Heritage Investors Management Corp.
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 4, 2025), Heritage Investors Management Corp. reported 251 stock positions worth $3.3 billion. Its top holding was Apple (AAPL) at 5.5% of the portfolio, followed by Broadcom (AVGO, 5.3%) and Microsoft (MSFT, 4.5%). Compared with Q2 2025, it opened 5 new positions, sold out of 6, added to 47 and reduced 148. The biggest buy was Eli Lilly (LLY, shares +640%) and the biggest sale Palo Alto Networks (PANW, shares −0%).
- Most Recent 13F
- Q2 2026
- Location
- BETHESDA, MD
- CIK
- 0000937589
- Portfolio Value
- $3.3B (Q3 2025)
- SEC Filing
- 0000937589-25-000006 ↗ filed Nov 4, 2025
Holdings Value
Holdings 251 stocks · $3.3B
| AAPL Apple Inc. | 5.46% | 717,131 | $182.6M | Reduce -1.3% |
| AVGO Broadcom Inc. | 5.32% | 539,879 | $178.1M | Reduce -4.7% |
| MSFT Microsoft Corp. | 4.53% | 292,491 | $151.5M | Reduce -0.4% |
| PANW Palo Alto Networks Inc. | 3.44% | 565,052 | $115.1M | Reduce -0.3% |
| GOOGL Alphabet Inc. Class A | 2.98% | 410,221 | $99.7M | Reduce -2.9% |
| NVDA Nvidia Corp. | 2.80% | 501,240 | $93.5M | Reduce -1.9% |
| GOOG Alphabet Inc. Class C | 2.79% | 383,074 | $93.3M | Reduce -3.0% |
| MA Mastercard Inc. Class A | 2.19% | 129,071 | $73.4M | Reduce -1.2% |
| AMZN Amazon.com Inc. | 2.16% | 329,605 | $72.4M | Add +0.3% |
| JPM JPMorgan Chase & Co. | 1.84% | 194,984 | $61.5M | Reduce -4.4% |
| MAR Marriott International Class A | 1.81% | 232,370 | $60.5M | Reduce -0.2% |
| CAT Caterpillar Inc. | 1.79% | 125,392 | $59.8M | Reduce -3.9% |
| HD Home Depot Inc. | 1.66% | 137,458 | $55.7M | Reduce -0.3% |
| AXP American Express Co. | 1.58% | 158,970 | $52.8M | Reduce -3.1% |
| WMT Walmart Inc. | 1.53% | 497,986 | $51.3M | Reduce -3.4% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 1.39% | 405,657 | $46.4M | Reduce -0.2% |
| BLK BlackRock Inc. | 1.36% | 39,007 | $45.5M | Reduce -1.8% |
| GS Goldman Sachs Group Inc. | 1.36% | 56,942 | $45.3M | Reduce -6.1% |
| CSCO Cisco Systems Inc. | 1.33% | 651,492 | $44.6M | Reduce -0.6% |
| CRM Salesforce Inc. | 1.33% | 187,084 | $44.3M | Add +3.1% |
| RTX RTX Corp. | 1.24% | 247,227 | $41.4M | Reduce -4.1% |
| MLM Martin Marietta Materials | 1.21% | 64,326 | $40.5M | Reduce -2.0% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 1.13% | 732,335 | $37.8M | Add +0.1% |
| VB Vanguard Most SM-Cap ETF-Usd | 1.10% | 145,217 | $36.9M | Reduce -0.6% |
| MS Morgan Stanley | 1.10% | 231,675 | $36.8M | Reduce -5.9% |
| JNJ Johnson & Johnson | 0.96% | 173,278 | $32.1M | Reduce -1.4% |
| MCD McDonald's Corp. | 0.95% | 104,952 | $31.9M | Add +0.0% |
| COF Capital One Financial Corp. | 0.93% | 145,935 | $31.0M | Reduce -5.3% |
| C Citigroup Inc. | 0.92% | 304,576 | $30.9M | Reduce -3.5% |
