Hillman Capital Management

Hillman's $140M, 56-position portfolio skews heavily toward out-of-favor large-cap value — BIIB (3.8%), DD (3.8%), WBD (3.7%), GSK (3.7%), and PFE (3.7%) dominate — and this quarter's most significant moves were the near-elimination of ASML (previously 3.7%, full exit) and BUD (3.3%, full exit), removing two multinational industrial/consumer names, while doubling FISV (+110% to 3.1%) and tripling ADBE (+123% to 2.7%). The FISV and ADBE adds look like valuation-driven buys into software names that have lagged the broader market. The new ORCL initiation at 1.6% adds another enterprise software name, suggesting Hillman is cautiously rotating toward quality tech at perceived discounts. The simultaneous exit of SPY (previously 2.9%) is notable — removing a passive index position in favor of active stock selection signals increased conviction in stock-picking over beta. Watch whether ADBE and FISV continue to be sized up toward the ~3.5-4% tier that defines Hillman's core holdings.