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
Q4 2020Dec 31, 2020	EFA iShares MSCI EAFE ETF	iShares MSCI EAFE ETF	Sell	-1,868-11.3%	$1.07K	14,604
Q4 2020Dec 31, 2020	SPG Simon Property Group, Inc.	Simon Property Group, Inc.	Sell	-4,327-6.1%	$5.72K	67,120
Q4 2020Dec 31, 2020	JWN Nordstrom, Inc.	Nordstrom, Inc.	Sell	-4,739-1.3%	$10.89K	348,923
Q4 2020Dec 31, 2020	NKE Nike, Inc.	Nike, Inc.	Sell - Position Exit	-29,100-100.0%	$0.00	-
Q3 2020Sep 30, 2020	PAA Plains All American Pipeline, L	Plains All American Pipeline, L	Buy	+301,321+74.7%	$4.21K	704,897
Q3 2020Sep 30, 2020	JWN Nordstrom, Inc.	Nordstrom, Inc.	Buy	+195,688+123.9%	$4.22K	353,662
Q3 2020Sep 30, 2020	CSCO Cisco Systems, Inc.	Cisco Systems, Inc.	Buy - Position Entry	+97,207	$3.83K	97,207
Q3 2020Sep 30, 2020	WFC Wells Fargo & Company	Wells Fargo & Company	Buy	+68,348+48.0%	$4.95K	210,598
Q3 2020Sep 30, 2020	INTC Intel Corporation	Intel Corporation	Buy	+59,429+111.2%	$5.84K	112,853
Q3 2020Sep 30, 2020	XOM Exxon Mobil Corporation	Exxon Mobil Corporation	Buy	+51,081+64.0%	$4.49K	130,918
Q3 2020Sep 30, 2020	GD General Dynamics Corporation	General Dynamics Corporation	Buy - Position Entry	+24,114	$3.34K	24,114
Q3 2020Sep 30, 2020	CVS CVS Health Corporation	CVS Health Corporation	Buy	+10,158+14.3%	$4.74K	81,096
Q3 2020Sep 30, 2020	BA Boeing Company (The)	Boeing Company (The)	Buy	+7,078+30.6%	$4.99K	30,193
Q3 2020Sep 30, 2020	BIIB Biogen Inc.	Biogen Inc.	Buy	+3,391+20.9%	$5.57K	19,637
Q3 2020Sep 30, 2020	EPD Enterprise Products Partners L.	Enterprise Products Partners L.	Buy	+2,824+1.0%	$4.34K	274,964
Q3 2020Sep 30, 2020	RTX RTX Corporation	RTX Corporation	Buy	+2,699+5.3%	$3.10K	53,830
Q3 2020Sep 30, 2020	BAC Bank of America Corporation	Bank of America Corporation	Buy	+2,247+1.3%	$4.25K	176,470
Q3 2020Sep 30, 2020	BUD Anheuser-Busch Inbev SA Sponsor	Anheuser-Busch Inbev SA Sponsor	Buy	+1,587+1.8%	$4.90K	90,970
Q3 2020Sep 30, 2020	VZ Verizon Communications Inc.	Verizon Communications Inc.	Buy	+1,203+2.2%	$3.37K	56,601
Q3 2020Sep 30, 2020	T AT&T Inc.	AT&T Inc.	Buy	+825+0.5%	$4.75K	166,598
Q3 2020Sep 30, 2020	SPG Simon Property Group, Inc.	Simon Property Group, Inc.	Buy	+550+0.8%	$4.62K	71,447
Q3 2020Sep 30, 2020	IWR iShares Russell Mid-Cap ETF	iShares Russell Mid-Cap ETF	Buy	+86+3.4%	$151.00	2,633
Q3 2020Sep 30, 2020	GS Goldman Sachs Group, Inc. (The)	Goldman Sachs Group, Inc. (The)	Buy	+17+0.1%	$4.21K	20,955
Q3 2020Sep 30, 2020	BDX Becton, Dickinson and Company	Becton, Dickinson and Company	Sell	-5-0.0%	$3.07K	13,191
Q3 2020Sep 30, 2020	MDT Medtronic	Medtronic	Sell	-46-1.5%	$324.00	3,115
Q3 2020Sep 30, 2020	MRK Merck & Company, Inc.	Merck & Company, Inc.	Sell	-51-0.1%	$3.19K	38,467
Q3 2020Sep 30, 2020	EFA iShares MSCI EAFE ETF	iShares MSCI EAFE ETF	Sell	-73-0.4%	$1.05K	16,472
Q3 2020Sep 30, 2020	META Meta Platforms, Inc.	Meta Platforms, Inc.	Sell	-79-0.6%	$3.24K	12,376
Q3 2020Sep 30, 2020	EMR Emerson Electric Company	Emerson Electric Company	Sell	-82-0.3%	$2.14K	32,638
Q3 2020Sep 30, 2020	PFE Pfizer, Inc.	Pfizer, Inc.	Sell	-110-0.1%	$3.29K	89,636

Page 33 of 42 • 1252 total trades

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