HILLMAN CO

Key Holdings

The portfolio is dominated by a "barbell" strategy, balancing large-cap growth/tech stocks with specialized ETFs for diversification.

• Top Tier Dominance: The top three positions—Mastercard ($39.56M, 13.71%), Microsoft ($38.76M, 13.44%), and CRH PLC ($34.13M, 11.83%)—account for nearly 39% of the total assets. These are high-conviction holdings, with Mastercard and Microsoft representing "Quality" and "Growth" pillars, while CRH PLC offers exposure to the infrastructure/materials sector.
• Tech Concentration: Technology and tech-adjacent names feature heavily. Broadcom Inc holds the 5th spot at $30.32M (10.51%), and the new position in Microsoft immediately became the 2nd largest holding.
• Niche & Cyclical Exposure: The 4th and 7th positions, MasTec Inc ($31.45M) and Rocket Cos Inc ($21.02M), suggest a tilt toward cyclicals (infrastructure construction and housing finance). While MasTec is a new addition, Rocket Cos remains a significant albeit reduced position.
• ETF Sleeve: The manager utilizes ETFs to manage beta and exposure to specific market segments. The iShares Core MSCI EAFE ETF ($20.98M) provides international exposure, while the Vanguard Mid-Cap and Vanguard Small-Cap Value ETFs ($17.33M and $16.61M respectively) cover the domestic market beyond the large-cap space.