Hillman Capital

Q1 2024 13F · by Mark Hillman, CIO

As of: Mar 31, 2024
Filed: May 15, 2024
US stock: $311M · prev $290M
Positions: 52 · 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%

Moves57 since the prior filing

+7.6 pp in · −7.7 pp out

New 4 +4.18 pp
Added 29 +3.46 pp
Trimmed 19 +1.23 pp
Exited 5 −8.91 pp

The book

Focused · behaves like 38 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 37% a year, about 2.7 years per position

Low
Moderate
High

Top 5 positions17% of US stock

Positions52 in this filing · 5 exited


TSMTaiwan Semiconductor Manufacturing Company Ltd.	3.50%	79,991	$11M	trimmed−1%	+0.59 pp	7 q
MSFTMicrosoft Corp	3.48%	25,758	$11M	trimmed−0%	+0.12 pp	18 q
WFCWells Fargo & Co.	3.46%	185,804	$11M	trimmed−0%	+0.30 pp	18 q
AMZNAmazon.Com Inc	3.44%	59,299	$11M	added+1%	+0.35 pp	13 q
KMXCarMax Inc.	3.22%	114,979	$10M	added+45%	+1.12 pp	8 q
GSKGSK plc	3.22%	233,486	$10M	added0%	+0.23 pp	7 q
DDDuPont de Nemours, Inc.	3.21%	130,201	$10M	added+17%	+0.25 pp	18 q
SPGSimon Property Group, Inc.	3.11%	61,833	$10M	trimmed−13%	−0.38 pp	18 q
IFFInternational Flavors & Fragrances Inc.	3.03%	109,751	$9M	trimmed−0%	−0.05 pp	4 q
BAXBaxter International Inc.	3.01%	218,962	$9M	added+1%	+0.12 pp	3 q
CVSCvs Health Corporation	2.92%	114,038	$9M	added0%	−0.18 pp	18 q
KELKellanova	2.92%	158,488	$9M	added+16%	+0.29 pp	18 q
INTCIntel Corp	2.91%	204,691	$9M	added+11%	−0.28 pp	18 q
TAT&T Inc.	2.89%	511,394	$9M	added+6%	+0.09 pp	18 q
BUDAnheuser-Busch INBEV SA/NV	2.81%	143,673	$9M	added+17%	+0.06 pp	18 q
KHCThe Kraft Heinz Company	2.79%	235,674	$9M	added0%	−0.21 pp	18 q
BABoeing Company	2.71%	43,683	$8M	added+23%	−0.49 pp	16 q
CRMSalesforce, Inc.	2.60%	26,889	$8M	trimmed−1%	+0.13 pp	12 q
JWNNordstrom, Inc.	2.57%	394,021	$8M	trimmed−0%	+0.05 pp	11 q
WBDWarner Bros. Discovery, Inc. Series A	2.53%	902,014	$8M	added+33%	−0.13 pp	8 q
BNYBank of New York Mellon Corporation	2.51%	135,729	$8M	trimmed−0%	+0.06 pp	14 q
EMREmerson Electric Co.	2.51%	68,971	$8M	trimmed−0%	+0.19 pp	18 q
BIIBBiogen Inc.	2.48%	35,792	$8M	added+4%	−0.60 pp	18 q
USBU.S. Bancorp	2.35%	163,732	$7M	added+5%	+0.02 pp	3 q
ELThe Estee Lauder Companies Inc. Class A	2.29%	46,289	$7M	added+5%	+0.07 pp	2 q
VZVerizon Communications	2.20%	162,911	$7M	added+3%	+0.14 pp	18 q
GOOGLAlphabet Inc. Class A	2.18%	45,000	$7M	added+6%	+0.13 pp	13 q
DISThe Walt Disney Company	2.16%	55,008	$7M	trimmed−6%	+0.34 pp	6 q
CMCSAComcast Corp	2.08%	149,516	$6M	added×22.9	+1.98 pp	14 q
CPBThe Campbell's Company	2.07%	144,803	$6M	new	+2.07 pp	new
PFEPfizer Inc.	2.07%	232,142	$6M	added+24%	+0.20 pp	2 q
TROWT Rowe Price Group Inc	2.07%	52,776	$6M	added+2%	+0.15 pp	9 q
WUThe Western Union Company	2.06%	458,562	$6M	added+2%	+0.21 pp	11 q
BDXBecton, Dickinson and Co.	2.01%	25,233	$6M	added0%	−0.11 pp	17 q
ZBHZimmer Biomet Holdings, Inc.	1.97%	46,444	$6M	added+2%	+0.06 pp	11 q
NKENike, Inc.	1.90%	63,000	$6M	new	+1.90 pp	new
CAGConagra Brands, Inc.	1.87%	196,582	$6M	added+2%	−0.03 pp	11 q
EFXEquifax, Incorporated	1.02%	11,894	$3M	trimmed−1%	−0.01 pp	9 q
EFAiShares MSCI EAFE ETF	0.62%	24,190	$2M	added+2%	0.00 pp	18 q
GEGE Aerospace	0.12%	2,068	$362,996	trimmed−20%	+0.01 pp	11 q
RTXRTX Corporation	0.11%	3,358	$327,506	trimmed−6%	+0.01 pp	16 q
MMM3M Company	0.11%	3,186	$337,939	new	+0.11 pp	new
APDAir Products & Chemicals, Inc.	0.10%	1,344	$325,611	added+35%	+0.01 pp	10 q
GOOGAlphabet Inc. Class C	0.10%	2,091	$318,376	trimmed−5%	−0.01 pp	14 q
BLQADBlackrock Inc	0.10%	390	$325,143	trimmed−4%	−0.01 pp	9 q
STZConstellation Brands, Inc.	0.10%	1,178	$320,133	trimmed−1%	0.00 pp	14 q
NOWServicenow, Inc.	0.10%	413	$314,871	trimmed−14%	−0.02 pp	12 q
MDTMedtronic plc	0.10%	3,493	$304,415	new	+0.10 pp	new
HDHome Depot, Inc.	0.08%	670	$257,012	trimmed−33%	−0.04 pp	6 q
IVViShares Core S&P 500 ETF	0.07%	412	$216,601	added+6%	+0.01 pp	6 q
IWRiShares Russell Mid-Cap ETF	0.07%	2,476	$208,193	added0%	0.00 pp	18 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.07%	471	$233,004	trimmed−30%	−0.05 pp	6 q
ASMLASML Holding NV	—	−12,475	—	exited	−3.26 pp	—
LRCXLam Research Corp	—	−9,063	—	exited	−2.45 pp	—
METAMeta Platforms, Inc. Class A	—	−18,376	—	exited	−2.25 pp	—
SPYState Street SPDR S&P 500 ETF Trust	—	−5,293	—	exited	−0.87 pp	—
SYKStryker Corporation	—	−800	—	exited	−0.08 pp	—