Hill City Capital LP

Hill City Capital is an SEC‑registered investment adviser that provides discretionary portfolio management to private pooled vehicles, including Cayman and Delaware feeder and master fund structures, for accredited investors and qualified purchasers. The firm manages its funds on behalf of institutional and high‑net‑worth investors and does not tailor advisory services to individual investors.

The firm’s investment process emphasizes concentrated portfolios, a long‑duration horizon and fundamental security analysis driven by proprietary research and variant, often contrarian, views relative to the sell‑side consensus. Funds invest primarily in global equities but the brochure also describes investments in private placements, illiquid securities and the use of derivatives, leverage and active engagement with company management.

The brochure highlights several features that distinguish Hill City from many peers: it accepts performance‑based compensation and employs an incentive allocation structure (see Items 5–6), and it discloses reliance on exemptions from CFTC registration as a commodity pool operator and commodity trading advisor (citing Rules 4.13(a)(3) and 4.14(a)(8)) while describing trading in futures, options, swaps and other commodity‑linked instruments. The fund documents also note arrangements such as side letters, co‑investment allocations and the use of research‑related brokerage (soft dollars), practices that can result in differentiated investor terms.