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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
HMC Capital Partners Fund I reported a -29.1% quarterly return as Real Estate and Consumer Discretionary exposures were hit by consecutive RBA rate increases and Middle East conflict driving oil prices to US$120/bbl. Despite the drawdown, the Fund maintains a 10.6% annualized return since inception, outperforming the ASX 300 by 1.1% annually. The Fund concentrated on three high-conviction positions: Lendlease, trading at 40%+ discount to NTA with CRU exit progress; Baby Bunting, executing a turnaround with gross margins expanding to 41%; and Ingenia, benefiting from demographic tailwinds with visible earnings growth. The Fund exited Lifestyle Communities and now holds approximately $100 million cash with no debt, positioning it to capitalize on market dislocations. The strategy focuses on unlocking trapped value through active engagement and disciplined capital allocation in companies with real asset backing. Management expects the concentrated approach to deliver strong long-term performance despite short-term volatility.
HMC Capital Partners Fund I employs a concentrated, high-conviction strategy targeting Australian and New Zealand companies with real asset backing where trapped value can be unlocked through improved capital allocation and active engagement.
Fund remains positioned around deliberately concentrated portfolio of high-conviction investments, focusing capital where they see most compelling long-term risk-adjusted return opportunities. Strategy is underpinned by deep fundamental research, emphasis on underlying business quality and asset backing, and willingness to take differentiated positions where market is overly discounting long-term value. With substantial cash balance and no drawn debt, fund is well positioned to capitalize on ongoing market volatility or cyclical weakness.
As of Apr 15, 2026
The fund is managed by HMC Capital Limited, an ASX-listed alternative asset manager led by an experienced team with extensive private equity and capital allocation expertise. The management team includes David Di Pilla as Managing Director and Group CEO, Victoria Hardie as Group COO and Head of Private Equity, and Will McMicking as Group CFO. Notably, the fund's investment team is led by the same management team that successfully executed the leveraged buyout and turnaround of the former Masters portfolio from Woolworths in 2017. Since HMC Capital's ASX listing in October 2019, the company has achieved total shareholder returns of approximately 156%, representing 120% outperformance versus the S&P/ASX 200 Index. The company employs over 70 professionals supporting operations across various investment strategies and has grown total assets under management to $18.7 billion as of FY2025.
HMC Capital Partners Fund I employs a distinctive investment approach that combines public market liquidity and volatility advantages with a private equity mindset through deep strategic and deal execution experience. The fund targets companies with significant real asset backing, providing downside protection and theoretically asymmetrical return profiles. The core philosophy centers on identifying public companies where there is potential to unlock 'trapped' value through improved capital allocation, operating and portfolio management. The fund maintains a concentrated portfolio of up to 10 positions with highly active engagement to realize value through changes in strategy, capital allocation, management, or M&A. Investment focus areas include Healthcare, Infrastructure, Telecommunications, and Clean Energy Transition sectors. The approach seeks to generate superior risk-adjusted returns targeting +15% Net IRR per annum over 3-5 years that are non-correlated to traditional equities and fixed income.
Lead Portfolio Manager
Moderate Conviction Bullish
Market Conviction
High-conviction positioning: HMC Capital Partners Fund I fell 29.1% quarterly due to rate hikes and geopolitical tensions hitting Real Estate and Consumer Discretionary holdings. The concentrated fund maintain...
Growth Outlook
Market outlook remains high conviction: HMC Capital Partners Fund I fell 29.1% quarterly due to rate hikes and geopolitical tensions hitting Real Estate and Consumer Discretionary holdings. The concentrated fund maintain...
Risk Appetite
Risk appetite posture is low conviction: HMC Capital Partners Fund I fell 29.1% quarterly due to rate hikes and geopolitical tensions hitting Real Estate and Consumer Discretionary holdings. The concentrated fund maintain...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. HMC Capital Partners Fund I fell 29.1% quarterly due to rate hikes and geopolitical tensions hitting Real Estate and Consumer Discretionary holdings. The concentrated fund maintain...
Forward Guidance
Forward guidance signal: HMC Capital Partners Fund I fell 29.1% quarterly due to rate hikes and geopolitical tensions hitting Real Estate and Consumer Discretionary holdings. The concentrated fund maintain...
Language Signal
Tone analysis indicates very low conviction language: HMC Capital Partners Fund I fell 29.1% quarterly due to rate hikes and geopolitical tensions hitting Real Estate and Consumer Discretionary holdings. The concentrated fund maintain...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. HMC Capital Partners Fund I fell 29.1% quarterly due to rate hikes and geopolitical tensions hitting Real Estate and Consumer Discretionary holdings. The concentrated fund maintain...
Opportunity Density
Opportunity density index indicates moderate conviction actionable entry points. HMC Capital Partners Fund I fell 29.1% quarterly due to rate hikes and geopolitical tensions hitting Real Estate and Consumer Discretionary holdings. The concentrated fund maintain...
Time Horizon
Investment time horizon reflects a moderate conviction orientation. HMC Capital Partners Fund I fell 29.1% quarterly due to rate hikes and geopolitical tensions hitting Real Estate and Consumer Discretionary holdings. The concentrated fund maintain...
Top Conviction Themes
Key Catalysts
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Performance data, returns, assets under management (“AUM”), and similar figures displayed on this page are sourced from publicly available manager communications (including investor letters), public filings, or other third-party sources. Buyside Digest does not independently verify performance figures, calculate returns, or audit manager-reported data. Such figures: May be selectively reported by the manager; May use non-standard calculation methodologies; May not reflect fees, expenses, taxes, or other costs; May be inconsistent across reporting periods; May be outdated. Past performance is not indicative of future results. Performance figures should not be relied upon for investment decisions without independent verification. Users should request audited performance data directly from the manager and conduct their own due diligence.
