Mark A. Hillman - Hillman Value Fund 13F Activity & Position Changes (Q2 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.

Increases - Air Products and Chemicals, Inc, BlackRock, Bristol-Myers Squibb Company, iShares MSCI EAFE ETF, Equifax, Inc., and 7 more

Reductions - Adobe Inc., Advanced Micro Devices, Inc., ASML, Boeing Company (The), Baxter International Inc., and 31 more

Complete Exits - SPDR Portfolio S&P 500 ETF, Western Union Company (The)

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
Q2 2025	ADBE Adobe Inc.	Adobe Inc.	Sell	-1,577	-15.9%	$3.22M	8,328
Q2 2025	AKAM Akamai Technologies, Inc.	Akamai Technologies, Inc.	Buy - Position Entry	+4,149	-	$330.92K	4,149
Q2 2025	AMD Advanced Micro Devices, Inc.	Advanced Micro Devices, Inc.	Sell	-7,824	-24.5%	$3.43M	24,163
Q2 2025	APD Air Products and Chemicals, Inc	Air Products and Chemicals, Inc	Buy	+90	+8.7%	$316.75K	1,123
Q2 2025	ASML ASML	ASML	Sell	-1,561	-16.8%	$6.18M	7,716
Q2 2025	BA Boeing Company (The)	Boeing Company (The)	Sell	-5,961	-15.9%	$6.62M	31,577
Q2 2025	BAX Baxter International Inc.	Baxter International Inc.	Sell	-3,583	-2.0%	$5.40M	178,429
Q2 2025	BDX Becton, Dickinson and Company	Becton, Dickinson and Company	Sell	-200	-1.2%	$2.90M	16,823
Q2 2025	BF-B Brown Forman Inc	Brown Forman Inc	Sell	-14,491	-7.6%	$4.73M	175,788
Q2 2025	BIIB Biogen Inc.	Biogen Inc.	Sell	-2,053	-4.7%	$5.27M	41,972
Q2 2025	BLK BlackRock	BlackRock	Buy	+20	+5.8%	$380.88K	363
Q2 2025	BMY Bristol-Myers Squibb Company	Bristol-Myers Squibb Company	Buy	+6,796	+10.5%	$3.32M	71,815
Q2 2025	BUD Anheuser-Busch Inbev SA Sponsor	Anheuser-Busch Inbev SA Sponsor	Sell	-16,757	-16.1%	$5.99M	87,093
Q2 2025	CAG ConAgra Brands, Inc.	ConAgra Brands, Inc.	Sell	-10,405	-6.9%	$2.88M	140,744
Q2 2025	CMCSA Comcast Corporation	Comcast Corporation	Sell	-9,312	-8.6%	$3.54M	99,263
Q2 2025	CPB The Campbell's Company	The Campbell's Company	Sell	-9,562	-9.2%	$2.89M	94,210
Q2 2025	CRM Salesforce, Inc.	Salesforce, Inc.	Sell	-2,185	-15.2%	$3.31M	12,148
Q2 2025	CVS CVS Health Corporation	CVS Health Corporation	Sell	-7,453	-7.4%	$6.41M	92,997
Q2 2025	DD DuPont de Nemours, Inc.	DuPont de Nemours, Inc.	Sell	-1,521	-1.8%	$5.64M	82,222
Q2 2025	DEO Diageo plc	Diageo plc	Sell	-7,844	-21.1%	$2.96M	29,355
Q2 2025	DIS Walt Disney Company (The)	Walt Disney Company (The)	Sell	-11,548	-28.6%	$3.57M	28,762
Q2 2025	EFA iShares MSCI EAFE ETF	iShares MSCI EAFE ETF	Buy	+1,199	+4.9%	$2.29M	25,585
Q2 2025	EFX Equifax, Inc.	Equifax, Inc.	Buy	+90	+0.8%	$2.87M	11,079
Q2 2025	EL Estee Lauder Companies, Inc. (T	Estee Lauder Companies, Inc. (T	Sell	-13,675	-14.4%	$6.59M	81,599
Q2 2025	GE GE Aerospace	GE Aerospace	Sell	-202	-11.8%	$387.12K	1,504
Q2 2025	GOOG Alphabet Inc.	Alphabet Inc.	Buy	+140	+7.8%	$343.25K	1,935
Q2 2025	GOOGL Alphabet Inc.	Alphabet Inc.	Sell	-5,100	-22.9%	$3.03M	17,208
Q2 2025	GSK GSK plc	GSK plc	Sell	-12,544	-7.6%	$5.86M	152,599
Q2 2025	HSY The Hershey Company	The Hershey Company	Sell	-3,200	-14.7%	$3.09M	18,608
Q2 2025	IFF International Flavors & Fragran	International Flavors & Fragran	Sell	-6,093	-7.5%	$5.49M	74,680

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