Empower Advisory Group, LLC
Reported US equity positions for Q1 2026 — $38.5B across 511 positions.
| Holding | Reported value | Share of portfolio | Shares |
|---|---|---|---|
| SCHF Schwab International Equity ETF | $4.6B | 11.9% | 185,695,369 |
| IWM iShares Russell 2000 Index Fund | $2.1B | 5.5% | 8,590,751 |
| VWO Vanguard FTSE Emerging Markets ETF | $1.9B | 5.0% | 35,534,123 |
| BSV Vanguard Short-Term Bond ETF | $1.8B | 4.6% | 22,545,470 |
| VNQ Vanguard Real Estate ETF | $1.5B | 3.9% | 16,879,079 |
| SCHP Schwab U.S. TIPS ETF | $1.4B | 3.7% | 53,127,493 |
| VGIT Vanguard Intermediate-Term Treasury ETF | $1.4B | 3.6% | 23,598,179 |
| SCHA Schwab U.S. Small-Cap ETF | $1.1B | 2.8% | 36,903,750 |
| USIG iShares Broad USD Investment Grade Corporate Bond ETF | $1.0B | 2.7% | 20,349,943 |
| VGLT Vanguard Long-Term Treasury ETF | $860.4M | 2.2% | 15,544,156 |
| VSS Vanguard FTSE All-Wld ex-US SmCp Idx ETF | $728.8M | 1.9% | 4,998,653 |
| VNQI Vanguard Global ex-U.S. Real Estate ETF | $647.7M | 1.7% | 14,572,465 |
| PDBC Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | $597.6M | 1.6% | 34,501,583 |
| EBND State Street SPDR Bloomberg Emerging Markets Local Bond ETF | $570.7M | 1.5% | 27,649,126 |
| GLDM SPDR Gold MiniShares Trust | $551.6M | 1.4% | 5,951,012 |
| AAPL Apple Inc. | $533.7M | 1.4% | 2,102,992 |
| ESGD iShares ESG Aware MSCI EAFE ETF | $523.4M | 1.4% | 5,474,027 |
| SHYG iShares 0-5 Year High Yield Corporate Bond ETF | $511.7M | 1.3% | 12,094,500 |
| NVDA NVIDIA Corporation | $503.8M | 1.3% | 2,888,694 |
| IAU iShares Gold Trust Shares | $476.4M | 1.2% | 5,404,160 |
| AMZN Amazon.com, Inc. | $443.4M | 1.2% | 2,128,797 |
| BNDX Vanguard Total International Bond ETF | $421.4M | 1.1% | 8,769,158 |
| VTI Vanguard Morningstar Total Stock Market ETF | $417.5M | 1.1% | 1,301,303 |
| MSFT Microsoft Corporation | $414.9M | 1.1% | 1,120,799 |
| GOOG Alphabet Inc. - Class C Capital Stock | $409.7M | 1.1% | 1,428,163 |
| WMT Walmart Inc. | $331.5M | 0.9% | 2,667,112 |
| META Meta Platforms, Inc. | $320.1M | 0.8% | 559,472 |
| XOM ExxonMobil Holdings Corporation | $297.7M | 0.8% | 1,754,841 |
| BRK.B Berkshire Hathaway Inc. | $255.6M | 0.7% | 533,470 |
| JPM JP Morgan Chase & Co. | $255.0M | 0.7% | 866,890 |
| TSLA Tesla, Inc. | $245.9M | 0.6% | 661,557 |
| LLY Eli Lilly and Company | $238.9M | 0.6% | 259,772 |
| ESGE iShares ESG Aware MSCI EM ETF | $237.5M | 0.6% | 5,223,149 |
| JNJ Johnson & Johnson | $219.4M | 0.6% | 897,518 |
| MA Mastercard Incorporated | $201.9M | 0.5% | 404,083 |
| NEE NextEra Energy, Inc. | $195.8M | 0.5% | 2,108,480 |
| COST Costco Wholesale Corporation | $188.9M | 0.5% | 189,531 |
| CVX Chevron Corporation | $180.7M | 0.5% | 873,185 |
| DUK Duke Energy Corporation (Holding Company) | $177.9M | 0.5% | 1,358,766 |
| NFLX Netflix, Inc. | $177.1M | 0.5% | 1,841,822 |
| G54950103 Linde PLC | $168.5M | 0.4% | 339,982 |
| ECL Ecolab Inc. | $165.9M | 0.4% | 623,655 |
| PFE Pfizer, Inc. | $158.0M | 0.4% | 5,626,122 |
| IWB iShares Russell 1000 ETF | $157.8M | 0.4% | 442,559 |
| SPYM State Street SPDR Portfolio S&P 500 ETF | $157.6M | 0.4% | 2,059,639 |
| NEM Newmont Corporation | $157.5M | 0.4% | 1,455,249 |
| PG The Procter & Gamble Company | $153.5M | 0.4% | 1,062,532 |
