Hillman Capital Management, Inc.
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Hillman Capital Management, Inc. reported 51 stock positions worth $203.3 million. Its top holding was AT&T (T) at 3.7% of the portfolio, followed by Warner Bros Discovery (WBD, 3.5%) and CVS Health (CVS, 3.3%). Compared with Q4 2024, it opened 3 new positions, sold out of 6, added to 12 and reduced 36. The biggest buy was Constellation Brands Class A (STZ, shares +1628%) and the biggest sale an exit from Amazon.com (AMZN).
- Most Recent 13F
- Q2 2026
- Location
- BETHESDA, MD
- CIK
- 0001314620
- Portfolio Value
- $203.3M (Q1 2025)
- SEC Filing
- 0001398344-25-009450 ↗ filed May 15, 2025
Holdings Value
Holdings 51 stocks · $203.3M
| T AT&T Inc. | 3.67% | 263,773 | $7.5M | Reduce -41.4% |
| WBD Warner Bros Discovery Inc. | 3.47% | 658,034 | $7.1M | Reduce -28.7% |
| CVS CVS Health Corp. | 3.35% | 100,450 | $6.8M | Reduce -16.0% |
| ZBH Zimmer Biomet Holdings Inc. | 3.26% | 58,557 | $6.6M | Reduce -25.8% |
| KMX Carmax Inc. | 3.22% | 84,101 | $6.6M | Reduce -26.1% |
| BF.B Brown-Forman Corp. Class B | 3.18% | 190,279 | $6.5M | Add +30.2% |
| BA The Boeing Co. | 3.15% | 37,538 | $6.4M | Reduce -34.3% |
| GSK GSK PLC-Spon ADR | 3.15% | 165,143 | $6.4M | Reduce -28.6% |
| BUD Anheuser-Busch Inbev-SPN ADR | 3.15% | 103,850 | $6.4M | Reduce -13.8% |
| EL Estee Lauder Companies Class A filed as LAUDER ESTEE COS INC | 3.09% | 95,274 | $6.3M | Reduce -8.9% |
| IFF Intl Flavors & Fragrances filed as INTERNATIONAL FLAVORS&FRAGRA | 3.08% | 80,773 | $6.3M | Reduce -18.0% |
| DD Dupont DE Nemours Inc. | 3.08% | 83,743 | $6.3M | Reduce -25.2% |
| KHC The Kraft Heinz Co. | 3.07% | 204,998 | $6.2M | Reduce -17.1% |
| BAX Baxter International Inc. | 3.07% | 182,012 | $6.2M | Reduce -10.8% |
| ASML ASML Holding NV-NY Reg SHS | 3.02% | 9,277 | $6.1M | Reduce -27.1% |
| PFE Pfizer Inc. | 3.01% | 241,581 | $6.1M | Reduce -24.5% |
| MSFT Microsoft Corp. | 2.98% | 16,145 | $6.1M | Reduce -24.9% |
| BIIB Biogen Inc. | 2.96% | 44,025 | $6.0M | Add +2.2% |
| NKE Nike Inc. Class B | 2.90% | 93,011 | $5.9M | Reduce -17.9% |
| CPB The Campbell's Company | 2.04% | 103,772 | $4.1M | Reduce -26.6% |
| VZ Verizon Communications Inc. | 2.03% | 90,959 | $4.1M | Reduce -35.5% |
| STZ Constellation Brands Inc. Class A | 1.98% | 21,968 | $4.0M | Add +1628.4% |
| CAG Conagra Brands Inc. | 1.98% | 151,149 | $4.0M | Reduce -21.0% |
| CMCSA Comcast Corp. Class A | 1.97% | 108,575 | $4.0M | Reduce -27.1% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 1.96% | 40,310 | $4.0M | Reduce -40.8% |
| BMY Bristol-Myers Squibb Co. | 1.95% | 65,019 | $4.0M | Reduce -43.3% |
| USB US Bancorp | 1.93% | 92,723 | $3.9M | Reduce -21.6% |
| WU Western Union Co. | 1.92% | 369,190 | $3.9M | Reduce -18.0% |