| SYF Synchrony Financial | 0.90% | 425,057 | $30.2M | Reduce -6.2% |
| MDY State Street SPDR S&P Midcap | 0.90% | 50,510 | $30.1M | Reduce -0.8% |
| ZTS Zoetis Inc. | 0.88% | 200,204 | $29.3M | Add +1.9% |
| MRK Merck & Co. Inc. | 0.83% | 329,661 | $27.7M | Add +0.2% |
| TMO Thermo Fisher Scientific Inc. | 0.82% | 56,761 | $27.5M | Add +0.3% |
| UNH Unitedhealth Group Inc. | 0.82% | 79,676 | $27.5M | Add +0.3% |
| NOW ServiceNow Inc. | 0.82% | 29,814 | $27.4M | Add +13.1% |
| NKE Nike Inc. Class B | 0.76% | 363,072 | $25.3M | Reduce -0.7% |
| CVX Chevron Corp. | 0.74% | 158,931 | $24.7M | Reduce -1.3% |
| FDX FedEx Corp. | 0.73% | 103,661 | $24.4M | Add +1.6% |
| BA The Boeing Co. | 0.73% | 112,994 | $24.4M | Reduce -1.8% |
| EQIX Equinix Inc. | 0.70% | 30,002 | $23.5M | Add +3.2% |
| ADBE Adobe Inc. | 0.69% | 65,431 | $23.1M | Add +3.6% |
| META Meta Platforms Inc. Class A | 0.67% | 30,488 | $22.4M | Reduce -0.4% |
| COST Costco Wholesale Corp. | 0.66% | 24,014 | $22.2M | Add +4.9% |
| PEP Pepsico Inc. | 0.66% | 158,126 | $22.2M | Add +2.8% |
| AMT American Tower Corp. | 0.65% | 113,248 | $21.8M | Add +4.8% |
| ADP Automatic Data Processing | 0.61% | 69,797 | $20.5M | Reduce -1.2% |
| STZ Constellation Brands Inc. Class A | 0.60% | 149,811 | $20.2M | Add +2.0% |
| LDOS Leidos Holdings Inc. | 0.60% | 105,594 | $20.0M | Reduce -0.4% |
| IQV Iqvia Holdings Inc. | 0.59% | 104,242 | $19.8M | Reduce -0.4% |
| CMG Chipotle Mexican Grill Inc. | 0.58% | 498,120 | $19.5M | Add +6.8% |
| COP Conocophillips | 0.58% | 205,628 | $19.4M | Reduce -0.2% |
| ACN Accenture PLC Class A | 0.57% | 77,121 | $19.0M | Add +23.2% |
| CSX CSX Corp. | 0.57% | 534,411 | $19.0M | Reduce -1.1% |
| T AT&T Inc. | 0.55% | 648,556 | $18.3M | Reduce -0.4% |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | 0.54% | 61,439 | $18.0M | Reduce -3.5% |
| APD Air Products & Chemicals Inc. | 0.54% | 65,941 | $18.0M | Add +1.0% |
| KO The Coca-Cola Co. | 0.54% | 270,730 | $18.0M | Add +1.4% |
| YUMC Yum China Holdings Inc. | 0.53% | 416,384 | $17.9M | Reduce -1.0% |
| YUM Yum! Brands Inc. | 0.53% | 117,379 | $17.8M | Reduce -0.4% |
| VZ Verizon Communications Inc. | 0.53% | 404,510 | $17.8M | Reduce -0.5% |
| BSX Boston Scientific Corp. | 0.51% | 173,454 | $16.9M | Reduce -2.6% |
| PCAR Paccar Inc. | 0.50% | 169,042 | $16.6M | Reduce -0.1% |
| TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC | 0.49% | 158,796 | $16.3M | Reduce -8.7% |
| INTC Intel Corp. | 0.49% | 483,854 | $16.2M | Reduce -2.8% |
| AMGN Amgen Inc. | 0.48% | 57,473 | $16.2M | Reduce -0.2% |
| MCK McKesson Corp. | 0.47% | 20,354 | $15.7M | Reduce -0.9% |
| ABBV Abbvie Inc. | 0.46% | 66,371 | $15.4M | Reduce -1.5% |
| LMT Lockheed Martin Corp. | 0.44% | 29,597 | $14.8M | Add +0.2% |
