SEC 13F Intelligence

Managers / Q1 2023 · view latest →

HERITAGE INVESTORS MANAGEMENT CORP

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

Reported Value
$2.3B
Q1 2023
Positions
249
Filings on Record
30
2019–present window
Filed
May 1, 2023
original filing

Summary

Heritage Investors Management Corp reported $2.3B in U.S.-listed holdings across 249 positions for Q1 2023.

Its largest position, AAPL, represents 5.9% of the portfolio.

Compared with Q4 2022, the fund opened 7 new positions and exited 19.

Portfolio Metrics

Turnover
+3.2%
vs prior filed quarter
Top-10 Concentration
+28.5%
share of reported value
Largest Position
+5.9%
Apple
New / Exited
7 / 19
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: 91.2%ETP: 6.2%REIT: 1.7%ADR: 0.8%Other: 0.0%Closed-End Fund: 0.0%
  • Common Stock · 91.2% · $2.1B
  • ETP · 6.2% · $146M
  • REIT · 1.7% · $39M
  • ADR · 0.8% · $19M
  • Other · 0.0% · $1M
  • Closed-End Fund · 0.0% · $88,000

Quarter-over-Quarter Changes full breakdown →

vs Q4 2022 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
LINLINDE PLCNEW+31.7K31.7K+$11M$11M
AMXAMERICA MOVIL SAB DE CVNEW+72.6K72.6K+$2M$2M
GEHCGE HEALTHCARE TECHNOLOGIES INEW+8.4K8.4K+$691,000$691,000
AMDADVANCED MICRO DEVICES INCNEW+2.7K2.7K+$261,000$261,000
ACTIVISION BLIZZARD INCNEW+2.6K2.6K+$221,000$221,000
SHOPSHOPIFY INCNEW+4.5K4.5K+$216,000$216,000
IJKISHARES TRNEW+2.9K2.9K+$207,000$207,000
LINDE PLCSOLD OUT−32.9K0−$11M$0

