Heritage Financial Services, LLC

In its 13F for Q4 2024 (holdings as of December 31, 2024, filed January 23, 2025), Heritage Financial Services, LLC reported 117 stock positions worth $753.0 million. Its top holding was Dimensional US Core Equity 2 (DFAC) at 27.9% of the portfolio, followed by Vanguard Intermediate-Term T (VGIT, 21.5%) and JPMorgan Income ETF (JPIE, 14.9%). Compared with Q3 2024, it opened 15 new positions, sold out of 8, added to 50 and reduced 29. The biggest buy was JPMorgan Income ETF (JPIE, shares +4%) and the biggest sale Dimensional US Core Equity 2 (DFAC, shares −2%).

Most Recent 13F
Q4 2025
Location
Westwood, MA
CIK
0001752035
Portfolio Value
$753.0M (Q4 2024)
SEC Filing
0001172661-25-000330 ↗ filed Jan 23, 2025

Holdings Value

0$500.0M$1.0B$1.5B Q1 2024: $672.1M Q1 2024 Q2 2024: $697.1M Q2 2024 Q3 2024: $752.1M Q3 2024 Q4 2024: $753.0M $753.0M Q4 2024 Q1 2025: $1.0B Q1 2025 Q2 2025: $1.0B Q2 2025 Q3 2025: $1.1B Q3 2025 Q4 2025: $1.2B Q4 2025

Holdings 117 stocks · $753.0M
DFAC Dimensional US Core Equity 2 27.87% 6,067,932 $209.9M Reduce -1.6%
VGIT Vanguard Intermediate-Term T 21.50% 2,790,770 $161.9M Add +5.0%
JPIE JPMorgan Income ETF 14.87% 2,454,191 $112.0M Add +3.7%
DFEM Dimensional Emrg MRKT Core 8.42% 2,421,903 $63.4M Add +4.0%
USRT iShares Core US REIT ETF 5.82% 764,424 $43.8M Add +4.1%
ITOT iShares Core S&P Total U.S. 2.47% 144,685 $18.6M Reduce -4.3%
JPST JPMorgan Ultra-Short Income 1.65% 246,506 $12.4M Reduce -7.3%
DFSU Dimensional US Sus CORE1 ETF 1.53% 304,817 $11.6M Reduce -1.9%
AAPL Apple Inc. 1.29% 38,915 $9.7M Add +6.3%
IDEV iShares Core MSCI Dev MKTS 1.10% 128,588 $8.3M Add +0.8%
AGG iShares Core U.S. Aggregate 1.00% 77,805 $7.5M Add +10.5%
DFSI Dimensional Int Sus COR1 ETF 0.78% 177,696 $5.8M Add +7.1%
MSFT Microsoft Corp. 0.48% 8,651 $3.6M Add +6.1%
NVDA Nvidia Corp. 0.46% 25,794 $3.5M Reduce -2.1%
IEMG iShares Core MSCI Emerging 0.46% 66,211 $3.5M Reduce -2.5%
DFEV Dimensional Emrg MRKT Val 0.44% 127,328 $3.3M Reduce -14.4%
DFAI Dimensional International Co. 0.44% 112,366 $3.3M Add +27.6%
DFSE Dimensional Em Sus CORE1 ETF 0.33% 73,914 $2.4M Add +0.7%
PG The Procter & Gamble Co. 0.32% 14,499 $2.4M Reduce -0.2%
VTI VG Morningstar TS MKT ETF-US 0.31% 8,064 $2.3M Reduce -7.5%
IWV iShares Russell 3000 ETF 0.27% 6,156 $2.1M Reduce -4.0%
DFAE Dimensional Emerging Core Eq 0.27% 78,766 $2.0M Add +15.9%
IVV iShares Core S&P 500 ETF 0.26% 3,288 $1.9M Add +12.6%
IVW iShares S&P 500 Growth ETF 0.25% 18,853 $1.9M Reduce -5.9%
