Heritage Investors Management Corp.
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 4, 2025), Heritage Investors Management Corp. reported 252 stock positions worth $3.2 billion. Its top holding was Broadcom (AVGO) at 4.9% of the portfolio, followed by Apple (AAPL, 4.7%) and Microsoft (MSFT, 4.6%). Compared with Q1 2025, it opened 10 new positions, sold out of 12, added to 56 and reduced 130. The biggest buy was Walt Disney (DIS, shares +0%) and the biggest sale Apple (AAPL, shares −1%).
- Most Recent 13F
- Q2 2026
- Location
- BETHESDA, MD
- CIK
- 0000937589
- Portfolio Value
- $3.2B (Q2 2025)
- SEC Filing
- 0000937589-25-000003 ↗ filed Aug 4, 2025
Holdings Value
Holdings 252 stocks · $3.2B
| AVGO Broadcom Inc. | 4.94% | 566,406 | $156.1M | Reduce -5.6% |
| AAPL Apple Inc. | 4.71% | 726,513 | $149.1M | Reduce -0.6% |
| MSFT Microsoft Corp. | 4.62% | 293,555 | $146.0M | Reduce -3.6% |
| PANW Palo Alto Networks Inc. | 3.67% | 566,648 | $116.0M | Reduce -2.7% |
| NVDA Nvidia Corp. | 2.55% | 510,983 | $80.7M | Reduce -2.3% |
| GOOGL Alphabet Inc. Class A | 2.35% | 422,599 | $74.5M | Reduce -0.3% |
| MA Mastercard Inc. Class A | 2.32% | 130,655 | $73.4M | Reduce -2.1% |
| AMZN Amazon.com Inc. | 2.28% | 328,569 | $72.1M | Reduce -0.7% |
| GOOG Alphabet Inc. Class C | 2.22% | 395,086 | $70.1M | Reduce -0.7% |
| MAR Marriott International Class A | 2.01% | 232,732 | $63.6M | Add +0.3% |
| JPM JPMorgan Chase & Co. | 1.87% | 204,014 | $59.1M | Reduce -2.0% |
| AXP American Express Co. | 1.65% | 164,113 | $52.3M | Reduce -0.7% |
| CAT Caterpillar Inc. | 1.60% | 130,410 | $50.6M | Add +1.1% |
| HD Home Depot Inc. | 1.60% | 137,798 | $50.5M | Add +4.2% |
| WMT Walmart Inc. | 1.59% | 515,396 | $50.4M | Reduce -1.9% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 1.59% | 406,304 | $50.4M | Add +0.1% |
| CRM Salesforce Inc. | 1.56% | 181,493 | $49.5M | Add +2.4% |
| CSCO Cisco Systems Inc. | 1.44% | 655,133 | $45.5M | Reduce -2.1% |
| GS Goldman Sachs Group Inc. | 1.36% | 60,639 | $42.9M | Reduce -1.3% |
| BLK BlackRock Inc. | 1.32% | 39,705 | $41.7M | Add +0.8% |
| RTX RTX Corp. | 1.19% | 257,749 | $37.6M | Reduce -2.7% |
| MLM Martin Marietta Materials | 1.14% | 65,646 | $36.0M | Reduce -0.8% |
| MS Morgan Stanley | 1.10% | 246,115 | $34.7M | Reduce -2.3% |
| VB Vanguard Most SM-Cap ETF-Usd | 1.09% | 146,132 | $34.6M | Reduce -0.3% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 1.09% | 731,508 | $34.6M | Reduce -0.6% |
| COF Capital One Financial Corp. | 1.04% | 154,146 | $32.8M | Add +12.9% |
| MCD McDonald's Corp. | 0.97% | 104,921 | $30.7M | Reduce -1.2% |
| ZTS Zoetis Inc. | 0.97% | 196,467 | $30.6M | Add +0.7% |
| SYF Synchrony Financial | 0.96% | 453,298 | $30.3M | Reduce -1.6% |
| MDY State Street SPDR S&P Midcap | 0.91% | 50,907 | $28.8M | Reduce -1.1% |
| NOW ServiceNow Inc. | 0.86% | 26,354 | $27.1M | Add +1.0% |
