# EDGAR Filing Document

**Accession Number:** 0001314620
**File Stem:** 0001398344-23-003161
**Filing Date:** 2023-2
**Character Count:** 13081
**Document Hash:** b48b0cbe58cce386c68454dbfc92aaab
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-23-003161.hdr.sgml**: 20230214

**ACCESSION NUMBER**: 0001398344-23-003161

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230214

**DATE AS OF CHANGE**: 20230214

**EFFECTIVENESS DATE**: 20230214

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Hillman Capital Management, Inc.
- **CENTRAL INDEX KEY:** 0001314620
- **IRS NUMBER:** 522082740
- **STATE OF INCORPORATION:** MD

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-11091
- **FILM NUMBER:** 23623190

**BUSINESS ADDRESS:**
- **STREET 1:** 7255 WOODMONT AVE
- **STREET 2:** SUITE 260
- **CITY:** BETHESDA
- **STATE:** MD
- **ZIP:** 20814
- **BUSINESS PHONE:** 410-269-7783

**MAIL ADDRESS:**
- **STREET 1:** 7255 WOODMONT AVE
- **STREET 2:** SUITE 260
- **CITY:** BETHESDA
- **STATE:** MD
- **ZIP:** 20814

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2022

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** Hillman Capital Management Inc.<br>**Address:** 7255 WOODMONT AVE<br>SUITE 260<br>BETHESDA, MD 20814

**Form 13F File Number:** 028-11091

**CRD Number (if applicable):** 000110096

**SEC File Number (if applicable):** 801-57921

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Mark A. Hillman<br>**Title:** CEO<br>**Phone:** 240-744-4510

**Signature, Place, and Date of Signing:**

/s/ Mark A. Hillman  Bethesda, MD  02-14-2023<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 1

**Form 13F Information Table Entry Total:** 97

**Form 13F Information Table Value Total:** $254510091

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

| No.   | Name               | Form 13F File Number   |
|:---|:---|:---|
|  | ALPS Advisors Inc. | 028-12230              |

