HF
Heritage Financial Services, LLC 13F Filings & Institutional Holdings (Q4 2025)
Heritage Financial Services, LLCCIK: 0001752035
Momentum followerSector-focusedLong-term holder
Total reported value
$1.2B
Reporting period: 2025-12-31 · Number of holdings: 126
Heritage Financial Services, LLC disclosed 126 holdings in its latest 13F filing for the period ending 2025-12-31, with total reported value of $1.2B and a quarterly turnover rate of 9.9%.
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Personality snowflake
- Concentration
- 63.29
- Portfolio Stability
- 9.85
- Momentum
- 100
- Sector conviction
- 89.06
- Diversification
- 100
- Sizing Uniformity
- 56.31
Heritage Financial Services, LLC's disclosed holdings carry a Herfindahl concentration index of 0.158 — mathematically equivalent to about 6 equally-sized positions, well below its 126 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 4.37), with a handful of outsized bets alongside many smaller positions.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Sector classification currently covers about 4% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govAdd VGIT
+18.0% $47.1M
Add JPIE
+23.6% $24.9M
Trim DFAC
-2.2% $729.9K
Trim IDEV
+1.7% $12.1M
Trim NVDA
-41.3% -$3.1M
Trim ITOT
-7.0% -$970.1K
Holdings Map
New buyAddUnchangedTrim
Top 10 holdings by weight
Full holdings list this quarter
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | VGIT | Vanguard Intermediate-term T | ETF-Other | 26.03% | +2.24% | +17.99% | |
| 2 | IDEV | Ishares Core Msci Dev Mkts | ETF-Other | 22.57% | -0.65% | +1.75% | |
| 3 | DFAC | Dimensional US Core Equity 2 | ETF-Other | 14.94% | -1.08% | -2.18% | |
| 4 | JPIE | Jpmorgan Income ETF | ETF-Other | 11.01% | +1.39% | +23.56% | |
| 5 | DFEM | Dimensional Emrg Mrkt Core | ETF-Other | 4.81% | — | -2.75% | |
| 6 | USRT | Ishares Core US Reit ETF | ETF-Other | 4.13% | +0.02% | +11.48% | |
| 7 | AVUV | Avantis US Small Cap Value | ETF-Small Cap | 1.67% | +0.06% | +8.89% | |
| 8 | ITOT | Ishares Core S&p Total U.s. | ETF-Other | 1.52% | -0.20% | -7.01% | |
| 9 | DFSU | Dimensional US Sus Core1 ETF | ETF-Other | 1.32% | +0.03% | +7.71% | |
| 10 | JPST | Jpmorgan Ultra-short Income | ETF-Other | 1.08% | -0.10% | -1.35% | |
| 11 | AAPL | Apple Inc | Stock-Tech | 0.89% | — | -6.88% | |
| 12 | AGG | Ishares Core U.s. Aggregate | ETF-Other | 0.70% | -0.01% | +6.29% | |
| 13 | DFSI | Dimensional Int Sus Cor1 ETF | ETF-Other | 0.64% | +0.01% | +3.85% | |
| 14 | DFAI | Dimensional International Co | ETF-Other | 0.42% | +0.01% | +5.73% | |
| 15 | NVDA | Nvidia CORP | Stock-Tech | 0.37% | -0.32% | -41.27% | |
| 16 | MSFT | Microsoft CORP | Stock-Tech | 0.33% | -0.10% | -9.59% | |
| 17 | VTI | Vanguard Total Stock Mkt ETF | ETF-Other | 0.32% | +0.01% | +7.58% | |
| 18 | IEMG | Ishares Core Msci Emerging | ETF-Emerging Markets | 0.28% | -0.05% | -10.80% | |
| 19 | DFAE | Dimensional Emerging Core Eq | ETF-Emerging Markets | 0.27% | — | +3.56% | |
| 20 | DFEV | Dimensional Emrg Mrkt Val | ETF-Other | 0.23% | — | -2.07% | |
| 21 | DFSE | Dimensional Em Sus Core1 ETF | ETF-Other | 0.21% | — | +1.49% | |
