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 2022Jun 30, 2022	RTX RTX Corporation	RTX Corporation	Buy	+422+0.6%	$7.11K	73,993
Q2 2022Jun 30, 2022	MDT Medtronic	Medtronic	Buy	+420+6.6%	$611.00	6,803
Q2 2022Jun 30, 2022	EFX Equifax, Inc.	Equifax, Inc.	Buy	+415+3.2%	$2.43K	13,299
Q2 2022Jun 30, 2022	TROW T. Rowe Price Group, Inc.	T. Rowe Price Group, Inc.	Buy	+360+0.7%	$6.29K	55,386
Q2 2022Jun 30, 2022	BIIB Biogen Inc.	Biogen Inc.	Buy	+340+0.8%	$8.77K	43,019
Q2 2022Jun 30, 2022	MMM 3M Company	3M Company	Buy	+256+7.8%	$458.00	3,536
Q2 2022Jun 30, 2022	APD Air Products and Chemicals, Inc	Air Products and Chemicals, Inc	Buy	+174+7.6%	$592.00	2,463
Q2 2022Jun 30, 2022	BDX Becton, Dickinson and Company	Becton, Dickinson and Company	Buy	+162+0.6%	$6.65K	26,958
Q2 2022Jun 30, 2022	NOW ServiceNow, Inc.	ServiceNow, Inc.	Buy	+146+14.6%	$546.00	1,149
Q2 2022Jun 30, 2022	ADBE Adobe Inc.	Adobe Inc.	Buy	+124+0.8%	$5.97K	16,303
Q2 2022Jun 30, 2022	STZ Constellation Brands, Inc.	Constellation Brands, Inc.	Buy	+100+3.9%	$625.00	2,680
Q2 2022Jun 30, 2022	BLK BlackRock	BlackRock	Buy	+67+8.8%	$505.00	830
Q2 2022Jun 30, 2022	IWR iShares Russell Mid-Cap ETF	iShares Russell Mid-Cap ETF	Buy	+32+1.2%	$168.00	2,602
Q2 2022Jun 30, 2022	GOOGL Alphabet Inc.	Alphabet Inc.	Buy	+12+0.4%	$6.62K	3,036
Q2 2022Jun 30, 2022	GOOG Alphabet Inc.	Alphabet Inc.	Buy	+9+9.2%	$234.00	107
Q2 2022Jun 30, 2022	CVS CVS Health Corporation	CVS Health Corporation	Sell	-173-0.2%	$9.02K	97,310
Q2 2022Jun 30, 2022	MRK Merck & Company, Inc.	Merck & Company, Inc.	Sell	-1,385-1.4%	$8.95K	98,114
Q2 2022Jun 30, 2022	BMY Bristol-Myers Squibb Company	Bristol-Myers Squibb Company	Sell - Position Exit	-135,731-100.0%	$0.00	-
Q1 2022Mar 31, 2022	CAG ConAgra Brands, Inc.	ConAgra Brands, Inc.	Buy	+98,034+79.3%	$7.44K	221,717
Q1 2022Mar 31, 2022	TROW T. Rowe Price Group, Inc.	T. Rowe Price Group, Inc.	Buy - Position Entry	+55,026	$8.32K	55,026
Q1 2022Mar 31, 2022	CRM Salesforce, Inc.	Salesforce, Inc.	Buy	+31,866+1635.0%	$7.18K	33,815
Q1 2022Mar 31, 2022	T AT&T Inc.	AT&T Inc.	Buy	+31,524+9.9%	$8.25K	349,277
Q1 2022Mar 31, 2022	ADBE Adobe Inc.	Adobe Inc.	Buy - Position Entry	+16,179	$7.37K	16,179
Q1 2022Mar 31, 2022	BIIB Biogen Inc.	Biogen Inc.	Buy	+15,488+57.0%	$8.99K	42,679
Q1 2022Mar 31, 2022	ASML ASML	ASML	Buy - Position Entry	+14,591	$9.74K	14,591
Q1 2022Mar 31, 2022	META Meta Platforms, Inc.	Meta Platforms, Inc.	Buy	+13,144+61.9%	$7.64K	34,377
Q1 2022Mar 31, 2022	EFX Equifax, Inc.	Equifax, Inc.	Buy - Position Entry	+12,884	$3.06K	12,884
Q1 2022Mar 31, 2022	CMP Compass Minerals Intl Inc	Compass Minerals Intl Inc	Buy	+12,830+9.2%	$9.58K	152,587
Q1 2022Mar 31, 2022	INTC Intel Corporation	Intel Corporation	Buy	+11,534+6.9%	$8.80K	177,512
Q1 2022Mar 31, 2022	BUD Anheuser-Busch Inbev SA Sponsor	Anheuser-Busch Inbev SA Sponsor	Buy	+10,350+7.1%	$9.34K	155,584

Page 23 of 42 • 1252 total trades

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