Heritage Fund
Actively managed U.S. stock fund
As of its 2026 Q2 report, Heritage Fund held 83 positions with $5.37B in net assets. Its ten largest holdings made up 31.4% of the fund. The TWHIX share class costs 1% a year. Over the 12 months to May 2026, TWHIX returned 8.1%, with dividends reinvested. In 2026 Q3 it added 21 new positions and exited 16.
The fund seeks long-term capital growth.
The fund invests in common stocks of medium-sized companies selected for attractive returns on invested capital and signs of business improvement such as accelerating earnings growth or strengthening cash flows. The portfolio managers rely on fundamental analysis of individual companies rather than economic forecasts to identify stocks with favorable growth prospects. The fund may also hold smaller- and larger-sized companies and foreign securities when they meet selection criteria, and may write covered calls on a portion of holdings. Because investment decisions depend on the portfolio managers' analysis of individual company characteristics, performance will diverge from broad market returns.
What you own
| Company | Weight | Value | Shares | Reported price |
|---|---|---|---|---|
4.69% | $251.44M | 765.4K | $328.49 | |
4.39% | $235.57M | 726.9K | $324.07 | |
4.01% | $215.22M | 885.5K | $243.04 | |
3.36% | $180.28M | 247.7K | $727.77 | |
3.03% | $162.61M | 100.7K | $1,614.41 | |
2.71% | $145.19M | 550.5K | $263.76 | |
2.70% | $144.88M | 706.8K | $204.97 | |
2.38% | $127.89M | 413.2K | $309.49 | |
2.22% | $118.88M | 457.1K | $260.08 | |
CVNACarvana Co | 1.93% | $103.65M | 261.9K | $395.80 |
Reported price is the fund's own reported value divided by its own reported shares at 2026-04-30 — not a live quote, and not what the fund paid.
All 83 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Stocks | 98.18% |
| Cash & short-term | 1.87% |
By sector
- Information Technology
- 28.7%
- Industrials
- 22.3%
- Health Care
- 12.8%
- Consumer Discretionary
- 12.1%
- 9 other sectors
- 24.1%
- Information Technology
- 28.7%
- Industrials
- 22.3%
- Health Care
- 12.8%
- Consumer Discretionary
- 12.1%
- International
- 5.0%
- Financials
- 4.7%
- Communication Services
- 3.8%
- Energy
- 3.8%
- Materials
- 2.0%
- Consumer Staples
- 1.7%
- Other
- 1.4%
- Utilities
- 1.4%
- Cash
- 0.1%
How it has done
TWHIX share class · total returns with dividends reinvested
Volatility over the last 12 months: 12.99%. Past returns are a record, not a forecast.
Jun 2026 and Jul 2026 have been filed since the trailing figures were struck, so they are not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
The 9 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 1.00% | +8.12% | +58.00% | +32.30% | -14.47% | |
| 1.25% | +7.89% | +56.79% | +30.66% | -14.51% | |
| 0.80% | +8.33% | +58.94% | +33.58% | -14.44% | |
| 2.00% | +7.10% | +53.39% | +25.88% | -14.75% | |
| 1.50% | +7.57% | +55.58% | +28.94% | -14.59% | |
| 0.65% | +8.49% | +59.62% | +34.62% | -14.41% | |
| 0.80% | +8.33% | +58.91% | +33.62% | -14.40% | |
| 0.65% | +8.49% | +59.61% | +34.57% | -14.41% | |
| 0.00% | +9.21% | +62.78% | — | -14.25% |
These classes hold the same portfolio, so the 9.39pp spread over 3 years is the cost difference between them — roughly 3.13pp a year — not a difference in what they own.
Fees & fund details
Heritage Fund is an actively managed U.S. equity fund. 52% of TWHIX’s stock holdings are in companies whose revenue grew in the top quartile of U.S. companies over the last five fiscal years (covering 94% of the fund’s equity).
- Asset class
- Equity
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Expense ratio, by class
- 0.00% – 2.00%· TWHIX 1.00%
- Portfolio turnover
- 62.00% a year · as of 2026 Q1
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
21 new· the largest 8
16 exited· the largest 8
Understand how this fund fits with the rest.
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