SEC 13F Intelligence

Managers / Q4 2022 · view latest →

HERITAGE INVESTORS MANAGEMENT CORP

CIK 0000937589 · 7101 WISCONSIN AVENUE STE 950, BETHESDA, MD, 20814 · 3019510440

Reported Value
$2.2B
Q4 2022
Positions
261
Filings on Record
30
2019–present window
Filed
Feb 6, 2023
original filing

Summary

Heritage Investors Management Corp reported $2.2B in U.S.-listed holdings across 261 positions for Q4 2022.

Its largest position, AAPL, represents 4.9% of the portfolio.

Compared with Q3 2022, the fund opened 17 new positions and exited 8.

Portfolio Metrics

Turnover
+2.1%
vs prior filed quarter
Top-10 Concentration
+26.5%
share of reported value
Largest Position
+4.9%
Apple
New / Exited
17 / 8
positions this quarter

Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded, with multiple share classes and repeated sub-manager rows for the same issuer combined into one position — the same rule the holdings table uses by default. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.

Reported Value by Quarter

13F Reported Value
Q4 ’18: $1.5BQ4 ’18Q1 ’19: $1.7BQ2 ’19: $1.7BQ3 ’19: $1.8BQ4 ’19: $1.9BQ4 ’19Q1 ’20: $1.4BQ2 ’20: $1.7BQ3 ’20: $1.9BQ4 ’20: $2.1BQ4 ’20Q1 ’21: $2.3BQ2 ’21: $2.4BQ3 ’21: $2.4BQ4 ’21: $2.6BQ4 ’21Q1 ’22: $2.5BQ2 ’22: $2.1BQ3 ’22: $2.0BQ4 ’22: $2.2BQ4 ’22Q1 ’23: $2.3BQ2 ’23: $2.5BQ3 ’23: $2.4BQ4 ’23: $2.6BQ4 ’23Q1 ’24: $2.8BQ2 ’24: $2.9BQ3 ’24: $3.0BQ4 ’24: $3.1BQ4 ’24Q1 ’25: $2.9BQ2 ’25: $3.2BQ3 ’25: $3.3BQ4 ’25: $3.4BQ4 ’25Q1 ’26: $3.3Bfilingsflow.com

Portfolio Composition

By security type
Common Stock: 90.6%ETP: 6.4%REIT: 1.7%ADR: 0.8%Other: 0.5%Closed-End Fund: 0.0%
  • Common Stock · 90.6% · $2.0B
  • ETP · 6.4% · $140M
  • REIT · 1.7% · $37M
  • ADR · 0.8% · $18M
  • Other · 0.5% · $12M
  • Closed-End Fund · 0.0% · $86,000

Quarter-over-Quarter Changes full breakdown →

vs Q3 2022 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
BNBROOKFIELD CORPNEW+21.4K21.4K+$672,000$672,000
MRNAMODERNA INCNEW+1.8K1.8K+$330,000$330,000
XLESELECT SECTOR SPDR TRNEW+3.1K3.1K+$271,000$271,000
NOCNORTHROP GRUMMAN CORPNEW+491491+$268,000$268,000
FRTFEDERAL RLTY INVT TR NEWNEW+2.4K2.4K+$241,000$241,000
QRVOQORVO INCNEW+2.5K2.5K+$231,000$231,000
GDGENERAL DYNAMICS CORPNEW+902902+$224,000$224,000
LLOEWS CORPNEW+3.8K3.8K+$222,000$222,000

