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
Q1 2022Mar 31, 2022	KHC The Kraft Heinz Company	The Kraft Heinz Company	Buy	+3,504+1.3%	$10.68K	271,223
Q1 2022Mar 31, 2022	JWN Nordstrom, Inc.	Nordstrom, Inc.	Buy	+3,060+1.1%	$7.30K	269,368
Q1 2022Mar 31, 2022	EFA iShares MSCI EAFE ETF	iShares MSCI EAFE ETF	Buy	+2,802+15.3%	$1.55K	21,060
Q1 2022Mar 31, 2022	K Kellanova	Kellanova	Buy	+2,796+1.8%	$10.02K	155,387
Q1 2022Mar 31, 2022	BA Boeing Company (The)	Boeing Company (The)	Buy	+2,363+5.3%	$8.92K	46,598
Q1 2022Mar 31, 2022	BMY Bristol-Myers Squibb Company	Bristol-Myers Squibb Company	Buy	+1,794+1.3%	$9.91K	135,731
Q1 2022Mar 31, 2022	CMCSA Comcast Corporation	Comcast Corporation	Buy	+1,741+19.2%	$506.00	10,800
Q1 2022Mar 31, 2022	DD DuPont de Nemours, Inc.	DuPont de Nemours, Inc.	Buy	+1,450+1.1%	$9.41K	127,870
Q1 2022Mar 31, 2022	VZ Verizon Communications Inc.	Verizon Communications Inc.	Buy	+1,420+1.0%	$7.08K	139,052
Q1 2022Mar 31, 2022	GE GE Aerospace	GE Aerospace	Buy	+854+17.3%	$530.00	5,790
Q1 2022Mar 31, 2022	ZBH Zimmer Biomet Holdings, Inc.	Zimmer Biomet Holdings, Inc.	Buy	+813+1.6%	$6.69K	52,301
Q1 2022Mar 31, 2022	MRK Merck & Company, Inc.	Merck & Company, Inc.	Buy	+803+0.8%	$8.16K	99,499
Q1 2022Mar 31, 2022	BLK BlackRock, Inc.	BlackRock, Inc.	Buy - Position Entry	+763	$583.00	763
Q1 2022Mar 31, 2022	MDT Medtronic	Medtronic	Buy	+761+13.5%	$708.00	6,383
Q1 2022Mar 31, 2022	MMM 3M Company	3M Company	Buy	+678+26.1%	$489.00	3,280
Q1 2022Mar 31, 2022	SPG Simon Property Group, Inc.	Simon Property Group, Inc.	Buy	+652+0.9%	$9.70K	73,740
Q1 2022Mar 31, 2022	EMR Emerson Electric Company	Emerson Electric Company	Buy	+628+0.9%	$7.06K	72,011
Q1 2022Mar 31, 2022	MSFT Microsoft Corporation	Microsoft Corporation	Buy	+570+1.8%	$9.81K	31,834
Q1 2022Mar 31, 2022	APD Air Products and Chemicals, Inc	Air Products and Chemicals, Inc	Buy	+346+17.8%	$572.00	2,289
Q1 2022Mar 31, 2022	WU Western Union Company (The)	Western Union Company (The)	Buy	+320+0.1%	$6.82K	363,669
Q1 2022Mar 31, 2022	STZ Constellation Brands, Inc.	Constellation Brands, Inc.	Buy	+282+12.3%	$594.00	2,580
Q1 2022Mar 31, 2022	BDX Becton, Dickinson and Company	Becton, Dickinson and Company	Buy	+237+0.9%	$7.13K	26,796
Q1 2022Mar 31, 2022	NOW ServiceNow, Inc.	ServiceNow, Inc.	Buy	+140+16.2%	$558.00	1,003
Q1 2022Mar 31, 2022	AMZN Amazon.com, Inc.	Amazon.com, Inc.	Buy	+50+1.7%	$9.89K	3,033
Q1 2022Mar 31, 2022	GOOGL Alphabet Inc.	Alphabet Inc.	Buy	+24+0.8%	$8.41K	3,024
Q1 2022Mar 31, 2022	GOOG Alphabet Inc.	Alphabet Inc.	Buy	+3+3.2%	$274.00	98
Q1 2022Mar 31, 2022	IWR iShares Russell Mid-Cap ETF	iShares Russell Mid-Cap ETF	Buy	+3+0.1%	$201.00	2,570
Q1 2022Mar 31, 2022	IWN iShares Russell 2000 Value ETF	iShares Russell 2000 Value ETF	Sell - Position Exit	-17-100.0%	$0.00	-
Q1 2022Mar 31, 2022	IWP iShares Russell Midcap Growth E	iShares Russell Midcap Growth E	Sell - Position Exit	-33-100.0%	$0.00	-
Q1 2022Mar 31, 2022	IWS iShares Russell Mid-cap Value E	iShares Russell Mid-cap Value E	Sell - Position Exit	-44-100.0%	$0.00	-

Page 24 of 42 • 1252 total trades

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