Hillman Capital Management Portfolio in 2026: Top Holdings & Recent Changes
Welcome to the Value Sense Blog, your resource for insights on the stock market! At Value Sense, we focus on intrinsic value tools and offer stock ideas with undervalued companies. Dive into our research products and learn more about our unique approach at valuesense.io
Explore diverse stock ideas covering technology, healthcare, and commodities sectors. Our insights are crafted to help investors spot opportunities in undervalued growth stocks, enhancing potential returns. Visit us to see evaluations and in-depth market research.
Hillman Capital Management, led by Mark Hillman at Hillman Capital, displays disciplined portfolio management in its latest 13F filing. The firm's $171.8M portfolio shows widespread reductions across top holdings amid a broader 53-position lineup, with turnover at 13.2% signaling active rebalancing rather than wholesale shifts.
Portfolio Snapshot: Diversified Discipline with Measured Adjustments
Portfolio Highlights (Q3’2025): - Market Value: $171.8M - Top 10 Holdings: 35.0% - Portfolio Size: 53 +3 - Average Holding Period: 13 quarters - Turnover: 13.2%
Hillman Capital Management's Q3 2025 portfolio maintains a balanced approach, with the top 10 holdings representing just 35% of the total, underscoring a preference for diversification across 53 positions rather than ultra-concentration. The addition of three new holdings expands the footprint slightly, while a 13.2% turnover rate reflects tactical adjustments without disrupting the core strategy. This structure suits a value-oriented manager navigating volatile markets, spreading risk while maintaining exposure to high-conviction names.
The 13-quarter average holding period highlights patience, allowing time for intrinsic value realization in selected businesses. Across the portfolio, reductions dominate the top tier, suggesting profit-taking or risk reduction in names facing headwinds, balanced by modest adds that signal emerging opportunities. This measured activity positions Hillman to adapt to economic shifts like inflation pressures or sector rotations.
Top Holdings Breakdown: Reductions Across Tech, Media, and Healthcare Leaders
The Hillman Capital portfolio leads with ASML Holding N.V. (ASML) at 3.8%, reduced by 12.29%, followed closely by Warner Bros. Discovery, Inc. (WBD) also at 3.8% after a sharp 44.47% cut. The Estée Lauder Companies Inc. (EL) holds 3.6% with a 13.37% reduction, while CVS Health Corporation (CVS) mirrors that weight following an 11.44% trim.
Further down, The Boeing Company (BA) at 3.6% saw a 9.77% decrease, alongside GSK plc (GSK) at 3.6% reduced by 7.09%. Microsoft Corporation (MSFT) stands at 3.5% after a 12.41% cut, with DuPont de Nemours, Inc. (DD) at 3.2% down 13.44% and Pfizer Inc. (PFE) at 3.2% trimmed 7.70%. The lone addition is The Kraft Heinz Company (KHC) at 3.2%, boosted by 0.68%, indicating selective conviction in consumer staples amid broader trims.
These moves paint a picture of pruning across semiconductors, media, beauty, retail pharmacy, aerospace, pharma, tech giants, chemicals, and food—primarily reductions that free up capital while adding modestly to staples for stability.
What the Portfolio Reveals About Hillman's Strategy
Hillman Capital's Q3 actions emphasize quality businesses at reasonable valuations, with a clear tilt toward established names trading below peak levels.
- Sector Diversification: Exposure spans technology (ASML, MSFT), healthcare/pharma (CVS, GSK, PFE), consumer defensive (EL, KHC), media/entertainment (WBD), industrials (BA, DD), balancing growth and value cyclicals.
- Defensive Posture: Heavy reductions suggest risk management in cyclical or challenged sectors like media and aerospace, favoring dividend payers like pharma and staples for income stability.
- Global Reach: International flavor via ASML (Netherlands) and GSK (UK) diversifies beyond U.S. markets.
- Value Discipline: 13-quarter holds prioritize long-term compounding over momentum chasing.
This setup reveals a risk-aware value strategy, trimming winners or pressured names to reallocate toward resilient cash flows.
Most investors waste time on the wrong metrics. We've spent 10,000+ hours perfecting our value investing engine to find what actually matters.
Want to see what we'll uncover next - before everyone else does?
Find Hidden Gems First!
