Heritage Way Advisors, LLC

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CIK 1698220

13F portfolio (2021-Q4)

$267M

Positions

Implied 1Y CAGR

modeled · as filed

Long positions in SEC Section 13(f) securities (US-listed stocks, ADRs and ETFs), largest first · Δ vs 2021-Q3. A lagged quarterly snapshot (filed ≤45 days after quarter-end); excludes shorts, options, cash, and shares listed only on non-US exchanges — foreign companies held via a US listing or ADR (e.g. Alibaba, TSMC) ARE included.

Implied return what this book implies · modeled, not advice methodology →

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As filed = each book applied at its quarter-end (what the reported book did) · As copyable = applied at its statutory 45-day filing deadline (what a 13F follower could have earned).

Computing…

Hypothetical modeled performance constructed with hindsight — not actual results, and not indicative of future results. See the Disclaimer.

Exposures · what this manager owns, by sector & size (2021-Q4)

Holdings

Top 5

35.2%

Top 10

46.1%

Effective N

17.0

HHI

0.059

This quarter

1 new · 0 exit →

By sector

Unclassified43.5%

Industrials11.9%

Information Technology9.5%

Financials8.7%

Health Care6.9%

Consumer Discretionary5.8%

Materials5.3%

Consumer Staples4.2%

Other4.2%

By market cap

Unknown45.5%

Large ($10–200B)35.6%

Mega (>$200B)17.4%

Mid ($2–10B)1.4%

By region

North America55.3%

Other43.5%

Europe1.2%

By industry group GICS — finer than sector

Industry group	Weight	Names
Unclassified	43.68%	20
Pharmaceuticals & Biotechnology	6.02%	4
Chemicals	5.29%	4
Commercial Services & Supplies	4.40%	3
Software	4.19%	2
Capital Markets	3.89%	2
Road & Rail	3.87%	2
Banks	3.29%	4
Beverages	2.53%	2
Hotels, Restaurants & Leisure	2.31%	2
Aerospace & Defense	2.11%	2
Specialty Retail	2.09%	1
Semiconductors & Semiconductor Equipment	1.99%	2
Oil, Gas & Consumable Fuels	1.96%	3
Health Care Equipment & Supplies	1.92%	3
Technology Hardware & Equipment	1.82%	2
Food Products	1.46%	1
Software & IT Services	1.38%	1
Distributors	1.38%	1
Insurance	1.32%	1
Entertainment	1.22%	1
Media & Entertainment	1.06%	1
Machinery	0.46%	2
Electrical Equipment & Components	0.13%	1
Agricultural Products	0.12%	1
Tobacco	0.11%	1

Top holdings

#	Ticker	Name	Sector	Weight
1	IVV	ISHARES TR	Unclassified	20.93%
2	VEA	VANGUARD TAX-MANAGED FDS	Unclassified	5.83%
3	SCHX	SCHWAB U.S. LARGE-CAP ETF	Unclassified	2.96%
4	IJH	ISHARES TR	Unclassified	2.75%
5	IJR	ISHARES TR	Unclassified	2.73%
6	MSFT	MICROSOFT CORP	Information Technology	2.69%
7	HD	HOME DEPOT, INC.	Consumer Discretionary	2.09%
8	BLK	BlackRock, Inc.	Financials	2.07%
9	UPS	UNITED PARCEL SERVICE INC	Industrials	2.03%
10	ACN	Accenture plc	Industrials	1.97%

50/69 names classified · sector 56.5% of weight · industry 56.3% · mkt cap 54.5%; unclassified names shown, never dropped.

