Hillman Capital

Q2 2020 13F · by Mark Hillman, CIO

As of: Jun 30, 2020
Filed: Aug 4, 2020
US stock: $137M · prev $104M
Positions: 38 · prev 36
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%

Moves40 since the prior filing

+8.9 pp in · −9.0 pp out

New 4 +7.70 pp
Added 22 +1.25 pp
Trimmed 12 −4.47 pp
Exited 2 −4.48 pp

The book

Focused · behaves like 32 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 15% a year, about 6.9 years per position

Low
Moderate
High

Top 5 positions21% of US stock

AMZN Amazon.Com Inc trimmed+0.31 pp trimmed+0.315.4%
MSFT Microsoft Corp trimmed−0.12 pp trimmed−0.124.6%
DD DuPont de Nemours, Inc. added+1.01 pp added+1.013.8%
KHC The Kraft Heinz Company trimmed−0.10 pp trimmed−0.103.8%
KEL Kellanova added−0.68 pp added−0.683.7%

Positions38 in this filing · 2 exited


AMZNAmazon.Com Inc	5.36%	2,667	$7M	trimmed−1%	+0.31 pp	3 q
MSFTMicrosoft Corp	4.62%	31,162	$6M	trimmed−1%	−0.12 pp	3 q
DDDuPont de Nemours, Inc.	3.82%	98,703	$5M	added+15%	+1.01 pp	3 q
KHCThe Kraft Heinz Company	3.77%	162,224	$5M	trimmed−1%	−0.10 pp	3 q
KELKellanova	3.67%	76,192	$5M	added+1%	−0.68 pp	3 q
TAT&T Inc.	3.65%	165,773	$5M	added+18%	−0.26 pp	3 q
BMYBristol-Myers Squibb Co.	3.60%	84,026	$5M	trimmed−1%	−0.93 pp	3 q
EPDEnterprise Products Partners L.P.	3.60%	272,140	$5M	added+25%	+0.61 pp	3 q
SRCLStericycle Inc	3.54%	86,845	$5M	added0%	−0.50 pp	3 q
SPGSimon Property Group, Inc.	3.53%	70,897	$5M	added+48%	+1.01 pp	3 q
CMPCompass Minerals International, Inc.	3.40%	95,684	$5M	added+15%	+0.34 pp	3 q
CVSCvs Health Corporation	3.36%	70,938	$5M	added0%	−0.67 pp	3 q
BUDAnheuser-Busch INBEV SA/NV	3.21%	89,383	$4M	added0%	−0.56 pp	3 q
BIIBBiogen Inc.	3.17%	16,246	$4M	trimmed−1%	−1.79 pp	3 q
BABoeing Company	3.09%	23,115	$4M	new	+3.09 pp	new
BACBank of America Corporation	3.01%	174,223	$4M	added+33%	+0.35 pp	3 q
GSGoldman Sachs Group Inc.	3.01%	20,938	$4M	added0%	−0.09 pp	3 q
WFCWells Fargo & Co.	2.65%	142,250	$4M	added+45%	−0.05 pp	3 q
XOMExxon Mobil Corp	2.60%	79,837	$4M	added+4%	−0.18 pp	3 q
PAAPlains All American Pipeline, L.P. Common Units representing Limited Partner Interests	2.60%	403,576	$4M	added+97%	+1.56 pp	2 q
INTCIntel Corp	2.33%	53,424	$3M	trimmed−0%	−0.44 pp	3 q
BDXBecton, Dickinson and Co.	2.30%	13,196	$3M	added0%	−0.60 pp	2 q
99803EURLaboratory Crp Of Amer Hldgs	2.30%	18,973	$3M	trimmed−0%	0.00 pp	3 q
RTXRTX Corporation	2.30%	51,131	$3M	new	+2.30 pp	new
MCDMcDonald's Corporation	2.26%	16,830	$3M	trimmed−0%	−0.41 pp	3 q
VZVerizon Communications	2.22%	55,398	$3M	added0%	−0.63 pp	3 q
NKENike, Inc.	2.21%	30,882	$3M	trimmed−0%	−0.24 pp	3 q
MRKMerck & Co., Inc.	2.17%	38,518	$3M	trimmed−0%	−0.67 pp	3 q
JPMJPMorgan Chase & Co.	2.16%	31,500	$3M	new	+2.16 pp	new
PFEPfizer Inc.	2.14%	89,746	$3M	added0%	−0.67 pp	3 q
METAMeta Platforms, Inc. Class A	2.06%	12,455	$3M	trimmed−1%	+0.05 pp	3 q
unresolvedGeneral Electric Co	1.85%	372,132	$3M	added×20.5	+1.71 pp	3 q
JWNNordstrom, Inc.	1.78%	157,974	$2M	added+7%	−0.39 pp	3 q
EMREmerson Electric Co.	1.48%	32,720	$2M	added0%	−0.01 pp	3 q
EFAiShares MSCI EAFE ETF	0.73%	16,545	$1M	trimmed−2%	−0.13 pp	3 q
MDTMedtronic plc	0.21%	3,161	$290,000	added+3%	−0.05 pp	3 q
SPYState Street SPDR S&P 500 ETF Trust	0.15%	648	$200,000	new	+0.15 pp	new
IWRiShares Russell Mid-Cap ETF	0.10%	2,547	$137,000	added+1%	0.00 pp	3 q
RTNRaytheon Company	—	−21,900	—	exited	−2.75 pp	—
AMGNAmgen Inc	—	−8,888	—	exited	−1.73 pp	—