Hillman Capital

Q3 2020 13F · by Mark Hillman, CIO

As of: Sep 30, 2020
Filed: Nov 9, 2020
US stock: $142M · prev $137M
Positions: 36 · 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%

Moves39 since the prior filing

+10.5 pp in · −10.5 pp out

New 2 +5.04 pp
Added 18 +5.50 pp
Trimmed 15 +0.77 pp
Exited 4 −11.31 pp

The book

Focused · behaves like 32 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 45% a year, about 2.2 years per position

Low
Moderate
High

Top 5 positions20% of US stock

MSFT Microsoft Corp trimmed−0.15 pp trimmed−0.154.5%
INTC Intel Corp added+1.78 pp added+1.784.1%
CMP Compass Minerals International, Inc. trimmed+0.58 pp trimmed+0.584.0%
BIIB Biogen Inc. added+0.75 pp added+0.753.9%
DD DuPont de Nemours, Inc. trimmed+0.01 pp trimmed+0.013.8%

Positions36 in this filing · 4 exited


MSFTMicrosoft Corp	4.47%	30,192	$6M	trimmed−3%	−0.15 pp	4 q
INTCIntel Corp	4.11%	112,853	$6M	added×2.1	+1.78 pp	4 q
CMPCompass Minerals International, Inc.	3.98%	95,330	$6M	trimmed−0%	+0.58 pp	4 q
BIIBBiogen Inc.	3.92%	19,637	$6M	added+21%	+0.75 pp	4 q
DDDuPont de Nemours, Inc.	3.83%	98,190	$5M	trimmed−1%	+0.01 pp	4 q
BMYBristol-Myers Squibb Co.	3.55%	83,674	$5M	trimmed−0%	−0.05 pp	4 q
BABoeing Company	3.51%	30,193	$5M	added+31%	+0.42 pp	2 q
WFCWells Fargo & Co.	3.48%	210,598	$5M	added+48%	+0.83 pp	4 q
BUDAnheuser-Busch INBEV SA/NV	3.45%	90,970	$5M	added+2%	+0.24 pp	4 q
KELKellanova	3.45%	75,952	$5M	trimmed−0%	−0.22 pp	4 q
KHCThe Kraft Heinz Company	3.40%	161,418	$5M	trimmed−1%	−0.37 pp	4 q
TAT&T Inc.	3.34%	166,598	$5M	added+1%	−0.31 pp	4 q
CVSCvs Health Corporation	3.33%	81,096	$5M	added+14%	−0.03 pp	4 q
SPGSimon Property Group, Inc.	3.25%	71,447	$5M	added+1%	−0.28 pp	4 q
XOMExxon Mobil Corp	3.16%	130,918	$4M	added+64%	+0.56 pp	4 q
EPDEnterprise Products Partners L.P.	3.06%	274,964	$4M	added+1%	−0.54 pp	4 q
BACBank of America Corporation	2.99%	176,470	$4M	added+1%	−0.02 pp	4 q
JWNNordstrom, Inc.	2.97%	353,662	$4M	added×2.2	+1.19 pp	4 q
PAAPlains All American Pipeline, L.P. Common Units representing Limited Partner Interests	2.97%	704,897	$4M	added+75%	+0.37 pp	3 q
GSGoldman Sachs Group Inc.	2.96%	20,955	$4M	added0%	−0.05 pp	4 q
CSCOCisco Systems, Inc. (DE)	2.69%	97,207	$4M	new	+2.69 pp	new
NKENike, Inc.	2.57%	29,100	$4M	trimmed−6%	+0.36 pp	4 q
99803EURLaboratory Crp Of Amer Hldgs	2.51%	18,952	$4M	trimmed−0%	+0.21 pp	4 q
unresolvedGeneral Electric Co	2.40%	548,121	$3M	added+47%	+0.55 pp	4 q
VZVerizon Communications	2.37%	56,601	$3M	added+2%	+0.15 pp	4 q
GDGeneral Dynamics Corporation	2.35%	24,114	$3M	new	+2.35 pp	new
PFEPfizer Inc.	2.32%	89,636	$3M	trimmed−0%	+0.18 pp	4 q
METAMeta Platforms, Inc. Class A	2.28%	12,376	$3M	trimmed−1%	+0.22 pp	4 q
MRKMerck & Co., Inc.	2.25%	38,467	$3M	trimmed−0%	+0.08 pp	4 q
RTXRTX Corporation	2.18%	53,830	$3M	added+5%	−0.12 pp	2 q
BDXBecton, Dickinson and Co.	2.16%	13,191	$3M	trimmed−0%	−0.14 pp	3 q
JPMJPMorgan Chase & Co.	2.13%	31,500	$3M	held	—	2 q
EMREmerson Electric Co.	1.51%	32,638	$2M	trimmed−0%	+0.03 pp	4 q
EFAiShares MSCI EAFE ETF	0.74%	16,472	$1M	trimmed−0%	+0.01 pp	4 q
MDTMedtronic plc	0.23%	3,115	$324,000	trimmed−1%	+0.02 pp	4 q
IWRiShares Russell Mid-Cap ETF	0.11%	2,633	$151,000	added+3%	+0.01 pp	4 q
AMZNAmazon.Com Inc	—	−2,667	—	exited	−5.36 pp	—
SRCLStericycle Inc	—	−86,845	—	exited	−3.54 pp	—
MCDMcDonald's Corporation	—	−16,830	—	exited	−2.26 pp	—
SPYState Street SPDR S&P 500 ETF Trust	—	−648	—	exited	−0.15 pp	—