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
Q4 2023Dec 31, 2023	SPY SPDR S&P 500	SPDR S&P 500	Buy - Position Entry	+5,293	$2.52M	5,293
Q4 2023Dec 31, 2023	CVS CVS Health Corporation	CVS Health Corporation	Buy	+1,354+1.2%	$8.97M	113,662
Q4 2023Dec 31, 2023	GSK GSK plc	GSK plc	Buy	+522+0.2%	$8.65M	233,386
Q4 2023Dec 31, 2023	KHC The Kraft Heinz Company	The Kraft Heinz Company	Buy	+504+0.2%	$8.69M	235,042
Q4 2023Dec 31, 2023	RTX RTX Corporation	RTX Corporation	Buy	+266+8.1%	$299.79K	3,563
Q4 2023Dec 31, 2023	BIIB Biogen Inc.	Biogen Inc.	Buy	+170+0.5%	$8.92M	34,476
Q4 2023Dec 31, 2023	BDX Becton, Dickinson and Company	Becton, Dickinson and Company	Buy	+86+0.3%	$6.13M	25,141
Q4 2023Dec 31, 2023	SPG Simon Property Group, Inc.	Simon Property Group, Inc.	Buy	+53+0.1%	$10.12M	70,956
Q4 2023Dec 31, 2023	APD Air Products and Chemicals, Inc	Air Products and Chemicals, Inc	Buy	+22+2.3%	$271.88K	993
Q4 2023Dec 31, 2023	STZ Constellation Brands, Inc.	Constellation Brands, Inc.	Buy	+6+0.5%	$288.41K	1,193
Q4 2023Dec 31, 2023	ASML ASML	ASML	Sell	-5-0.0%	$9.44M	12,475
Q4 2023Dec 31, 2023	GE GE Aerospace	GE Aerospace	Sell	-7-0.3%	$330.43K	2,589
Q4 2023Dec 31, 2023	IVV iShares Core S&P 500 ETF	iShares Core S&P 500 ETF	Sell	-11-2.8%	$184.84K	387
Q4 2023Dec 31, 2023	DD DuPont de Nemours, Inc.	DuPont de Nemours, Inc.	Sell	-21-0.0%	$8.56M	111,280
Q4 2023Dec 31, 2023	LRCX Lam Research Corporation	Lam Research Corporation	Sell	-22-0.2%	$7.10M	9,063
Q4 2023Dec 31, 2023	CRM Salesforce, Inc.	Salesforce, Inc.	Sell	-44-0.2%	$7.15M	27,171
Q4 2023Dec 31, 2023	EFA iShares MSCI EAFE ETF	iShares MSCI EAFE ETF	Sell	-71-0.3%	$1.78M	23,668
Q4 2023Dec 31, 2023	NOW ServiceNow, Inc.	ServiceNow, Inc.	Sell	-78-13.9%	$340.53K	482
Q4 2023Dec 31, 2023	IWR iShares Russell Mid-Cap ETF	iShares Russell Mid-Cap ETF	Sell	-128-4.9%	$192.22K	2,473
Q4 2023Dec 31, 2023	TROW T. Rowe Price Group, Inc.	T. Rowe Price Group, Inc.	Sell	-718-1.4%	$5.56M	51,644
Q4 2023Dec 31, 2023	AMZN Amazon.com, Inc.	Amazon.com, Inc.	Sell	-866-1.4%	$8.95M	58,891
Q4 2023Dec 31, 2023	ZBH Zimmer Biomet Holdings, Inc.	Zimmer Biomet Holdings, Inc.	Sell	-972-2.1%	$5.54M	45,484
Q4 2023Dec 31, 2023	META Meta Platforms, Inc.	Meta Platforms, Inc.	Sell	-2,176-10.6%	$6.50M	18,376
Q4 2023Dec 31, 2023	CAG ConAgra Brands, Inc.	ConAgra Brands, Inc.	Sell	-2,269-1.2%	$5.50M	192,024
Q4 2023Dec 31, 2023	MMM 3M Company	3M Company	Sell - Position Exit	-2,500-100.0%	$0.00	-
Q4 2023Dec 31, 2023	BAX Baxter International Inc.	Baxter International Inc.	Sell	-2,980-1.4%	$8.36M	216,268
Q4 2023Dec 31, 2023	MDT Medtronic	Medtronic	Sell - Position Exit	-3,357-100.0%	$0.00	-
Q4 2023Dec 31, 2023	BA Boeing Company (The)	Boeing Company (The)	Sell	-7,051-16.5%	$9.28M	35,592
Q4 2023Dec 31, 2023	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-7,196-21.8%	$9.72M	25,856
Q4 2023Dec 31, 2023	GOOGL Alphabet Inc.	Alphabet Inc.	Sell	-13,569-24.2%	$5.93M	42,431

Page 12 of 42 • 1252 total trades

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