VUG Vanguard Mrngstar GR ETF-Sui 0.24% 4,411 $1.8M Add +1.7%
VOO Vanguard S&P 500 ETF 0.23% 3,231 $1.7M Add +7.8%
MCD McDonald's Corp. 0.22% 5,697 $1.7M Add +6.0%
IVE iShares S&P 500 Value ETF 0.21% 8,358 $1.6M Reduce -0.5%
SPY SS SPDR S&P 500 ETF Trust-US 0.21% 2,645 $1.6M Add +1.9%
BRK.B Berkshire Hathaway Inc. Class B 0.19% 3,120 $1.4M Reduce -2.2%
IWF iShares Russell 1000 Growth 0.19% 3,514 $1.4M Reduce -0.6%
LLY Eli Lilly & Co. 0.19% 1,820 $1.4M Reduce -0.4%
AVGO Broadcom Inc. 0.18% 5,946 $1.4M Add +138.2%
XOM Exxon Mobil Corp. 0.18% 12,591 $1.4M Reduce -19.7%
COST Costco Wholesale Corp. 0.18% 1,475 $1.4M Add +2.1%
JNJ Johnson & Johnson 0.17% 9,091 $1.3M Reduce -4.9%
KO The Coca-Cola Co. 0.17% 20,698 $1.3M Reduce -2.0%
VTEB Vanguard Tax-Exempt Bond ETF 0.17% 25,363 $1.3M Add +26.3%
BND Vanguard Total Bond Market 0.15% 15,783 $1.1M Add +4.3%
AMZN Amazon.com Inc. 0.15% 5,143 $1.1M Add +2.1%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.14% 4,799 $1.1M Add +2.4%
VEA Vanguard Ftse Developed ETF 0.13% 20,647 $987K Add +26.4%
GOOG Alphabet Inc. Class C 0.12% 4,884 $930K Add +1.9%
NEE Nextera Energy Inc. 0.11% 11,832 $848K Add +3.0%
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.11% 6,901 $834K New
SDY SS SPDR S&P Dividend ETF 0.11% 6,015 $795K No change
AMAT Applied Materials Inc. 0.10% 4,514 $734K No change
SCHX Schwab US Large-Cap ETF 0.10% 31,257 $725K Add +42.8%
ADI Analog Devices Inc. 0.09% 3,264 $693K Add +3.2%
VO Vngrd Mrngstr MD-Cap ETF-Usd 0.09% 2,565 $677K Add +3.7%
GOOGL Alphabet Inc. Class A 0.09% 3,455 $654K Add +6.8%
MUB iShares National Muni Bond E 0.09% 6,005 $640K Add +15.7%
JPM JPMorgan Chase & Co. 0.08% 2,663 $638K Add +5.3%
ABBV Abbvie Inc. 0.08% 3,541 $629K Add +4.4%
VIG Vanguard Dividend Apprec ETF 0.08% 3,146 $616K No change
UNH Unitedhealth Group Inc. 0.08% 1,208 $611K Add +4.6%
DXJ Wisdomtree Japan Hedged Eq 0.08% 5,536 $611K No change
HD Home Depot Inc. 0.08% 1,566 $609K Add +7.9%
VYM Vanguard High DVD Yield ETF 0.08% 4,643 $592K New
SPTI SS SPDR P Int Term TSY ETF 0.08% 20,656 $576K Reduce -3.1%
IWB iShares Russell 1000 ETF 0.08% 1,766 $569K No change
TRMB Trimble Inc. 0.07% 7,963 $563K New
VTV Vanguard Mrngstr Val ETF-Aui 0.07% 3,292 $557K New
IUSG iShares Core S&P U.S. Growth 0.07% 3,953 $551K New
ES Eversource Energy 0.07% 9,432 $542K No change
VWO Vanguard Ftse Emerging Marke 0.07% 12,268 $540K Add +32.0%
AVUS Avantis U.S. Equity ETF 0.07% 5,573 $540K Reduce -1.4%
CVX Chevron Corp. 0.07% 3,625 $525K Reduce -9.2%