| C Citigroup Inc. | 0.85% | 315,667 | $26.9M | Reduce -1.8% |
| JNJ Johnson & Johnson | 0.85% | 175,689 | $26.8M | Add +0.1% |
| CMG Chipotle Mexican Grill Inc. | 0.83% | 466,560 | $26.2M | Add +3.9% |
| MRK Merck & Co. Inc. | 0.82% | 328,920 | $26.0M | Add +2.5% |
| NKE Nike Inc. Class B | 0.82% | 365,707 | $26.0M | Reduce -2.4% |
| UNH Unitedhealth Group Inc. | 0.78% | 79,403 | $24.8M | Add +6.7% |
| ADBE Adobe Inc. | 0.77% | 63,161 | $24.4M | Add +5.2% |
| BA The Boeing Co. | 0.76% | 115,062 | $24.1M | Reduce -2.2% |
| AMT American Tower Corp. | 0.76% | 108,106 | $23.9M | Add +0.9% |
| STZ Constellation Brands Inc. Class A | 0.76% | 146,827 | $23.9M | Add +6.2% |
| FDX FedEx Corp. | 0.73% | 102,062 | $23.2M | Add +3.1% |
| EQIX Equinix Inc. | 0.73% | 29,083 | $23.1M | Add +3.3% |
| CVX Chevron Corp. | 0.73% | 160,989 | $23.1M | Add +0.2% |
| TMO Thermo Fisher Scientific Inc. | 0.73% | 56,587 | $22.9M | Add +9.6% |
| COST Costco Wholesale Corp. | 0.72% | 22,895 | $22.7M | Reduce -2.2% |
| META Meta Platforms Inc. Class A | 0.71% | 30,612 | $22.6M | Add +0.9% |
| ADP Automatic Data Processing | 0.69% | 70,661 | $21.8M | Reduce -1.8% |
| PEP Pepsico Inc. | 0.64% | 153,848 | $20.3M | Add +6.9% |
| BSX Boston Scientific Corp. | 0.60% | 178,160 | $19.1M | Reduce -4.4% |
| KO The Coca-Cola Co. | 0.60% | 266,897 | $18.9M | Reduce -3.1% |
| T AT&T Inc. | 0.60% | 651,405 | $18.9M | Reduce -1.8% |
| YUMC Yum China Holdings Inc. | 0.59% | 420,554 | $18.8M | Reduce -0.4% |
| ACN Accenture PLC Class A | 0.59% | 62,612 | $18.7M | Add +10.8% |
| COP Conocophillips | 0.58% | 206,051 | $18.5M | Reduce -0.2% |
| APD Air Products & Chemicals Inc. | 0.58% | 65,277 | $18.4M | Add +2.3% |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | 0.56% | 63,665 | $17.8M | Reduce -2.3% |
| CSX CSX Corp. | 0.56% | 540,401 | $17.6M | Add +0.4% |
| VZ Verizon Communications Inc. | 0.56% | 406,339 | $17.6M | Reduce -0.9% |
| YUM Yum! Brands Inc. | 0.55% | 117,893 | $17.5M | Reduce -1.9% |
| TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC | 0.53% | 173,986 | $16.8M | Reduce -4.3% |
| LDOS Leidos Holdings Inc. | 0.53% | 105,981 | $16.7M | Reduce -0.5% |
| IQV Iqvia Holdings Inc. | 0.52% | 104,704 | $16.5M | Add +10.4% |
| PCAR Paccar Inc. | 0.51% | 169,159 | $16.1M | Add +0.2% |
| AMGN Amgen Inc. | 0.51% | 57,566 | $16.1M | Reduce -1.0% |
| MCK McKesson Corp. | 0.48% | 20,547 | $15.1M | Reduce -0.5% |
| V Visa Inc. Class A | 0.46% | 40,631 | $14.4M | Reduce -2.9% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.45% | 48,741 | $14.4M | Reduce -3.5% |
| HON Honeywell International Inc. | 0.45% | 61,689 | $14.4M | Reduce -0.8% |
| CMCSA Comcast Corp. Class A | 0.45% | 398,586 | $14.2M | Add +1.0% |
| LMT Lockheed Martin Corp. | 0.43% | 29,531 | $13.7M | Add +16.5% |
