Heritage Financial Services, LLC

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 18, 2025), Heritage Financial Services, LLC reported 125 stock positions worth $1.0 billion. Its top holding was Vanguard Intermediate-Term T (VGIT) at 24.3% of the portfolio, followed by iShares Core MSCI Dev MKTS (IDEV, 23.1%) and Dimensional US Core Equity 2 (DFAC, 16.1%). Compared with Q1 2025, it opened 11 new positions, sold out of 6, added to 48 and reduced 47. The biggest buy was Avantis US Small Cap Value (AVUV, shares +54%) and the biggest sale Dimensional US Core Equity 2 (DFAC, shares −17%).

Most Recent 13F
Q4 2025
Location
Westwood, MA
CIK
0001752035
Portfolio Value
$1.0B (Q2 2025)
SEC Filing
0001172661-25-002648 ↗ filed Jul 18, 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 Q4 2024 Q1 2025: $1.0B Q1 2025 Q2 2025: $1.0B $1.0B Q2 2025 Q3 2025: $1.1B Q3 2025 Q4 2025: $1.2B Q4 2025

Holdings 125 stocks · $1.0B
VGIT Vanguard Intermediate-Term T 24.32% 4,225,407 $252.7M Reduce -0.1%
IDEV iShares Core MSCI Dev MKTS 23.05% 3,150,680 $239.6M Reduce -0.8%
DFAC Dimensional US Core Equity 2 16.12% 4,672,759 $167.5M Reduce -16.7%
JPIE JPMorgan Income ETF 9.83% 2,205,824 $102.2M Add +1.1%
DFEM Dimensional Emrg MRKT Core 5.22% 1,826,125 $54.2M Reduce -1.9%
USRT iShares Core US REIT ETF 4.02% 738,880 $41.8M Add +1.5%
ITOT iShares Core S&P Total U.S. 1.74% 133,906 $18.1M Reduce -5.0%
AVUV Avantis US Small Cap Value 1.47% 168,026 $15.3M Add +54.2%
DFSU Dimensional US Sus CORE1 ETF 1.28% 339,438 $13.3M Add +7.5%
JPST JPMorgan Ultra-Short Income 1.25% 256,231 $13.0M Reduce -0.8%
AAPL Apple Inc. 0.80% 40,720 $8.4M Reduce -6.7%
AGG iShares Core U.S. Aggregate 0.66% 68,934 $6.8M Reduce -4.3%
DFSI Dimensional Int Sus COR1 ETF 0.66% 173,376 $6.8M Add +0.7%
NVDA Nvidia Corp. 0.64% 42,092 $6.7M Add +65.9%
MSFT Microsoft Corp. 0.44% 9,212 $4.6M Reduce -5.3%
DFAI Dimensional International Co. 0.38% 115,145 $4.0M Add +2.5%
VTI VG Morningstar TS MKT ETF-US 0.35% 12,107 $3.7M Reduce -12.7%
IEMG iShares Core MSCI Emerging 0.34% 57,987 $3.5M Reduce -8.9%
DFEV Dimensional Emrg MRKT Val 0.25% 86,021 $2.6M Reduce -1.7%
DFAE Dimensional Emerging Core Eq 0.23% 82,941 $2.4M Add +0.7%
DFSE Dimensional Em Sus CORE1 ETF 0.22% 60,784 $2.3M Reduce -0.2%
PG The Procter & Gamble Co. 0.22% 14,438 $2.3M Add +0.4%
VOO Vanguard S&P 500 ETF 0.22% 4,017 $2.3M Add +24.5%
IVV iShares Core S&P 500 ETF 0.21% 3,562 $2.2M Add +9.1%
IVW iShares S&P 500 Growth ETF 0.20% 19,063 $2.1M Add +3.0%
AVGO Broadcom Inc. 0.19% 7,331 $2.0M Add +24.7%
VUG Vanguard Mrngstar GR ETF-Sui 0.19% 4,541 $2.0M Add +4.0%
IWV iShares Russell 3000 ETF 0.19% 5,537 $1.9M Reduce -3.9%