| BDX Becton Dickinson and Co. | 1.92% | 17,023 | $3.9M | Reduce -31.1% |
| DEO Diageo PLC-Sponsored ADR | 1.92% | 37,199 | $3.9M | Reduce -27.6% |
| CRM Salesforce Inc. | 1.89% | 14,333 | $3.8M | Reduce -32.3% |
| ADBE Adobe Inc. | 1.87% | 9,905 | $3.8M | Reduce -3.3% |
| TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC | 1.85% | 40,921 | $3.8M | Reduce -21.9% |
| HSY The Hershey Co. | 1.84% | 21,808 | $3.7M | New |
| MCHP Microchip Technology Inc. | 1.82% | 76,353 | $3.7M | Add +1469.4% |
| NUE Nucor Corp. | 1.82% | 30,665 | $3.7M | Reduce -27.2% |
| GOOGL Alphabet Inc. Class A | 1.70% | 22,308 | $3.4M | Reduce -38.2% |
| AMD Advanced Micro Devices | 1.62% | 31,987 | $3.3M | New |
| EFX Equifax Inc. | 1.32% | 10,989 | $2.7M | Reduce -3.7% |
| EFA iShares MSCI Eafe ETF | 0.98% | 24,386 | $2.0M | Reduce -7.2% |
| SPYM Ste STR SPDR PT S&P 500 ETF | 0.27% | 8,430 | $554K | Add +6.2% |
| IVV iShares Core S&P 500 ETF | 0.20% | 732 | $411K | Reduce -5.2% |
| XOM Exxon Mobil Corp. | 0.17% | 2,926 | $348K | Add +9.5% |
| RTX RTX Corp. | 0.17% | 2,589 | $343K | Reduce -0.6% |
| GE General Electric filed as GE AEROSPACE | 0.17% | 1,706 | $341K | Add +3.5% |
| BLK BlackRock Inc. | 0.16% | 343 | $325K | Add +3.6% |
| MDT Medtronic PLC | 0.16% | 3,512 | $316K | New |
| APD Air Products & Chemicals Inc. | 0.15% | 1,033 | $305K | Add +11.4% |
| TSM Taiwan Semiconductor-SP ADR | 0.15% | 1,804 | $299K | Add +8.8% |
| GOOG Alphabet Inc. Class C | 0.14% | 1,795 | $280K | Add +4.7% |
| IWR iShares Russell Mid-Cap ETF | 0.10% | 2,429 | $207K | Add +0.1% |
Portfolio Sells Q4 2024 → Q1 2025
| AMZN Amazon.com Inc. | Sold out | 0.00% | −3.96 |
| INTC Intel Corp. | Sold out | 0.00% | −1.36 |
| SPY SS SPDR S&P 500 ETF Trust-US | Sold out | 0.00% | −1.36 |
| DIS The Walt Disney Co. | Reduce -40.8% | 1.96% | −0.85 |
| GOOGL Alphabet Inc. Class A | Reduce -38.2% | 1.70% | −0.84 |
| CRM Salesforce Inc. | Reduce -32.3% | 1.89% | −0.73 |
| BA The Boeing Co. | Reduce -34.3% | 3.15% | −0.60 |
| RSP Invesco S&P 500 Equal Weight | Sold out | 0.00% | −0.57 |
| DEO Diageo PLC-Sponsored ADR | Reduce -27.6% | 1.92% | −0.51 |
| BMY Bristol-Myers Squibb Co. | Reduce -43.3% | 1.95% | −0.46 |
| MSFT Microsoft Corp. | Reduce -24.9% | 2.98% | −0.38 |
| TROW T Rowe Price Group Inc. | Reduce -21.9% | 1.85% | −0.35 |
| NKE Nike Inc. Class B | Reduce -17.9% | 2.90% | −0.27 |
| ASML ASML Holding NV-NY Reg SHS | Reduce -27.1% | 3.02% | −0.25 |
| KMX Carmax Inc. | Reduce -26.1% | 3.22% | −0.23 |
| USB US Bancorp | Reduce -21.6% | 1.93% | −0.17 |
| BDX Becton Dickinson and Co. | Reduce -31.1% | 1.92% | −0.16 |
| CPB The Campbell's Company | Reduce -26.6% | 2.04% | −0.16 |
| WBD Warner Bros Discovery Inc. | Reduce -28.7% | 3.47% | −0.14 |
| PFE Pfizer Inc. | Reduce -24.5% | 3.01% | −0.14 |
