| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | Since Inception |
|---|---|---|---|---|---|---|
| 20.2% | -5.3% | 15% | 60% | 80.3% | 102.2% | 68.5% |
The Hillman Value Fund returned 23.34% for the year ended September 30, 2024, underperforming the Russell 1000 Value Index return of 27.76%. The fund's core thesis centers on investing in enterprises with sustainable competitive advantages while maintaining disciplined valuation standards. Performance was driven by strong results in Information Technology, Communication Services, and Financials sectors, while Industrials and Health Care holdings weighed on returns. The fund's option writing strategy provided nominal performance benefits. The portfolio holds 39 positions with a 35% turnover rate, reflecting selective positioning across large-cap value opportunities. Management emphasizes that long-term outperformance requires accepting variability around benchmark returns, including periods of underperformance. The fund reduced its management fee from 0.85% to 0.70% effective February 2024. Top holdings include Bristol-Myers Squibb, US Bancorp, AT&T, DuPont, and Campbell Soup, representing nearly 30% of assets. The strategy maintains focus on fundamental analysis and patient capital deployment for sustainable long-term returns.
Investment in enterprises with sustainable competitive advantages using fundamentally sound valuation discipline for long-term outperformance.
It is our view that investment in enterprises which we believe possess sustainable competitive advantages, coupled with adherence to our fundamentally sound valuation discipline, should work well over the long term.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Sep 30 | 2024 Q3 | BMY, CPB, DD, DIS, IFF, NKE, PFE, T, USB, WBD | Communications, financials, healthcare, industrials, technology, value | - | The fund pursues investment in enterprises which they believe possess sustainable competitive advantages, coupled with adherence to fundamentally sound valuation discipline. The long-term pursuit of… |
| QUARTER | THEMES | TAGS |
|---|---|---|
| Q4 2025 |
QualityYCG focuses on high-quality, recession-resistant toll takers that have historically outperformed over the long term but are currently experiencing underperformance in speculative markets. |
Quality Toll Takers Recession Resistant Undervalued Long Term |
AerospaceTransDigm represents a portfolio of aerospace parts with mission-critical, proprietary characteristics and little competition. |
Aerospace Parts Aftermarket Pricing Power Regulatory | |
Industrial GasesLinde operates in industrial gases with economies of scale advantages and take-or-pay contracts providing guaranteed income streams. |
Industrial Gases Economies of Scale Take or Pay Mission Critical Local Monopolies | |
Social MediaMeta demonstrates resilience of large networks through ability to adapt to competitive threats and regulatory changes. |
Social Media Network Effects AI Investment User Engagement Advertising | |
| Q3 2025 |
QualityYCG focuses on high-quality, recession-resistant toll takers that have historically outperformed over the long term but are currently experiencing underperformance in speculative markets. |
Quality Toll Takers Recession Resistant Undervalued Long Term |
AerospaceTransDigm represents a portfolio of aerospace parts with mission-critical, proprietary characteristics and little competition. |
Aerospace Parts Aftermarket Pricing Power Regulatory | |
Industrial GasesLinde operates in industrial gases with economies of scale advantages and take-or-pay contracts providing guaranteed income streams. |
Industrial Gases Economies of Scale Take or Pay Mission Critical Local Monopolies | |
Social MediaMeta demonstrates resilience of large networks through ability to adapt to competitive threats and regulatory changes. |
Social Media Network Effects AI Investment User Engagement Advertising | |
| Q2 2025 |
QualityYCG focuses on high-quality, recession-resistant toll takers that have historically outperformed over the long term but are currently experiencing underperformance in speculative markets. |
Quality Toll Takers Recession Resistant Undervalued Long Term |
AerospaceTransDigm represents a portfolio of aerospace parts with mission-critical, proprietary characteristics and little competition. |
