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Livermore
Livermore
ZHEN

Heritage Way Advisors, LLC

SEC CIK
0001698220
Latest filing
Jan 13, 2022

The latest 13F from Heritage Way Advisors, LLC covers Q4 2021 (filed Jan 13, 2022): 69 long positions worth $267.2M. The top 10 holdings make up 46.1% of the portfolio, and the largest is iShares Core S&P 500 ETF at 20.9%. Livermore has 4 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q4 2021

Share counts compared with Q3 2021: how many positions were new, added to, reduced or sold out, and the biggest buys and sells. Dollar amounts are estimated at the quarter-end prices implied by the filing.

Full comparison
New
1
Est. +$288.0K
Added
15
Est. +$7.87M
Reduced
40
Est. −$4.26M
Sold out
0

Top 5 holdings

Share of this quarter's portfolio value

  1. iShares Core S&P 500 ETF464287200
    20.9%$55.9M
  2. Vanguard Ftse Developed Markets ETF921943858
    5.8%$15.6M
  3. Schwab U.S. Large-Cap ETF808524201
    3.0%$7.92M
  4. iShares Core S&P Mid-Cap ETF464287507
    2.8%$7.36M
  5. iShares Core S&P Small Cap ETF464287804
    2.7%$7.30M

Biggest buys

New and added positions, by estimated amount bought

  1. iShares Core S&P 500 ETF464287200
    +$2.42MAdded
  2. Vanguard Ftse Developed Markets ETF921943858
    +$1.98MAdded
  3. iShares Core S&P Small Cap ETF464287804
    +$957.2KAdded
  4. iShares Core S&P Mid-Cap ETF464287507
    +$734.0KAdded
  5. Vanguard Ftse Emerging Markets ETF922042858
    +$688.6KAdded

Largest weight increases

New and added positions, by percentage points of the portfolio gained

  1. iShares Core S&P 500 ETF464287200
    +0.85 pp20.1% → 20.9%
  2. Vanguard Ftse Developed Markets ETF921943858
    +0.24 pp5.6% → 5.8%
  3. iShares Core S&P Small Cap ETF464287804
    +0.22 pp2.5% → 2.7%
  4. iShares Core S&P Mid-Cap ETF464287507
    +0.20 pp2.6% → 2.8%
  5. WFCWells Fargo & Company
    +0.11 pp0.0% → 0.1%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. MSFTMicrosoft Corp
    −$800.1KReducedHistory
  2. ACNAccenture plc
    −$514.4KReducedHistory
  3. NKENIKE, Inc.
    −$458.8KReducedHistory
  4. EFXEquifax Inc
    −$421.0KReducedHistory
  5. STTState Street Corp
    −$316.2KReducedHistory

Largest weight decreases

Reduced and sold-out positions, by percentage points of the portfolio lost

  1. MDTMedtronic plc
    −0.31 pp1.1% → 0.8%History
  2. TROWPrice T Rowe Group Inc
    −0.22 pp2.0% → 1.8%History
  3. JPMJPMorgan Chase & Co
    −0.21 pp1.5% → 1.3%History
  4. ORCLOracle Corp
    −0.18 pp1.7% → 1.5%History
  5. HONHoneywell International Inc
    −0.16 pp1.3% → 1.2%History

Metrics

13F metrics for Q4 2021, computed only from the numbers in the filings. Definitions below.

Portfolio value
$267.2M
+$26.5M (+11.0%) vs. prior quarter
Positions
69
+1 vs. prior quarter
Top 10 concentration
46.1%
Top 10 as share of value
Turnover
1.7%
Q4 2021, one quarter
Average holding period
4.0 quarters
Weighted by value

How these are calculated

  • Portfolio value: the market value of all long positions in the 13F, as reported at quarter end, excluding options.
  • Top 10 concentration: the combined value of the 10 largest positions as a share of portfolio value.
  • Turnover: the smaller of this quarter's estimated purchases and estimated sales, divided by the average of this and last quarter's portfolio value. Estimates multiply the change in shares by the quarter-end price implied by the filing (market value divided by shares); new positions use this quarter's value and sold-out positions last quarter's. Only positions reported in shares count, and it is not calculated when the previous quarter was not filed.
  • Average holding period: how many consecutive quarters each current position has been held (including this one; a quarter without the position or without a filing starts the count over), weighted by this quarter's value. Counting starts with the first 13F in Livermore (Q1 2021), so positions held before then are understated.

13F filings by quarter

4 quarters, going back to Q1 2021. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $267.2M (Q4 2021)

Q1 2021: $228.1MQ2 2021: $243.3MQ3 2021: $240.7MQ4 2021: $267.2M
Q1 2021Q4 2021
13F filings of Heritage Way Advisors, LLC by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q4 2021Jan 13, 202269$267.2MiShares Core S&P 500 ETFVanguard Ftse Developed Markets ETFSchwab U.S. Large-Cap ETFvs. Q3 2021SEC
Q3 2021Oct 15, 202168$240.7MiShares Core S&P 500 ETFVanguard Ftse Developed Markets ETFSchwab U.S. Large-Cap ETFvs. Q2 2021SEC
Q2 2021Jul 14, 202169$243.3MiShares Core S&P 500 ETFVanguard Ftse Developed Markets ETFSchwab U.S. Large-Cap ETFvs. Q1 2021SEC
Q1 2021Apr 20, 202165$228.1MiShares Core S&P 500 ETFVanguard Ftse Developed Markets ETFSchwab U.S. Large-Cap ETF–SEC