Hillman Capital Management, Inc.
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Hillman Capital Management, Inc. reported 53 stock positions worth $171.8 million. Its top holding was ASML Holding NV-NY Reg SHS (ASML) at 3.8% of the portfolio, followed by Warner Bros Discovery (WBD, 3.8%) and Estee Lauder Companies Class A (EL, 3.6%). Compared with Q2 2025, it opened 5 new positions, sold out of 2, added to 16 and reduced 31. The biggest buy was a new position in Fiserv (FISV) and the biggest sale an exit from AT&T (T).
- Most Recent 13F
- Q2 2026
- Location
- BETHESDA, MD
- CIK
- 0001314620
- Portfolio Value
- $171.8M (Q3 2025)
- SEC Filing
- 0001398344-25-020908 ↗ filed Nov 14, 2025
Holdings Value
Holdings 53 stocks · $171.8M
| ASML ASML Holding NV-NY Reg SHS | 3.81% | 6,768 | $6.6M | Reduce -12.3% |
| WBD Warner Bros Discovery Inc. | 3.76% | 330,727 | $6.5M | Reduce -44.5% |
| EL Estee Lauder Companies Class A filed as LAUDER ESTEE COS INC | 3.62% | 70,688 | $6.2M | Reduce -13.4% |
| CVS CVS Health Corp. | 3.61% | 82,359 | $6.2M | Reduce -11.4% |
| BA The Boeing Co. | 3.58% | 28,492 | $6.1M | Reduce -9.8% |
| GSK GSK PLC-Spon ADR | 3.56% | 141,779 | $6.1M | Reduce -7.1% |
| MSFT Microsoft Corp. | 3.46% | 11,470 | $5.9M | Reduce -12.4% |
| DD Dupont DE Nemours Inc. | 3.23% | 71,174 | $5.5M | Reduce -13.4% |
| PFE Pfizer Inc. | 3.21% | 216,552 | $5.5M | Reduce -7.7% |
| KHC The Kraft Heinz Co. | 3.20% | 211,151 | $5.5M | Add +0.7% |
| CPB The Campbell's Company | 3.18% | 173,034 | $5.5M | Add +83.7% |
| BUD Anheuser-Busch Inbev-SPN ADR | 3.15% | 90,738 | $5.4M | Add +4.2% |
| BAX Baxter International Inc. | 3.13% | 236,603 | $5.4M | Add +32.6% |
| BIIB Biogen Inc. | 3.13% | 38,354 | $5.4M | Reduce -8.6% |
| ZBH Zimmer Biomet Holdings Inc. | 3.03% | 52,815 | $5.2M | Reduce -5.0% |
| NKE Nike Inc. Class B | 3.01% | 74,155 | $5.2M | Reduce -18.4% |
| BF.B Brown-Forman Corp. Class B | 2.97% | 188,254 | $5.1M | Add +7.1% |
| IFF Intl Flavors & Fragrances filed as INTERNATIONAL FLAVORS&FRAGRA | 2.84% | 79,264 | $4.9M | Add +6.1% |
| KMX Carmax Inc. | 2.39% | 91,489 | $4.1M | Add +14.9% |
| VZ Verizon Communications Inc. | 1.86% | 72,697 | $3.2M | Reduce -8.6% |
| BDX Becton Dickinson and Co. | 1.83% | 16,814 | $3.1M | Reduce -0.1% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 1.83% | 27,452 | $3.1M | Reduce -4.5% |
| BMY Bristol-Myers Squibb Co. | 1.82% | 69,440 | $3.1M | Reduce -3.3% |
| TSM Taiwan Semiconductor-SP ADR | 1.82% | 11,175 | $3.1M | Reduce -30.6% |
| TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC | 1.77% | 29,708 | $3.0M | Reduce -22.4% |