IWD iShares Russell 1000 Value E 0.07% 2,692 $498K Add +16.7%
SCHB Schwab US Broad Market ETF 0.06% 21,213 $482K No change
MRK Merck & Co. Inc. 0.06% 4,808 $478K Reduce -28.4%
VGT Vanguard Info Tech ETF 0.06% 739 $460K Add +34.1%
DFIV Dimensional International Va 0.06% 12,643 $449K No change
ABT Abbott Laboratories 0.06% 3,826 $433K Reduce -15.5%
QQQ Invesco QQQ Trust Series 1 0.05% 782 $400K No change
SCHH Schwab US REIT ETF 0.05% 18,833 $397K Reduce -7.4%
AXP American Express Co. 0.05% 1,311 $389K No change
IWM iShares Russell 2000 ETF 0.05% 1,747 $386K No change
IJH iShares Core S&P Midcap ETF 0.05% 5,972 $372K Add +13.4%
CAT Caterpillar Inc. 0.05% 951 $345K Add +4.6%
META Meta Platforms Inc. Class A 0.04% 553 $324K Reduce -15.6%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.04% 7,314 $321K Add +5.6%
IJR iShares Core S&P Small-Cap E 0.04% 2,586 $298K Add +9.1%
QCOM Qualcomm Inc. 0.04% 1,836 $282K Add +0.1%
HON Honeywell International Inc. 0.04% 1,241 $280K Add +13.4%
P Everpure Inc. Class A filed as PURE STORAGE INC 0.04% 4,522 $278K No change
IJJ iShares S&P Mid-Cap 400 Valu 0.04% 2,218 $277K Add +14.3%
IJK iShares S&P Mid-Cap 400 Grow 0.04% 3,040 $276K No change
VZ Verizon Communications Inc. 0.04% 6,814 $272K Reduce -21.6%
TPL Texas Pacific Land Corp. 0.04% 246 $272K No change
TOTL SS Doubleline TR Tact ETF 0.04% 6,772 $267K No change
LOW Lowe's Cos Inc. 0.04% 1,080 $267K No change
WMT Walmart Inc. 0.03% 2,878 $260K Add +0.3%
DVY iShares Select Dividend ETF 0.03% 1,970 $259K No change
CSCO Cisco Systems Inc. 0.03% 4,368 $259K Reduce -9.7%
V Visa Inc. Class A 0.03% 805 $254K Add +8.1%
VHT Vanguard Health Care ETF 0.03% 1,002 $254K New
TT Trane Technologies PLC 0.03% 678 $250K No change
VBR Vngrd Mrngst SL-CP Val ETF-U 0.03% 1,260 $250K New
AFL Aflac Inc. 0.03% 2,414 $250K No change
ADP Automatic Data Processing 0.03% 847 $248K Add +13.4%
CBT Cabot Corp. 0.03% 2,707 $247K No change
IJS iShares S&P Small-Cap 600 Va 0.03% 2,126 $231K No change
IJT iShares S&P Small-Cap 600 GR 0.03% 1,654 $224K No change
SCHD Schwab US DVD Equity ETF 0.03% 7,938 $217K New
PEP Pepsico Inc. 0.03% 1,423 $216K Add +11.4%
VPU Vanguard Utilities ETF 0.03% 1,324 $216K New
BA The Boeing Co. 0.03% 1,213 $215K New
TMO Thermo Fisher Scientific Inc. 0.03% 412 $214K No change
IWR iShares Russell Mid-Cap ETF 0.03% 2,397 $212K Add +4.9%
PFE Pfizer Inc. 0.03% 7,938 $211K Reduce -15.3%
TSLA Tesla Inc. 0.03% 516 $208K New
ORCL Oracle Corp. 0.03% 1,233 $205K Reduce -5.7%