| ZBH Zimmer Biomet Holdings Inc. | 0.43% | 145,994 | $14.4M | Reduce -1.7% |
| V Visa Inc. Class A | 0.42% | 41,086 | $14.0M | Add +1.1% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.41% | 48,731 | $13.8M | Reduce -0.0% |
| CMCSA Comcast Corp. Class A | 0.40% | 423,536 | $13.3M | Add +6.3% |
| HON Honeywell International Inc. | 0.39% | 62,553 | $13.2M | Add +1.4% |
| NEE Nextera Energy Inc. | 0.39% | 173,793 | $13.1M | Reduce -0.9% |
| PG The Procter & Gamble Co. | 0.36% | 78,900 | $12.1M | Add +0.3% |
| DD Dupont DE Nemours Inc. | 0.35% | 152,342 | $11.9M | Reduce -1.7% |
| IEFA iShares Core MSCI Eafe ETF | 0.35% | 135,228 | $11.8M | Reduce -8.7% |
| LIN Linde PLC | 0.35% | 24,718 | $11.7M | Reduce -1.2% |
| BURL Burlington Stores Inc. | 0.35% | 45,773 | $11.6M | Reduce -1.0% |
| VEU Vanguard Ftse All-World Ex-U | 0.34% | 160,411 | $11.4M | Reduce -0.3% |
| XOM Exxon Mobil Corp. | 0.33% | 98,323 | $11.1M | Reduce -1.1% |
| PSX Phillips 66 | 0.32% | 79,866 | $10.9M | Reduce -3.1% |
| EFA iShares MSCI Eafe ETF | 0.32% | 114,936 | $10.7M | Reduce -2.0% |
| PFE Pfizer Inc. | 0.31% | 402,987 | $10.3M | Reduce -13.4% |
| AER Aercap Holdings NV | 0.30% | 83,711 | $10.1M | Reduce -2.7% |
| DDOG Datadog Inc. Class A | 0.30% | 71,040 | $10.1M | Add +4.6% |
| SLB SLB Ltd. filed as SCHLUMBERGER LTD | 0.29% | 285,643 | $9.8M | Add +7.7% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.28% | 18,730 | $9.4M | Add +0.2% |
| PYPL PayPal Holdings Inc. | 0.28% | 139,280 | $9.3M | Reduce -1.6% |
| NSC Norfolk Southern Corp. | 0.28% | 31,056 | $9.3M | Reduce -20.9% |
| LHX L3HARRIS Technologies Inc. | 0.27% | 29,517 | $9.0M | Reduce -2.1% |
| ADM Archer-Daniels-Midland Co. | 0.27% | 150,622 | $9.0M | Reduce -3.9% |
| MDLZ Mondelez International Inc. Class A | 0.27% | 143,757 | $9.0M | Add +0.9% |
| TM Toyota Motor Corp. -Spon ADR | 0.26% | 45,688 | $8.7M | Reduce -0.8% |
| UNP Union Pacific Corp. | 0.23% | 32,222 | $7.6M | Add +2.2% |
| VTI VG Morningstar TS MKT ETF-US | 0.22% | 22,580 | $7.4M | Reduce -4.1% |
| MSTR Strategy Inc. | 0.21% | 21,909 | $7.1M | Reduce -0.5% |
| IEMG iShares Core MSCI Emerging | 0.21% | 104,421 | $6.9M | Reduce -10.4% |
| LLY Eli Lilly & Co. | 0.20% | 8,913 | $6.8M | Add +640.3% |
Portfolio Sells Q2 2025 → Q3 2025
| PANW Palo Alto Networks Inc. | Reduce -0.3% | 3.44% | −0.23 |
| DIS The Walt Disney Co. | Reduce -0.2% | 1.39% | −0.20 |
| MAR Marriott International Class A | Reduce -0.2% | 1.81% | −0.20 |
| MA Mastercard Inc. Class A | Reduce -1.2% | 2.19% | −0.13 |
| COF Capital One Financial Corp. | Reduce -5.3% | 0.93% | −0.11 |
| CSCO Cisco Systems Inc. | Reduce -0.6% | 1.33% | −0.10 |
| BSX Boston Scientific Corp. | Reduce -2.6% | 0.51% | −0.10 |
| MSFT Microsoft Corp. | Reduce -0.4% | 4.53% | −0.09 |