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

Holdings — Q1 2023

231 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1AAPLAPPLE INChistory →COM5.86%$137M830.0K
2MSFTMICROSOFT CORPhistory →COM4.13%$96M334.0K
3GOOGLALPHABET INCCAP STK CL A · CAP STK CL C3.91%$91M878.2K
4PANWPALO ALTO NETWORKS INChistory →COM2.77%$65M323.7K
5VBVANGUARD INDEX FDSSMALL CP ETF · MID CAP ETF · S&P 500 ETF SHS · TOTAL STK MKT · LARGE CAP ETF2.46%$57M274.7K
6MAMASTERCARD INCORPORATEDhistory →CL A2.38%$56M152.9K
7AVGOBROADCOM INChistory →COM1.91%$45M69.7K
8MARMARRIOTT INTL INC NEWhistory →CL A1.86%$43M261.9K
9HDHOME DEPOT INChistory →COM1.69%$39M133.4K
10CATCATERPILLAR INChistory →COM1.54%$36M156.7K
11IEFAISHARES 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 · RUS 1000 GRW ETF · CORE S&P500 ETF · GL CLEAN ENE ETF · S&P MC 400VL ETF · SP SMCP600VL ETF · S&P MC 400GR ETF1.52%$35M451.8K
12CSCOCISCO SYS INChistory →COM1.51%$35M673.6K
13NKENIKE INChistory →CL B1.50%$35M284.7K
14AMZNAMAZON COM INChistory →COM1.46%$34M331.0K
15DISDISNEY WALT COhistory →COM1.45%$34M337.4K
16CRMSALESFORCE INChistory →COM1.43%$33M166.9K
17MCDMCDONALDS CORPhistory →COM1.34%$31M111.9K
18WMTWALMART INChistory →COM1.34%$31M212.0K
19JPMJPMORGAN CHASE & COhistory →COM1.34%$31M239.5K
20AXPAMERICAN EXPRESS COhistory →COM1.32%$31M187.0K
21UNHUNITEDHEALTH GROUP INChistory →COM1.29%$30M63.9K
22MRKMERCK & CO INChistory →COM1.28%$30M280.4K
23ZTSZOETIS INChistory →CL A1.23%$29M172.0K
24STZCONSTELLATION BRANDS INChistory →CL A1.17%$27M120.9K
25MLMMARTIN MARIETTA MATLS INChistory →COM1.16%$27M76.2K
26MDYSPDR S&P MIDCAP 400 ETF TRhistory →UTSER1 S&PDCRP1.12%$26M57.2K
27JNJJOHNSON & JOHNSONhistory →COM1.12%$26M167.9K
28YUMCYUM CHINA HLDGS INChistory →COM1.08%$25M397.9K
29CVXCHEVRON CORP NEWhistory →COM1.06%$25M151.7K
30RTXRAYTHEON TECHNOLOGIES CORPhistory →COM1.04%$24M247.8K
31BLACKROCK INCCOM1.04%$24M36.3K
32TMOTHERMO FISHER SCIENTIFIC INChistory →COM0.97%$23M39.4K
33GSGOLDMAN SACHS GROUP INChistory →COM0.95%$22M68.1K
34MSMORGAN STANLEYhistory →COM NEW0.95%$22M252.1K
35FDXFEDEX CORPhistory →COM0.92%$21M93.9K
36TROWPRICE T ROWE GROUP INChistory →COM0.89%$21M184.2K
37EQIXEQUINIX INChistory →COM0.85%$20M27.5K
38COPCONOCOPHILLIPShistory →COM0.85%$20M199.9K
39ADPAUTOMATIC DATA PROCESSING INhistory →COM0.83%$19M86.6K
40BABOEING COhistory →COM0.83%$19M90.7K
41BACBANK AMERICA CORPhistory →COM0.81%$19M661.2K
42YUMYUM BRANDS INChistory →COM0.80%$19M141.3K
43PEPPEPSICO INChistory →COM0.79%$18M100.9K
44ZBHZIMMER BIOMET HOLDINGS INChistory →COM0.78%$18M140.3K
45AMTAMERICAN TOWER CORP NEWhistory →COM0.76%$18M87.3K
46INTCINTEL CORPhistory →COM0.74%$17M527.5K
47KOCOCA COLA COhistory →COM0.72%$17M271.8K
48APDAIR PRODS & CHEMS INChistory →COM0.72%$17M58.4K
49CSXCSX CORPhistory →COM0.71%$17M556.2K
50AMGNAMGEN INChistory →COM0.70%$16M67.9K
51CCITIGROUP INChistory →COM NEW0.70%$16M348.8K
52VZVERIZON COMMUNICATIONS INChistory →COM0.69%$16M415.9K
53PFEPFIZER INChistory →COM0.68%$16M389.0K
54UPSUNITED PARCEL SERVICE INChistory →CL B0.68%$16M81.6K
55VEUVANGUARD INTL EQUITY INDEX FALLWRLD EX US · FTSE EMR MKT ETF0.64%$15M311.3K
56PCARPACCAR INChistory →COM0.64%$15M204.1K
57COFCAPITAL ONE FINL CORPhistory →COM0.62%$15M150.9K
58SPLUNK INCCOM0.62%$14M150.7K
59CMCSACOMCAST CORP NEWhistory →CL A0.60%$14M371.5K
60SYFSYNCHRONY FINANCIALhistory →COM0.60%$14M482.0K
61NVDANVIDIA CORPORATIONhistory →COM0.59%$14M49.9K
62PGPROCTER AND GAMBLE COhistory →COM0.59%$14M92.7K
63CMGCHIPOTLE MEXICAN GRILL INChistory →COM0.56%$13M7.6K
64HONHONEYWELL INTL INChistory →COM0.52%$12M63.7K
65ABBVABBVIE INChistory →COM0.52%$12M76.3K
66DDDUPONT DE NEMOURS INChistory →COM0.51%$12M166.8K
67COSTCOSTCO WHSL CORP NEWhistory →COM0.51%$12M23.8K
68LMTLOCKHEED MARTIN CORPhistory →COM0.50%$12M24.9K
69ADMARCHER DANIELS MIDLAND COhistory →COM0.50%$12M146.3K
70BSXBOSTON SCIENTIFIC CORPhistory →COM0.50%$12M232.7K
71IQVIQVIA HLDGS INChistory →COM0.50%$12M58.5K
72EXMOCEXXON MOBIL CORPhistory →COM0.49%$11M104.4K
73TAT&T INChistory →COM0.49%$11M593.9K
74LINLINDE PLChistory →SHS0.48%$11M31.7K
75ACNACCENTURE PLC IRELANDhistory →SHS CLASS A0.48%$11M38.9K
76BMYBRISTOL-MYERS SQUIBB COhistory →COM0.46%$11M155.2K
77PMPHILIP MORRIS INTL INChistory →COM0.45%$10M107.4K
78LDOSLEIDOS HOLDINGS INCCOM0.43%$10M108.6K
79VVISA INCCOM CL A0.42%$10M43.8K
80NEENEXTERA ENERGY INCCOM0.42%$10M125.8K
81NSCNORFOLK SOUTHN CORPCOM0.40%$9M44.6K
82NOWSERVICENOW INCCOM0.40%$9M20.3K
83PSXPHILLIPS 66COM0.39%$9M89.7K
84BURLBURLINGTON STORES INCCOM0.37%$9M43.2K
85MCKMCKESSON CORPCOM0.37%$9M24.4K
86SLBSCHLUMBERGER LTDCOM STK0.37%$9M173.8K
87PYPLPAYPAL HLDGS INCCOM0.36%$8M109.9K
88MDLZMONDELEZ INTL INCCL A0.34%$8M114.3K
89IBMINTERNATIONAL BUSINESS MACHSCOM0.33%$8M58.7K
90METAMETA PLATFORMS INCCL A0.31%$7M34.2K
91TMTOYOTA MOTOR CORPADS0.31%$7M50.9K
92EXKEXACT SCIENCES CORPCOM0.31%$7M105.9K
93HSYHERSHEY COCOM0.30%$7M27.9K
94AERAERCAP HOLDINGS NVSHS0.29%$7M118.4K
95SHELSHELL PLCSPON ADS0.26%$6M104.4K
96LHXL3HARRIS TECHNOLOGIES INCCOM0.25%$6M30.3K
97UNPUNION PAC CORPCOM0.25%$6M29.3K
98MDTMEDTRONIC PLCSHS0.25%$6M72.3K
99BRK/BBERKSHIRE HATHAWAY INC DELCL B NEW0.25%$6M18.7K
100TGTTARGET CORPCOM0.24%$6M33.5K

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 ↗.