Hillman Capital Management
Hillman Capital Management
Hillman Capital Management (Hillman Capital Management) discloses a $144M portfolio across 56 US-listed positions in the latest 13F filing (2026Q1, filed May 15, 2026). The largest holding is BIIB at 3.8% of the book. The biggest move of the quarter: fully exited ASML (was 3.7% of the book). Latticework's clone backtest puts this 13F book at -4.7%/yr vs SPY over 6.3 years.
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.
2026Q1 brief
Hillman Capital Management ($140M, 56 positions) runs a broadly diversified value-tilted book, and 2026Q1's most telling moves are the doubling-plus of FISV (+110%, now 3.1%) and ADBE (+123%, now 2.7%) — two contrarian adds into large-cap technology/fintech names that have lagged the broader market, consistent with Hillman's deep-value opportunism. The exit of ASML (previously 3.7%, the largest single exit by weight) is a notable retreat from European semiconductor equipment, while the simultaneous new position in ORCL (1.6%) suggests a preference for cheaper U.S. software cash-flow names over premium-multiple capital equipment. The portfolio remains heavily weighted toward pharma/biotech defensives — BIIB (3.8%), GSK (3.7%), PFE (3.7%), ZBH (3.5%) — with the ZBH add (+21%) reinforcing the orthopedic recovery thesis also held by Harry Burn this quarter, a rare point of super-investor convergence. The exit of broad-market SPY (previously 2.9%) suggests Hillman is reducing passive hedges in favor of individual stock selection. Watch whether the ADBE and FISV positions continue to grow toward top-five weight.
AI-generated. Not investment advice.
In the news
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- Hillman Capital Management Inc. Trims Position in CVS Health Corporation $CVSMarketBeat ·
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- The Estee Lauder Companies Inc. $EL Stock Position Trimmed by Hillman Capital Management Inc.MarketBeat ·
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Holdings (56) · click any column to sort
| #↑ | Ticker | Issuer | % Port. | This Q | History | Value |
|---|---|---|---|---|---|---|
| 1 | BIIB | 3.8% | $5M | |||
| 2 | DD | 3.8% | $5M | |||
| 3 | WBD | 3.7% | $5M | |||
| 4 | GSK | 3.7% | $5M | |||
| 5 | IFF | 3.7% | $5M | |||
| 6 | PFE | 3.7% | $5M | |||
| 7 | ZBH | 3.5% | $5M | |||
| 8 | CVS | 3.4% | $5M | |||
| 9 | BF/B | 3.2% | $5M | |||
| 10 | KMX | 3.2% | $5M | |||
| 11 | KHC | 3.1% | $5M | |||
| 12 | FISV | 3.1% | $5M | |||
| 13 | BA | 3.1% | $4M | |||
| 14 | BAX | 2.9% | $4M | |||
| 15 | NKE | 2.9% | $4M | |||
| 16 | MSFT | 2.8% | $4M | |||
| 17 | ADBE | 2.7% | $4M | |||
| 18 | EL | 2.6% | $4M | |||
| 19 | CPB | 2.6% | $4M | |||
| 20 | VZ | 2.3% | $3M | |||
| 21 | BMY | 2.2% | $3M | |||
| 22 | EFA | 2.1% | $3M | |||
| 23 | STZ | 2.0% | $3M | |||
| 24 | CMCSA | 1.9% | $3M | |||
| 25 | USB | 1.9% | $3M | |||
| 26 | TSM | 1.9% | $3M | |||
| 27 | AKAM | 1.8% | $3M | |||
| 28 | EFX | 1.7% | $2M | |||
| 29 | DIS | 1.6% | $2M | |||
| 30 | ORCL | 1.6% | $2M | |||
| 31 | TROW | 1.6% | $2M | |||
| 32 | CAG | 1.6% | $2M | |||
| 33 | BDX | 1.6% | $2M | |||
| 34 | WST | 1.6% | $2M | |||
| 35 | HSY | 1.5% | $2M | |||
| 36 | UPS | 1.5% | $2M | |||
| 37 | DEO | 1.4% | $2M | |||
| 38 | CRM | 1.4% | $2M | |||
| 39 | UNH | 1.4% | $2M | |||
