Mark Hillman's Hillman Value Fund: Focus on Healthcare and Materials

Portfolio Overview

The Hillman Value Fund, managed by Mark A. Hillman, holds a portfolio as of March 31, 2026, with a total value exceeding $144 million. The fund's strategy appears focused on established companies across various sectors, with a notable emphasis on Healthcare and Basic Materials.

Top Holdings by Value

The fund's largest individual positions, representing significant portions of its holdings, are:

• Warner Bros Discovery Inc (WBD) - Communication Services sector, valued at $5.4 million (3.74% of portfolio).
• BioGen Inc (BIIB) - Healthcare sector, valued at $5.4 million (3.76% of portfolio).
• GSK PLC (GSK) - Healthcare sector, valued at $5.4 million (3.73% of portfolio).
• Dupont de Nemours Inc (DD) - Basic Materials sector, valued at $5.4 million (3.75% of portfolio).
• International Flavors & Fragrances Inc (IFF) - Basic Materials sector, valued at $5.3 million (3.67% of portfolio).

Sector Concentration

The fund demonstrates a clear preference for certain sectors. Healthcare is the most heavily represented sector, accounting for five of the top ten holdings and a substantial allocation. Basic Materials is the second most prominent sector. Other sectors like Consumer Defensive, Consumer Cyclical, and Communication Services are also represented but to a lesser extent.

Recent Changes in Holdings

The fund has seen significant changes in its holdings compared to the previous period:

• Decreases: Holdings like WBD (-40.64% in shares), BIIB (-22.98% in shares), GSK (-31.28% in shares), PFE (-13.21% in shares), and BF-B (-6.28% in shares) saw substantial reductions in their share count.
• Increases: IFF (+8.19% in shares) and KMX (+19.34% in shares) showed notable increases in their share count during the period.

Investment Strategy Analysis

The portfolio's holdings and sector allocations suggest a value-oriented approach, favoring companies in sectors like Healthcare and Basic Materials. The fund holds a mix of large-cap companies, focusing on established players. The significant reduction in holdings like WBD, BIIB, GSK, and PFE might indicate a shift in strategy or a response to market conditions, while the increase in IFF and KMX suggests confidence in these specific sectors or companies. The fund maintains a diversified set of holdings across 10 different stocks, but with a clear tilt towards Healthcare and Basic Materials.