Hilltop Capital

Durable income, compounded patiently.

A disciplined investor in high-quality REITs, energy infrastructure, specialty lenders and established dividend-paying businesses across the U.S. and Canada, built to deliver growing cash distributions through every market cycle.

Our approachView portfolio
100%Proprietary capital
39Portfolio positions
16Real estate holdings
IncomePrimary objective: durable, growing distributions

Philosophy

Owning durable cash flows, and letting them compound.

At Hilltop Capital Inc., we invest for income: reliable, growing cash distributions from businesses that own essential assets and run them well.

Our portfolio combines a core index holding with a broad group of U.S. and Canadian REITs, infrastructure and energy-midstream operators, alternative asset managers, business development companies, preferred securities, and blue-chip consumer, utility and telecom dividend payers. Each is chosen for the durability of its cash flows rather than for the size of its headline yield.

We reinvest what we earn and are patient with price volatility, because over time steady, rising distributions do much of the work of compounding.

Aligned interests

We invest only our own capital, so our interests are fully aligned with every decision we make.

Quality over yield

We favour distributions that are well covered by cash flow, and avoid yields that look attractive but cannot last.

Diversified income

Real estate, pipelines, utilities, asset managers and private credit, anchored by a broad market index core.

Strategy

Investment criteria

We follow a disciplined framework when evaluating income investments, focusing on the sustainability of cash flow rather than the size of the yield.

  1. 01

    Distribution coverage

    Dividends and distributions must be comfortably covered by funds from operations or distributable cash flow, with a record of consistency and growth.

  2. 02

    Asset quality

    Essential, hard-to-replicate assets such as long-lease properties, pipelines, and data and energy infrastructure, backed by creditworthy counterparties.

  3. 03

    Balance sheet strength

    Prudent leverage, staggered debt maturities, and ample liquidity to fund growth without straining the payout.

  4. 04

    Valuation discipline

    We buy at reasonable prices relative to cash flow and net asset value, and are cautious of unusually high yields that signal risk.

  5. 05

    Capable, aligned management

    Teams with a record of disciplined capital allocation, transparent reporting, and meaningful ownership alongside shareholders.

A core index holding and broad diversification across sectors help limit the impact of any single position, and form the foundation of our risk management.

Portfolio

Current holdings

A diversified group of income-producing positions across North American real estate, energy infrastructure, asset management, private credit, preferred securities and dividend-paying blue chips.

By category

By country

  • U.S.27
  • Canada10
  • International2

39 positions, counted equally. Select a segment to jump to its category.

U.S. U.S. companyCanada Canadian companyInternational Other domicile
Core1Real Estate16Energy Infrastructure8Asset Management & Private Credit7Infrastructure & Utilities2Fixed Income1Dividend Blue Chips4
01

Core

Broad market foundation

The anchor of the portfolio: low-cost, diversified exposure to the largest U.S. companies.

1 position

  • VOOU.S.Vanguard S&P 500 ETFBroad Market Index ETF
02

Real Estate

Net lease, residential, industrial & more

Long-lease and essential-use properties across the U.S. and Canada, producing rent that is contractual, growing and well covered.

16 positions

  • OU.S.Realty Income CorporationNet Lease REIT
  • NNNU.S.NNN REIT, Inc.Net Lease REIT
  • VICIU.S.VICI Properties Inc.Experiential REIT
  • UDRU.S.UDR, Inc.Residential REIT
  • CPTU.S.Camden Property TrustResidential REIT
  • SBACU.S.SBA Communications CorporationCell Tower REIT
  • NRR.UNCanadaNorthview Residential REITResidential REIT
  • ADCU.S.Agree Realty CorporationNet Lease REIT
  • DIR.UNCanadaDream Industrial REITIndustrial REIT
  • NET.UNCanadaCanadian Net REITNet Lease REIT
  • FRU.S.First Industrial Realty TrustIndustrial REIT
  • SUIU.S.Sun Communities, Inc.Manufactured Housing REIT
  • SRU.UNCanadaSmartCentres REITRetail REIT
  • IWGFFInternationalIWG plcFlexible Workspace
  • RYNU.S.Rayonier Inc.Timber REIT
  • AREU.S.Alexandria Real Estate EquitiesLife Science REIT
03

Energy Infrastructure

Pipelines & midstream

Fee-based pipelines, gathering and compression assets that move energy regardless of the commodity price.

8 positions

  • ENBCanadaEnbridge Inc.Pipelines
  • HESMU.S.Hess Midstream LPMidstream
  • EPDU.S.Enterprise Products Partners L.P.Midstream
  • PSDCanadaPulse Seismic Inc.Seismic Data Licensing
  • ETU.S.Energy Transfer LPMidstream
  • MPLXU.S.MPLX LPMidstream
  • GELU.S.Genesis Energy, L.P.Midstream
  • USACU.S.USA Compression Partners, LPMidstream
04

Asset Management & Private Credit

Managers, lenders & BDCs

Alternative asset managers and private-credit lenders that earn recurring fees and floating-rate income.

7 positions

  • BAMCanadaBrookfield Asset ManagementAlternative Asset Management
  • OWLU.S.Blue Owl Capital Inc.Alternative Asset Management
  • CAFCanadaCanaf Investments Inc.Investment Holding Company
  • PAXInternationalPatria InvestmentsAlternative Asset Management
  • OTFU.S.Blue Owl Technology Finance Corp.Business Development Company
  • SLRCU.S.SLR Investment Corp.Business Development Company
  • OBDCU.S.Blue Owl Capital CorporationBusiness Development Company
05

Infrastructure & Utilities

Digital & regulated assets

Hard-to-replicate networks: digital infrastructure and a regulated electric and gas utility.

2 positions

  • BXDCU.S.Blackstone Digital Infrastructure TrustInfrastructure · Digital Infrastructure
  • FTSCanadaFortis Inc.Utilities · Regulated Utility
06

Fixed Income

Preferred securities

Preferred securities that add senior, contractual income alongside the equity holdings.

1 position

  • PFFAU.S.Virtus InfraCap U.S. Preferred Stock ETFPreferred Securities
07

Dividend Blue Chips

Consumer, telecom & healthcare

Established cash generators with long dividend records and durable franchises.

4 positions

  • MOU.S.Altria Group, Inc.Consumer Staples · Tobacco
  • PEPU.S.PepsiCo, Inc.Consumer Staples · Beverages & Snacks
  • VZU.S.Verizon Communications Inc.Communication Services · Telecommunications
  • CPHCanadaCipher Pharmaceuticals Inc.Healthcare · Specialty Pharmaceuticals