0.46%	0.46%	Reduced -704	-704 -28.1%
77	PROCTER AND GAMBLE CO COM PG	PG	3,378	$512.6k0.45%	0.45%	Reduced -29	-29 -0.8%
78	KEYSIGHT TECHNOLOGIES INC COM KEYS	KEYS	3,041	$509.2k0.45%	0.45%	New
79	TEXAS INSTRS INC COM TXN	TXN	2,825	$508.5k0.45%	0.45%	Reduced -6	-6 -0.2%
80	EOG RES INC COM EOG	EOG	4,430	$507.0k0.45%	0.45%	Added +57	+57 1.3%
81	CRESTWOOD EQUITY PARTNERS LP UNIT LTD PARTNER CEQP	CEQP	19,121	$506.3k0.45%	0.45%	Added +535	+535 2.9%
82	NORFOLK SOUTHN CORP COM NSC	NSC	2,152	$488.1k0.43%	0.43%	Added +171	+171 8.6%
83	NEW JERSEY RES CORP COM NJR	NJR	9,956	$469.9k0.42%	0.42%	Added +55	+55 0.6%
84	JOHNSON & JOHNSON COM JNJ	JNJ	2,832	$468.8k0.41%	0.41%	Added +1	+1 0.0%
85	ISHARES INC CORE MSCI EMKT IEMG	IEMG	9,455	$466.0k0.41%	0.41%	Reduced -60	-60 -0.6%
86	ISHARES TR CORE MSCI EAFE IEFA	IEFA	6,855	$462.7k0.41%	0.41%	Reduced -348	-348 -4.8%
87	FISERV INC COM FISV	FISV	3,574	$450.9k0.40%	0.40%	New
88	INTERNATIONAL FLAVORS&FRAGRA COM IFF	IFF	5,661	$450.6k0.40%	0.40%	New
89	LYONDELLBASELL INDUSTRIES N SHS - A - LYB	LYB	4,792	$440.0k0.39%	0.39%	Added +22	+22 0.5%
90	ENTERPRISE PRODS PARTNERS L COM EPD	EPD	16,237	$427.8k0.38%	0.38%	Added +902	+902 5.9%
91	SCHWAB STRATEGIC TR US AGGREGATE B SCHZ	SCHZ	9,135	$421.7k0.37%	0.37%	Reduced -28	-28 -0.3%
92	FASTENAL CO COM FAST	FAST	7,034	$414.9k0.37%	0.37%	New
93	QUALCOMM INC COM QCOM	QCOM	3,440	$409.5k0.36%	0.36%	Added +33	+33 1.0%
94	PHILLIPS 66 COM PSX	PSX	4,268	$407.1k0.36%	0.36%	Reduced -28	-28 -0.7%
95	SYSCO CORP COM SYY	SYY	5,432	$403.1k0.36%	0.36%	Reduced -77	-77 -1.4%
96	3M CO COM MMM	MMM	4,002	$400.6k0.35%	0.35%	New
97	WALMART INC COM WMT	WMT	2,544	$399.9k0.35%	0.35%	Reduced -132	-132 -4.9%
98	ROBERT HALF INC. COM RHI	RHI	5,077	$381.9k0.34%	0.34%	Added +54	+54 1.1%
99	SSGA ACTIVE TR SPDR SSGA FXD FISR	FISR	14,735	$381.1k0.34%	0.34%	Reduced -43	-43 -0.3%
100	AMAZON COM INC COM AMZN	AMZN	2,904	$378.6k0.33%	0.33%	Reduced -64	-64 -2.2%

Sold out since Q1 2023

Security	Ticker	Shares held before	Value then
GRAINGER W W INC GWW	GWW	1,146	$789.5k1.1k shares
VERTEX PHARMACEUTICALS INC VRTX	VRTX	2,377	$748.9k2.4k shares
AON PLC AON	AON	2,170	$684.1k2.2k shares
CDW CORP CDW	CDW	3,371	$657.0k3.4k shares
MASTERCARD INCORPORATED MA	MA	1,724	$626.6k1.7k shares
EVERSOURCE ENERGY ES	ES	7,985	$624.9k8.0k shares
FOX CORP FOXA	FOXA	18,043	$614.4k18.0k shares
LABORATORY CORP AMER HLDGS		2,668	$612.1k2.7k shares
PACKAGING CORP AMER PKG	PKG	4,293	$596.0k4.3k shares
ACCENTURE PLC IRELAND ACN	ACN	2,078	$594.0k2.1k shares
S&P GLOBAL INC SPGI	SPGI	1,622	$559.3k1.6k shares
BROWN & BROWN INC BRO	BRO	8,945	$513.6k8.9k shares
NEWS CORP NEW NWSA	NWSA	29,587	$511.0k29.6k shares
SBA COMMUNICATIONS CORP NEW SBAC	SBAC	1,802	$470.6k1.8k shares
COGNIZANT TECHNOLOGY SOLUTIO CTSH	CTSH	6,764	$412.2k6.8k shares
AMPHENOL CORP APH	APH	4,983	$407.2k5.0k shares
WEYERHAEUSER CO MTN BE WY	WY	12,599	$379.6k12.6k shares
CSX CORP CSX	CSX	11,162	$334.2k11.2k shares
AMERICAN INTL GROUP INC AIG	AIG	5,946	$299.5k5.9k shares
ANSYS INC ANSS	ANSS	898	$298.9k898 shares
UNITEDHEALTH GROUP INC UNH	UNH	588	$277.8k588 shares
DUPONT DE NEMOURS INC DWDP	DWDP	3,287	$235.9k3.3k shares
EMERSON ELEC CO EMR	EMR	2,621	$228.4k2.6k shares
FIDELITY COVINGTON TRUST FTEC	FTEC	1,842	$209.9k1.8k shares
SPDR SER TR BWX	BWX	8,747	$202.2k8.7k shares