31 May 2026HMC CapitalBBNHeldHMC Capital continues to hold Baby Bunting because the company remains the clear national leader in a fragmented baby and nursery retail category, underpinned by scale advantages and a portfolio of exclusive and private label brands. The fund notes that refurbished stores are delivering approximately 25% comparable sales uplift, and sees a clear rollout pathway toward approximately 110 large format stores that will generate operating leverage as scale benefits are realised. Trading at approximately 4.5x NTM EBITDA, well below its long-term average of approximately 11x, HMC maintains conviction in a multi-year earnings recovery and re-rating as margins normalise toward approximately 10%.
31 May 2026HMC CapitalLLCHeldHMC Capital continues to hold Lendlease because it believes the company's underlying Investment, Development and Construction platform remains well supported despite ongoing market focus on its balance sheet and timing of Capital Release Unit asset sales. The fund notes improving construction performance, an upcoming pipeline of major Australian development settlements including One Sydney Harbour and Victoria Harbour, and progress on de-leveraging including the divestment of Milano Santa Giulia. With approximately $700 million in contracted but unsettled transactions and a further $1.5 billion targeted for recycling, HMC sees a clear pathway to balance sheet simplification and a re-rating of the core domestic business. The fund welcomes the appointment of Nick O'Neil as incoming CEO.
HMC Capital is an ASX-listed Australian alternative asset manager led by founder and CEO David Di Pilla, focused on real assets, private equity and credit strategies. Originally established as Home Consortium, a real estate business centred on large-format retail and health, HMC Capital has expanded rapidly into energy transition infrastructure, private equity and digital infrastructure/data centre investments, building a diversified alternative asset management platform. The group typically uses listed vehicles and managed funds to give investors exposure to sectors it identifies as structurally growing, often taking an active, deal-driven approach to acquisitions and platform building. HMC Capital has grown quickly into one of Australia's larger alternative asset managers by assets under management.
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11,356 comments from 164 managers on 761 companies, snapshot 15 Oct 2026.
31 May 2026HMC CapitalBBNHeldHMC Capital continues to hold Baby Bunting because the company remains the clear national leader in a fragmented baby and nursery retail category, underpinned by scale advantages and a portfolio of exclusive and private label brands. The fund notes that refurbished stores are delivering approximately 25% comparable sales uplift, and sees a clear rollout pathway toward approximately 110 large format stores that will generate operating leverage as scale benefits are realised. Trading at approximately 4.5x NTM EBITDA, well below its long-term average of approximately 11x, HMC maintains conviction in a multi-year earnings recovery and re-rating as margins normalise toward approximately 10%.
31 May 2026HMC CapitalLLCHeldHMC Capital continues to hold Lendlease because it believes the company's underlying Investment, Development and Construction platform remains well supported despite ongoing market focus on its balance sheet and timing of Capital Release Unit asset sales. The fund notes improving construction performance, an upcoming pipeline of major Australian development settlements including One Sydney Harbour and Victoria Harbour, and progress on de-leveraging including the divestment of Milano Santa Giulia. With approximately $700 million in contracted but unsettled transactions and a further $1.5 billion targeted for recycling, HMC sees a clear pathway to balance sheet simplification and a re-rating of the core domestic business. The fund welcomes the appointment of Nick O'Neil as incoming CEO.
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