SPY SS SPDR S&P 500 ETF Trust-US 0.17% 2,886 $1.8M Add +3.5%
MCD McDonald's Corp. 0.16% 5,685 $1.7M Add +0.5%
IVE iShares S&P 500 Value ETF 0.16% 8,464 $1.7M Add +1.3%
IWF iShares Russell 1000 Growth 0.15% 3,790 $1.6M Add +10.7%
KO The Coca-Cola Co. 0.14% 20,757 $1.5M Add +0.8%
LLY Eli Lilly & Co. 0.14% 1,858 $1.4M Reduce -1.5%
COST Costco Wholesale Corp. 0.14% 1,457 $1.4M Add +0.3%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.14% 4,837 $1.4M Reduce -1.3%
AMZN Amazon.com Inc. 0.13% 6,307 $1.4M Add +0.7%
BRK.B Berkshire Hathaway Inc. Class B 0.13% 2,848 $1.4M Reduce -10.6%
JNJ Johnson & Johnson 0.13% 8,972 $1.4M Reduce -4.4%
XOM Exxon Mobil Corp. 0.13% 12,107 $1.3M Reduce -2.0%
VEA Vanguard Ftse Developed ETF 0.12% 21,531 $1.2M Add +1.9%
BND Vanguard Total Bond Market 0.10% 13,490 $993K Reduce -30.9%
VTEB Vanguard Tax-Exempt Bond ETF 0.09% 19,461 $954K Reduce -23.1%
V Visa Inc. Class A 0.08% 2,450 $870K Add +171.3%
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.08% 6,924 $855K Add +0.3%
GOOG Alphabet Inc. Class C 0.08% 4,697 $833K Reduce -18.4%
SDY SS SPDR S&P Dividend ETF 0.08% 6,085 $826K Add +1.2%
AMAT Applied Materials Inc. 0.08% 4,505 $825K Reduce -0.2%
NEE Nextera Energy Inc. 0.08% 11,805 $820K Add +1.6%
MRK Merck & Co. Inc. 0.07% 9,498 $752K Add +94.8%
ADI Analog Devices Inc. 0.07% 3,154 $751K Reduce -4.9%
JPM JPMorgan Chase & Co. 0.07% 2,489 $722K Reduce -3.6%
VIG Vanguard Dividend Apprec ETF 0.07% 3,481 $712K No change
VTV Vanguard Mrngstr Val ETF-Aui 0.07% 4,006 $708K Add +33.0%
VO Vngrd Mrngstr MD-Cap ETF-Usd 0.07% 2,419 $677K Reduce -8.0%
META Meta Platforms Inc. Class A 0.06% 875 $646K Reduce -2.6%
DXJ Wisdomtree Japan Hedged Eq 0.06% 5,536 $633K No change
ABBV Abbvie Inc. 0.06% 3,373 $626K Reduce -8.4%
IWB iShares Russell 1000 ETF 0.06% 1,799 $611K Add +4.8%
ES Eversource Energy 0.06% 9,432 $600K No change
IUSG iShares Core S&P U.S. Growth 0.06% 3,953 $595K No change
PAYX Paychex Inc. 0.06% 3,932 $572K No change
HD Home Depot Inc. 0.05% 1,553 $569K Add +8.1%
GOOGL Alphabet Inc. Class A 0.05% 3,204 $565K Reduce -24.8%
AVUS Avantis U.S. Equity ETF 0.05% 5,573 $562K No change
SCHX Schwab US Large-Cap ETF 0.05% 22,274 $544K No change
SCHB Schwab US Broad Market ETF 0.05% 21,765 $519K Add +2.6%
ABT Abbott Laboratories 0.05% 3,756 $511K Reduce -4.7%
VGT Vanguard Info Tech ETF 0.05% 765 $507K Reduce -24.5%
MFC Manulife Financial Corp. 0.05% 15,107 $483K No change
AXP American Express Co. 0.05% 1,500 $478K Add +14.4%
MUB iShares National Muni Bond E 0.05% 4,567 $477K Reduce -0.7%
QQQ Invesco QQQ Trust Series 1 0.05% 851 $469K Add +12.6%
IWD iShares Russell 1000 Value E 0.04% 2,306 $448K Reduce -10.8%
