Hillman Capital

Q4 2024 13F · by Mark Hillman, CIO

As of: Dec 31, 2024
Filed: Feb 14, 2025
US stock: $270M · prev $292M
Positions: 54 · 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%

Moves59 since the prior filing

+14.1 pp in · −14.1 pp out

New 8 +8.86 pp
Added 15 +5.23 pp
Trimmed 30 −3.05 pp
Exited 6 −11.05 pp

The book

Focused · behaves like 37 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 56% a year, about 1.8 years per position

Low
Moderate
High

Top 5 positions19% of US stock

Positions54 in this filing · 6 exited


AMZNAmazon.Com Inc	3.96%	48,661	$11M	trimmed−2%	+0.78 pp	16 q
TAT&T Inc.	3.80%	450,176	$10M	trimmed−2%	+0.32 pp	21 q
BABoeing Company	3.75%	57,098	$10M	added+20%	+1.27 pp	19 q
WBDWarner Bros. Discovery, Inc. Series A	3.62%	922,574	$10M	trimmed−19%	+0.41 pp	11 q
KMXCarMax Inc.	3.45%	113,869	$9M	trimmed−1%	+0.39 pp	11 q
MSFTMicrosoft Corp	3.36%	21,487	$9M	trimmed−9%	−0.13 pp	21 q
ASMLASML Holding NV	3.27%	12,718	$9M	new	+3.27 pp	new
NKENike, Inc.	3.18%	113,255	$9M	added+43%	+0.77 pp	4 q
DDDuPont de Nemours, Inc.	3.17%	111,900	$9M	trimmed−1%	−0.29 pp	21 q
PFEPfizer Inc.	3.15%	319,969	$8M	added+38%	+0.86 pp	5 q
IFFInternational Flavors & Fragrances Inc.	3.09%	98,540	$8M	trimmed−2%	−0.52 pp	7 q
ZBHZimmer Biomet Holdings, Inc.	3.09%	78,939	$8M	trimmed−2%	+0.10 pp	14 q
ELThe Estee Lauder Companies Inc. Class A	2.91%	104,638	$8M	added+28%	+0.11 pp	5 q
GSKGSK plc	2.90%	231,151	$8M	added+17%	+0.14 pp	10 q
KHCThe Kraft Heinz Company	2.82%	247,316	$8M	added+3%	−0.07 pp	21 q
DISThe Walt Disney Company	2.81%	68,065	$8M	added0%	+0.57 pp	9 q
CRMSalesforce, Inc.	2.62%	21,157	$7M	trimmed−0%	+0.63 pp	15 q
GOOGLAlphabet Inc. Class A	2.54%	36,104	$7M	added+1%	+0.51 pp	16 q
BIIBBiogen Inc.	2.44%	43,066	$7M	added+22%	+0.10 pp	21 q
DEODiageo plc	2.42%	51,395	$7M	new	+2.42 pp	new
BMYBristol-Myers Squibb Co.	2.41%	114,671	$6M	trimmed−29%	−0.44 pp	3 q
BUDAnheuser-Busch INBEV SA/NV	2.24%	120,423	$6M	trimmed−9%	−0.76 pp	21 q
BAXBaxter International Inc.	2.21%	204,071	$6M	trimmed−8%	−0.69 pp	6 q
CPBThe Campbell's Company	2.20%	141,340	$6M	trimmed−2%	−0.22 pp	4 q
TROWT Rowe Price Group Inc	2.20%	52,391	$6M	trimmed−0%	+0.24 pp	12 q
USBU.S. Bancorp	2.10%	118,317	$6M	trimmed−27%	−0.45 pp	6 q
VZVerizon Communications	2.09%	140,965	$6M	trimmed−2%	−0.12 pp	21 q
BDXBecton, Dickinson and Co.	2.08%	24,704	$6M	trimmed−2%	0.00 pp	20 q
CMCSAComcast Corp	2.07%	148,923	$6M	trimmed−0%	−0.06 pp	17 q
BF.BBrown-Forman Corporation Class B	2.06%	146,173	$6M	new	+2.06 pp	new
CVSCvs Health Corporation	1.99%	119,636	$5M	trimmed−2%	−0.63 pp	21 q
CAGConagra Brands, Inc.	1.97%	191,415	$5M	trimmed−2%	−0.21 pp	14 q
NUENucor Corporation	1.82%	42,140	$5M	trimmed−2%	−0.39 pp	2 q
WUThe Western Union Company	1.77%	450,149	$5M	trimmed−1%	−0.10 pp	14 q
ADBEAdobe Inc.	1.69%	10,240	$5M	added+3%	−0.07 pp	3 q
INTCIntel Corp	1.36%	183,000	$4M	trimmed−32%	−0.81 pp	21 q
SPYState Street SPDR S&P 500 ETF Trust	1.36%	6,236	$4M	added×2.8	+0.92 pp	2 q
EFXEquifax, Incorporated	1.08%	11,413	$3M	trimmed−4%	−0.11 pp	12 q
EFAiShares MSCI EAFE ETF	0.74%	26,284	$2M	added+5%	+0.02 pp	21 q
RSPInvesco S&P 500 Equal Weight ETF	0.57%	8,778	$2M	new	+0.57 pp	new
SPYMState Street SPDR Portfolio S&P 500 ETF	0.20%	7,938	$547,246	new	+0.20 pp	new
IVViShares Core S&P 500 ETF	0.17%	772	$454,461	added+87%	+0.09 pp	9 q
BLKBlackrock, Inc.	0.13%	331	$339,311	new	+0.13 pp	new
GOOGAlphabet Inc. Class C	0.12%	1,714	$326,414	trimmed−2%	+0.02 pp	17 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.12%	1,658	$327,438	trimmed−4%	+0.02 pp	2 q
XOMExxon Mobil Corp	0.11%	2,672	$287,427	new	+0.11 pp	new
RTXRTX Corporation	0.11%	2,604	$301,335	trimmed−5%	0.00 pp	19 q
APDAir Products & Chemicals, Inc.	0.10%	927	$268,867	trimmed−20%	−0.02 pp	13 q
STZConstellation Brands, Inc.	0.10%	1,271	$280,891	added+18%	0.00 pp	17 q
GEGE Aerospace	0.10%	1,648	$274,870	trimmed−4%	−0.01 pp	14 q
HDHome Depot, Inc.	0.10%	670	$260,623	held	—	9 q
MCHPMicrochip Technology Inc	0.10%	4,865	$279,008	new	+0.10 pp	new
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.10%	529	$267,600	added+12%	+0.01 pp	9 q
IWRiShares Russell Mid-Cap ETF	0.08%	2,426	$214,446	trimmed−2%	0.00 pp	21 q
SPGSimon Property Group, Inc.	—	−56,521	—	exited	−3.28 pp	—
WFCWells Fargo & Co.	—	−161,251	—	exited	−3.12 pp	—
JWNNordstrom, Inc.	—	−289,275	—	exited	−2.23 pp	—
EMREmerson Electric Co.	—	−58,818	—	exited	−2.21 pp	—
NOWServicenow, Inc.	—	−354	—	exited	−0.11 pp	—
MDTMedtronic plc	—	−3,207	—	exited	−0.10 pp	—