Empirical Finance, LLC Buys Schwab U.S. Mid Cap, Vanguard Real Estate, Herbalife Nutrition, Sells Invesco Optimum Yield Diversified Commodity Strate, iShares MSCI Emerging Index Fund, Invesco QQQ Trust Series 1

• New Purchases: SCHM, VNQ, PAK, EWI, BIIB, PEP, NFLX, MRK, CMCSA, DIS,
• Added Positions: HLF, XOM, IVAL, QVAL, AMZN, ERUS, FB, BRK.B, GOOG, GOOGL,
• Reduced Positions: BIL, THO, DKS, BBBY, GPS, DLX, LB, CRUS, NCR, BIG,
• Sold Out: PDBC, EEM, QQQ, SPY, HYS, ANGL, GREK, PIZ, RHT, ANET,

For the details of Empirical Finance, LLC's stock buys and sells, go to http://www.gurufocus.com/StockBuy.php?GuruName=Empirical+Finance%2C+LLC

1. Alpha Architect U.S. Quantitative Value (QVAL) - 1,466,082 shares, 17.89% of the total portfolio. Shares added by 1.99%
2. Alpha Architect International Quantitative Value (IVAL) - 1,367,601 shares, 16.52% of the total portfolio. Shares added by 2.15%
3. Vanguard Total Bond Market (BND) - 99,953 shares, 3.11% of the total portfolio.
4. Schwab U.S. Mid Cap (SCHM) - 137,687 shares, 2.97% of the total portfolio. New Position
5. Urban Outfitters Inc (URBN) - 101,032 shares, 1.77% of the total portfolio. Shares reduced by 15.01%

Empirical Finance, LLC initiated holding in Schwab U.S. Mid Cap. The purchase prices were between $51.61 and $56.52, with an estimated average price of $54.27. The stock is now traded at around $56.29. The impact to a portfolio due to this purchase was 2.97%. The holding were 137,687 shares as of 2018-06-30.

Empirical Finance, LLC initiated holding in Vanguard Real Estate. The purchase prices were between $73.99 and $81.45, with an estimated average price of $77.48. The stock is now traded at around $82.36. The impact to a portfolio due to this purchase was 1.53%. The holding were 47,738 shares as of 2018-06-30.

Empirical Finance, LLC initiated holding in Global X MSCI Pakistan. The purchase prices were between $10.81 and $13.52, with an estimated average price of $12.28. The stock is now traded at around $10.60. The impact to a portfolio due to this purchase was 0.51%. The holding were 118,325 shares as of 2018-06-30.

Empirical Finance, LLC initiated holding in iShares Inc MSCI Italy. The purchase prices were between $28.4 and $34.15, with an estimated average price of $31.82. The stock is now traded at around $29.65. The impact to a portfolio due to this purchase was 0.51%. The holding were 44,535 shares as of 2018-06-30.

Empirical Finance, LLC initiated holding in Biogen Inc. The purchase prices were between $257.52 and $306.91, with an estimated average price of $280.94. The stock is now traded at around $350.84. The impact to a portfolio due to this purchase was 0.3%. The holding were 2,595 shares as of 2018-06-30.

Empirical Finance, LLC initiated holding in Netflix Inc. The purchase prices were between $280.29 and $416.76, with an estimated average price of $340.73. The stock is now traded at around $412.13. The impact to a portfolio due to this purchase was 0.11%. The holding were 724 shares as of 2018-06-30.

Empirical Finance, LLC added to a holding in Herbalife Nutrition Ltd by 63.77%. The purchase prices were between $48.63 and $56.48, with an estimated average price of $52.6. The stock is now traded at around $54.07. The impact to a portfolio due to this purchase was 0.56%. The holding were 68,548 shares as of 2018-06-30.

Empirical Finance, LLC added to a holding in Exxon Mobil Corp by 253.84%. The purchase prices were between $73.22 and $83.6, with an estimated average price of $79.65. The stock is now traded at around $83.11. The impact to a portfolio due to this purchase was 0.42%. The holding were 17,738 shares as of 2018-06-30.

Empirical Finance, LLC added to a holding in Amazon.com Inc by 43.44%. The purchase prices were between $1371.99 and $1750.08, with an estimated average price of $1586.76. The stock is now traded at around $1725.53. The impact to a portfolio due to this purchase was 0.14%. The holding were 700 shares as of 2018-06-30.

Empirical Finance, LLC added to a holding in iShares MSCI Russia by 27.55%. The purchase prices were between $31.3 and $36.56, with an estimated average price of $33.48. The stock is now traded at around $35.36. The impact to a portfolio due to this purchase was 0.13%. The holding were 46,539 shares as of 2018-06-30.

Empirical Finance, LLC added to a holding in Facebook Inc by 43.77%. The purchase prices were between $155.1 and $202, with an estimated average price of $180.53. The stock is now traded at around $203.70. The impact to a portfolio due to this purchase was 0.1%. The holding were 4,142 shares as of 2018-06-30.

Empirical Finance, LLC added to a holding in Berkshire Hathaway Inc by 41.03%. The purchase prices were between $184.91 and $201.2, with an estimated average price of $194.98. The stock is now traded at around $189.24. The impact to a portfolio due to this purchase was 0.08%. The holding were 3,489 shares as of 2018-06-30.

Empirical Finance, LLC sold out a holding in Invesco Optimum Yield Diversified Commodity Strate. The sale prices were between $17.51 and $19.24, with an estimated average price of $18.41.

Empirical Finance, LLC sold out a holding in iShares MSCI Emerging Index Fund. The sale prices were between $42.33 and $48.14, with an estimated average price of $46.29.

Empirical Finance, LLC sold out a holding in Invesco QQQ Trust Series 1. The sale prices were between $155.51 and $177.6, with an estimated average price of $167.7.

Empirical Finance, LLC sold out a holding in SPDR S&P 500. The sale prices were between $257.47 and $278.92, with an estimated average price of $270.08.

Empirical Finance, LLC sold out a holding in PIMCO 0-5 Year High Yield Corporat Bond Index Exch. The sale prices were between $99.06 and $100.49, with an estimated average price of $99.96.

Empirical Finance, LLC sold out a holding in VanEck Vectors Fallen Angel High Yield Bond. The sale prices were between $28.68 and $29.41, with an estimated average price of $29.03.

Empirical Finance, LLC reduced to a holding in Thor Industries Inc by 50.38%. The sale prices were between $93 and $115.2, with an estimated average price of $102.18. The stock is now traded at around $100.95. The impact to a portfolio due to this sale was -0.32%. Empirical Finance, LLC still held 7,585 shares as of 2018-06-30.

Empirical Finance, LLC reduced to a holding in Bed Bath & Beyond Inc by 27.58%. The sale prices were between $16.72 and $21.54, with an estimated average price of $18.68. The stock is now traded at around $21.41. The impact to a portfolio due to this sale was -0.31%. Empirical Finance, LLC still held 106,302 shares as of 2018-06-30.