| T AT&T Inc. | Reduce -41.4% | 3.67% | −0.13 |
| CMCSA Comcast Corp. Class A | Reduce -27.1% | 1.97% | −0.10 |
| UNH Unitedhealth Group Inc. | Sold out | 0.00% | −0.10 |
| HD Home Depot Inc. | Sold out | 0.00% | −0.10 |
| DD Dupont DE Nemours Inc. | Reduce -25.2% | 3.08% | −0.09 |
| VZ Verizon Communications Inc. | Reduce -35.5% | 2.03% | −0.06 |
| NUE Nucor Corp. | Reduce -27.2% | 1.82% | −0.01 |
| IFF Intl Flavors & Fragrances | Reduce -18.0% | 3.08% | −0.01 |
| CAG Conagra Brands Inc. | Reduce -21.0% | 1.98% | +0.01 |
| IVV iShares Core S&P 500 ETF | Reduce -5.2% | 0.20% | +0.03 |
| RTX RTX Corp. | Reduce -0.6% | 0.17% | +0.06 |
| WU Western Union Co. | Reduce -18.0% | 1.92% | +0.15 |
| ZBH Zimmer Biomet Holdings Inc. | Reduce -25.8% | 3.26% | +0.17 |
| ADBE Adobe Inc. | Reduce -3.3% | 1.87% | +0.18 |
| EL Estee Lauder Companies Class A | Reduce -8.9% | 3.09% | +0.18 |
| EFX Equifax Inc. | Reduce -3.7% | 1.32% | +0.24 |
| EFA iShares MSCI Eafe ETF | Reduce -7.2% | 0.98% | +0.24 |
| GSK GSK PLC-Spon ADR | Reduce -28.6% | 3.15% | +0.25 |
| KHC The Kraft Heinz Co. | Reduce -17.1% | 3.07% | +0.25 |
| BAX Baxter International Inc. | Reduce -10.8% | 3.07% | +0.86 |
| BUD Anheuser-Busch Inbev-SPN ADR | Reduce -13.8% | 3.15% | +0.91 |
| CVS CVS Health Corp. | Reduce -16.0% | 3.35% | +1.36 |
Portfolio Buys Q4 2024 → Q1 2025
| STZ Constellation Brands Inc. Class A | Add +1628.4% | 1.98% | +1.88 |
| HSY The Hershey Co. | New | 1.84% | +1.84 |
| MCHP Microchip Technology Inc. | Add +1469.4% | 1.82% | +1.72 |
| AMD Advanced Micro Devices | New | 1.62% | +1.62 |
| BF.B Brown-Forman Corp. Class B | Add +30.2% | 3.18% | +1.12 |
| BIIB Biogen Inc. | Add +2.2% | 2.96% | +0.52 |
| MDT Medtronic PLC | New | 0.16% | +0.16 |
| SPYM Ste STR SPDR PT S&P 500 ETF | Add +6.2% | 0.27% | +0.07 |
| GE General Electric | Add +3.5% | 0.17% | +0.07 |
| XOM Exxon Mobil Corp. | Add +9.5% | 0.17% | +0.06 |
| APD Air Products & Chemicals Inc. | Add +11.4% | 0.15% | +0.05 |
| BLK BlackRock Inc. | Add +3.6% | 0.16% | +0.03 |
| TSM Taiwan Semiconductor-SP ADR | Add +8.8% | 0.15% | +0.03 |
| IWR iShares Russell Mid-Cap ETF | Add +0.1% | 0.10% | +0.02 |
| GOOG Alphabet Inc. Class C | Add +4.7% | 0.14% | +0.02 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 54 | $138.2M | CVS, BIIB, DD, WBD, BAX |
| Q1 2026 | 56 | $144.0M | BIIB, DD, WBD, GSK, IFF |
| Q4 2025 | 56 | $158.9M | WBD, ASML, EL, CVS, GSK |
| Q3 2025 | 53 | $171.8M | ASML, WBD, EL, CVS, BA |
| Q2 2025 | 50 | $183.3M | T, WBD, BA, EL, MSFT |
| Q1 2025 | 51 | $203.3M | T, WBD, CVS, ZBH, KMX |
| Q4 2024 | 54 | $269.6M | AMZN, T, BA, WBD, KMX |
| Q3 2024 | 52 | $291.6M | IFF, MSFT, T, DD, SPG |
| Q2 2024 | 53 | $283.2M | MSFT, AMZN, IFF, WFC, SPG |
| Q1 2024 | 52 | $311.2M | TSM, MSFT, WFC, AMZN, KMX |