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 2024Sep 30, 2024	EFA iShares MSCI EAFE ETF	iShares MSCI EAFE ETF	Buy	+1,211+5.1%	$2.09M	24,967
Q3 2024Sep 30, 2024	BUD Anheuser-Busch Inbev SA Sponsor	Anheuser-Busch Inbev SA Sponsor	Buy	+1,050+0.8%	$8.76M	132,101
Q3 2024Sep 30, 2024	DD DuPont de Nemours, Inc.	DuPont de Nemours, Inc.	Buy	+546+0.5%	$10.09M	113,244
Q3 2024Sep 30, 2024	KMX CarMax Inc	CarMax Inc	Buy	+535+0.5%	$8.92M	115,219
Q3 2024Sep 30, 2024	WU Western Union Company (The)	Western Union Company (The)	Buy	+412+0.1%	$5.45M	456,575
Q3 2024Sep 30, 2024	WFC Wells Fargo & Company	Wells Fargo & Company	Buy	+128+0.1%	$9.11M	161,251
Q3 2024Sep 30, 2024	AMZN Amazon.com, Inc.	Amazon.com, Inc.	Buy	+128+0.3%	$9.27M	49,770
Q3 2024Sep 30, 2024	VZ Verizon Communications Inc.	Verizon Communications Inc.	Buy	+122+0.1%	$6.45M	143,731
Q3 2024Sep 30, 2024	EFX Equifax, Inc.	Equifax, Inc.	Buy	+76+0.6%	$3.48M	11,845
Q3 2024Sep 30, 2024	MDT Medtronic	Medtronic	Buy	+45+1.4%	$288.73K	3,207
Q3 2024Sep 30, 2024	BDX Becton, Dickinson and Company	Becton, Dickinson and Company	Buy	+18+0.1%	$6.06M	25,133
Q3 2024Sep 30, 2024	CRM Salesforce, Inc.	Salesforce, Inc.	Buy	+12+0.1%	$5.80M	21,205
Q3 2024Sep 30, 2024	TROW T. Rowe Price Group, Inc.	T. Rowe Price Group, Inc.	Buy	+11+0.0%	$5.71M	52,455
Q3 2024Sep 30, 2024	STZ Constellation Brands, Inc.	Constellation Brands, Inc.	Buy	+9+0.8%	$278.56K	1,081
Q3 2024Sep 30, 2024	IWR iShares Russell Mid-Cap ETF	iShares Russell Mid-Cap ETF	Buy	+3+0.1%	$218.74K	2,482
Q3 2024Sep 30, 2024	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-7-0.0%	$10.18M	23,668
Q3 2024Sep 30, 2024	EMR Emerson Electric Company	Emerson Electric Company	Sell	-13-0.0%	$6.43M	58,818
Q3 2024Sep 30, 2024	JWN Nordstrom, Inc.	Nordstrom, Inc.	Sell	-15-0.0%	$6.51M	289,275
Q3 2024Sep 30, 2024	NOW ServiceNow, Inc.	ServiceNow, Inc.	Sell	-16-4.3%	$316.61K	354
Q3 2024Sep 30, 2024	GE GE Aerospace	GE Aerospace	Sell	-18-1.0%	$322.28K	1,709
Q3 2024Sep 30, 2024	GOOG Alphabet Inc.	Alphabet Inc.	Sell	-30-1.7%	$291.08K	1,741
Q3 2024Sep 30, 2024	APD Air Products and Chemicals, Inc	Air Products and Chemicals, Inc	Sell	-35-2.9%	$346.87K	1,165
Q3 2024Sep 30, 2024	CMCSA Comcast Corporation	Comcast Corporation	Sell	-38-0.0%	$6.22M	149,005
Q3 2024Sep 30, 2024	CAG ConAgra Brands, Inc.	ConAgra Brands, Inc.	Sell	-60-0.0%	$6.35M	195,334
Q3 2024Sep 30, 2024	USB U.S. Bancorp	U.S. Bancorp	Sell	-76-0.0%	$7.44M	162,778
Q3 2024Sep 30, 2024	BMY Bristol-Myers Squibb Company	Bristol-Myers Squibb Company	Sell	-84-0.1%	$8.30M	160,445
Q3 2024Sep 30, 2024	PFE Pfizer, Inc.	Pfizer, Inc.	Sell	-91-0.0%	$6.69M	231,059
Q3 2024Sep 30, 2024	RTX RTX Corporation	RTX Corporation	Sell	-209-7.1%	$331.74K	2,738
Q3 2024Sep 30, 2024	IFF International Flavors & Fragran	International Flavors & Fragran	Sell	-253-0.3%	$10.53M	100,326
Q3 2024Sep 30, 2024	BLK BlackRock	BlackRock	Sell - Position Exit	-349-100.0%	$0.00	-

Page 7 of 42 • 1252 total trades

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