| 40 | IVV | 0.6% | $817K | |||
| 41 | INTU | 0.3% | $414K | |||
| 42 | APD | 0.3% | $389K | |||
| 43 | RTX | 0.3% | $381K | |||
| 44 | CLX | 0.3% | $368K | |||
| 45 | GE | 0.3% | $364K | |||
| 46 | NOW | 0.2% | $353K | |||
| 47 | CSGP | 0.2% | $345K | |||
| 48 | SPYM | 0.2% | $340K | |||
| 49 | BLK | 0.2% | $334K | |||
| 50 | GOOG | 0.2% | $323K | |||
| 51 | TMO | 0.2% | $322K | |||
| 52 | MDT | 0.2% | $318K | |||
| 53 | IWR | 0.2% | $238K | |||
| 54 | IGOV | 0.2% | $230K | |||
| 55 | BWX | 0.2% | $228K | |||
| 56 | GOOGL | <0.1% | $2K |
- 1BIIBport3.8%val$5MBiogen Incthis Q hold·26q
- 2DDport3.8%val$5MDupont DE Nemours Incthis Q hold·26q
- 3WBDport3.7%val$5MWarner Bros Discovery Incthis Q hold·16q
- 4GSKport3.7%val$5MGsk Plc-spon Adrthis Q hold·15q
- 5IFFport3.7%val$5MIntl Flavors & Fragrancesthis Q hold·12q
- 6PFEport3.7%val$5MPfizer Incthis Q hold·18q
- 7ZBHport3.5%val$5MZimmer Biomet Holdings Incthis Q +21%·19q
- 8CVSport3.4%val$5MCvs Health Corpthis Q hold·26q
- 9BF/Bport3.2%val$5MBrown-forman Corp-class Bthis Q hold·6q
- 10KMXport3.2%val$5MCarmax Incthis Q hold·16q
- 11KHCport3.1%val$5MKraft Heinz Co/thethis Q hold·26q
- 12FISVport3.1%val$5MFiserv Incthis Q +110%·3q
- 13BAport3.1%val$4MBoeing Co/thethis Q hold·24q
- 14BAXport2.9%val$4MBaxter International Incthis Q hold·11q
- 15NKEport2.9%val$4MNike Inc -cl Bthis Q hold·13q
- 16MSFTport2.8%val$4MMicrosoft Corpthis Q hold·26q
- 17ADBEport2.7%val$4MAdobe Incthis Q +123%·16q
- 18ELport2.6%val$4MEstee Lauder Companies-cl Athis Q hold·10q
- 19CPBport2.6%val$4MThe Campbell's Companythis Q hold·10q
- 20VZport2.3%val$3MVerizon Communications Incthis Q hold·26q
- 21BMYport2.2%val$3MBristol-myers Squibb COthis Q hold·18q
- 22EFAport2.1%val$3MIshares Msci Eafe Etfthis Q hold·26q
- 23STZport2.0%val$3MConstellation Brands Inc-athis Q hold·22q
- 24CMCSAport1.9%val$3MComcast Corp-class Athis Q hold·23q
- 25USBport1.9%val$3MUS Bancorpthis Q hold·11q
- 26TSMport1.9%val$3MTaiwan Semiconductor-sp Adrthis Q hold·14q
- 27AKAMport1.8%val$3MAkamai Technologies Incthis Q -29%·4q
- 28EFXport1.7%val$2MEquifax Incthis Q +22%·17q
- 29DISport1.6%val$2MWalt Disney Co/thethis Q hold·14q
- 30ORCLport1.6%val$2MOracle Corpthis Q New·—1q
- 31TROWport1.6%val$2MT Rowe Price Group Incthis Q hold·17q
- 32CAGport1.6%val$2MConagra Brands Incthis Q hold·19q
- 33BDXport1.6%val$2MBecton Dickinson And COthis Q hold·25q
- 34WSTport1.6%val$2MWest Pharmaceutical Servicesthis Q hold·3q
- 35HSYport1.5%val$2MHershey Co/thethis Q -20%·5q
- 36UPSport1.5%val$2MUnited Parcel Service-cl Bthis Q hold·3q
- 37DEOport1.4%val$2MDiageo Plc-sponsored Adrthis Q hold·6q
- 38CRMport1.4%val$2MSalesforce Incthis Q hold·20q
- 39UNHport1.4%val$2MUnitedhealth Group Incthis Q hold·12q
- 40IVVport0.6%val$817KIshares Core S&p 500 Etfthis Q +22%·15q
- 41INTUport0.3%val$414KIntuit Incthis Q New·—1q
- 42APDport0.3%val$389KAir Products & Chemicals Incthis Q hold·18q
- 43RTXport0.3%val$381KRtx Corpthis Q hold·24q
- 44CLXport0.3%val$368KClorox Companythis Q New·—1q
- 45GEport0.3%val$364KGeneral Electricthis Q hold·19q
- 46NOWport0.2%val$353KServicenow Incthis Q New·15q
- 47CSGPport0.2%val$345KCostar Group Incthis Q New·—1q
- 48SPYMport0.2%val$340KSte Str Spdr PT S&p 500 Etfthis Q hold·4q
- 49BLKport0.2%val$334KBlackrock Incthis Q hold·6q
- 50GOOGport0.2%val$323KAlphabet Inc-cl Cthis Q hold·23q
