Mark A. Hillman – Hillman Value Fund Portfolio Activity & Recent Trades (Jun 30, 2025)

As of Jun 30, 2025, the Hillman Value Fund portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on Aug 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 Q2 2025, the filing reported:

New Buys – Akamai Technologies, Inc. (AKAM)

Increases – Taiwan Semiconductor Manufactur (TSM), Bristol-Myers Squibb Company (BMY), The Kraft Heinz Company (KHC), iShares MSCI EAFE ETF (EFA), Medtronic (MDT), and 7 more

Reductions – Becton, Dickinson and Company (BDX), GE Aerospace (GE), DuPont de Nemours, Inc. (DD), ASML (ASML), Adobe Inc. (ADBE), and 31 more

Complete Exits – SPDR Portfolio S&P 500 ETF (SPLG), Western Union Company (The) (WU)

These updates highlight how the portfolio adjusted across different sectors and market conditions, offering insights into allocation shifts and investment trends.

Hillman Value Fund Activity

Date	Symbol	Name	Type	Quantity	Value	Remaining
Q2 2025Jun 30, 2025	TSM Taiwan Semiconductor Manufactur	Taiwan Semiconductor Manufactur	Buy	+14,295+792.4%	$3.65M	16,099
Q2 2025Jun 30, 2025	BMY Bristol-Myers Squibb Company	Bristol-Myers Squibb Company	Buy	+6,796+10.5%	$3.32M	71,815
Q2 2025Jun 30, 2025	KHC The Kraft Heinz Company	The Kraft Heinz Company	Buy	+4,733+2.3%	$5.42M	209,731
Q2 2025Jun 30, 2025	AKAM Akamai Technologies, Inc.	Akamai Technologies, Inc.	Buy - Position Entry	+4,149	$330.92K	4,149
Q2 2025Jun 30, 2025	EFA iShares MSCI EAFE ETF	iShares MSCI EAFE ETF	Buy	+1,199+4.9%	$2.29M	25,585
Q2 2025Jun 30, 2025	MDT Medtronic	Medtronic	Buy	+290+8.3%	$331.42K	3,802
Q2 2025Jun 30, 2025	XOM Exxon Mobil Corporation	Exxon Mobil Corporation	Buy	+227+7.8%	$339.89K	3,153
Q2 2025Jun 30, 2025	GOOG Alphabet Inc.	Alphabet Inc.	Buy	+140+7.8%	$343.25K	1,935
Q2 2025Jun 30, 2025	APD Air Products and Chemicals, Inc	Air Products and Chemicals, Inc	Buy	+90+8.7%	$316.75K	1,123
Q2 2025Jun 30, 2025	EFX Equifax, Inc.	Equifax, Inc.	Buy	+90+0.8%	$2.87M	11,079
Q2 2025Jun 30, 2025	RTX RTX Corporation	RTX Corporation	Buy	+49+1.9%	$385.20K	2,638
Q2 2025Jun 30, 2025	BLK BlackRock	BlackRock	Buy	+20+5.8%	$380.88K	363
Q2 2025Jun 30, 2025	IWR iShares Russell Mid-Cap ETF	iShares Russell Mid-Cap ETF	Buy	+4+0.2%	$223.74K	2,433
Q2 2025Jun 30, 2025	BDX Becton, Dickinson and Company	Becton, Dickinson and Company	Sell	-200-1.2%	$2.90M	16,823
Q2 2025Jun 30, 2025	GE GE Aerospace	GE Aerospace	Sell	-202-11.8%	$387.12K	1,504
Q2 2025Jun 30, 2025	DD DuPont de Nemours, Inc.	DuPont de Nemours, Inc.	Sell	-1,521-1.8%	$5.64M	82,222
Q2 2025Jun 30, 2025	ASML ASML	ASML	Sell	-1,561-16.8%	$6.18M	7,716
Q2 2025Jun 30, 2025	ADBE Adobe Inc.	Adobe Inc.	Sell	-1,577-15.9%	$3.22M	8,328
Q2 2025Jun 30, 2025	BIIB Biogen Inc.	Biogen Inc.	Sell	-2,053-4.7%	$5.27M	41,972
Q2 2025Jun 30, 2025	NKE Nike, Inc.	Nike, Inc.	Sell	-2,168-2.3%	$6.45M	90,843
Q2 2025Jun 30, 2025	CRM Salesforce, Inc.	Salesforce, Inc.	Sell	-2,185-15.2%	$3.31M	12,148
Q2 2025Jun 30, 2025	TROW T. Rowe Price Group, Inc.	T. Rowe Price Group, Inc.	Sell	-2,627-6.4%	$3.70M	38,294
Q2 2025Jun 30, 2025	ZBH Zimmer Biomet Holdings, Inc.	Zimmer Biomet Holdings, Inc.	Sell	-2,959-5.1%	$5.07M	55,598
Q2 2025Jun 30, 2025	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-3,050-18.9%	$6.51M	13,095
Q2 2025Jun 30, 2025	HSY The Hershey Company	The Hershey Company	Sell	-3,200-14.7%	$3.09M	18,608
Q2 2025Jun 30, 2025	BAX Baxter International Inc.	Baxter International Inc.	Sell	-3,583-2.0%	$5.40M	178,429
Q2 2025Jun 30, 2025	STZ Constellation Brands, Inc.	Constellation Brands, Inc.	Sell	-3,658-16.7%	$2.98M	18,310
Q2 2025Jun 30, 2025	NUE Nucor Corporation	Nucor Corporation	Sell	-3,836-12.5%	$3.48M	26,829
Q2 2025Jun 30, 2025	KMX CarMax Inc	CarMax Inc	Sell	-4,491-5.3%	$5.35M	79,610
Q2 2025Jun 30, 2025	GOOGL Alphabet Inc.	Alphabet Inc.	Sell	-5,100-22.9%	$3.03M	17,208

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