| 22 | VOO | Vanguard S&p 500 ETF | ETF-Large Cap & Growth | 0.20% | -0.04% | -11.49% | |
| 23 | IVV | Ishares Core S&p 500 ETF | ETF-Large Cap & Growth | 0.20% | — | -3.96% | |
| 24 | VUG | Vanguard Growth ETF | ETF-Other | 0.19% | — | — | |
| 25 | IVW | Ishares S&p 500 Growth ETF | ETF-Large Cap & Growth | 0.18% | — | -7.37% | |
| 26 | AVGO | Broadcom Inc | Stock-Tech | 0.17% | -0.07% | -26.64% | |
| 27 | PG | Procter & Gamble Co/the | Stock-Consumer Staples | 0.17% | — | -1.05% | |
| 28 | IWV | Ishares Russell 3000 ETF | ETF-Other | 0.17% | — | -3.02% | |
| 29 | SPY | Ss Spdr S&p 500 ETF Trust-us | ETF-Large Cap & Growth | 0.17% | -0.06% | -22.72% | |
| 30 | LLY | Eli Lilly & Co | Stock-Healthcare | 0.16% | +0.03% | -1.48% | |
| 31 | IWF | Ishares Russell 1000 Growth | ETF-Other | 0.15% | — | -5.95% | |
| 32 | JNJ | Johnson & Johnson | Stock-Healthcare | 0.15% | — | +0.08% | |
| 33 | IVE | Ishares S&p 500 Value ETF | ETF-Large Cap & Growth | 0.15% | — | — | |
| 34 | IBM | Intl Business Machines CORP | Stock-Tech | 0.14% | +0.02% | +16.90% | |
| 35 | XOM | Exxon Mobil CORP | Stock-Energy | 0.12% | — | +3.87% | |
| 36 | KO | Coca-cola Co/the | Stock-Consumer Staples | 0.12% | — | +2.23% | |
| 37 | BRK-B | Berkshire Hathaway Inc-cl B | Stock-Other | 0.12% | -0.04% | -19.79% | |
| 38 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 0.12% | +0.02% | -6.76% | |
| 39 | AMZN | Amazon.com Inc | Stock-Consumer Disc | 0.11% | — | -2.53% | |
| 40 | COST | Costco Wholesale CORP | Stock-Consumer Staples | 0.10% | — | +0.62% | |
| 41 | VEA | Vanguard Ftse Developed ETF | ETF-Other | 0.10% | — | +2.43% | |
| 42 | MCD | Mcdonald's CORP | Stock-Consumer Disc | 0.10% | -0.06% | -31.96% | |
| 43 | AMAT | Applied Materials Inc | Stock-Tech | 0.10% | +0.02% | -0.55% | |
| 44 | AVUS | Avantis U.s. Equity ETF | ETF-Other | 0.09% | +0.04% | +69.73% | |
| 45 | TJX | Tjx Companies Inc | Stock-Consumer Disc | 0.09% | — | +0.30% | |
| 46 | BND | Vanguard Total Bond Market | ETF-Other | 0.08% | — | +0.77% | |
| 47 | VTEB | Vanguard Tax-exempt Bond ETF | ETF-Other | 0.08% | — | +0.24% | |
| 48 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 0.08% | — | -8.19% | |
| 49 | NEE | Nextera Energy Inc | Stock-Utilities | 0.08% | — | +4.40% | |
| 50 | JPM | Jpmorgan Chase & Co | Stock-Financials | 0.07% | — | -6.53% |
1–50 of 126
Portfolio Performance
Performance for Q3 2026
+1.9%
Performance Last 4 Quarters
+15%
- Stdev
- +8.3%
- Beta
- +0.57
- Alpha
- +1.6%
- Max Drawdown
- -4.5%
- Annualized Perf
- +13.5%
- Batting Avg vs S&P
- +41.7%
- Sortino
- +2.98
- Stutzer
- +0.45
- Treynor
- +0.23
- Sterling
- +0.99
- Calmar
- +3
- Information Ratio
- -1.04
- Tracking Error
- +6.6%
- Stdev Down
- +4.4%
- Winning Months %
- +72.2%
- Losing Months %
- +27.8%
- Best 12 Months
- +23%
- Worst 12 Months
- +6.2%
- Efficiency Ratio
- +0.59
- Sharpe
- +1.58
- Stdev Sectors
- +14.7%
- Skewness
- -0.38
- Kurtosis
- -0.17
- Upside Potential
- +4.48
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2025 Q4 | 126 | $1.2B | 10 | ||
| 2025 Q3 | 134 | $1.1B | 12 | ||
| 2025 Q2 | 125 | $1.0B | 0 | ||
| 2025 Q1 | 120 | $1.0B | 0 | ||
| 2024 Q4 | 117 | $753.0M | 0 | ||
