HCMAX Performance — Hillman Value Fund
Data updated: 2026-08-26
HCMAX returned +4.23% year to date and +12.38% over one year to Jun 2026. Annualised returns are +9.41% over 3 years and +6.01% over 5 years. Against its US Multi-Cap Value category average the fund came out behind over three years but ahead over one: $100 invested three years ago grew to $131, against $142 for the category, and to $112 over one year, against $112. Volatility over the past three years was 12.82% a year. In the 12 months to Jun 2026 the fund lost a net $38.6M, and assets reached $78.38M.
HCMAX Growth of $100
What $100 invested in Hillman Value Fund grew to, compounded from monthly returns reported on SEC Form N-PORT, against the US Multi-Cap Value category average over the same months.
| Period | HCMAX | Category average |
|---|---|---|
| 1 year (Jul 2025 – Jun 2026) | $112 | $112 |
| 3 years (Jul 2023 – Jun 2026) | $131 | $142 |
| 5 years (Jul 2021 – Jun 2026) | $134 | $143 |
| Since data start (Jan 2021 – Jun 2026) | $164 | $166 |
HCMAX Trailing Returns
Total returns to Jun 2026, from SEC N-PORT.
| Period | Total return |
|---|---|
| YTD | +4.23% |
| 1 year | +12.38% |
| 3 years (annualised) | +9.41% |
| 5 years (annualised) | +6.01% |
HCMAX Annual Returns
Calendar-year total returns of Hillman Value Fund, compounded from monthly SEC N-PORT returns. Partial years show the months covered.
| Year | Total return |
|---|---|
| 2026 (Jan–Jun) | +4.23% |
| 2025 | +10.11% |
| 2024 | +4.92% |
| 2023 | +24.41% |
| 2022 | −10.86% |
| 2021 | +22.76% |
HCMAX Monthly Returns
Monthly total returns as reported on SEC Form N-PORT.
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | +2.8% | +3.8% | −7.5% | +2.6% | +4.6% | −1.5% | — | — | — | — | — | — |
| 2025 | +1.8% | +1.2% | −3.0% | −3.9% | +3.1% | +3.1% | 0.0% | +4.5% | +0.1% | −0.7% | +1.9% | +1.9% |
| 2024 | −0.3% | +3.1% | +4.0% | −5.6% | +1.9% | −0.4% | +3.1% | +0.6% | +1.7% | −3.3% | +4.4% | −3.9% |
| 2023 | +9.7% | −3.7% | +3.0% | +0.4% | −0.4% | +5.2% | +4.1% | −4.5% | −4.1% | −2.6% | +9.5% | +7.0% |
| 2022 | +1.6% | −1.1% | +1.2% | −6.8% | +0.7% | −8.1% | +6.0% | −5.7% | −8.7% | +7.9% | +8.8% | −5.2% |
| 2021 | +1.8% | +3.5% | +7.4% | +3.8% | +3.4% | +0.8% | −0.2% | +1.4% | −3.7% | +3.2% | −5.1% | +5.1% |
HCMAX Risk
Risk measures from monthly returns over Jul 2023 – Jun 2026.
- 3-year volatility (annualised): 12.82%
- 3-year Sharpe ratio: 0.38 (vs 4.5% risk-free rate)
- Best month: +9.52% (Nov 2023)
- Worst month: −7.54% (Mar 2026)
HCMAX Fund Flows
Monthly money in and out of Hillman Value Fund, from SEC Form N-PORT.
- 12-month net flow: −$38.6M
- 12-month gross sales (incl. reinvestments): $18.7M
- Sales ÷ redemptions: 0.33×
| Month | Sales | Redemptions | Net flow |
|---|---|---|---|
| Jun 2026 | $342K | $3.7M | −$3.4M |
| May 2026 | $56K | $2.7M | −$2.7M |
| Apr 2026 | $477K | $3.7M | −$3.2M |
| Mar 2026 | $1.3M | $2.7M | −$1.3M |
| Feb 2026 | $279K | $3.1M | −$2.9M |
| Jan 2026 | $1.1M | $6.4M | −$5.3M |
| Dec 2025 | $13.3M | $5.8M | $7.5M |
| Nov 2025 | $336K | $6.4M | −$6.1M |
| Oct 2025 | $321K | $2.7M | −$2.4M |
| Sep 2025 | $220K | $4.8M | −$4.6M |
| Aug 2025 | $570K | $4.4M | −$3.9M |
| Jul 2025 | $450K | $10.8M | −$10.4M |
HCMAX Assets Under Management
Net assets of Hillman Value Fund by report date, from SEC N-PORT filings.
| Report date | Net assets |
|---|---|
| 2026-06-30 | $78.38M |
| 2026-03-31 | $83.04M |
| 2025-12-31 | $93.49M |
| 2025-09-30 | $105.13M |
| 2025-06-30 | $118.75M |
| 2025-03-31 | $142.58M |
| 2024-12-31 | $211.16M |
| 2024-09-30 | $228.85M |
| 2024-06-30 | $227.11M |
| 2024-03-31 | $246.56M |
| 2023-12-31 | $227.42M |
| 2023-09-30 | $210.32M |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.