Mark A. Hillman - Hillman Value Fund 13F Activity & Position Changes (Q4 2025)

According to the SEC 13F filed on Feb 17, 2026, the Hillman Value Fund portfolio showed several notable changes in holdings as of quarter-end Dec 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 Q4 2025, the filing reported:

New Buys - SPDR Bloomberg International Tr, SPDR Portfolio S&P 500 ETF, SPDR S&P 500

Increases - Akamai Technologies, Inc., Air Products and Chemicals, Inc, DuPont de Nemours, Inc., iShares MSCI EAFE ETF, Equifax, Inc., and 3 more

Reductions - Adobe Inc., ASML, Boeing Company (The), Baxter International Inc., Becton, Dickinson and Company, and 39 more

Complete Exits - None reported

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
Q4 2025	ADBE Adobe Inc.	Adobe Inc.	Sell	-1,174	-13.9%	$2.54M	7,269
Q4 2025	AKAM Akamai Technologies, Inc.	Akamai Technologies, Inc.	Buy	+27,766	+655.9%	$2.79M	31,999
Q4 2025	APD Air Products and Chemicals, Inc	Air Products and Chemicals, Inc	Buy	+222	+19.4%	$337.68K	1,367
Q4 2025	ASML ASML	ASML	Sell	-1,258	-18.6%	$5.89M	5,510
Q4 2025	BA Boeing Company (The)	Boeing Company (The)	Sell	-3,065	-10.8%	$5.52M	25,427
Q4 2025	BAX Baxter International Inc.	Baxter International Inc.	Sell	-25,062	-10.6%	$4.04M	211,541
Q4 2025	BDX Becton, Dickinson and Company	Becton, Dickinson and Company	Sell	-2,584	-15.4%	$2.76M	14,230
Q4 2025	BF-B Brown Forman Inc	Brown Forman Inc	Sell	-40,202	-21.4%	$3.86M	148,052
Q4 2025	BIIB Biogen Inc.	Biogen Inc.	Sell	-7,838	-20.4%	$5.37M	30,516
Q4 2025	BLK BlackRock, Inc.	BlackRock, Inc.	Sell	-9	-2.6%	$356.42K	333
Q4 2025	BMY Bristol-Myers Squibb Company	Bristol-Myers Squibb Company	Sell	-15,474	-22.3%	$2.91M	53,966
Q4 2025	BUD Anheuser-Busch Inbev SA Sponsor	Anheuser-Busch Inbev SA Sponsor	Sell	-8,107	-8.9%	$5.29M	82,631
Q4 2025	BWX SPDR Bloomberg International Tr	SPDR Bloomberg International Tr	Buy - Position Entry	+6,240	-	$140.59K	6,240
Q4 2025	CAG ConAgra Brands, Inc.	ConAgra Brands, Inc.	Sell	-5,751	-4.0%	$2.41M	138,945
Q4 2025	CMCSA Comcast Corporation	Comcast Corporation	Sell	-2,133	-2.3%	$2.72M	90,861
Q4 2025	CPB The Campbell's Company	The Campbell's Company	Sell	-32,350	-18.7%	$3.92M	140,684
Q4 2025	CRM Salesforce, Inc.	Salesforce, Inc.	Sell	-1,974	-16.0%	$2.75M	10,397
Q4 2025	CVS CVS Health Corporation	CVS Health Corporation	Sell	-10,674	-13.0%	$5.69M	71,685
Q4 2025	DD DuPont de Nemours, Inc.	DuPont de Nemours, Inc.	Buy	+62,074	+87.2%	$5.36M	133,248
Q4 2025	DEO Diageo plc	Diageo plc	Sell	-4,137	-13.9%	$2.22M	25,705
Q4 2025	DIS Walt Disney Company (The)	Walt Disney Company (The)	Sell	-2,913	-10.6%	$2.79M	24,539
Q4 2025	EFA iShares MSCI EAFE ETF	iShares MSCI EAFE ETF	Buy	+2,738	+10.6%	$2.74M	28,562
Q4 2025	EFX Equifax, Inc.	Equifax, Inc.	Buy	+154	+1.4%	$2.40M	11,079
Q4 2025	EL Estee Lauder Companies, Inc. (T	Estee Lauder Companies, Inc. (T	Sell	-15,885	-22.5%	$5.74M	54,803
Q4 2025	FI Fiserv, Inc.	Fiserv, Inc.	Buy	+15,476	+67.6%	$2.58M	38,376
Q4 2025	GE GE Aerospace	GE Aerospace	Sell	-7	-0.5%	$403.52K	1,310
Q4 2025	GOOG Alphabet Inc.	Alphabet Inc.	Sell	-325	-22.1%	$360.24K	1,148
Q4 2025	GOOGL Alphabet Inc.	Alphabet Inc.	Sell	-2	-25.0%	$1.88K	6
Q4 2025	GSK GSK plc	GSK plc	Sell	-27,443	-19.4%	$5.61M	114,336
Q4 2025	HSY The Hershey Company	The Hershey Company	Sell	-1,400	-9.5%	$2.42M	13,308

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