| 2024 Q3 | 110 | $752.1M | 0 | ||
| 2024 Q2 | 105 | $697.1M | 0 | ||
| 2024 Q1 | 104 | $672.1M | 0 | ||
| 2023 Q4 | 99 | $587.8M | 0 | ||
| 2023 Q3 | 79 | $512.2M | 0 | ||
| 2023 Q2 | 81 | $499.7M | 0 | ||
| 2023 Q1 | 78 | $458.8M | 0 | ||
| 2022 Q4 | 74 | $395.0M | 0 | ||
| 2022 Q3 | 62 | $164.8M | 0 | ||
| 2022 Q2 | 544 | $179.4M | 0 | ||
| 2022 Q1 | 79 | $153.0M | 0 | ||
| 2021 Q4 | 81 | $127.7M | 0 |
💡
Data Source Notice: AlphaSMO is the web's most authoritative 13F / Inside Trader database. Institutional holdings and insider trades presented here are precisely computed to deliver accurate portfolio reporting.
Holding changes this quarter
Heritage Financial Services, LLC's most significant position changes for 2025-12-31: Sold out: Paychex Inc (PAYX); Sold out: Tesla Inc (TSLA); Sold out: Sherwin-williams Co/the (SHW); New buy: Avantis International Equity (AVDE); Sold out: Quicklogic CORP (QUIK).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | VGIT | Vanguard Intermediate-term T | +2.2% | +17.99% | Add |
| 2 | JPIE | Jpmorgan Income ETF | +1.4% | +23.56% | Add |
| 3 | AVUV | Avantis US Small Cap Value | +0.1% | +8.89% | Add |
| 4 | AVUS | Avantis U.s. Equity ETF | 0% | +69.73% | Add |
| 5 | DFSU | Dimensional US Sus Core1 ETF | 0% | +7.71% | Add |
| 6 | LLY | Eli Lilly & Co | 0% | -1.48% | Trim |
| 7 | USRT | Ishares Core US Reit ETF | 0% | +11.48% | Add |
| 8 | AIRJ | Airjoule Technologies CORP | 0% | +690.35% | Add |
| 9 | IBM | Intl Business Machines CORP | 0% | +16.90% | Add |
| 10 | GOOG | Alphabet Inc-cl C | 0% | -6.76% | Trim |
| 11 | AMAT | Applied Materials Inc | 0% | -0.55% | Trim |
| 12 | DFSI | Dimensional Int Sus Cor1 ETF | 0% | +3.85% | Add |
| 13 | DFAI | Dimensional International Co | 0% | +5.73% | Add |
| 14 | VTI | Vanguard Total Stock Mkt ETF | 0% | +7.58% | Add |
| 15 | DFAE | Dimensional Emerging Core Eq | — | +3.56% | Add |
| 16 | AGG | Ishares Core U.s. Aggregate | 0% | +6.29% | Add |
| 17 | ADI | Analog Devices Inc | 0% | -46.96% | Trim |
| 18 | IAU | Ishares Gold Trust | 0% | -44.46% | Trim |
| 19 | BRK-B | Berkshire Hathaway Inc-cl B | 0% | -19.79% | Trim |
| 20 | VYM | Vanguard High Dvd Yield ETF | 0% | -55.31% | Trim |
| 21 | VOO | Vanguard S&p 500 ETF | 0% | -11.49% | Trim |
| 22 | IEMG | Ishares Core Msci Emerging | -0.1% | -10.80% | Trim |
| 23 | MCD | Mcdonald's CORP | -0.1% | -31.96% | Trim |
| 24 | SPY | Ss Spdr S&p 500 ETF Trust-us | -0.1% | -22.72% | Trim |
| 25 | AVGO | Broadcom Inc | -0.1% | -26.64% | Trim |
| 26 | MSFT | Microsoft CORP | -0.1% | -9.59% | Trim |
| 27 | JPST | Jpmorgan Ultra-short Income | -0.1% | -1.35% | Trim |
| 28 | ITOT | Ishares Core S&p Total U.s. | -0.2% | -7.01% | Trim |
| 29 | NVDA | Nvidia CORP | -0.3% | -41.27% | Trim |
| 30 | IDEV | Ishares Core Msci Dev Mkts | -0.7% | +1.75% | Add |
| 31 | DFAC | Dimensional US Core Equity 2 | -1.1% | -2.18% | Trim |
| 32 | PAYX | Paychex Inc | — | EXIT | Sold out |
| 33 | TSLA | Tesla Inc | — | EXIT | Sold out |
| 34 | SHW | Sherwin-williams Co/the | — | EXIT | Sold out |
| 35 | AVDE | Avantis International Equity | — | NEW | New buy |
| 36 | QUIK | Quicklogic CORP | — | EXIT | Sold out |
