Mark A. Hillman - Hillman Value Fund 13F Activity & Position Changes (Q1 2025)

According to the SEC 13F filed on May 15, 2025, the Hillman Value Fund portfolio showed several notable changes in holdings as of quarter-end Mar 31, 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 Q1 2025, the filing reported:

New Buys - Advanced Micro Devices, Inc., The Hershey Company, Medtronic

Increases - Air Products and Chemicals, Inc, Brown Forman Inc, Biogen Inc., BlackRock, GE Aerospace, and 7 more

Reductions - Adobe Inc., ASML, Boeing Company (The), Baxter International Inc., Becton, Dickinson and Company, and 31 more

Complete Exits - Amazon.com, Inc., Home Depot, Inc. (The), Intel Corporation, Invesco S&P 500 Equal Weight ET, SPDR S&P 500, and 1 more

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

Date	Symbol	Name	Type	Change Qty	% Change	Value	Remaining
Q1 2025	ADBE Adobe Inc.	Adobe Inc.	Sell	-335	-3.3%	$3.80M	9,905
Q1 2025	AMD Advanced Micro Devices, Inc.	Advanced Micro Devices, Inc.	Buy - Position Entry	+31,987	-	$3.29M	31,987
Q1 2025	AMZN Amazon.com, Inc.	Amazon.com, Inc.	Sell - Position Exit	-48,661	-100.0%	$0.00	-
Q1 2025	APD Air Products and Chemicals, Inc	Air Products and Chemicals, Inc	Buy	+106	+11.4%	$304.65K	1,033
Q1 2025	ASML ASML	ASML	Sell	-3,441	-27.1%	$6.15M	9,277
Q1 2025	BA Boeing Company (The)	Boeing Company (The)	Sell	-19,560	-34.3%	$6.40M	37,538
Q1 2025	BAX Baxter International Inc.	Baxter International Inc.	Sell	-22,059	-10.8%	$6.23M	182,012
Q1 2025	BDX Becton, Dickinson and Company	Becton, Dickinson and Company	Sell	-7,681	-31.1%	$3.90M	17,023
Q1 2025	BF-B Brown Forman Inc	Brown Forman Inc	Buy	+44,106	+30.2%	$6.46M	190,279
Q1 2025	BIIB Biogen Inc.	Biogen Inc.	Buy	+959	+2.2%	$6.02M	44,025
Q1 2025	BLK BlackRock	BlackRock	Buy	+12	+3.6%	$324.64K	343
Q1 2025	BMY Bristol-Myers Squibb Company	Bristol-Myers Squibb Company	Sell	-49,652	-43.3%	$3.97M	65,019
Q1 2025	BUD Anheuser-Busch Inbev SA Sponsor	Anheuser-Busch Inbev SA Sponsor	Sell	-16,573	-13.8%	$6.39M	103,850
Q1 2025	CAG ConAgra Brands, Inc.	ConAgra Brands, Inc.	Sell	-40,266	-21.0%	$4.03M	151,149
Q1 2025	CMCSA Comcast Corporation	Comcast Corporation	Sell	-40,348	-27.1%	$4.01M	108,575
Q1 2025	CPB The Campbell's Company	The Campbell's Company	Sell	-37,568	-26.6%	$4.14M	103,772
Q1 2025	CRM Salesforce, Inc.	Salesforce, Inc.	Sell	-6,824	-32.3%	$3.85M	14,333
Q1 2025	CVS CVS Health Corporation	CVS Health Corporation	Sell	-19,186	-16.0%	$6.81M	100,450
Q1 2025	DD DuPont de Nemours, Inc.	DuPont de Nemours, Inc.	Sell	-28,157	-25.2%	$6.25M	83,743
Q1 2025	DEO Diageo plc	Diageo plc	Sell	-14,196	-27.6%	$3.90M	37,199
Q1 2025	DIS Walt Disney Company (The)	Walt Disney Company (The)	Sell	-27,755	-40.8%	$3.98M	40,310
Q1 2025	EFA iShares MSCI EAFE ETF	iShares MSCI EAFE ETF	Sell	-1,898	-7.2%	$1.99M	24,386
Q1 2025	EFX Equifax, Inc.	Equifax, Inc.	Sell	-424	-3.7%	$2.68M	10,989
Q1 2025	EL Estee Lauder Companies, Inc. (T	Estee Lauder Companies, Inc. (T	Sell	-9,364	-8.9%	$6.29M	95,274
Q1 2025	GE GE Aerospace	GE Aerospace	Buy	+58	+3.5%	$341.46K	1,706
Q1 2025	GOOG Alphabet Inc.	Alphabet Inc.	Buy	+81	+4.7%	$280.43K	1,795
Q1 2025	GOOGL Alphabet Inc.	Alphabet Inc.	Sell	-13,796	-38.2%	$3.45M	22,308
Q1 2025	GSK GSK plc	GSK plc	Sell	-66,008	-28.6%	$6.40M	165,143
Q1 2025	HD Home Depot, Inc. (The)	Home Depot, Inc. (The)	Sell - Position Exit	-670	-100.0%	$0.00	-
Q1 2025	HSY The Hershey Company	The Hershey Company	Buy - Position Entry	+21,808	-	$3.73M	21,808

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