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q4 2022

242 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1AAPLAPPLE INChistory →COM4.94%$108M834.2K
2MSFTMICROSOFT CORPhistory →COM3.68%$81M336.2K
3GOOGLALPHABET INCCAP STK CL A · CAP STK CL C3.54%$78M876.8K
4VBVANGUARD INDEX FDSSMALL CP ETF · MID CAP ETF · S&P 500 ETF SHS · TOTAL STK MKT · LARGE CAP ETF2.53%$55M276.2K
5MAMASTERCARD INCORPORATEDhistory →CL A2.44%$54M154.2K
6PANWPALO ALTO NETWORKS INChistory →COM2.11%$46M332.2K
7HDHOME DEPOT INChistory →COM1.87%$41M129.8K
8AVGOBROADCOM INChistory →COM1.84%$40M72.2K
9MARMARRIOTT INTL INC NEWhistory →CL A1.79%$39M263.2K
10CATCATERPILLAR INChistory →COM1.76%$39M161.4K
11NKENIKE INChistory →CL B1.53%$34M287.6K
12IEFAISHARES TRCORE MSCI EAFE · MSCI EAFE ETF · RUSSELL 2000 ETF · CORE S&P MCP ETF · CORE S&P SCP ETF · MSCI EMG MKT ETF · RUS MID CAP ETF · CORE S&P500 ETF · RUS 1000 GRW ETF · GL CLEAN ENE ETF · S&P MC 400VL ETF · PFD AND INCM SEC · SP SMCP600VL ETF1.52%$33M459.0K
13UNHUNITEDHEALTH GROUP INChistory →COM1.46%$32M60.5K
14CSCOCISCO SYS INChistory →COM1.45%$32M669.6K
15MRKMERCK & CO INChistory →COM1.45%$32M286.9K
16JPMJPMORGAN CHASE & COhistory →COM1.45%$32M237.0K
17MCDMCDONALDS CORPhistory →COM1.39%$31M115.9K
18WMTWALMART INChistory →COM1.36%$30M211.1K
19JNJJOHNSON & JOHNSONhistory →COM1.31%$29M162.0K
20AXPAMERICAN EXPRESS COhistory →COM1.28%$28M189.8K
21DISDISNEY WALT COhistory →COM1.27%$28M320.8K
22CVXCHEVRON CORP NEWhistory →COM1.25%$27M153.1K
23STZCONSTELLATION BRANDS INChistory →CL A1.19%$26M112.7K
24AMZNAMAZON COM INChistory →COM1.19%$26M309.6K
25MLMMARTIN MARIETTA MATLS INChistory →COM1.17%$26M75.9K
26BLACKROCK INCCOM1.16%$25M35.9K
27MDYSPDR S&P MIDCAP 400 ETF TRhistory →UTSER1 S&PDCRP1.16%$25M57.5K
28RTXRAYTHEON TECHNOLOGIES CORPhistory →COM1.15%$25M250.7K
29ZTSZOETIS INChistory →CL A1.15%$25M171.8K
30GSGOLDMAN SACHS GROUP INChistory →COM1.06%$23M68.0K
31COPCONOCOPHILLIPShistory →COM1.05%$23M194.7K
32YUMCYUM CHINA HLDGS INChistory →COM1.04%$23M417.7K
33CRMSALESFORCE INChistory →COM1.01%$22M166.9K
34TMOTHERMO FISHER SCIENTIFIC INChistory →COM0.99%$22M39.6K
35MSMORGAN STANLEYhistory →COM NEW0.97%$21M251.5K
36BACBANK AMERICA CORPhistory →COM0.96%$21M637.0K
37ADPAUTOMATIC DATA PROCESSING INhistory →COM0.88%$19M80.5K
38TROWPRICE T ROWE GROUP INChistory →COM0.88%$19M176.2K
39PFEPFIZER INChistory →COM0.87%$19M372.5K
40ZBHZIMMER BIOMET HOLDINGS INChistory →COM0.86%$19M148.1K
41PEPPEPSICO INChistory →COM0.86%$19M104.4K
42YUMYUM BRANDS INChistory →COM0.85%$19M145.4K
43APDAIR PRODS & CHEMS INChistory →COM0.83%$18M58.8K
44EQIXEQUINIX INChistory →COM0.83%$18M27.7K
45AMGNAMGEN INChistory →COM0.82%$18M68.3K
46BABOEING COhistory →COM0.80%$17M91.7K
47KOCOCA COLA COhistory →COM0.79%$17M272.8K
48CSXCSX CORPhistory →COM0.79%$17M558.6K
49AMTAMERICAN TOWER CORP NEWhistory →COM0.77%$17M80.2K
50FDXFEDEX CORPhistory →COM0.74%$16M94.3K
51SYFSYNCHRONY FINANCIALhistory →COM0.72%$16M480.4K
52CCITIGROUP INChistory →COM NEW0.72%$16M347.4K
53VZVERIZON COMMUNICATIONS INChistory →COM0.69%$15M383.4K
54UPSUNITED PARCEL SERVICE INChistory →CL B0.65%$14M82.4K
55VEUVANGUARD INTL EQUITY INDEX FALLWRLD EX US · FTSE EMR MKT ETF0.65%$14M312.7K
56PGPROCTER AND GAMBLE COhistory →COM0.64%$14M93.3K
57COFCAPITAL ONE FINL CORPhistory →COM0.64%$14M150.5K
58PCARPACCAR INChistory →COM0.63%$14M140.4K
59INTCINTEL CORPhistory →COM0.63%$14M522.7K
