Hillman Capital

Q2 2022 13F · by Mark Hillman, CIO

As of: Jun 30, 2022
Filed: Aug 15, 2022
US stock: $275M · prev $315M
Positions: 48 · 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

+6.7 pp in · −6.7 pp out

New 3 +5.08 pp
Added 43 +1.61 pp
Trimmed 2 +0.81 pp
Exited 3 −7.46 pp

The book

Focused · behaves like 36 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 34% a year, about 2.9 years per position

Low
Moderate
High

Top 5 positions19% of US stock

KEL Kellanova added+0.87 pp added+0.874.0%
T AT&T Inc. added+1.18 pp added+1.183.8%
KHC The Kraft Heinz Company added+0.39 pp added+0.393.8%
unresolved Glaxosmithkline PLC added+0.49 pp added+0.493.8%
EPD Enterprise Products Partners L.P. added+0.27 pp added+0.273.4%

Positions48 in this filing · 3 exited


KELKellanova	4.05%	156,217	$11M	added+1%	+0.87 pp	11 q
TAT&T Inc.	3.80%	499,646	$10M	added+43%	+1.18 pp	11 q
KHCThe Kraft Heinz Company	3.78%	272,500	$10M	added0%	+0.39 pp	11 q
unresolvedGlaxosmithkline PLC	3.75%	236,834	$10M	added0%	+0.49 pp	7 q
EPDEnterprise Products Partners L.P.	3.36%	379,108	$9M	added0%	+0.27 pp	11 q
MSFTMicrosoft Corp	3.36%	36,047	$9M	added+13%	+0.24 pp	11 q
CVSCvs Health Corporation	3.28%	97,310	$9M	trimmed−0%	+0.15 pp	11 q
MRKMerck & Co., Inc.	3.25%	98,114	$9M	trimmed−1%	+0.66 pp	11 q
BIIBBiogen Inc.	3.19%	43,019	$9M	added+1%	+0.34 pp	11 q
WFCWells Fargo & Co.	3.19%	224,509	$9M	added+13%	+0.13 pp	11 q
BUDAnheuser-Busch INBEV SA/NV	3.10%	158,102	$9M	added+2%	+0.13 pp	11 q
PAAPlains All American Pipeline, L.P. Common Units representing Limited Partner Interests	3.10%	868,298	$9M	added+1%	+0.15 pp	10 q
CAGConagra Brands, Inc.	2.77%	223,016	$8M	added+1%	+0.41 pp	4 q
ASMLASML Holding NV	2.76%	15,953	$8M	added+9%	−0.33 pp	2 q
INTCIntel Corp	2.75%	202,473	$8M	added+14%	−0.04 pp	11 q
DDDuPont de Nemours, Inc.	2.74%	135,780	$8M	added+6%	−0.25 pp	11 q
RTXRTX Corporation	2.58%	73,993	$7M	added+1%	+0.27 pp	9 q
VZVerizon Communications	2.58%	139,926	$7M	added+1%	+0.33 pp	11 q
SPGSimon Property Group, Inc.	2.57%	74,661	$7M	added+1%	−0.51 pp	11 q
CRMSalesforce, Inc.	2.53%	42,242	$7M	added+25%	+0.25 pp	5 q
BABoeing Company	2.44%	49,062	$7M	added+5%	−0.39 pp	9 q
WBDWarner Bros. Discovery, Inc. Series A	2.44%	500,844	$7M	new	+2.44 pp	new
LRCXLam Research Corp	2.43%	15,688	$7M	new	+2.43 pp	new
AMZNAmazon.Com Inc	2.41%	62,398	$7M	added+3%	−0.73 pp	6 q
BDXBecton, Dickinson and Co.	2.41%	26,958	$7M	added+1%	+0.15 pp	10 q
GOOGLAlphabet Inc. Class A	2.40%	3,036	$7M	added0%	−0.27 pp	6 q
BNYBank of New York Mellon Corporation	2.32%	152,965	$6M	added+26%	+0.41 pp	7 q
METAMeta Platforms, Inc. Class A	2.30%	39,327	$6M	added+14%	−0.13 pp	11 q
TROWT Rowe Price Group Inc	2.29%	55,386	$6M	added+1%	−0.35 pp	2 q
ZBHZimmer Biomet Holdings, Inc.	2.23%	58,508	$6M	added+12%	+0.11 pp	4 q
WUThe Western Union Company	2.19%	365,653	$6M	added+1%	+0.03 pp	4 q
ADBEAdobe Inc.	2.17%	16,303	$6M	added+1%	−0.17 pp	2 q
EMREmerson Electric Co.	2.10%	72,518	$6M	added+1%	−0.14 pp	11 q
JWNNordstrom, Inc.	2.08%	270,421	$6M	added0%	−0.24 pp	4 q
CMPCompass Minerals International, Inc.	2.03%	157,946	$6M	added+4%	−1.01 pp	11 q
EFXEquifax, Incorporated	0.88%	13,299	$2M	added+3%	−0.09 pp	2 q
EFAiShares MSCI EAFE ETF	0.50%	21,983	$1M	added+4%	+0.01 pp	11 q
STZConstellation Brands, Inc.	0.23%	2,680	$625,000	added+4%	+0.04 pp	7 q
APDAir Products & Chemicals, Inc.	0.22%	2,463	$592,000	added+8%	+0.04 pp	3 q
MDTMedtronic plc	0.22%	6,803	$611,000	added+7%	0.00 pp	11 q
KMXCarMax Inc.	0.21%	6,323	$572,000	new	+0.21 pp	new
NOWServicenow, Inc.	0.20%	1,149	$546,000	added+15%	+0.02 pp	5 q
BLQADBlackrock Inc	0.18%	830	$505,000	added+9%	−0.01 pp	2 q
CMCSAComcast Corp	0.17%	11,780	$462,000	added+9%	+0.01 pp	7 q
MMM3M Company	0.17%	3,536	$458,000	added+8%	+0.01 pp	7 q
GEGE Aerospace	0.16%	6,788	$432,000	added+17%	−0.01 pp	4 q
GOOGAlphabet Inc. Class C	0.09%	107	$234,000	added+9%	0.00 pp	7 q
IWRiShares Russell Mid-Cap ETF	0.06%	2,602	$168,000	added+1%	0.00 pp	11 q
BMYBristol-Myers Squibb Co.	—	−135,731	—	exited	−3.15 pp	—
WEPMagellan Midstream Partners	—	−150,465	—	exited	−2.34 pp	—
DISCADiscovery, Inc. Series A	—	−248,490	—	exited	−1.97 pp	—