Hillman Capital Management, Inc.
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Hillman Capital Management, Inc. reported 56 stock positions worth $158.9 million. Its top holding was Warner Bros Discovery (WBD) at 3.9% of the portfolio, followed by ASML Holding NV-NY Reg SHS (ASML, 3.7%) and Estee Lauder Companies Class A (EL, 3.6%). Compared with Q3 2025, it opened 3 new positions, added to 8 and reduced 44. The biggest buy was a new position in SS SPDR S&P 500 ETF Trust-US (SPY) and the biggest sale Nucor (NUE, shares −88%).
- Most Recent 13F
- Q2 2026
- Location
- BETHESDA, MD
- CIK
- 0001314620
- Portfolio Value
- $158.9M (Q4 2025)
- SEC Filing
- 0001398344-26-003212 ↗ filed Feb 17, 2026
Holdings Value
Holdings 56 stocks · $158.9M
| WBD Warner Bros Discovery Inc. | 3.89% | 214,600 | $6.2M | Reduce -35.1% |
| ASML ASML Holding NV-NY Reg SHS | 3.71% | 5,510 | $5.9M | Reduce -18.6% |
| EL Estee Lauder Companies Class A filed as LAUDER ESTEE COS INC | 3.61% | 54,803 | $5.7M | Reduce -22.5% |
| CVS CVS Health Corp. | 3.58% | 71,685 | $5.7M | Reduce -13.0% |
| GSK GSK PLC-Spon ADR | 3.53% | 114,336 | $5.6M | Reduce -19.4% |
| BA The Boeing Co. | 3.47% | 25,427 | $5.5M | Reduce -10.8% |
| BIIB Biogen Inc. | 3.38% | 30,516 | $5.4M | Reduce -20.4% |
| DD Dupont DE Nemours Inc. | 3.37% | 133,248 | $5.4M | Add +87.2% |
| BUD Anheuser-Busch Inbev-SPN ADR | 3.33% | 82,631 | $5.3M | Reduce -8.9% |
| IFF Intl Flavors & Fragrances filed as INTERNATIONAL FLAVORS&FRAGRA | 3.22% | 76,031 | $5.1M | Reduce -4.1% |
| MSFT Microsoft Corp. | 3.22% | 10,585 | $5.1M | Reduce -7.7% |
| SPY SS SPDR S&P 500 ETF Trust-US | 2.86% | 6,676 | $4.6M | New |
| PFE Pfizer Inc. | 2.75% | 175,304 | $4.4M | Reduce -19.1% |
| NKE Nike Inc. Class B | 2.73% | 68,140 | $4.3M | Reduce -8.1% |
| KMX Carmax Inc. | 2.70% | 111,088 | $4.3M | Add +21.4% |
| KHC The Kraft Heinz Co. | 2.70% | 176,807 | $4.3M | Reduce -16.3% |
| ZBH Zimmer Biomet Holdings Inc. | 2.60% | 45,969 | $4.1M | Reduce -13.0% |
| BAX Baxter International Inc. | 2.54% | 211,541 | $4.0M | Reduce -10.6% |
| CPB The Campbell's Company | 2.47% | 140,684 | $3.9M | Reduce -18.7% |
| BF.B Brown-Forman Corp. Class B | 2.43% | 148,052 | $3.9M | Reduce -21.4% |
| BMY Bristol-Myers Squibb Co. | 1.83% | 53,966 | $2.9M | Reduce -22.3% |
| TSM Taiwan Semiconductor-SP ADR | 1.81% | 9,444 | $2.9M | Reduce -15.5% |
| USB US Bancorp | 1.79% | 53,293 | $2.8M | Reduce -14.4% |
| AKAM Akamai Technologies Inc. | 1.76% | 31,999 | $2.8M | Add +655.9% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 1.76% | 24,539 | $2.8M | Reduce -10.6% |
| BDX Becton Dickinson and Co. | 1.74% | 14,230 | $2.8M | Reduce -15.4% |
| CRM Salesforce Inc. | 1.73% | 10,397 | $2.8M | Reduce -16.0% |
