Empirical Finance Shifts Stakes Across Five Companies
Empirical Finance Shifts Stakes Across Five Companies
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Key Points
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Advanced Micro Devices represented 1.3% of Empirical Finance’s portfolio and ranked as its 13th-largest holding after the fund increased its position to 55,978 shares.
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Institutional investors owned 71.34% of Advanced Micro Devices, while the stock traded at $505.74 and had a 52-week range of $149.85 to $584.73 at the time of the report.
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Empirical Finance’s Walmart holding accounted for 0.7% of its portfolio and ranked as its 25th-largest position, consisting of 147,788 shares.
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California State Teachers Retirement System reported a dramatic 11,189% increase in Walmart holdings during the second quarter, reaching 755.6 million shares valued at roughly $85.6 billion; Bank of America also disclosed a new Walmart position valued at about $7.5 billion.
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Analyst views on AT&T were mixed: Goldman Sachs set a $30 price target, while Scotiabank cut its target from $31 to $29.25 and maintained a sector-perform rating.
Empirical Finance LLC reshuffled its investment portfolio in the second quarter, boosting stakes in three tech and telecom giants while trimming exposure to energy infrastructure. The fund increased holdings in Advanced Micro Devices by 3.5% to $32.5 million, AT&T by 11.5% to $6.5 million, and Walmart by 3.8% to $16.7 million, Ticker Report reported. It also opened a new $3.8 million position in Bank of New York Mellon.
The fund's most notable move was dumping 25.4% of its Western Midstream Partners stake — selling 112,173 shares — though it kept a $14.4 million position. The moves signal shifting bets across semiconductors, telecom, retail, and financials as other major institutions made their own substantial changes.
Empirical Doubles Down on AMD and Retail
Advanced Micro Devices became Empirical Finance's 13th-largest holding after the fund bought 55,978 shares, giving it a $32.5 million stake worth 1.3% of the portfolio. Watchlist News noted that AMD stock traded at $505.74, with institutional investors controlling 71.34% of shares outstanding and a 52-week range of $149.85 to $584.73. Walmart ranked even lower at the fund's 25th position with 147,788 shares worth $16.7 million.
But Walmart drew massive institutional interest that quarter. California State Teachers Retirement System reported a stunning 11,189% jump in holdings to 755.6 million shares valued at $85.6 billion, Ticker Report reported. Bank of America also disclosed a new $7.5 billion Walmart stake, signaling confidence in the retail giant.
AT&T Position Grows as Analyst Views Diverge
Empirical Finance added 32,024 shares to its AT&T holding, pushing the stake up 11.5% to 311,629 shares worth $6.5 million. Watchlist News reported the purchase as part of the fund's second-quarter rebalancing. The telecom name commanded attention from Wall Street, though the analyst consensus remained split on direction.
Goldman Sachs set a $30 price target on AT&T, while Scotiabank cut its target from $31 to $29.25 and kept a sector-perform rating. Mixed calls suggest the stock trades near fair value, leaving investors to weigh growth prospects against the company's traditional dividend appeal.
Bank of New York Mellon Entry and Western Midstream Exit
Empirical Finance made a strategic entry into Bank of New York Mellon with a fresh $3.8 million position during the quarter. The move reflects growing appetite for diversified financial services, with the asset manager offering exposure to custody and clearing services tied to institutional demand.
The fund simultaneously exited part of its energy bet, cutting Western Midstream Partners by 25.4% or 112,173 shares. Empirical retained a $14.4 million position, suggesting the fund still sees value in midstream infrastructure but chose to reduce leverage to the energy sector. The sales reflect broader portfolio rotation away from commodities exposure.
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