Heritage Wealth Advisors

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 8, 2025), Heritage Wealth Advisors reported 585 stock positions worth $2.0 billion. Its top holding was iShares Core S&P 500 ETF (IVV) at 18.9% of the portfolio, followed by iShares Core MSCI Eafe ETF (IEFA, 6.6%) and Berkshire Hathaway Class B (BRK.B, 3.4%). Compared with Q4 2024, it opened 36 new positions, sold out of 84, added to 58 and reduced 207. The biggest buy was iShares Core S&P 500 ETF (IVV, shares +11%) and the biggest sale Unitedhealth (UNH, shares −100%).

Most Recent 13F
Q2 2026
Location
RICHMOND, VA
CIK
0001591122
Portfolio Value
$2.0B (Q1 2025)
SEC Filing
0001591122-25-000004 ↗ filed May 8, 2025

Holdings Value

0$1.0B$2.0B$3.0B Q1 2024: $2.2B Q1 2024 Q2 2024: $2.2B Q2 2024 Q3 2024: $2.1B Q3 2024 Q4 2024: $2.0B Q4 2024 Q1 2025: $2.0B $2.0B Q1 2025 Q2 2025: $2.1B Q2 2025 Q3 2025: $2.3B Q3 2025 Q4 2025: $2.6B Q4 2025 Q1 2026: $2.6B Q1 2026 Q2 2026: $2.9B Q2 2026

