Mark A. Hillman – Hillman Value Fund Portfolio Activity & Recent Trades (Jun 30, 2025)

As of Jun 30, 2025, the Hillman Value Fund portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on Aug 14, 2025. The activity included new positions, additions to existing holdings, reductions, and complete exits, providing a clear view of how the portfolio evolved during the quarter.

During Q2 2025, the filing reported:

New Buys – Akamai Technologies, Inc. (AKAM)

Increases – Taiwan Semiconductor Manufactur (TSM), Bristol-Myers Squibb Company (BMY), The Kraft Heinz Company (KHC), iShares MSCI EAFE ETF (EFA), Medtronic (MDT), and 7 more

Reductions – Becton, Dickinson and Company (BDX), GE Aerospace (GE), DuPont de Nemours, Inc. (DD), ASML (ASML), Adobe Inc. (ADBE), and 31 more

Complete Exits – SPDR Portfolio S&P 500 ETF (SPLG), Western Union Company (The) (WU)

These updates highlight how the portfolio adjusted across different sectors and market conditions, offering insights into allocation shifts and investment trends.

Hillman Value Fund Activity

Date	Symbol	Name	Type	Quantity	Value	Remaining
Q1 2023Mar 31, 2023	VZ Verizon Communications Inc.	Verizon Communications Inc.	Buy	+4,013+3.0%	$5.38M	138,342
Q1 2023Mar 31, 2023	MMM 3M Company	3M Company	Buy	+1,043+31.4%	$458.38K	4,361
Q1 2023Mar 31, 2023	MDT Medtronic	Medtronic	Buy	+990+18.9%	$502.58K	6,234
Q1 2023Mar 31, 2023	TROW T. Rowe Price Group, Inc.	T. Rowe Price Group, Inc.	Buy	+897+1.7%	$6.12M	54,176
Q1 2023Mar 31, 2023	SYK Stryker Corporation	Stryker Corporation	Buy - Position Entry	+800	$228.38K	800
Q1 2023Mar 31, 2023	CVS CVS Health Corporation	CVS Health Corporation	Buy	+712+0.7%	$7.16M	96,347
Q1 2023Mar 31, 2023	KMX CarMax Inc	CarMax Inc	Buy	+632+8.7%	$510.00K	7,934
Q1 2023Mar 31, 2023	GOOG Alphabet Inc.	Alphabet Inc.	Buy	+546+24.7%	$287.04K	2,760
Q1 2023Mar 31, 2023	CRM Salesforce, Inc.	Salesforce, Inc.	Buy	+469+1.1%	$8.28M	41,446
Q1 2023Mar 31, 2023	K Kellanova	Kellanova	Buy	+288+0.2%	$7.97M	119,008
Q1 2023Mar 31, 2023	GE GE Aerospace	GE Aerospace	Buy	+287+4.4%	$644.73K	6,744
Q1 2023Mar 31, 2023	ADBE Adobe Inc.	Adobe Inc.	Buy	+241+1.5%	$6.25M	16,212
Q1 2023Mar 31, 2023	EFA iShares MSCI EAFE ETF	iShares MSCI EAFE ETF	Buy	+157+0.7%	$1.70M	23,836
Q1 2023Mar 31, 2023	IWR iShares Russell Mid-Cap ETF	iShares Russell Mid-Cap ETF	Buy	+38+1.4%	$189.70K	2,713
Q1 2023Mar 31, 2023	STZ Constellation Brands, Inc.	Constellation Brands, Inc.	Buy	+24+1.1%	$509.38K	2,255
Q1 2023Mar 31, 2023	IVV iShares Core S&P 500 ETF	iShares Core S&P 500 ETF	Buy	+3+0.8%	$163.61K	398
Q1 2023Mar 31, 2023	NOW ServiceNow, Inc.	ServiceNow, Inc.	Sell	-24-1.8%	$599.49K	1,290
Q1 2023Mar 31, 2023	BLK BlackRock, Inc.	BlackRock, Inc.	Sell	-36-4.4%	$521.91K	780
Q1 2023Mar 31, 2023	ASML ASML	ASML	Sell	-72-0.6%	$8.83M	12,975
Q1 2023Mar 31, 2023	APD Air Products and Chemicals, Inc	Air Products and Chemicals, Inc	Sell	-80-4.5%	$490.84K	1,709
Q1 2023Mar 31, 2023	BDX Becton, Dickinson and Company	Becton, Dickinson and Company	Sell	-109-0.4%	$6.49M	26,226
Q1 2023Mar 31, 2023	LRCX Lam Research Corporation	Lam Research Corporation	Sell	-133-1.0%	$7.28M	13,735
Q1 2023Mar 31, 2023	EFX Equifax, Inc.	Equifax, Inc.	Sell	-162-1.2%	$2.72M	13,413
Q1 2023Mar 31, 2023	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-172-0.5%	$10.20M	35,372
Q1 2023Mar 31, 2023	ZBH Zimmer Biomet Holdings, Inc.	Zimmer Biomet Holdings, Inc.	Sell	-190-0.4%	$6.25M	48,406
Q1 2023Mar 31, 2023	GOOGL Alphabet Inc.	Alphabet Inc.	Sell	-226-0.4%	$6.07M	58,494
Q1 2023Mar 31, 2023	SPG Simon Property Group, Inc.	Simon Property Group, Inc.	Sell	-247-0.3%	$8.25M	73,714
Q1 2023Mar 31, 2023	DIS Walt Disney Company (The)	Walt Disney Company (The)	Sell	-254-0.4%	$6.56M	65,490
Q1 2023Mar 31, 2023	EMR Emerson Electric Company	Emerson Electric Company	Sell	-265-0.4%	$6.29M	72,155
Q1 2023Mar 31, 2023	CAG ConAgra Brands, Inc.	ConAgra Brands, Inc.	Sell	-309-0.2%	$5.85M	155,839

Page 17 of 42 • 1252 total trades

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