Hillman Value Fund
Name
As of 04/17/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
3.3%
1 yr return
14.1%
3 Yr Avg Return
5.3%
5 Yr Avg Return
10.4%
Net Assets
$239 M
Holdings in Top 10
30.6%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 0.99%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 29.64%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$5,000
IRA
$2,000
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 04/17/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
HCMAX - Profile
Distributions
- YTD Total Return 3.3%
- 3 Yr Annualized Total Return 5.3%
- 5 Yr Annualized Total Return 10.4%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio 1.54%
- Dividend Yield 0.0%
- Dividend Distribution Frequency Annual
Fund Details
-
Legal NameHillman Value Fund
-
Fund Family NameHillman Capital Management
-
Inception DateJul 08, 2003
-
Shares Outstanding7481512
-
Share ClassOther
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerMark Hillman
Fund Description
In seeking to achieve its objective, the Fund invests primarily in common stocks of U.S. companies that the Adviser believes have competitive advantages, as described below, and have temporarily fallen out of favor for reasons that are considered non-recurring or short-term; whose value is not currently well known; or whose value is not fully recognized by the public.
In selecting investments for the Fund, the Adviser first looks at qualitative measures of a company. Qualitative measures of a company include:
| ● | dominance in a particular industry or niche market; |
| ● | qualifications and ability of management team; |
| ● | strength of pricing and purchasing power; |
| ● | barriers to industry competition and limited substitutes; |
| ● | limited degree of rivalry amongst competitors; |
| ● | strength of brand or franchise with commensurate brand loyalty; |
| ● | strength of balance sheet and sources of liquidity; and |
| ● | quality of products and services. |
If certain companies meet most or all of the qualitative measures, the Adviser then seeks to identify which of those companies possess certain positive quantitative measures. The Adviser may make investments without regard to market capitalization. The quantitative measures of a company include:
| ● | Market value discount to net present value of projected discounted future cash flows; |
| ● | Market value discount to book value; and |
| ● | Market value discount to projected annual revenues. |
The Adviser allocates a target percentage of total portfolio value to each security it purchases. From time to time, the Fund may also focus the Fund’s assets in securities of one or more particular sectors of the economy. As of September 30, 2023, the Fund was principally invested in the information technology, healthcare, communication services, consumer staples, financials, and industrials. The Adviser may sell a portfolio holding if the Adviser believes that the price of the security is overvalued or to rebalance the security to the Adviser’s targeted percentage of total portfolio value for that security.
The Adviser may also sell (or “write”) call and put options for the Fund. Besides selling options in order to receive premiums, the Adviser will seek to sell options that obligate the Fund to purchase or sell the underlying stock at a price believed to be attractive based on the qualitative and quantitative factors described above. For example, call options may be written on a security held by the Fund in order to collect the premium and establish a sale price for the security that the Adviser believes to be attractive. Put options may be written on a security in order to collect the premium and acquire the security at a price the Adviser believes to be attractive. The Fund will mostly engage in option transactions where, with respect to a call option, the Fund holds the underlying security.
