Hillman Capital

Q2 2023 13F · by Mark Hillman, CIO

As of: Jun 30, 2023
Filed: Aug 14, 2023
US stock: $283M · prev $264M
Positions: 55 · prev 52
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

+2.9 pp in · −3.0 pp out

New 3 +2.49 pp
Added 12 +0.46 pp
Trimmed 36 −2.99 pp
Exited 0 0.00 pp

The book

Focused · behaves like 37 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 7.2% a year, about 13.8 years per position

Low
Moderate
High

Top 5 positions18% of US stock

MSFT Microsoft Corp trimmed+0.34 pp trimmed+0.344.2%
AMZN Amazon.Com Inc trimmed+0.48 pp trimmed+0.483.6%
TSM Taiwan Semiconductor Manufacturing Company Ltd. added+0.04 pp added+0.043.5%
WFC Wells Fargo & Co. trimmed+0.20 pp trimmed+0.203.3%
ASML ASML Holding NV trimmed−0.04 pp trimmed−0.043.3%

Positions55 in this filing · 0 exited


MSFTMicrosoft Corp	4.20%	34,972	$12M	trimmed−1%	+0.34 pp	15 q
AMZNAmazon.Com Inc	3.60%	78,242	$10M	trimmed−2%	+0.48 pp	10 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	3.53%	99,158	$10M	added0%	+0.04 pp	4 q
WFCWells Fargo & Co.	3.30%	218,913	$9M	trimmed−0%	+0.20 pp	15 q
ASMLASML Holding NV	3.30%	12,918	$9M	trimmed−0%	−0.04 pp	6 q
EPDEnterprise Products Partners L.P.	3.15%	339,224	$9M	trimmed−0%	−0.19 pp	15 q
WBDWarner Bros. Discovery, Inc. Series A	3.07%	693,388	$9M	added+24%	−0.13 pp	5 q
LRCXLam Research Corp	3.06%	13,493	$9M	trimmed−2%	+0.30 pp	5 q
BUDAnheuser-Busch INBEV SA/NV	3.02%	150,676	$9M	trimmed−2%	−0.86 pp	15 q
SPGSimon Property Group, Inc.	3.00%	73,696	$9M	trimmed−0%	−0.12 pp	15 q
METAMeta Platforms, Inc. Class A	2.99%	29,492	$8M	trimmed−3%	+0.56 pp	15 q
BIIBBiogen Inc.	2.96%	29,411	$8M	trimmed−0%	−0.15 pp	15 q
GSKGSK plc	2.95%	234,681	$8M	trimmed−1%	−0.25 pp	4 q
BABoeing Company	2.92%	39,196	$8M	trimmed−0%	−0.24 pp	13 q
DDDuPont de Nemours, Inc.	2.91%	115,449	$8M	trimmed−0%	−0.24 pp	15 q
CMPCompass Minerals International, Inc.	2.90%	242,010	$8M	added+15%	+0.17 pp	15 q
KELKellanova	2.84%	119,338	$8M	added0%	−0.18 pp	15 q
INTCIntel Corp	2.83%	239,926	$8M	trimmed−2%	−0.18 pp	15 q
KHCThe Kraft Heinz Company	2.78%	222,134	$8M	trimmed−0%	−0.48 pp	15 q
ADBEAdobe Inc.	2.72%	15,785	$8M	trimmed−3%	+0.36 pp	6 q
ZBHZimmer Biomet Holdings, Inc.	2.48%	48,266	$7M	trimmed−0%	+0.11 pp	8 q
GOOGLAlphabet Inc. Class A	2.46%	58,268	$7M	trimmed−0%	+0.16 pp	10 q
BDXBecton, Dickinson and Co.	2.44%	26,138	$7M	trimmed−0%	−0.02 pp	14 q
TAT&T Inc.	2.39%	424,847	$7M	trimmed−2%	−0.77 pp	15 q
WUThe Western Union Company	2.37%	572,284	$7M	added+28%	+0.48 pp	8 q
CVSCvs Health Corporation	2.33%	95,695	$7M	trimmed−1%	−0.38 pp	15 q
EMREmerson Electric Co.	2.30%	71,940	$7M	trimmed−0%	−0.08 pp	15 q
JWNNordstrom, Inc.	2.26%	312,858	$6M	added+16%	+0.60 pp	8 q
VZVerizon Communications	2.19%	166,639	$6M	added+20%	+0.15 pp	15 q
TROWT Rowe Price Group Inc	2.16%	54,635	$6M	added+1%	−0.15 pp	6 q
CRMSalesforce, Inc.	2.11%	28,335	$6M	trimmed−32%	−1.02 pp	9 q
DISThe Walt Disney Company	2.06%	65,286	$6M	trimmed−0%	−0.42 pp	3 q
IFFInternational Flavors & Fragrances Inc.	2.05%	73,000	$6M	new	+2.05 pp	new
BNYBank of New York Mellon Corporation	1.87%	118,699	$5M	added0%	−0.17 pp	11 q
CAGConagra Brands, Inc.	1.85%	155,850	$5M	added0%	−0.36 pp	8 q
EFXEquifax, Incorporated	1.10%	13,290	$3M	trimmed−1%	+0.07 pp	6 q
EFAiShares MSCI EAFE ETF	0.60%	23,477	$2M	trimmed−2%	−0.05 pp	15 q
RSPInvesco S&P 500 Equal Weight ETF	0.35%	6,563	$982,087	new	+0.35 pp	new
KMXCarMax Inc.	0.23%	7,672	$642,147	trimmed−3%	+0.04 pp	5 q
GEGE Aerospace	0.21%	5,387	$591,762	trimmed−20%	−0.03 pp	8 q
APDAir Products & Chemicals, Inc.	0.20%	1,856	$555,927	added+9%	+0.01 pp	7 q
CMCSAComcast Corp	0.20%	13,729	$570,440	trimmed−4%	0.00 pp	11 q
NOWServicenow, Inc.	0.20%	1,026	$576,581	trimmed−20%	−0.03 pp	9 q
STZConstellation Brands, Inc.	0.19%	2,178	$536,071	trimmed−3%	0.00 pp	11 q
RTXRTX Corporation	0.19%	5,361	$525,164	trimmed−3%	−0.02 pp	13 q
MDTMedtronic plc	0.19%	6,028	$531,067	trimmed−3%	0.00 pp	15 q
BLQADBlackrock Inc	0.18%	752	$519,737	trimmed−4%	−0.02 pp	6 q
MMM3M Company	0.17%	4,832	$483,635	added+11%	0.00 pp	11 q
HDHome Depot, Inc.	0.11%	1,000	$310,640	held	—	3 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.11%	671	$322,509	held	—	3 q
GOOGAlphabet Inc. Class C	0.09%	2,187	$264,561	trimmed−21%	−0.02 pp	11 q
IYWiShares U.S. Technology ETF	0.09%	2,250	$244,958	new	+0.09 pp	new
SYKStryker Corporation	0.09%	800	$244,072	held	—	2 q
IWRiShares Russell Mid-Cap ETF	0.07%	2,674	$195,296	trimmed−1%	0.00 pp	15 q
IVViShares Core S&P 500 ETF	0.06%	398	$177,393	held	—	3 q