Hillman Value Fund

Hillman Capital Management

Value fund

$158.9M

Portfolio Value

Holdings

Q4 '25

Period

2026-02-17

Filed

📉

Simulated 13F Return

⚠️ Approximation

Total Return

+5.06%

Q1 '24 → Q4 '25

Annualized

+2.86%/yr

S&P: +7.61%/yr

Alpha (vs S&P)

-8.66%

7 quarters tracked

1-Year Return

+7.17%

α -6.54%

⚠️ Approximation only. 13F filings are delayed ~45 days. Options, shorts, and intra-quarter trades not captured.

📈 Recent Activity

Changes from previous quarter

WBDREDUCED

3.9% of portfolio

-35% shares+0.1pp

ASMLFREDUCED

3.7% of portfolio

-19% shares-0.1pp

ELREDUCED

3.6% of portfolio

-22% shares-0.0pp

CVSREDUCED

3.6% of portfolio

-13% shares-0.0pp

GSKREDUCED

3.5% of portfolio

-19% shares-0.0pp

BA-PAREDUCED

3.5% of portfolio

-11% shares-0.1pp

BIIBREDUCED

3.4% of portfolio

-20% shares+0.3pp

DDREDUCED

3.4% of portfolio

+87% shares+0.1pp

BUDFFREDUCED

3.3% of portfolio

-9% shares+0.2pp

IFFREDUCED

3.2% of portfolio

-4% shares+0.4pp

MSFTREDUCED

3.2% of portfolio

-8% shares-0.2pp

SPYNEW

2.9% of portfolio

New position

PFEREDUCED

2.7% of portfolio

-19% shares-0.5pp

NKEREDUCED

2.7% of portfolio

-8% shares-0.3pp

KMXREDUCED

2.7% of portfolio

+21% shares+0.3pp

KHCREDUCED

2.7% of portfolio

-16% shares-0.5pp

ZBHREDUCED

2.6% of portfolio

-13% shares-0.4pp

BAXREDUCED

2.5% of portfolio

-11% shares-0.6pp

CPBREDUCED

2.5% of portfolio

-19% shares-0.7pp

BF-BREDUCED

2.4% of portfolio

-21% shares-0.5pp

BMYREDUCED

1.8% of portfolio

-22% shares

TSMINCREASED

1.8% of portfolio

-15% shares-0.0pp

USBREDUCED

1.8% of portfolio

-14% shares+0.0pp

AKAMREDUCED

1.8% of portfolio

+656% shares+1.6pp

DISREDUCED

1.8% of portfolio

-11% shares-0.1pp

BDXREDUCED

1.7% of portfolio

-15% shares-0.1pp

CRMREDUCED

1.7% of portfolio

-16% shares+0.0pp

EFAINCREASED

1.7% of portfolio

+11% shares+0.3pp

CMCSAREDUCED

1.7% of portfolio

-2% shares

VZREDUCED

1.7% of portfolio

-10% shares-0.2pp

TROWREDUCED

1.7% of portfolio

-14% shares-0.1pp

FISVINCREASED

1.6% of portfolio

+68% shares-0.1pp

ADBEREDUCED

1.6% of portfolio

-14% shares-0.1pp

UNHREDUCED

1.6% of portfolio

-6% shares-0.0pp

STZREDUCED

1.6% of portfolio

-4% shares+0.1pp

WSTINCREASED

1.5% of portfolio

-13% shares-0.0pp

UPSREDUCED

1.5% of portfolio

-23% shares-0.0pp

HSYREDUCED

1.5% of portfolio

-10% shares-0.1pp

CAGREDUCED

1.5% of portfolio

-4% shares-0.0pp

EFXINCREASED

1.5% of portfolio

+1% shares-0.1pp

DEOREDUCED

1.4% of portfolio

-14% shares-0.3pp

IVVREDUCED

0.4% of portfolio

-20% shares-0.1pp

NUEINCREASED

0.3% of portfolio

-88% shares-1.5pp

MCHPPINCREASED

0.3% of portfolio

+22% shares+0.1pp

RTXREDUCED

0.3% of portfolio

-6% shares+0.0pp

GEREDUCED

0.3% of portfolio

-1% shares+0.0pp

XOMREDUCED

0.2% of portfolio

-0% shares+0.0pp

TMOREDUCED

0.2% of portfolio

-23% shares

GOOGREDUCED

0.2% of portfolio

-22% shares+0.0pp

MDTREDUCED

0.2% of portfolio

-0% shares+0.0pp

BLKREDUCED

0.2% of portfolio

-3% shares

SPLGNEW

0.2% of portfolio

New position

APDINCREASED

0.2% of portfolio

+19% shares+0.0pp

BWXNEW

0.1% of portfolio

New position

GOOGLREDUCED

<0.1% of portfolio

-25% shares

📊 Sector Breakdown

Portfolio allocation by sector

Unknown 35.9%Healthcare 16.2%Consumer Staples 11.2%Communication Services 9.0%Technology 8.6%+5 more (19.1%)

💼 Holdings

🔍

56 of 56 positions · $158.9M

This quarter: 3 new positions, increased 8, reduced 44. Net seller.