| SO The Southern Company | $152.8M | 0.4% | 1,583,291 |
| VLO Valero Energy Corporation | $148.0M | 0.4% | 598,838 |
| DIS The Walt Disney Company | $147.3M | 0.4% | 1,528,842 |
| LHX L3Harris Technologies, Inc. | $137.2M | 0.4% | 397,394 |
| AVGO Broadcom Inc. | $136.9M | 0.4% | 442,412 |
| BKR Baker Hughes Company | $136.4M | 0.4% | 2,234,731 |
| HD The Home Depot, Inc. | $125.3M | 0.3% | 380,889 |
| RSP Invesco S&P 500 Equal Weight ETF | $124.9M | 0.3% | 650,682 |
| ADM Archer-Daniels-Midland Company | $124.0M | 0.3% | 1,705,726 |
| T AT&T Inc. | $123.8M | 0.3% | 4,270,141 |
| CAT Caterpillar, Inc. | $121.8M | 0.3% | 171,890 |
| AMGN Amgen Inc. | $120.5M | 0.3% | 342,412 |
| UNH UnitedHealth Group Incorporated Common Stock (DE) | $119.6M | 0.3% | 442,159 |
Long US equity positions only, as filed. 13F does not cover short positions, cash, bonds or non-US listings, so this is not the whole portfolio.
What changed last quarter
| Holding | Change | Now | Was | Shares |
|---|---|---|---|---|
| SCHF Schwab International Equity ETF | Add | $4.6B | $4.3B | +3% |
| IWM iShares Russell 2000 Index Fund | Add | $2.1B | $2.1B | +1% |
| VWO Vanguard FTSE Emerging Markets ETF | Add | $1.9B | $1.8B | +4% |
| BSV Vanguard Short-Term Bond ETF | Add | $1.8B | $1.7B | +8% |
| VNQ Vanguard Real Estate ETF | Add | $1.5B | $1.4B | +5% |
| SCHP Schwab U.S. TIPS ETF | Add | $1.4B | $1.3B | +7% |
| VGIT Vanguard Intermediate-Term Treasury ETF | Add | $1.4B | $1.3B | +8% |
| SCHA Schwab U.S. Small-Cap ETF | Add | $1.1B | $969.0M | +8% |
| USIG iShares Broad USD Investment Grade Corporate Bond ETF | Add | $1.0B | $979.3M | +8% |
| VGLT Vanguard Long-Term Treasury ETF | Add | $860.4M | $804.2M | +8% |
| VSS Vanguard FTSE All-Wld ex-US SmCp Idx ETF | Add | $728.8M | $708.6M | +1% |
| VNQI Vanguard Global ex-U.S. Real Estate ETF | Add | $647.7M | $649.0M | +3% |
| PDBC Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | Add | $597.6M | $435.9M | +5% |
| EBND State Street SPDR Bloomberg Emerging Markets Local Bond ETF | Add | $570.7M | $557.9M | +6% |
| GLDM SPDR Gold MiniShares Trust | Add | $551.6M | $501.0M | +1% |
| AAPL Apple Inc. | Trim | $533.7M | $578.8M | -1% |
| ESGD iShares ESG Aware MSCI EAFE ETF | Trim | $523.4M | $624.0M | -17% |
| SHYG iShares 0-5 Year High Yield Corporate Bond ETF | Add | $511.7M | $477.6M | +9% |
| IAU iShares Gold Trust Shares | Trim | $476.4M | $448.1M | -2% |
| AMZN Amazon.com, Inc. | Add | $443.4M | $450.1M | +9% |
| BNDX Vanguard Total International Bond ETF | Add | $421.4M | $394.7M | +7% |
| VTI Vanguard Morningstar Total Stock Market ETF | Trim | $417.5M | $555.4M | -21% |
| MSFT Microsoft Corporation | Add | $414.9M | $452.5M | +20% |
| GOOG Alphabet Inc. - Class C Capital Stock | Trim | $409.7M | $630.8M | -29% |
| META Meta Platforms, Inc. | Add | $320.1M | $318.9M | +16% |
| XOM ExxonMobil Holdings Corporation | Add | $297.7M | $204.1M | +3% |
| BRK.B Berkshire Hathaway Inc. | Add | $255.6M | $253.4M | +6% |
| JPM JP Morgan Chase & Co. | Add | $255.0M | $270.7M | +3% |
| TSLA Tesla, Inc. | Add | $245.9M | $291.9M | +2% |
| LLY Eli Lilly and Company | Add | $238.9M | $268.2M | +4% |
| ESGE iShares ESG Aware MSCI EM ETF | Trim | $237.5M | $281.7M | -18% |
