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
Q3 2022Sep 30, 2022	BK The Bank of New York Mellon Cor	The Bank of New York Mellon Cor	Buy	+1,120+0.7%	$5.93K	154,085
Q3 2022Sep 30, 2022	MMM 3M Company	3M Company	Buy	+1,061+30.0%	$508.00	4,597
Q3 2022Sep 30, 2022	VZ Verizon Communications Inc.	Verizon Communications Inc.	Buy	+980+0.7%	$5.35K	140,906
Q3 2022Sep 30, 2022	BA Boeing Company (The)	Boeing Company (The)	Buy	+732+1.5%	$6.03K	49,794
Q3 2022Sep 30, 2022	EFA iShares MSCI EAFE ETF	iShares MSCI EAFE ETF	Buy	+678+3.1%	$1.27K	22,661
Q3 2022Sep 30, 2022	ADBE Adobe Inc.	Adobe Inc.	Buy	+593+3.6%	$4.65K	16,896
Q3 2022Sep 30, 2022	EMR Emerson Electric Company	Emerson Electric Company	Buy	+570+0.8%	$5.35K	73,088
Q3 2022Sep 30, 2022	NOW ServiceNow, Inc.	ServiceNow, Inc.	Buy	+455+39.6%	$606.00	1,604
Q3 2022Sep 30, 2022	MDT Medtronic	Medtronic	Buy	+432+6.4%	$584.00	7,235
Q3 2022Sep 30, 2022	MSFT Microsoft Corporation	Microsoft Corporation	Buy	+423+1.2%	$8.49K	36,470
Q3 2022Sep 30, 2022	ZBH Zimmer Biomet Holdings, Inc.	Zimmer Biomet Holdings, Inc.	Buy	+390+0.7%	$6.16K	58,898
Q3 2022Sep 30, 2022	META Meta Platforms, Inc.	Meta Platforms, Inc.	Buy	+375+1.0%	$5.39K	39,702
Q3 2022Sep 30, 2022	TROW T. Rowe Price Group, Inc.	T. Rowe Price Group, Inc.	Buy	+370+0.7%	$5.86K	55,756
Q3 2022Sep 30, 2022	CRM Salesforce, Inc.	Salesforce, Inc.	Buy	+311+0.7%	$6.12K	42,553
Q3 2022Sep 30, 2022	ASML ASML	ASML	Buy	+266+1.7%	$6.74K	16,219
Q3 2022Sep 30, 2022	BDX Becton, Dickinson and Company	Becton, Dickinson and Company	Buy	+138+0.5%	$6.04K	27,096
Q3 2022Sep 30, 2022	STZ Constellation Brands, Inc.	Constellation Brands, Inc.	Buy	+99+3.7%	$638.00	2,779
Q3 2022Sep 30, 2022	IWR iShares Russell Mid-Cap ETF	iShares Russell Mid-Cap ETF	Buy	+85+3.3%	$167.00	2,687
Q3 2022Sep 30, 2022	BLK BlackRock	BlackRock	Buy	+72+8.7%	$496.00	902
Q3 2022Sep 30, 2022	APD Air Products and Chemicals, Inc	Air Products and Chemicals, Inc	Buy	+69+2.8%	$589.00	2,532
Q3 2022Sep 30, 2022	CVS CVS Health Corporation	CVS Health Corporation	Sell	-968-1.0%	$9.19K	96,342
Q3 2022Sep 30, 2022	LRCX Lam Research Corporation	Lam Research Corporation	Sell	-1,338-8.5%	$5.25K	14,350
Q3 2022Sep 30, 2022	RTX RTX Corporation	RTX Corporation	Sell	-1,449-2.0%	$5.94K	72,544
Q3 2022Sep 30, 2022	BIIB Biogen Inc.	Biogen Inc.	Sell	-11,265-26.2%	$8.48K	31,754
Q3 2022Sep 30, 2022	CAG ConAgra Brands, Inc.	ConAgra Brands, Inc.	Sell	-24,427-11.0%	$6.48K	198,589
Q3 2022Sep 30, 2022	MRK Merck & Company, Inc.	Merck & Company, Inc.	Sell	-31,407-32.0%	$5.75K	66,707
Q3 2022Sep 30, 2022	EPD Enterprise Products Partners L.	Enterprise Products Partners L.	Sell	-33,318-8.8%	$8.22K	345,790
Q3 2022Sep 30, 2022	K Kellanova	Kellanova	Sell	-36,434-23.3%	$8.34K	119,783
Q3 2022Sep 30, 2022	KHC The Kraft Heinz Company	The Kraft Heinz Company	Sell	-41,847-15.4%	$7.69K	230,653
Q3 2022Sep 30, 2022	PAA Plains All American Pipeline, L	Plains All American Pipeline, L	Sell - Position Exit	-868,298-100.0%	$0.00	-

Page 21 of 42 • 1252 total trades

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