Hillman Capital

Q4 2021 13F · by Mark Hillman, CIO

As of: Dec 31, 2021
Filed: Feb 14, 2022
US stock: $291M · prev $285M
Positions: 54 · prev 51
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%

Moves58 since the prior filing

+5.9 pp in · −6.0 pp out

New 7 +0.22 pp
Added 5 +5.67 pp
Trimmed 42 −3.07 pp
Exited 4 −2.91 pp

The book

Focused · behaves like 35 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 24% a year, about 4.2 years per position

Low
Moderate
High

Top 5 positions19% of US stock

SPG Simon Property Group, Inc. trimmed+0.41 pp trimmed+0.414.0%
CVS Cvs Health Corporation trimmed+0.51 pp trimmed+0.513.9%
WFC Wells Fargo & Co. trimmed−0.10 pp trimmed−0.103.8%
MSFT Microsoft Corp trimmed+0.26 pp trimmed+0.263.6%
unresolved Glaxosmithkline PLC trimmed+0.29 pp trimmed+0.293.5%

Positions54 in this filing · 4 exited


SPGSimon Property Group, Inc.	4.01%	73,088	$12M	trimmed−7%	+0.41 pp	9 q
CVSCvs Health Corporation	3.87%	109,098	$11M	trimmed−3%	+0.51 pp	9 q
WFCWells Fargo & Co.	3.77%	228,546	$11M	trimmed−4%	−0.10 pp	9 q
MSFTMicrosoft Corp	3.61%	31,264	$11M	trimmed−8%	+0.26 pp	9 q
unresolvedGlaxosmithkline PLC	3.53%	233,099	$10M	trimmed−4%	+0.29 pp	5 q
DDDuPont de Nemours, Inc.	3.51%	126,420	$10M	trimmed−3%	+0.38 pp	9 q
AMZNAmazon.Com Inc	3.42%	2,983	$10M	trimmed−3%	−0.14 pp	4 q
KELKellanova	3.38%	152,591	$10M	trimmed−3%	−0.15 pp	9 q
KHCThe Kraft Heinz Company	3.30%	267,719	$10M	trimmed−3%	−0.27 pp	9 q
XOMExxon Mobil Corp	3.27%	155,605	$10M	trimmed−5%	−0.11 pp	9 q
EPDEnterprise Products Partners L.P.	3.15%	417,790	$9M	trimmed−4%	−0.14 pp	9 q
BABoeing Company	3.06%	44,235	$9M	trimmed−4%	−0.51 pp	7 q
BUDAnheuser-Busch INBEV SA/NV	3.02%	145,234	$9M	trimmed−6%	−0.04 pp	9 q
GOOGLAlphabet Inc. Class A	2.99%	3,000	$9M	trimmed−0%	+0.16 pp	4 q
INTCIntel Corp	2.94%	165,978	$9M	trimmed−3%	−0.25 pp	9 q
BMYBristol-Myers Squibb Co.	2.87%	133,937	$8M	trimmed−3%	0.00 pp	9 q
BNYBank of New York Mellon Corporation	2.86%	143,271	$8M	trimmed−1%	+0.23 pp	5 q
RTXRTX Corporation	2.79%	94,439	$8M	trimmed−1%	−0.08 pp	7 q
PAAPlains All American Pipeline, L.P. Common Units representing Limited Partner Interests	2.77%	863,957	$8M	trimmed−3%	−0.42 pp	8 q
TAT&T Inc.	2.69%	317,753	$8M	trimmed−2%	−0.38 pp	9 q
MRKMerck & Co., Inc.	2.60%	98,696	$8M	trimmed−1%	−0.03 pp	9 q
METAMeta Platforms, Inc. Class A	2.46%	21,233	$7M	trimmed−1%	−0.09 pp	9 q