Holdings 585 stocks · $2.0B
IVV iShares Core S&P 500 ETF 18.92% 664,726 $373.5M Add +10.7%
IEFA iShares Core MSCI Eafe ETF 6.61% 1,725,079 $130.5M Reduce -0.4%
BRK.B Berkshire Hathaway Inc. Class B 3.39% 125,555 $66.9M Add +2.9%
IWS iShares Russell Mid-Cap Valu 3.27% 513,175 $64.6M Reduce -0.3%
ITOT iShares Core S&P Total U.S. 3.26% 527,685 $64.4M Reduce -0.3%
RTX RTX Corp. 3.19% 475,626 $63.0M Add +1.2%
MSFT Microsoft Corp. 3.11% 163,713 $61.5M Reduce -0.6%
MA Mastercard Inc. Class A 3.07% 110,594 $60.6M Add +2.3%
AAPL Apple Inc. 3.06% 271,668 $60.3M Add +0.6%
BN Brookfield Corp. 2.91% 1,095,778 $57.4M Add +2.2%
ADP Automatic Data Processing 2.88% 186,057 $56.8M Add +3.5%
GOOG Alphabet Inc. Class C 2.86% 361,027 $56.4M Add +3.9%
JNJ Johnson & Johnson 2.84% 338,120 $56.1M Add +3.5%
PGR Progressive Corp. 2.64% 184,233 $52.1M Reduce -0.9%
MRK Merck & Co. Inc. 2.57% 565,494 $50.8M Add +5.7%
COP Conocophillips 2.37% 444,823 $46.7M Add +5.9%
IEMG iShares Core MSCI Emerging 2.31% 845,008 $45.6M Reduce -0.3%
WMT Walmart Inc. 2.23% 501,111 $44.0M Add +0.1%
PEP Pepsico Inc. 2.19% 287,719 $43.1M Add +6.1%
CMCSA Comcast Corp. Class A 2.09% 1,117,521 $41.2M Reduce -6.9%
DUK Duke Energy Corp. 2.00% 324,092 $39.5M Add +2.3%
UNP Union Pacific Corp. 1.84% 153,782 $36.3M Add +2.6%
MCD McDonald's Corp. 1.82% 114,724 $35.8M Add +4.1%
HD Home Depot Inc. 1.72% 92,855 $34.0M Add +3.3%
WMB Williams Cos Inc. 1.30% 429,494 $25.7M Add +5.2%
VT Vanguard Tot World STK ETF 0.96% 164,162 $19.0M Reduce -0.0%
VOO Vanguard S&P 500 ETF 0.96% 36,724 $18.9M Add +416.9%
ACWX iShares MSCI Acwi Ex US ETF 0.87% 309,464 $17.2M No change
EFA iShares MSCI Eafe ETF 0.70% 168,492 $13.8M Reduce -0.0%
PM Philip Morris International 0.63% 78,591 $12.5M Reduce -0.4%
EPD Enterprise Products Partners 0.63% 363,268 $12.4M Reduce -2.3%
MKL Markel Group Inc. 0.58% 6,072 $11.4M Reduce -15.9%
SPY SS SPDR S&P 500 ETF Trust-US 0.47% 16,697 $9.3M Reduce -82.7%
VIG Vanguard Dividend Apprec ETF 0.44% 44,373 $8.6M Reduce -7.7%
V Visa Inc. Class A 0.36% 20,186 $7.1M Reduce -0.1%
AMZN Amazon.com Inc. 0.33% 34,069 $6.5M Add +11.9%
IVW iShares S&P 500 Growth ETF 0.28% 59,738 $5.5M Add +0.0%
MO Altria Group Inc. 0.27% 89,406 $5.4M Reduce -0.2%
EEM iShares MSCI Emerging Market 0.27% 121,558 $5.3M No change
NVDA Nvidia Corp. 0.25% 45,325 $4.9M Reduce -0.0%
GOOGL Alphabet Inc. Class A 0.22% 28,395 $4.4M Add +0.1%
XOM Exxon Mobil Corp. 0.20% 33,233 $4.0M Reduce -0.2%
FRFHF Fairfax Financial Hldgs Ltd. 0.20% 2,684 $3.9M No change
XLK SS Technology Select Sector 0.20% 18,701 $3.9M Reduce -3.2%
IJJ iShares S&P Mid-Cap 400 Valu 0.19% 37,748 $3.8M No change
VALQ American Century US Quality 0.18% 59,207 $3.6M Add +15.5%
OEF iShares S&P 100 ETF 0.16% 11,773 $3.2M Reduce -5.5%
JPM JPMorgan Chase & Co. 0.15% 12,029 $3.0M Reduce -3.5%
BRK.A Berkshire Hathaway Inc. Class A 0.12% 3 $2.4M No change
RSP Invesco S&P 500 Equal Weight 0.12% 13,798 $2.4M No change