| NUE Nucor Corp. | 1.77% | 22,486 | $3.0M | Reduce -16.2% |
| USB US Bancorp | 1.75% | 62,293 | $3.0M | Reduce -17.2% |
| ADBE Adobe Inc. | 1.73% | 8,443 | $3.0M | Add +1.4% |
| FISV Fiserv Inc. | 1.72% | 22,900 | $3.0M | New |
| CRM Salesforce Inc. | 1.71% | 12,371 | $2.9M | Add +1.8% |
| CMCSA Comcast Corp. Class A | 1.70% | 92,994 | $2.9M | Reduce -6.3% |
| DEO Diageo PLC-Sponsored ADR | 1.66% | 29,842 | $2.8M | Add +1.7% |
| UNH Unitedhealth Group Inc. | 1.64% | 8,181 | $2.8M | New |
| EFX Equifax Inc. | 1.63% | 10,925 | $2.8M | Reduce -1.4% |
| HSY The Hershey Co. | 1.60% | 14,708 | $2.8M | Reduce -21.0% |
| WST West Pharmaceutical Services | 1.57% | 10,273 | $2.7M | New |
| UPS United Parcel Service Class B | 1.55% | 31,884 | $2.7M | New |
| CAG Conagra Brands Inc. | 1.54% | 144,696 | $2.6M | Add +2.8% |
| STZ Constellation Brands Inc. Class A | 1.47% | 18,803 | $2.5M | Add +2.7% |
| EFA iShares MSCI Eafe ETF | 1.40% | 25,824 | $2.4M | Add +0.9% |
| IVV iShares Core S&P 500 ETF | 0.50% | 1,277 | $855K | Add +74.5% |
| RTX RTX Corp. | 0.23% | 2,389 | $400K | Reduce -9.4% |
| BLK BlackRock Inc. | 0.23% | 342 | $399K | Reduce -5.8% |
| TMO Thermo Fisher Scientific Inc. | 0.23% | 820 | $398K | New |
| GE General Electric filed as GE AEROSPACE | 0.23% | 1,317 | $396K | Reduce -12.4% |
| GOOG Alphabet Inc. Class C | 0.21% | 1,473 | $359K | Reduce -23.9% |
| MDT Medtronic PLC | 0.21% | 3,748 | $357K | Reduce -1.4% |
| XOM Exxon Mobil Corp. | 0.21% | 3,140 | $354K | Reduce -0.4% |
| MCHP Microchip Technology Inc. | 0.20% | 5,450 | $350K | Reduce -89.0% |
| AKAM Akamai Technologies Inc. | 0.19% | 4,233 | $321K | Add +2.0% |
| APD Air Products & Chemicals Inc. | 0.18% | 1,145 | $312K | Add +2.0% |
| IWR iShares Russell Mid-Cap ETF | 0.14% | 2,433 | $235K | No change |
| GOOGL Alphabet Inc. Class A | 0.00% | 8 | $2K | Reduce -100.0% |
Portfolio Sells Q2 2025 → Q3 2025
| T AT&T Inc. | Sold out | 0.00% | −3.72 |
| AMD Advanced Micro Devices | Sold out | 0.00% | −1.87 |
| MCHP Microchip Technology Inc. | Reduce -89.0% | 0.20% | −1.70 |
| GOOGL Alphabet Inc. Class A | Reduce -100.0% | 0.00% | −1.65 |
| NKE Nike Inc. Class B | Reduce -18.4% | 3.01% | −0.51 |
| TROW T Rowe Price Group Inc. | Reduce -22.4% | 1.77% | −0.24 |
| CMCSA Comcast Corp. Class A | Reduce -6.3% | 1.70% | −0.23 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -30.6% | 1.82% | −0.17 |
| NUE Nucor Corp. | Reduce -16.2% | 1.77% | −0.12 |
| DIS The Walt Disney Co. | Reduce -4.5% | 1.83% | −0.12 |
| USB US Bancorp | Reduce -17.2% | 1.75% | −0.11 |