VZVerizon Communications	2.46%	137,632	$7M	trimmed−0%	−0.16 pp	9 q
CMPCompass Minerals International, Inc.	2.45%	139,757	$7M	trimmed−5%	−0.88 pp	9 q
GDGeneral Dynamics Corporation	2.42%	33,723	$7M	trimmed−1%	+0.08 pp	6 q
WEPMagellan Midstream Partners	2.38%	149,127	$7M	trimmed−1%	−0.02 pp	4 q
BDXBecton, Dickinson and Co.	2.30%	26,559	$7M	trimmed−1%	−0.01 pp	8 q
EMREmerson Electric Co.	2.28%	71,383	$7M	trimmed−1%	−0.10 pp	9 q
ZBHZimmer Biomet Holdings, Inc.	2.25%	51,488	$7M	added×13.6	+2.05 pp	2 q
BIIBBiogen Inc.	2.24%	27,191	$7M	trimmed−4%	−0.57 pp	9 q
WUThe Western Union Company	2.23%	363,349	$6M	added×13.9	+2.04 pp	2 q
JWNNordstrom, Inc.	2.07%	266,308	$6M	trimmed−1%	−0.42 pp	2 q
DISCADiscovery, Inc. Series A	1.99%	246,363	$6M	trimmed−0%	−0.21 pp	3 q
CAGConagra Brands, Inc.	1.45%	123,683	$4M	added×7.5	+1.25 pp	2 q
LMTLockheed Martin Corp.	0.84%	6,862	$2M	trimmed−11%	−0.09 pp	5 q
EFAiShares MSCI EAFE ETF	0.49%	18,258	$1M	added+9%	+0.03 pp	9 q
SPYState Street SPDR S&P 500 ETF Trust	0.42%	2,591	$1M	added×3.2	+0.30 pp	2 q
APDAir Products & Chemicals, Inc.	0.20%	1,943	$591,000	new	+0.20 pp	new
STZConstellation Brands, Inc.	0.20%	2,298	$577,000	trimmed−8%	+0.01 pp	5 q
MDTMedtronic plc	0.20%	5,622	$582,000	trimmed−4%	−0.06 pp	9 q
KOCoca-Cola Company	0.19%	9,106	$539,000	trimmed−11%	0.00 pp	5 q
NOWServicenow, Inc.	0.19%	863	$560,000	trimmed−8%	−0.02 pp	3 q
CRMSalesforce, Inc.	0.17%	1,949	$495,000	trimmed−16%	−0.05 pp	3 q
CMCSAComcast Corp	0.16%	9,059	$456,000	trimmed−6%	−0.03 pp	5 q
GEGE Aerospace	0.16%	4,936	$466,000	trimmed−13%	−0.05 pp	2 q
MMM3M Company	0.16%	2,602	$462,000	trimmed−7%	−0.01 pp	5 q
GOOGAlphabet Inc. Class C	0.09%	95	$275,000	trimmed−10%	−0.01 pp	5 q
IWRiShares Russell Mid-Cap ETF	0.07%	2,567	$213,000	trimmed−0%	0.00 pp	9 q
IWDiShares Russell 1000 Value ETF	0.01%	154	$26,000	new	+0.01 pp	new
IWFiShares Russell 1000 Growth ETF	0.01%	53	$16,000	new	+0.01 pp	new
EEMiShares MSCI Emerging Markets ETF	0.00%	250	$12,000	new	0.00 pp	new
IWSiShares Russell Mid-Cap Value ETF	0.00%	44	$5,000	new	0.00 pp	new
IWPiShares Russell Mid-Cap Growth ETF	0.00%	33	$4,000	new	0.00 pp	new
IWNiShares Russell 2000 Value ETF	0.00%	17	$3,000	new	0.00 pp	new
PFEPfizer Inc.	—	−176,532	—	exited	−2.67 pp	—
MARMarriott International Class A	—	−3,990	—	exited	−0.21 pp	—
IJRiShares Core S&P Small-Cap ETF	—	−424	—	exited	−0.02 pp	—
AGGiShares Core U.S. Aggregate Bond ETF	—	−281	—	exited	−0.01 pp	—