| ZBH Zimmer Biomet Holdings Inc. | 0.43% | 148,581 | $13.6M | Reduce -2.1% |
| PG The Procter & Gamble Co. | 0.40% | 78,705 | $12.5M | Add +0.7% |
| ABBV Abbvie Inc. | 0.40% | 67,356 | $12.5M | Reduce -0.7% |
| IEFA iShares Core MSCI Eafe ETF | 0.39% | 148,130 | $12.4M | Reduce -1.6% |
| NEE Nextera Energy Inc. | 0.38% | 175,344 | $12.2M | Add +0.6% |
| LIN Linde PLC | 0.37% | 25,021 | $11.7M | Reduce -0.9% |
| PFE Pfizer Inc. | 0.36% | 465,146 | $11.3M | Reduce -0.8% |
| INTC Intel Corp. | 0.35% | 497,765 | $11.2M | Add +1.0% |
| VEU Vanguard Ftse All-World Ex-U | 0.34% | 160,895 | $10.8M | Reduce -2.8% |
| BURL Burlington Stores Inc. | 0.34% | 46,242 | $10.8M | Reduce -0.6% |
| XOM Exxon Mobil Corp. | 0.34% | 99,434 | $10.7M | Reduce -1.4% |
| DD Dupont DE Nemours Inc. | 0.34% | 154,939 | $10.6M | Add +0.3% |
| PYPL PayPal Holdings Inc. | 0.33% | 141,514 | $10.5M | Reduce -1.0% |
| EFA iShares MSCI Eafe ETF | 0.33% | 117,308 | $10.5M | Reduce -2.4% |
| AER Aercap Holdings NV | 0.32% | 86,054 | $10.1M | Reduce -5.4% |
| NSC Norfolk Southern Corp. | 0.32% | 39,277 | $10.1M | Reduce -1.1% |
| PSX Phillips 66 | 0.31% | 82,411 | $9.8M | Reduce -0.2% |
| MDLZ Mondelez International Inc. Class A | 0.30% | 142,437 | $9.6M | Reduce -0.6% |
| DDOG Datadog Inc. Class A | 0.29% | 67,896 | $9.1M | Add +20.1% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.29% | 18,696 | $9.1M | Add +2.5% |
| SLB SLB Ltd. filed as SCHLUMBERGER LTD | 0.28% | 265,317 | $9.0M | Add +3.1% |
| MSTR Strategy Inc. filed as MICROSTRATEGY INC | 0.28% | 22,015 | $8.9M | Reduce -1.2% |
| ADM Archer-Daniels-Midland Co. | 0.26% | 156,709 | $8.3M | Reduce -1.3% |
| TM Toyota Motor Corp. -Spon ADR | 0.25% | 46,053 | $7.9M | No change |
| UPS United Parcel Service Class B | 0.25% | 78,317 | $7.9M | Reduce -2.4% |
| LHX L3HARRIS Technologies Inc. | 0.24% | 30,148 | $7.6M | Reduce -0.8% |
| PM Philip Morris International | 0.23% | 40,567 | $7.4M | Reduce -10.7% |
| UNP Union Pacific Corp. | 0.23% | 31,531 | $7.3M | Add +5.7% |
| VTI VG Morningstar TS MKT ETF-US | 0.23% | 23,555 | $7.2M | Reduce -5.5% |
Portfolio Sells Q1 2025 → Q2 2025
| AAPL Apple Inc. | Reduce -0.6% | 4.71% | −0.85 |
| MA Mastercard Inc. Class A | Reduce -2.1% | 2.32% | −0.19 |
| MCD McDonald's Corp. | Reduce -1.2% | 0.97% | −0.17 |
| ZBH Zimmer Biomet Holdings Inc. | Reduce -2.1% | 0.43% | −0.16 |
| YUMC Yum China Holdings Inc. | Reduce -0.4% | 0.59% | −0.16 |
| COP Conocophillips | Reduce -0.2% | 0.58% | −0.16 |
| DFS Discover Financial Services | Sold out | 0.00% | −0.12 |
| AMGN Amgen Inc. | Reduce -1.0% | 0.51% | −0.11 |
| BMY Bristol-Myers Squibb Co. | Reduce -0.3% | 0.22% | −0.10 |
| YUM Yum! Brands Inc. | Reduce -1.9% | 0.55% | −0.10 |
| ABBV Abbvie Inc. | Reduce -0.7% | 0.40% | −0.09 |
| VZ Verizon Communications Inc. | Reduce -0.9% | 0.56% | −0.08 |
| KO The Coca-Cola Co. | Reduce -3.1% | 0.60% | −0.08 |
