Hillman Capital

Q1 2022 13F · by Mark Hillman, CIO

As of: Mar 31, 2022
Filed: May 16, 2022
US stock: $315M · prev $291M
Positions: 48 · prev 54
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%

Moves59 since the prior filing

+10.0 pp in · −9.9 pp out

New 5 +9.23 pp
Added 37 +0.72 pp
Trimmed 6 −2.76 pp
Exited 11 −7.16 pp

The book

Focused · behaves like 37 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 35% a year, about 2.9 years per position

Low
Moderate
High

Top 5 positions16% of US stock

KHC The Kraft Heinz Company added+0.09 pp added+0.093.4%
unresolved Glaxosmithkline PLC added−0.27 pp added−0.273.3%
KEL Kellanova added−0.20 pp added−0.203.2%
BMY Bristol-Myers Squibb Co. added+0.28 pp added+0.283.1%
AMZN Amazon.Com Inc added−0.28 pp added−0.283.1%

Positions48 in this filing · 11 exited


KHCThe Kraft Heinz Company	3.39%	271,223	$11M	added+1%	+0.09 pp	10 q
unresolvedGlaxosmithkline PLC	3.26%	235,689	$10M	added+1%	−0.27 pp	6 q
KELKellanova	3.18%	155,387	$10M	added+2%	−0.20 pp	10 q
BMYBristol-Myers Squibb Co.	3.15%	135,731	$10M	added+1%	+0.28 pp	10 q
AMZNAmazon.Com Inc	3.14%	3,033	$10M	added+2%	−0.28 pp	5 q
CVSCvs Health Corporation	3.13%	97,483	$10M	trimmed−11%	−0.74 pp	10 q
MSFTMicrosoft Corp	3.12%	31,834	$10M	added+2%	−0.49 pp	10 q
EPDEnterprise Products Partners L.P.	3.09%	377,588	$10M	trimmed−10%	−0.06 pp	10 q
ASMLASML Holding NV	3.09%	14,591	$10M	new	+3.09 pp	new
SPGSimon Property Group, Inc.	3.08%	73,740	$10M	added+1%	−0.93 pp	10 q
WFCWells Fargo & Co.	3.06%	198,908	$10M	trimmed−13%	−0.71 pp	10 q
CMPCompass Minerals International, Inc.	3.04%	152,587	$10M	added+9%	+0.59 pp	10 q
DDDuPont de Nemours, Inc.	2.99%	127,870	$9M	added+1%	−0.52 pp	10 q
BUDAnheuser-Busch INBEV SA/NV	2.97%	155,584	$9M	added+7%	−0.05 pp	10 q
PAAPlains All American Pipeline, L.P. Common Units representing Limited Partner Interests	2.95%	863,795	$9M	trimmed−0%	+0.18 pp	9 q
BIIBBiogen Inc.	2.85%	42,679	$9M	added+57%	+0.61 pp	10 q
BABoeing Company	2.83%	46,598	$9M	added+5%	−0.23 pp	8 q
INTCIntel Corp	2.79%	177,512	$9M	added+7%	−0.15 pp	10 q
GOOGLAlphabet Inc. Class A	2.67%	3,024	$8M	added+1%	−0.32 pp	5 q
TROWT Rowe Price Group Inc	2.64%	55,026	$8M	new	+2.64 pp	new
TAT&T Inc.	2.62%	349,277	$8M	added+10%	−0.07 pp	10 q
MRKMerck & Co., Inc.	2.59%	99,499	$8M	added+1%	−0.01 pp	10 q
METAMeta Platforms, Inc. Class A	2.43%	34,377	$8M	added+62%	−0.03 pp	10 q
CAGConagra Brands, Inc.	2.36%	221,717	$7M	added+79%	+0.91 pp	3 q
ADBEAdobe Inc.	2.34%	16,179	$7M	new	+2.34 pp	new
WEPMagellan Midstream Partners	2.34%	150,465	$7M	added+1%	−0.04 pp	5 q
JWNNordstrom, Inc.	2.32%	269,368	$7M	added+1%	+0.25 pp	3 q
RTXRTX Corporation	2.31%	73,571	$7M	trimmed−22%	−0.48 pp	8 q
CRMSalesforce, Inc.	2.28%	33,815	$7M	added×17.3	+2.11 pp	4 q
BDXBecton, Dickinson and Co.	2.26%	26,796	$7M	added+1%	−0.04 pp	9 q
VZVerizon Communications	2.25%	139,052	$7M	added+1%	−0.21 pp	10 q
EMREmerson Electric Co.	2.24%	72,011	$7M	added+1%	−0.04 pp	10 q
WUThe Western Union Company	2.16%	363,669	$7M	added0%	−0.07 pp	3 q
ZBHZimmer Biomet Holdings, Inc.	2.12%	52,301	$7M	added+2%	−0.13 pp	3 q
DISCADiscovery, Inc. Series A	1.97%	248,490	$6M	added+1%	−0.02 pp	4 q
BNYBank of New York Mellon Corporation	1.91%	121,414	$6M	trimmed−15%	−0.95 pp	6 q
EFXEquifax, Incorporated	0.97%	12,884	$3M	new	+0.97 pp	new
EFAiShares MSCI EAFE ETF	0.49%	21,060	$2M	added+15%	0.00 pp	10 q
MDTMedtronic plc	0.22%	6,383	$708,000	added+14%	+0.02 pp	10 q
BLQADBlackrock Inc	0.19%	763	$583,000	new	+0.19 pp	new
STZConstellation Brands, Inc.	0.19%	2,580	$594,000	added+12%	−0.01 pp	6 q
APDAir Products & Chemicals, Inc.	0.18%	2,289	$572,000	added+18%	−0.02 pp	2 q
NOWServicenow, Inc.	0.18%	1,003	$558,000	added+16%	−0.01 pp	4 q
GEGE Aerospace	0.17%	5,790	$530,000	added+17%	+0.01 pp	3 q
CMCSAComcast Corp	0.16%	10,800	$506,000	added+19%	0.00 pp	6 q
MMM3M Company	0.16%	3,280	$489,000	added+26%	0.00 pp	6 q
GOOGAlphabet Inc. Class C	0.09%	98	$274,000	added+3%	0.00 pp	6 q
IWRiShares Russell Mid-Cap ETF	0.06%	2,570	$201,000	added0%	−0.01 pp	10 q
XOMExxon Mobil Corp	—	−155,605	—	exited	−3.27 pp	—
GDGeneral Dynamics Corporation	—	−33,723	—	exited	−2.42 pp	—
LMTLockheed Martin Corp.	—	−6,862	—	exited	−0.84 pp	—
SPYState Street SPDR S&P 500 ETF Trust	—	−2,591	—	exited	−0.42 pp	—
KOCoca-Cola Company	—	−9,106	—	exited	−0.19 pp	—
IWDiShares Russell 1000 Value ETF	—	−154	—	exited	−0.01 pp	—
IWFiShares Russell 1000 Growth ETF	—	−53	—	exited	−0.01 pp	—
EEMiShares MSCI Emerging Markets ETF	—	−250	—	exited	0.00 pp	—
IWSiShares Russell Mid-Cap Value ETF	—	−44	—	exited	0.00 pp	—
IWPiShares Russell Mid-Cap Growth ETF	—	−33	—	exited	0.00 pp	—
IWNiShares Russell 2000 Value ETF	—	−17	—	exited	0.00 pp	—