Hillman Capital

Q2 2025 13F · by Mark Hillman, CIO

As of: Jun 30, 2025
Filed: Aug 14, 2025
US stock: $183M · prev $203M
Positions: 50 · prev 51
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

+2.5 pp in · −2.5 pp out

New 1 +0.18 pp
Added 12 +2.33 pp
Trimmed 36 −0.35 pp
Exited 2 −2.19 pp

The book

Focused · behaves like 38 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 9.3% a year, about 10.7 years per position

Low
Moderate
High

Top 5 positions18% of US stock

T AT&T Inc. trimmed+0.05 pp trimmed+0.053.7%
WBD Warner Bros. Discovery, Inc. Series A trimmed+0.25 pp trimmed+0.253.7%
BA Boeing Company trimmed+0.46 pp trimmed+0.463.6%
EL The Estee Lauder Companies Inc. Class A trimmed+0.51 pp trimmed+0.513.6%
MSFT Microsoft Corp trimmed+0.57 pp trimmed+0.573.5%

Positions50 in this filing · 2 exited


TAT&T Inc.	3.72%	235,864	$7M	trimmed−11%	+0.05 pp	23 q
WBDWarner Bros. Discovery, Inc. Series A	3.72%	595,547	$7M	trimmed−10%	+0.25 pp	13 q
BABoeing Company	3.61%	31,577	$7M	trimmed−16%	+0.46 pp	21 q
ELThe Estee Lauder Companies Inc. Class A	3.60%	81,599	$7M	trimmed−14%	+0.51 pp	7 q
MSFTMicrosoft Corp	3.55%	13,095	$7M	trimmed−19%	+0.57 pp	23 q
NKENike, Inc.	3.52%	90,843	$6M	trimmed−2%	+0.62 pp	6 q
CVSCvs Health Corporation	3.50%	92,997	$6M	trimmed−7%	+0.15 pp	23 q
ASMLASML Holding NV	3.37%	7,716	$6M	trimmed−17%	+0.35 pp	3 q
BUDAnheuser-Busch INBEV SA/NV	3.27%	87,093	$6M	trimmed−16%	+0.12 pp	23 q
GSKGSK plc	3.20%	152,599	$6M	trimmed−8%	+0.05 pp	12 q
PFEPfizer Inc.	3.10%	234,628	$6M	trimmed−3%	+0.09 pp	7 q
DDDuPont de Nemours, Inc.	3.08%	82,222	$6M	trimmed−2%	0.00 pp	23 q
IFFInternational Flavors & Fragrances Inc.	3.00%	74,680	$5M	trimmed−8%	−0.08 pp	9 q
KHCThe Kraft Heinz Company	2.96%	209,731	$5M	added+2%	−0.11 pp	23 q
BAXBaxter International Inc.	2.95%	178,429	$5M	trimmed−2%	−0.12 pp	8 q
KMXCarMax Inc.	2.92%	79,610	$5M	trimmed−5%	−0.30 pp	13 q
BIIBBiogen Inc.	2.88%	41,972	$5M	trimmed−5%	−0.08 pp	23 q
ZBHZimmer Biomet Holdings, Inc.	2.77%	55,598	$5M	trimmed−5%	−0.49 pp	16 q
BF.BBrown-Forman Corporation Class B	2.58%	175,788	$5M	trimmed−8%	−0.60 pp	3 q
TROWT Rowe Price Group Inc	2.02%	38,294	$4M	trimmed−6%	+0.17 pp	14 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	1.99%	16,099	$4M	added×8.9	+1.84 pp	4 q
DISThe Walt Disney Company	1.95%	28,762	$4M	trimmed−29%	−0.01 pp	11 q
CMCSAComcast Corp	1.93%	99,263	$4M	trimmed−9%	−0.04 pp	19 q
MCHPMicrochip Technology Inc	1.90%	49,536	$3M	trimmed−35%	+0.08 pp	3 q
NUENucor Corporation	1.90%	26,829	$3M	trimmed−13%	+0.08 pp	4 q
VZVerizon Communications	1.88%	79,527	$3M	trimmed−13%	−0.15 pp	23 q
AMDAdvanced Micro Devices	1.87%	24,163	$3M	trimmed−24%	+0.25 pp	2 q
USBU.S. Bancorp	1.86%	75,220	$3M	trimmed−19%	−0.07 pp	8 q
BMYBristol-Myers Squibb Co.	1.81%	71,815	$3M	added+10%	−0.14 pp	5 q
CRMSalesforce, Inc.	1.81%	12,148	$3M	trimmed−15%	−0.08 pp	17 q
ADBEAdobe Inc.	1.76%	8,328	$3M	trimmed−16%	−0.11 pp	5 q
HSYThe Hershey Company	1.69%	18,608	$3M	trimmed−15%	−0.15 pp	2 q
GOOGLAlphabet Inc. Class A	1.65%	17,208	$3M	trimmed−23%	−0.05 pp	18 q
STZConstellation Brands, Inc.	1.63%	18,310	$3M	trimmed−17%	−0.35 pp	19 q
DEODiageo plc	1.62%	29,355	$3M	trimmed−21%	−0.30 pp	3 q
BDXBecton, Dickinson and Co.	1.58%	16,823	$3M	trimmed−1%	−0.34 pp	22 q
CPBThe Campbell's Company	1.58%	94,210	$3M	trimmed−9%	−0.46 pp	6 q
CAGConagra Brands, Inc.	1.57%	140,744	$3M	trimmed−7%	−0.41 pp	16 q
EFXEquifax, Incorporated	1.57%	11,079	$3M	added+1%	+0.25 pp	14 q
EFAiShares MSCI EAFE ETF	1.25%	25,585	$2M	added+5%	+0.27 pp	23 q
IVViShares Core S&P 500 ETF	0.25%	732	$454,499	held	—	11 q
BLKBlackrock, Inc.	0.21%	363	$380,878	added+6%	+0.05 pp	3 q
GEGE Aerospace	0.21%	1,504	$387,115	trimmed−12%	+0.04 pp	16 q
RTXRTX Corporation	0.21%	2,638	$385,201	added+2%	+0.04 pp	21 q
GOOGAlphabet Inc. Class C	0.19%	1,935	$343,250	added+8%	+0.05 pp	19 q
XOMExxon Mobil Corp	0.19%	3,153	$339,893	added+8%	+0.02 pp	3 q
AKAMAkamai Technologies Inc	0.18%	4,149	$330,924	new	+0.18 pp	new
MDTMedtronic plc	0.18%	3,802	$331,420	added+8%	+0.02 pp	2 q
APDAir Products & Chemicals, Inc.	0.17%	1,123	$316,753	added+9%	+0.02 pp	15 q
IWRiShares Russell Mid-Cap ETF	0.12%	2,433	$223,742	added0%	+0.02 pp	23 q
WUThe Western Union Company	—	−369,190	—	exited	−1.92 pp	—
SPYMState Street SPDR Portfolio S&P 500 ETF	—	−8,430	—	exited	−0.27 pp	—