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| 3M CO | COM | 88579Y101 |  | 261306 | 2179 | SH |  | SOLE |  | 2179 | 0 | 0 |
| 3M CO | COM | 88579Y101 |  | 136589 | 1139 | SH |  | DFND | 1 | 1139 | 0 | 0 |
| ADOBE SYSTEMS INCORPORATED | COM | 00724F101 |  | 5218907 | 15508 | SH |  | SOLE |  | 15508 | 0 | 0 |
| ADOBE SYSTEMS INCORPORATED | COM | 00724F101 |  | 155813 | 463 | SH |  | DFND | 1 | 463 | 0 | 0 |
| AIR PRODS  CHEMS INC | COM | 009158106 |  | 410602 | 1332 | SH |  | SOLE |  | 1332 | 0 | 0 |
| AIR PRODS  CHEMS INC | COM | 009158106 |  | 140875 | 457 | SH |  | DFND | 1 | 457 | 0 | 0 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 196448 | 2214 | SH |  | SOLE |  | 2214 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 5060873 | 57360 | SH |  | SOLE |  | 57360 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 119993 | 1360 | SH |  | DFND | 1 | 1360 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 |  | 4920132 | 58573 | SH |  | SOLE |  | 58573 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 |  | 117600 | 1400 | SH |  | DFND | 1 | 1400 | 0 | 0 |
| ANHEUSER BUSCH INBEV SA/NV | SPONSORED ADR | 03524A108 |  | 9100623 | 151576 | SH |  | SOLE |  | 151576 | 0 | 0 |
| ANHEUSER BUSCH INBEV SA/NV | SPONSORED ADR | 03524A108 |  | 143195 | 2385 | SH |  | DFND | 1 | 2385 | 0 | 0 |
| ASML HOLDING N V | N Y REGISTRY SHS | N07059210 |  | 6996652 | 12805 | SH |  | SOLE |  | 12805 | 0 | 0 |
| ASML HOLDING N V | N Y REGISTRY SHS | N07059210 |  | 132229 | 242 | SH |  | DFND | 1 | 242 | 0 | 0 |
| AT INC | COM | 00206R102 |  | 7862046 | 427053 | SH |  | SOLE |  | 427053 | 0 | 0 |
| AT INC | COM | 00206R102 |  | 153871 | 8358 | SH |  | DFND | 1 | 8358 | 0 | 0 |
| BANK NEW YORK MELLON CORP | COM | 064058100 |  | 6801598 | 149420 | SH |  | SOLE |  | 149420 | 0 | 0 |
| BANK NEW YORK MELLON CORP | COM | 064058100 |  | 152902 | 3359 | SH |  | DFND | 1 | 3359 | 0 | 0 |
| BECTON DICKINSON  CO | COM | 075887109 |  | 6525847 | 25662 | SH |  | SOLE |  | 25662 | 0 | 0 |
| BECTON DICKINSON  CO | COM | 075887109 |  | 171144 | 673 | SH |  | DFND | 1 | 673 | 0 | 0 |
| BIOGEN INC | COM | 09062X103 |  | 8196555 | 29599 | SH |  | SOLE |  | 29599 | 0 | 0 |
| BIOGEN INC | COM | 09062X103 |  | 132091 | 477 | SH |  | DFND | 1 | 477 | 0 | 0 |
| BLACKROCK INC | COM | 09247X101 |  | 424469 | 599 | SH |  | SOLE |  | 599 | 0 | 0 |
| BLACKROCK INC | COM | 09247X101 |  | 153773 | 217 | SH |  | DFND | 1 | 217 | 0 | 0 |
| BOEING CO | COM | 097023105 |  | 8924456 | 46850 | SH |  | SOLE |  | 46850 | 0 | 0 |
| BOEING CO | COM | 097023105 |  | 157345 | 826 | SH |  | DFND | 1 | 826 | 0 | 0 |
| CARMAX INC | COM | 143130102 |  | 337452 | 5542 | SH |  | SOLE |  | 5542 | 0 | 0 |
| CARMAX INC | COM | 143130102 |  | 107166 | 1760 | SH |  | DFND | 1 | 1760 | 0 | 0 |
| COMCAST CORP NEW | CL A | 20030N101 |  | 382502 | 10938 | SH |  | SOLE |  | 10938 | 0 | 0 |
| COMCAST CORP NEW | CL A | 20030N101 |  | 138901 | 3972 | SH |  | DFND | 1 | 3972 | 0 | 0 |
| COMPASS MINERALS INTL INC | COM | 20451N101 |  | 6610881 | 161241 | SH |  | SOLE |  | 161241 | 0 | 0 |
