Hillman Capital

Q2 2024 13F · by Mark Hillman, CIO

As of: Jun 30, 2024
Filed: Aug 14, 2024
US stock: $283M · prev $311M
Positions: 53 · 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%

Moves50 since the prior filing

+5.2 pp in · −5.0 pp out

New 2 +5.10 pp
Added 9 +0.09 pp
Trimmed 38 −1.48 pp
Exited 1 −3.50 pp

The book

Focused · behaves like 39 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 28% a year, about 3.5 years per position

Low
Moderate
High

Top 5 positions17% of US stock

MSFT Microsoft Corp trimmed+0.26 pp trimmed+0.263.7%
AMZN Amazon.Com Inc trimmed−0.05 pp trimmed−0.053.4%
IFF International Flavors & Fragrances Inc. trimmed+0.35 pp trimmed+0.353.4%
WFC Wells Fargo & Co. trimmed−0.08 pp trimmed−0.083.4%
SPG Simon Property Group, Inc. trimmed+0.19 pp trimmed+0.193.3%

Positions53 in this filing · 1 exited


MSFTMicrosoft Corp	3.74%	23,675	$11M	trimmed−8%	+0.26 pp	19 q
AMZNAmazon.Com Inc	3.39%	49,642	$10M	trimmed−16%	−0.05 pp	14 q
IFFInternational Flavors & Fragrances Inc.	3.38%	100,579	$10M	trimmed−8%	+0.35 pp	5 q
WFCWells Fargo & Co.	3.38%	161,123	$10M	trimmed−13%	−0.08 pp	19 q
SPGSimon Property Group, Inc.	3.30%	61,594	$9M	trimmed−0%	+0.19 pp	19 q
DDDuPont de Nemours, Inc.	3.20%	112,698	$9M	trimmed−13%	−0.01 pp	19 q
TAT&T Inc.	3.09%	457,516	$9M	trimmed−11%	+0.20 pp	19 q
WBDWarner Bros. Discovery, Inc. Series A	3.04%	1,158,862	$9M	added+28%	+0.51 pp	9 q
KMXCarMax Inc.	2.97%	114,684	$8M	trimmed−0%	−0.25 pp	9 q
BIIBBiogen Inc.	2.94%	35,954	$8M	added0%	+0.46 pp	19 q
KELKellanova	2.92%	143,491	$8M	trimmed−9%	0.00 pp	19 q
BABoeing Company	2.82%	43,885	$8M	added0%	+0.11 pp	17 q
ADBEAdobe Inc.	2.75%	14,000	$8M	new	+2.75 pp	new
KHCThe Kraft Heinz Company	2.70%	237,171	$8M	added+1%	−0.09 pp	19 q
BUDAnheuser-Busch INBEV SA/NV	2.69%	131,051	$8M	trimmed−9%	−0.12 pp	19 q
GSKGSK plc	2.65%	195,126	$8M	trimmed−16%	−0.57 pp	8 q
BAXBaxter International Inc.	2.61%	220,576	$7M	added+1%	−0.40 pp	4 q
CVSCvs Health Corporation	2.59%	124,329	$7M	added+9%	−0.33 pp	19 q
ELThe Estee Lauder Companies Inc. Class A	2.58%	68,586	$7M	added+48%	+0.29 pp	3 q
INTCIntel Corp	2.45%	224,036	$7M	added+9%	−0.46 pp	19 q
BNYBank of New York Mellon Corporation	2.37%	112,230	$7M	trimmed−17%	−0.14 pp	15 q
BMYBristol-Myers Squibb Co.	2.35%	160,529	$7M	new	+2.35 pp	new
GOOGLAlphabet Inc. Class A	2.30%	35,700	$7M	trimmed−21%	+0.12 pp	14 q
CPBThe Campbell's Company	2.30%	144,006	$7M	trimmed−1%	+0.23 pp	2 q
EMREmerson Electric Co.	2.29%	58,831	$6M	trimmed−15%	−0.22 pp	19 q
PFEPfizer Inc.	2.28%	231,150	$6M	trimmed−0%	+0.21 pp	3 q
USBU.S. Bancorp	2.28%	162,854	$6M	trimmed−1%	−0.07 pp	4 q
JWNNordstrom, Inc.	2.17%	289,290	$6M	trimmed−27%	−0.40 pp	12 q
TROWT Rowe Price Group Inc	2.14%	52,444	$6M	trimmed−1%	+0.07 pp	10 q
VZVerizon Communications	2.09%	143,609	$6M	trimmed−12%	−0.11 pp	19 q
BDXBecton, Dickinson and Co.	2.07%	25,115	$6M	trimmed−0%	+0.06 pp	18 q
CMCSAComcast Corp	2.06%	149,043	$6M	trimmed−0%	−0.02 pp	15 q
WUThe Western Union Company	1.97%	456,163	$6M	trimmed−1%	−0.09 pp	12 q
CAGConagra Brands, Inc.	1.96%	195,394	$6M	trimmed−1%	+0.09 pp	12 q
CRMSalesforce, Inc.	1.92%	21,193	$5M	trimmed−21%	−0.68 pp	13 q
DISThe Walt Disney Company	1.91%	54,618	$5M	trimmed−1%	−0.25 pp	7 q
ZBHZimmer Biomet Holdings, Inc.	1.77%	46,298	$5M	trimmed−0%	−0.20 pp	12 q
NKENike, Inc.	1.68%	63,000	$5M	held	—	2 q
EFXEquifax, Incorporated	1.01%	11,769	$3M	trimmed−1%	−0.01 pp	10 q
EFAiShares MSCI EAFE ETF	0.66%	23,756	$2M	trimmed−2%	+0.04 pp	19 q
APDAir Products & Chemicals, Inc.	0.11%	1,200	$309,660	trimmed−11%	+0.01 pp	11 q
GOOGAlphabet Inc. Class C	0.11%	1,771	$324,837	trimmed−15%	+0.01 pp	15 q
BLQADBlackrock Inc	0.10%	349	$274,775	trimmed−11%	0.00 pp	10 q
STZConstellation Brands, Inc.	0.10%	1,072	$275,804	trimmed−9%	0.00 pp	15 q
GEGE Aerospace	0.10%	1,727	$274,541	trimmed−16%	−0.02 pp	12 q
RTXRTX Corporation	0.10%	2,947	$295,849	trimmed−12%	−0.01 pp	17 q
NOWServicenow, Inc.	0.10%	370	$291,068	trimmed−10%	0.00 pp	13 q
MMM3M Company	0.10%	2,881	$294,409	trimmed−10%	−0.01 pp	2 q
MDTMedtronic plc	0.09%	3,162	$248,881	trimmed−9%	−0.01 pp	2 q
HDHome Depot, Inc.	0.08%	670	$230,641	held	—	7 q
IVViShares Core S&P 500 ETF	0.08%	412	$225,459	held	—	7 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.08%	471	$239,861	held	—	7 q
IWRiShares Russell Mid-Cap ETF	0.07%	2,479	$200,984	added0%	0.00 pp	19 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	—	−79,991	—	exited	−3.50 pp	—