IEFA iShares Core MSCI Eafe ETF 0.04% 5,330 $445K Add +44.0%
CVX Chevron Corp. 0.04% 3,016 $432K Reduce -4.9%
TOTL SS Doubleline TR Tact ETF 0.04% 10,521 $422K Reduce -6.5%
TRMB Trimble Inc. 0.04% 5,341 $406K Reduce -18.7%
T AT&T Inc. 0.04% 13,899 $402K Add +35.5%
SCHH Schwab US REIT ETF 0.04% 18,538 $392K Reduce -4.5%
VZ Verizon Communications Inc. 0.04% 8,911 $386K Add +43.7%
IWM iShares Russell 2000 ETF 0.04% 1,785 $385K Add +2.2%
QCOM Qualcomm Inc. 0.04% 2,341 $373K Add +29.1%
SPTI SS SPDR P Int Term TSY ETF 0.04% 12,902 $371K No change
DFIV Dimensional International Va 0.04% 8,646 $370K No change
CAT Caterpillar Inc. 0.03% 909 $353K Reduce -7.2%
VWO Vanguard Ftse Emerging Marke 0.03% 6,924 $342K Reduce -5.4%
UNH Unitedhealth Group Inc. 0.03% 1,070 $334K Reduce -0.1%
VXUS Vanguard Total Intl Stock 0.03% 4,599 $318K Reduce -74.2%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.03% 6,618 $313K Reduce -9.9%
CSCO Cisco Systems Inc. 0.03% 4,502 $312K Reduce -10.2%
TT Trane Technologies PLC 0.03% 710 $311K Add +4.7%
WMT Walmart Inc. 0.03% 2,997 $293K No change
ADP Automatic Data Processing 0.03% 937 $289K Add +0.1%
IWR iShares Russell Mid-Cap ETF 0.03% 3,129 $288K Add +3.8%
RTX RTX Corp. 0.03% 1,920 $280K Add +1.8%
DVY iShares Select Dividend ETF 0.03% 2,064 $274K Reduce -1.2%
VXF Vanguard Extended Market ETF 0.03% 1,390 $268K Add +8.2%
BA The Boeing Co. 0.03% 1,263 $265K Reduce -0.1%
RWL Invesco S&P 500 Revenue ETF 0.03% 2,521 $263K New
P Everpure Inc. Class A filed as PURE STORAGE INC 0.03% 4,522 $260K No change
TPL Texas Pacific Land Corp. 0.03% 246 $260K No change
AFL Aflac Inc. 0.02% 2,414 $255K No change
GE General Electric filed as GE AEROSPACE 0.02% 984 $253K New
LOW Lowe's Cos Inc. 0.02% 1,137 $252K Add +1.5%
HON Honeywell International Inc. 0.02% 1,041 $242K New
CI The Cigna Group 0.02% 733 $242K New
VYM Vanguard High DVD Yield ETF 0.02% 1,749 $233K Add +10.6%
AMGN Amgen Inc. 0.02% 834 $233K New
VPU Vanguard Utilities ETF 0.02% 1,314 $232K No change
IJR iShares Core S&P Small-Cap E 0.02% 2,105 $230K Add +0.6%
VT Vanguard Tot World STK ETF 0.02% 1,764 $227K New
ETN Eaton Corp. PLC 0.02% 634 $226K New
IDXX Idexx Laboratories Inc. 0.02% 411 $220K New
AMD Advanced Micro Devices 0.02% 1,544 $219K New
SCHD Schwab US DVD Equity ETF 0.02% 8,038 $213K Add +1.3%
SCHJ Schwab 1-5 YR Corp. BND ETF 0.02% 8,290 $206K No change
TXN Texas Instruments Inc. 0.02% 982 $204K New
ROP Roper Technologies Inc. 0.02% 359 $203K Add +1.1%
UNP Union Pacific Corp. 0.02% 883 $203K Reduce -3.4%
CBT Cabot Corp. 0.02% 2,707 $203K No change
MMM 3M Co. 0.02% 1,327 $202K Reduce -9.2%
