Hillman Capital Management, Inc.
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Hillman Capital Management, Inc. reported 50 stock positions worth $183.3 million. Its top holding was AT&T (T) at 3.7% of the portfolio, followed by Warner Bros Discovery (WBD, 3.7%) and Boeing (BA, 3.6%). Compared with Q1 2025, it opened 1 new position, sold out of 2, added to 12 and reduced 36. The biggest buy was Taiwan Semiconductor-SP ADR (TSM, shares +792%) and the biggest sale an exit from Western Union (WU).
- Most Recent 13F
- Q2 2026
- Location
- BETHESDA, MD
- CIK
- 0001314620
- Portfolio Value
- $183.3M (Q2 2025)
- SEC Filing
- 0001398344-25-015414 ↗ filed Aug 14, 2025
Holdings Value
Holdings 50 stocks · $183.3M
| T AT&T Inc. | 3.72% | 235,864 | $6.8M | Reduce -10.6% |
| WBD Warner Bros Discovery Inc. | 3.72% | 595,547 | $6.8M | Reduce -9.5% |
| BA The Boeing Co. | 3.61% | 31,577 | $6.6M | Reduce -15.9% |
| EL Estee Lauder Companies Class A filed as LAUDER ESTEE COS INC | 3.60% | 81,599 | $6.6M | Reduce -14.3% |
| MSFT Microsoft Corp. | 3.55% | 13,095 | $6.5M | Reduce -18.9% |
| NKE Nike Inc. Class B | 3.52% | 90,843 | $6.5M | Reduce -2.3% |
| CVS CVS Health Corp. | 3.50% | 92,997 | $6.4M | Reduce -7.4% |
| ASML ASML Holding NV-NY Reg SHS | 3.37% | 7,716 | $6.2M | Reduce -16.8% |
| BUD Anheuser-Busch Inbev-SPN ADR | 3.27% | 87,093 | $6.0M | Reduce -16.1% |
| GSK GSK PLC-Spon ADR | 3.20% | 152,599 | $5.9M | Reduce -7.6% |
| PFE Pfizer Inc. | 3.10% | 234,628 | $5.7M | Reduce -2.9% |
| DD Dupont DE Nemours Inc. | 3.08% | 82,222 | $5.6M | Reduce -1.8% |
| IFF Intl Flavors & Fragrances filed as INTERNATIONAL FLAVORS&FRAGRA | 3.00% | 74,680 | $5.5M | Reduce -7.5% |
| KHC The Kraft Heinz Co. | 2.96% | 209,731 | $5.4M | Add +2.3% |
| BAX Baxter International Inc. | 2.95% | 178,429 | $5.4M | Reduce -2.0% |
| KMX Carmax Inc. | 2.92% | 79,610 | $5.4M | Reduce -5.3% |
| BIIB Biogen Inc. | 2.88% | 41,972 | $5.3M | Reduce -4.7% |
| ZBH Zimmer Biomet Holdings Inc. | 2.77% | 55,598 | $5.1M | Reduce -5.0% |
| BF.B Brown-Forman Corp. Class B | 2.58% | 175,788 | $4.7M | Reduce -7.6% |
| TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC | 2.02% | 38,294 | $3.7M | Reduce -6.4% |
| TSM Taiwan Semiconductor-SP ADR | 1.99% | 16,099 | $3.6M | Add +792.4% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 1.95% | 28,762 | $3.6M | Reduce -28.6% |
| CMCSA Comcast Corp. Class A | 1.93% | 99,263 | $3.5M | Reduce -8.6% |
| MCHP Microchip Technology Inc. | 1.90% | 49,536 | $3.5M | Reduce -35.1% |
| NUE Nucor Corp. | 1.90% | 26,829 | $3.5M | Reduce -12.5% |
| VZ Verizon Communications Inc. | 1.88% | 79,527 | $3.4M | Reduce -12.6% |
| AMD Advanced Micro Devices | 1.87% | 24,163 | $3.4M | Reduce -24.5% |
| USB US Bancorp | 1.86% | 75,220 | $3.4M | Reduce -18.9% |
| BMY Bristol-Myers Squibb Co. | 1.81% | 71,815 | $3.3M | Add +10.4% |
| CRM Salesforce Inc. | 1.81% | 12,148 | $3.3M | Reduce -15.2% |
| ADBE Adobe Inc. | 1.76% | 8,328 | $3.2M | Reduce -15.9% |
| HSY The Hershey Co. | 1.69% | 18,608 | $3.1M | Reduce -14.7% |
| GOOGL Alphabet Inc. Class A | 1.65% | 17,208 | $3.0M | Reduce -22.9% |
| STZ Constellation Brands Inc. Class A | 1.63% | 18,310 | $3.0M | Reduce -16.6% |
| DEO Diageo PLC-Sponsored ADR | 1.62% | 29,355 | $3.0M | Reduce -21.1% |
| BDX Becton Dickinson and Co. | 1.58% | 16,823 | $2.9M | Reduce -1.2% |
| CPB The Campbell's Company | 1.58% | 94,210 | $2.9M | Reduce -9.2% |
| CAG Conagra Brands Inc. | 1.57% | 140,744 | $2.9M | Reduce -6.9% |
| EFX Equifax Inc. | 1.57% | 11,079 | $2.9M | Add +0.8% |
| EFA iShares MSCI Eafe ETF | 1.25% | 25,585 | $2.3M | Add +4.9% |
| IVV iShares Core S&P 500 ETF | 0.25% | 732 | $454K | No change |