VXF Vanguard Extended Market ETF 0.03% 1,068 $203K New
SCHJ Schwab 1-5 YR Corp. BND ETF 0.03% 8,290 $202K New
T AT&T Inc. 0.03% 8,844 $201K New
AIRJ Airjoule Technologies Corp. 0.01% 12,375 $99K New

Portfolio Sells Q3 2024 → Q4 2024
DFAC Dimensional US Core Equity 2 Reduce -1.6% 27.87% −0.25
JPST JPMorgan Ultra-Short Income Reduce -7.3% 1.65% −0.14
DFEV Dimensional Emrg MRKT Val Reduce -14.4% 0.44% −0.12
CVS CVS Health Corp. Sold out 0.00% −0.07
XOM Exxon Mobil Corp. Reduce -19.7% 0.18% −0.06
IEMG iShares Core MSCI Emerging Reduce -2.5% 0.46% −0.06
ITOT iShares Core S&P Total U.S. Reduce -4.3% 2.47% −0.05
MRK Merck & Co. Inc. Reduce -28.4% 0.06% −0.04
SWK Stanley Black & Decker Inc. Sold out 0.00% −0.03
JNJ Johnson & Johnson Reduce -4.9% 0.17% −0.03
KO The Coca-Cola Co. Reduce -2.0% 0.17% −0.03
ELV Elevance Health Inc. Sold out 0.00% −0.03
ETN Eaton Corp. PLC Sold out 0.00% −0.03
LLY Eli Lilly & Co. Reduce -0.4% 0.19% −0.03
CL Colgate-Palmolive Co. Sold out 0.00% −0.03
AVY Avery Dennison Corp. Sold out 0.00% −0.03
IDXX Idexx Laboratories Inc. Sold out 0.00% −0.03
TXN Texas Instruments Inc. Sold out 0.00% −0.03
VTI VG Morningstar TS MKT ETF-US Reduce -7.5% 0.31% −0.02
VZ Verizon Communications Inc. Reduce -21.6% 0.04% −0.02
PG The Procter & Gamble Co. Reduce -0.2% 0.32% −0.01
ABT Abbott Laboratories Reduce -15.5% 0.06% −0.01
SCHH Schwab US REIT ETF Reduce -7.4% 0.05% −0.01
CVX Chevron Corp. Reduce -9.2% 0.07% −0.01
IVE iShares S&P 500 Value ETF Reduce -0.5% 0.21% −0.01
PFE Pfizer Inc. Reduce -15.3% 0.03% −0.01
BRK.B Berkshire Hathaway Inc. Class B Reduce -2.2% 0.19% −0.01
META Meta Platforms Inc. Class A Reduce -15.6% 0.04% −0.01
SPTI SS SPDR P Int Term TSY ETF Reduce -3.1% 0.08% −0.01
IWV iShares Russell 3000 ETF Reduce -4.0% 0.27% −0.01
ORCL Oracle Corp. Reduce -5.7% 0.03% −0.00
DFSU Dimensional US Sus CORE1 ETF Reduce -1.9% 1.53% −0.00
IVW iShares S&P 500 Growth ETF Reduce -5.9% 0.25% −0.00
CSCO Cisco Systems Inc. Reduce -9.7% 0.03% +0.00
AVUS Avantis U.S. Equity ETF Reduce -1.4% 0.07% +0.00
IWF iShares Russell 1000 Growth Reduce -0.6% 0.19% +0.01
NVDA Nvidia Corp. Reduce -2.1% 0.46% +0.03

Portfolio Buys Q3 2024 → Q4 2024
JPIE JPMorgan Income ETF Add +3.7% 14.87% +0.27
AAPL Apple Inc. Add +6.3% 1.29% +0.16
VGIT Vanguard Intermediate-Term T Add +5.0% 21.50% +0.14
AVGO Broadcom Inc. Add +138.2% 0.18% +0.13
TJX TJX Companies Inc. New 0.11% +0.11
VYM Vanguard High DVD Yield ETF New 0.08% +0.08
TRMB Trimble Inc. New 0.07% +0.07
VTV Vanguard Mrngstr Val ETF-Aui New 0.07% +0.07