| XOM Exxon Mobil Corp. | Reduce -1.4% | 0.34% | −0.07 |
| ADP Automatic Data Processing | Reduce -1.8% | 0.69% | −0.06 |
| UPS United Parcel Service Class B | Reduce -2.4% | 0.25% | −0.05 |
| PFE Pfizer Inc. | Reduce -0.8% | 0.36% | −0.05 |
| T AT&T Inc. | Reduce -1.8% | 0.60% | −0.05 |
| V Visa Inc. Class A | Reduce -2.9% | 0.46% | −0.05 |
| COST Costco Wholesale Corp. | Reduce -2.2% | 0.72% | −0.04 |
| TROW T Rowe Price Group Inc. | Reduce -4.3% | 0.53% | −0.04 |
| BURL Burlington Stores Inc. | Reduce -0.6% | 0.34% | −0.04 |
| BSX Boston Scientific Corp. | Reduce -4.4% | 0.60% | −0.04 |
| PSX Phillips 66 | Reduce -0.2% | 0.31% | −0.04 |
| PPLI People Inc. | Reduce -7.9% | 0.08% | −0.04 |
| RPD RAPID7 Inc. | Reduce -37.9% | 0.03% | −0.03 |
| SHEL Shell PLC-ADR | Reduce -2.1% | 0.21% | −0.03 |
| LIN Linde PLC | Reduce -0.9% | 0.37% | −0.03 |
| MDY State Street SPDR S&P Midcap | Reduce -1.1% | 0.91% | −0.03 |
| MDLZ Mondelez International Inc. Class A | Reduce -0.6% | 0.30% | −0.03 |
| MDT Medtronic PLC | Reduce -2.5% | 0.20% | −0.03 |
| EOG EOG Resources Inc. | Reduce -0.5% | 0.17% | −0.03 |
| TGT Target Corp. | Reduce -2.5% | 0.13% | −0.02 |
| WBA Walgreens Boots Alliance Inc. | Sold out | 0.00% | −0.02 |
| VB Vanguard Most SM-Cap ETF-Usd | Reduce -0.3% | 1.09% | −0.02 |
| HSY The Hershey Co. | Reduce -1.4% | 0.13% | −0.02 |
| MO Altria Group Inc. | Reduce -19.5% | 0.04% | −0.02 |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | Reduce -2.3% | 0.56% | −0.01 |
| ABT Abbott Laboratories | Reduce -2.0% | 0.18% | −0.01 |
| PM Philip Morris International | Reduce -10.7% | 0.23% | −0.01 |
| RTX RTX Corp. | Reduce -2.7% | 1.19% | −0.01 |
| OGN Organon & Co. | Reduce -1.4% | 0.02% | −0.01 |
| BF.B Brown-Forman Corp. Class B | Reduce -12.8% | 0.02% | −0.01 |
| CC The Chemours Co. | Reduce -0.7% | 0.04% | −0.01 |
| OTIS Otis Worldwide Corp. | Reduce -1.1% | 0.07% | −0.01 |
| D Dominion Energy Inc. | Reduce -28.3% | 0.02% | −0.01 |
| SHM SS SPDR N Ice St Muni ETF | Sold out | 0.00% | −0.01 |
| QCOM Qualcomm Inc. | Reduce -2.8% | 0.13% | −0.01 |
| TGNA Tegna Inc. | Sold out | 0.00% | −0.01 |
| VOO Vanguard S&P 500 ETF | Reduce -9.1% | 0.11% | −0.01 |
Portfolio Buys Q1 2025 → Q2 2025
| DIS The Walt Disney Co. | Add +0.1% | 1.59% | +0.22 |
| COF Capital One Financial Corp. | Add +12.9% | 1.04% | +0.20 |
| NOW ServiceNow Inc. | Add +1.0% | 0.86% | +0.14 |
| CAT Caterpillar Inc. | Add +1.1% | 1.60% | +0.14 |
| META Meta Platforms Inc. Class A | Add +0.9% | 0.71% | +0.12 |
| MAR Marriott International Class A | Add +0.3% | 2.01% | +0.11 |
| DDOG Datadog Inc. Class A | Add +20.1% | 0.29% | +0.10 |
| CMG Chipotle Mexican Grill Inc. | Add +3.9% | 0.83% | +0.05 |
| LMT Lockheed Martin Corp. | Add +16.5% | 0.43% | +0.04 |
| HAL Halliburton Co. | Add +113.0% | 0.12% | +0.04 |
| BLK BlackRock Inc. | Add +0.8% | 1.32% | +0.04 |