| ADP Automatic Data Processing | Reduce -1.2% | 0.61% | −0.08 |
| AXP American Express Co. | Reduce -3.1% | 1.58% | −0.08 |
| MSTR Strategy Inc. | Reduce -0.5% | 0.21% | −0.07 |
| NKE Nike Inc. Class B | Reduce -0.7% | 0.76% | −0.06 |
| YUMC Yum China Holdings Inc. | Reduce -1.0% | 0.53% | −0.06 |
| WMT Walmart Inc. | Reduce -3.4% | 1.53% | −0.06 |
| UPS United Parcel Service Class B | Reduce -1.0% | 0.19% | −0.06 |
| SYF Synchrony Financial | Reduce -6.2% | 0.90% | −0.05 |
| PYPL PayPal Holdings Inc. | Reduce -1.6% | 0.28% | −0.05 |
| PFE Pfizer Inc. | Reduce -13.4% | 0.31% | −0.05 |
| T AT&T Inc. | Reduce -0.4% | 0.55% | −0.05 |
| META Meta Platforms Inc. Class A | Reduce -0.4% | 0.67% | −0.04 |
| TROW T Rowe Price Group Inc. | Reduce -8.7% | 0.49% | −0.04 |
| IBM Intl Business Machines Corp. | Reduce -0.0% | 0.41% | −0.04 |
| PM Philip Morris International | Reduce -1.7% | 0.19% | −0.04 |
| NSC Norfolk Southern Corp. | Reduce -20.9% | 0.28% | −0.04 |
| IEFA iShares Core MSCI Eafe ETF | Reduce -8.7% | 0.35% | −0.04 |
| ALGN Align Technology Inc. | Reduce -17.8% | 0.04% | −0.04 |
| SLM SLM Corp. | Reduce -3.3% | 0.12% | −0.03 |
| AXON Axon Enterprise Inc. | Reduce -0.4% | 0.15% | −0.03 |
| BA The Boeing Co. | Reduce -1.8% | 0.73% | −0.03 |
| JPM JPMorgan Chase & Co. | Reduce -4.4% | 1.84% | −0.03 |
| IJH iShares Core S&P Midcap ETF | Reduce -21.3% | 0.11% | −0.03 |
| TGT Target Corp. | Reduce -6.8% | 0.11% | −0.03 |
| CTVA Corteva Inc. | Reduce -0.2% | 0.16% | −0.03 |
| BMY Bristol-Myers Squibb Co. | Reduce -4.1% | 0.20% | −0.03 |
| PPLI People Inc. | Reduce -20.1% | 0.06% | −0.02 |
| VZ Verizon Communications Inc. | Reduce -0.5% | 0.53% | −0.02 |
| EXAS Exact Sciences Corp. | Reduce -19.4% | 0.09% | −0.02 |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | Reduce -3.5% | 0.54% | −0.02 |
| AMGN Amgen Inc. | Reduce -0.2% | 0.48% | −0.02 |
| RPD RAPID7 Inc. | Reduce -50.1% | 0.01% | −0.02 |
| IJR iShares Core S&P Small-Cap E | Reduce -17.9% | 0.11% | −0.02 |
| LIN Linde PLC | Reduce -1.2% | 0.35% | −0.02 |
| YUM Yum! Brands Inc. | Reduce -0.4% | 0.53% | −0.02 |
| RNG Ringcentral Inc. Class A | Reduce -7.9% | 0.11% | −0.02 |
| AER Aercap Holdings NV | Reduce -2.7% | 0.30% | −0.02 |
| IEMG iShares Core MSCI Emerging | Reduce -10.4% | 0.21% | −0.02 |
| ABT Abbott Laboratories | Reduce -1.0% | 0.17% | −0.01 |
| MDY State Street SPDR S&P Midcap | Reduce -0.8% | 0.90% | −0.01 |
| PCAR Paccar Inc. | Reduce -0.1% | 0.50% | −0.01 |
| EFA iShares MSCI Eafe ETF | Reduce -2.0% | 0.32% | −0.01 |
Portfolio Buys Q2 2025 → Q3 2025
| LLY Eli Lilly & Co. | Add +640.3% | 0.20% | +0.17 |
| TMO Thermo Fisher Scientific Inc. | Add +0.3% | 0.82% | +0.10 |
| UNH Unitedhealth Group Inc. | Add +0.3% | 0.82% | +0.04 |