COST Costco Wholesale Corp. 0.12% 2,483 $2.3M Reduce -17.9%
LOW Lowe's Cos Inc. 0.12% 9,964 $2.3M Reduce -0.1%
ESGD iShares Trust iShares ESG Aw 0.11% 27,412 $2.2M Add +3.9%
VO Vngrd Mrngstr MD-Cap ETF-Usd 0.11% 8,372 $2.2M Reduce -0.3%
MDLZ Mondelez International Inc. Class A 0.11% 31,244 $2.1M Reduce -6.3%
CSX CSX Corp. 0.11% 71,251 $2.1M Reduce -0.7%
IWR iShares Russell Mid-Cap ETF 0.10% 22,305 $1.9M Reduce -5.2%
RJF Raymond James Financial Inc. 0.09% 13,416 $1.9M No change
ORCL Oracle Corp. 0.09% 13,257 $1.9M No change
TFC Truist Financial Corp. 0.08% 40,180 $1.7M Reduce -0.2%
PG The Procter & Gamble Co. 0.08% 9,695 $1.7M Reduce -1.5%
CVX Chevron Corp. 0.08% 9,568 $1.6M Reduce -8.3%
ABBV Abbvie Inc. 0.08% 7,482 $1.6M Reduce -13.6%
VTI VG Morningstar TS MKT ETF-US 0.07% 5,304 $1.5M Reduce -9.5%
ESGE iShares Inc. iShares ESG Awar 0.07% 39,285 $1.4M Add +1.7%
GLDM SPDR Gold Minishares Trust 0.07% 21,975 $1.4M No change
XLU St Sr Utl SL SE SPDR ETF-Usd 0.07% 17,180 $1.4M No change
CSCO Cisco Systems Inc. 0.07% 21,308 $1.3M Add +0.2%
ABT Abbott Laboratories 0.07% 9,837 $1.3M Reduce -4.4%
ELV Elevance Health Inc. 0.06% 2,793 $1.2M Reduce -34.3%
KO The Coca-Cola Co. 0.06% 16,536 $1.2M Reduce -0.5%
TT Trane Technologies PLC 0.06% 3,410 $1.1M Reduce -0.1%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.06% 27,171 $1.1M Reduce -1.9%
IWB iShares Russell 1000 ETF 0.06% 3,548 $1.1M Reduce -11.5%
DFAC Dimensional US Core Equity 2 0.05% 32,405 $1.1M No change
QCOM Qualcomm Inc. 0.05% 6,898 $1.1M Reduce -0.8%
NSC Norfolk Southern Corp. 0.05% 4,426 $1.0M Reduce -9.8%
QQQ Invesco QQQ Trust Series 1 0.05% 2,152 $1.0M Reduce -5.5%
BLK BlackRock Inc. 0.05% 1,032 $977K Reduce -0.7%
META Meta Platforms Inc. Class A 0.05% 1,649 $950K Reduce -0.9%
NFLX Netflix Inc. 0.05% 1,001 $933K Reduce -0.2%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.05% 3,725 $926K Reduce -1.6%
NUMV Nuveen ESG Mid-Cap Value ETF 0.05% 27,046 $925K Add +0.0%
ISRG Intuitive Surgical Inc. 0.05% 1,861 $922K Reduce -0.3%
LLY Eli Lilly & Co. 0.05% 1,090 $900K Reduce -3.4%
UDR Udr Inc. 0.05% 19,913 $899K No change
GLD SPDR Gold Shares 0.04% 3,029 $873K No change
IWM iShares Russell 2000 ETF 0.04% 4,368 $871K Reduce -15.3%
CAT Caterpillar Inc. 0.04% 2,568 $847K Reduce -0.1%
XLF SS Financial Select Sector 0.04% 16,909 $842K No change
D Dominion Energy Inc. 0.04% 14,485 $812K Reduce -1.8%
TMO Thermo Fisher Scientific Inc. 0.04% 1,626 $809K Reduce -23.5%
XLV SS Health Care Select Sector 0.04% 5,383 $786K No change
FISV Fiserv Inc. 0.04% 3,516 $776K Reduce -0.1%
INTU Intuit Inc. 0.04% 1,217 $747K Reduce -3.7%
ZTS Zoetis Inc. 0.04% 4,530 $746K Reduce -27.7%
ITW Illinois Tool Works 0.04% 2,989 $741K Reduce -0.2%
GE General Electric filed as GE AEROSPACE 0.04% 3,636 $728K Reduce -0.1%
AMAT Applied Materials Inc. 0.04% 4,861 $705K Reduce -7.2%
UVV Universal Corp. 0.04% 12,319 $690K Reduce -53.7%

