| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | - | - |
| 2024 |
|---|
| 23.3% |
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 | 2024 Q3 | BMY, CPB, DD, DIS, IFF, NKE, PFE, T, USB, WBD | Communications, financials, healthcare, industrials, technology, value | - | Hillman Value Fund returned 23.34% versus 27.76% for Russell 1000 Value, driven by Technology, Communications, and Financials strength offset by Industrials and Healthcare weakness. The 39-position portfolio targets enterprises with sustainable competitive advantages using disciplined valuation. Management reduced fees and maintains long-term focus despite near-term underperformance. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2024 Q3 |
ValueThe 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 outperformance requires variability around the index, which necessarily includes periods of underperformance. |
Value Competitive Advantages Valuation Discipline |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| No Elevator Pitches found | ||||||||||
| TICKER | COMMENTARY |
|---|
| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
|---|---|---|---|---|---|
| No Recent Buys Data | |||||
| Ticker | Put/Call | Amount Sold | Shares Sold | % Change | Weight % | Status |
|---|---|---|---|---|---|---|
| No Recent Sells Data | ||||||
| Industry | Prev Quarter % | Current Quarter % | Change |
|---|---|---|---|
| No industry data available | |||