IUSG iShares Core S&P U.S. Growth New 0.07% +0.07
DFAI Dimensional International Co. Add +27.6% 0.44% +0.06
AGG iShares Core U.S. Aggregate Add +10.5% 1.00% +0.05
VHT Vanguard Health Care ETF New 0.03% +0.03
IVV iShares Core S&P 500 ETF Add +12.6% 0.26% +0.03
VBR Vngrd Mrngst SL-CP Val ETF-U New 0.03% +0.03
VTEB Vanguard Tax-Exempt Bond ETF Add +26.3% 0.17% +0.03
SCHX Schwab US Large-Cap ETF Add +42.8% 0.10% +0.03
SCHD Schwab US DVD Equity ETF New 0.03% +0.03
VPU Vanguard Utilities ETF New 0.03% +0.03
BA The Boeing Co. New 0.03% +0.03
TSLA Tesla Inc. New 0.03% +0.03
VXF Vanguard Extended Market ETF New 0.03% +0.03
SCHJ Schwab 1-5 YR Corp. BND ETF New 0.03% +0.03
T AT&T Inc. New 0.03% +0.03
AMZN Amazon.com Inc. Add +2.1% 0.15% +0.03
VOO Vanguard S&P 500 ETF Add +7.8% 0.23% +0.02
VUG Vanguard Mrngstar GR ETF-Sui Add +1.7% 0.24% +0.02
VGT Vanguard Info Tech ETF Add +34.1% 0.06% +0.02
DFAE Dimensional Emerging Core Eq Add +15.9% 0.27% +0.02
MSFT Microsoft Corp. Add +6.1% 0.48% +0.02
GOOG Alphabet Inc. Class C Add +1.9% 0.12% +0.02
VEA Vanguard Ftse Developed ETF Add +26.4% 0.13% +0.02
GOOGL Alphabet Inc. Class A Add +6.8% 0.09% +0.02
JPM JPMorgan Chase & Co. Add +5.3% 0.08% +0.01
AIRJ Airjoule Technologies Corp. New 0.01% +0.01
VWO Vanguard Ftse Emerging Marke Add +32.0% 0.07% +0.01
MUB iShares National Muni Bond E Add +15.7% 0.09% +0.01
COST Costco Wholesale Corp. Add +2.1% 0.18% +0.01
IWD iShares Russell 1000 Value E Add +16.7% 0.07% +0.01
SPY SS SPDR S&P 500 ETF Trust-US Add +1.9% 0.21% +0.01
HON Honeywell International Inc. Add +13.4% 0.04% +0.01
V Visa Inc. Class A Add +8.1% 0.03% +0.01
BAC Bank of America Corp. Add +5.6% 0.04% +0.01
IJH iShares Core S&P Midcap ETF Add +13.4% 0.05% +0.01
ADP Automatic Data Processing Add +13.4% 0.03% +0.01
IJJ iShares S&P Mid-Cap 400 Valu Add +14.3% 0.04% +0.00
WMT Walmart Inc. Add +0.3% 0.03% +0.00
VO Vngrd Mrngstr MD-Cap ETF-Usd Add +3.7% 0.09% +0.00
HD Home Depot Inc. Add +7.9% 0.08% +0.00
IJR iShares Core S&P Small-Cap E Add +9.1% 0.04% +0.00
IBM Intl Business Machines Corp. Add +2.4% 0.14% +0.00

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q4 2025 126$1.2BVGIT, IDEV, DFAC, JPIE, DFEM
Q3 2025 134$1.1BVGIT, IDEV, DFAC, JPIE, DFEM
Q2 2025 125$1.0BVGIT, IDEV, DFAC, JPIE, DFEM
Q1 2025 120$1.0BVGIT, IDEV, DFAC, JPIE, DFEM
Q4 2024 117$753.0MDFAC, VGIT, JPIE, DFEM, USRT
Q3 2024 110$752.1MDFAC, VGIT, JPIE, DFEM, USRT
Q2 2024 105$697.1MDFAC, VGIT, JPIE, DFEM, USRT
Q1 2024 104$672.1MDFAC, VGIT, JPIE, DFEM, USRT