Show all 585 holdings

Other holdings (3): bonds, preferreds, convertibles and warrants · $48K (not counted above)
SecurityClassShares / PrincipalValueChange
ATLANTIC UNION BANKSHARE (AUB 6.875 PERP A) PFD 1,910$47KNo change
HOWMET AEROSPACE INC (HWM 3.75 PERP *) Preferred Stock 12$757New
WELLS FARGO & COMPANY (WFC V0 PERP DEPs) PFD 19$7No change
Lines left out (4) · $32 — a value with no share or principal amount
SecurityClassSharesValue
BND Vanguard Total Bond Market TOTAL BND MRKT0$14
CCI Crown Castle Inc. COM0$7
USHY iShares Broad Usd High Yield BROAD USD HIGH0$7
BNDX Vanguard Total Intl Bond ETF TOTAL INT BD ETF0$4

Filed with a value but no share or principal amount (a cash line, a holding rounded to 0 shares), so they are kept out of the holdings, totals and percentages.

Total filed on the 13F, all lines: $2.0B.

Portfolio Sells Q4 2024 → Q1 2025
UNH Unitedhealth Group Inc. Reduce -99.6% 0.01% −2.83
SPY SS SPDR S&P 500 ETF Trust-US Reduce -82.7% 0.47% −2.33
MSFT Microsoft Corp. Reduce -0.6% 3.11% −0.33
CMCSA Comcast Corp. Class A Reduce -6.9% 2.09% −0.14
ITOT iShares Core S&P Total U.S. Reduce -0.3% 3.26% −0.11
NVDA Nvidia Corp. Reduce -0.0% 0.25% −0.05
MKL Markel Group Inc. Reduce -15.9% 0.58% −0.04
UVV Universal Corp. Reduce -53.7% 0.04% −0.04
VIG Vanguard Dividend Apprec ETF Reduce -7.7% 0.44% −0.03
XLK SS Technology Select Sector Reduce -3.2% 0.20% −0.03
IWS iShares Russell Mid-Cap Valu Reduce -0.3% 3.27% −0.03
COST Costco Wholesale Corp. Reduce -17.9% 0.12% −0.02
OEF iShares S&P 100 ETF Reduce -5.5% 0.16% −0.02
ELV Elevance Health Inc. Reduce -34.3% 0.06% −0.02
TMO Thermo Fisher Scientific Inc. Reduce -23.5% 0.04% −0.01
ZTS Zoetis Inc. Reduce -27.7% 0.04% −0.01
IWM iShares Russell 2000 ETF Reduce -15.3% 0.04% −0.01
ADBE Adobe Inc. Reduce -28.3% 0.02% −0.01
TXN Texas Instruments Inc. Reduce -32.9% 0.02% −0.01
HON Honeywell International Inc. Reduce -26.0% 0.03% −0.01
SBRA Sabra Health Care REIT Inc. Sold out 0.00% −0.01
VTI VG Morningstar TS MKT ETF-US Reduce -9.5% 0.07% −0.01
VOOV Vanguard S&P 500 Value ETF Reduce -31.5% 0.02% −0.01
AMGN Amgen Inc. Reduce -36.8% 0.03% −0.01
VTIP Vanguard Short-Term Tips Sold out 0.00% −0.01
IWB iShares Russell 1000 ETF Reduce -11.5% 0.06% −0.01
CSX CSX Corp. Reduce -0.7% 0.11% −0.01
BX Blackstone Inc. Reduce -2.3% 0.03% −0.01
ACN Accenture PLC Class A Reduce -33.7% 0.01% −0.01
IWR iShares Russell Mid-Cap ETF Reduce -5.2% 0.10% −0.01
IGF iShares Global Infrastructur Sold out 0.00% −0.01
DEO Diageo PLC-Sponsored ADR Reduce -8.8% 0.02% −0.01
IWP iShares Russell Mid-Cap Grow Reduce -12.2% 0.03% −0.01
QQQ Invesco QQQ Trust Series 1 Reduce -5.5% 0.05% −0.01
AMAT Applied Materials Inc. Reduce -7.2% 0.04% −0.01
AUB Atlantic Union Bankshares Co. Reduce -0.2% 0.03% −0.01
XLC SS Comm Select Sector SPDR Sold out 0.00% −0.01
WM Waste Management Inc. Reduce -33.8% 0.02% −0.01
AVB Avalonbay Communities Inc. Reduce -69.5% 0.00% −0.01
SBUX Starbucks Corp. Reduce -25.1% 0.03% −0.01
NEU Newmarket Corp. Reduce -22.5% 0.03% −0.01
VB Vanguard Most SM-Cap ETF-Usd Reduce -52.7% 0.00% −0.01
IWN iShares Russell 2000 Value E Reduce -10.0% 0.03% −0.01
SCHW Schwab (charles) Corp. Sold out 0.00% −0.00
IJH iShares Core S&P Midcap ETF Reduce -39.6% 0.01% −0.00
TGT Target Corp. Reduce -1.4% 0.02% −0.00
LOW Lowe's Cos Inc. Reduce -0.1% 0.12% −0.00
TT Trane Technologies PLC Reduce -0.1% 0.06% −0.00
NVO Novo-Nordisk A/S-Spons ADR Reduce -43.2% 0.00% −0.00
UPS United Parcel Service Class B Reduce -7.9% 0.02% −0.00