#	Stock	% Portfolio▼	Activity	Shares	Reported Price	Value	Current Price	+/- Reported	52w Low	52w High	SEC
1	WBDWARNER BROS DISCOVERY INC	3.9%	Reduce 35.11%	214600	$28.82	$6.2M	—	—	—	—	📄
2	ASMLFASML HOLDING N V	3.7%	Reduce 18.59%	5510	$1069.86	$5.9M	—	—	—	—	📄
3	ELLAUDER ESTEE COS INC	3.6%	Reduce 22.47%	54803	$104.72	$5.7M	—	—	—	—	📄
4	CVSCVS HEALTH CORP	3.6%	Reduce 12.96%	71685	$79.36	$5.7M	—	—	—	—	📄
5	GSKGSK plc	3.5%	Reduce 19.36%	114336	$49.04	$5.6M	—	—	—	—	📄
6	BA-PABOEING CO	3.5%	Reduce 10.76%	25427	$217.12	$5.5M	—	—	—	—	📄
7	BIIBBIOGEN INC	3.4%	Reduce 20.44%	30516	$175.99	$5.4M	—	—	—	—	📄
8	DDDUPONT DE NEMOURS INC	3.4%	Reduce 87.21%	133248	$40.20	$5.4M	—	—	—	—	📄
9	BUDFFANHEUSER BUSCH INBEV SA/NV	3.3%	Reduce 8.93%	82631	$64.04	$5.3M	—	—	—	—	📄
10	IFFINTERNATIONAL FLAVORS&FRAGRA	3.2%	Reduce 4.08%	76031	$67.39	$5.1M	—	—	—	—	📄
11	MSFTMICROSOFT CORP	3.2%	Reduce 7.72%	10585	$483.62	$5.1M	—	—	—	—	📄
12	SPYSPDR S&P 500 ETF	2.9%	Buy	6676	$681.92	$4.6M	—	—	—	—	📄
13	PFEPFIZER INC	2.7%	Reduce 19.05%	175304	$24.90	$4.4M	—	—	—	—	📄
14	NKENIKE INC	2.7%	Reduce 8.11%	68140	$63.71	$4.3M	—	—	—	—	📄
15	KMXCARMAX INC	2.7%	Reduce 21.42%	111088	$38.64	$4.3M	—	—	—	—	📄
16	KHCKRAFT HEINZ CO	2.7%	Reduce 16.27%	176807	$24.25	$4.3M	—	—	—	—	📄
17	ZBHZIMMER BIOMET HOLDINGS INC	2.6%	Reduce 12.96%	45969	$89.92	$4.1M	—	—	—	—	📄
18	BAXBAXTER INTL INC	2.5%	Reduce 10.59%	211541	$19.11	$4.0M	—	—	—	—	📄
19	CPBTHE CAMPBELLS COMPANY	2.5%	Reduce 18.70%	140684	$27.87	$3.9M	—	—	—	—	📄
20	BF-BBROWN FORMAN CORP	2.4%	Reduce 21.36%	148052	$26.06	$3.9M	—	—	—	—	📄
21	BMYBristol-Myers Squibb	1.8%	Reduce 22.28%	53966	$53.94	$2.9M	—	—	—	—	📄
22	TSMTAIWAN SEMICONDUCTOR MFG LTD	1.8%	Add 15.49%	9444	$303.89	$2.9M	—	—	—	—	📄
23	USBUS BANCORP DEL	1.8%	Reduce 14.45%	53293	$53.36	$2.8M	—	—	—	—	📄
24	AKAMAKAMAI TECHNOLOGIES INC	1.8%	Reduce 655.94%	31999	$87.25	$2.8M	—	—	—	—	📄
25	DISDISNEY WALT CO	1.8%	Reduce 10.61%	24539	$113.77	$2.8M	—	—	—	—	📄
26	BDXBECTON DICKINSON & CO	1.7%	Reduce 15.37%	14230	$194.07	$2.8M	—	—	—	—	📄
27	CRMSALESFORCE INC	1.7%	Reduce 15.96%	10397	$264.91	$2.8M	—	—	—	—	📄
