Hillman Capital

Q3 2023 13F · by Mark Hillman, CIO

As of: Sep 30, 2023
Filed: Nov 14, 2023
US stock: $260M · prev $283M
Positions: 53 · prev 55
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

+9.5 pp in · −9.5 pp out

New 2 +5.18 pp
Added 13 +4.34 pp
Trimmed 34 −3.05 pp
Exited 4 −6.49 pp

The book

Focused · behaves like 36 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 39% a year, about 2.6 years per position

Low
Moderate
High

Top 5 positions17% of US stock

Positions53 in this filing · 4 exited


MSFTMicrosoft Corp	4.02%	33,052	$10M	trimmed−5%	−0.18 pp	16 q
BIIBBiogen Inc.	3.39%	34,306	$9M	added+17%	+0.43 pp	16 q
WFCWells Fargo & Co.	3.32%	211,236	$9M	trimmed−4%	+0.02 pp	16 q
IFFInternational Flavors & Fragrances Inc.	3.29%	125,277	$9M	added+72%	+1.24 pp	2 q
GSKGSK plc	3.25%	232,864	$8M	trimmed−1%	+0.30 pp	5 q
INTCIntel Corp	3.22%	235,505	$8M	trimmed−2%	+0.39 pp	16 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	3.21%	96,022	$8M	trimmed−3%	−0.32 pp	5 q
DDDuPont de Nemours, Inc.	3.20%	111,301	$8M	trimmed−4%	+0.29 pp	16 q
BAXBaxter International Inc.	3.19%	219,248	$8M	new	+3.19 pp	new
BUDAnheuser-Busch INBEV SA/NV	3.18%	149,299	$8M	trimmed−1%	+0.16 pp	16 q
BABoeing Company	3.15%	42,643	$8M	added+9%	+0.23 pp	14 q
KHCThe Kraft Heinz Company	3.04%	234,538	$8M	added+6%	+0.26 pp	16 q
CVSCvs Health Corporation	3.02%	112,308	$8M	added+17%	+0.69 pp	16 q
ADBEAdobe Inc.	2.98%	15,203	$8M	trimmed−4%	+0.26 pp	7 q
WBDWarner Bros. Discovery, Inc. Series A	2.96%	708,043	$8M	added+2%	−0.11 pp	6 q
TAT&T Inc.	2.95%	510,611	$8M	added+20%	+0.56 pp	16 q
SPGSimon Property Group, Inc.	2.95%	70,903	$8M	trimmed−4%	−0.05 pp	16 q
AMZNAmazon.Com Inc	2.92%	59,757	$8M	trimmed−24%	−0.68 pp	11 q
ASMLASML Holding NV	2.83%	12,480	$7M	trimmed−3%	−0.47 pp	7 q
GOOGLAlphabet Inc. Class A	2.82%	56,000	$7M	trimmed−4%	+0.36 pp	11 q
WUThe Western Union Company	2.80%	552,494	$7M	trimmed−3%	+0.43 pp	9 q
KELKellanova	2.65%	115,559	$7M	trimmed−3%	−0.19 pp	16 q
EMREmerson Electric Co.	2.56%	68,983	$7M	trimmed−4%	+0.26 pp	16 q
BDXBecton, Dickinson and Co.	2.49%	25,055	$6M	trimmed−4%	+0.05 pp	15 q
DISThe Walt Disney Company	2.38%	76,166	$6M	added+17%	+0.32 pp	4 q
METAMeta Platforms, Inc. Class A	2.38%	20,552	$6M	trimmed−30%	−0.61 pp	16 q
VZVerizon Communications	2.29%	183,803	$6M	added+10%	+0.10 pp	16 q
BNYBank of New York Mellon Corporation	2.24%	136,358	$6M	added+15%	+0.37 pp	12 q
LRCXLam Research Corp	2.19%	9,085	$6M	trimmed−33%	−0.87 pp	6 q
CRMSalesforce, Inc.	2.12%	27,215	$6M	trimmed−4%	+0.01 pp	10 q
TROWT Rowe Price Group Inc	2.11%	52,362	$5M	trimmed−4%	−0.05 pp	7 q
CAGConagra Brands, Inc.	2.05%	194,293	$5M	added+25%	+0.20 pp	9 q
ZBHZimmer Biomet Holdings, Inc.	2.01%	46,456	$5M	trimmed−4%	−0.47 pp	9 q
USBU.S. Bancorp	1.99%	156,000	$5M	new	+1.99 pp	new
JWNNordstrom, Inc.	1.73%	300,255	$4M	trimmed−4%	−0.53 pp	9 q
EFXEquifax, Incorporated	0.85%	12,038	$2M	trimmed−9%	−0.25 pp	7 q
EFAiShares MSCI EAFE ETF	0.63%	23,739	$2M	added+1%	+0.03 pp	16 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.13%	671	$338,311	held	—	4 q
HDHome Depot, Inc.	0.12%	1,000	$302,160	held	—	4 q
NOWServicenow, Inc.	0.12%	560	$313,018	trimmed−45%	−0.08 pp	10 q
APDAir Products & Chemicals, Inc.	0.11%	971	$275,181	trimmed−48%	−0.09 pp	8 q
GOOGAlphabet Inc. Class C	0.11%	2,210	$291,389	added+1%	+0.02 pp	12 q
KMXCarMax Inc.	0.11%	4,037	$285,537	trimmed−47%	−0.12 pp	6 q
CMCSAComcast Corp	0.11%	6,525	$289,319	trimmed−52%	−0.09 pp	12 q
STZConstellation Brands, Inc.	0.11%	1,187	$298,329	trimmed−46%	−0.08 pp	12 q
GEGE Aerospace	0.11%	2,596	$286,988	trimmed−52%	−0.10 pp	9 q
BLQADBlackrock Inc	0.10%	407	$263,121	trimmed−46%	−0.08 pp	7 q
MDTMedtronic plc	0.10%	3,357	$263,055	trimmed−44%	−0.09 pp	16 q
RTXRTX Corporation	0.09%	3,297	$237,285	trimmed−39%	−0.10 pp	14 q
MMM3M Company	0.09%	2,500	$234,050	trimmed−48%	−0.08 pp	12 q
SYKStryker Corporation	0.08%	800	$218,616	held	—	3 q
IVViShares Core S&P 500 ETF	0.07%	398	$170,913	held	—	4 q
IWRiShares Russell Mid-Cap ETF	0.07%	2,601	$180,125	trimmed−3%	0.00 pp	16 q
EPDEnterprise Products Partners L.P.	—	−339,224	—	exited	−3.15 pp	—
CMPCompass Minerals International, Inc.	—	−242,010	—	exited	−2.90 pp	—
RSPInvesco S&P 500 Equal Weight ETF	—	−6,563	—	exited	−0.35 pp	—
IYWiShares U.S. Technology ETF	—	−2,250	—	exited	−0.09 pp	—