SEC 13F Intelligence

Managers / Q2 2023 · view latest →

HERITAGE INVESTORS MANAGEMENT CORP

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

Reported Value
$2.5B
Q2 2023
Positions
244
Filings on Record
30
2019–present window
Filed
Aug 1, 2023
original filing

Summary

Heritage Investors Management Corp reported $2.5B in U.S.-listed holdings across 244 positions for Q2 2023.

Its largest position, AAPL, represents 6.2% of the portfolio.

Compared with Q1 2023, the fund opened 2 new positions and exited 7.

Portfolio Metrics

Turnover
+1.3%
vs prior filed quarter
Top-10 Concentration
+30.4%
share of reported value
Largest Position
+6.2%
Apple
New / Exited
2 / 7
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: 91.5%ETP: 6.1%REIT: 1.6%ADR: 0.8%Other: 0.0%Closed-End Fund: 0.0%
  • Common Stock · 91.5% · $2.3B
  • ETP · 6.1% · $151M
  • REIT · 1.6% · $41M
  • ADR · 0.8% · $19M
  • Other · 0.0% · $813,000
  • Closed-End Fund · 0.0% · $87,000

Quarter-over-Quarter Changes full breakdown →

vs Q1 2023 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
ITRIITRON INCNEW+3.2K3.2K+$231,000$231,000
CEGCONSTELLATION ENERGY CORPNEW+2.4K2.4K+$216,000$216,000
OXYOCCIDENTAL PETE CORPSOLD OUT−3.8K0−$235,000$0
WFCWELLS FARGO CO NEWSOLD OUT−6.1K0−$229,000$0
EMREMERSON ELEC COSOLD OUT−2.3K0−$205,000$0
DVNDEVON ENERGY CORP NEWSOLD OUT−4.0K0−$202,000$0
UGUNITED GUARDIAN INCSOLD OUT−13.2K0−$122,000$0
WIRELESS TELECOM GROUP INCSOLD OUT−11.1K0−$21,000$0

