Clients
Empowered Funds serves 222 clients, 88 of them high-net-worth individuals. The average client has about $134 million with the firm, and high-net-worth clients hold 3% of its $29.7 billion in assets.
- High-net-worth individuals88 clients3%
- Investment companies98 clients97%
- OtherIndividuals, Corporations and other businesses1%
Show client breakdownHide client breakdown
| Client type | Clients | Regulatory AUM | Share | Avg. per client |
|---|---|---|---|---|
| Individuals (other than HNW) | 28 | $62,814,478 | 0.2% | $2.24M |
| High-net-worth individuals | 88 | $789,353,245 | 2.7% | $8.97M |
| Investment companies | 98 | $28,736,228,031 | 96.6% | $293.2M |
| Corporations and other businesses | 8 | $146,927,147 | 0.5% | $18.4M |
| Total | 222 | $29,735,322,901 | 100% | $133.9M |
- Clients
- 28
- Regulatory AUM
- $62,814,478
- Share
- 0.2%
- Avg. per client
- $2.24M
- Clients
- 88
- Regulatory AUM
- $789,353,245
- Share
- 2.7%
- Avg. per client
- $8.97M
- Clients
- 98
- Regulatory AUM
- $28,736,228,031
- Share
- 96.6%
- Avg. per client
- $293.2M
- Clients
- 8
- Regulatory AUM
- $146,927,147
- Share
- 0.5%
- Avg. per client
- $18.4M
Total
- Clients
- 222
- Regulatory AUM
- $29,735,322,901
- Share
- 100%
- Avg. per client
- $133.9M
What it does
Empowered Funds provides portfolio management for investment companies, portfolio management for institutions and other activities. It is paid through a percentage of assets and fixed fees.
Empowered Funds provided financial planning to 0 clients last fiscal year and advises no private funds.
96.6% of assets ($28.74B across 98 accounts) are managed with discretion; $999.1M across 124 accounts are not. 0% of clients are outside the U.S., and 0 clients received advice without assets under management last fiscal year.
What the accounts hold
- Stocks89%
- Funds4%
- Cash3%
- Other4%
- Derivatives4%
Custodians
Empowered Funds’ client accounts are held mainly at Interactive Brokers, with 2% of managed assets. Empowered Funds does not have custody of client assets.
- Interactive BrokersInteractive Brokers LLC · Greenwich, CT · $711.7M2%
- All other custodians$29.02B98%
Ownership and leadership
Alpha Architect owns 75% or more of Empowered Funds, and Wesley Gray is its CEO.
- Owns 75% or more of Empowered Funds, LLC
Alpha Architect
Control person · since January 2017
Ryan Kirlin
Managing member · Control person · since January 2019
- Owns 75% or more of Empowered Funds, LLC
Empirical Finance, LLC
Control person · since April 2014
- Owns 50% to 75% of Empirical Finance, LLC
Wesley Gray
Control person · since July 2010
John Vogel
Managing member · since March 2012
Patrick Cleary
Managing member · since October 2014
Babulak Family Trust
Managing member · since January 2017
Lien Babulak
Trustee · since January 2017
David Babulak
Trustee · since January 2017
Leadership
- Wesley GrayChief Executive Officer
- Jessica LeightyChief Compliance Officer
- Michael BarolskyChief Legal Officer
- Patrick ClearySenior Partner - Client Experience
- Sean HegartyChief Operations Officer
- William RussellSenior Portfolio Manager
Staff
- 44 employees
- 6 in advisory functions
- 6 state-registered reps
Reported holdings
Empowered Funds’ reported 13F holdings total $18.98B across 2,112 positions, and the ten largest make up 17.4% of it.
- $18.98B
- Reported 13F value
- 2,112
- Positions
- 17.4%
- In the 10 largest
- +21.1%
- Value vs. prior quarter
- Nvidia Corporation3.2%
- Apple Inc.2.5%
- Taiwan Semiconductor Manufac · Sponsored ADS2.1%
- Alphabet Inc. · Cap Stk CL A2.0%
- Micron Technology Inc.1.7%
- Amazon Com Inc.1.5%
- Microsoft Corp.1.4%
- Broadcom Inc.1.3%
- Eli Lilly & CO0.9%
- Meta Platforms Inc. · CL A0.9%
Together, the ten largest are 17.4% of reported value.
A 13F covers only exchange-traded long positions the firm holds with discretion, so this $18.98B is not its $29.74B in regulatory assets and does not represent any individual client's portfolio.
Fees
Empowered Funds is paid through a percentage of assets under management and fixed fees (other than subscription fees).
Empowered Funds’ fee rates are not included in this profile. Find its brochure on the SEC’s site.
Offices and registrations
Besides its headquarters, Empowered Funds has 0 offices, with 1 listed address in 1 state.
Pennsylvania · 1 listed address
- 3803 West Chester Pike, Suite 150, Newtown SquareHQ
Other business names
Empowered Funds has reported 2 other business names to the SEC.
- ETF Architect
- Ea Advisers
Registration details
- Legal name
- Empowered Funds, LLC
- Headquarters
- 3803 West Chester Pike, Suite 150, Newtown Square, PA 19073
- Phone
- 12153304476
- Website
- Not reported
- SEC file
- 801-79835
- Structure
- Pennsylvania LLC
- Fiscal year end
- December
This directory does not report disciplinary history, for any firm or individual, in either direction. The SEC publishes the complete record, including any disciplinary events, and it is the authoritative place to check one. See this firm's record on adviserinfo.sec.gov
Common questions
How many clients does Empowered Funds have?
Empowered Funds has 222 clients and manages $29.7 billion for them, as of March 2026. They include 98 investment companies, 88 high-net-worth individuals and 28 other individuals.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 18 March 2026
What services does Empowered Funds offer?
Empowered Funds provides portfolio management for investment companies, portfolio management for institutions and other activities.
Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file
Which custodians does Empowered Funds use?
Empowered Funds’ separately managed account assets are held at Interactive Brokers LLC (Greenwich, CT), with $711,692,830. Only custodians holding at least a tenth of those assets are named.
Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 18 March 2026
How many financial advisors does Empowered Funds have?
Empowered Funds has 6 investment adviser representatives registered with state securities authorities, out of 44 employees, and 6 perform investment advisory functions. None are registered representatives of a broker-dealer or licensed insurance agents.
Source: Form ADV Part 1A, Items 5.A and 5.B, from the SEC's 2 October 2026 data file
What does Empowered Funds invest in?
At the end of its last fiscal year, Empowered Funds’ separately managed accounts held 89% exchange-traded equities, 4% derivatives, 4% registered funds (mutual funds, ETFs, BDCs) and 3% cash and equivalents. It advises no private funds of its own.
Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file
Who owns Empowered Funds?
Empowered Funds is owned through holding companies by Wesley Gray. Its direct owners are Alpha Architect (75% or more) and Empirical Finance, LLC (75% or more).
Source: Form ADV Part 1A, Schedules A and B, filed 18 March 2026
How does Empowered Funds get paid?
Empowered Funds is paid through a percentage of assets under management and fixed fees. Its Form ADV lists no commissions or performance-based fees among how it is paid.
Source: Form ADV Part 1A, Item 5.E, from the SEC's 2 October 2026 data file