| GE General Electric filed as GE AEROSPACE | 0.21% | 1,504 | $387K | Reduce -11.8% |
| RTX RTX Corp. | 0.21% | 2,638 | $385K | Add +1.9% |
| BLK BlackRock Inc. | 0.21% | 363 | $381K | Add +5.8% |
| GOOG Alphabet Inc. Class C | 0.19% | 1,935 | $343K | Add +7.8% |
| XOM Exxon Mobil Corp. | 0.19% | 3,153 | $340K | Add +7.8% |
| MDT Medtronic PLC | 0.18% | 3,802 | $331K | Add +8.3% |
| AKAM Akamai Technologies Inc. | 0.18% | 4,149 | $331K | New |
| APD Air Products & Chemicals Inc. | 0.17% | 1,123 | $317K | Add +8.7% |
| IWR iShares Russell Mid-Cap ETF | 0.12% | 2,433 | $224K | Add +0.2% |
Portfolio Sells Q1 2025 → Q2 2025
| WU Western Union Co. | Sold out | 0.00% | −1.92 |
| BF.B Brown-Forman Corp. Class B | Reduce -7.6% | 2.58% | −0.60 |
| ZBH Zimmer Biomet Holdings Inc. | Reduce -5.0% | 2.77% | −0.49 |
| CPB The Campbell's Company | Reduce -9.2% | 1.58% | −0.46 |
| CAG Conagra Brands Inc. | Reduce -6.9% | 1.57% | −0.41 |
| STZ Constellation Brands Inc. Class A | Reduce -16.6% | 1.63% | −0.36 |
| BDX Becton Dickinson and Co. | Reduce -1.2% | 1.58% | −0.34 |
| KMX Carmax Inc. | Reduce -5.3% | 2.92% | −0.30 |
| DEO Diageo PLC-Sponsored ADR | Reduce -21.1% | 1.62% | −0.30 |
| SPYM Ste STR SPDR PT S&P 500 ETF | Sold out | 0.00% | −0.27 |
| VZ Verizon Communications Inc. | Reduce -12.6% | 1.88% | −0.15 |
| HSY The Hershey Co. | Reduce -14.7% | 1.69% | −0.15 |
| BAX Baxter International Inc. | Reduce -2.0% | 2.95% | −0.12 |
| ADBE Adobe Inc. | Reduce -15.9% | 1.76% | −0.11 |
| BIIB Biogen Inc. | Reduce -4.7% | 2.88% | −0.09 |
| IFF Intl Flavors & Fragrances | Reduce -7.5% | 3.00% | −0.09 |
| CRM Salesforce Inc. | Reduce -15.2% | 1.81% | −0.08 |
| USB US Bancorp | Reduce -18.9% | 1.86% | −0.07 |
| GOOGL Alphabet Inc. Class A | Reduce -22.9% | 1.65% | −0.04 |
| CMCSA Comcast Corp. Class A | Reduce -8.6% | 1.93% | −0.04 |
| DIS The Walt Disney Co. | Reduce -28.6% | 1.95% | −0.01 |
| DD Dupont DE Nemours Inc. | Reduce -1.8% | 3.08% | +0.00 |
| GE General Electric | Reduce -11.8% | 0.21% | +0.04 |
| GSK GSK PLC-Spon ADR | Reduce -7.6% | 3.20% | +0.05 |
| T AT&T Inc. | Reduce -10.6% | 3.72% | +0.05 |
| NUE Nucor Corp. | Reduce -12.5% | 1.90% | +0.08 |
| MCHP Microchip Technology Inc. | Reduce -35.1% | 1.90% | +0.08 |
| PFE Pfizer Inc. | Reduce -2.9% | 3.10% | +0.09 |
| BUD Anheuser-Busch Inbev-SPN ADR | Reduce -16.1% | 3.27% | +0.12 |
| CVS CVS Health Corp. | Reduce -7.4% | 3.50% | +0.15 |
| TROW T Rowe Price Group Inc. | Reduce -6.4% | 2.02% | +0.17 |
| WBD Warner Bros Discovery Inc. | Reduce -9.5% | 3.72% | +0.25 |
| AMD Advanced Micro Devices | Reduce -24.5% | 1.87% | +0.25 |
| ASML ASML Holding NV-NY Reg SHS | Reduce -16.8% | 3.37% | +0.35 |
| BA The Boeing Co. | Reduce -15.9% | 3.61% | +0.46 |
| EL Estee Lauder Companies Class A | Reduce -14.3% | 3.60% | +0.50 |
| MSFT Microsoft Corp. | Reduce -18.9% | 3.55% | +0.57 |
| NKE Nike Inc. Class B | Reduce -2.3% | 3.52% | +0.62 |
Portfolio Buys Q1 2025 → Q2 2025
| TSM Taiwan Semiconductor-SP ADR | Add +792.4% | 1.99% | +1.84 |
| EFA iShares MSCI Eafe ETF | Add +4.9% | 1.25% | +0.27 |
| EFX Equifax Inc. | Add +0.8% | 1.57% | +0.25 |
| AKAM Akamai Technologies Inc. | New | 0.18% | +0.18 |
| GOOG Alphabet Inc. Class C | Add +7.8% | 0.19% | +0.05 |
| BLK BlackRock Inc. | Add +5.8% | 0.21% | +0.05 |
| RTX RTX Corp. | Add +1.9% | 0.21% | +0.04 |
| MDT Medtronic PLC | Add +8.3% | 0.18% | +0.03 |
| APD Air Products & Chemicals Inc. | Add +8.7% | 0.17% | +0.02 |
| IWR iShares Russell Mid-Cap ETF | Add +0.2% | 0.12% | +0.02 |
| XOM Exxon Mobil Corp. | Add +7.8% | 0.19% | +0.01 |
| KHC The Kraft Heinz Co. | Add +2.3% | 2.96% | −0.11 |
| BMY Bristol-Myers Squibb Co. | Add +10.4% | 1.81% | −0.14 |
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 |