| BAC Bank of America Corp. | Add +0.1% | 1.13% | +0.04 |
| VOO Vanguard S&P 500 ETF | Add +18.2% | 0.14% | +0.02 |
| PEP Pepsico Inc. | Add +2.8% | 0.66% | +0.02 |
| VGT Vanguard Info Tech ETF | New | 0.02% | +0.02 |
| DDOG Datadog Inc. Class A | Add +4.6% | 0.30% | +0.01 |
| SLB SLB Ltd. | Add +7.7% | 0.29% | +0.01 |
| LMT Lockheed Martin Corp. | Add +0.2% | 0.44% | +0.01 |
| VWO Vanguard Ftse Emerging Marke | Add +1.1% | 0.20% | +0.01 |
| IWM iShares Russell 2000 ETF | Add +1.1% | 0.13% | +0.01 |
| IWN iShares Russell 2000 Value E | New | 0.01% | +0.01 |
| RBLX Roblox Corp. Class A | New | 0.01% | +0.01 |
| SCHD Schwab US DVD Equity ETF | New | 0.01% | +0.01 |
| SPYG SS SPDR P S&P 500 Growth ETF | New | 0.01% | +0.01 |
| MRK Merck & Co. Inc. | Add +0.2% | 0.83% | +0.00 |
| VEA Vanguard Ftse Developed ETF | Add +18.4% | 0.02% | +0.00 |
| IWO iShares Russell 2000 Growth | Add +4.6% | 0.03% | +0.00 |
| GD General Dynamics Corp. | Add +9.2% | 0.01% | +0.00 |
| ICLN iShares Global Clean Energy | Add +0.2% | 0.01% | +0.00 |
| PNC PNC Financial Services Group | Add +4.9% | 0.01% | +0.00 |
| AIQ Global X Art Intel & Tech | Add +0.7% | 0.01% | +0.00 |
| IGIB iShares 5-10Y Inv Grade Corp. | Add +14.6% | 0.01% | +0.00 |
| IGSB iShares 1-5Y Inv Grade Corp. | Add +6.2% | 0.01% | +0.00 |
| SCHF Schwab Intl Equity ETF | Add +1.1% | 0.01% | +0.00 |
| VTRS Viatris Inc. | Add +0.0% | 0.00% | +0.00 |
| EXEL Exelixis Inc. | Add +0.2% | 0.01% | −0.00 |
| UNP Union Pacific Corp. | Add +2.2% | 0.23% | −0.00 |
| FDX FedEx Corp. | Add +1.6% | 0.73% | −0.00 |
| BRK.B Berkshire Hathaway Inc. Class B | Add +0.2% | 0.28% | −0.01 |
| CI The Cigna Group | Add +8.8% | 0.12% | −0.01 |
| MCD McDonald's Corp. | Add +0.0% | 0.95% | −0.02 |
| EOG EOG Resources Inc. | Add +0.1% | 0.15% | −0.02 |
| ACN Accenture PLC Class A | Add +23.2% | 0.57% | −0.02 |
| EQIX Equinix Inc. | Add +3.2% | 0.70% | −0.03 |
| PG The Procter & Gamble Co. | Add +0.3% | 0.36% | −0.03 |
| MDLZ Mondelez International Inc. Class A | Add +0.9% | 0.27% | −0.04 |
| NOW ServiceNow Inc. | Add +13.1% | 0.82% | −0.04 |
| V Visa Inc. Class A | Add +1.1% | 0.42% | −0.04 |
| APD Air Products & Chemicals Inc. | Add +1.0% | 0.54% | −0.04 |
| CMCSA Comcast Corp. Class A | Add +6.3% | 0.40% | −0.05 |
| COST Costco Wholesale Corp. | Add +4.9% | 0.66% | −0.05 |
| KO The Coca-Cola Co. | Add +1.4% | 0.54% | −0.06 |
| HON Honeywell International Inc. | Add +1.4% | 0.39% | −0.06 |
| ADBE Adobe Inc. | Add +3.6% | 0.69% | −0.08 |
| ZTS Zoetis Inc. | Add +1.9% | 0.88% | −0.09 |
| AMT American Tower Corp. | Add +4.8% | 0.65% | −0.10 |
| AMZN Amazon.com Inc. | Add +0.3% | 2.16% | −0.12 |
| STZ Constellation Brands Inc. Class A | Add +2.0% | 0.60% | −0.15 |
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 |