Hillman Capital

Q3 2022 13F · by Mark Hillman, CIO

As of: Sep 30, 2022
Filed: Nov 14, 2022
US stock: $241M · prev $275M
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%

Moves50 since the prior filing

+8.4 pp in · −8.4 pp out

New 2 +5.89 pp
Added 37 +2.49 pp
Trimmed 9 −1.58 pp
Exited 2 −6.85 pp

The book

Focused · behaves like 36 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 32% a year, about 3.1 years per position

Low
Moderate
High

Top 5 positions18% of US stock

CVS Cvs Health Corporation trimmed+0.53 pp trimmed+0.533.8%
WFC Wells Fargo & Co. added+0.60 pp added+0.603.8%
MSFT Microsoft Corp added+0.17 pp added+0.173.5%
BIIB Biogen Inc. trimmed+0.33 pp trimmed+0.333.5%
KEL Kellanova trimmed−0.59 pp trimmed−0.593.5%

Positions48 in this filing · 2 exited


CVSCvs Health Corporation	3.81%	96,342	$9M	trimmed−1%	+0.53 pp	12 q
WFCWells Fargo & Co.	3.79%	227,222	$9M	added+1%	+0.60 pp	12 q
MSFTMicrosoft Corp	3.53%	36,470	$8M	added+1%	+0.17 pp	12 q
BIIBBiogen Inc.	3.52%	31,754	$8M	trimmed−26%	+0.33 pp	12 q
KELKellanova	3.46%	119,783	$8M	trimmed−23%	−0.59 pp	12 q
EPDEnterprise Products Partners L.P.	3.41%	345,790	$8M	trimmed−9%	+0.05 pp	12 q
TAT&T Inc.	3.23%	506,682	$8M	added+1%	−0.57 pp	12 q
KHCThe Kraft Heinz Company	3.19%	230,653	$8M	trimmed−15%	−0.59 pp	12 q
AMZNAmazon.Com Inc	3.01%	64,109	$7M	added+3%	+0.60 pp	7 q
BUDAnheuser-Busch INBEV SA/NV	3.00%	160,207	$7M	added+1%	−0.10 pp	12 q
GSKGSK plc	2.98%	243,978	$7M	new	+2.98 pp	new
TSMTaiwan Semiconductor Manufacturing Company Ltd.	2.91%	102,336	$7M	new	+2.91 pp	new
DDDuPont de Nemours, Inc.	2.89%	138,017	$7M	added+2%	+0.15 pp	12 q
SPGSimon Property Group, Inc.	2.84%	76,237	$7M	added+2%	+0.27 pp	12 q
ASMLASML Holding NV	2.80%	16,219	$7M	added+2%	+0.04 pp	3 q
CMPCompass Minerals International, Inc.	2.73%	170,760	$7M	added+8%	+0.70 pp	12 q
CAGConagra Brands, Inc.	2.69%	198,589	$6M	trimmed−11%	−0.08 pp	5 q
WBDWarner Bros. Discovery, Inc. Series A	2.61%	547,333	$6M	added+9%	+0.17 pp	2 q
INTCIntel Corp	2.60%	243,439	$6M	added+20%	−0.15 pp	12 q
ZBHZimmer Biomet Holdings, Inc.	2.56%	58,898	$6M	added+1%	+0.33 pp	5 q
CRMSalesforce, Inc.	2.54%	42,553	$6M	added+1%	+0.01 pp	6 q
BDXBecton, Dickinson and Co.	2.51%	27,096	$6M	added+1%	+0.10 pp	11 q
BABoeing Company	2.50%	49,794	$6M	added+1%	+0.06 pp	10 q
RTXRTX Corporation	2.47%	72,544	$6M	trimmed−2%	−0.11 pp	10 q
BNYBank of New York Mellon Corporation	2.46%	154,085	$6M	added+1%	+0.14 pp	8 q
GOOGLAlphabet Inc. Class A	2.43%	61,172	$6M	added+1%	+0.03 pp	7 q
TROWT Rowe Price Group Inc	2.43%	55,756	$6M	added+1%	+0.14 pp	3 q
MRKMerck & Co., Inc.	2.38%	66,707	$6M	trimmed−32%	−0.87 pp	12 q
METAMeta Platforms, Inc. Class A	2.24%	39,702	$5M	added+1%	−0.06 pp	12 q
EMREmerson Electric Co.	2.22%	73,088	$5M	added+1%	+0.12 pp	12 q
VZVerizon Communications	2.22%	140,906	$5M	added+1%	−0.36 pp	12 q
LRCXLam Research Corp	2.18%	14,350	$5M	trimmed−9%	−0.25 pp	2 q
WUThe Western Union Company	2.06%	368,419	$5M	added+1%	−0.13 pp	5 q
ADBEAdobe Inc.	1.93%	16,896	$5M	added+4%	−0.24 pp	3 q
JWNNordstrom, Inc.	1.91%	275,473	$5M	added+2%	−0.17 pp	5 q
EFXEquifax, Incorporated	1.05%	14,698	$3M	added+11%	+0.17 pp	3 q
EFAiShares MSCI EAFE ETF	0.53%	22,661	$1M	added+3%	+0.03 pp	12 q
GEGE Aerospace	0.28%	11,075	$686,000	added+63%	+0.12 pp	5 q
CMCSAComcast Corp	0.26%	21,024	$617,000	added+78%	+0.09 pp	8 q
STZConstellation Brands, Inc.	0.26%	2,779	$638,000	added+4%	+0.03 pp	8 q
NOWServicenow, Inc.	0.25%	1,604	$606,000	added+40%	+0.05 pp	6 q
APDAir Products & Chemicals, Inc.	0.24%	2,532	$589,000	added+3%	+0.02 pp	4 q
KMXCarMax Inc.	0.24%	8,911	$589,000	added+41%	+0.03 pp	2 q
MDTMedtronic plc	0.24%	7,235	$584,000	added+6%	+0.02 pp	12 q
BLQADBlackrock Inc	0.21%	902	$496,000	added+9%	+0.03 pp	3 q
MMM3M Company	0.21%	4,597	$508,000	added+30%	+0.04 pp	8 q
GOOGAlphabet Inc. Class C	0.09%	2,163	$208,000	added+1%	0.00 pp	8 q
IWRiShares Russell Mid-Cap ETF	0.07%	2,687	$167,000	added+3%	+0.01 pp	12 q
unresolvedGlaxosmithkline PLC	—	−236,834	—	exited	−3.75 pp	—
PAAPlains All American Pipeline, L.P. Common Units representing Limited Partner Interests	—	−868,298	—	exited	−3.10 pp	—