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 2023Jun 30, 2023	DIS Walt Disney Company (The)	Walt Disney Company (The)	Sell	-204-0.3%	$5.83M	65,286
Q2 2023Jun 30, 2023	MDT Medtronic	Medtronic	Sell	-206-3.3%	$531.07K	6,028
Q2 2023Jun 30, 2023	EMR Emerson Electric Company	Emerson Electric Company	Sell	-215-0.3%	$6.50M	71,940
Q2 2023Jun 30, 2023	GOOGL Alphabet Inc.	Alphabet Inc.	Sell	-226-0.4%	$6.97M	58,268
Q2 2023Jun 30, 2023	LRCX Lam Research Corporation	Lam Research Corporation	Sell	-242-1.8%	$8.67M	13,493
Q2 2023Jun 30, 2023	KMX CarMax Inc	CarMax Inc	Sell	-262-3.3%	$642.15K	7,672
Q2 2023Jun 30, 2023	NOW ServiceNow, Inc.	ServiceNow, Inc.	Sell	-264-20.5%	$576.58K	1,026
Q2 2023Jun 30, 2023	EFA iShares MSCI EAFE ETF	iShares MSCI EAFE ETF	Sell	-359-1.5%	$1.70M	23,477
Q2 2023Jun 30, 2023	DD DuPont de Nemours, Inc.	DuPont de Nemours, Inc.	Sell	-366-0.3%	$8.25M	115,449
Q2 2023Jun 30, 2023	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-400-1.1%	$11.91M	34,972
Q2 2023Jun 30, 2023	ADBE Adobe Inc.	Adobe Inc.	Sell	-427-2.6%	$7.72M	15,785
Q2 2023Jun 30, 2023	WFC Wells Fargo & Company	Wells Fargo & Company	Sell	-428-0.2%	$9.34M	218,913
Q2 2023Jun 30, 2023	KHC The Kraft Heinz Company	The Kraft Heinz Company	Sell	-455-0.2%	$7.89M	222,134
Q2 2023Jun 30, 2023	CMCSA Comcast Corporation	Comcast Corporation	Sell	-519-3.6%	$570.44K	13,729
Q2 2023Jun 30, 2023	GOOG Alphabet Inc.	Alphabet Inc.	Sell	-573-20.8%	$264.56K	2,187
Q2 2023Jun 30, 2023	CVS CVS Health Corporation	CVS Health Corporation	Sell	-652-0.7%	$6.62M	95,695
Q2 2023Jun 30, 2023	META Meta Platforms, Inc.	Meta Platforms, Inc.	Sell	-790-2.6%	$8.46M	29,492
Q2 2023Jun 30, 2023	GE GE Aerospace	GE Aerospace	Sell	-1,357-20.1%	$591.76K	5,387
Q2 2023Jun 30, 2023	EPD Enterprise Products Partners L.	Enterprise Products Partners L.	Sell	-1,430-0.4%	$8.94M	339,224
Q2 2023Jun 30, 2023	AMZN Amazon.com, Inc.	Amazon.com, Inc.	Sell	-1,587-2.0%	$10.20M	78,242
Q2 2023Jun 30, 2023	GSK GSK plc	GSK plc	Sell	-2,735-1.2%	$8.36M	234,681
Q2 2023Jun 30, 2023	BUD Anheuser-Busch Inbev SA Sponsor	Anheuser-Busch Inbev SA Sponsor	Sell	-2,816-1.8%	$8.55M	150,676
Q2 2023Jun 30, 2023	INTC Intel Corporation	Intel Corporation	Sell	-3,854-1.6%	$8.02M	239,926
Q2 2023Jun 30, 2023	T AT&T Inc.	AT&T Inc.	Sell	-8,639-2.0%	$6.78M	424,847
Q2 2023Jun 30, 2023	CRM Salesforce, Inc.	Salesforce, Inc.	Sell	-13,111-31.6%	$5.99M	28,335
Q1 2023Mar 31, 2023	WU Western Union Company (The)	Western Union Company (The)	Buy	+92,749+26.1%	$4.99M	447,653
Q1 2023Mar 31, 2023	CMP Compass Minerals Intl Inc	Compass Minerals Intl Inc	Buy	+45,797+27.8%	$7.22M	210,609
Q1 2023Mar 31, 2023	AMZN Amazon.com, Inc.	Amazon.com, Inc.	Buy	+19,856+33.1%	$8.25M	79,829
Q1 2023Mar 31, 2023	INTC Intel Corporation	Intel Corporation	Buy	+17,535+7.8%	$7.96M	243,780
Q1 2023Mar 31, 2023	JWN Nordstrom, Inc.	Nordstrom, Inc.	Buy	+10,252+4.0%	$4.39M	269,724

Page 16 of 42 • 1252 total trades

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