SEC 13F Intelligence

Managers / Q3 2025 · view latest →

HERITAGE INVESTORS MANAGEMENT CORP

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

Reported Value
$3.3B
Q3 2025
Positions
251
Filings on Record
30
2019–present window
Filed
Nov 4, 2025
original filing

Summary

Heritage Investors Management Corp reported $3.3B in U.S.-listed holdings across 251 positions for Q3 2025.

Its largest position, GOOGL, represents 5.8% of the portfolio.

Compared with Q2 2025, the fund opened 5 new positions and exited 6.

Portfolio Metrics

Turnover
+2.0%
vs prior filed quarter
Top-10 Concentration
+35.5%
share of reported value
Largest Position
+5.8%
Alphabet
New / Exited
5 / 6
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: 92.8%ETP: 5.2%REIT: 1.4%ADR: 0.6%MLP: 0.0%
  • Common Stock · 92.8% · $3.1B
  • ETP · 5.2% · $175M
  • REIT · 1.4% · $46M
  • ADR · 0.6% · $20M
  • MLP · 0.0% · $683,000

Quarter-over-Quarter Changes full breakdown →

vs Q2 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
VGTVANGUARD WORLD FDNEW+733733+$547,000$547,000
IWNISHARES TRNEW+1.5K1.5K+$256,000$256,000
RBLXROBLOX CORPNEW+1.7K1.7K+$234,000$234,000
SCHDSCHWAB STRATEGIC TRNEW+8.3K8.3K+$227,000$227,000
SPYGSPDR SERIES TRUSTNEW+2.0K2.0K+$214,000$214,000
LLYELI LILLY & COADDED+7.7K8.9K+$6M$7M
WFCWELLS FARGO CO NEWSOLD OUT−4.1K0−$327,000$0
ANGIANGI INCSOLD OUT−17.8K0−$271,000$0