Sector allocation over time · how the GICS mix & top names shifted quarter by quarter

top 5/sector, rest → “Other” · 21 quarters

FinancialsBLK, TROW, USB, TRV, WFC · other

Information TechnologyMSFT, INTC, ADP, CSCO, ORCL · other

IndustrialsNSC, ACN, MMM, EFX, UPS · other

Health CareABT, JNJ, ABBV, NVS, PFE · other

MaterialsNKE, CL, IFF, EMN, PG · other

Consumer StaplesKO, PEP, HSY, CTVA, SJM · other

EnergyCVX, ENB, MPC, XOM

Consumer DiscretionaryHD, VFC, SBUX, GPC, MCD · other

Communication ServicesDIS, CMCSA, T, OMC, FOXA · other

UtilitiesD, SO, ETR

UnclassifiedIVV, VEA, SCHX, IJH, IJR · other

Sector is classified on each name's CURRENT fundamentals, not point-in-time — apparent sector drift can reflect the market re-rating a holding, not a manager trade. 13F is a lagged quarterly snapshot of long positions in US-listed securities only — foreign companies held via a US listing or ADR ARE included, but shares listed only on non-US exchanges (plus shorts, options and cash) are not. Latest quarter: 56.5% of the book is sector-classified (unclassified names shown, never dropped).

Style box · size × value-growth placement of the reported book (2021-Q4), classified on current fundamentals (not point-in-time) — load it into PORT to overlay your own portfolio

holdings, colored by sector (47 classified)Heritage Way Advisors, LLC centroid (Large Core)

IndustrialsInformation TechnologyFinancialsConsumer DiscretionaryHealth CareMaterialsConsumer StaplesCommunication ServicesEnergy

Style box summary for Heritage Way Advisors, LLC: centroid Large Core. Heaviest cells: Large Value 19.2%, Large Core 14.3%, Mid Value 7.1%.

Classified: 54.3% of book weight (47/68 names) · unclassified 45.7%: IVV, VEA, SCHX, IJH, IJR, VSS, VWO, NVS, VTI, ENB +11 more. Size: cap 70/20/10 bands; style: value/growth composite on our own metrics — not Morningstar's model.

Contribution holdings-based, any period

No contribution data for this period.