| MSFT Microsoft Corp. | Reduce -12.4% | 3.46% | −0.10 |
| HSY The Hershey Co. | Reduce -21.0% | 1.60% | −0.08 |
| BA The Boeing Co. | Reduce -9.8% | 3.58% | −0.03 |
| VZ Verizon Communications Inc. | Reduce -8.6% | 1.86% | −0.02 |
| BMY Bristol-Myers Squibb Co. | Reduce -3.3% | 1.82% | +0.01 |
| GE General Electric | Reduce -12.4% | 0.23% | +0.02 |
| XOM Exxon Mobil Corp. | Reduce -0.4% | 0.21% | +0.02 |
| GOOG Alphabet Inc. Class C | Reduce -23.9% | 0.21% | +0.02 |
| RTX RTX Corp. | Reduce -9.4% | 0.23% | +0.02 |
| BLK BlackRock Inc. | Reduce -5.8% | 0.23% | +0.02 |
| EL Estee Lauder Companies Class A | Reduce -13.4% | 3.62% | +0.03 |
| MDT Medtronic PLC | Reduce -1.4% | 0.21% | +0.03 |
| WBD Warner Bros Discovery Inc. | Reduce -44.5% | 3.76% | +0.03 |
| EFX Equifax Inc. | Reduce -1.4% | 1.63% | +0.06 |
| PFE Pfizer Inc. | Reduce -7.7% | 3.21% | +0.11 |
| CVS CVS Health Corp. | Reduce -11.4% | 3.61% | +0.11 |
| DD Dupont DE Nemours Inc. | Reduce -13.4% | 3.23% | +0.15 |
| BIIB Biogen Inc. | Reduce -8.6% | 3.13% | +0.25 |
| BDX Becton Dickinson and Co. | Reduce -0.1% | 1.83% | +0.25 |
| ZBH Zimmer Biomet Holdings Inc. | Reduce -5.0% | 3.03% | +0.26 |
| GSK GSK PLC-Spon ADR | Reduce -7.1% | 3.56% | +0.36 |
| ASML ASML Holding NV-NY Reg SHS | Reduce -12.3% | 3.81% | +0.44 |
Portfolio Buys Q2 2025 → Q3 2025
| FISV Fiserv Inc. | New | 1.72% | +1.72 |
| UNH Unitedhealth Group Inc. | New | 1.64% | +1.64 |
| CPB The Campbell's Company | Add +83.7% | 3.18% | +1.60 |
| WST West Pharmaceutical Services | New | 1.57% | +1.57 |
| UPS United Parcel Service Class B | New | 1.55% | +1.55 |
| BF.B Brown-Forman Corp. Class B | Add +7.1% | 2.97% | +0.39 |
| IVV iShares Core S&P 500 ETF | Add +74.5% | 0.50% | +0.25 |
| KHC The Kraft Heinz Co. | Add +0.7% | 3.20% | +0.24 |
| TMO Thermo Fisher Scientific Inc. | New | 0.23% | +0.23 |
| BAX Baxter International Inc. | Add +32.6% | 3.13% | +0.19 |
| EFA iShares MSCI Eafe ETF | Add +0.9% | 1.40% | +0.16 |
| DEO Diageo PLC-Sponsored ADR | Add +1.7% | 1.66% | +0.04 |
| APD Air Products & Chemicals Inc. | Add +2.0% | 0.18% | +0.01 |
| AKAM Akamai Technologies Inc. | Add +2.0% | 0.19% | +0.01 |
| ADBE Adobe Inc. | Add +1.4% | 1.73% | −0.03 |
| CAG Conagra Brands Inc. | Add +2.8% | 1.54% | −0.03 |
| CRM Salesforce Inc. | Add +1.8% | 1.71% | −0.10 |
| BUD Anheuser-Busch Inbev-SPN ADR | Add +4.2% | 3.15% | −0.12 |
| STZ Constellation Brands Inc. Class A | Add +2.7% | 1.47% | −0.15 |
| IFF Intl Flavors & Fragrances | Add +6.1% | 2.84% | −0.16 |
| KMX Carmax Inc. | Add +14.9% | 2.39% | −0.53 |
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 |