| MA Mastercard Incorporated | Add | $201.9M | $214.2M | +8% |
| NEE NextEra Energy, Inc. | Add | $195.8M | $166.0M | +2% |
| COST Costco Wholesale Corporation | Add | $188.9M | $155.2M | +5% |
| CVX Chevron Corporation | Add | $180.7M | $126.5M | +5% |
| DUK Duke Energy Corporation (Holding Company) | Add | $177.9M | $151.8M | +5% |
| NFLX Netflix, Inc. | Add | $177.1M | $139.7M | +24% |
| G54950103 Linde PLC | Add | $168.5M | $84.7M | +71% |
| ECL Ecolab Inc. | Add | $165.9M | $158.2M | +3% |
| PFE Pfizer, Inc. | Add | $158.0M | $128.1M | +9% |
New and exited positions are only shown for managers whose entire filed portfolio fits inside the positions stored here. For a manager filing more than that, a holding leaving the stored set is indistinguishable from a holding being sold, so those are reported as adds and trims only.
What a 13F is
Any institutional manager exercising discretion over more than $100 million in US-listed equities must file a Form 13F with the SEC within 45 days of each quarter end, listing what they held on the last day of that quarter. The threshold was set in 1975 and has never been raised, so the filer population now runs to several thousand.
The four things it does not tell you
- It is stale. A filing describes positions as of quarter end and can arrive 45 days later. A manager who sold everything in week one of the new quarter files the same document as one who held.
- Long US equities only. No short positions, no cash, no bonds, no commodities, no foreign listings. A fund that looks heavily long in a 13F may be hedged in instruments that never appear.
- Not the whole firm. Assets are reported by the entity with discretion, so one manager can file under several CIKs, and the figure here is what that entity reported.
- Confidential treatment exists. A manager can apply to delay disclosing a position while building it. Those holdings appear later, if at all.
Why the biggest filers are not the interesting ones
The largest managers by reported value are index providers — they hold nearly everything, in proportion to the indices they track, because clients asked them to. Reading their filings for conviction is a category error. The filings worth attention are concentrated ones, where a small number of positions make up most of the portfolio, since that reflects a decision rather than a mandate.
The share-of-portfolio column is the one to read for this. A position that is 15% of a fund says something; the same dollar amount at 0.2% of an index tracker does not.
Where this comes from
The SEC's own quarterly Form 13F structured data sets, parsed here rather than bought from a vendor. Holdings are identified in the filings by CUSIP, and the mapping from CUSIP to ticker is the awkward part — that identifier is licensed rather than public, so the mapping is resolved through OpenFIGI and built up over time. Around 95% of reported value currently sits on a resolved ticker; the rest shows its CUSIP.
The rest of the section is on the Markets overview — including insider transactions, which are the same idea at the individual level, and the correlation finder, where each ticker's page carries its institutional ownership.