Hillman Capital

Q1 2026 13F · by Mark Hillman, CIO

As of: Mar 31, 2026
Filed: May 15, 2026
US stock: $144M · prev $159M
Positions: 56 · prev 56
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%

Moves60 since the prior filing

+9.7 pp in · −9.7 pp out

New 6 +2.85 pp
Added 25 +6.87 pp
Trimmed 23 +0.97 pp
Exited 6 −10.69 pp

The book

Focused · behaves like 38 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 40% a year, about 2.5 years per position

Low
Moderate
High

Top 5 positions19% of US stock

Positions56 in this filing · 6 exited


BIIBBiogen Inc.	3.76%	29,540	$5M	trimmed−3%	+0.38 pp	26 q
DDDuPont de Nemours, Inc.	3.75%	117,901	$5M	trimmed−12%	+0.38 pp	26 q
WBDWarner Bros. Discovery, Inc. Series A	3.74%	196,309	$5M	trimmed−9%	−0.15 pp	16 q
GSKGSK plc	3.73%	97,432	$5M	trimmed−15%	+0.20 pp	15 q
IFFInternational Flavors & Fragrances Inc.	3.67%	72,773	$5M	trimmed−4%	+0.45 pp	12 q
PFEPfizer Inc.	3.66%	187,937	$5M	added+7%	+0.91 pp	10 q
ZBHZimmer Biomet Holdings, Inc.	3.50%	55,700	$5M	added+21%	+0.90 pp	19 q
CVSCvs Health Corporation	3.36%	67,462	$5M	trimmed−6%	−0.22 pp	26 q
BF.BBrown-Forman Corporation Class B	3.24%	176,437	$5M	added+19%	+0.81 pp	6 q
KMXCarMax Inc.	3.15%	109,181	$5M	trimmed−2%	+0.45 pp	16 q
KHCThe Kraft Heinz Company	3.14%	201,140	$5M	added+14%	+0.44 pp	26 q
FISVFiserv, Inc.	3.13%	80,728	$5M	added×2.1	+1.51 pp	3 q
BABoeing Company	3.09%	22,326	$4M	trimmed−12%	−0.38 pp	24 q
BAXBaxter International Inc.	2.89%	247,320	$4M	added+17%	+0.35 pp	11 q
NKENike, Inc.	2.86%	77,906	$4M	added+14%	+0.13 pp	9 q
MSFTMicrosoft Corp	2.78%	10,828	$4M	added+2%	−0.44 pp	26 q
ADBEAdobe Inc.	2.73%	16,200	$4M	added×2.2	+1.13 pp	8 q
ELThe Estee Lauder Companies Inc. Class A	2.60%	52,172	$4M	trimmed−5%	−1.01 pp	10 q
CPBThe Campbell's Company	2.57%	166,178	$4M	added+18%	+0.10 pp	9 q
VZVerizon Communications	2.27%	64,998	$3M	trimmed−0%	+0.60 pp	26 q
BMYBristol-Myers Squibb Co.	2.24%	53,102	$3M	trimmed−2%	+0.41 pp	8 q
EFAiShares MSCI EAFE ETF	2.08%	30,854	$3M	added+8%	+0.35 pp	26 q
STZConstellation Brands, Inc.	1.96%	18,795	$3M	added+4%	+0.40 pp	22 q
CMCSAComcast Corp	1.90%	95,228	$3M	added+5%	+0.19 pp	22 q
USBU.S. Bancorp	1.90%	52,528	$3M	trimmed−1%	+0.11 pp	11 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	1.87%	7,962	$3M	trimmed−16%	+0.06 pp	7 q
AKAMAkamai Technologies Inc	1.82%	22,825	$3M	trimmed−29%	+0.06 pp	4 q
EFXEquifax, Incorporated	1.70%	13,556	$2M	added+22%	+0.19 pp	17 q
DISThe Walt Disney Company	1.65%	24,599	$2M	added0%	−0.11 pp	14 q
ORCLOracle Corp	1.65%	16,109	$2M	new	+1.65 pp	new
TROWT Rowe Price Group Inc	1.62%	25,902	$2M	added+1%	−0.04 pp	17 q
CAGConagra Brands, Inc.	1.61%	147,639	$2M	added+6%	+0.10 pp	19 q
BDXBecton, Dickinson and Co.	1.55%	14,209	$2M	trimmed−0%	−0.19 pp	25 q
WSTWest Pharmaceutical Services, Inc.	1.55%	8,906	$2M	held	—	3 q
HSYThe Hershey Company	1.53%	10,608	$2M	trimmed−20%	+0.01 pp	5 q
UPSUnited Parcel Service, Inc. Class B	1.52%	22,316	$2M	trimmed−9%	−0.02 pp	3 q
DEODiageo plc	1.42%	27,507	$2M	added+7%	+0.02 pp	6 q
CRMSalesforce, Inc.	1.42%	10,956	$2M	added+5%	−0.31 pp	20 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	1.39%	7,405	$2M	trimmed−4%	−0.21 pp	3 q
IVViShares Core S&P 500 ETF	0.57%	1,250	$816,513	added+22%	+0.13 pp	14 q
INTUIntuit Inc	0.29%	957	$413,788	new	+0.29 pp	new
APDAir Products & Chemicals, Inc.	0.27%	1,339	$388,966	trimmed−2%	+0.06 pp	18 q
CLXClorox Company	0.26%	3,555	$368,405	new	+0.26 pp	new
RTXRTX Corporation	0.26%	1,975	$380,978	trimmed−12%	0.00 pp	24 q
GEGE Aerospace	0.25%	1,282	$363,793	trimmed−2%	0.00 pp	19 q
NOWServicenow, Inc.	0.25%	3,377	$353,065	new	+0.25 pp	new
CSGPCoStar Group Inc	0.24%	8,557	$345,189	new	+0.24 pp	new
SPYMState Street SPDR Portfolio S&P 500 ETF	0.24%	4,444	$340,144	added+2%	+0.02 pp	2 q
BLKBlackrock, Inc.	0.23%	347	$333,713	added+4%	+0.01 pp	6 q
GOOGAlphabet Inc. Class C	0.22%	1,127	$323,291	trimmed−2%	−0.01 pp	22 q
TMOThermo Fisher Scientific, Inc.	0.22%	656	$322,444	added+3%	−0.01 pp	3 q
MDTMedtronic plc	0.22%	3,668	$317,832	trimmed−2%	−0.01 pp	5 q
IWRiShares Russell Mid-Cap ETF	0.17%	2,449	$238,140	added+1%	+0.02 pp	26 q
IGOViShares International Treasury Bond ETF	0.16%	5,608	$230,264	new	+0.16 pp	new
BWXState Street SPDR Bloomberg International Treasury Bond ETF	0.16%	10,384	$227,929	added+66%	+0.07 pp	2 q
GOOGLAlphabet Inc. Class A	0.00%	6	$1,725	held	—	21 q
ASMLASML Holding NV	—	−5,510	—	exited	−3.71 pp	—
BUDAnheuser-Busch INBEV SA/NV	—	−82,631	—	exited	−3.33 pp	—
SPYState Street SPDR S&P 500 ETF Trust	—	−6,676	—	exited	−2.86 pp	—
NUENucor Corporation	—	−2,703	—	exited	−0.28 pp	—
MCHPMicrochip Technology Inc	—	−6,646	—	exited	−0.27 pp	—
XOMExxon Mobil Corp	—	−3,132	—	exited	−0.24 pp	—