Empirical Wealth Portfolio Moves
Empirical Wealth Management Adjusts Q1 Portfolio, Trimming Corning While Boosting DFUV Stake
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Key Points
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GLW insider activity: SVP Soumya Seetharam sold 20,000 shares in Corning in a May 11 transaction at an average price of $206.23, reducing his holdings to 25,570 shares (roughly $5.27 million in value). Separately, SVP Jaymin Amin sold 27,395 shares in a May 22 transaction at an average price of $192.14.
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Auto Owners Insurance Co dramatically expanded its Schwab Fundamental International Equity ETF (FNDF) stake, adding about 161.95 million shares to bring its total to roughly 164.66 million shares (valued around $7.44 billion).
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DFUV remains a sizable position for Empirical: the fund boosted its DFUV stake by 136,247 shares to 3,194,495 shares, about 2.7% of Empirical’s total holdings and making DFUV its eighth-largest position with roughly $154.8 million in value.
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Vanguard Large-Cap ETF (VV) position rose by 2,048 shares to 55,294 shares, valued around $16.53 million; VV shares opened at $344.99 on Tuesday, underscoring a notable entry price context for the quarter’s activity.
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iShares Micro-Cap ETF (IWC) was trimmed by 3.7% to 140,664 shares, valued at about $22.45 million; the article also notes IWC opened at $193.48 and provides detailed metrics (50-day MA $189.77, 200-day MA $175.17; market cap $1.47 billion; P/E 15.35; beta 1.09).
Empirical Wealth Management trimmed its stake in Corning Inc. (GLW) by 22.2% in Q1 2026, selling 29,676 shares and ending the quarter with 104,000 shares worth roughly $14.1 million, according to Watchlist News. The move came as Corning's stock surged more than 300% over the past year, driven by booming demand for AI optical fiber products.
The portfolio shift is part of a broader rebalancing by the $5.75 billion wealth manager. Empirical cut some high-flying positions while adding heavily to broad value funds — a sign that the firm is playing defense as AI-fueled markets push valuations to historic highs.
Corning Insiders Cash Out Near 52-Week Highs
Corning executives sold millions in stock as GLW hovered near its 52-week high of $208.92. SVP and Chief Digital Officer Soumya Seetharam sold 20,000 shares on May 11 at an average price of $206.23, pocketing roughly $4.1 million. That same day, VP John Z. Zhang sold 10,000 shares at $198.34, and SVP Michaune Tillman sold 3,260 shares at $207.02.
On May 22, Chief Technology Officer Jaymin Amin sold 27,395 shares at an average price of $192.14, a transaction worth about $5.26 million. Amin still holds 94,400 shares after the sale. The wave of insider selling came just weeks after Corning announced a landmark multiyear partnership with NVIDIA on May 6, which sent GLW shares sharply higher.
NVIDIA Deal Powers Corning's $40 Billion Growth Ambition
Corning's Q1 2026 results were striking. The company reported 18% core sales growth to $4.35 billion and a 30% jump in core earnings per share. The gains were fueled by surging orders for optical fiber used in AI data centers. CEO Wendell Weeks said the company has "outperformed our plan" and "transformed the financial profile of the company."
The NVIDIA partnership, backed by $500 million in pre-funded warrants from NVIDIA, targets a tenfold increase in U.S. optical connectivity output. Corning is building three new facilities in North Carolina and Texas, creating over 3,000 jobs. NVIDIA CEO Jensen Huang called it "a once-in-a-generation opportunity to reinvigorate American manufacturing." Corning now targets up to $40 billion in annual sales by 2030.
Valuation Fear Drives Empirical's Shift to Value Funds
Analysts are split on Corning's stock price. Bulls at UBS raised their price target to $223. Bears warn that GLW trades at a trailing price-to-earnings ratio above 94x and a forward P/E of 55x — levels that leave almost no room for error. InvestingPro currently lists GLW among its "Most Overvalued" stocks.
That valuation tension appears to be driving Empirical's moves. The firm added 136,247 shares of the Dimensional US Marketwide Value ETF (DFUV), bringing its total to 3,194,495 shares worth about $154.8 million — its eighth-largest position. It also added 2,048 shares of the Vanguard Large-Cap ETF (VV), lifting that position to 55,294 shares valued at $16.53 million. Both moves point to a preference for broad, low-cost value exposure over concentrated tech bets.
Small-Cap and International Cuts Round Out the Rebalancing
Empirical also trimmed its riskier, smaller positions. It cut the iShares Micro-Cap ETF (IWC) by 3.7%, selling 5,352 shares and ending with 140,664 shares worth about $22.45 million. IWC carries a beta of 1.09, meaning it moves more than the broad market — a risk flag in uncertain conditions. The fund's 50-day moving average sits at $189.77, well below its recent open of $193.48.
On the international side, Empirical reduced its Schwab Fundamental International Equity ETF (FNDF) by 7.6%, dropping to 182,750 shares valued at roughly $8.94 million. Taken together, Empirical's Q1 moves tell a clear story: sell high-multiple winners and high-beta small-caps, then rotate into diversified value strategies built to hold up if the AI rally cools.
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