Mark Hillman Q2 2026 Portfolio Activity: Significant Buys & Sells Detailed
Hillman Value Fund's portfolio saw substantial changes in Q2 2026, marked by significant purchases and sales across various sectors. The filing highlights notable additions like VEEV and exits from positions such as TROW.
Quarterly Portfolio Shifts for Hillman Value Fund
This quarter's disclosure for Hillman Value Fund, as of June 30, 2026, reveals a dynamic investor landscape with both strategic additions and reductions to its holdings. The fund's manager, Mark A. Hillman, appears to have focused on acquiring undervalued positions while strategically exiting others.
Notable Purchases: Concentrating on Specific Opportunities
The most striking purchase activity this quarter involves VEEV (Veeva Systems Inc). The fund acquired 14,000 shares representing a staggering 100% increase in its position. This significant stake addition suggests strong confidence or newly discovered value in the healthcare technology sector of this company.
Additionally, Merge Healthcare International Ltd (MDT), listed among the fund's significant buys according to internal indicators, likely saw an increased holding despite not being detailed in the provided top holdings list. Furthermore, ACN (Arista Networks Inc) is noted as another stock where Hillman Value Fund significantly increased its position during this period.
Strategic Sales: Reducing Exposure and Capitalizing on Gains
In contrast to the focused buying, there were substantial sales from existing positions. The most dramatic exit occurred with TROW (Price T Rowe Group Inc). The fund sold a large portion of its holdings in this Financial Services stock, resulting in an 86% reduction in shares and effectively exiting the position almost entirely.
Other significant reductions include KMX (CarMax Inc), which experienced a 16.3% decrease in its portfolio allocation; PFE (Pfizer Inc) saw an 89,052 share reduction (-7.09%); and CVS Health Corp, which lost over 11,000 shares (-17.77%). These exits could be due to realized gains or a reassessment of the stock's long-term prospects.
Impact on Portfolio Structure and Sectors
The overall portfolio structure indicates that Healthcare remains Hillman Value Fund's largest sector allocation at 31.74% (totaling $42,218,260), followed by Consumer Defensive ($25,807,934) and Technology ($20,706,176). The changes this quarter reflect a continued focus on these sectors but with specific adjustments within them.
The sale of TROW significantly reduced the fund's exposure to Financial Services. Conversely, while exiting positions in established names like KMX and PFE, the fund simultaneously increased its stake in newer or niche companies like VEEV, potentially seeking higher growth potential despite concentration risks highlighted by the high turnover rate.
Overall Strategy and Key Observations
Hillman Value Fund's Q2 2026 activity demonstrates a clear strategy of concentrated buying in specific areas where performance or value is perceived to be improving, alongside strategic selling from positions that no longer align with its investment thesis. The data shows active management focused on optimizing the portfolio.
The fund holds 53 distinct stocks as of this filing, indicating a diversified approach despite significant changes within certain sectors. It successfully navigated substantial increases and decreases in specific holdings while maintaining an overall allocation profile heavily weighted towards Healthcare and Consumer Defensive sectors.