SEC 13F Intelligence

Managers / Q3 2023 · view latest →

HERITAGE INVESTORS MANAGEMENT CORP

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

Reported Value
$2.4B
Q3 2023
Positions
246
Filings on Record
30
2019–present window
Filed
Nov 9, 2023
original filing

Summary

Heritage Investors Management Corp reported $2.4B in U.S.-listed holdings across 246 positions for Q3 2023.

Its largest position, AAPL, represents 5.6% of the portfolio.

Compared with Q2 2023, the fund opened 5 new positions and exited 3.

Portfolio Metrics

Turnover
+1.9%
vs prior filed quarter
Top-10 Concentration
+30.0%
share of reported value
Largest Position
+5.6%
Apple
New / Exited
5 / 3
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: 91.6%ETP: 6.0%REIT: 1.6%ADR: 0.8%Other: 0.0%Closed-End Fund: 0.0%
  • Common Stock · 91.6% · $2.2B
  • ETP · 6.0% · $144M
  • REIT · 1.6% · $38M
  • ADR · 0.8% · $20M
  • Other · 0.0% · $816,000
  • Closed-End Fund · 0.0% · $83,000

Quarter-over-Quarter Changes full breakdown →

vs Q2 2023 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
SHMSPDR SER TRNEW+8.0K8.0K+$370,000$370,000
EEMVISHARES INCNEW+5.8K5.8K+$310,000$310,000
SUBISHARES TRNEW+3.0K3.0K+$309,000$309,000
TSLATESLA INCNEW+969969+$242,000$242,000
LEUCENTRUS ENERGY CORPNEW+3.7K3.7K+$210,000$210,000
VEAVANGUARD TAX-MANAGED FDSSOLD OUT−5.9K0−$270,000$0
ITRIITRON INCSOLD OUT−3.2K0−$231,000$0
EMCORE CORPSOLD OUT−10.7K0−$8,000$0