28	EFAiShares MSCI EAFE ETF	1.7%	Add 10.60%	28562	$96.03	$2.7M	—	—	—	—	📄
29	CMCSAComcast Corporation	1.7%	Reduce 2.29%	90861	$29.89	$2.7M	—	—	—	—	📄
30	VZVERIZON COMMUNICATIONS INC	1.7%	Reduce 10.34%	65177	$40.73	$2.7M	—	—	—	—	📄
31	TROWPRICE T ROWE GROUP INC	1.7%	Reduce 13.51%	25695	$102.38	$2.6M	—	—	—	—	📄
32	FISVFISERV INC	1.6%	Add 67.58%	38376	$67.17	$2.6M	—	—	—	—	📄
33	ADBEADOBE INC	1.6%	Reduce 13.91%	7269	$349.99	$2.5M	—	—	—	—	📄
34	UNHUNITEDHEALTH GROUP INC	1.6%	Reduce 6.11%	7681	$330.11	$2.5M	—	—	—	—	📄
35	STZCONSTELLATION BRANDS INC	1.6%	Reduce 4.16%	18020	$137.96	$2.5M	—	—	—	—	📄
36	WSTWEST PHARMACEUTICAL SVSC INC	1.5%	Add 13.31%	8906	$275.14	$2.5M	—	—	—	—	📄
37	UPSUNITED PARCEL SERVICE INC	1.5%	Reduce 22.80%	24616	$99.19	$2.4M	—	—	—	—	📄
38	HSYHERSHEY CO	1.5%	Reduce 9.52%	13308	$181.98	$2.4M	—	—	—	—	📄
39	CAGCONAGRA BRANDS INC	1.5%	Reduce 3.97%	138945	$17.31	$2.4M	—	—	—	—	📄
40	EFXEQUIFAX INC	1.5%	Add 1.41%	11079	$216.98	$2.4M	—	—	—	—	📄
41	DEODIAGEO PLC	1.4%	Reduce 13.86%	25705	$86.27	$2.2M	—	—	—	—	📄
42	IVViShares Core S&P 500 ETF	0.4%	Reduce 19.97%	1022	$684.94	$700K	—	—	—	—	📄
43	NUENUCOR CORP	0.3%	Add 87.98%	2703	$163.11	$441K	—	—	—	—	📄
44	MCHPPMICROCHIP TECHNOLOGY INC.	0.3%	Add 21.94%	6646	$63.72	$423K	—	—	—	—	📄
45	RTXRTX CORPORATION	0.3%	Reduce 5.94%	2247	$183.40	$412K	—	—	—	—	📄
46	GEGE AEROSPACE	0.3%	Reduce 0.53%	1310	$308.03	$404K	—	—	—	—	📄
47	XOMEXXON MOBIL CORP	0.2%	Reduce 0.25%	3132	$120.34	$377K	—	—	—	—	📄
48	TMOTHERMO FISHER SCIENTIFIC INC	0.2%	Reduce 22.68%	634	$579.45	$367K	—	—	—	—	📄
49	GOOGALPHABET INC	0.2%	Reduce 22.06%	1148	$313.80	$360K	—	—	—	—	📄
50	MDTMEDTRONIC PLC	0.2%	Reduce 0.24%	3739	$96.06	$359K	—	—	—	—	📄
51	BLKBLACKROCK INC	0.2%	Reduce 2.63%	333	$1070.34	$356K	—	—	—	—	📄
52	SPLGSPDR SERIES TRUST	0.2%	Buy	4362	$80.22	$350K	—	—	—	—	📄
53	APDAIR PRODS & CHEMS INC	0.2%	Add 19.39%	1367	$247.02	$338K	—	—	—	—	📄
54	IWRISHARES TR	0.1%	Held	2433	$96.27	$234K	—	—	—	—	📄
55	BWXSPDR SERIES TRUST	0.1%	Buy	6240	$22.53	$141K	—	—	—	—	📄
56	GOOGLALPHABET INC	<0.1%	Reduce 25.00%	6	$313.00	$2K	—	—	—	—	📄

