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 2021Dec 31, 2021	AMZN Amazon.com, Inc.	Amazon.com, Inc.	Sell	-102-3.3%	$9.95K	2,983
Q4 2021Dec 31, 2021	META Meta Platforms, Inc.	Meta Platforms, Inc.	Sell	-126-0.6%	$7.14K	21,233
Q4 2021Dec 31, 2021	BDX Becton, Dickinson and Company	Becton, Dickinson and Company	Sell	-181-0.7%	$6.68K	26,559
Q4 2021Dec 31, 2021	MMM 3M Company	3M Company	Sell	-199-7.1%	$462.00	2,602
Q4 2021Dec 31, 2021	STZ Constellation Brands, Inc.	Constellation Brands, Inc.	Sell	-210-8.4%	$577.00	2,298
Q4 2021Dec 31, 2021	MDT Medtronic	Medtronic	Sell	-213-3.7%	$582.00	5,622
Q4 2021Dec 31, 2021	GD General Dynamics Corporation	General Dynamics Corporation	Sell	-245-0.7%	$7.03K	33,723
Q4 2021Dec 31, 2021	AGG iShares Core U.S. Aggregate Bon	iShares Core U.S. Aggregate Bon	Sell - Position Exit	-281-100.0%	$0.00	-
Q4 2021Dec 31, 2021	CRM Salesforce, Inc.	Salesforce, Inc.	Sell	-367-15.8%	$495.00	1,949
Q4 2021Dec 31, 2021	IJR iShares Core S&P Small-Cap ETF	iShares Core S&P Small-Cap ETF	Sell - Position Exit	-424-100.0%	$0.00	-
Q4 2021Dec 31, 2021	EMR Emerson Electric Company	Emerson Electric Company	Sell	-467-0.6%	$6.64K	71,383
Q4 2021Dec 31, 2021	RTX RTX Corporation	RTX Corporation	Sell	-545-0.6%	$8.13K	94,439
Q4 2021Dec 31, 2021	CMCSA Comcast Corporation	Comcast Corporation	Sell	-552-5.7%	$456.00	9,059
Q4 2021Dec 31, 2021	VZ Verizon Communications Inc.	Verizon Communications Inc.	Sell	-676-0.5%	$7.15K	137,632
Q4 2021Dec 31, 2021	GE GE Aerospace	GE Aerospace	Sell	-735-13.0%	$466.00	4,936
Q4 2021Dec 31, 2021	LMT Lockheed Martin Corporation	Lockheed Martin Corporation	Sell	-818-10.7%	$2.44K	6,862
Q4 2021Dec 31, 2021	BK The Bank of New York Mellon Cor	The Bank of New York Mellon Cor	Sell	-928-0.6%	$8.32K	143,271
Q4 2021Dec 31, 2021	MRK Merck & Company, Inc.	Merck & Company, Inc.	Sell	-1,041-1.0%	$7.56K	98,696
Q4 2021Dec 31, 2021	KO Coca-Cola Company (The)	Coca-Cola Company (The)	Sell	-1,077-10.6%	$539.00	9,106
Q4 2021Dec 31, 2021	BIIB Biogen Inc.	Biogen Inc.	Sell	-1,098-3.9%	$6.52K	27,191
Q4 2021Dec 31, 2021	JWN Nordstrom, Inc.	Nordstrom, Inc.	Sell	-1,498-0.6%	$6.02K	266,308
Q4 2021Dec 31, 2021	BA Boeing Company (The)	Boeing Company (The)	Sell	-2,002-4.3%	$8.91K	44,235
Q4 2021Dec 31, 2021	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-2,622-7.7%	$10.51K	31,264
Q4 2021Dec 31, 2021	CVS CVS Health Corporation	CVS Health Corporation	Sell	-3,743-3.3%	$11.26K	109,098
Q4 2021Dec 31, 2021	MAR Marriott International	Marriott International	Sell - Position Exit	-3,990-100.0%	$0.00	-
Q4 2021Dec 31, 2021	BMY Bristol-Myers Squibb Company	Bristol-Myers Squibb Company	Sell	-4,351-3.1%	$8.35K	133,937
Q4 2021Dec 31, 2021	DD DuPont de Nemours, Inc.	DuPont de Nemours, Inc.	Sell	-4,499-3.4%	$10.21K	126,420
Q4 2021Dec 31, 2021	INTC Intel Corporation	Intel Corporation	Sell	-4,653-2.7%	$8.55K	165,978
Q4 2021Dec 31, 2021	K Kellanova	Kellanova	Sell	-4,816-3.1%	$9.83K	152,591
Q4 2021Dec 31, 2021	T AT&T Inc.	AT&T Inc.	Sell	-5,811-1.8%	$7.82K	317,753

Page 26 of 42 • 1252 total trades

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