TRV The Travelers Cos Inc. 0.02% 752 $201K New
AIRJ Airjoule Technologies Corp. 0.01% 12,375 $57K No change
VERU Veru Inc. 0.00% 17,196 $10K No change

Portfolio Sells Q1 2025 → Q2 2025
DFAC Dimensional US Core Equity 2 Reduce -16.7% 16.12% −2.21
VGIT Vanguard Intermediate-Term T Reduce -0.1% 24.32% −0.56
AAPL Apple Inc. Reduce -6.7% 0.80% −0.16
BSX Boston Scientific Corp. Sold out 0.00% −0.09
VXUS Vanguard Total Intl Stock Reduce -74.2% 0.03% −0.08
AGG iShares Core U.S. Aggregate Reduce -4.3% 0.66% −0.05
BND Vanguard Total Bond Market Reduce -30.9% 0.10% −0.05
JPST JPMorgan Ultra-Short Income Reduce -0.8% 1.25% −0.04
BRK.B Berkshire Hathaway Inc. Class B Reduce -10.6% 0.13% −0.03
VTEB Vanguard Tax-Exempt Bond ETF Reduce -23.1% 0.09% −0.03
IJH iShares Core S&P Midcap ETF Sold out 0.00% −0.03
CVS CVS Health Corp. Sold out 0.00% −0.03
TMO Thermo Fisher Scientific Inc. Sold out 0.00% −0.03
UNH Unitedhealth Group Inc. Reduce -0.1% 0.03% −0.02
BNDX Vanguard Total Intl Bond ETF Sold out 0.00% −0.02
VTI VG Morningstar TS MKT ETF-US Reduce -12.7% 0.35% −0.02
JNJ Johnson & Johnson Reduce -4.4% 0.13% −0.02
XOM Exxon Mobil Corp. Reduce -2.0% 0.13% −0.02
SPLV Invesco S&P 500 Low Volatili Sold out 0.00% −0.02
ABBV Abbvie Inc. Reduce -8.4% 0.06% −0.02
LLY Eli Lilly & Co. Reduce -1.5% 0.14% −0.01
CVX Chevron Corp. Reduce -4.9% 0.04% −0.01
GOOGL Alphabet Inc. Class A Reduce -24.8% 0.05% −0.01
GOOG Alphabet Inc. Class C Reduce -18.4% 0.08% −0.01
VGT Vanguard Info Tech ETF Reduce -24.5% 0.05% −0.01
IEMG iShares Core MSCI Emerging Reduce -8.9% 0.34% −0.01
IWD iShares Russell 1000 Value E Reduce -10.8% 0.04% −0.01
TOTL SS Doubleline TR Tact ETF Reduce -6.5% 0.04% −0.00
SCHH Schwab US REIT ETF Reduce -4.5% 0.04% −0.00
TRMB Trimble Inc. Reduce -18.7% 0.04% −0.00
ABT Abbott Laboratories Reduce -4.7% 0.05% −0.00
VO Vngrd Mrngstr MD-Cap ETF-Usd Reduce -8.0% 0.07% −0.00
MUB iShares National Muni Bond E Reduce -0.7% 0.05% −0.00
MMM 3M Co. Reduce -9.2% 0.02% −0.00
UNP Union Pacific Corp. Reduce -3.4% 0.02% −0.00
DVY iShares Select Dividend ETF Reduce -1.2% 0.03% −0.00
CSCO Cisco Systems Inc. Reduce -10.2% 0.03% −0.00
BAC Bank of America Corp. Reduce -9.9% 0.03% −0.00
VWO Vanguard Ftse Emerging Marke Reduce -5.4% 0.03% +0.00
CAT Caterpillar Inc. Reduce -7.2% 0.03% +0.00
BA The Boeing Co. Reduce -0.1% 0.03% +0.00
IWV iShares Russell 3000 ETF Reduce -3.9% 0.19% +0.01
ADI Analog Devices Inc. Reduce -4.9% 0.07% +0.01
JPM JPMorgan Chase & Co. Reduce -3.6% 0.07% +0.01
META Meta Platforms Inc. Class A Reduce -2.6% 0.06% +0.01
DFEV Dimensional Emrg MRKT Val Reduce -1.7% 0.25% +0.01
AMAT Applied Materials Inc. Reduce -0.2% 0.08% +0.01
