Hillman Capital

Q3 2024 13F · by Mark Hillman, CIO

As of: Sep 30, 2024
Filed: Nov 14, 2024
US stock: $292M · prev $283M
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%

Moves51 since the prior filing

+6.0 pp in · −5.8 pp out

New 3 +2.75 pp
Added 25 +3.23 pp
Trimmed 19 −0.35 pp
Exited 4 −5.49 pp

The book

Focused · behaves like 38 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 25% a year, about 4.0 years per position

Low
Moderate
High

Top 5 positions17% of US stock

Positions52 in this filing · 4 exited


IFFInternational Flavors & Fragrances Inc.	3.61%	100,326	$11M	trimmed−0%	+0.23 pp	6 q
MSFTMicrosoft Corp	3.49%	23,668	$10M	trimmed−0%	−0.25 pp	20 q
TAT&T Inc.	3.48%	460,713	$10M	added+1%	+0.39 pp	20 q
DDDuPont de Nemours, Inc.	3.46%	113,244	$10M	added0%	+0.26 pp	20 q
SPGSimon Property Group, Inc.	3.28%	56,521	$10M	trimmed−8%	−0.02 pp	20 q
WBDWarner Bros. Discovery, Inc. Series A	3.21%	1,133,772	$9M	trimmed−2%	+0.17 pp	10 q
AMZNAmazon.Com Inc	3.18%	49,770	$9M	added0%	−0.21 pp	15 q
WFCWells Fargo & Co.	3.12%	161,251	$9M	added0%	−0.26 pp	20 q
KMXCarMax Inc.	3.06%	115,219	$9M	added0%	+0.09 pp	10 q
BUDAnheuser-Busch INBEV SA/NV	3.00%	132,101	$9M	added+1%	+0.31 pp	20 q
ZBHZimmer Biomet Holdings, Inc.	2.99%	80,687	$9M	added+74%	+1.22 pp	13 q
BAXBaxter International Inc.	2.90%	222,703	$8M	added+1%	+0.29 pp	5 q
KHCThe Kraft Heinz Company	2.89%	239,719	$8M	added+1%	+0.19 pp	20 q
BMYBristol-Myers Squibb Co.	2.85%	160,445	$8M	trimmed−0%	+0.50 pp	2 q
ELThe Estee Lauder Companies Inc. Class A	2.80%	81,795	$8M	added+19%	+0.22 pp	4 q
GSKGSK plc	2.76%	196,896	$8M	added+1%	+0.11 pp	9 q
CVSCvs Health Corporation	2.62%	121,527	$8M	trimmed−2%	+0.03 pp	20 q
USBU.S. Bancorp	2.55%	162,778	$7M	trimmed−0%	+0.27 pp	5 q
BABoeing Company	2.48%	47,533	$7M	added+8%	−0.34 pp	18 q
CPBThe Campbell's Company	2.42%	144,006	$7M	held	—	3 q
NKENike, Inc.	2.41%	79,408	$7M	added+26%	+0.73 pp	3 q
BIIBBiogen Inc.	2.34%	35,253	$7M	trimmed−2%	−0.60 pp	20 q
PFEPfizer Inc.	2.29%	231,059	$7M	trimmed−0%	+0.01 pp	4 q
DISThe Walt Disney Company	2.24%	67,980	$7M	added+24%	+0.33 pp	8 q
JWNNordstrom, Inc.	2.23%	289,275	$7M	trimmed−0%	+0.06 pp	13 q
EMREmerson Electric Co.	2.21%	58,818	$6M	trimmed−0%	−0.08 pp	20 q
NUENucor Corporation	2.21%	42,943	$6M	new	+2.21 pp	new
VZVerizon Communications	2.21%	143,731	$6M	added0%	+0.12 pp	20 q
CAGConagra Brands, Inc.	2.18%	195,334	$6M	trimmed−0%	+0.22 pp	13 q
INTCIntel Corp	2.17%	269,788	$6M	added+20%	−0.28 pp	20 q
CMCSAComcast Corp	2.13%	149,005	$6M	trimmed−0%	+0.07 pp	16 q
BDXBecton, Dickinson and Co.	2.08%	25,133	$6M	added0%	+0.01 pp	19 q
GOOGLAlphabet Inc. Class A	2.03%	35,700	$6M	held	—	15 q
CRMSalesforce, Inc.	1.99%	21,205	$6M	added0%	+0.07 pp	14 q
TROWT Rowe Price Group Inc	1.96%	52,455	$6M	added0%	−0.18 pp	11 q
WUThe Western Union Company	1.87%	456,575	$5M	added0%	−0.10 pp	13 q
ADBEAdobe Inc.	1.76%	9,900	$5M	trimmed−29%	−0.99 pp	2 q
EFXEquifax, Incorporated	1.19%	11,845	$3M	added+1%	+0.18 pp	11 q
EFAiShares MSCI EAFE ETF	0.72%	24,967	$2M	added+5%	+0.06 pp	20 q
SPYState Street SPDR S&P 500 ETF Trust	0.44%	2,228	$1M	new	+0.44 pp	new
APDAir Products & Chemicals, Inc.	0.12%	1,165	$346,867	trimmed−3%	+0.01 pp	12 q
GEGE Aerospace	0.11%	1,709	$322,283	trimmed−1%	+0.01 pp	13 q
RTXRTX Corporation	0.11%	2,738	$331,736	trimmed−7%	+0.01 pp	18 q
NOWServicenow, Inc.	0.11%	354	$316,614	trimmed−4%	+0.01 pp	14 q
GOOGAlphabet Inc. Class C	0.10%	1,741	$291,078	trimmed−2%	−0.01 pp	16 q
STZConstellation Brands, Inc.	0.10%	1,081	$278,563	added+1%	0.00 pp	16 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.10%	1,730	$300,449	new	+0.10 pp	new
MDTMedtronic plc	0.10%	3,207	$288,726	added+1%	+0.01 pp	3 q
HDHome Depot, Inc.	0.09%	670	$271,484	held	—	8 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.09%	471	$275,384	held	—	8 q
IVViShares Core S&P 500 ETF	0.08%	412	$237,650	held	—	8 q
IWRiShares Russell Mid-Cap ETF	0.08%	2,482	$218,736	added0%	+0.01 pp	20 q
KELKellanova	—	−143,491	—	exited	−2.92 pp	—
BNYBank of New York Mellon Corporation	—	−112,230	—	exited	−2.37 pp	—
BLQADBlackrock Inc	—	−349	—	exited	−0.10 pp	—
MMM3M Company	—	−2,881	—	exited	−0.10 pp	—