13F filing recap · Q1 2025

What did Hillman Capital Management buy in Q1 2025?

Reported stock-position changes between this filing and the previous one. US-listed stocks across every Hillman account, including accounts that belong to no fund below.

Stock value

$203.25M

Positions

Estimated turnover

40.3%

Turnover is a proxy: verified trade-origin share changes valued at period-end and divided by average reported stock value. SEC holdings reports do not disclose execution dates or prices. Corporate actions and unreconciled activity are excluded.

Quarter in review

Hillman Capital Management opened positions in Hershey, Advanced Micro Devices, and Medtronic, while exiting Amazon, Home Depot, Intel, and several ETFs. The firm substantially trimmed AT&T, Verizon, Walt Disney, and Bristol-Myers Squibb, and moderately reduced Warner Bros. Discovery, CVS Health, Zimmer Biomet, and Boeing. It sharply increased Constellation Brands and Microchip Technology, and added to Brown-Forman.

New positions

HSYHershey Co$3.73Mreported value+21.8K shares AMDAdvanced Micro Devices Inc$3.29Mreported value+32.0K shares MDTMedtronic Plc$315.6Kreported value+3.5K shares

Increased positions

BF.BBrown-Forman Corp$6.46Mreported value+44.1K shares+30.2%BIIBBiogen Inc.$6.02Mreported value+959 shares+2.2%STZConstellation Brands, Inc.$4.03Mreported value+20.7K shares+1628.4%MCHPMicrochip Technology Incorporated$3.70Mreported value+71.5K shares

Reduced positions

TAT&T Inc.$7.46Mreported value-186.4K shares-41.4%WBDWarner Bros. Discovery, Inc.$7.06Mreported value-264.5K shares-28.7%CVSCVS Health Corp$6.81Mreported value-19.2K shares-16.0%ZBHZimmer Biomet Holdings, Inc.$6.63Mreported value-20.4K shares

Exited positions

AMZNAmazon.com Inc$10.68Mprior reported value-48.7K shares-100.0%INTCIntel Corp$3.67Mprior reported value-183.0K shares-100.0%SPYSPDR S&P 500 ETF Trust$3.65Mprior reported value-6.2K shares-100.0%RSPInvesco S&P 500 Equal Weight ETF$1.54Mprior reported value-8.8K shares