Hillman Capital Management Q1 2026 13F Holdings and Activity Report

I. Institutional Overview

The current portfolio consists of 56 individual holdings , a number that strikes a deliberate balance between diversification and concentration. In the world of institutional asset management, a portfolio of roughly 50 to 60 stocks typically indicates a "multi-cap value" or "core" investment style. It is not so concentrated as to be reckless—where a single bankruptcy could derail the entire fund—nor is it so diversified that it merely mimics a broad market index like the S&P 500. Instead, Hillman Capital appears to be practicing "active management" in its truest sense, where each position is large enough to contribute meaningfully to alpha generation but small enough to manage idiosyncratic risks.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

II. Sector Allocation Analysis

On the other end of the barbell, the 16.49% allocation to Technology represents the "growth" component. However, as we will see in the holdings analysis, this is not speculative technology but rather "infrastructure technology"—companies like Oracle and Microsoft that provide essential services to other businesses. The near-total absence of Energy (0%) and the very low weight in Financials (3.88%) suggest that Hillman Capital is avoiding sectors that are highly dependent on commodity price fluctuations or complex interest rate spreads, preferring instead the "cleaner" balance sheets found in the medical and software industries.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

III. Top 10 Holdings Deep Dive

Biogen remains the top holding despite a slight reduction in share count of 3.20% this quarter. This is a classic "conviction holding" that has been in the portfolio for over six years. The fact that the portfolio weight actually increased from 3.38% to 3.76% despite the share reduction indicates that Biogen's stock price outperformed the rest of the portfolio during the quarter. Biogen is a leader in neuroscience, particularly in treatments for Alzheimer's and Multiple Sclerosis. For Hillman, this position represents a bet on "high-barrier-to-entry" biotechnology. The slight reduction in shares is likely a routine rebalancing to prevent the position from exceeding a certain risk threshold, rather than a loss of faith in the company's long-term pipeline.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

IV. Major Buys/Additions

The buying activity shows a clear cluster in Enterprise Software (Oracle, Adobe) and Healthcare Equipment (Zimmer Biomet, Baxter) . There is also a secondary cluster in Defensive Consumer (Brown-Forman, Campbell's) . This reveals a two-pronged strategy: 1. Capturing the "AI Software" Wave : By moving into Oracle and Adobe, Hillman is betting that the productivity gains from AI will accrue to the software incumbents who already own the customer relationship. 2. Healthcare Normalization : The additions to Zimmer Biomet and Baxter suggest a belief that the healthcare system is finally moving past the disruptions of the early 2020s, with surgical volumes and hospital capital expenditures returning to a steady growth path.

The total estimated addition amount for the top 8 targets is roughly $10.22 million . Interestingly, this capital was largely sourced from the complete liquidation of ASML and Anheuser-Busch (which recouped over $11 million). This is a classic "inventory reallocation." Hillman is selling "yesterday's winners" (European tech and global beer) to fund "tomorrow's leaders" (US enterprise software and medical recovery). This rotation increases the portfolio's concentration in US-domiciled companies, potentially reducing currency risk and focusing on the most innovative segment of the global economy.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

V. Major Sells and Exits

The quality of these exits appears high. Hillman is not "panic selling" during a crash; instead, they are systematically harvesting capital from mature or troubled positions (ASML, BUD, BA) and broad indices (SPY) to fund a very specific, high-conviction software and healthcare thesis. This is "active management" at its best—recycling capital from low-opportunity areas to high-opportunity areas.

The total capital retrieved from these top 8 exits/reductions is approximately $18.5 million . This significantly exceeds the $10.22 million spent on the top 8 additions. This suggests that Hillman Capital is raising cash levels or diversifying into smaller positions not captured in the top 8. The "Sell A to Buy B" rotation is clear: they sold International Hardware and Global Commodities to buy Domestic Software and Specialized Medical Technology .

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

VI. Investment Insights and Risk Warnings

By aggressively increasing positions in Healthcare (the infrastructure of life) and Enterprise Software (the infrastructure of logic/business), the institution is betting on the two most resilient and essential pillars of the modern economy. The logic chain is as follows: 1. Sell the "Enablers" : Exit ASML (the company that enables chip making) because the initial build-out phase of the AI/Digital era is maturing. 2. Buy the "Users" : Buy Oracle and Adobe (the companies that use those chips to create value) because the next phase of the cycle will be driven by software-led productivity. 3. Fortify the "Defensives" : Increase Zimmer Biomet and Brown-Forman to ensure the portfolio can withstand a potential macro slowdown. 4. Concentrate on the "Moats" : Move away from broad indices (SPY) and troubled cyclicals (Boeing) to focus on companies with undeniable competitive advantages.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

Sources and limitations

This report uses public U.S. Securities and Exchange Commission Form 13F disclosures and structured data maintained by 13F Hub. A 13F filing is a quarter-end snapshot of reportable long positions, is normally published with a delay, and does not disclose every short position, cash balance, bond, derivative, or non-U.S. asset.

Narrative content is prepared from the same-period SEC disclosure and 13F Hub structured data, then checked before publication. This material is for research and education, not personalized investment advice.