Fund Evaluator:
Hillman Value (HCMAX)
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Best Performing in Large Value Over the Last Year
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Fund Details
Hillman Value Overview
Hillman Value (HCMAX) is an actively managed U.S. Equity Large Value fund. Hillman Capital Management launched the fund in 2000.
The investment seeks to provide long-term total return from a combination of income and capital gains. In seeking to achieve its objective, the fund invests primarily in common stocks of U.S. companies that the advisor believes have competitive advantages, 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.
About Hillman Value (HCMAX)
There are 1 members of the management team with an average tenure of 25.52 years: Mark Hillman (2000). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: FT Wilshire 5000 TR USD index with a weighting of 100% and Russell 1000 Value TR USD index with a weighting of 100%. Hillman Value has 43 securities in its portfolio. The top 10 holdings constitute 30.9% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Hillman Value is part of the Equity global asset class and is within the U.S. Equity fund group. Hillman Value has 8.2% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 88.5%. There is 8.2% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Hillman Value has 3.3% of the portfolio in cash.
Assets Under Management
The fund has $78 million in total assets, which is below the $1 billion average for the Large Value category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
HCMAX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Hillman Value expense ratio is high compared to funds in the Large Value category. Hillman Value has an expense ratio of 0.95%, which is 3% higher than its category average, making the fund expense ratio grade a C. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Hillman Value has a portfolio turnover rate of 42%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 62% for the Large Value category.
Recently, in the month of June 2026, Hillman Value returned -1.5%, which earned it a grade of F, as the Large Value category had an average return of 1.6%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Hillman Value has a trailing yield of 2.40%, which is above the 1.25% category average. The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Hillman Value Grades
Year to date, the fund has returned 4.2%, 6.8 percentage points worse than the category, which translates into a grade of F. The fund has returned 12.4% over the past year (grade of F), 9.4% over the past three years (grade of F) and 6.0% per year over the past five years (grade of F) and 11.5% per year over the past 10 years (grade of C).
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HCMAX Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| HCMAX Return (NAV) | -1.5% | 5.7% | 12.4% | 9.4% | 6.0% | 11.5% |
| HCMAX Grade | F | F | F | F | F | C |
| +/- Category | -3.1% | -4.1% | -8.6% | -6.5% | -4.4% | 0.2% |
| Large Value Avg | 1.6% | 9.8% | 21.0% | 15.9% | 10.4% | 11.3% |
| HCMAX Tax Cost Ratio | na | na | 4.6% | 3.1% | 3.0% | 2.0% |
HCMAX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| HCMAX Return (NAV) | 4.2% | 10.1% | 4.9% | 24.4% | -10.9% | 22.8% | 5.6% | 35.6% | -2.7% | 16.4% | 16.2% |
| HCMAX Grade | F | F | F | A | F | F | B | A | A | C | B |
| +/- Category | -6.8% | -5.1% | -9.2% | 12.6% | -4.8% | -3.0% | 1.8% | 10.0% | 5.8% | -0.1% | 1.6% |
| Large Value Avg | 11.1% | 15.2% | 14.1% | 11.8% | -6.1% | 25.8% | 3.8% | 25.6% | -8.5% | 16.4% | 14.5% |
| Risk Measures | |
| Standard Deviation: | 12.8% |
| Total Risk Index: | 1.05 - Above Average |
| Category Risk Index: | 1.06 - High |
| Category Risk Grade: | F (82% Rank) |
| Beta: | 0.77 |
| R-Squared: | 61% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Mid-Cap Value |
| Bond Investment Style: | na |
| Yield: | 2.4% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $78 Mil |
| Fund Total Assets: | $ 78 Mil |
| Share Class Type: | No Load |
| Portfolio Turnover: | 42% |
Management Team
| Number of Managers: 1 | |||
| Longest Tenure: 25.5 years | |||
| Average Tenure: 25.5 years | |||
| Managers (Year): Hillman Mark (2000) | |||
Portfolio Composition (as of 5/31/26)
| # of Holdings: | 43 |
| % in Top 10 Holdings: | 30.9% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 8.2% |
Portfolio Allocation |
|
| Domestic Stock: | 88.5% |
| Foreign Stock: | 8.2% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 3.3% |
Purchase Information
| Fund Family: | Hillman Capital Management |
| Phone Number: | 800-773-3863 |
| Website: | www.hillmancapital.com |
| Status: | Open |
| Inception Date: | December 29, 2000 |
| Min. Initial Purchase: | $5,000 |
| Min. Initial IRA Purchase: | $2,000 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.95% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.93% |
| Share Class: | Hillman Value |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 0 |
