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HMC Capital (ASX:HMC), the alternative asset manager, is a top conviction pick for Seneca Financial Solutions despite recent setbacks. In August 2026, Seneca argued the share price of around $3.20 reflects the market overshooting to the downside on three overhangs, including the HealthCo and Healthscope situation and a delayed DigiCo data centre float. Tamim highlighted HMC's growth in private credit to around $3.3 billion and a renewable energy partnership with KKR, while Wilson Asset Management attended its presentation at the Macquarie conference. HMC Capital operates in the Financials sector within the Capital Markets industry, and Thesis Tracker has captured 31 comments from 14 fund managers, including Seneca, Tamim and Wilson Asset Management. Founded in 2008 and headquartered in Double Bay, Sydney, HMC Capital manages funds across real estate, digital infrastructure, private credit, energy transition and private equity, including HomeCo Daily Needs REIT and HealthCo Healthcare and Wellness REIT.
Company figures as of 15 Oct 2026. For information only.
Fund managers including Cooper Investors, Oracle Advisory Group, Antares Capital, Wilson Asset Management, Smallco Investment Manager, Clime Investment Management, Seneca Financial Solutions, Ellerston Capital, Firetrail Investments, Renaissance Asset Management, Investors Mutual Limited, Asymmetric Asset Management, Tamim Funds Management and First Samuel have invested in HMC Capital Ltd (ASX:HMC).
Seneca believes HMC is oversold and expects it to benefit as the HealthCo REIT re-rates following the Healthscope resolution. Tamim highlights expanding private credit mandates, the KKR renewables partnership and potential DigiCo asset sales unlocking value.
Seneca identifies overhangs including the HealthCo and Healthscope receivership situation and the lagging DigiCo data centre listing, which have weighed on investor confidence in HMC's funds and earnings.
HMC Capital Ltd. is an Australian-based funds management company founded in 2008 and headquartered in Double Bay. The firm specializes in managing real asset-focused funds. HMC Capital operates through three primary business segments: Investments, Fund Management, and Corporate. As a dedicated investment manager, the company provides strategic oversight and asset management services, connecting capital with institutional-grade real asset opportunities. Investors use these segments to evaluate the firm’s operational structure, capital deployment strategies, and overall management performance within the Australian real assets sector.
General information only. Thesis Tracker reports what named fund managers have published about ASX companies. It does not take into account your objectives, financial situation or needs, and is not financial product advice or a recommendation to buy, sell or hold any security.
11,356 comments from 164 managers on 761 companies, snapshot 15 Oct 2026.