Hillman Capital Management, Inc.

1. Portfolio Overview

Hillman Capital Management, Inc. has undergone a dramatic transformation in the quarter ending September 30, 2025. The total portfolio value contracted by 67.7%, plummeting from $183.26 million to $59.27 million. This significant reduction in assets under management (AUM) was driven more by position liquidations than by market depreciation, as the firm executed a massive de-risking and consolidation strategy.

The fund reduced the total number of reported holdings sign...