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 2020Jun 30, 2020	BDX Becton, Dickinson and Company	Becton, Dickinson and Company	Buy	+30+0.2%	$3.16K	13,196
Q2 2020Jun 30, 2020	GS Goldman Sachs Group, Inc. (The)	Goldman Sachs Group, Inc. (The)	Buy	+23+0.1%	$4.14K	20,938
Q2 2020Jun 30, 2020	CVS CVS Health Corporation	CVS Health Corporation	Buy	+18+0.0%	$4.61K	70,938
Q2 2020Jun 30, 2020	IWR iShares Russell Mid-Cap ETF	iShares Russell Mid-Cap ETF	Buy	+13+0.5%	$137.00	2,547
Q2 2020Jun 30, 2020	SRCL Stericycle, Inc.	Stericycle, Inc.	Buy	+8+0.0%	$4.86K	86,845
Q2 2020Jun 30, 2020	PFE Pfizer, Inc.	Pfizer, Inc.	Buy	+7+0.0%	$2.94K	89,746
Q2 2020Jun 30, 2020	MRK Merck & Company, Inc.	Merck & Company, Inc.	Sell	-4-0.0%	$2.98K	38,518
Q2 2020Jun 30, 2020	MCD McDonald's Corporation	McDonald's Corporation	Sell	-6-0.0%	$3.10K	16,830
Q2 2020Jun 30, 2020	AMZN Amazon.com, Inc.	Amazon.com, Inc.	Sell	-37-1.4%	$7.36K	2,667
Q2 2020Jun 30, 2020	NKE Nike, Inc.	Nike, Inc.	Sell	-56-0.2%	$3.03K	30,882
Q2 2020Jun 30, 2020	INTC Intel Corporation	Intel Corporation	Sell	-87-0.2%	$3.20K	53,424
Q2 2020Jun 30, 2020	BIIB Biogen Inc.	Biogen Inc.	Sell	-134-0.8%	$4.35K	16,246
Q2 2020Jun 30, 2020	META Meta Platforms, Inc.	Meta Platforms, Inc.	Sell	-136-1.1%	$2.83K	12,455
Q2 2020Jun 30, 2020	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-187-0.6%	$6.34K	31,162
Q2 2020Jun 30, 2020	EFA iShares MSCI EAFE ETF	iShares MSCI EAFE ETF	Sell	-254-1.5%	$1.01K	16,545
Q2 2020Jun 30, 2020	BMY Bristol-Myers Squibb Company	Bristol-Myers Squibb Company	Sell	-904-1.1%	$4.94K	84,026
Q2 2020Jun 30, 2020	KHC The Kraft Heinz Company	The Kraft Heinz Company	Sell	-1,118-0.7%	$5.17K	162,224
Q2 2020Jun 30, 2020	AMGN Amgen Inc.	Amgen Inc.	Sell - Position Exit	-8,888-100.0%	$0.00	-
Q1 2020Mar 31, 2020	PAA Plains All American Pipeline, L	Plains All American Pipeline, L	Buy - Position Entry	+204,749	$1.08K	204,749
Q1 2020Mar 31, 2020	EPD Enterprise Products Partners L.	Enterprise Products Partners L.	Buy	+55,188+33.9%	$3.12K	218,009
Q1 2020Mar 31, 2020	DD DuPont de Nemours, Inc.	DuPont de Nemours, Inc.	Buy	+39,432+84.6%	$2.94K	86,064
Q1 2020Mar 31, 2020	BUD Anheuser-Busch Inbev SA Sponsor	Anheuser-Busch Inbev SA Sponsor	Buy	+31,724+55.2%	$3.94K	89,201
Q1 2020Mar 31, 2020	SPG Simon Property Group, Inc.	Simon Property Group, Inc.	Buy	+16,257+51.1%	$2.64K	48,050
Q1 2020Mar 31, 2020	BDX Becton, Dickinson and Company	Becton, Dickinson and Company	Buy - Position Entry	+13,166	$3.02K	13,166
Q1 2020Mar 31, 2020	XOM Exxon Mobil Corporation	Exxon Mobil Corporation	Buy	+10,286+15.5%	$2.90K	76,457
Q1 2020Mar 31, 2020	SRCL Stericycle, Inc.	Stericycle, Inc.	Buy	+8,557+10.9%	$4.22K	86,837
Q1 2020Mar 31, 2020	PFE Pfizer, Inc.	Pfizer, Inc.	Buy	+6,032+7.2%	$2.93K	89,739
Q1 2020Mar 31, 2020	JWN Nordstrom, Inc.	Nordstrom, Inc.	Buy	+5,076+3.6%	$2.27K	147,786
Q1 2020Mar 31, 2020	KHC The Kraft Heinz Company	The Kraft Heinz Company	Buy	+4,695+3.0%	$4.04K	163,342
Q1 2020Mar 31, 2020	T AT&T Inc.	AT&T Inc.	Buy	+4,246+3.1%	$4.08K	140,007

Page 35 of 42 • 1252 total trades

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