WBDREDUCED

3.9%

3.9% of portfolio (was 3.8%, trimmed)

Filed ~$29

—📄

ASMLFREDUCED

3.7%

3.7% of portfolio (was 3.8%, trimmed)

Filed ~$1070

—📄

ELREDUCED

3.6%

3.6% of portfolio (was 3.6%, trimmed)

Filed ~$105

—📄

CVSREDUCED

3.6%

3.6% of portfolio (was 3.6%, trimmed)

Filed ~$79

—📄

GSKREDUCED

3.5%

3.5% of portfolio (was 3.6%, trimmed)

Filed ~$49

—📄

BA-PAREDUCED

3.5%

3.5% of portfolio (was 3.6%, trimmed)

Filed ~$217

—📄

BIIBREDUCED

3.4%

3.4% of portfolio (was 3.1%, trimmed)

Filed ~$176

—📄

DDREDUCED

3.4%

3.4% of portfolio (was 3.2%, trimmed)

Filed ~$40

—📄

BUDFFREDUCED

3.3%

3.3% of portfolio (was 3.1%, trimmed)

Filed ~$64

—📄

IFFREDUCED

3.2%

3.2% of portfolio (was 2.8%, trimmed)

Filed ~$67

—📄

MSFTREDUCED

3.2%

3.2% of portfolio (was 3.5%, trimmed)

Filed ~$484

—📄

SPYNEW

2.9%

2.9% of portfolio (new position)

Filed ~$682

—📄

PFEREDUCED

2.7%

2.7% of portfolio (was 3.2%, trimmed)

Filed ~$25

—📄

NKEREDUCED

2.7%

2.7% of portfolio (was 3.0%, trimmed)

Filed ~$64

—📄

KMXREDUCED

2.7%

2.7% of portfolio (was 2.4%, trimmed)

Filed ~$39

—📄

KHCREDUCED

2.7%

2.7% of portfolio (was 3.2%, trimmed)

Filed ~$24

—📄

ZBHREDUCED

2.6%

2.6% of portfolio (was 3.0%, trimmed)

Filed ~$90

—📄

BAXREDUCED

2.5%

2.5% of portfolio (was 3.1%, trimmed)

Filed ~$19

—📄

CPBREDUCED

2.5%

2.5% of portfolio (was 3.2%, trimmed)

Filed ~$28

—📄

BF-BREDUCED

2.4%

2.4% of portfolio (was 3.0%, trimmed)

Filed ~$26

—📄

BMYREDUCED

1.8%

1.8% of portfolio (was 1.8%, trimmed)

Filed ~$54

—📄

TSMINCREASED

1.8%

1.8% of portfolio (was 1.8%, added)

Filed ~$304

—📄

USBREDUCED

1.8%

1.8% of portfolio (was 1.8%, trimmed)

Filed ~$53

—📄

AKAMREDUCED

1.8%

1.8% of portfolio (was 0.2%, trimmed)

Filed ~$87

—📄

DISREDUCED

1.8%

1.8% of portfolio (was 1.8%, trimmed)

Filed ~$114

—📄

BDXREDUCED

1.7%

1.7% of portfolio (was 1.8%, trimmed)

Filed ~$194

—📄

CRMREDUCED

1.7%

1.7% of portfolio (was 1.7%, trimmed)

Filed ~$265

—📄

EFAINCREASED

1.7%

1.7% of portfolio (was 1.4%, added)

Filed ~$96

—📄

CMCSAREDUCED

1.7%

1.7% of portfolio (was 1.7%, trimmed)

Filed ~$30

—📄

VZREDUCED

1.7%

1.7% of portfolio (was 1.9%, trimmed)

Filed ~$41

—📄

TROWREDUCED

1.7%

1.7% of portfolio (was 1.8%, trimmed)

Filed ~$102

—📄

FISVINCREASED

1.6%

1.6% of portfolio (was 1.7%, added)

Filed ~$67

—📄

ADBEREDUCED

1.6%

1.6% of portfolio (was 1.7%, trimmed)

Filed ~$350

—📄

UNHREDUCED

1.6%

1.6% of portfolio (was 1.6%, trimmed)

Filed ~$330

—📄

STZREDUCED

1.6%

1.6% of portfolio (was 1.5%, trimmed)

Filed ~$138

—📄

WSTINCREASED

1.5%

1.5% of portfolio (was 1.6%, added)

Filed ~$275

—📄

UPSREDUCED

1.5%

1.5% of portfolio (was 1.5%, trimmed)

Filed ~$99

—📄

HSYREDUCED

1.5%

1.5% of portfolio (was 1.6%, trimmed)

Filed ~$182

—📄

CAGREDUCED

1.5%

1.5% of portfolio (was 1.5%, trimmed)

Filed ~$17

—📄

EFXINCREASED

1.5%

1.5% of portfolio (was 1.6%, added)

Filed ~$217

—📄

DEOREDUCED

1.4%

1.4% of portfolio (was 1.7%, trimmed)

Filed ~$86

—📄

IVVREDUCED

0.4%

0.4% of portfolio (was 0.5%, trimmed)

Filed ~$685

—📄

NUEINCREASED

0.3%

0.3% of portfolio (was 1.8%, added)

Filed ~$163

—📄

MCHPPINCREASED

0.3%

0.3% of portfolio (was 0.2%, added)

Filed ~$64

—📄

RTXREDUCED

0.3%

0.3% of portfolio (was 0.2%, trimmed)

Filed ~$183

—📄

GEREDUCED

0.3%

0.3% of portfolio (was 0.2%, trimmed)

Filed ~$308

—📄

XOMREDUCED

0.2%