Hillman Capital

Q4 2022 13F · by Mark Hillman, CIO

As of: Dec 31, 2022
Filed: Feb 14, 2023
US stock: $255M · prev $241M
Positions: 52 · 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%

Moves53 since the prior filing

+3.1 pp in · −3.1 pp out

New 5 +3.37 pp
Added 4 −0.26 pp
Trimmed 43 −0.73 pp
Exited 1 −2.38 pp

The book

Focused · behaves like 37 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 16% a year, about 6.3 years per position

Low
Moderate
High

Top 5 positions18% of US stock

BUD Anheuser-Busch INBEV SA/NV trimmed+0.63 pp trimmed+0.633.6%
WFC Wells Fargo & Co. trimmed−0.21 pp trimmed−0.213.6%
BA Boeing Company trimmed+1.07 pp trimmed+1.073.6%
KHC The Kraft Heinz Company trimmed+0.38 pp trimmed+0.383.6%
CVS Cvs Health Corporation trimmed−0.31 pp trimmed−0.313.5%

Positions52 in this filing · 1 exited


BUDAnheuser-Busch INBEV SA/NV	3.63%	153,961	$9M	trimmed−4%	+0.63 pp	13 q
WFCWells Fargo & Co.	3.58%	220,580	$9M	trimmed−3%	−0.21 pp	13 q
BABoeing Company	3.57%	47,676	$9M	trimmed−4%	+1.07 pp	11 q
KHCThe Kraft Heinz Company	3.57%	223,350	$9M	trimmed−3%	+0.38 pp	13 q
CVSCvs Health Corporation	3.50%	95,635	$9M	trimmed−1%	−0.31 pp	13 q
SPGSimon Property Group, Inc.	3.41%	73,961	$9M	trimmed−3%	+0.57 pp	13 q
MSFTMicrosoft Corp	3.35%	35,544	$9M	trimmed−3%	−0.18 pp	13 q
KELKellanova	3.32%	118,720	$8M	trimmed−1%	−0.14 pp	13 q
GSKGSK plc	3.28%	237,879	$8M	trimmed−3%	+0.30 pp	2 q
BIIBBiogen Inc.	3.27%	30,076	$8M	trimmed−5%	−0.25 pp	13 q
EPDEnterprise Products Partners L.P.	3.25%	342,945	$8M	trimmed−1%	−0.16 pp	13 q
TAT&T Inc.	3.15%	435,411	$8M	trimmed−14%	−0.08 pp	13 q
DDDuPont de Nemours, Inc.	3.14%	116,324	$8M	trimmed−16%	+0.25 pp	13 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	2.92%	99,850	$7M	trimmed−2%	+0.01 pp	2 q
ASMLASML Holding NV	2.80%	13,047	$7M	trimmed−20%	0.00 pp	4 q
BNYBank of New York Mellon Corporation	2.73%	152,779	$7M	trimmed−1%	+0.27 pp	9 q
EMREmerson Electric Co.	2.73%	72,420	$7M	trimmed−1%	+0.51 pp	13 q
CMPCompass Minerals International, Inc.	2.66%	164,812	$7M	trimmed−3%	−0.07 pp	13 q
WBDWarner Bros. Discovery, Inc. Series A	2.64%	709,126	$7M	added+30%	+0.03 pp	3 q
BDXBecton, Dickinson and Co.	2.63%	26,335	$7M	trimmed−3%	+0.12 pp	12 q
ZBHZimmer Biomet Holdings, Inc.	2.43%	48,596	$6M	trimmed−17%	−0.13 pp	6 q
RTXRTX Corporation	2.41%	60,795	$6M	trimmed−16%	−0.06 pp	11 q
CAGConagra Brands, Inc.	2.37%	156,148	$6M	trimmed−21%	−0.32 pp	6 q
INTCIntel Corp	2.35%	226,245	$6M	trimmed−7%	−0.25 pp	13 q
LRCXLam Research Corp	2.29%	13,868	$6M	trimmed−3%	+0.11 pp	3 q
TROWT Rowe Price Group Inc	2.28%	53,279	$6M	trimmed−4%	−0.15 pp	4 q
DISThe Walt Disney Company	2.24%	65,744	$6M	new	+2.24 pp	new
CRMSalesforce, Inc.	2.13%	40,977	$5M	trimmed−4%	−0.41 pp	7 q
ADBEAdobe Inc.	2.11%	15,971	$5M	trimmed−5%	+0.18 pp	4 q
VZVerizon Communications	2.08%	134,329	$5M	trimmed−5%	−0.14 pp	13 q
GOOGLAlphabet Inc. Class A	2.04%	58,720	$5M	trimmed−4%	−0.39 pp	8 q
AMZNAmazon.Com Inc	1.98%	59,973	$5M	trimmed−6%	−1.03 pp	8 q
WUThe Western Union Company	1.92%	354,904	$5M	trimmed−4%	−0.14 pp	6 q
METAMeta Platforms, Inc. Class A	1.88%	39,708	$5M	added0%	−0.36 pp	13 q
JWNNordstrom, Inc.	1.65%	259,472	$4M	trimmed−6%	−0.26 pp	6 q
EFXEquifax, Incorporated	1.04%	13,575	$3M	trimmed−8%	−0.01 pp	4 q
SPYState Street SPDR S&P 500 ETF Trust	0.68%	4,511	$2M	new	+0.68 pp	new
EFAiShares MSCI EAFE ETF	0.61%	23,679	$2M	added+4%	+0.08 pp	13 q
BLQADBlackrock Inc	0.23%	816	$578,242	trimmed−10%	+0.02 pp	4 q
APDAir Products & Chemicals, Inc.	0.22%	1,789	$551,477	trimmed−29%	−0.02 pp	5 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.22%	1,071	$567,823	new	+0.22 pp	new
GEGE Aerospace	0.21%	6,457	$541,032	trimmed−42%	−0.07 pp	6 q
CMCSAComcast Corp	0.20%	14,910	$521,403	trimmed−29%	−0.06 pp	9 q
STZConstellation Brands, Inc.	0.20%	2,231	$517,034	trimmed−20%	−0.06 pp	9 q
NOWServicenow, Inc.	0.20%	1,314	$510,187	trimmed−18%	−0.05 pp	7 q
KMXCarMax Inc.	0.17%	7,302	$444,618	trimmed−18%	−0.07 pp	3 q
HDHome Depot, Inc.	0.17%	1,350	$426,411	new	+0.17 pp	new
MMM3M Company	0.16%	3,318	$397,895	trimmed−28%	−0.05 pp	9 q
MDTMedtronic plc	0.16%	5,244	$407,563	trimmed−28%	−0.08 pp	13 q
GOOGAlphabet Inc. Class C	0.08%	2,214	$196,448	added+2%	−0.01 pp	9 q
IWRiShares Russell Mid-Cap ETF	0.07%	2,675	$180,405	trimmed−0%	0.00 pp	13 q
IVViShares Core S&P 500 ETF	0.06%	395	$151,763	new	+0.06 pp	new
MRKMerck & Co., Inc.	—	−66,707	—	exited	−2.38 pp	—