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

According to the SEC 13F filed on Nov 14, 2025, the Hillman Value Fund portfolio showed several notable changes in holdings as of quarter-end Sep 30, 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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