Hillman Capital

Q1 2020 13F · by Mark Hillman, CIO

As of: Mar 31, 2020
Filed: Apr 29, 2020
US stock: $104M · prev $141M
Positions: 36 · prev 50
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%

Moves52 since the prior filing

+5.3 pp in · −5.3 pp out

New 3 +6.69 pp
Added 20 −1.41 pp
Trimmed 12 +2.40 pp
Exited 17 −7.68 pp

The book

Focused · behaves like 30 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 52% a year, about 1.9 years per position

Low
Moderate
High

Top 5 positions24% of US stock

AMZN Amazon.Com Inc trimmed+1.44 pp trimmed+1.445.0%
BIIB Biogen Inc. trimmed+1.15 pp trimmed+1.155.0%
MSFT Microsoft Corp trimmed+0.74 pp trimmed+0.744.7%
BMY Bristol-Myers Squibb Co. trimmed+0.59 pp trimmed+0.594.5%
KEL Kellanova added+0.68 pp added+0.684.3%

Positions36 in this filing · 17 exited


AMZNAmazon.Com Inc	5.05%	2,704	$5M	trimmed−2%	+1.44 pp	2 q
BIIBBiogen Inc.	4.96%	16,380	$5M	trimmed−10%	+1.15 pp	2 q
MSFTMicrosoft Corp	4.74%	31,349	$5M	trimmed−12%	+0.74 pp	2 q
BMYBristol-Myers Squibb Co.	4.53%	84,930	$5M	trimmed−2%	+0.59 pp	2 q
KELKellanova	4.35%	75,675	$5M	added+1%	+0.68 pp	2 q
SRCLStericycle Inc	4.04%	86,837	$4M	added+11%	+0.50 pp	2 q
CVSCvs Health Corporation	4.03%	70,920	$4M	trimmed−0%	+0.28 pp	2 q
TAT&T Inc.	3.91%	140,007	$4M	added+3%	+0.15 pp	2 q
KHCThe Kraft Heinz Company	3.87%	163,342	$4M	added+3%	+0.26 pp	2 q
BUDAnheuser-Busch INBEV SA/NV	3.77%	89,201	$4M	added+55%	+0.43 pp	2 q
GSGoldman Sachs Group Inc.	3.10%	20,915	$3M	added0%	−0.30 pp	2 q
CMPCompass Minerals International, Inc.	3.06%	83,118	$3M	added+2%	−0.47 pp	2 q
EPDEnterprise Products Partners L.P.	2.99%	218,009	$3M	added+34%	−0.26 pp	2 q
BDXBecton, Dickinson and Co.	2.90%	13,166	$3M	new	+2.90 pp	new
VZVerizon Communications	2.85%	55,368	$3M	added+2%	+0.49 pp	2 q
MRKMerck & Co., Inc.	2.84%	38,522	$3M	added+9%	+0.55 pp	2 q
DDDuPont de Nemours, Inc.	2.81%	86,064	$3M	added+85%	+0.69 pp	2 q
PFEPfizer Inc.	2.81%	89,739	$3M	added+7%	+0.49 pp	2 q
XOMExxon Mobil Corp	2.78%	76,457	$3M	added+16%	−0.49 pp	2 q
INTCIntel Corp	2.77%	53,511	$3M	trimmed−1%	+0.47 pp	2 q
RTNRaytheon Company	2.75%	21,900	$3M	new	+2.75 pp	new
WFCWells Fargo & Co.	2.70%	98,104	$3M	added+4%	−0.90 pp	2 q
MCDMcDonald's Corporation	2.67%	16,836	$3M	trimmed−1%	+0.30 pp	2 q
BACBank of America Corporation	2.66%	130,785	$3M	added0%	−0.59 pp	2 q
SPGSimon Property Group, Inc.	2.52%	48,050	$3M	added+51%	−0.84 pp	2 q
NKENike, Inc.	2.45%	30,938	$3M	trimmed−1%	+0.20 pp	2 q
99803EURLaboratory Crp Of Amer Hldgs	2.30%	18,999	$2M	added+18%	+0.36 pp	2 q
JWNNordstrom, Inc.	2.17%	147,786	$2M	added+4%	−1.97 pp	2 q
METAMeta Platforms, Inc. Class A	2.01%	12,591	$2M	trimmed−1%	+0.15 pp	2 q
AMGNAmgen Inc	1.73%	8,888	$2M	trimmed−3%	+0.17 pp	2 q
EMREmerson Electric Co.	1.49%	32,683	$2M	added0%	−0.27 pp	2 q
PAAPlains All American Pipeline, L.P. Common Units representing Limited Partner Interests	1.04%	204,749	$1M	new	+1.04 pp	new
EFAiShares MSCI EAFE ETF	0.86%	16,799	$898,000	added+6%	+0.08 pp	2 q
MDTMedtronic plc	0.26%	3,064	$276,000	trimmed−88%	−1.86 pp	2 q
unresolvedGeneral Electric Co	0.14%	18,123	$144,000	trimmed−90%	−1.23 pp	2 q
IWRiShares Russell Mid-Cap ETF	0.10%	2,534	$109,000	held	—	2 q
GISGeneral Mills, Inc.	—	−58,200	—	exited	−2.21 pp	—
IBMInternational Business Machines Corporation	—	−23,301	—	exited	−2.21 pp	—
LRCXLam Research Corp	—	−4,962	—	exited	−1.03 pp	—
SPYState Street SPDR S&P 500 ETF Trust	—	−1,350	—	exited	−0.31 pp	—
CPBThe Campbell's Company	—	−6,973	—	exited	−0.24 pp	—
ADBEAdobe Inc.	—	−713	—	exited	−0.17 pp	—
MCHPMicrochip Technology Inc	—	−2,205	—	exited	−0.16 pp	—
SCHWThe Charles Schwab Corporation	—	−4,647	—	exited	−0.16 pp	—
GOOGAlphabet Inc. Class C	—	−161	—	exited	−0.15 pp	—
BNYBank of New York Mellon Corporation	—	−4,066	—	exited	−0.15 pp	—
CATCaterpillar Inc.	—	−1,435	—	exited	−0.15 pp	—
CMCSAComcast Corp	—	−4,791	—	exited	−0.15 pp	—
HONHoneywell International, Inc.	—	−1,175	—	exited	−0.15 pp	—
EBAYeBay Inc	—	−5,326	—	exited	−0.14 pp	—
FDXFedEx Corporation	—	−1,177	—	exited	−0.13 pp	—
IVViShares Core S&P 500 ETF	—	−466	—	exited	−0.11 pp	—
JPMJPMorgan Chase & Co.	—	−600	—	exited	−0.06 pp	—