Hillman Capital

Q1 2025 13F · by Mark Hillman, CIO

As of: Mar 31, 2025
Filed: May 15, 2025
US stock: $203M · prev $270M
Positions: 51 · prev 54
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

+9.2 pp in · −9.2 pp out

New 3 +3.62 pp
Added 12 +5.59 pp
Trimmed 36 −1.75 pp
Exited 6 −7.45 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

Positions51 in this filing · 6 exited


TAT&T Inc.	3.67%	263,773	$7M	trimmed−41%	−0.13 pp	22 q
WBDWarner Bros. Discovery, Inc. Series A	3.47%	658,034	$7M	trimmed−29%	−0.15 pp	12 q
CVSCvs Health Corporation	3.35%	100,450	$7M	trimmed−16%	+1.36 pp	22 q
ZBHZimmer Biomet Holdings, Inc.	3.26%	58,557	$7M	trimmed−26%	+0.17 pp	15 q
KMXCarMax Inc.	3.22%	84,101	$7M	trimmed−26%	−0.23 pp	12 q
BF.BBrown-Forman Corporation Class B	3.18%	190,279	$6M	added+30%	+1.12 pp	2 q
BUDAnheuser-Busch INBEV SA/NV	3.15%	103,850	$6M	trimmed−14%	+0.91 pp	22 q
BABoeing Company	3.15%	37,538	$6M	trimmed−34%	−0.60 pp	20 q
GSKGSK plc	3.15%	165,143	$6M	trimmed−29%	+0.25 pp	11 q
ELThe Estee Lauder Companies Inc. Class A	3.09%	95,274	$6M	trimmed−9%	+0.18 pp	6 q
DDDuPont de Nemours, Inc.	3.08%	83,743	$6M	trimmed−25%	−0.09 pp	22 q
IFFInternational Flavors & Fragrances Inc.	3.08%	80,773	$6M	trimmed−18%	−0.01 pp	8 q
BAXBaxter International Inc.	3.07%	182,012	$6M	trimmed−11%	+0.86 pp	7 q
KHCThe Kraft Heinz Company	3.07%	204,998	$6M	trimmed−17%	+0.25 pp	22 q
ASMLASML Holding NV	3.02%	9,277	$6M	trimmed−27%	−0.25 pp	2 q
PFEPfizer Inc.	3.01%	241,581	$6M	trimmed−25%	−0.14 pp	6 q
MSFTMicrosoft Corp	2.98%	16,145	$6M	trimmed−25%	−0.38 pp	22 q
BIIBBiogen Inc.	2.96%	44,025	$6M	added+2%	+0.52 pp	22 q
NKENike, Inc.	2.90%	93,011	$6M	trimmed−18%	−0.28 pp	5 q
CPBThe Campbell's Company	2.04%	103,772	$4M	trimmed−27%	−0.16 pp	5 q
VZVerizon Communications	2.03%	90,959	$4M	trimmed−35%	−0.06 pp	22 q
CAGConagra Brands, Inc.	1.98%	151,149	$4M	trimmed−21%	+0.01 pp	15 q
STZConstellation Brands, Inc.	1.98%	21,968	$4M	added×17.3	+1.88 pp	18 q
CMCSAComcast Corp	1.97%	108,575	$4M	trimmed−27%	−0.10 pp	18 q
DISThe Walt Disney Company	1.96%	40,310	$4M	trimmed−41%	−0.85 pp	10 q
BMYBristol-Myers Squibb Co.	1.95%	65,019	$4M	trimmed−43%	−0.46 pp	4 q
USBU.S. Bancorp	1.93%	92,723	$4M	trimmed−22%	−0.17 pp	7 q
BDXBecton, Dickinson and Co.	1.92%	17,023	$4M	trimmed−31%	−0.16 pp	21 q
DEODiageo plc	1.92%	37,199	$4M	trimmed−28%	−0.50 pp	2 q
WUThe Western Union Company	1.92%	369,190	$4M	trimmed−18%	+0.15 pp	15 q
CRMSalesforce, Inc.	1.89%	14,333	$4M	trimmed−32%	−0.73 pp	16 q
ADBEAdobe Inc.	1.87%	9,905	$4M	trimmed−3%	+0.18 pp	4 q
TROWT Rowe Price Group Inc	1.85%	40,921	$4M	trimmed−22%	−0.35 pp	13 q
HSYThe Hershey Company	1.84%	21,808	$4M	new	+1.84 pp	new
MCHPMicrochip Technology Inc	1.82%	76,353	$4M	added×15.7	+1.72 pp	2 q
NUENucor Corporation	1.82%	30,665	$4M	trimmed−27%	0.00 pp	3 q
GOOGLAlphabet Inc. Class A	1.70%	22,308	$3M	trimmed−38%	−0.84 pp	17 q
AMDAdvanced Micro Devices	1.62%	31,987	$3M	new	+1.62 pp	new
EFXEquifax, Incorporated	1.32%	10,989	$3M	trimmed−4%	+0.24 pp	13 q
EFAiShares MSCI EAFE ETF	0.98%	24,386	$2M	trimmed−7%	+0.24 pp	22 q
SPYMState Street SPDR Portfolio S&P 500 ETF	0.27%	8,430	$554,357	added+6%	+0.07 pp	2 q
IVViShares Core S&P 500 ETF	0.20%	732	$411,311	trimmed−5%	+0.03 pp	10 q
XOMExxon Mobil Corp	0.17%	2,926	$347,989	added+10%	+0.06 pp	2 q
GEGE Aerospace	0.17%	1,706	$341,456	added+4%	+0.07 pp	15 q
RTXRTX Corporation	0.17%	2,589	$342,939	trimmed−1%	+0.06 pp	20 q
BLKBlackrock, Inc.	0.16%	343	$324,643	added+4%	+0.03 pp	2 q
MDTMedtronic plc	0.16%	3,512	$315,588	new	+0.16 pp	new
APDAir Products & Chemicals, Inc.	0.15%	1,033	$304,652	added+11%	+0.05 pp	14 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.15%	1,804	$299,464	added+9%	+0.03 pp	3 q
GOOGAlphabet Inc. Class C	0.14%	1,795	$280,433	added+5%	+0.02 pp	18 q
IWRiShares Russell Mid-Cap ETF	0.10%	2,429	$206,667	added0%	+0.02 pp	22 q
AMZNAmazon.Com Inc	—	−48,661	—	exited	−3.96 pp	—
INTCIntel Corp	—	−183,000	—	exited	−1.36 pp	—
SPYState Street SPDR S&P 500 ETF Trust	—	−6,236	—	exited	−1.36 pp	—
RSPInvesco S&P 500 Equal Weight ETF	—	−8,778	—	exited	−0.57 pp	—
HDHome Depot, Inc.	—	−670	—	exited	−0.10 pp	—
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	—	−529	—	exited	−0.10 pp	—