| COMPASS MINERALS INTL INC | COM | 20451N101 |  | 146411 | 3571 | SH |  | DFND | 1 | 3571 | 0 | 0 |
| CONAGRA BRANDS INC | COM | 205887102 |  | 5896293 | 152359 | SH |  | SOLE |  | 152359 | 0 | 0 |
| CONAGRA BRANDS INC | COM | 205887102 |  | 146634 | 3789 | SH |  | DFND | 1 | 3789 | 0 | 0 |
| CONSTELLATION BRANDS INC | CL A | 21036P108 |  | 375203 | 1619 | SH |  | SOLE |  | 1619 | 0 | 0 |
| CONSTELLATION BRANDS INC | CL A | 21036P108 |  | 141831 | 612 | SH |  | DFND | 1 | 612 | 0 | 0 |
| CVS HEALTH CORP | COM | 126650100 |  | 8773652 | 94148 | SH |  | SOLE |  | 94148 | 0 | 0 |
| CVS HEALTH CORP | COM | 126650100 |  | 138574 | 1487 | SH |  | DFND | 1 | 1487 | 0 | 0 |
| DISNEY WALT CO | COM | 254687106 |  | 5577175 | 64194 | SH |  | SOLE |  | 64194 | 0 | 0 |
| DISNEY WALT CO | COM | 254687106 |  | 134664 | 1550 | SH |  | DFND | 1 | 1550 | 0 | 0 |
| DUPONT DE NEMOURS INC | COM | 26614N102 |  | 7840291 | 114240 | SH |  | SOLE |  | 114240 | 0 | 0 |
| DUPONT DE NEMOURS INC | COM | 26614N102 |  | 143025 | 2084 | SH |  | DFND | 1 | 2084 | 0 | 0 |
| EMERSON ELEC CO | COM | 291011104 |  | 6794132 | 70728 | SH |  | SOLE |  | 70728 | 0 | 0 |
| EMERSON ELEC CO | COM | 291011104 |  | 162534 | 1692 | SH |  | DFND | 1 | 1692 | 0 | 0 |
| ENTERPRISE PRODS PARTNERS L | COM | 293792107 |  | 8106563 | 336093 | SH |  | SOLE |  | 336093 | 0 | 0 |
| ENTERPRISE PRODS PARTNERS L | COM | 293792107 |  | 165270 | 6852 | SH |  | DFND | 1 | 6852 | 0 | 0 |
| EQUIFAX INC | COM | 294429105 |  | 2494611 | 12835 | SH |  | SOLE |  | 12835 | 0 | 0 |
| EQUIFAX INC | COM | 294429105 |  | 143826 | 740 | SH |  | DFND | 1 | 740 | 0 | 0 |
| GENERAL ELECTRIC CO | COM NEW | 369604301 |  | 403533 | 4816 | SH |  | SOLE |  | 4816 | 0 | 0 |
| GENERAL ELECTRIC CO | COM NEW | 369604301 |  | 137499 | 1641 | SH |  | DFND | 1 | 1641 | 0 | 0 |
| GSK PLC | SPONSORED ADR | 37733W204 |  | 8237694 | 234425 | SH |  | SOLE |  | 234425 | 0 | 0 |
| GSK PLC | SPONSORED ADR | 37733W204 |  | 121374 | 3454 | SH |  | DFND | 1 | 3454 | 0 | 0 |
| HOME DEPOT INC | COM | 437076102 |  | 426411 | 1350 | SH |  | SOLE |  | 1350 | 0 | 0 |
| INTEL CORP | COM | 458140100 |  | 5864923 | 221904 | SH |  | SOLE |  | 221904 | 0 | 0 |
| INTEL CORP | COM | 458140100 |  | 114733 | 4341 | SH |  | DFND | 1 | 4341 | 0 | 0 |
| ISHARES TR | CORE S ETF | 464287200 |  | 151763 | 395 | SH |  | SOLE |  | 395 | 0 | 0 |
| ISHARES TR | MSCI EAFE ETF | 464287465 |  | 1554316 | 23679 | SH |  | SOLE |  | 23679 | 0 | 0 |
| ISHARES TR | RUS MID CAP ETF | 464287499 |  | 180405 | 2675 | SH |  | SOLE |  | 2675 | 0 | 0 |
| KELLOGG CO | COM | 487836108 |  | 8322755 | 116827 | SH |  | SOLE |  | 116827 | 0 | 0 |
| KELLOGG CO | COM | 487836108 |  | 134857 | 1893 | SH |  | DFND | 1 | 1893 | 0 | 0 |
| KRAFT HEINZ CO | COM | 500754106 |  | 8919561 | 219100 | SH |  | SOLE |  | 219100 | 0 | 0 |
| KRAFT HEINZ CO | COM | 500754106 |  | 173018 | 4250 | SH |  | DFND | 1 | 4250 | 0 | 0 |
| LAM RESEARCH CORP | COM | 512807108 |  | 5685818 | 13528 | SH |  | SOLE |  | 13528 | 0 | 0 |
| LAM RESEARCH CORP | COM | 512807108 |  | 142902 | 340 | SH |  | DFND | 1 | 340 | 0 | 0 |
| MEDTRONIC PLC | SHS | G5960L103 |  | 306605 | 3945 | SH |  | SOLE |  | 3945 | 0 | 0 |
