Empowered Funds, Llc
- Regulatory AUM
- $29.7B
- Discretionary
- $28.7B
- Clients
- 222
- Avg AUM / client
- $134M
- Accounts
- 222
- Employees
- 44
AUM over time
Annual snapshots from Form ADV filings · as of Mar 18, 2026
Investments (13F portfolio — 2,102 positions, $15,671,665,438)
13F period Mar 31, 2026| # | Issuer | Class | Value | Shares | % of 13F | % of AUM |
|---|---|---|---|---|---|---|
| 1 | Nvidia Corporation | COM | $471,396,922 | 2,702,964 | 3.01% | 1.59% |
| 2 | Apple Inc | COM | $408,887,923 | 1,611,127 | 2.61% | 1.38% |
| 3 | Microsoft Corp | COM | $298,717,195 | 806,973 | 1.91% | 1.0% |
| 4 | Alphabet Inc | CAP STK CL A | $281,150,575 | 977,711 | 1.79% | 0.95% |
| 5 | Broadcom Inc | COM | $216,503,484 | 699,504 | 1.38% | 0.73% |
| 6 | Amazon Com Inc | COM | $215,250,169 | 1,033,515 | 1.37% | 0.72% |
| 7 | Exxon Mobil Corp | COM | $171,470,272 | 1,010,670 | 1.09% | 0.58% |
| 8 | Meta Platforms Inc | CL A | $165,108,709 | 288,586 | 1.05% | 0.56% |
| 9 | Chevron Corporation | COM | $154,943,686 | 748,882 | 0.99% | 0.52% |
| 10 | Jpmorgan Chase & Co | COM | $136,606,138 | 464,394 | 0.87% | 0.46% |
| 11 | Eli Lilly & Co | COM | $126,823,405 | 137,886 | 0.81% | 0.43% |
| 12 | Vanguard Tax Managed Fds | VAN FTSE DEV MKT | $124,084,383 | 1,936,398 | 0.79% | 0.42% |
| 13 | Alphabet Inc | CAP STK CL C | $120,523,943 | 420,149 | 0.77% | 0.41% |
| 14 | Ea Series Trust | ALPHA ARCH 1-3 | $111,525,018 | 959,025 | 0.71% | 0.38% |
| 15 | Ishares Tr | CORE MSCI INTL | $107,824,605 | 1,290,231 | 0.69% | 0.36% |
| 16 | Berkshire Hathaway Inc Del | CL B NEW | $85,812,260 | 179,074 | 0.55% | 0.29% |
| 17 | Netflix Inc. | COM | $82,530,161 | 858,348 | 0.53% | 0.28% |
| 18 | Micron Technology Inc | COM | $82,413,365 | 243,942 | 0.53% | 0.28% |
| 19 | Johnson & Johnson | COM | $76,356,457 | 312,373 | 0.49% | 0.26% |
| 20 | Lam Research Corp | COM NEW | $74,814,331 | 350,156 | 0.48% | 0.25% |
| 21 | Vanguard Intl Equity Index F | FTSE EMR MKT ETF | $71,597,331 | 1,324,650 | 0.46% | 0.24% |
| 22 | Tesla Inc | COM | $67,790,845 | 182,356 | 0.43% | 0.23% |
| 23 | Costco Wholesale Corporation | COM | $67,548,985 | 67,791 | 0.43% | 0.23% |
| 24 | Vanguard Malvern Fds | STRM INFPROIDX | $67,290,267 | 1,347,765 | 0.43% | 0.23% |
| 25 | Vistra Corp | COM | $66,312,218 | 441,111 | 0.42% | 0.22% |
Top 25 of 2,102 positions from the manager's latest Form 13F · source filing (EDGAR) ↗. 13F covers long US-listed positions only. "% of AUM" is share of the firm's total regulatory AUM (Form ADV Item 5.F).
Who they serve
| Client type | Clients | AUM | % of AUM |
|---|---|---|---|
| Individuals (non-high net worth) | 28 | $62.8M | 0.21% |
| High net worth individuals | 88 | $789M | 2.65% |
| Investment companies | 98 | $28.7B | 96.6% |
| Corporations and other businesses | 8 | $147M | 0.49% |
People (10)
roster as of Jul 20, 2026| Name | Role / title | Credentials | With firm since | Ownership |
|---|---|---|---|---|
| Wesley Robert Gray | Executive Managing Member | Jul 2010 (16y) | 50% – 75% of Empirical Finance, Llc (indirect) | |
| John Robert Vogel | Managing Member | Mar 2012 (14y) | GP / trustee / elected manager of Empirical Finance, Llc (indirect) | |
| Patrick Russell Cleary | Chief Executive Officer | Oct 2014 (12y) | Less than 5% | |
| Babulak, David, Michael | Trustee | Jan 2017 (10y) | GP / trustee / elected manager of Babulak Family Trust (indirect) | |
| Babulak, Lien | Trustee | Jan 2017 (10y) | GP / trustee / elected manager of Babulak Family Trust (indirect) | |
| Kirlin, Ryan | Managing Member | Jan 2019 (8y) | GP / trustee / elected manager of Alpha Architect (indirect) | |
| Jessica Dawn Leighty | Chief Compliance Officer | Dec 2021 (5y) | Less than 5% | |
| Hegarty, Sean | Chief Operations Officer | Feb 2022 (5y) | Less than 5% | |
| William Joshua Anthony Russell | Senior Portfolio Manager | CFA | Oct 2022 (4y) | Less than 5% |
| Richard Moody Shaner | Registered representative | CFA | Nov 2023 (3y) |
Entity owners (Schedule A/B)
| Entity | Title / status | Since | Sch. | Ownership |
|---|---|---|---|---|
| Alpha Architect | Owner (100%) | Jan 2017 | A | 75% or more |
| Empirical Finance, Llc | Owner (100%) | Apr 2014 | B | 75% or more of Alpha Architect, Llc (indirect) |
| Babulak Family Trust | Managing Member | Jan 2017 | B | GP / trustee / elected manager of Empirical Finance, Llc (indirect) |
Undisclosed: 0% – 25% of the firm is not attributable from the filed Schedule A bands.
Roster from the IAPD representatives feed; ownership and acquisition dates from Form ADV Schedule A/B. "Since" is the earliest filed registration or acquisition date.
Documents (1 archived)
| Form | Period | Size | |
|---|---|---|---|
| Form ADV (full filing) | 03/18/2026 | 1.11 MB | View · PDF · Source ↗ |
Archived copies of the firm's regulatory filings, versioned by content hash.
Disciplinary disclosures
No disciplinary events reported on the firm's latest Form ADV filing.
How they charge
- • Percentage of assets under management
- • Fixed fees
Services
- • Portfolio management for investment companies
- • Portfolio management for businesses/institutional clients
- • Other services
Custody
Reported custodians
- Interactive Brokers $712M (2% of AUM) Mar 2026
Amounts as reported in ADV Item 5.K.(3) (custodians holding 10%+ of SMA assets).
Firm reports it does not have custody of client funds or securities (Item 9.A).
Source
All data on this page comes from this firm's Form ADV filings, reproduced without modification. Latest filing: Mar 18, 2026.
View current Form ADV (SEC/IAPD) ↗