Heritage Financial Services, LLC
- SEC CIK
- 0001752035
- Latest filing
- Feb 2, 2026
The latest 13F from Heritage Financial Services, LLC covers Q4 2025 (filed Feb 2, 2026): 126 long positions worth $1.20B. The top 10 holdings make up 89.1% of the portfolio, and the largest is Vanguard Scottsdale FDS at 26.0%. Livermore has 17 filings on Form 13F from this institution, going back to Q4 2021.
What changed in Q4 2025
Share counts compared with Q3 2025: 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.
- New
- 6
- Est. +$1.32M
- Added
- 43
- Est. +$88.1M
- Reduced
- 56
- Est. −$17.4M
- Sold out
- 14
- Est. −$3.70M
Top 5 holdings
Share of this quarter's portfolio value
- Vanguard Scottsdale FDS92206C70626.0%$311.8M
- iShares Tr46435G32622.6%$270.4M
- Dimensional U.S. Core Equity 2 ETF25434V70814.9%$179.0M
- J P Morgan Exchange Traded F46641Q15911.0%$131.9M
- Dimensional ETF Trust25434V7324.8%$57.6M
Biggest buys
New and added positions, by estimated amount bought
- Vanguard Scottsdale FDS92206C706+$47.5MAdded
- J P Morgan Exchange Traded F46641Q159+$25.1MAdded
- iShares Tr464288521+$5.09MAdded
- iShares Tr46435G326+$4.64MAdded
- American Centy ETF Tr025072877+$1.63MAdded
Largest weight increases
New and added positions, by percentage points of the portfolio gained
- Vanguard Scottsdale FDS92206C706+2.24 pp23.8% → 26.0%
- J P Morgan Exchange Traded F46641Q159+1.39 pp9.6% → 11.0%
- American Centy ETF Tr025072877+0.06 pp1.6% → 1.7%
- American Centy ETF Tr025072885+0.03 pp0.1% → 0.1%
- Dimensional ETF Trust25434V716+0.03 pp1.3% → 1.3%
Biggest sells
Reduced and sold-out positions, by estimated amount sold
Largest weight decreases
Reduced and sold-out positions, by percentage points of the portfolio lost
- Dimensional U.S. Core Equity 2 ETF25434V708−1.08 pp16.0% → 14.9%
- Dimensional ETF Trust25434V732−0.35 pp5.2% → 4.8%
- NVDANVIDIA Corp
- iShares Tr464287150−0.20 pp1.7% → 1.5%
- JPMorgan Ultra-Short Income ETF46641Q837−0.10 pp1.2% → 1.1%
Metrics
13F metrics for Q4 2025, computed only from the numbers in the filings. Definitions below.
- Portfolio value
- $1.20B
- +$85.4M (+7.7%) vs. prior quarter
- Positions
- 126
- −8 vs. prior quarter
- Top 10 concentration
- 89.1%
- Top 10 as share of value
- Turnover
- 1.8%
- Q4 2025, one quarter
- Average holding period
- 14.7 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 (Q4 2021), so positions held before then are understated.
13F filings by quarter
17 quarters, going back to Q4 2021. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.
Peak $1.20B (Q4 2025)
| Quarter | Filed | Positions | Value | Top 3 holdings | Changes | Filing |
|---|---|---|---|---|---|---|
| Q4 2025 | Feb 2, 2026 | 126 | $1.20B | Vanguard Scottsdale FDSiShares TrDimensional U.S. Core Equity 2 ETF | vs. Q3 2025 | SEC |
| Q3 2025 | Oct 30, 2025 | 134 | $1.11B | Vanguard Scottsdale FDSiShares TrDimensional U.S. Core Equity 2 ETF | vs. Q2 2025 | SEC |
| Q2 2025 | Jul 18, 2025 | 125 | $1.04B | Vanguard Scottsdale FDSiShares TrDimensional U.S. Core Equity 2 ETF | vs. Q1 2025 | SEC |
| Q1 2025 | May 14, 2025 | 120 | $1.01B | Vanguard Scottsdale FDSiShares TrDimensional U.S. Core Equity 2 ETF | vs. Q4 2024 | SEC |
| Q4 2024 | Jan 23, 2025 | 117 | $753.0M | Dimensional U.S. Core Equity 2 ETFVanguard Scottsdale FDSJ P Morgan Exchange Traded F | vs. Q3 2024 | SEC |
| Q3 2024 | Oct 23, 2024 | 110 | $752.1M | Dimensional U.S. Core Equity 2 ETFVanguard Scottsdale FDSJ P Morgan Exchange Traded F | vs. Q2 2024 | SEC |
| Q2 2024 | Jul 23, 2024 | 105 | $697.1M | Dimensional U.S. Core Equity 2 ETFVanguard Scottsdale FDSJ P Morgan Exchange Traded F | vs. Q1 2024 | SEC |
| Q1 2024 | May 14, 2024 | 104 | $672.1M | Dimensional U.S. Core Equity 2 ETFVanguard Scottsdale FDSJ P Morgan Exchange Traded F | vs. Q4 2023 | SEC |
| Q4 2023 | Feb 2, 2024 | 99 | $587.8M | Dimensional U.S. Core Equity 2 ETFVanguard Scottsdale FDSJ P Morgan Exchange Traded F | vs. Q3 2023 | SEC |
| Q3 2023 | Oct 19, 2023 | 79 | $512.2M | Dimensional U.S. Core Equity 2 ETFVanguard Scottsdale FDSJ P Morgan Exchange Traded F | vs. Q2 2023 | SEC |
| Q2 2023 | Jul 31, 2023 | 81 | $499.7M | Dimensional U.S. Core Equity 2 ETFVanguard Scottsdale FDSJ P Morgan Exchange Traded F | vs. Q1 2023 | SEC |
| Q1 2023 | May 10, 2023 | 78 | $458.8M | Dimensional U.S. Core Equity 2 ETFVanguard Scottsdale FDSJ P Morgan Exchange Traded F | vs. Q4 2022 | SEC |
| Q4 2022 | Jan 27, 2023 | 74 | $395.0M | Dimensional U.S. Core Equity 2 ETFVanguard Scottsdale FDSJ P Morgan Exchange Traded F | vs. Q3 2022 | SEC |
| Q3 2022 | Nov 3, 2022 | 62 | $164.8M | Dimensional U.S. Core Equity 2 ETFiShares TriShares Tr | vs. Q2 2022 | SEC |
| Q2 2022 | Jul 19, 2022 | 544 | $179.4M | Dimensional U.S. Core Equity 2 ETFiShares TriShares Tr | vs. Q1 2022 | SEC |
| Q1 2022 | Aug 30, 2022 | 79 | $153.0M | Dimensional U.S. Core Equity 2 ETFiShares TriShares Tr | vs. Q4 2021 | SEC |
| Q4 2021 | Aug 26, 2022 | 81 | $127.7M | iShares TrDimensional U.S. Core Equity 2 ETFiShares Tr | – | SEC |