Hillman Capital

Q4 2019 13F · by Mark Hillman, CIO

As of: Dec 31, 2019
Filed: Feb 14, 2020
US stock: $141M · prev $67M
Positions: 50 · prev 38
Options notional: $0
Documents: 1· no amendments

Picture100.0% US stock

Full picture · of what this 13F reports is US stock

US stock listed on a US exchange 100.0%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves72 since the prior filing

+70.9 pp in · −70.9 pp out

New 34 +61.70 pp
Added 10 +9.18 pp
Trimmed 6 −12.26 pp
Exited 22 −58.59 pp

The book

Focused · behaves like 33 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

High turnover · 164% a year, about 0.6 years per position

Low
Moderate
High

Top 5 positions20% of US stock

JWN Nordstrom, Inc. added+0.99 pp added+0.994.1%
MSFT Microsoft Corp trimmed+0.32 pp trimmed+0.324.0%
BMY Bristol-Myers Squibb Co. new+3.94 pp new+3.943.9%
BIIB Biogen Inc. new+3.81 pp new+3.813.8%
T AT&T Inc. added+2.92 pp added+2.923.8%

Positions50 in this filing · 22 exited


JWNNordstrom, Inc.	4.14%	142,710	$6M	added×3.9	+0.99 pp	new
MSFTMicrosoft Corp	4.00%	35,802	$6M	trimmed−46%	+0.32 pp	new
BMYBristol-Myers Squibb Co.	3.94%	86,641	$6M	new	+3.94 pp	new
BIIBBiogen Inc.	3.81%	18,114	$5M	new	+3.81 pp	new
TAT&T Inc.	3.76%	135,761	$5M	added×8.5	+2.92 pp	new
CVSCvs Health Corporation	3.75%	71,206	$5M	new	+3.75 pp	new
KELKellanova	3.67%	74,838	$5M	new	+3.67 pp	new
AMZNAmazon.Com Inc	3.61%	2,760	$5M	new	+3.61 pp	new
KHCThe Kraft Heinz Company	3.61%	158,647	$5M	new	+3.61 pp	new
WFCWells Fargo & Co.	3.60%	94,359	$5M	new	+3.60 pp	new
SRCLStericycle Inc	3.54%	78,280	$5M	new	+3.54 pp	new
CMPCompass Minerals International, Inc.	3.53%	81,735	$5M	added×8.5	+2.37 pp	new
GSGoldman Sachs Group Inc.	3.40%	20,861	$5M	added+29%	−0.89 pp	new
SPGSimon Property Group, Inc.	3.36%	31,793	$5M	new	+3.36 pp	new
BUDAnheuser-Busch INBEV SA/NV	3.34%	57,477	$5M	new	+3.34 pp	new
XOMExxon Mobil Corp	3.27%	66,171	$5M	added×2.8	−0.36 pp	new
BACBank of America Corporation	3.25%	130,243	$5M	trimmed−36%	−1.48 pp	new
EPDEnterprise Products Partners L.P.	3.25%	162,821	$5M	new	+3.25 pp	new
MCDMcDonald's Corporation	2.37%	16,927	$3M	new	+2.37 pp	new
VZVerizon Communications	2.36%	54,219	$3M	new	+2.36 pp	new
PFEPfizer Inc.	2.32%	83,707	$3M	added×3.5	+1.22 pp	new
INTCIntel Corp	2.30%	54,198	$3M	trimmed−24%	−0.46 pp	new
MRKMerck & Co., Inc.	2.29%	35,459	$3M	added+99%	+0.96 pp	new
NKENike, Inc.	2.25%	31,302	$3M	new	+2.25 pp	new
GISGeneral Mills, Inc.	2.21%	58,200	$3M	new	+2.21 pp	new
IBMInternational Business Machines Corporation	2.21%	23,301	$3M	added×4.9	+0.88 pp	new
DDDuPont de Nemours, Inc.	2.12%	46,632	$3M	new	+2.12 pp	new
