Hillman Capital

Q4 2020 13F · by Mark Hillman, CIO

As of: Dec 31, 2020
Filed: Feb 12, 2021
US stock: $185M · prev $142M
Positions: 46 · 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%

Moves47 since the prior filing

+0.9 pp in · −0.9 pp out

New 11 +4.43 pp
Added 27 −3.51 pp
Trimmed 8 +1.65 pp
Exited 1 −2.57 pp

The book

Focused · behaves like 33 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 9.5% a year, about 10.5 years per position

Low
Moderate
High

Top 5 positions20% of US stock

JWN Nordstrom, Inc. trimmed+2.91 pp trimmed+2.915.9%
DD DuPont de Nemours, Inc. added−0.06 pp added−0.063.8%
MSFT Microsoft Corp trimmed−0.85 pp trimmed−0.853.6%
WFC Wells Fargo & Co. added+0.10 pp added+0.103.6%
KHC The Kraft Heinz Company added+0.17 pp added+0.173.6%

Positions46 in this filing · 1 exited


JWNNordstrom, Inc.	5.88%	348,923	$11M	trimmed−1%	+2.91 pp	5 q
DDDuPont de Nemours, Inc.	3.77%	98,210	$7M	added0%	−0.06 pp	5 q
MSFTMicrosoft Corp	3.62%	30,109	$7M	trimmed−0%	−0.85 pp	5 q
WFCWells Fargo & Co.	3.58%	219,792	$7M	added+4%	+0.10 pp	5 q
KHCThe Kraft Heinz Company	3.57%	190,965	$7M	added+18%	+0.17 pp	5 q
PAAPlains All American Pipeline, L.P. Common Units representing Limited Partner Interests	3.56%	800,789	$7M	added+14%	+0.59 pp	4 q
BABoeing Company	3.50%	30,280	$6M	added0%	−0.01 pp	3 q
CVSCvs Health Corporation	3.48%	94,265	$6M	added+16%	+0.15 pp	5 q
BUDAnheuser-Busch INBEV SA/NV	3.42%	90,507	$6M	trimmed−1%	−0.03 pp	5 q
EPDEnterprise Products Partners L.P.	3.35%	316,626	$6M	added+15%	+0.29 pp	5 q
XOMExxon Mobil Corp	3.24%	145,522	$6M	added+11%	+0.08 pp	5 q
INTCIntel Corp	3.23%	119,970	$6M	added+6%	−0.88 pp	5 q
CMPCompass Minerals International, Inc.	3.17%	95,203	$6M	trimmed−0%	−0.81 pp	5 q
unresolvedGeneral Electric Co	3.17%	544,397	$6M	trimmed−1%	+0.77 pp	5 q
SPGSimon Property Group, Inc.	3.09%	67,120	$6M	trimmed−6%	−0.16 pp	5 q
GSGoldman Sachs Group Inc.	3.04%	21,384	$6M	added+2%	+0.08 pp	5 q
TAT&T Inc.	2.94%	189,207	$5M	added+14%	−0.40 pp	5 q
KELKellanova	2.91%	86,543	$5M	added+14%	−0.54 pp	5 q
BACBank of America Corporation	2.89%	176,854	$5M	added0%	−0.10 pp	5 q
BMYBristol-Myers Squibb Co.	2.81%	83,990	$5M	added0%	−0.74 pp	5 q
BIIBBiogen Inc.	2.63%	19,929	$5M	added+1%	−1.29 pp	5 q
JPMJPMorgan Chase & Co.	2.61%	38,100	$5M	added+21%	+0.48 pp	3 q
MRKMerck & Co., Inc.	2.60%	58,881	$5M	added+53%	+0.35 pp	5 q
RTXRTX Corporation	2.59%	67,202	$5M	added+25%	+0.41 pp	3 q
BNYBank of New York Mellon Corporation	2.41%	105,075	$4M	new	+2.41 pp	new
CSCOCisco Systems, Inc. (DE)	2.36%	97,741	$4M	added+1%	−0.33 pp	2 q
VZVerizon Communications	2.20%	69,452	$4M	added+23%	−0.17 pp	5 q
GDGeneral Dynamics Corporation	2.16%	26,883	$4M	added+11%	−0.19 pp	2 q
PFEPfizer Inc.	2.16%	108,468	$4M	added+21%	−0.16 pp	5 q
99803EURLaboratory Crp Of Amer Hldgs	2.09%	19,040	$4M	added0%	−0.42 pp	5 q
METAMeta Platforms, Inc. Class A	1.83%	12,445	$3M	added+1%	−0.45 pp	5 q
BDXBecton, Dickinson and Co.	1.80%	13,342	$3M	added+1%	−0.36 pp	4 q
EMREmerson Electric Co.	1.42%	32,833	$3M	added+1%	−0.09 pp	5 q
SPYState Street SPDR S&P 500 ETF Trust	0.96%	4,740	$2M	new	+0.96 pp	new
EFAiShares MSCI EAFE ETF	0.58%	14,604	$1M	trimmed−11%	−0.16 pp	5 q
MDTMedtronic plc	0.21%	3,345	$392,000	added+7%	−0.02 pp	5 q
STZConstellation Brands, Inc.	0.13%	1,069	$234,000	new	+0.13 pp	new
MARMarriott International Class A	0.13%	1,894	$250,000	new	+0.13 pp	new
CMCSAComcast Corp	0.12%	4,229	$222,000	new	+0.12 pp	new
SCHWThe Charles Schwab Corporation	0.12%	4,239	$225,000	new	+0.12 pp	new
MMM3M Company	0.12%	1,228	$215,000	new	+0.12 pp	new
GOOGAlphabet Inc. Class C	0.11%	119	$208,000	new	+0.11 pp	new
KOCoca-Cola Company	0.11%	3,709	$203,000	new	+0.11 pp	new
unresolvedGlaxosmithkline PLC	0.11%	5,620	$207,000	new	+0.11 pp	new
LMTLockheed Martin Corp.	0.11%	599	$213,000	new	+0.11 pp	new
IWRiShares Russell Mid-Cap ETF	0.09%	2,478	$170,000	trimmed−6%	−0.02 pp	5 q
NKENike, Inc.	—	−29,100	—	exited	−2.57 pp	—