HCMAX - Performance
Return Ranking - Trailing
| Period | HCMAX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 3.3% | -4.9% | 13.1% | 55.31% |
| 1 Yr | 14.1% | -10.8% | 32.4% | 37.80% |
| 3 Yr | 5.3%* | -4.8% | 29.8% | 63.90% |
| 5 Yr | 10.4%* | -1.5% | 42.8% | 25.84% |
| 10 Yr | 10.7%* | 1.0% | 24.4% | 5.39% |
* Annualized
Return Ranking - Calendar
| Period | HCMAX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 20.7% | -24.9% | 46.1% | 1.83% |
| 2022 | -20.6% | -65.1% | 4.6% | 91.22% |
| 2021 | 13.9% | -44.2% | 57.5% | 61.53% |
| 2020 | -2.7% | -23.2% | 285.0% | 68.66% |
| 2019 | 30.9% | -21.4% | 48.5% | 1.35% |
Total Return Ranking - Trailing
| Period | HCMAX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 3.3% | -4.9% | 13.1% | 55.31% |
| 1 Yr | 14.1% | -10.8% | 32.4% | 37.80% |
| 3 Yr | 5.3%* | -4.8% | 29.8% | 63.90% |
| 5 Yr | 10.4%* | -1.5% | 42.8% | 25.84% |
| 10 Yr | 10.7%* | 1.0% | 24.4% | 5.39% |
* Annualized
Total Return Ranking - Calendar
| Period | HCMAX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 24.4% | -15.9% | 46.7% | 2.44% |
| 2022 | -10.9% | -42.0% | 8.5% | 88.03% |
| 2021 | 22.8% | 3.6% | 129.7% | 81.86% |
| 2020 | 5.6% | -22.6% | 304.8% | 29.10% |
| 2019 | 36.6% | -12.7% | 52.1% | 0.58% |
NAV & Total Return History
HCMAX - Holdings
Concentration Analysis
| HCMAX | Category Low | Category High | HCMAX % Rank | |
|---|---|---|---|---|
| Net Assets | 239 M | 1.09 M | 163 B | 74.40% |
| Number of Holdings | 38 | 2 | 1689 | 89.06% |
| Net Assets in Top 10 | 69.5 M | 420 K | 33.9 B | 74.07% |
| Weighting of Top 10 | 30.57% | 4.8% | 99.9% | 36.32% |
Top 10 Holdings
- UMB CASH DEPOSIT SWEEP 3.98%
- Simon Property Group, Inc. 3.14%
- Nordstrom, Inc. 3.06%
- Salesforce, Inc. 2.99%
- Bank of New York Mellon Corp. 2.98%
- US Bancorp 2.97%
- Lam Research Corp. 2.96%
- CVS Health Corp. 2.85%
- Estee Lauder Cos., Inc. 2.83%
- ASML Holding NV 2.83%
Asset Allocation
| Weighting | Return Low | Return High | HCMAX % Rank | |
|---|---|---|---|---|
| Stocks | 98.10% | 1.86% | 108.42% | 57.28% |
| Cash | 3.98% | -0.79% | 38.18% | 13.18% |
| Preferred Stocks | 0.00% | 0.00% | 13.88% | 60.98% |
| Other | 0.00% | -3.53% | 39.72% | 68.56% |
| Convertible Bonds | 0.00% | 0.00% | 3.66% | 60.10% |
| Bonds | 0.00% | -0.71% | 73.23% | 60.90% |
Stock Sector Breakdown
| Weighting | Return Low | Return High | HCMAX % Rank | |
|---|---|---|---|---|
| Healthcare | 17.91% | 0.00% | 30.08% | 48.40% |
| Technology | 17.42% | 0.00% | 54.02% | 11.71% |
| Communication Services | 14.43% | 0.00% | 26.58% | 3.21% |
| Consumer Defense | 12.44% | 0.00% | 34.10% | 15.35% |
| Financial Services | 11.47% | 0.00% | 58.05% | 93.93% |
| Industrials | 7.35% | 0.00% | 42.76% | 87.77% |
| Energy | 6.32% | 0.00% | 54.00% | 72.42% |
| Consumer Cyclical | 5.11% | 0.00% | 22.74% | 65.39% |
| Basic Materials | 4.98% | 0.00% | 21.69% | 19.08% |
| Real Estate | 2.57% | 0.00% | 90.54% | 51.34% |
| Utilities | 0.00% | 0.00% | 27.04% | 94.97% |
Stock Geographic Breakdown
| Weighting | Return Low | Return High | HCMAX % Rank | |
|---|---|---|---|---|
| US | 98.10% | 1.86% | 108.42% | 45.82% |
| Non US | 0.00% | 0.00% | 27.89% | 71.32% |
HCMAX - Expenses
Operational Fees
| HCMAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 0.99% | 0.03% | 14.82% | 44.68% |
| Management Fee | 0.70% | 0.00% | 1.50% | 76.74% |
| 12b-1 Fee | N/A | 0.00% | 1.00% | 57.12% |
| Administrative Fee | N/A | 0.00% | 0.50% | 78.21% |
Sales Fees
| HCMAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | N/A | 1.00% | 5.75% | N/A |
| Deferred Load | N/A | 0.95% | 5.00% | N/A |
Trading Fees
| HCMAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Max Redemption Fee | N/A | 1.00% | 2.00% | N/A |
Related Fees
Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.
| HCMAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | 29.64% | 0.00% | 488.00% | 42.11% |
HCMAX - Distributions
Dividend Yield Analysis
| HCMAX | Category Low | Category High | HCMAX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 0.00% | 0.00% | 38.43% | 44.88% |
Dividend Distribution Analysis
| HCMAX | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Annual | Annually | Monthly | Quarterly |
Net Income Ratio Analysis
| HCMAX | Category Low | Category High | HCMAX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | 1.54% | -1.51% | 4.28% | 38.41% |
Capital Gain Distribution Analysis
| HCMAX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Dec 29, 2023 | $0.955 | OrdinaryDividend |
| Dec 29, 2022 | $3.162 | OrdinaryDividend |
| Dec 30, 2021 | $2.519 | OrdinaryDividend |
| Dec 30, 2020 | $0.267 | OrdinaryDividend |
| Dec 30, 2019 | $0.121 | OrdinaryDividend |
| Dec 17, 2019 | $0.913 | OrdinaryDividend |
| Dec 31, 2018 | $0.172 | OrdinaryDividend |
| Dec 29, 2017 | $0.121 | OrdinaryDividend |
| Dec 30, 2016 | $0.118 | OrdinaryDividend |
| Dec 31, 2015 | $0.093 | OrdinaryDividend |
| Dec 31, 2014 | $0.080 | OrdinaryDividend |
| Dec 31, 2013 | $0.056 | OrdinaryDividend |
| Dec 27, 2012 | $0.033 | OrdinaryDividend |
| Jun 29, 2012 | $0.039 | OrdinaryDividend |
| Dec 30, 2010 | $0.026 | OrdinaryDividend |
| Dec 30, 2009 | $0.106 | OrdinaryDividend |
| Sep 30, 2009 | $0.018 | OrdinaryDividend |
| Dec 30, 2008 | $0.076 | OrdinaryDividend |
| Sep 30, 2008 | $0.118 | OrdinaryDividend |
| Dec 31, 2007 | $0.049 | OrdinaryDividend |
| Sep 28, 2007 | $0.099 | OrdinaryDividend |
| Jun 29, 2007 | $0.025 | OrdinaryDividend |
| Dec 28, 2006 | $0.003 | OrdinaryDividend |
| Sep 29, 2006 | $0.070 | OrdinaryDividend |
| Jun 30, 2006 | $0.020 | OrdinaryDividend |
| Dec 29, 2005 | $0.004 | OrdinaryDividend |
| Dec 30, 2004 | $0.008 | OrdinaryDividend |
| Sep 30, 2004 | $0.008 | OrdinaryDividend |
| Sep 30, 2003 | $0.038 | OrdinaryDividend |
HCMAX - Fund Manager Analysis
Managers
Mark Hillman
Start Date
Tenure
Tenure Rank
Dec 29, 2000
21.43
21.4%
Mark A. Hillman, President and Chief Investment Officer, founded HCM in 1998, bringing into the firm assets of predecessor companies he established in the early 1990s. His first investment advisory company, Custom Asset Management, merged with Menocal Capital Management in 1993 and he became Chief Investment Officer of the combined firms. Prior to founding his first firm, he was a financial consultant with Shearson Lehman Hutton. A graduate of Tufts University, he has done graduate coursework at Harvard University Extension School. An expert sailboat racer, he has competed successfully in National and World Championships over three decades. As the architect of the firm’s proprietary investment process and Chief Investment Officer at HCM, Mark Hillman continues to lead the investment process. Since 1994, his investment results have spoken for themselves and have been recognized by investors and media alike. He has appeared in Fortune Magazine, The New York Times, MSN Money, USA Today, Bloomberg News, Dow Jones Marketwatch, The Baltimore Sun, The San Francisco Chronicle, Bloomberg Television, Kiplinger’s and Forbes.com.
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.05 | 86.59 | 8.02 | 16.42 |