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

Holdings — Q2 2023

226 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1AAPLAPPLE INChistory →COM6.18%$154M795.0K
2MSFTMICROSOFT CORPhistory →COM4.40%$110M322.8K
3GOOGLALPHABET INCCAP STK CL A · CAP STK CL C4.22%$105M874.6K
4PANWPALO ALTO NETWORKS INChistory →COM3.19%$80M311.6K
5VBVANGUARD INDEX FDSSMALL CP ETF · MID CAP ETF · S&P 500 ETF SHS · TOTAL STK MKT · LARGE CAP ETF2.45%$61M276.7K
6MAMASTERCARD INCORPORATEDhistory →CL A2.37%$59M150.1K
7AVGOBROADCOM INChistory →COM2.35%$59M67.6K
8MARMARRIOTT INTL INC NEWhistory →CL A1.90%$47M258.4K
9AMZNAMAZON COM INChistory →COM1.72%$43M330.2K
10HDHOME DEPOT INChistory →COM1.66%$41M133.4K
11CATCATERPILLAR INChistory →COM1.54%$39M156.7K
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 · RUS 1000 GRW ETF · GL CLEAN ENE ETF · S&P MC 400VL ETF · CORE S&P500 ETF · SP SMCP600VL ETF · S&P MC 400GR ETF1.43%$36M446.7K
13CSCOCISCO SYS INChistory →COM1.42%$35M685.7K
14CRMSALESFORCE INChistory →COM1.41%$35M166.6K
15JPMJPMORGAN CHASE & COhistory →COM1.40%$35M240.2K
16MLMMARTIN MARIETTA MATLS INChistory →COM1.36%$34M73.3K
17AXPAMERICAN EXPRESS COhistory →COM1.31%$33M187.9K
18WMTWALMART INChistory →COM1.30%$32M206.1K
19MCDMCDONALDS CORPhistory →COM1.28%$32M107.2K
20DISDISNEY WALT COhistory →COM1.28%$32M356.8K
21MRKMERCK & CO INChistory →COM1.27%$32M275.6K
22NKENIKE INChistory →CL B1.27%$32M288.0K
23UNHUNITEDHEALTH GROUP INChistory →COM1.24%$31M64.6K
24ZTSZOETIS INChistory →CL A1.20%$30M174.2K
25STZCONSTELLATION BRANDS INChistory →CL A1.18%$29M119.5K
26JNJJOHNSON & JOHNSONhistory →COM1.11%$28M167.3K
27MDYSPDR S&P MIDCAP 400 ETF TRhistory →UTSER1 S&PDCRP1.09%$27M56.8K
28BLACKROCK INCCOM1.02%$26M37.0K
29CVXCHEVRON CORP NEWhistory →COM0.97%$24M154.2K
30RTXRAYTHEON TECHNOLOGIES CORPhistory →COM0.96%$24M244.4K
31FDXFEDEX CORPhistory →COM0.92%$23M92.8K
32YUMCYUM CHINA HLDGS INChistory →COM0.90%$22M397.6K
33GSGOLDMAN SACHS GROUP INChistory →COM0.90%$22M69.6K
34MSMORGAN STANLEYhistory →COM NEW0.87%$22M255.6K
35TMOTHERMO FISHER SCIENTIFIC INChistory →COM0.87%$22M41.6K
36EQIXEQUINIX INChistory →COM0.86%$21M27.4K
37BACBANK AMERICA CORPhistory →COM0.85%$21M742.6K
38TROWPRICE T ROWE GROUP INChistory →COM0.85%$21M190.0K
39NVDANVIDIA CORPORATIONhistory →COM0.84%$21M49.6K
40COPCONOCOPHILLIPShistory →COM0.83%$21M200.1K
41ZBHZIMMER BIOMET HOLDINGS INChistory →COM0.81%$20M138.3K
42BABOEING COhistory →COM0.77%$19M91.1K
43ADPAUTOMATIC DATA PROCESSING INhistory →COM0.77%$19M87.5K
44CSXCSX CORPhistory →COM0.76%$19M556.3K
45YUMYUM BRANDS INChistory →COM0.76%$19M136.1K
46PEPPEPSICO INChistory →COM0.72%$18M97.7K
47AMTAMERICAN TOWER CORP NEWhistory →COM0.72%$18M92.8K
48INTCINTEL CORPhistory →COM0.71%$18M530.9K
49SYFSYNCHRONY FINANCIALhistory →COM0.71%$18M522.2K
50SPLUNK INCCOM0.71%$18M165.9K
51CCITIGROUP INChistory →COM NEW0.70%$17M379.5K
52APDAIR PRODS & CHEMS INChistory →COM0.69%$17M57.6K
53COFCAPITAL ONE FINL CORPhistory →COM0.67%$17M151.8K
54PCARPACCAR INChistory →COM0.66%$17M198.0K
55KOCOCA COLA COhistory →COM0.66%$16M271.9K
56CMGCHIPOTLE MEXICAN GRILL INChistory →COM0.64%$16M7.5K
57VZVERIZON COMMUNICATIONS INChistory →COM0.62%$16M417.4K
58CMCSACOMCAST CORP NEWhistory →CL A0.62%$15M373.0K
59VEUVANGUARD INTL EQUITY INDEX FALLWRLD EX US · FTSE EMR MKT ETF0.61%$15M310.8K
60AMGNAMGEN INChistory →COM0.60%$15M67.9K
61IQVIQVIA HLDGS INChistory →COM0.59%$15M66.0K
62PFEPFIZER INChistory →COM0.59%$15M403.1K
63UPSUNITED PARCEL SERVICE INChistory →CL B0.59%$15M81.6K
64PGPROCTER AND GAMBLE COhistory →COM0.54%$13M88.6K
65COSTCOSTCO WHSL CORP NEWhistory →COM0.54%$13M24.8K
66HONHONEYWELL INTL INChistory →COM0.52%$13M62.6K
67ACNACCENTURE PLC IRELANDhistory →SHS CLASS A0.50%$12M40.1K
68BSXBOSTON SCIENTIFIC CORPhistory →COM0.49%$12M227.2K
69LINLINDE PLChistory →SHS0.48%$12M31.2K
70DDDUPONT DE NEMOURS INChistory →COM0.47%$12M164.8K
71NOWSERVICENOW INChistory →COM0.46%$11M20.4K
72ADMARCHER DANIELS MIDLAND COhistory →COM0.45%$11M149.7K
73LMTLOCKHEED MARTIN CORPhistory →COM0.45%$11M24.5K
74EXMOCEXXON MOBIL CORPhistory →COM0.43%$11M100.0K
75PMPHILIP MORRIS INTL INChistory →COM0.42%$10M107.5K
76MCKMCKESSON CORPhistory →COM0.41%$10M24.2K
77VVISA INChistory →COM CL A0.41%$10M43.3K
78ABBVABBVIE INChistory →COM0.41%$10M75.8K
79TAT&T INChistory →COM0.40%$10M631.2K
80NSCNORFOLK SOUTHN CORPhistory →COM0.40%$10M44.4K
81NEENEXTERA ENERGY INChistory →COM0.40%$10M135.0K
82EXKEXACT SCIENCES CORPCOM0.40%$10M105.3K
83BMYBRISTOL-MYERS SQUIBB COCOM0.39%$10M153.8K
84LDOSLEIDOS HOLDINGS INCCOM0.39%$10M110.9K
85METAMETA PLATFORMS INCCL A0.38%$10M33.4K
86PSXPHILLIPS 66COM0.34%$9M89.7K
87SLBSCHLUMBERGER LTDCOM STK0.34%$8M170.2K
88PYPLPAYPAL HLDGS INCCOM0.33%$8M124.7K
89MDLZMONDELEZ INTL INCCL A0.33%$8M111.8K
90TMTOYOTA MOTOR CORPADS0.32%$8M50.2K
91IBMINTERNATIONAL BUSINESS MACHSCOM0.31%$8M57.6K
92BURLBURLINGTON STORES INCCOM0.30%$7M47.1K
93AERAERCAP HOLDINGS NVSHS0.29%$7M115.7K
94HSYHERSHEY COCOM0.26%$7M26.3K
95MDTMEDTRONIC PLCSHS0.25%$6M71.1K
96SHELSHELL PLCSPON ADS0.25%$6M101.9K
97UNPUNION PAC CORPCOM0.25%$6M29.9K
98LHXL3HARRIS TECHNOLOGIES INCCOM0.24%$6M31.1K
99BRK/BBERKSHIRE HATHAWAY INC DELCL B NEW0.24%$6M17.7K
100PPLIIAC INCCOM NEW0.24%$6M95.9K

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 ↗.