60ADMARCHER DANIELS MIDLAND COhistory →COM0.62%$14M146.8K
61HONHONEYWELL INTL INChistory →COM0.62%$14M63.5K
62CMCSACOMCAST CORP NEWhistory →CL A0.59%$13M371.2K
63SPLUNK INCCOM0.59%$13M150.4K
64LMTLOCKHEED MARTIN CORPhistory →COM0.58%$13M26.4K
65ABBVABBVIE INChistory →COM0.57%$13M78.0K
66DDDUPONT DE NEMOURS INChistory →COM0.54%$12M173.8K
67EXMOCEXXON MOBIL CORPhistory →COM0.54%$12M107.0K
68LDOSLEIDOS HOLDINGS INChistory →COM0.51%$11M107.3K
69BSXBOSTON SCIENTIFIC CORPhistory →COM0.51%$11M242.7K
70BMYBRISTOL-MYERS SQUIBB COhistory →COM0.51%$11M155.7K
71NSCNORFOLK SOUTHN CORPhistory →COM0.51%$11M45.2K
72TAT&T INChistory →COM0.50%$11M594.8K
73PMPHILIP MORRIS INTL INChistory →COM0.50%$11M108.0K
74LINDE PLCSHS0.49%$11M32.9K
75CMGCHIPOTLE MEXICAN GRILL INChistory →COM0.48%$11M7.6K
76IQVIQVIA HLDGS INCCOM0.45%$10M47.9K
77PSXPHILLIPS 66COM0.43%$9M90.8K
78SLBSCHLUMBERGER LTDCOM STK0.43%$9M175.4K
79VVISA INCCOM CL A0.43%$9M44.9K
80MCKMCKESSON CORPCOM0.42%$9M24.7K
81COSTCOSTCO WHSL CORP NEWCOM0.42%$9M20.3K
82ACNACCENTURE PLC IRELANDSHS CLASS A0.41%$9M33.3K
83BURLBURLINGTON STORES INCCOM0.40%$9M43.8K
84NEENEXTERA ENERGY INCCOM0.40%$9M104.3K
85IBMINTERNATIONAL BUSINESS MACHSCOM0.38%$8M59.4K
86MDLZMONDELEZ INTL INCCL A0.36%$8M117.8K
87NOWSERVICENOW INCCOM0.34%$8M19.3K
88NVDANVIDIA CORPORATIONCOM0.33%$7M50.0K
89AERAERCAP HOLDINGS NVSHS0.32%$7M120.5K
90PYPLPAYPAL HLDGS INCCOM0.31%$7M94.7K
91TMTOYOTA MOTOR CORPADS0.30%$7M48.0K
92HSYHERSHEY COCOM0.30%$7M28.2K
93LHXL3HARRIS TECHNOLOGIES INCCOM0.29%$6M30.1K
94SHELSHELL PLCSPON ADS0.28%$6M106.6K
95UNPUNION PAC CORPCOM0.27%$6M28.5K
96BRK/BBERKSHIRE HATHAWAY INC DELCL B NEW0.27%$6M18.9K
97EOGEOG RES INCCOM0.26%$6M44.2K
98MDTMEDTRONIC PLCSHS0.26%$6M72.3K
99SLMSLM CORPCOM0.25%$5M329.6K
100EXKEXACT SCIENCES CORPCOM0.24%$5M107.2K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$3.3B249Apr 24, 202613F-HRchanges · EDGAR ↗
Q4 2025$3.4B245Feb 6, 202613F-HRchanges · EDGAR ↗
Q3 2025$3.3B251Nov 4, 202513F-HRchanges · EDGAR ↗
Q2 2025$3.2B252Aug 4, 202513F-HRchanges · EDGAR ↗
Q1 2025$2.9B254May 5, 202513F-HRchanges · EDGAR ↗
Q4 2024$3.1B255Feb 5, 202513F-HRchanges · EDGAR ↗
Q3 2024$3.0B254Oct 30, 202413F-HRchanges · EDGAR ↗
Q2 2024$2.9B252Jul 30, 202413F-HRchanges · EDGAR ↗
Q1 2024$2.8B255Apr 29, 202413F-HRchanges · EDGAR ↗
Q4 2023$2.6B248Feb 7, 202413F-HRchanges · EDGAR ↗
Q3 2023$2.4B246Nov 9, 202313F-HRchanges · EDGAR ↗
Q2 2023$2.5B244Aug 1, 202313F-HRchanges · EDGAR ↗
Q1 2023$2.3B249May 1, 202313F-HRchanges · EDGAR ↗
Q4 2022$2.2B261Feb 6, 202313F-HRchanges · EDGAR ↗
Q3 2022$2.0B252Oct 27, 202213F-HRchanges · EDGAR ↗
Q2 2022$2.1B256Aug 1, 202213F-HRchanges · EDGAR ↗
Q1 2022$2.5B274May 2, 202213F-HRchanges · EDGAR ↗
Q4 2021$2.6B276Jan 28, 202213F-HRchanges · EDGAR ↗
Q3 2021$2.4B276Oct 28, 202113F-HRchanges · EDGAR ↗
Q2 2021$2.4B267Jul 29, 202113F-HRchanges · EDGAR ↗
Q1 2021$2.3B259Apr 23, 202113F-HRchanges · EDGAR ↗
Q4 2020$2.1B263Jan 28, 202113F-HRchanges · EDGAR ↗
Q3 2020$1.9B260Oct 29, 202013F-HRchanges · EDGAR ↗
Q2 2020$1.7B262Jul 24, 202013F-HRchanges · EDGAR ↗
Q1 2020$1.4B219May 6, 202013F-HRchanges · EDGAR ↗
Q4 2019$1.9B208Jan 14, 202013F-HRchanges · EDGAR ↗
Q3 2019$1.8B207Oct 18, 201913F-HRchanges · EDGAR ↗
Q2 2019$1.7B212Jul 11, 201913F-HRchanges · EDGAR ↗
Q1 2019$1.7B206Apr 9, 201913F-HRchanges · EDGAR ↗
Q4 2018$1.5B181Jan 28, 201913F-HRchanges · EDGAR ↗

13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.