HMC Capital

The alternative asset manager, which recently disclosed a 4 per cent stake in Lendlease, says the multinational construction company will need to quickly de-lever its balance sheet to turn around three decades of “disappointing” shareholder returns.

David Di Pilla’s listed property group is shaking things up with a fund that combines the best features of private and public investing to create a pro-active management style equity fund.

Proactive management and stock picking are, in some ways, two sides of the same coin. But advisers and investors should be aware of their fundamental differences, according to HMC Capital.