Portfolio Buys Q4 2024 → Q1 2025
IVV iShares Core S&P 500 ETF Add +10.7% 18.92% +1.39
VOO Vanguard S&P 500 ETF Add +416.9% 0.96% +0.77
BRK.B Berkshire Hathaway Inc. Class B Add +2.9% 3.39% +0.64
JNJ Johnson & Johnson Add +3.5% 2.84% +0.50
RTX RTX Corp. Add +1.2% 3.19% +0.49
DUK Duke Energy Corp. Add +2.3% 2.00% +0.31
COP Conocophillips Add +5.9% 2.37% +0.30
ADP Automatic Data Processing Add +3.5% 2.88% +0.27
MA Mastercard Inc. Class A Add +2.3% 3.07% +0.25
MCD McDonald's Corp. Add +4.1% 1.82% +0.23
WMB Williams Cos Inc. Add +5.2% 1.30% +0.20
UNP Union Pacific Corp. Add +2.6% 1.84% +0.15
PEP Pepsico Inc. Add +6.1% 2.19% +0.14
VALQ American Century US Quality Add +15.5% 0.18% +0.03
ESGD iShares Trust iShares ESG Aw Add +3.9% 0.11% +0.01
CVLC Calvert US L-C CR Resp Index New 0.01% +0.01
T AT&T Inc. Add +149.9% 0.01% +0.01
ESGE iShares Inc. iShares ESG Awar Add +1.7% 0.07% +0.01
MGC Vngrd Mrngstr MG Cap ETF-Usd New 0.01% +0.01
CSCO Cisco Systems Inc. Add +0.2% 0.07% +0.00
FBTC Fidelity Wise Origin Bitcoin Add +528.5% 0.00% +0.00
VEA Vanguard Ftse Developed ETF Add +0.4% 0.03% +0.00
AGOX Adaptive Alpha Opportunities New 0.00% +0.00
VEU Vanguard Ftse All-World Ex-U Add +29.0% 0.01% +0.00
EUAD Select Stoxx Eur Aer DE ETF New 0.00% +0.00
KNSL Kinsale Capital Group Inc. Add +2.1% 0.01% +0.00
FELG Fidelity Enh LRG Cap GWTH New 0.00% +0.00
AGG iShares Core U.S. Aggregate Add +0.2% 0.02% +0.00
IBIT iShares Bitcoin Trust ETF New 0.00% +0.00
VXUS Vanguard Total Intl Stock Add +1.0% 0.01% +0.00
VRTX Vertex Pharmaceuticals Inc. Add +76.7% 0.00% +0.00
ES Eversource Energy Add +16.4% 0.00% +0.00
MPLX MPLX LP Add +10.6% 0.00% +0.00
CVMC Calvert US Mcap Core Resp New 0.00% +0.00
PTY PIMCO Corporate & Income Opp Add +97.6% 0.00% +0.00
SPRY Ars Pharmaceuticals Inc. New 0.00% +0.00
VBR Vngrd Mrngst SL-CP Val ETF-U New 0.00% +0.00
APP AppLovin Corp. Class A New 0.00% +0.00
TJX TJX Companies Inc. Add +4.3% 0.01% +0.00
SNOW Snowflake Inc. New 0.00% +0.00
BE Bloom Energy Corp. Class A New 0.00% +0.00
RIO Rio Tinto PLC-Spon ADR Add +50.0% 0.00% +0.00
BNL Broadstone Net Lease Inc. Add +10.5% 0.00% +0.00
CTRE Caretrust REIT Inc. Add +16.7% 0.00% +0.00
NUMV Nuveen ESG Mid-Cap Value ETF Add +0.0% 0.05% +0.00
SPYX SS SPDR S&P 500 Foss FL ETF New 0.00% +0.00
SCHE Schwab Emrg Mrkts Eqty ETF New 0.00% +0.00
VOD Vodafone Group PLC-SP ADR New 0.00% +0.00
AMLP Alerian MLP ETF New 0.00% +0.00
ARM Arm Holdings PLC-ADR New 0.00% +0.00

Notes & Other Activity Q4 2024 → Q1 2025
HOWMET AEROSPACE INC (HWM 3.75 PERP *) Preferred Stock New 12 $757
BND Vanguard Total Bond Market TOTAL BND MRKT Reduce -100.0% 0 $14
CCI Crown Castle Inc. COM Reduce -100.0% 0 $7

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 697$2.9BIVV, SPHQ, IEFA, PHYS, IEMG
Q1 2026 686$2.6BIVV, SPHQ, IEFA, PHYS, IWS
Q4 2025 603$2.6BIVV, IEFA, PHYS, GOOG, MSFT
Q3 2025 592$2.3BIVV, IEFA, GOOG, MSFT, RTX
Q2 2025 581$2.1BIVV, IEFA, MSFT, RTX, IWS
Q1 2025 585$2.0BIVV, IEFA, BRK.B, IWS, ITOT
Q4 2024 634$2.0BIVV, IEFA, MSFT, ITOT, AAPL
Q3 2024 631$2.1BIVV, IEFA, MSFT, ITOT, AAPL
Q2 2024Amended 527$2.2BIVV, VTIP, IEFA, MSFT, ITOT
Q1 2024Amended 554$2.2BIVV, VTIP, IEFA, MSFT, ITOT