13F filing recap · Q4 2025

What did Hillman Capital Management buy in Q4 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

$158.91M

Positions

Estimated turnover

23.8%

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 SPDR S&P 500 ETF Trust and two SPDR Series Trust funds. It substantially trimmed Warner Bros. Discovery and Nucor Corporation, while sharply increasing Akamai Technologies. The firm also added to Dupont De Nemours and Fiserv, and moderately reduced holdings across a broad range of names including Asml Holding, Estee Lauder, CVS Health, GSK, Boeing, and Biogen.

New positions

SPYSPDR S&P 500 ETF Trust$4.55Mreported value+6.7K shares SPYMSPDR Series Trust$349.9Kreported value+4.4K shares BWXSPDR Series Trust$140.6Kreported value+6.2K shares

Increased positions

DDDupont De Nemours, Inc.$5.36Mreported value+62.1K shares+87.2%KMXCarmax, Inc.$4.29Mreported value+19.6K shares+21.4%AKAMAkamai Technologies, Inc.$2.79Mreported value+27.8K shares+655.9%EFAiShares Trust$2.74Mreported value+2.7K shares

Reduced positions

WBDWarner Bros. Discovery, Inc.$6.18Mreported value-116.1K shares-35.1%ASMLAsml Holding N.v.$5.89Mreported value-1.3K shares-18.6%ELEstee Lauder Companies Inc$5.74Mreported value-15.9K shares-22.5%CVSCVS Health Corp$5.69Mreported value-10.7K shares