Portfolio Concentration Analysis
| Position | Value | % of Portfolio | Recent Change |
|---|---|---|---|
| ASML Holding N.V. | $6,552.0K | 3.8% | Reduce 12.29% |
| Warner Bros. Discovery, Inc. | $6,459.1K | 3.8% | Reduce 44.47% |
| The Estée Lauder Companies Inc. | $6,229.0K | 3.6% | Reduce 13.37% |
| CVS Health Corporation | $6,209.0K | 3.6% | Reduce 11.44% |
| The Boeing Company | $6,149.4K | 3.6% | Reduce 9.77% |
| GSK plc | $6,119.2K | 3.6% | Reduce 7.09% |
| Microsoft Corporation | $5,940.9K | 3.5% | Reduce 12.41% |
| DuPont de Nemours, Inc. | $5,544.5K | 3.2% | Reduce 13.44% |
| Pfizer Inc. | $5,517.7K | 3.2% | Reduce 7.70% |
| The Kraft Heinz Company | $5,498.4K | 3.2% | Add 0.68% |
The table illustrates Hillman Capital Management's even-keeled top tier, with no single position exceeding 3.8% and the group totaling 35%—a hallmark of diversification within a 53-stock portfolio. Dominant reductions, especially the aggressive 44.47% cut in WBD, signal profit realization or caution on media headwinds, while the small KHC add provides a counterbalance in consumer stability.
This low concentration mitigates single-stock risk, allowing the firm to weather sector storms like aerospace delays at BA or pharma pricing pressures on PFE. Yet, consistent 3-4% sizing shows conviction without overexposure, aligning with the 13.2% turnover for ongoing optimization.
Investment Lessons from Hillman Capital Management
Hillman Capital's Q3 2025 moves offer timeless principles for value investors:
- Diversify thoughtfully: A 53-position portfolio with top 10 at 35% balances broad exposure and targeted bets, reducing volatility while capturing upside.
- Trim winners proactively: Reductions like 44.47% in WBD and 12.41% in MSFT demonstrate discipline in taking profits to fund better ideas.
- Prioritize holding periods: 13 quarters average tenure rewards patience, letting quality compound amid noise.
- Sector balance for resilience: Mixing tech innovators like ASML with defensive pharma (PFE) hedges cycles.
- Modest adds signal conviction: The 0.68% boost to KHC shows incremental building in undervalued staples.
Looking Ahead: What Comes Next?
Hillman's positioning, with capital freed from reductions, sets up for opportunistic deploys in 2026 amid potential rate cuts and economic softening. The three new positions hint at scouting undervalued industrials or healthcare beyond the top 10, while trims in cyclicals like BA create dry powder for dips. Healthcare staples (GSK, PFE) and the KHC add position for dividend reliability if growth slows. Track the portfolio for fresh 13Fs as markets evolve.
FAQ about Hillman Capital Management Portfolio
Q: What were the most significant changes in Hillman Capital's Q3 2025 13F?
A: The standout move was a 44.47% reduction in Warner Bros. Discovery (WBD), alongside double-digit trims in ASML 12.29%, MSFT 12.41%, and others. The only add was 0.68% to KHC, with portfolio size growing to 53 +3.
Q: Why does Hillman maintain such low concentration in top holdings?
A: At 35% for the top 10 across 53 positions, the strategy favors broad diversification to manage risk, allowing consistent 3-4% bets on quality without over-reliance on any name, as seen in even sizing across ASML to KHC.
Q: What sectors does Hillman Capital emphasize?
A: Healthcare/pharma (CVS, GSK, PFE), technology (ASML, MSFT), and consumer (EL, KHC) dominate, blending growth and defensive plays.
Q: How can I track Hillman Capital Management's portfolio?
A: Use ValueSense's superinvestor tracker at https://valuesense.io/superinvestors/hillman for 13F updates, visualizations, and change alerts. Note the 45-day reporting lag means real-time positions may differ.
Explore More Investment Opportunities
For investors seeking undervalued companies with high fundamental quality, our analytics team provides curated stock lists:
📌 50 Undervalued Stocks (Best overall value plays for 2026)
📌 50 Undervalued Dividend Stocks (For income-focused investors)
📌 50 Undervalued Growth Stocks (High-growth potential with strong fundamentals)
🔍 Check out these stocks on the Value Sense platform for free!