| EFA iShares MSCI Eafe ETF | 1.73% | 28,562 | $2.7M | Add +10.6% |
| CMCSA Comcast Corp. Class A | 1.71% | 90,861 | $2.7M | Reduce -2.3% |
| VZ Verizon Communications Inc. | 1.67% | 65,177 | $2.7M | Reduce -10.3% |
| TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC | 1.66% | 25,695 | $2.6M | Reduce -13.5% |
| FISV Fiserv Inc. | 1.62% | 38,376 | $2.6M | Add +67.6% |
| ADBE Adobe Inc. | 1.60% | 7,269 | $2.5M | Reduce -13.9% |
| UNH Unitedhealth Group Inc. | 1.60% | 7,681 | $2.5M | Reduce -6.1% |
| STZ Constellation Brands Inc. Class A | 1.56% | 18,020 | $2.5M | Reduce -4.2% |
| WST West Pharmaceutical Services | 1.54% | 8,906 | $2.5M | Reduce -13.3% |
| UPS United Parcel Service Class B | 1.54% | 24,616 | $2.4M | Reduce -22.8% |
| HSY The Hershey Co. | 1.52% | 13,308 | $2.4M | Reduce -9.5% |
| CAG Conagra Brands Inc. | 1.51% | 138,945 | $2.4M | Reduce -4.0% |
| EFX Equifax Inc. | 1.51% | 11,079 | $2.4M | Add +1.4% |
| DEO Diageo PLC-Sponsored ADR | 1.40% | 25,705 | $2.2M | Reduce -13.9% |
| IVV iShares Core S&P 500 ETF | 0.44% | 1,022 | $700K | Reduce -20.0% |
| NUE Nucor Corp. | 0.28% | 2,703 | $441K | Reduce -88.0% |
| MCHP Microchip Technology Inc. | 0.27% | 6,646 | $423K | Add +21.9% |
| RTX RTX Corp. | 0.26% | 2,247 | $412K | Reduce -5.9% |
| GE General Electric filed as GE AEROSPACE | 0.25% | 1,310 | $404K | Reduce -0.5% |
| XOM Exxon Mobil Corp. | 0.24% | 3,132 | $377K | Reduce -0.3% |
| TMO Thermo Fisher Scientific Inc. | 0.23% | 634 | $367K | Reduce -22.7% |
| GOOG Alphabet Inc. Class C | 0.23% | 1,148 | $360K | Reduce -22.1% |
| MDT Medtronic PLC | 0.23% | 3,739 | $359K | Reduce -0.2% |
| BLK BlackRock Inc. | 0.22% | 333 | $356K | Reduce -2.6% |
| SPYM Ste STR SPDR PT S&P 500 ETF | 0.22% | 4,362 | $350K | New |
| APD Air Products & Chemicals Inc. | 0.21% | 1,367 | $338K | Add +19.4% |
| IWR iShares Russell Mid-Cap ETF | 0.15% | 2,433 | $234K | No change |
| BWX SS SPDR BB Intl Treasury BD | 0.09% | 6,240 | $141K | New |
| GOOGL Alphabet Inc. Class A | 0.00% | 6 | $2K | Reduce -25.0% |
Portfolio Sells Q3 2025 → Q4 2025
| NUE Nucor Corp. | Reduce -88.0% | 0.28% | −1.49 |
| CPB The Campbell's Company | Reduce -18.7% | 2.47% | −0.71 |
| BAX Baxter International Inc. | Reduce -10.6% | 2.54% | −0.59 |
| BF.B Brown-Forman Corp. Class B | Reduce -21.4% | 2.43% | −0.54 |
| KHC The Kraft Heinz Co. | Reduce -16.3% | 2.70% | −0.50 |
| PFE Pfizer Inc. | Reduce -19.1% | 2.75% | −0.46 |
| ZBH Zimmer Biomet Holdings Inc. | Reduce -13.0% | 2.60% | −0.43 |
| NKE Nike Inc. Class B | Reduce -8.1% | 2.73% | −0.28 |
| DEO Diageo PLC-Sponsored ADR | Reduce -13.9% | 1.40% | −0.26 |
| MSFT Microsoft Corp. | Reduce -7.7% | 3.22% | −0.24 |
| VZ Verizon Communications Inc. | Reduce -10.3% | 1.67% | −0.19 |