Aerospace Parts Aftermarket Pricing Power Regulatory | |
Industrial GasesLinde operates in industrial gases with economies of scale advantages and take-or-pay contracts providing guaranteed income streams. |
Industrial Gases Economies of Scale Take or Pay Mission Critical Local Monopolies | |
Social MediaMeta demonstrates resilience of large networks through ability to adapt to competitive threats and regulatory changes. |
Social Media Network Effects AI Investment User Engagement Advertising | |
| Q1 2025 |
QualityYCG focuses on high-quality, recession-resistant toll takers that have historically outperformed over the long term but are currently experiencing underperformance in speculative markets. |
Quality Toll Takers Recession Resistant Undervalued Long Term |
AerospaceTransDigm represents a portfolio of aerospace parts with mission-critical, proprietary characteristics and little competition. |
Aerospace Parts Aftermarket Pricing Power Regulatory | |
Industrial GasesLinde operates in industrial gases with economies of scale advantages and take-or-pay contracts providing guaranteed income streams. |
Industrial Gases Economies of Scale Take or Pay Mission Critical Local Monopolies | |
Social MediaMeta demonstrates resilience of large networks through ability to adapt to competitive threats and regulatory changes. |
Social Media Network Effects AI Investment User Engagement Advertising |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| No Elevator Pitches found | ||||||||||
| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
|---|---|---|---|---|---|
| UNH | - | $23.9M | 46K | 35.3% | 0.83% |
| EAF | - | $13.7M | 1M | - | 0.19% |
| CRMT | - | $5.5M | 122K | 1,109.1% | 0.05% |
| FICO | - | $3.8M | 3K | - | 0.05% |
| MMC | - | $3.5M | 17K | - | 0.05% |
| Ticker | Put/Call | Amount Sold | Shares Sold | % Change | Weight % | Status |
|---|---|---|---|---|---|---|
| ATURA | - | $37.5M | 1M | -6.5% | 9.21% | Decreased |
| - | - | $31.2M | 461K | -22.6% | 1.98% | Decreased |
| CORP | - | $28.9M | 77K | -7.0% | 7.34% | Decreased |
| SWAB | - | $28.9M | 371K | -8.1% | 5.52% | Decreased |
| - | - | $22.5M | 428K | -6.9% | 4.58% | Decreased |
| Industry | Prev Quarter % | Current Quarter % | Change |
|---|---|---|---|
| Communication Services | 16.0% | 17.6% | +1.6% |
| Consumer Staples | 20.8% | 19.4% | -1.4% |
| Information Technology | 11.7% | 10.8% | -0.9% |
| Health Care | 5.4% | 6.0% | +0.6% |
| Utilities | 1.7% | 2.1% | +0.4% |
| Industrials | 11.5% | 11.8% | +0.3% |
| Financials | 10.8% | 10.6% | -0.2% |
| TICKER | COMMENTARY |
|---|---|
| CPRT | We recently trimmed some of our mega-cap tech holdings and other outperformers and used the proceeds to buy more of our underperforming holdings such as Copart, Inc. |
| VRSK | We trimmed mega-cap tech holdings and redeployed capital into underperforming positions such as Verisk Analytics and initiated new positions in TransDigm and Linde. This reflects our strategy of buying cyclically underperforming assets. |
| TDG | TransDigm is a leading aerospace supplier with highly engineered components across commercial and military aircraft. Its portfolio creates near-monopolies with strong pricing power. |
| LIN | Linde is the largest industrial gas company globally, benefiting from scale advantages and long-term take-or-pay agreements that provide predictable recurring income streams. |
| Symbol | Company | Filed By | Filing Date | Filing |
|---|---|---|---|---|
| IMUX | Immuno Bio. Inc | Praetorian Capital | Apr 10, 2025 | SC 13G/A |
| LEE | LEE ENTERPRISES, Inc | Praetorian Capital | Mar 05, 2025 | SC 13D/A |
| AMRK | A-Mark Precious Metals, Inc | Praetorian Capital | Feb 14, 2025 | SC 13G/A |
| IMUX | Immuno Bio. Inc | Praetorian Capital | Jan 15, 2025 | SC 13G |
| STIM | lee enterprises, incorporated | Praetorian Capital | Nov 07, 2024 | SC 13D/A |
| HKHC | Horizon Kinetics Holding Corporation | Praetorian Capital | Oct 15, 2024 | SC 13G |
| GENK | GEN Restaurant Group, Inc | Praetorian Capital | Aug 05, 2024 | SC 13G/A |
| SLGD | Scotts Liquid Gold-Inc. | Praetorian Capital | May 13, 2024 | SC 13G |
| AMRK | A-Mark Precious Metals, Inc | Praetorian Capital | Apr 05, 2024 | SC 13G |
| GENK | GEN Restaurant Group, Inc | Praetorian Capital | Mar 15, 2024 | SC 13G |
| LEE | 1 lee enterprises, incorporated | Praetorian Capital | Jan 17, 2023 | SC 13D/A |
