SEC 13F Intelligence

Managers / Q4 2023 · view latest →

HERITAGE INVESTORS MANAGEMENT CORP

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

Reported Value
$2.6B
Q4 2023
Positions
248
Filings on Record
30
2019–present window
Filed
Feb 7, 2024
original filing

Summary

Heritage Investors Management Corp reported $2.6B in U.S.-listed holdings across 248 positions for Q4 2023.

Its largest position, AAPL, represents 5.5% of the portfolio.

Compared with Q3 2023, the fund opened 10 new positions and exited 8.

Portfolio Metrics

Turnover
+1.2%
vs prior filed quarter
Top-10 Concentration
+30.8%
share of reported value
Largest Position
+5.5%
Apple
New / Exited
10 / 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: 91.6%ETP: 6.0%REIT: 1.7%ADR: 0.7%MLP: 0.0%Other: 0.0%
  • Common Stock · 91.6% · $2.4B
  • ETP · 6.0% · $158M
  • REIT · 1.7% · $44M
  • ADR · 0.7% · $20M
  • MLP · 0.0% · $747,000
  • Other · 0.0% · $112,000

Quarter-over-Quarter Changes full breakdown →

vs Q3 2023 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
ASMLASML HOLDING N VNEW+1.7K1.7K+$1M$1M
ADIANALOG DEVICES INCNEW+6.1K6.1K+$1M$1M
INTUINTUITNEW+1.7K1.7K+$1M$1M
PRPERMIAN RESOURCES CORPNEW+65.3K65.3K+$888,000$888,000
EPDENTERPRISE PRODS PARTNERS LNEW+28.4K28.4K+$747,000$747,000
DHID R HORTON INCNEW+4.7K4.7K+$718,000$718,000
WDWALKER & DUNLOP INCNEW+2.0K2.0K+$222,000$222,000
ADBEADOBE INCNEW+348348+$208,000$208,000