| ADBE Adobe Inc. | Reduce -13.9% | 1.60% | −0.13 |
| TROW T Rowe Price Group Inc. | Reduce -13.5% | 1.66% | −0.12 |
| BA The Boeing Co. | Reduce -10.8% | 3.47% | −0.10 |
| ASML ASML Holding NV-NY Reg SHS | Reduce -18.6% | 3.71% | −0.10 |
| BDX Becton Dickinson and Co. | Reduce -15.4% | 1.74% | −0.09 |
| HSY The Hershey Co. | Reduce -9.5% | 1.52% | −0.08 |
| DIS The Walt Disney Co. | Reduce -10.6% | 1.76% | −0.07 |
| IVV iShares Core S&P 500 ETF | Reduce -20.0% | 0.44% | −0.06 |
| UNH Unitedhealth Group Inc. | Reduce -6.1% | 1.60% | −0.05 |
| CVS CVS Health Corp. | Reduce -13.0% | 3.58% | −0.03 |
| GSK GSK PLC-Spon ADR | Reduce -19.4% | 3.53% | −0.03 |
| CAG Conagra Brands Inc. | Reduce -4.0% | 1.51% | −0.03 |
| WST West Pharmaceutical Services | Reduce -13.3% | 1.54% | −0.03 |
| EL Estee Lauder Companies Class A | Reduce -22.5% | 3.61% | −0.01 |
| UPS United Parcel Service Class B | Reduce -22.8% | 1.54% | −0.01 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -15.5% | 1.81% | −0.01 |
| BLK BlackRock Inc. | Reduce -2.6% | 0.22% | −0.01 |
| TMO Thermo Fisher Scientific Inc. | Reduce -22.7% | 0.23% | −0.00 |
| GOOGL Alphabet Inc. Class A | Reduce -25.0% | 0.00% | +0.00 |
| CMCSA Comcast Corp. Class A | Reduce -2.3% | 1.71% | +0.01 |
| BMY Bristol-Myers Squibb Co. | Reduce -22.3% | 1.83% | +0.01 |
| GOOG Alphabet Inc. Class C | Reduce -22.1% | 0.23% | +0.02 |
| MDT Medtronic PLC | Reduce -0.2% | 0.23% | +0.02 |
| GE General Electric | Reduce -0.5% | 0.25% | +0.02 |
| RTX RTX Corp. | Reduce -5.9% | 0.26% | +0.03 |
| CRM Salesforce Inc. | Reduce -16.0% | 1.73% | +0.03 |
| XOM Exxon Mobil Corp. | Reduce -0.3% | 0.24% | +0.03 |
| USB US Bancorp | Reduce -14.4% | 1.79% | +0.04 |
| STZ Constellation Brands Inc. Class A | Reduce -4.2% | 1.56% | +0.09 |
| WBD Warner Bros Discovery Inc. | Reduce -35.1% | 3.89% | +0.13 |
| BUD Anheuser-Busch Inbev-SPN ADR | Reduce -8.9% | 3.33% | +0.18 |
| BIIB Biogen Inc. | Reduce -20.4% | 3.38% | +0.25 |
| IFF Intl Flavors & Fragrances | Reduce -4.1% | 3.22% | +0.39 |
Portfolio Buys Q3 2025 → Q4 2025
| SPY SS SPDR S&P 500 ETF Trust-US | New | 2.86% | +2.86 |
| AKAM Akamai Technologies Inc. | Add +655.9% | 1.76% | +1.57 |
| EFA iShares MSCI Eafe ETF | Add +10.6% | 1.73% | +0.32 |
| KMX Carmax Inc. | Add +21.4% | 2.70% | +0.31 |
| SPYM Ste STR SPDR PT S&P 500 ETF | New | 0.22% | +0.22 |
| DD Dupont DE Nemours Inc. | Add +87.2% | 3.37% | +0.14 |
| BWX SS SPDR BB Intl Treasury BD | New | 0.09% | +0.09 |
| MCHP Microchip Technology Inc. | Add +21.9% | 0.27% | +0.06 |
| APD Air Products & Chemicals Inc. | Add +19.4% | 0.21% | +0.03 |
| FISV Fiserv Inc. | Add +67.6% | 1.62% | −0.10 |
| EFX Equifax Inc. | Add +1.4% | 1.51% | −0.12 |
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 |