Hillman Capital Management

Across Hillman Capital Management’s registered funds — $78M disclosed in SEC Form N-PORT — just 96.5% sits in US-listed equity, the only slice a 13F reports. The other $3M is cash — none of which a 13F can show.

From SEC Form N-PORT, which registered funds file with their full portfolio — every currency, asset class and short. Covers 1 fund. The percentage above is the composition of those funds, not a ratio between two filings: a 13F spans every discretionary account but only US-listed securities, while N-PORT covers only the registered funds but every asset inside them — different universes, so the totals are not comparable (the 13F itself reports $138M for 2026-06-30). None of this feeds the backtest above, which stays a pure 13F clone.

About Hillman Capital Management

Hillman Capital Management runs a broadly diversified long equity book—56 positions totaling roughly $144M as of the most recent filing—with modest concentration, the top five names (including Biogen, DuPont, Warner Bros. Discovery, GSK, and IFF) collectively accounting for under 20% of the portfolio. The position-level weights cluster tightly, suggesting a relatively flat, index-adjacent construction rather than a high-conviction, concentrated approach. The firm does not have a widely documented public track record or signature trade that distinguishes it in the institutional literature. A reader benchmarking against SPY should note that a mechanical clone of the 13F book—run with a 45-day disclosure lag and quarterly rebalancing—has underperformed the index by roughly 4.7% annually over the past six years, which is a meaningful drag; the 13F itself captures only long equity positions above reporting thresholds, so any hedges, short exposure, or options overlays that may shape actual risk-adjusted returns remain invisible in the filing.