Holdings· 69 positions (2021-Q4) · largest first · Δ vs 2021-Q3

#	Security	Shares	Value	Weight	Δ QoQ
1	IVVISHARES TR	117,250	$56M	20.9%	ADD 5%
2	VEAVANGUARD TAX-MANAGED FDS	305,356	$16M	5.8%	ADD 15%
3	SCHXSCHWAB U.S. LARGE-CAP ETF	69,556	$8M	3.0%	TRIM −3%
4	IJHISHARES TR	25,992	$7M	2.8%	ADD 11%
5	IJRISHARES TR	63,736	$7M	2.7%	ADD 15%
6	MSFTMICROSOFT CORP	21,333	$7M	2.7%	TRIM −10%
7	HDHOME DEPOT INC	13,429	$6M	2.1%	HOLD
8	BLKBLACKROCK INC	6,038	$6M	2.1%	HOLD
9	UPSUNITED PARCEL SERVICE INC	25,294	$5M	2.0%	HOLD
10	ACNACCENTURE PLC IRELAND	12,713	$5M	2.0%	TRIM −9%
11	VSSVANGUARD INTL EQUITY INDEX F	38,363	$5M	1.9%	ADD 14%
12	NSCNORFOLK SOUTHN CORP	16,508	$5M	1.8%	HOLD
13	NKENIKE INC	29,245	$5M	1.8%	TRIM −9%
14	TROWPRICE T ROWE GROUP INC	24,696	$5M	1.8%	HOLD
15	ABTABBOTT LABS	33,076	$5M	1.7%	HOLD
16	VWOVANGUARD INTL EQUITY INDEX F	93,476	$5M	1.7%	ADD 18%
17	ABBVABBVIE INC	34,032	$5M	1.7%	HOLD
18	ORCLORACLE CORP	46,241	$4M	1.5%	HOLD
19	EFXEQUIFAX INC	13,559	$4M	1.5%	TRIM −10%
20	HSYHERSHEY CO	20,186	$4M	1.5%	TRIM −2%
21	EMNEASTMAN CHEM CO	31,720	$4M	1.4%	HOLD
22	PEPPEPSICO INC	21,648	$4M	1.4%	TRIM −2%
23	JNJJOHNSON & JOHNSON	21,709	$4M	1.4%	HOLD
24	ADPAUTOMATIC DATA PROCESSING IN	14,999	$4M	1.4%	HOLD
25	GPCGENUINE PARTS CO	26,229	$4M	1.4%	TRIM −2%
26	CSCOCISCO SYS INC	56,029	$4M	1.3%	HOLD
27	UNHUNITEDHEALTH GROUP INC	7,038	$4M	1.3%	TRIM −2%
28	JPMJPMORGAN CHASE & CO	22,211	$4M	1.3%	HOLD
29	SBUXSTARBUCKS CORP	28,223	$3M	1.2%	HOLD
30	DISDISNEY WALT CO	21,037	$3M	1.2%	ADD 4%
31	NTRSNORTHERN TR CORP	26,816	$3M	1.2%	HOLD
32	NVSNOVARTIS AG	35,585	$3M	1.2%	HOLD
33	HONHONEYWELL INTL INC	14,874	$3M	1.2%	HOLD
34	KOCOCA COLA CO	50,773	$3M	1.1%	HOLD
35	MCDMCDONALDS CORP	10,665	$3M	1.1%	TRIM −2%
36	CMCSACOMCAST CORP NEW	56,287	$3M	1.1%	HOLD
37	ADIANALOG DEVICES INC	15,609	$3M	1.0%	HOLD
38	APDAIR PRODS & CHEMS INC	8,999	$3M	1.0%	TRIM −2%
39	MMM3M CO	15,335	$3M	1.0%	HOLD
40	CLCOLGATE PALMOLIVE CO	31,558	$3M	1.0%	TRIM −2%
41	VTIVANGUARD INDEX FDS	10,813	$3M	1.0%	HOLD
42	INTCINTEL CORP	50,033	$3M	1.0%	ADD 5%
43	CVXCHEVRON CORP NEW	21,578	$3M	0.9%	HOLD
44	NOCNORTHROP GRUMMAN CORP	6,536	$3M	0.9%	HOLD
45	ALLEALLEGION PLC	19,089	$3M	0.9%	HOLD
46	ENBENBRIDGE INC	59,782	$2M	0.9%	TRIM −3%
47	QDEFFLEXSHARES TR	39,000	$2M	0.9%	HOLD
48	MDTMEDTRONIC PLC	20,845	$2M	0.8%	TRIM −3%
49	SCHFSCHWAB STRATEGIC TR	50,933	$2M	0.7%	HOLD
50	STTSTATE STR CORP	19,007	$2M	0.7%	TRIM −15%
51	AAPLAPPLE INC	7,345	$1M	0.5%	HOLD
52	SCHASCHWAB STRATEGIC TR	10,747	$1M	0.4%	HOLD
53	SCHMSCHWAB STRATEGIC TR	11,107	$893,000	0.3%	HOLD
54	SNASNAP ON INC	3,145	$677,000	0.3%	ADD 17%
55	VXUSVANGUARD STAR FDS	10,648	$677,000	0.3%	HOLD
56	IWFISHARES TR	2,101	$642,000	0.2%	HOLD
57	SCHCSCHWAB STRATEGIC TR	14,957	$612,000	0.2%	HOLD
58	SCHESCHWAB STRATEGIC TR	19,846	$588,000	0.2%	ADD 3%
59	CARRCARRIER GLOBAL CORPORATION	10,000	$542,000	0.2%	HOLD
60	SPYSTATE STR SPDR S&P 500 ETF T	1,069	$508,000	0.2%	HOLD
61	BRK.BBERKSHIRE HATHAWAY INC DEL	1,568	$469,000	0.2%	HOLD
62	XOMEXXON MOBIL CORP	6,188	$379,000	0.1%	HOLD
63	OTISOTIS WORLDWIDE CORP	4,000	$348,000	0.1%	HOLD
64	CTVACORTEVA INC	7,000	$331,000	0.1%	HOLD
65	PMPHILIP MORRIS INTL INC	3,080	$293,000	0.1%	HOLD
66	WFCWELLS FARGO CO NEW	6,000	$288,000	0.1%	NEW
67	SYNOVUS FINL CORP	6,000	$287,000	0.1%	HOLD
68	ISRGINTUITIVE SURGICAL INC	675	$243,000	0.1%	ADD 200%
69	PLX PHARMA INC. XXXBANKRUPTCY EFF: 10/02/23	25,000	$200,000	0.1%	HOLD

☆Heritage Way Advisors, LLC