| BRK.A Berkshire Hathaway Inc. Class A | New | 0.02% | +0.02 |
| CSX CSX Corp. | Add +0.4% | 0.56% | +0.01 |
| WFC Wells Fargo & Co. | New | 0.01% | +0.01 |
| SKYH SKY Harbour Group Corp. | New | 0.01% | +0.01 |
| ANGI Angi Inc. | New | 0.01% | +0.01 |
| IEMG iShares Core MSCI Emerging | Add +1.0% | 0.22% | +0.01 |
| AUB Atlantic Union Bankshares Co. | New | 0.01% | +0.01 |
| EEMV iShares MSCI Emg MKT Min Vol | New | 0.01% | +0.01 |
| IJT iShares S&P Small-Cap 600 GR | New | 0.01% | +0.01 |
| IGIB iShares 5-10Y Inv Grade Corp. | New | 0.01% | +0.01 |
| GBTC Grayscale Bitcoin Trust ETF | New | 0.01% | +0.01 |
| NUVVE HOLDING CORP | New | 0.00% | +0.00 |
| VWO Vanguard Ftse Emerging Marke | Add +0.5% | 0.19% | +0.00 |
| AIQ Global X Art Intel & Tech | Add +3.8% | 0.01% | +0.00 |
| EEM iShares MSCI Emerging Market | Add +0.2% | 0.06% | +0.00 |
| MPC Marathon Petroleum Corp. | Add +1.6% | 0.02% | +0.00 |
| WBD Warner Bros Discovery Inc. | Add +5.6% | 0.03% | +0.00 |
| SOLV Solventum Corp. | Add +15.8% | 0.02% | +0.00 |
| VEA Vanguard Ftse Developed ETF | Add +0.9% | 0.02% | +0.00 |
| JBGS JBG Smith Properties | Add +0.8% | 0.01% | 0.00 |
| PNC PNC Financial Services Group | Add +1.4% | 0.01% | −0.00 |
| GLDM SPDR Gold Minishares Trust | Add +1.3% | 0.01% | −0.00 |
| IJH iShares Core S&P Midcap ETF | Add +1.3% | 0.14% | −0.00 |
| IJR iShares Core S&P Small-Cap E | Add +2.4% | 0.13% | −0.00 |
| DHR Danaher Corp. | Add +2.6% | 0.03% | −0.00 |
| DUK Duke Energy Corp. | Add +1.8% | 0.03% | −0.00 |
| BAX Baxter International Inc. | Add +0.1% | 0.02% | −0.00 |
| CI The Cigna Group | Add +0.8% | 0.13% | −0.01 |
| UNP Union Pacific Corp. | Add +5.7% | 0.23% | −0.01 |
| ACN Accenture PLC Class A | Add +10.8% | 0.59% | −0.01 |
| ADBE Adobe Inc. | Add +5.2% | 0.77% | −0.02 |
| DOW Dow Inc. | Add +1.1% | 0.04% | −0.02 |
| INTC Intel Corp. | Add +1.0% | 0.35% | −0.03 |
| NEE Nextera Energy Inc. | Add +0.6% | 0.38% | −0.04 |
| AMT American Tower Corp. | Add +0.9% | 0.76% | −0.04 |
| BRK.B Berkshire Hathaway Inc. Class B | Add +2.5% | 0.29% | −0.05 |
| CMCSA Comcast Corp. Class A | Add +1.0% | 0.45% | −0.05 |
| IQV Iqvia Holdings Inc. | Add +10.4% | 0.52% | −0.05 |
| PCAR Paccar Inc. | Add +0.2% | 0.51% | −0.06 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 257 | $3.6B | AAPL, PANW, AVGO, GOOGL, GOOG |
| Q1 2026 | 249 | $3.3B | AAPL, AVGO, GOOGL, MSFT, GOOG |
| Q4 2025 | 245 | $3.4B | AAPL, AVGO, MSFT, GOOGL, GOOG |
| Q3 2025 | 251 | $3.3B | AAPL, AVGO, MSFT, PANW, GOOGL |
| Q2 2025 | 252 | $3.2B | AVGO, AAPL, MSFT, PANW, NVDA |
| Q1 2025 | 254 | $2.9B | AAPL, MSFT, AVGO, PANW, MA |
| Q4 2024 | 255 | $3.1B | AAPL, AVGO, MSFT, PANW, GOOGL |
| Q3 2024 | 254 | $3.0B | AAPL, MSFT, AVGO, PANW, GOOGL |
| Q2 2024 | 252 | $2.9B | AAPL, MSFT, PANW, AVGO, GOOGL |
| Q1 2024 | 255 | $2.8B | AAPL, MSFT, PANW, AVGO, MA |