HSP Capital, LLC

The firm operates as a single-advisor family office offering discretionary investment management through separately managed accounts to members of the principal’s family, serving individual and high-net-worth family clients. It does not provide comprehensive wealth planning or participate in wrap-fee programs, and generally asks clients to allocate only a portion of their broader portfolios to the firm’s strategy.

The firm’s investment approach is bottom-up fundamental analysis focused on stock picking in small-cap and micro-cap companies, with substantial primary research such as conversations with management, industry conferences, product sampling, and proprietary data construction. Portfolios are typically highly concentrated and managed for long-term growth, are not broadly tailored to individual circumstances, and may see occasional small adjustments for tax optimization for certain clients.

Notably, the firm is compensated solely through performance-based fees rather than the more common percentage-of-assets model for independent advisers, a structure that is relatively uncommon in this peer group. The principal regularly invests alongside client accounts and the firm discloses potential conflicts from personal trading and side-by-side management, describing procedures—such as trade aggregation and sequencing client trades ahead of the principal—to mitigate those conflicts.