IBM Intl Business Machines Corp. Reduce -1.3% 0.14% +0.02
DFSE Dimensional Em Sus CORE1 ETF Reduce -0.2% 0.22% +0.02
ITOT iShares Core S&P Total U.S. Reduce -5.0% 1.74% +0.04

Portfolio Buys Q1 2025 → Q2 2025
AVUV Avantis US Small Cap Value Add +54.2% 1.47% +0.53
NVDA Nvidia Corp. Add +65.9% 0.64% +0.37
DFSU Dimensional US Sus CORE1 ETF Add +7.5% 1.28% +0.16
AVGO Broadcom Inc. Add +24.7% 0.19% +0.10
DFSI Dimensional Int Sus COR1 ETF Add +0.7% 0.66% +0.06
VOO Vanguard S&P 500 ETF Add +24.5% 0.22% +0.06
V Visa Inc. Class A Add +171.3% 0.08% +0.05
DFAI Dimensional International Co. Add +2.5% 0.38% +0.04
IWF iShares Russell 1000 Growth Add +10.7% 0.15% +0.03
IVW iShares S&P 500 Growth ETF Add +3.0% 0.20% +0.03
VUG Vanguard Mrngstar GR ETF-Sui Add +4.0% 0.19% +0.03
IVV iShares Core S&P 500 ETF Add +9.1% 0.21% +0.03
MRK Merck & Co. Inc. Add +94.8% 0.07% +0.03
RWL Invesco S&P 500 Revenue ETF New 0.03% +0.03
GE General Electric New 0.02% +0.02
CI The Cigna Group New 0.02% +0.02
HON Honeywell International Inc. New 0.02% +0.02
AMGN Amgen Inc. New 0.02% +0.02
VT Vanguard Tot World STK ETF New 0.02% +0.02
ETN Eaton Corp. PLC New 0.02% +0.02
IDXX Idexx Laboratories Inc. New 0.02% +0.02
AMD Advanced Micro Devices New 0.02% +0.02
DFAE Dimensional Emerging Core Eq Add +0.7% 0.23% +0.02
TXN Texas Instruments Inc. New 0.02% +0.02
TRV The Travelers Cos Inc. New 0.02% +0.02
SPY SS SPDR S&P 500 ETF Trust-US Add +3.5% 0.17% +0.02
VTV Vanguard Mrngstr Val ETF-Aui Add +33.0% 0.07% +0.02
AMZN Amazon.com Inc. Add +0.7% 0.13% +0.02
IEFA iShares Core MSCI Eafe ETF Add +44.0% 0.04% +0.02
VEA Vanguard Ftse Developed ETF Add +1.9% 0.12% +0.01
AXP American Express Co. Add +14.4% 0.05% +0.01
QQQ Invesco QQQ Trust Series 1 Add +12.6% 0.05% +0.01
T AT&T Inc. Add +35.5% 0.04% +0.01
VZ Verizon Communications Inc. Add +43.7% 0.04% +0.01
QCOM Qualcomm Inc. Add +29.1% 0.04% +0.01
TT Trane Technologies PLC Add +4.7% 0.03% +0.01
IWB iShares Russell 1000 ETF Add +4.8% 0.06% +0.01
SCHB Schwab US Broad Market ETF Add +2.6% 0.05% +0.00
VXF Vanguard Extended Market ETF Add +8.2% 0.03% +0.00
COST Costco Wholesale Corp. Add +0.3% 0.14% +0.00
HD Home Depot Inc. Add +8.1% 0.05% +0.00
IWM iShares Russell 2000 ETF Add +2.2% 0.04% +0.00
IWR iShares Russell Mid-Cap ETF Add +3.8% 0.03% +0.00
RTX RTX Corp. Add +1.8% 0.03% +0.00
VYM Vanguard High DVD Yield ETF Add +10.6% 0.02% +0.00
IVE iShares S&P 500 Value ETF Add +1.3% 0.16% +0.00
IJR iShares Core S&P Small-Cap E Add +0.6% 0.02% +0.00
ADP Automatic Data Processing Add +0.1% 0.03% −0.00
TJX TJX Companies Inc. Add +0.3% 0.08% −0.00
ROP Roper Technologies Inc. Add +1.1% 0.02% −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