Hillman Capital

Q2 2026 13F · by Mark Hillman, CIO

As of: Jun 30, 2026
Filed: Aug 14, 2026
US stock: $138M · prev $144M
Positions: 54 · 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%

Moves56 since the prior filing

+2.5 pp in · −2.5 pp out

New 2 +2.08 pp
Added 14 +0.38 pp
Trimmed 36 −1.66 pp
Exited 4 −0.81 pp

The book

Focused · behaves like 38 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 15% a year, about 6.9 years per position

Low
Moderate
High

Top 5 positions19% of US stock

Positions54 in this filing · 4 exited


CVSCvs Health Corporation	4.15%	55,475	$6M	trimmed−18%	+0.79 pp	27 q
BIIBBiogen Inc.	3.75%	23,993	$5M	trimmed−19%	−0.01 pp	27 q
DDDuPont de Nemours, Inc.	3.71%	37,745	$5M	trimmed−4%	−0.04 pp	27 q
WBDWarner Bros. Discovery, Inc. Series A	3.67%	189,986	$5M	trimmed−3%	−0.07 pp	17 q
BAXBaxter International Inc.	3.64%	236,032	$5M	trimmed−5%	+0.75 pp	12 q
IFFInternational Flavors & Fragrances Inc.	3.61%	62,875	$5M	trimmed−14%	−0.06 pp	13 q
GSKGSK plc	3.51%	92,383	$5M	trimmed−5%	−0.22 pp	16 q
KMXCarMax Inc.	3.50%	91,385	$5M	trimmed−16%	+0.35 pp	17 q
BABoeing Company	3.38%	21,574	$5M	trimmed−3%	+0.29 pp	25 q
KHCThe Kraft Heinz Company	3.36%	196,494	$5M	trimmed−2%	+0.22 pp	27 q
ZBHZimmer Biomet Holdings, Inc.	3.36%	53,943	$5M	trimmed−3%	−0.14 pp	20 q
BF.BBrown-Forman Corporation Class B	3.33%	172,514	$5M	trimmed−2%	+0.09 pp	7 q
PFEPfizer Inc.	3.04%	174,610	$4M	trimmed−7%	−0.62 pp	11 q
ELThe Estee Lauder Companies Inc. Class A	2.87%	50,226	$4M	trimmed−4%	+0.27 pp	11 q
FISVFiserv, Inc.	2.79%	78,456	$4M	trimmed−3%	−0.34 pp	4 q
MSFTMicrosoft Corp	2.78%	10,296	$4M	trimmed−5%	0.00 pp	27 q
CPBThe Campbell's Company	2.60%	161,043	$4M	trimmed−3%	+0.03 pp	10 q
ADBEAdobe Inc.	2.57%	17,288	$4M	added+7%	−0.16 pp	9 q
EFAiShares MSCI EAFE ETF	2.39%	31,743	$3M	added+3%	+0.31 pp	27 q
NKENike, Inc.	2.32%	78,213	$3M	added0%	−0.54 pp	10 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	1.94%	5,608	$3M	trimmed−30%	+0.07 pp	8 q
BMYBristol-Myers Squibb Co.	1.89%	45,235	$3M	trimmed−15%	−0.35 pp	9 q
WSTWest Pharmaceutical Services, Inc.	1.85%	7,106	$3M	trimmed−20%	+0.30 pp	4 q
USBU.S. Bancorp	1.80%	41,252	$2M	trimmed−21%	−0.10 pp	12 q
VEEVVeeva Systems Inc.	1.80%	14,008	$2M	new	+1.80 pp	new
CMCSAComcast Corp	1.79%	100,843	$2M	added+6%	−0.11 pp	23 q
DISThe Walt Disney Company	1.77%	25,385	$2M	added+3%	+0.12 pp	15 q
CAGConagra Brands, Inc.	1.76%	180,728	$2M	added+22%	+0.15 pp	20 q
VZVerizon Communications	1.75%	57,263	$2M	trimmed−12%	−0.52 pp	27 q
UPSUnited Parcel Service, Inc. Class B	1.74%	22,316	$2M	held	—	4 q
BDXBecton, Dickinson and Co.	1.67%	15,238	$2M	added+7%	+0.12 pp	26 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	1.63%	5,405	$2M	trimmed−27%	+0.24 pp	4 q
DEODiageo plc	1.60%	27,492	$2M	trimmed−0%	+0.18 pp	7 q
STZConstellation Brands, Inc.	1.58%	15,651	$2M	trimmed−17%	−0.38 pp	23 q
CRMSalesforce, Inc.	1.55%	13,658	$2M	added+25%	+0.13 pp	21 q
EFXEquifax, Incorporated	1.44%	12,541	$2M	trimmed−7%	−0.26 pp	18 q
AKAMAkamai Technologies Inc	1.40%	16,387	$2M	trimmed−28%	−0.42 pp	5 q
HSYThe Hershey Company	1.35%	10,608	$2M	held	—	6 q
ORCLOracle Corp	1.22%	11,496	$2M	trimmed−29%	−0.43 pp	2 q
IVViShares Core S&P 500 ETF	0.86%	1,589	$1M	added+27%	+0.29 pp	15 q
MDTMedtronic plc	0.32%	5,707	$446,459	added+56%	+0.10 pp	6 q
TROWT Rowe Price Group Inc	0.30%	3,610	$410,421	trimmed−86%	−1.32 pp	18 q
APDAir Products & Chemicals, Inc.	0.28%	1,306	$382,893	trimmed−2%	+0.01 pp	19 q
ACNAccenture PLC	0.28%	3,055	$380,164	new	+0.28 pp	new
RTXRTX Corporation	0.27%	1,935	$367,128	trimmed−2%	+0.01 pp	25 q
TMOThermo Fisher Scientific, Inc.	0.27%	750	$376,020	added+14%	+0.05 pp	4 q
GOOGAlphabet Inc. Class C	0.26%	1,030	$363,930	trimmed−9%	+0.04 pp	23 q
NOWServicenow, Inc.	0.25%	3,415	$339,041	added+1%	0.00 pp	2 q
BLKBlackrock, Inc.	0.24%	343	$329,815	trimmed−1%	+0.01 pp	7 q
CLXClorox Company	0.24%	3,531	$336,999	trimmed−1%	−0.02 pp	2 q
INTUIntuit Inc	0.23%	1,203	$313,983	added+26%	−0.06 pp	2 q
CSGPCoStar Group Inc	0.22%	10,745	$304,298	added+26%	−0.02 pp	2 q
IWRiShares Russell Mid-Cap ETF	0.16%	2,007	$221,456	trimmed−18%	−0.01 pp	27 q
GOOGLAlphabet Inc. Class A	0.00%	4	$1,429	trimmed−33%	0.00 pp	22 q
GEGE Aerospace	—	−1,282	—	exited	−0.25 pp	—
SPYMState Street SPDR Portfolio S&P 500 ETF	—	−4,444	—	exited	−0.24 pp	—
IGOViShares International Treasury Bond ETF	—	−5,608	—	exited	−0.16 pp	—
BWXState Street SPDR Bloomberg International Treasury Bond ETF	—	−10,384	—	exited	−0.16 pp	—