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

Holdings — Q4 2023

227 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1AAPLAPPLE INChistory →COM5.55%$147M762.9K
2GOOGLALPHABET INCCAP STK CL A · CAP STK CL C4.49%$119M847.4K
3MSFTMICROSOFT CORPhistory →COM4.43%$117M312.0K
4PANWPALO ALTO NETWORKS INChistory →COM3.32%$88M297.6K
5AVGOBROADCOM INChistory →COM2.71%$72M64.2K
6VBVANGUARD INDEX FDSSMALL CP ETF · MID CAP ETF · S&P 500 ETF SHS · TOTAL STK MKT · LARGE CAP ETF2.40%$64M271.1K
7MAMASTERCARD INCORPORATEDhistory →CL A2.29%$61M142.0K
8MARMARRIOTT INTL INC NEWhistory →CL A2.06%$54M241.6K
9AMZNAMAZON COM INChistory →COM1.90%$50M330.2K
10HDHOME DEPOT INChistory →COM1.71%$45M130.2K
11CRMSALESFORCE INChistory →COM1.65%$44M166.0K
12CATCATERPILLAR INChistory →COM1.61%$43M144.0K
13JPMJPMORGAN CHASE & COhistory →COM1.50%$40M233.4K
14IEFAISHARES TRCORE MSCI EAFE · MSCI EAFE ETF · CORE S&P SCP ETF · CORE S&P MCP ETF · RUSSELL 2000 ETF · MSCI EMG MKT ETF · RUS MID CAP ETF · RUS 1000 GRW ETF · SHRT NAT MUN ETF · S&P MC 400VL ETF · GL CLEAN ENE ETF · SP SMCP600VL ETF · S&P MC 400GR ETF · CORE S&P500 ETF · S&P SML 600 GWT1.44%$38M447.5K
15AXPAMERICAN EXPRESS COhistory →COM1.32%$35M185.8K
16DISDISNEY WALT COhistory →COM1.29%$34M378.9K
17CSCOCISCO SYS INChistory →COM1.29%$34M674.8K
18ZTSZOETIS INChistory →CL A1.29%$34M172.5K
19MLMMARTIN MARIETTA MATLS INChistory →COM1.27%$34M67.5K
20UNHUNITEDHEALTH GROUP INChistory →COM1.27%$34M63.9K
21NKENIKE INChistory →CL B1.27%$34M309.6K
22BLACKROCK INCCOM1.18%$31M38.6K
23MCDMCDONALDS CORPhistory →COM1.18%$31M105.1K
24WMTWALMART INChistory →COM1.16%$31M194.5K
25MRKMERCK & CO INChistory →COM1.15%$30M278.9K
26STZCONSTELLATION BRANDS INChistory →CL A1.08%$28M117.9K
27MDYSPDR S&P MIDCAP 400 ETF TRhistory →UTSER1 S&PDCRP1.07%$28M55.7K
28GSGOLDMAN SACHS GROUP INChistory →COM1.01%$27M69.3K
29INTCINTEL CORPhistory →COM0.99%$26M519.9K
30JNJJOHNSON & JOHNSONhistory →COM0.98%$26M166.0K
31BACBANK AMERICA CORPhistory →COM0.98%$26M772.2K
32MSMORGAN STANLEYhistory →COM NEW0.94%$25M265.6K
33NVDANVIDIA CORPORATIONhistory →COM0.92%$24M49.4K
34RTXRTX CORPORATIONhistory →COM0.91%$24M285.6K
35TMOTHERMO FISHER SCIENTIFIC INChistory →COM0.89%$24M44.4K
36CVXCHEVRON CORP NEWhistory →COM0.89%$23M157.2K
37BABOEING COhistory →COM0.88%$23M89.1K
38COPCONOCOPHILLIPShistory →COM0.85%$23M194.1K
39FDXFEDEX CORPhistory →COM0.85%$23M89.0K
40EQIXEQUINIX INChistory →COM0.83%$22M27.4K
41SPLUNK INCCOM0.83%$22M144.4K
42TROWPRICE T ROWE GROUP INChistory →COM0.80%$21M197.4K
43AMTAMERICAN TOWER CORP NEWhistory →COM0.78%$21M95.3K
44COFCAPITAL ONE FINL CORPhistory →COM0.74%$20M149.1K
45SYFSYNCHRONY FINANCIALhistory →COM0.74%$20M510.6K
46ADPAUTOMATIC DATA PROCESSING INhistory →COM0.73%$19M82.6K
47CSXCSX CORPhistory →COM0.71%$19M544.3K
48AMGNAMGEN INChistory →COM0.71%$19M65.0K
49PEPPEPSICO INChistory →COM0.70%$18M108.9K
50CCITIGROUP INChistory →COM NEW0.69%$18M355.7K
51ZBHZIMMER BIOMET HOLDINGS INChistory →COM0.67%$18M146.3K
52PCARPACCAR INChistory →COM0.66%$18M180.2K
53CMGCHIPOTLE MEXICAN GRILL INChistory →COM0.66%$17M7.6K
54YUMCYUM CHINA HLDGS INChistory →COM0.66%$17M409.8K
55YUMYUM BRANDS INChistory →COM0.65%$17M131.6K
56IQVIQVIA HLDGS INChistory →COM0.62%$16M70.5K
57APDAIR PRODS & CHEMS INChistory →COM0.61%$16M59.3K
58KOCOCA COLA COhistory →COM0.61%$16M275.4K
59COSTCOSTCO WHSL CORP NEWhistory →COM0.61%$16M24.3K
60CMCSACOMCAST CORP NEWhistory →CL A0.60%$16M364.1K
61VZVERIZON COMMUNICATIONS INChistory →COM0.57%$15M401.3K
62VEUVANGUARD INTL EQUITY INDEX FALLWRLD EX US · FTSE EMR MKT ETF0.56%$15M298.5K
63NOWSERVICENOW INChistory →COM0.55%$15M20.7K
64ACNACCENTURE PLC IRELANDhistory →SHS CLASS A0.54%$14M40.5K
65PFEPFIZER INChistory →COM0.50%$13M461.7K
66HONHONEYWELL INTL INChistory →COM0.49%$13M61.9K
67UPSUNITED PARCEL SERVICE INChistory →CL B0.49%$13M82.1K
68BSXBOSTON SCIENTIFIC CORPhistory →COM0.48%$13M220.2K
69DDDUPONT DE NEMOURS INChistory →COM0.46%$12M159.1K
70PGPROCTER AND GAMBLE COhistory →COM0.46%$12M83.3K
71TAT&T INChistory →COM0.45%$12M705.1K
72ABBVABBVIE INChistory →COM0.44%$12M75.1K
73LDOSLEIDOS HOLDINGS INChistory →COM0.43%$12M106.3K
74LINLINDE PLChistory →SHS0.43%$11M27.9K
75METAMETA PLATFORMS INChistory →CL A0.43%$11M32.3K
76PSXPHILLIPS 66history →COM0.43%$11M85.8K
77LMTLOCKHEED MARTIN CORPhistory →COM0.42%$11M24.5K
78VVISA INChistory →COM CL A0.41%$11M41.9K
79ADMARCHER DANIELS MIDLAND COhistory →COM0.40%$11M147.0K
80NSCNORFOLK SOUTHN CORPhistory →COM0.39%$10M43.9K
81MCKMCKESSON CORPhistory →COM0.38%$10M22.0K
82NEENEXTERA ENERGY INCCOM0.37%$10M161.9K
83EXMOCEXXON MOBIL CORPCOM0.37%$10M97.9K
84PMPHILIP MORRIS INTL INCCOM0.37%$10M103.7K
85BURLBURLINGTON STORES INCCOM0.35%$9M47.5K
86IBMINTERNATIONAL BUSINESS MACHSCOM0.35%$9M56.0K
87TMTOYOTA MOTOR CORPADS0.33%$9M47.8K
88SLBSCHLUMBERGER LTDCOM STK0.33%$9M165.8K
89MDLZMONDELEZ INTL INCCL A0.32%$9M118.0K
90PYPLPAYPAL HLDGS INCCOM0.31%$8M132.3K
91AERAERCAP HOLDINGS NVSHS0.30%$8M108.0K
92BMYBRISTOL-MYERS SQUIBB COCOM0.28%$7M145.3K
93UNPUNION PAC CORPCOM0.28%$7M30.1K
94BRK/BBERKSHIRE HATHAWAY INC DELCL B NEW0.27%$7M20.2K
95EXKEXACT SCIENCES CORPCOM0.27%$7M97.0K
96TGTTARGET CORPCOM0.25%$7M46.6K
97LHXL3HARRIS TECHNOLOGIES INCCOM0.25%$7M31.2K
98SHELSHELL PLCSPON ADS0.24%$6M98.1K
99MDTMEDTRONIC PLCSHS0.24%$6M76.7K
100RPDRAPID7 INCCOM0.24%$6M110.0K

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 ↗.