Mark A. Hillman - Hillman Value Fund 13F Activity & Position Changes (Q3 2025)

As of Sep 30, 2025, the Hillman Value Fund portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on Nov 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 Q3 2025, the filing reported:

New Buys - Fiserv, Inc., Thermo Fisher Scientific Inc, UnitedHealth Group Incorporated, United Parcel Service, Inc., West Pharmaceutical Services, I

Increases - Adobe Inc., Akamai Technologies, Inc., Air Products and Chemicals, Inc, Baxter International Inc., Brown Forman Inc, and 11 more

Reductions - ASML, Boeing Company (The), Becton, Dickinson and Company, Biogen Inc., BlackRock, and 26 more

Complete Exits - Advanced Micro Devices, Inc., AT&T Inc.

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
Q3 2025	ADBE Adobe Inc.	Adobe Inc.	Buy	+115	+1.4%	$2.98M	8,443
Q3 2025	AKAM Akamai Technologies, Inc.	Akamai Technologies, Inc.	Buy	+84	+2.0%	$320.69K	4,233
Q3 2025	AMD Advanced Micro Devices, Inc.	Advanced Micro Devices, Inc.	Sell - Position Exit	-24,163	-100.0%	$0.00	-
Q3 2025	APD Air Products and Chemicals, Inc	Air Products and Chemicals, Inc	Buy	+22	+2.0%	$312.26K	1,145
Q3 2025	ASML ASML	ASML	Sell	-948	-12.3%	$6.55M	6,768
Q3 2025	BA Boeing Company (The)	Boeing Company (The)	Sell	-3,085	-9.8%	$6.15M	28,492
Q3 2025	BAX Baxter International Inc.	Baxter International Inc.	Buy	+58,174	+32.6%	$5.39M	236,603
Q3 2025	BDX Becton, Dickinson and Company	Becton, Dickinson and Company	Sell	-9	-0.1%	$3.15M	16,814
Q3 2025	BF-B Brown Forman Inc	Brown Forman Inc	Buy	+12,466	+7.1%	$5.10M	188,254
Q3 2025	BIIB Biogen Inc.	Biogen Inc.	Sell	-3,618	-8.6%	$5.37M	38,354
Q3 2025	BLK BlackRock	BlackRock	Sell	-21	-5.8%	$398.73K	342
Q3 2025	BMY Bristol-Myers Squibb Company	Bristol-Myers Squibb Company	Sell	-2,375	-3.3%	$3.13M	69,440
Q3 2025	BUD Anheuser-Busch Inbev SA Sponsor	Anheuser-Busch Inbev SA Sponsor	Buy	+3,645	+4.2%	$5.41M	90,738
Q3 2025	CAG ConAgra Brands, Inc.	ConAgra Brands, Inc.	Buy	+3,952	+2.8%	$2.65M	144,696
Q3 2025	CMCSA Comcast Corporation	Comcast Corporation	Sell	-6,269	-6.3%	$2.92M	92,994
Q3 2025	CPB The Campbell's Company	The Campbell's Company	Buy	+78,824	+83.7%	$5.46M	173,034
Q3 2025	CRM Salesforce, Inc.	Salesforce, Inc.	Buy	+223	+1.8%	$2.93M	12,371
Q3 2025	CVS CVS Health Corporation	CVS Health Corporation	Sell	-10,638	-11.4%	$6.21M	82,359
Q3 2025	DD DuPont de Nemours, Inc.	DuPont de Nemours, Inc.	Sell	-11,048	-13.4%	$5.54M	71,174
Q3 2025	DEO Diageo plc	Diageo plc	Buy	+487	+1.7%	$2.85M	29,842
Q3 2025	DIS Walt Disney Company (The)	Walt Disney Company (The)	Sell	-1,310	-4.6%	$3.14M	27,452
Q3 2025	EFA iShares MSCI EAFE ETF	iShares MSCI EAFE ETF	Buy	+239	+0.9%	$2.41M	25,824
Q3 2025	EFX Equifax, Inc.	Equifax, Inc.	Sell	-154	-1.4%	$2.80M	10,925
Q3 2025	EL Estee Lauder Companies, Inc. (T	Estee Lauder Companies, Inc. (T	Sell	-10,911	-13.4%	$6.23M	70,688
Q3 2025	FI Fiserv, Inc.	Fiserv, Inc.	Buy - Position Entry	+22,900	-	$2.95M	22,900
Q3 2025	GE GE Aerospace	GE Aerospace	Sell	-187	-12.4%	$396.18K	1,317
Q3 2025	GOOG Alphabet Inc.	Alphabet Inc.	Sell	-462	-23.9%	$358.75K	1,473
Q3 2025	GOOGL Alphabet Inc.	Alphabet Inc.	Sell	-17,200	-100.0%	$1.95K	8
Q3 2025	GSK GSK plc	GSK plc	Sell	-10,820	-7.1%	$6.12M	141,779
Q3 2025	HSY The Hershey Company	The Hershey Company	Sell	-3,900	-21.0%	$2.75M	14,708

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