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

Holdings — Q3 2023

226 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1AAPLAPPLE INChistory →COM5.56%$133M776.7K
2GOOGLALPHABET INCCAP STK CL A · CAP STK CL C4.72%$113M858.3K
3MSFTMICROSOFT CORPhistory →COM4.23%$101M319.9K
4PANWPALO ALTO NETWORKS INChistory →COM3.01%$72M307.1K
5VBVANGUARD INDEX FDSSMALL CP ETF · MID CAP ETF · S&P 500 ETF SHS · TOTAL STK MKT · LARGE CAP ETF2.39%$57M272.8K
6MAMASTERCARD INCORPORATEDhistory →CL A2.39%$57M144.2K
7AVGOBROADCOM INChistory →COM2.29%$55M66.0K
8MARMARRIOTT INTL INC NEWhistory →CL A2.03%$48M246.7K
9AMZNAMAZON COM INChistory →COM1.76%$42M330.7K
10CATCATERPILLAR INChistory →COM1.66%$40M145.4K
11HDHOME DEPOT INChistory →COM1.65%$39M130.5K
12CSCOCISCO SYS INChistory →COM1.52%$36M674.8K
13JPMJPMORGAN CHASE & COhistory →COM1.43%$34M236.0K
14IEFAISHARES TRCORE MSCI EAFE · MSCI EAFE ETF · CORE S&P MCP ETF · RUSSELL 2000 ETF · CORE S&P SCP ETF · MSCI EMG MKT ETF · RUS MID CAP ETF · RUS 1000 GRW ETF · SHRT NAT MUN ETF · GL CLEAN ENE ETF · S&P MC 400VL ETF · CORE S&P500 ETF · S&P MC 400GR ETF · SP SMCP600VL ETF1.43%$34M446.5K
15CRMSALESFORCE INChistory →COM1.41%$34M166.0K
16UNHUNITEDHEALTH GROUP INChistory →COM1.38%$33M65.3K
17DISDISNEY WALT COhistory →COM1.34%$32M395.8K
18WMTWALMART INChistory →COM1.32%$32M197.1K
19NKENIKE INChistory →CL B1.26%$30M315.4K
20ZTSZOETIS INChistory →CL A1.26%$30M173.0K
21STZCONSTELLATION BRANDS INChistory →CL A1.23%$29M116.7K
22MLMMARTIN MARIETTA MATLS INChistory →COM1.19%$29M69.4K
23MRKMERCK & CO INChistory →COM1.18%$28M274.6K
24MCDMCDONALDS CORPhistory →COM1.16%$28M105.5K
25AXPAMERICAN EXPRESS COhistory →COM1.15%$27M184.2K
26JNJJOHNSON & JOHNSONhistory →COM1.08%$26M165.7K
27CVXCHEVRON CORP NEWhistory →COM1.08%$26M152.6K
28MDYSPDR S&P MIDCAP 400 ETF TRhistory →UTSER1 S&PDCRP1.07%$25M55.8K
29BLACKROCK INCCOM1.02%$24M37.6K
30SPLUNK INCCOM1.01%$24M164.8K
31FDXFEDEX CORPhistory →COM1.00%$24M90.0K
32COPCONOCOPHILLIPShistory →COM0.98%$23M195.9K
33GSGOLDMAN SACHS GROUP INChistory →COM0.94%$22M69.2K
34TMOTHERMO FISHER SCIENTIFIC INChistory →COM0.93%$22M44.0K
35YUMCYUM CHINA HLDGS INChistory →COM0.93%$22M397.8K
36NVDANVIDIA CORPORATIONhistory →COM0.90%$21M49.4K
37MSMORGAN STANLEYhistory →COM NEW0.88%$21M258.0K
38BACBANK AMERICA CORPhistory →COM0.88%$21M767.9K
39TROWPRICE T ROWE GROUP INChistory →COM0.87%$21M199.0K
40ADPAUTOMATIC DATA PROCESSING INhistory →COM0.85%$20M84.2K
41RTXRTX CORPORATIONhistory →COM0.85%$20M281.2K
42EQIXEQUINIX INChistory →COM0.84%$20M27.6K
43INTCINTEL CORPhistory →COM0.78%$19M523.2K
44AMGNAMGEN INChistory →COM0.74%$18M66.2K
45BABOEING COhistory →COM0.73%$17M90.5K
46CSXCSX CORPhistory →COM0.71%$17M549.4K
47ZBHZIMMER BIOMET HOLDINGS INChistory →COM0.69%$17M147.5K
48YUMYUM BRANDS INChistory →COM0.69%$16M131.7K
49AMTAMERICAN TOWER CORP NEWhistory →COM0.69%$16M100.0K
50CMCSACOMCAST CORP NEWhistory →CL A0.68%$16M369.1K
51PEPPEPSICO INChistory →COM0.68%$16M95.7K
52APDAIR PRODS & CHEMS INChistory →COM0.67%$16M56.8K
53SYFSYNCHRONY FINANCIALhistory →COM0.67%$16M522.1K
54PCARPACCAR INChistory →COM0.65%$16M183.9K
55KOCOCA COLA COhistory →COM0.64%$15M272.9K
56CCITIGROUP INChistory →COM NEW0.64%$15M370.0K
57COFCAPITAL ONE FINL CORPhistory →COM0.61%$15M151.1K
58PFEPFIZER INChistory →COM0.60%$14M434.2K
59VEUVANGUARD INTL EQUITY INDEX FALLWRLD EX US · FTSE EMR MKT ETF0.60%$14M305.6K
60CMGCHIPOTLE MEXICAN GRILL INChistory →COM0.59%$14M7.7K
61COSTCOSTCO WHSL CORP NEWhistory →COM0.58%$14M24.6K
62IQVIQVIA HLDGS INChistory →COM0.56%$14M68.6K
63VZVERIZON COMMUNICATIONS INChistory →COM0.56%$13M410.7K
64UPSUNITED PARCEL SERVICE INChistory →CL B0.53%$13M80.6K
65ACNACCENTURE PLC IRELANDhistory →SHS CLASS A0.51%$12M40.0K
66PGPROCTER AND GAMBLE COhistory →COM0.51%$12M84.3K
67DDDUPONT DE NEMOURS INChistory →COM0.50%$12M161.4K
68BSXBOSTON SCIENTIFIC CORPhistory →COM0.49%$12M221.7K
69EXMOCEXXON MOBIL CORPhistory →COM0.48%$12M97.9K
70NOWSERVICENOW INChistory →COM0.48%$11M20.4K
71HONHONEYWELL INTL INChistory →COM0.47%$11M61.3K
72ABBVABBVIE INChistory →COM0.47%$11M75.3K
73ADMARCHER DANIELS MIDLAND COhistory →COM0.46%$11M146.9K
74TAT&T INChistory →COM0.45%$11M717.7K
75LINLINDE PLChistory →SHS0.45%$11M28.7K
76PSXPHILLIPS 66history →COM0.44%$11M87.6K
77LMTLOCKHEED MARTIN CORPhistory →COM0.42%$10M24.8K
78LDOSLEIDOS HOLDINGS INChistory →COM0.42%$10M110.1K
79METAMETA PLATFORMS INCCL A0.41%$10M32.8K
80VVISA INCCOM CL A0.41%$10M42.7K
81SLBSCHLUMBERGER LTDCOM STK0.41%$10M167.5K
82PMPHILIP MORRIS INTL INCCOM0.41%$10M105.2K
83MCKMCKESSON CORPCOM0.40%$10M21.9K
84NEENEXTERA ENERGY INCCOM0.38%$9M158.3K
85NSCNORFOLK SOUTHN CORPCOM0.37%$9M44.9K
86TMTOYOTA MOTOR CORPADS0.36%$9M48.3K
87BMYBRISTOL-MYERS SQUIBB COCOM0.36%$9M147.3K
88MDLZMONDELEZ INTL INCCL A0.34%$8M117.2K
89IBMINTERNATIONAL BUSINESS MACHSCOM0.33%$8M56.5K
90PYPLPAYPAL HLDGS INCCOM0.33%$8M133.5K
91EXKEXACT SCIENCES CORPCOM0.31%$7M109.1K
92AERAERCAP HOLDINGS NVSHS0.30%$7M113.2K
93SHELSHELL PLCSPON ADS0.27%$6M100.4K
94BURLBURLINGTON STORES INCCOM0.27%$6M47.8K
95UNPUNION PAC CORPCOM0.26%$6M30.1K
96BRK/BBERKSHIRE HATHAWAY INC DELCL B NEW0.25%$6M16.9K
97IEMGISHARES INCCORE MSCI EMKT · MSCI EMERG MRKT0.24%$6M118.9K
98EOGEOG RES INCCOM0.24%$6M44.9K
99MDTMEDTRONIC PLCSHS0.23%$6M70.4K
100LHXL3HARRIS TECHNOLOGIES INCCOM0.23%$5M31.0K

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 ↗.