HCMA.X — ALPS Series Trust - Hillman Value Fund 13F holdings and portfolio analysis

Directly following the disclosed baseline gives an investor broad multi-name exposure but still meaningful concentration and lag risk. The baseline top-5 concentration is 16.44%, top-10 is 31.73%, and top-20 is 61.31%, so it is more diversified than the screened variants but still driven by a relatively concentrated top book. Sector exposure is led by Health Care at 26.52% and Consumer Staples at 19.30%, followed by Information Technology at 12.22% and Communication Services at 12.17%. Performance was acceptable in absolute terms with 10.72% annualized return and 166.0% totalReturn, but negative alpha (-0.04) and a -31.88% maxDrawdown show that following the disclosed holdings did not beat SPY efficiently. The artifact also flags 13F-style implementation lag and 1,182 trades as execution risks.

The recent baseline periods show a mixed trade-off: the portfolio occasionally outperformed in weak markets, but underperformed badly in several important up periods. Stronger relative quarters included 2022-06-30, when optimizedReturn was -5.53% versus benchmarkReturn -7.08% for +1.55% excess, and 2022-09-30, when it returned 7.19% versus 4.48% for +2.71% excess. But the biggest drag came in 2024-03-31, when the baseline gained only 2.27% versus SPY’s 15.09%, a -12.82% excess shortfall. It also lagged in 2024-12-31 by -3.98% excess and in 2025-06-30 by -3.49% excess. Those swings help explain why long-run return stayed above 10% while alpha remained negative.

Before accepting the baseline, the next checks should be concentration, sector attribution, and period-level underperformance. The baseline is not top-heavy by single stock, but top-20 still reaches 61.31%, so users should inspect whether that concentration aligns with their risk tolerance. Sector results were uneven, with sector attribution showing major Information Technology drag of -26.91 and Financials drag of -9.80, offset partly by Health Care at +8.08 and Materials at +6.68. Users should also inspect the periods with the worst excess return, especially 2024-03-31 at -12.82% excess and 2024-12-31 at -3.98% excess, plus turnover spikes like 45.67 at 2024-12-31 and 37.39 at 2024-03-31. Those data points matter more than the headline 10.72% annualized return.