- 51TMOport0.2%val$322KThermo Fisher Scientific Incthis Q hold·3q
- 52MDTport0.2%val$318KMedtronic Plcthis Q hold·24q
- 53IWRport0.2%val$238KIshares Russell Mid-cap Etfthis Q hold·26q
- 54IGOVport0.2%val$230KIshares International Treasuthis Q New·—1q
- 55BWXport0.2%val$228KState Street Spdr Bloombergthis Q +66%·2q
- 56GOOGLport<0.1%val$2KAlphabet Inc-cl Athis Q hold·21q
All activity (2026Q1)
| Ticker | Issuer | Move | % Port. | Δ Shares | Value |
|---|---|---|---|---|---|
| ASML | Asml Holding N V | EXIT | 3.7% | -100% | $0 |
| ZBH | Zimmer Biomet Holdings Inc | ADD | 3.5% | +21% | $5M |
| BUD | Anheuser-busch Inbev-spn Adr | EXIT | 3.3% | -100% | $0 |
| FISV | Fiserv Inc | ADD | 3.1% | +110% | $5M |
| SPY | SS Spdr S&p 500 Etf Trust-us | EXIT | 2.9% | -100% | $0 |
| ADBE | Adobe Inc | ADD | 2.7% | +123% | $4M |
| AKAM | Akamai Technologies Inc | TRIM | 1.8% | -29% | $3M |
| EFX | Equifax Inc | ADD | 1.7% | +22% | $2M |
| ORCL | Oracle Corp | NEW | 1.6% | +100% | $2M |
| HSY | Hershey Co/the | TRIM | 1.5% | -20% | $2M |
| IVV | Ishares Core S&p 500 Etf | ADD | 0.6% | +22% | $817K |
| INTU | Intuit Inc | NEW | 0.3% | +100% | $414K |
| NUE | Nucor Corp | EXIT | 0.3% | -100% | $0 |
| MCHP | Microchip Technology Inc | EXIT | 0.3% | -100% | $0 |
| CLX | Clorox Company | NEW | 0.3% | +100% | $368K |
| NOW | Servicenow Inc | NEW | 0.2% | +100% | $353K |
| CSGP | Costar Group Inc | NEW | 0.2% | +100% | $345K |
| XOM | Exxon Mobil Corp | EXIT | 0.2% | -100% | $0 |
| IGOV | Ishares International Treasu | NEW | 0.2% | +100% | $230K |
| BWX | State Street Spdr Bloomberg | ADD | 0.2% | +66% | $228K |
- EXITASML3.7%Asml Holding N VΔ -100%·$0
- ADDZBH3.5%Zimmer Biomet Holdings IncΔ +21%·$5M
- EXITBUD3.3%Anheuser-busch Inbev-spn AdrΔ -100%·$0
- ADDFISV3.1%Fiserv IncΔ +110%·$5M
- EXITSPY2.9%SS Spdr S&p 500 Etf Trust-usΔ -100%·$0
- ADDADBE2.7%Adobe IncΔ +123%·$4M
- TRIMAKAM1.8%Akamai Technologies IncΔ -29%·$3M
- ADDEFX1.7%Equifax IncΔ +22%·$2M
- NEWORCL1.6%Oracle CorpΔ +100%·$2M
- TRIMHSY1.5%Hershey Co/theΔ -20%·$2M
- ADDIVV0.6%Ishares Core S&p 500 EtfΔ +22%·$817K
- NEWINTU0.3%Intuit IncΔ +100%·$414K
- EXITNUE0.3%Nucor CorpΔ -100%·$0
- EXITMCHP0.3%Microchip Technology IncΔ -100%·$0
- NEWCLX0.3%Clorox CompanyΔ +100%·$368K
- NEWNOW0.2%Servicenow IncΔ +100%·$353K
- NEWCSGP0.2%Costar Group IncΔ +100%·$345K
- EXITXOM0.2%Exxon Mobil CorpΔ -100%·$0
- NEWIGOV0.2%Ishares International TreasuΔ +100%·$230K
- ADDBWX0.2%State Street Spdr BloombergΔ +66%·$228K
Frequently asked questions
- What stocks does Hillman Capital Management own?
- As of 2026Q1, Hillman Capital Management's 13F discloses 56 positions worth $144M. The top five holdings: BIIB (3.8%), DD (3.8%), WBD (3.7%), GSK (3.7%), IFF (3.7%). 13F filings cover long US-listed equities only — cash, bonds, shorts, and non-US positions are not disclosed.
- What did Hillman Capital Management buy this quarter?
- In 2026Q1, the filing shows 6 new positions and 6 additions to existing holdings. The largest positions touched by buying: ZBH, FISV, ADBE, EFX, ORCL.
- How big is Hillman Capital Management's portfolio?
- $144M across 56 positions per the latest 13F (filed May 15, 2026). The top five holdings account for 19% of the disclosed book.
Explore more
Long US equity 13F-HR filings only — no shorts, no derivatives. SEC filings at EDGAR (CIK 0001314620). Not investment advice.