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 2020Mar 31, 2020	CMCSA Comcast Corporation	Comcast Corporation	Sell - Position Exit	-4,791-100.0%	$0.00	-
Q1 2020Mar 31, 2020	LRCX Lam Research Corporation	Lam Research Corporation	Sell - Position Exit	-4,962-100.0%	$0.00	-
Q1 2020Mar 31, 2020	EBAY eBay Inc.	eBay Inc.	Sell - Position Exit	-5,326-100.0%	$0.00	-
Q1 2020Mar 31, 2020	CPB The Campbell's Company	The Campbell's Company	Sell - Position Exit	-6,973-100.0%	$0.00	-
Q1 2020Mar 31, 2020	MDT Medtronic	Medtronic	Sell	-23,295-88.4%	$276.00	3,064
Q1 2020Mar 31, 2020	IBM International Business Machines	International Business Machines	Sell - Position Exit	-23,301-100.0%	$0.00	-
Q1 2020Mar 31, 2020	GIS General Mills, Inc.	General Mills, Inc.	Sell - Position Exit	-58,200-100.0%	$0.00	-
Q4 2019Dec 31, 2019	EPD Enterprise Products Partners L.	Enterprise Products Partners L.	Buy - Position Entry	+162,821	$4.58K	162,821
Q4 2019Dec 31, 2019	KHC The Kraft Heinz Company	The Kraft Heinz Company	Buy - Position Entry	+158,647	$5.10K	158,647
Q4 2019Dec 31, 2019	JWN Nordstrom, Inc.	Nordstrom, Inc.	Buy - Position Entry	+142,710	$5.84K	142,710
Q4 2019Dec 31, 2019	T AT&T Inc.	AT&T Inc.	Buy - Position Entry	+135,761	$5.31K	135,761
Q4 2019Dec 31, 2019	BAC Bank of America Corporation	Bank of America Corporation	Buy - Position Entry	+130,243	$4.59K	130,243
Q4 2019Dec 31, 2019	WFC Wells Fargo & Company	Wells Fargo & Company	Buy - Position Entry	+94,359	$5.08K	94,359
Q4 2019Dec 31, 2019	BMY Bristol-Myers Squibb Company	Bristol-Myers Squibb Company	Buy - Position Entry	+86,641	$5.56K	86,641
Q4 2019Dec 31, 2019	PFE Pfizer, Inc.	Pfizer, Inc.	Buy - Position Entry	+83,707	$3.28K	83,707
Q4 2019Dec 31, 2019	CMP Compass Minerals Intl Inc	Compass Minerals Intl Inc	Buy - Position Entry	+81,735	$4.98K	81,735
Q4 2019Dec 31, 2019	SRCL Stericycle, Inc.	Stericycle, Inc.	Buy - Position Entry	+78,280	$5.00K	78,280
Q4 2019Dec 31, 2019	K Kellanova	Kellanova	Buy - Position Entry	+74,838	$5.18K	74,838
Q4 2019Dec 31, 2019	CVS CVS Health Corporation	CVS Health Corporation	Buy - Position Entry	+71,206	$5.29K	71,206
Q4 2019Dec 31, 2019	XOM Exxon Mobil Corporation	Exxon Mobil Corporation	Buy - Position Entry	+66,171	$4.62K	66,171
Q4 2019Dec 31, 2019	GIS General Mills, Inc.	General Mills, Inc.	Buy - Position Entry	+58,200	$3.12K	58,200
Q4 2019Dec 31, 2019	BUD Anheuser-Busch Inbev SA Sponsor	Anheuser-Busch Inbev SA Sponsor	Buy - Position Entry	+57,477	$4.71K	57,477
Q4 2019Dec 31, 2019	VZ Verizon Communications Inc.	Verizon Communications Inc.	Buy - Position Entry	+54,219	$3.33K	54,219
Q4 2019Dec 31, 2019	INTC Intel Corporation	Intel Corporation	Buy - Position Entry	+54,198	$3.24K	54,198
Q4 2019Dec 31, 2019	DD DuPont de Nemours, Inc.	DuPont de Nemours, Inc.	Buy - Position Entry	+46,632	$2.99K	46,632
Q4 2019Dec 31, 2019	MSFT Microsoft Corporation	Microsoft Corporation	Buy - Position Entry	+35,802	$5.65K	35,802
Q4 2019Dec 31, 2019	MRK Merck & Company, Inc.	Merck & Company, Inc.	Buy - Position Entry	+35,459	$3.23K	35,459
Q4 2019Dec 31, 2019	EMR Emerson Electric Company	Emerson Electric Company	Buy - Position Entry	+32,610	$2.49K	32,610
Q4 2019Dec 31, 2019	SPG Simon Property Group, Inc.	Simon Property Group, Inc.	Buy - Position Entry	+31,793	$4.74K	31,793
Q4 2019Dec 31, 2019	NKE Nike, Inc.	Nike, Inc.	Buy - Position Entry	+31,302	$3.17K	31,302

Page 37 of 42 • 1252 total trades

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