MDTMedtronic plc	2.12%	26,359	$3M	new	+2.12 pp	new
99803EURLaboratory Crp Of Amer Hldgs	1.94%	16,151	$3M	added×2.2	+0.94 pp	new
METAMeta Platforms, Inc. Class A	1.86%	12,775	$3M	new	+1.86 pp	new
EMREmerson Electric Co.	1.76%	32,610	$2M	new	+1.76 pp	new
AMGNAmgen Inc	1.56%	9,152	$2M	added+16%	+0.15 pp	new
unresolvedGeneral Electric Co	1.37%	172,858	$2M	new	+1.37 pp	new
LRCXLam Research Corp	1.03%	4,962	$1M	new	+1.03 pp	new
EFAiShares MSCI EAFE ETF	0.78%	15,845	$1M	new	+0.78 pp	new
SPYState Street SPDR S&P 500 ETF Trust	0.31%	1,350	$435,000	new	+0.31 pp	new
CPBThe Campbell's Company	0.24%	6,973	$345,000	new	+0.24 pp	new
ADBEAdobe Inc.	0.17%	713	$235,000	new	+0.17 pp	new
MCHPMicrochip Technology Inc	0.16%	2,205	$231,000	new	+0.16 pp	new
SCHWThe Charles Schwab Corporation	0.16%	4,647	$221,000	new	+0.16 pp	new
GOOGAlphabet Inc. Class C	0.15%	161	$215,000	new	+0.15 pp	new
BNYBank of New York Mellon Corporation	0.15%	4,066	$205,000	new	+0.15 pp	new
CATCaterpillar Inc.	0.15%	1,435	$212,000	trimmed−95%	−3.98 pp	new
CMCSAComcast Corp	0.15%	4,791	$215,000	new	+0.15 pp	new
HONHoneywell International, Inc.	0.15%	1,175	$208,000	new	+0.15 pp	new
EBAYeBay Inc	0.14%	5,326	$192,000	trimmed−89%	−3.81 pp	new
FDXFedEx Corporation	0.13%	1,177	$178,000	new	+0.13 pp	new
IVViShares Core S&P 500 ETF	0.11%	466	$151,000	new	+0.11 pp	new
IWRiShares Russell Mid-Cap ETF	0.11%	2,534	$151,000	new	+0.11 pp	new
JPMJPMorgan Chase & Co.	0.06%	600	$84,000	trimmed−98%	−2.85 pp	new
RTNRaytheon Company	—	−36,965	—	exited	−5.01 pp	—
AXPAmerican Express Company	—	−36,344	—	exited	−4.93 pp	—
AAPLApple Inc.	—	−35,980	—	exited	−4.31 pp	—
JNJJohnson & Johnson	—	−30,746	—	exited	−4.21 pp	—
ORCLOracle Corp	—	−68,743	—	exited	−3.93 pp	—
WUThe Western Union Company	—	−151,674	—	exited	−3.91 pp	—
unresolvedDu Pont E I De Nemours & Co	—	−39,221	—	exited	−3.81 pp	—
BABoeing Company	—	−17,939	—	exited	−3.66 pp	—
CSCOCisco Systems, Inc. (DE)	—	−108,158	—	exited	−3.63 pp	—
unresolvedE M C Corp Mass	—	−91,243	—	exited	−3.43 pp	—
RIGTransocean LTD.	—	−43,699	—	exited	−3.23 pp	—
NUENucor Corporation	—	−19,890	—	exited	−1.59 pp	—
ALLThe Allstate Corporation	—	−19,208	—	exited	−1.57 pp	—
unresolvedHewlett Packard Co	—	−36,618	—	exited	−1.53 pp	—
GLWCorning Incorporated	—	−54,208	—	exited	−1.44 pp	—
unresolvedAetna Inc New	—	−13,306	—	exited	−1.36 pp	—
YUMYum! Brands, Inc.	—	−11,831	—	exited	−1.34 pp	—
SYYSysco Corporation	—	−23,760	—	exited	−1.28 pp	—
unresolvedJoy Global Inc	—	−14,230	—	exited	−1.24 pp	—
unresolvedPetsmart Inc	—	−11,000	—	exited	−1.20 pp	—
WMTWalmart Inc.	—	−8,737	—	exited	−1.03 pp	—
TGTTarget Corporation	—	−10,000	—	exited	−0.95 pp	—