| 37 | BA | Boeing Co/the | — | EXIT | Sold out |
| 38 | OEF | Ishares S&p 100 ETF | — | NEW | New buy |
| 39 | XLK | Ss Technology Select Sector | — | NEW | New buy |
| 40 | HON | Honeywell International Inc | — | EXIT | Sold out |
| 41 | GLW | Corning Inc | — | EXIT | Sold out |
| 42 | SYK | Stryker CORP | — | EXIT | Sold out |
| 43 | ETN | Eaton Corporation plc | — | EXIT | Sold out |
| 44 | TRV | Travelers Cos Inc/the | — | EXIT | Sold out |
| 45 | TMO | Thermo Fisher Scientific Inc | — | NEW | New buy |
| 46 | PEP | Pepsico Inc | — | EXIT | Sold out |
| 47 | CBT | Cabot CORP | — | EXIT | Sold out |
| 48 | TXN | Texas Instruments Inc | — | NEW | New buy |
| 49 | VOOG | Vanguard S&p 500 Growth ETF | — | EXIT | Sold out |
| 50 | PHYS | Sprott Physical Gold Trust | — | EXIT | Sold out |
Filing History
FAQ
What is Heritage Financial Services, LLC and what type of investor is it?
Heritage Financial Services, LLC is an investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2025-12-31), the firm manages a tracked equity portfolio valued at approximately $1.2B, spread across 126 disclosed positions.
What are Heritage Financial Services, LLC's largest equity positions?
Based on the latest 13F filing, Heritage Financial Services, LLC's top holdings by market value are:
1. Vanguard Intermediate-term T (VGIT) — $311.8M (26.0%)
2. Ishares Core Msci Dev Mkts (IDEV) — $270.4M (22.6%)
3. Dimensional US Core Equity 2 (DFAC) — $179.0M (14.9%)
4. Jpmorgan Income ETF (JPIE) — $131.9M (11.0%)
5. Dimensional Emrg Mrkt Core (DFEM) — $57.6M (4.8%)
What changes did Heritage Financial Services, LLC make in its most recent portfolio filing?
In the latest reported quarter, Heritage Financial Services, LLC made 50 notable position adjustments: 5 new positions were initiated, 14 existing holdings were added to, 17 positions were partially reduced, and 14 were completely exited. The largest of these moves: Sold out: Paychex Inc (PAYX); Sold out: Tesla Inc (TSLA); Sold out: Sherwin-williams Co/the (SHW); New buy: Avantis International Equity (AVDE); Sold out: Quicklogic CORP (QUIK)
What sectors does Heritage Financial Services, LLC focus on?
Heritage Financial Services, LLC is concentrated in the following sectors based on its current disclosed equity portfolio:
• Information Technology: 50.5%
• Health Care: 12.7%
• Consumer Staples: 10.2%
• Financials: 7.2%
• Communication Services: 6.5%
• Consumer Discretionary: 6.4%
Investment Profile
Heritage Financial Services, LLC returned an annualized 13.5% over the trailing 36 months — outperforming the S&P 500 by 1.6 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 0.57 (less volatile than the market) and a 42% quarterly batting average against the index.
Its portfolio is moderately concentrated and long-term-holding, with 50.5% of the portfolio concentrated in Information Technology.
It has added to its VGIT position over the past two quarters (+$59.1M, now $311.8M), while trimming PG over the same stretch (-$255.1K, still holding $2.0M).
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Developer Access
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