Hillman Capital

Q4 2023 13F · by Mark Hillman, CIO

As of: Dec 31, 2023
Filed: Feb 14, 2024
US stock: $290M · prev $260M
Positions: 53 · prev 53
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%

Moves46 since the prior filing

+7.3 pp in · −7.8 pp out

New 3 +4.96 pp
Added 12 +2.38 pp
Trimmed 28 −4.62 pp
Exited 3 −3.17 pp

The book

Focused · behaves like 38 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

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

Low
Moderate
High

Top 5 positions17% of US stock

Positions53 in this filing · 3 exited


SPGSimon Property Group, Inc.	3.49%	70,956	$10M	added0%	+0.54 pp	17 q
MSFTMicrosoft Corp	3.36%	25,856	$10M	trimmed−22%	−0.66 pp	17 q
ASMLASML Holding NV	3.26%	12,475	$9M	trimmed−0%	+0.43 pp	8 q
BABoeing Company	3.20%	35,592	$9M	trimmed−17%	+0.05 pp	15 q
INTCIntel Corp	3.19%	183,949	$9M	trimmed−22%	−0.03 pp	17 q
WFCWells Fargo & Co.	3.16%	186,151	$9M	trimmed−12%	−0.16 pp	17 q
CVSCvs Health Corporation	3.10%	113,662	$9M	added+1%	+0.08 pp	17 q
AMZNAmazon.Com Inc	3.09%	58,891	$9M	trimmed−1%	+0.17 pp	12 q
BIIBBiogen Inc.	3.08%	34,476	$9M	added+1%	−0.31 pp	17 q
IFFInternational Flavors & Fragrances Inc.	3.08%	110,277	$9M	trimmed−12%	−0.21 pp	3 q
KHCThe Kraft Heinz Company	3.00%	235,042	$9M	added0%	−0.04 pp	17 q
GSKGSK plc	2.99%	233,386	$9M	added0%	−0.26 pp	6 q
DDDuPont de Nemours, Inc.	2.96%	111,280	$9M	trimmed−0%	−0.24 pp	17 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	2.91%	81,015	$8M	trimmed−16%	−0.30 pp	6 q
BAXBaxter International Inc.	2.89%	216,268	$8M	trimmed−1%	−0.30 pp	2 q
TAT&T Inc.	2.80%	483,663	$8M	trimmed−5%	−0.15 pp	17 q
BUDAnheuser-Busch INBEV SA/NV	2.75%	123,114	$8M	trimmed−18%	−0.43 pp	17 q
WBDWarner Bros. Discovery, Inc. Series A	2.66%	677,683	$8M	trimmed−4%	−0.30 pp	7 q
KELKellanova	2.63%	136,202	$8M	added+18%	−0.02 pp	17 q
JWNNordstrom, Inc.	2.52%	395,139	$7M	added+32%	+0.79 pp	10 q
CRMSalesforce, Inc.	2.47%	27,171	$7M	trimmed−0%	+0.35 pp	11 q
BNYBank of New York Mellon Corporation	2.45%	136,358	$7M	held	—	13 q
LRCXLam Research Corp	2.45%	9,063	$7M	trimmed−0%	+0.26 pp	7 q
USBU.S. Bancorp	2.33%	156,000	$7M	held	—	2 q
EMREmerson Electric Co.	2.32%	68,983	$7M	held	—	17 q
METAMeta Platforms, Inc. Class A	2.25%	18,376	$7M	trimmed−11%	−0.13 pp	17 q
ELThe Estee Lauder Companies Inc. Class A	2.22%	44,000	$6M	new	+2.22 pp	new
BDXBecton, Dickinson and Co.	2.12%	25,141	$6M	added0%	−0.37 pp	16 q
KMXCarMax Inc.	2.10%	79,424	$6M	added×19.7	+1.99 pp	7 q
VZVerizon Communications	2.06%	158,041	$6M	trimmed−14%	−0.23 pp	17 q
GOOGLAlphabet Inc. Class A	2.05%	42,431	$6M	trimmed−24%	−0.77 pp	12 q
TROWT Rowe Price Group Inc	1.92%	51,644	$6M	trimmed−1%	−0.19 pp	8 q
ZBHZimmer Biomet Holdings, Inc.	1.91%	45,484	$6M	trimmed−2%	−0.10 pp	10 q
CAGConagra Brands, Inc.	1.90%	192,024	$6M	trimmed−1%	−0.15 pp	10 q
PFEPfizer Inc.	1.87%	187,795	$5M	new	+1.87 pp	new
WUThe Western Union Company	1.85%	448,873	$5M	trimmed−19%	−0.95 pp	10 q
DISThe Walt Disney Company	1.82%	58,251	$5M	trimmed−24%	−0.56 pp	5 q
EFXEquifax, Incorporated	1.03%	12,038	$3M	held	—	8 q
SPYState Street SPDR S&P 500 ETF Trust	0.87%	5,293	$3M	new	+0.87 pp	new
EFAiShares MSCI EAFE ETF	0.62%	23,668	$2M	trimmed−0%	−0.01 pp	17 q
HDHome Depot, Inc.	0.12%	1,000	$346,550	held	—	5 q
NOWServicenow, Inc.	0.12%	482	$340,528	trimmed−14%	0.00 pp	11 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.12%	671	$353,261	held	—	5 q
GOOGAlphabet Inc. Class C	0.11%	2,210	$311,455	held	—	13 q
BLQADBlackrock Inc	0.11%	407	$330,403	held	—	8 q
GEGE Aerospace	0.11%	2,589	$330,434	trimmed−0%	0.00 pp	10 q
CMCSAComcast Corp	0.10%	6,525	$286,121	held	—	13 q
STZConstellation Brands, Inc.	0.10%	1,193	$288,408	added+1%	−0.01 pp	13 q
RTXRTX Corporation	0.10%	3,563	$299,791	added+8%	+0.01 pp	15 q
APDAir Products & Chemicals, Inc.	0.09%	993	$271,883	added+2%	−0.02 pp	9 q
SYKStryker Corporation	0.08%	800	$239,568	held	—	4 q
IWRiShares Russell Mid-Cap ETF	0.07%	2,473	$192,217	trimmed−5%	0.00 pp	17 q
IVViShares Core S&P 500 ETF	0.06%	387	$184,843	trimmed−3%	−0.01 pp	5 q
ADBEAdobe Inc.	—	−15,203	—	exited	−2.98 pp	—
MDTMedtronic plc	—	−3,357	—	exited	−0.10 pp	—
MMM3M Company	—	−2,500	—	exited	−0.09 pp	—