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

Holdings — Q3 2025

224 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1GOOGLALPHABET INCCAP STK CL A · CAP STK CL C5.77%$193M793.3K
2AAPLAPPLE INChistory →COM5.46%$183M717.1K
3AVGOBROADCOM INChistory →COM5.32%$178M539.9K
4MSFTMICROSOFT CORPhistory →COM4.53%$151M292.5K
5PANWPALO ALTO NETWORKS INChistory →COM3.44%$115M565.1K
6NVDANVIDIA CORPORATIONhistory →COM2.80%$94M501.2K
7MAMASTERCARD INCORPORATEDhistory →CL A2.19%$73M129.1K
8AMZNAMAZON COM INChistory →COM2.16%$72M329.6K
9VBVANGUARD INDEX FDSSMALL CP ETF · MID CAP ETF · TOTAL STK MKT · S&P 500 ETF SHS · LARGE CAP ETF2.01%$67M237.7K
10JPMJPMORGAN CHASE & CO.history →COM1.84%$62M195.0K
11MARMARRIOTT INTL INC NEWhistory →CL A1.81%$61M232.4K
12CATCATERPILLAR INChistory →COM1.79%$60M125.4K
13HDHOME DEPOT INChistory →COM1.66%$56M137.5K
14AXPAMERICAN EXPRESS COhistory →COM1.58%$53M159.0K
15WMTWALMART INChistory →COM1.53%$51M498.0K
16DISDISNEY WALT COhistory →COM1.39%$46M405.7K
17BLKBLACKROCK INChistory →COM1.36%$45M39.0K
18GSGOLDMAN SACHS GROUP INChistory →COM1.36%$45M56.9K
19CSCOCISCO SYS INChistory →COM1.33%$45M651.5K
20CRMSALESFORCE INChistory →COM1.33%$44M187.1K
21IEFAISHARES TRCORE MSCI EAFE · MSCI EAFE ETF · RUSSELL 2000 ETF · CORE S&P SCP ETF · CORE S&P MCP ETF · MSCI EMG MKT ETF · RUS MID CAP ETF · RUS 1000 GRW ETF · RUS 2000 GRW ETF · SHRT NAT MUN ETF · S&P MC 400VL ETF · GL CLEAN ENE ETF · S&P MC 400GR ETF · CORE S&P500 ETF · RUS 2000 VAL ETF · SP SMCP600VL ETF · ISHS 5-10YR INVT · S&P SML 600 GWT · ISHS 1-5YR INVS1.26%$42M455.3K
22RTXRTX CORPORATIONhistory →COM1.24%$41M247.2K
23MLMMARTIN MARIETTA MATLS INChistory →COM1.21%$41M64.3K
24BACBANK AMERICA CORPhistory →COM1.13%$38M732.3K
25MSMORGAN STANLEYhistory →COM NEW1.10%$37M231.7K
26JNJJOHNSON & JOHNSONhistory →COM0.96%$32M173.3K
27MCDMCDONALDS CORPhistory →COM0.95%$32M105.0K
28COFCAPITAL ONE FINL CORPhistory →COM0.93%$31M145.9K
29CCITIGROUP INChistory →COM NEW0.92%$31M304.6K
30SYFSYNCHRONY FINANCIALhistory →COM0.90%$30M425.1K
31MDYSPDR S&P MIDCAP 400 ETF TRhistory →UTSER1 S&PDCRP0.90%$30M50.5K
32ZTSZOETIS INChistory →CL A0.88%$29M200.2K
33MRKMERCK & CO INChistory →COM0.83%$28M329.7K
34TMOTHERMO FISHER SCIENTIFIC INChistory →COM0.82%$28M56.8K
35UNHUNITEDHEALTH GROUP INChistory →COM0.82%$28M79.7K
36NOWSERVICENOW INChistory →COM0.82%$27M29.8K
37NKENIKE INChistory →CL B0.76%$25M363.1K
38CVXCHEVRON CORP NEWhistory →COM0.74%$25M158.9K
39FDXFEDEX CORPhistory →COM0.73%$24M103.7K
40BABOEING COhistory →COM0.73%$24M113.0K
41EQIXEQUINIX INChistory →COM0.70%$23M30.0K
42ADBEADOBE INChistory →COM0.69%$23M65.4K
43METAMETA PLATFORMS INChistory →CL A0.67%$22M30.5K
44COSTCOSTCO WHSL CORP NEWhistory →COM0.66%$22M24.0K
45PEPPEPSICO INChistory →COM0.66%$22M158.1K
46AMTAMERICAN TOWER CORP NEWhistory →COM0.65%$22M113.2K
47ADPAUTOMATIC DATA PROCESSING INhistory →COM0.61%$20M69.8K
48STZCONSTELLATION BRANDS INChistory →CL A0.60%$20M149.8K
49LDOSLEIDOS HOLDINGS INChistory →COM0.60%$20M105.6K
50IQVIQVIA HLDGS INChistory →COM0.59%$20M104.2K
51CMGCHIPOTLE MEXICAN GRILL INChistory →COM0.58%$20M498.1K
52COPCONOCOPHILLIPShistory →COM0.58%$19M205.6K
53ACNACCENTURE PLC IRELANDhistory →SHS CLASS A0.57%$19M77.1K
54CSXCSX CORPhistory →COM0.57%$19M534.4K
55TAT&T INChistory →COM0.55%$18M648.6K
56VEUVANGUARD INTL EQUITY INDEX FALLWRLD EX US · FTSE EMR MKT ETF0.54%$18M283.3K
57APDAIR PRODS & CHEMS INChistory →COM0.54%$18M65.9K
58KOCOCA COLA COhistory →COM0.54%$18M270.7K
59YUMCYUM CHINA HLDGS INChistory →COM0.53%$18M416.4K
60YUMYUM BRANDS INChistory →COM0.53%$18M117.4K
61VZVERIZON COMMUNICATIONS INChistory →COM0.53%$18M404.5K
62BSXBOSTON SCIENTIFIC CORPhistory →COM0.51%$17M173.5K
63PCARPACCAR INChistory →COM0.50%$17M169.0K
64TROWPRICE T ROWE GROUP INChistory →COM0.49%$16M158.8K
65INTCINTEL CORPhistory →COM0.49%$16M483.9K
66AMGNAMGEN INChistory →COM0.48%$16M57.5K
67MCKMCKESSON CORPhistory →COM0.47%$16M20.4K
68ABBVABBVIE INChistory →COM0.46%$15M66.4K
69LMTLOCKHEED MARTIN CORPhistory →COM0.44%$15M29.6K
70ZBHZIMMER BIOMET HOLDINGS INChistory →COM0.43%$14M146.0K
71VVISA INChistory →COM CL A0.42%$14M41.1K
72IBMINTERNATIONAL BUSINESS MACHShistory →COM0.41%$14M48.7K
73CMCSACOMCAST CORP NEWhistory →CL A0.40%$13M423.5K
74HONHONEYWELL INTL INChistory →COM0.39%$13M62.6K
75NEENEXTERA ENERGY INChistory →COM0.39%$13M173.8K
76PGPROCTER AND GAMBLE COhistory →COM0.36%$12M78.9K
77DDDUPONT DE NEMOURS INChistory →COM0.35%$12M152.3K
78LINLINDE PLChistory →SHS0.35%$12M24.7K
79BURLBURLINGTON STORES INChistory →COM0.35%$12M45.8K
80EXMOCEXXON MOBIL CORPhistory →COM0.33%$11M98.3K
81PSXPHILLIPS 66history →COM0.32%$11M79.9K
82PFEPFIZER INChistory →COM0.31%$10M403.0K
83BRK/BBERKSHIRE HATHAWAY INC DELCL B NEW · CL A0.30%$10M18.7K
84AERAERCAP HOLDINGS NVhistory →SHS0.30%$10M83.7K
85DDOGDATADOG INChistory →CL A COM0.30%$10M71.0K
86SLBSCHLUMBERGER LTDCOM STK0.29%$10M285.6K
87PYPLPAYPAL HLDGS INCCOM0.28%$9M139.3K
88NSCNORFOLK SOUTHN CORPCOM0.28%$9M31.1K
89LHXL3HARRIS TECHNOLOGIES INCCOM0.27%$9M29.5K
90ADMARCHER DANIELS MIDLAND COCOM0.27%$9M150.6K
91MDLZMONDELEZ INTL INCCL A0.27%$9M143.8K
92TMTOYOTA MOTOR CORPADS0.26%$9M45.7K
93UNPUNION PAC CORPCOM0.23%$8M32.2K
94IEMGISHARES INCCORE MSCI EMKT · MSCI EMERG MRKT0.21%$7M107.8K
95MSTRSTRATEGY INCCL A NEW0.21%$7M21.9K
96LLYELI LILLY & COCOM0.20%$7M8.9K
97BMYBRISTOL-MYERS SQUIBB COCOM0.20%$7M147.2K
98SHELSHELL PLCSPON ADS0.20%$7M92.7K
99UPSUNITED PARCEL SERVICE INCCL B0.19%$6M77.5K
100PMPHILIP MORRIS INTL INCCOM0.19%$6M39.9K

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 ↗.