Hillman Capital

Q3 2025 13F · by Mark Hillman, CIO

As of: Sep 30, 2025
Filed: Nov 14, 2025
US stock: $172M · prev $183M
Positions: 53 · prev 50
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%

Moves54 since the prior filing

+8.4 pp in · −8.5 pp out

New 5 +6.71 pp
Added 16 +1.74 pp
Trimmed 31 −2.91 pp
Exited 2 −5.59 pp

The book

Focused · behaves like 38 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 41% a year, about 2.5 years per position

Low
Moderate
High

Top 5 positions18% of US stock

Positions53 in this filing · 2 exited


ASMLASML Holding NV	3.81%	6,768	$7M	trimmed−12%	+0.44 pp	4 q
WBDWarner Bros. Discovery, Inc. Series A	3.76%	330,727	$6M	trimmed−44%	+0.04 pp	14 q
ELThe Estee Lauder Companies Inc. Class A	3.62%	70,688	$6M	trimmed−13%	+0.02 pp	8 q
CVSCvs Health Corporation	3.61%	82,359	$6M	trimmed−11%	+0.11 pp	24 q
BABoeing Company	3.58%	28,492	$6M	trimmed−10%	−0.03 pp	22 q
GSKGSK plc	3.56%	141,779	$6M	trimmed−7%	+0.36 pp	13 q
MSFTMicrosoft Corp	3.46%	11,470	$6M	trimmed−12%	−0.09 pp	24 q
DDDuPont de Nemours, Inc.	3.23%	71,174	$6M	trimmed−13%	+0.15 pp	24 q
PFEPfizer Inc.	3.21%	216,552	$6M	trimmed−8%	+0.11 pp	8 q
KHCThe Kraft Heinz Company	3.20%	211,151	$5M	added+1%	+0.24 pp	24 q
CPBThe Campbell's Company	3.18%	173,034	$5M	added+84%	+1.60 pp	7 q
BUDAnheuser-Busch INBEV SA/NV	3.15%	90,738	$5M	added+4%	−0.12 pp	24 q
BAXBaxter International Inc.	3.13%	236,603	$5M	added+33%	+0.18 pp	9 q
BIIBBiogen Inc.	3.13%	38,354	$5M	trimmed−9%	+0.25 pp	24 q
ZBHZimmer Biomet Holdings, Inc.	3.03%	52,815	$5M	trimmed−5%	+0.26 pp	17 q
NKENike, Inc.	3.01%	74,155	$5M	trimmed−18%	−0.51 pp	7 q
BF.BBrown-Forman Corporation Class B	2.97%	188,254	$5M	added+7%	+0.39 pp	4 q
IFFInternational Flavors & Fragrances Inc.	2.84%	79,264	$5M	added+6%	−0.16 pp	10 q
KMXCarMax Inc.	2.39%	91,489	$4M	added+15%	−0.53 pp	14 q
VZVerizon Communications	1.86%	72,697	$3M	trimmed−9%	−0.02 pp	24 q
BDXBecton, Dickinson and Co.	1.83%	16,814	$3M	trimmed−0%	+0.25 pp	23 q
DISThe Walt Disney Company	1.83%	27,452	$3M	trimmed−5%	−0.12 pp	12 q
BMYBristol-Myers Squibb Co.	1.82%	69,440	$3M	trimmed−3%	+0.01 pp	6 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	1.82%	11,175	$3M	trimmed−31%	−0.17 pp	5 q
NUENucor Corporation	1.77%	22,486	$3M	trimmed−16%	−0.13 pp	5 q
TROWT Rowe Price Group Inc	1.77%	29,708	$3M	trimmed−22%	−0.25 pp	15 q
USBU.S. Bancorp	1.75%	62,293	$3M	trimmed−17%	−0.11 pp	9 q
ADBEAdobe Inc.	1.73%	8,443	$3M	added+1%	−0.03 pp	6 q
FISVFiserv, Inc.	1.72%	22,900	$3M	new	+1.72 pp	new
CRMSalesforce, Inc.	1.71%	12,371	$3M	added+2%	−0.10 pp	18 q
CMCSAComcast Corp	1.70%	92,994	$3M	trimmed−6%	−0.23 pp	20 q
DEODiageo plc	1.66%	29,842	$3M	added+2%	+0.04 pp	4 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	1.64%	8,181	$3M	new	+1.64 pp	new
EFXEquifax, Incorporated	1.63%	10,925	$3M	trimmed−1%	+0.06 pp	15 q
HSYThe Hershey Company	1.60%	14,708	$3M	trimmed−21%	−0.09 pp	3 q
WSTWest Pharmaceutical Services, Inc.	1.57%	10,273	$3M	new	+1.57 pp	new
UPSUnited Parcel Service, Inc. Class B	1.55%	31,884	$3M	new	+1.55 pp	new
CAGConagra Brands, Inc.	1.54%	144,696	$3M	added+3%	−0.03 pp	17 q
STZConstellation Brands, Inc.	1.47%	18,803	$3M	added+3%	−0.16 pp	20 q
EFAiShares MSCI EAFE ETF	1.40%	25,824	$2M	added+1%	+0.15 pp	24 q
IVViShares Core S&P 500 ETF	0.50%	1,277	$854,696	added+74%	+0.25 pp	12 q
BLKBlackrock, Inc.	0.23%	342	$398,728	trimmed−6%	+0.02 pp	4 q
GEGE Aerospace	0.23%	1,317	$396,180	trimmed−12%	+0.02 pp	17 q
RTXRTX Corporation	0.23%	2,389	$399,751	trimmed−9%	+0.02 pp	22 q
TMOThermo Fisher Scientific, Inc.	0.23%	820	$397,716	new	+0.23 pp	new
GOOGAlphabet Inc. Class C	0.21%	1,473	$358,749	trimmed−24%	+0.02 pp	20 q
XOMExxon Mobil Corp	0.21%	3,140	$354,035	trimmed−0%	+0.02 pp	4 q
MDTMedtronic plc	0.21%	3,748	$356,960	trimmed−1%	+0.03 pp	3 q
MCHPMicrochip Technology Inc	0.20%	5,450	$349,999	trimmed−89%	−1.70 pp	4 q
AKAMAkamai Technologies Inc	0.19%	4,233	$320,692	added+2%	+0.01 pp	2 q
APDAir Products & Chemicals, Inc.	0.18%	1,145	$312,264	added+2%	+0.01 pp	16 q
IWRiShares Russell Mid-Cap ETF	0.14%	2,433	$234,898	held	—	24 q
GOOGLAlphabet Inc. Class A	0.00%	8	$1,945	trimmed−100%	−1.65 pp	19 q
TAT&T Inc.	—	−235,864	—	exited	−3.72 pp	—
AMDAdvanced Micro Devices	—	−24,163	—	exited	−1.87 pp	—