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

As of Mar 31, 2025, the Hillman Value Fund portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on May 15, 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, Inc., 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, Inc.	BlackRock, Inc.	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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