Hillman Capital

Q3 2021 13F · by Mark Hillman, CIO

As of: Sep 30, 2021
Filed: Nov 15, 2021
US stock: $285M · prev $263M
Positions: 51 · prev 48
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%

Moves51 since the prior filing

+4.4 pp in · −4.4 pp out

New 6 +3.41 pp
Added 41 +1.03 pp
Trimmed 1 −0.01 pp
Exited 3 −4.38 pp

The book

Focused · behaves like 34 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 16% a year, about 6.2 years per position

Low
Moderate
High

Top 5 positions18% of US stock

WFC Wells Fargo & Co. added−0.10 pp added−0.103.9%
SPG Simon Property Group, Inc. added−0.16 pp added−0.163.6%
BA Boeing Company added+0.49 pp added+0.493.6%
KHC The Kraft Heinz Company added+0.01 pp added+0.013.6%
AMZN Amazon.Com Inc added−0.35 pp added−0.353.6%

Positions51 in this filing · 3 exited


WFCWells Fargo & Co.	3.87%	237,504	$11M	added+3%	−0.10 pp	8 q
SPGSimon Property Group, Inc.	3.60%	78,906	$10M	added+4%	−0.16 pp	8 q
BABoeing Company	3.57%	46,237	$10M	added+37%	+0.49 pp	6 q
KHCThe Kraft Heinz Company	3.57%	276,060	$10M	added+20%	+0.01 pp	8 q
AMZNAmazon.Com Inc	3.56%	3,085	$10M	added+3%	−0.35 pp	3 q
KELKellanova	3.53%	157,407	$10M	added+14%	+0.15 pp	8 q
XOMExxon Mobil Corp	3.38%	163,585	$10M	added+4%	−0.41 pp	8 q
CVSCvs Health Corporation	3.36%	112,841	$10M	added+4%	−0.10 pp	8 q
MSFTMicrosoft Corp	3.35%	33,886	$10M	added+3%	−0.03 pp	8 q
CMPCompass Minerals International, Inc.	3.33%	147,198	$9M	added+15%	+0.45 pp	8 q
EPDEnterprise Products Partners L.P.	3.29%	433,609	$9M	added+33%	+0.29 pp	8 q
unresolvedGlaxosmithkline PLC	3.24%	241,776	$9M	added+4%	−0.30 pp	4 q
INTCIntel Corp	3.19%	170,631	$9M	added+34%	+0.47 pp	8 q
PAAPlains All American Pipeline, L.P. Common Units representing Limited Partner Interests	3.19%	892,747	$9M	added+4%	−0.53 pp	7 q
DDDuPont de Nemours, Inc.	3.13%	130,919	$9M	added+28%	+0.11 pp	8 q
TAT&T Inc.	3.07%	323,564	$9M	added+4%	−0.34 pp	8 q
BUDAnheuser-Busch INBEV SA/NV	3.06%	154,334	$9M	added+20%	−0.46 pp	8 q
BMYBristol-Myers Squibb Co.	2.87%	138,288	$8M	added+17%	−0.13 pp	8 q
RTXRTX Corporation	2.87%	94,984	$8M	added+30%	+0.49 pp	6 q
GOOGLAlphabet Inc. Class A	2.83%	3,010	$8M	added+4%	+0.14 pp	3 q
BIIBBiogen Inc.	2.81%	28,289	$8M	added+4%	−0.78 pp	8 q
PFEPfizer Inc.	2.67%	176,532	$8M	added+4%	+0.15 pp	8 q
BNYBank of New York Mellon Corporation	2.63%	144,199	$7M	added+28%	+0.43 pp	4 q
MRKMerck & Co., Inc.	2.63%	99,737	$7M	added+4%	−0.20 pp	8 q
VZVerizon Communications	2.62%	138,308	$7M	added+28%	+0.31 pp	8 q
METAMeta Platforms, Inc. Class A	2.55%	21,359	$7M	added+4%	−0.16 pp	8 q
JWNNordstrom, Inc.	2.49%	267,806	$7M	new	+2.49 pp	new
WEPMagellan Midstream Partners	2.40%	150,112	$7M	added+28%	+0.22 pp	3 q
EMREmerson Electric Co.	2.38%	71,850	$7M	added×2.2	+1.18 pp	8 q
GDGeneral Dynamics Corporation	2.34%	33,968	$7M	added+5%	+0.02 pp	5 q
BDXBecton, Dickinson and Co.	2.31%	26,740	$7M	added+5%	−0.04 pp	7 q
DISCADiscovery, Inc. Series A	2.20%	246,926	$6M	added+5%	−0.55 pp	2 q
LMTLockheed Martin Corp.	0.93%	7,680	$3M	added+14%	−0.04 pp	4 q
EFAiShares MSCI EAFE ETF	0.46%	16,742	$1M	added+5%	−0.02 pp	8 q
MDTMedtronic plc	0.26%	5,835	$731,000	added+74%	+0.10 pp	8 q
CRMSalesforce, Inc.	0.22%	2,316	$629,000	added×2.1	+0.12 pp	2 q
GEGE Aerospace	0.21%	5,671	$584,000	new	+0.21 pp	new
MARMarriott International Class A	0.21%	3,990	$591,000	added×2.4	+0.12 pp	4 q
NOWServicenow, Inc.	0.21%	940	$584,000	added+86%	+0.10 pp	2 q
CAGConagra Brands, Inc.	0.20%	16,535	$561,000	new	+0.20 pp	new
ZBHZimmer Biomet Holdings, Inc.	0.20%	3,799	$556,000	new	+0.20 pp	new
KOCoca-Cola Company	0.19%	10,183	$534,000	added×2.2	+0.10 pp	4 q
CMCSAComcast Corp	0.19%	9,611	$537,000	added×2.3	+0.10 pp	4 q
STZConstellation Brands, Inc.	0.19%	2,508	$529,000	added×2.4	+0.10 pp	4 q
WUThe Western Union Company	0.19%	26,125	$528,000	new	+0.19 pp	new
MMM3M Company	0.17%	2,801	$491,000	added×2.3	+0.08 pp	4 q
SPYState Street SPDR S&P 500 ETF Trust	0.12%	815	$350,000	new	+0.12 pp	new
GOOGAlphabet Inc. Class C	0.10%	106	$283,000	trimmed−8%	−0.01 pp	4 q
IWRiShares Russell Mid-Cap ETF	0.07%	2,569	$201,000	held	—	8 q
IJRiShares Core S&P Small-Cap ETF	0.02%	424	$46,000	held	—	2 q
AGGiShares Core U.S. Aggregate Bond ETF	0.01%	281	$32,000	held	—	2 q
CSCOCisco Systems, Inc. (DE)	—	−114,012	—	exited	−2.30 pp	—
99803EURLaboratory Crp Of Amer Hldgs	—	−18,954	—	exited	−1.99 pp	—
unresolvedGeneral Electric Co	—	−18,379	—	exited	−0.09 pp	—