# Portfolio overlap — MVAL vs HCMAX

Comparing **VanEck Morningstar Wide Moat Value ETF** (2026-03-31) and **Hillman Value Fund** (2026-03-31).

- Shared positions: 15
- VanEck Morningstar Wide Moat Value ETF covered by Hillman Value Fund: 0.3210658912303512583939545388
- Hillman Value Fund covered by VanEck Morningstar Wide Moat Value ETF: 0.3210658912303512583939545387

## VanEck Morningstar Wide Moat Value ETF — top positions

| Security | Weight | Shared |
|----------|--------|--------|
| BRISTOL-MYERS SQUIBB CO | 0.048484 | ✓ |
| CONSTELLATION BRANDS INC CL A | 0.045930 | ✓ |
| UNITED PARCEL SERVICE INC CL B | 0.045728 | ✓ |
| KENVUE INC | 0.044622 |  |
| BROWN FORMAN CORP NON VTG CL B | 0.044150 | ✓ |
| ZIMMER BIOMET HO | 0.043875 | ✓ |
| CLOROX CO | 0.043687 |  |
| DANAHER CORP | 0.040297 |  |
| THE CAMPBELL'S COMPANY | 0.036974 | ✓ |
| GE HEALTHCARE TECHNOLOGIES INC WI | 0.030200 |  |
| OTIS WORLDWIDE CORP | 0.030108 |  |
| NXP SEMICONDUCTORS NV | 0.029056 |  |
| NORTHROP GRUMMAN CORP | 0.026235 |  |
| AIR PRODUCTS and CHEMICALS INC | 0.025679 |  |
| MERCK & CO | 0.025297 |  |
| MASCO CORPORATION | 0.024689 |  |
| ESTEE LAUDER COS INC CL A | 0.024461 | ✓ |
| HERSHEY CO/THE | 0.024447 | ✓ |
| US BANCORP DEL | 0.023859 | ✓ |
| MARKETAXESS HLDGS INC | 0.023719 |  |
| NIKE INC CL B | 0.023186 | ✓ |
| THERMO FISHER SCIENTIFIC INC | 0.023058 |  |
| MONDELEZ INTL INC | 0.022230 |  |
| PEPSICO INC | 0.022152 |  |
| BOEING CO/THE | 0.020833 | ✓ |
| MICROSOFT CORP | 0.020259 | ✓ |
| ETSY INC | 0.019993 |  |
| AIRBNB INC CLASS A | 0.019847 |  |
| ZOETIS INC CL A | 0.016561 |  |
| APPLIED MATERIALS INC | 0.015761 |  |
| AGILENT TECHNOLOGIES INC | 0.014604 |  |
| CORTEVA INC | 0.013905 |  |
| S&P GLOBAL INC | 0.013099 |  |
| SCHWAB CHARLES CORP | 0.011427 |  |
| BLACKSTONE INC | 0.010348 |  |
| ADOBE INC | 0.009658 | ✓ |
| HUNTINGTON INGALLS INDUSTRIES INC | 0.009456 |  |
| IDEX CORPORATION | 0.009104 |  |
| WEST PHARMACEUTICAL SVCS INC | 0.008119 | ✓ |
| SALESFORCE INC | 0.007744 | ✓ |
| State Street Navigator Securities Lending Government Money Market Portfolio | 0.007158 |  |

## Hillman Value Fund — top positions

| Security | Weight | Shared |
|----------|--------|--------|
| UMB MONEY MARKET FIDUCIARY   / | 0.040432 |  |
| VERIZON COMMUNICATIONS INC | 0.034430 |  |
| BRISTOL-MYERS SQUIBB CO | 0.033862 | ✓ |
| PFIZER INC | 0.031321 |  |
| BIOGEN INC | 0.031104 |  |
| INTL FLVR & FRAG | 0.030816 |  |
| CONSTELLATION BRANDS INC CL A | 0.029600 | ✓ |
| WARNER BROS DISCOVERY INC | 0.028978 |  |
| COMCAST CORP CL A | 0.028700 |  |
| US BANCORP DEL | 0.028475 | ✓ |
| DUPONT DE NEMOURS INC | 0.028326 |  |
| ZIMMER BIOMET HO | 0.028070 | ✓ |
| TAIWAN SEMIC MFG CO LTD SP ADR | 0.027652 |  |
| GSK plc SPONSORED ADR | 0.027227 |  |
| AKAMAI TECHNOLOGIES INC | 0.027224 |  |
| CVS HEALTH CORP | 0.027222 |  |
| WEST PHARMACEUTICAL SVCS INC | 0.026841 | ✓ |
| HERSHEY CO/THE | 0.026516 | ✓ |
| UNITED PARCEL SERVICE INC CL B | 0.026398 | ✓ |
| KRAFT HEINZ CO/T | 0.025790 |  |
| CARMAX INC | 0.025666 |  |
| BROWN FORMAN CORP NON VTG CL B | 0.025261 | ✓ |
| WALT DISNEY CO/T | 0.024818 |  |
| ORACLE CORP | 0.024782 |  |
| UNITEDHEALTH GRP | 0.024094 |  |
| T ROWE PRICE GRP | 0.024079 |  |
| CONAGRA BRANDS INC | 0.024041 |  |
| NIKE INC CL B | 0.024024 | ✓ |
| FISERV INC | 0.023567 |  |
| BECTON DICKINSON and CO | 0.023270 |  |
| BOEING CO/THE | 0.022991 | ✓ |
| BAXTER INTL INC | 0.022883 |  |
| MICROSOFT CORP | 0.021380 | ✓ |
| DIAGEO PLC-SPONSORED ADR DEPOSITARY RECEIPT | 0.020873 |  |
| THE CAMPBELL'S COMPANY | 0.020339 | ✓ |
| SALESFORCE INC | 0.020215 | ✓ |
| ESTEE LAUDER COS INC CL A | 0.019431 | ✓ |
| ADOBE INC | 0.019304 | ✓ |


## Sources

- N-PORT (fund A) — accession `0001410368-26-054829` (as of 2026-03-31)
  <https://www.sec.gov/Archives/edgar/data/1137360/000141036826054829/0001410368-26-054829-index.htm>
- N-PORT (fund B) — accession `0001049169-26-001515` (as of 2026-03-31)
  <https://www.sec.gov/Archives/edgar/data/1558107/000104916926001515/0001049169-26-001515-index.htm>

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