| MEDTRONIC PLC | SHS | G5960L103 |  | 100958 | 1299 | SH |  | DFND | 1 | 1299 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 |  | 4611790 | 38323 | SH |  | SOLE |  | 38323 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 |  | 166671 | 1385 | SH |  | DFND | 1 | 1385 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 8382908 | 34955 | SH |  | SOLE |  | 34955 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 141254 | 589 | SH |  | DFND | 1 | 589 | 0 | 0 |
| NORDSTROM INC | COM | 655664100 |  | 4089505 | 253377 | SH |  | SOLE |  | 253377 | 0 | 0 |
| NORDSTROM INC | COM | 655664100 |  | 98373 | 6095 | SH |  | DFND | 1 | 6095 | 0 | 0 |
| PRICE T ROWE GROUP INC | COM | 74144T108 |  | 5693150 | 52202 | SH |  | SOLE |  | 52202 | 0 | 0 |
| PRICE T ROWE GROUP INC | COM | 74144T108 |  | 117458 | 1077 | SH |  | DFND | 1 | 1077 | 0 | 0 |
| RAYTHEON TECHNOLOGIES CORP | COM | 75513E101 |  | 5986373 | 59318 | SH |  | SOLE |  | 59318 | 0 | 0 |
| RAYTHEON TECHNOLOGIES CORP | COM | 75513E101 |  | 149059 | 1477 | SH |  | DFND | 1 | 1477 | 0 | 0 |
| SALESFORCE INC | COM | 79466L302 |  | 5311821 | 40062 | SH |  | SOLE |  | 40062 | 0 | 0 |
| SALESFORCE INC | COM | 79466L302 |  | 121320 | 915 | SH |  | DFND | 1 | 915 | 0 | 0 |
| SERVICENOW INC | COM | 81762P102 |  | 363809 | 937 | SH |  | SOLE |  | 937 | 0 | 0 |
| SERVICENOW INC | COM | 81762P102 |  | 146378 | 377 | SH |  | DFND | 1 | 377 | 0 | 0 |
| SIMON PPTY GROUP INC NEW | COM | 828806109 |  | 8536332 | 72662 | SH |  | SOLE |  | 72662 | 0 | 0 |
| SIMON PPTY GROUP INC NEW | COM | 828806109 |  | 152607 | 1299 | SH |  | DFND | 1 | 1299 | 0 | 0 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 1725142 | 4511 | SH |  | SOLE |  | 4511 | 0 | 0 |
| TAIWAN SEMICONDUCTOR MFG LTD | SPONSORED ADS | 874039100 |  | 7308810 | 98118 | SH |  | SOLE |  | 98118 | 0 | 0 |
| TAIWAN SEMICONDUCTOR MFG LTD | SPONSORED ADS | 874039100 |  | 129017 | 1732 | SH |  | DFND | 1 | 1732 | 0 | 0 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 567823 | 1071 | SH |  | SOLE |  | 1071 | 0 | 0 |
| VERIZON COMMUNICATIONS INC | COM | 92343V104 |  | 5176608 | 131386 | SH |  | SOLE |  | 131386 | 0 | 0 |
| VERIZON COMMUNICATIONS INC | COM | 92343V104 |  | 115954 | 2943 | SH |  | DFND | 1 | 2943 | 0 | 0 |
| WARNER BROS DISCOVERY INC | COM SER A | 934423104 |  | 6592078 | 695367 | SH |  | SOLE |  | 695367 | 0 | 0 |
| WARNER BROS DISCOVERY INC | COM SER A | 934423104 |  | 130435 | 13759 | SH |  | DFND | 1 | 13759 | 0 | 0 |
| WELLS FARGO CO NEW | COM | 949746101 |  | 8955636 | 216896 | SH |  | SOLE |  | 216896 | 0 | 0 |
| WELLS FARGO CO NEW | COM | 949746101 |  | 152112 | 3684 | SH |  | DFND | 1 | 3684 | 0 | 0 |
| WESTERN UN CO | COM | 959802109 |  | 4741328 | 344323 | SH |  | SOLE |  | 344323 | 0 | 0 |
| WESTERN UN CO | COM | 959802109 |  | 145700 | 10581 | SH |  | DFND | 1 | 10581 | 0 | 0 |
| ZIMMER BIOMET HOLDINGS INC | COM | 98956P102 |  | 6050258 | 47453 | SH |  | SOLE |  | 47453 | 0 | 0 |
| ZIMMER BIOMET HOLDINGS INC | COM | 98956P102 |  | 145732 | 1143 | SH |  | DFND | 1 | 1143 | 0 | 0 |

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