Hillman Capital

Q4 2025 13F · by Mark Hillman, CIO

As of: Dec 31, 2025
Filed: Feb 17, 2026
US stock: $159M · prev $172M
Positions: 56 · 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%

Moves55 since the prior filing

+5.4 pp in · −5.4 pp out

New 3 +3.17 pp
Added 8 +2.23 pp
Trimmed 44 −5.41 pp
Exited 0 0.00 pp

The book

Focused · behaves like 39 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 31% a year, about 3.3 years per position

Low
Moderate
High

Top 5 positions18% of US stock

Positions56 in this filing · 0 exited


WBDWarner Bros. Discovery, Inc. Series A	3.89%	214,600	$6M	trimmed−35%	+0.13 pp	15 q
ASMLASML Holding NV	3.71%	5,510	$6M	trimmed−19%	−0.10 pp	5 q
ELThe Estee Lauder Companies Inc. Class A	3.61%	54,803	$6M	trimmed−22%	−0.01 pp	9 q
CVSCvs Health Corporation	3.58%	71,685	$6M	trimmed−13%	−0.03 pp	25 q
GSKGSK plc	3.53%	114,336	$6M	trimmed−19%	−0.03 pp	14 q
BABoeing Company	3.47%	25,427	$6M	trimmed−11%	−0.11 pp	23 q
BIIBBiogen Inc.	3.38%	30,516	$5M	trimmed−20%	+0.25 pp	25 q
DDDuPont de Nemours, Inc.	3.37%	133,248	$5M	added+87%	+0.14 pp	25 q
BUDAnheuser-Busch INBEV SA/NV	3.33%	82,631	$5M	trimmed−9%	+0.18 pp	25 q
IFFInternational Flavors & Fragrances Inc.	3.22%	76,031	$5M	trimmed−4%	+0.38 pp	11 q
MSFTMicrosoft Corp	3.22%	10,585	$5M	trimmed−8%	−0.24 pp	25 q
SPYState Street SPDR S&P 500 ETF Trust	2.86%	6,676	$5M	new	+2.86 pp	new
PFEPfizer Inc.	2.75%	175,304	$4M	trimmed−19%	−0.46 pp	9 q
NKENike, Inc.	2.73%	68,140	$4M	trimmed−8%	−0.28 pp	8 q
KMXCarMax Inc.	2.70%	111,088	$4M	added+21%	+0.31 pp	15 q
KHCThe Kraft Heinz Company	2.70%	176,807	$4M	trimmed−16%	−0.50 pp	25 q
ZBHZimmer Biomet Holdings, Inc.	2.60%	45,969	$4M	trimmed−13%	−0.43 pp	18 q
BAXBaxter International Inc.	2.54%	211,541	$4M	trimmed−11%	−0.59 pp	10 q
CPBThe Campbell's Company	2.47%	140,684	$4M	trimmed−19%	−0.71 pp	8 q
BF.BBrown-Forman Corporation Class B	2.43%	148,052	$4M	trimmed−21%	−0.54 pp	5 q
BMYBristol-Myers Squibb Co.	1.83%	53,966	$3M	trimmed−22%	+0.01 pp	7 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	1.81%	9,444	$3M	trimmed−15%	−0.01 pp	6 q
USBU.S. Bancorp	1.79%	53,293	$3M	trimmed−14%	+0.04 pp	10 q
AKAMAkamai Technologies Inc	1.76%	31,999	$3M	added×7.6	+1.57 pp	3 q
DISThe Walt Disney Company	1.76%	24,539	$3M	trimmed−11%	−0.07 pp	13 q
BDXBecton, Dickinson and Co.	1.74%	14,230	$3M	trimmed−15%	−0.09 pp	24 q
EFAiShares MSCI EAFE ETF	1.73%	28,562	$3M	added+11%	+0.33 pp	25 q
CRMSalesforce, Inc.	1.73%	10,397	$3M	trimmed−16%	+0.02 pp	19 q
CMCSAComcast Corp	1.71%	90,861	$3M	trimmed−2%	+0.01 pp	21 q
VZVerizon Communications	1.67%	65,177	$3M	trimmed−10%	−0.19 pp	25 q
TROWT Rowe Price Group Inc	1.66%	25,695	$3M	trimmed−14%	−0.11 pp	16 q
FISVFiserv, Inc.	1.62%	38,376	$3M	added+68%	−0.10 pp	2 q
ADBEAdobe Inc.	1.60%	7,269	$3M	trimmed−14%	−0.13 pp	7 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	1.60%	7,681	$3M	trimmed−6%	−0.04 pp	2 q
STZConstellation Brands, Inc.	1.56%	18,020	$2M	trimmed−4%	+0.09 pp	21 q
UPSUnited Parcel Service, Inc. Class B	1.54%	24,616	$2M	trimmed−23%	−0.01 pp	2 q
WSTWest Pharmaceutical Services, Inc.	1.54%	8,906	$2M	trimmed−13%	−0.03 pp	2 q
HSYThe Hershey Company	1.52%	13,308	$2M	trimmed−10%	−0.08 pp	4 q
CAGConagra Brands, Inc.	1.51%	138,945	$2M	trimmed−4%	−0.03 pp	18 q
EFXEquifax, Incorporated	1.51%	11,079	$2M	added+1%	−0.12 pp	16 q
DEODiageo plc	1.40%	25,705	$2M	trimmed−14%	−0.26 pp	5 q
IVViShares Core S&P 500 ETF	0.44%	1,022	$700,009	trimmed−20%	−0.06 pp	13 q
NUENucor Corporation	0.28%	2,703	$440,886	trimmed−88%	−1.49 pp	6 q
MCHPMicrochip Technology Inc	0.27%	6,646	$423,483	added+22%	+0.07 pp	5 q
RTXRTX Corporation	0.26%	2,247	$412,100	trimmed−6%	+0.03 pp	23 q
GEGE Aerospace	0.25%	1,310	$403,519	trimmed−1%	+0.02 pp	18 q
XOMExxon Mobil Corp	0.24%	3,132	$376,905	trimmed−0%	+0.03 pp	5 q
GOOGAlphabet Inc. Class C	0.23%	1,148	$360,242	trimmed−22%	+0.02 pp	21 q
TMOThermo Fisher Scientific, Inc.	0.23%	634	$367,371	trimmed−23%	0.00 pp	2 q
MDTMedtronic plc	0.23%	3,739	$359,168	trimmed−0%	+0.02 pp	4 q
BLKBlackrock, Inc.	0.22%	333	$356,423	trimmed−3%	−0.01 pp	5 q
SPYMState Street SPDR Portfolio S&P 500 ETF	0.22%	4,362	$349,920	new	+0.22 pp	new
APDAir Products & Chemicals, Inc.	0.21%	1,367	$337,676	added+19%	+0.03 pp	17 q
IWRiShares Russell Mid-Cap ETF	0.15%	2,433	$234,233	held	—	25 q
BWXState Street SPDR Bloomberg International Treasury Bond ETF	0.09%	6,240	$140,587	new	+0.09 pp	new
GOOGLAlphabet Inc. Class A	0.00%	6	$1,878	trimmed−25%	0.00 pp	20 q