Hilltop Capital

Wonderful businesses, owned for the long run.

A patient, long-term investor in businesses with durable competitive advantages, bought at sensible prices and held through every market cycle.

Our approachView portfolio
100%Proprietary capital
+189%Return over last 7 years
ForeverOur favorite holding period
Return since Oct 2019+189%
Oct 2019Oct 2026

Philosophy

Buy great businesses at fair prices, then let time do the work.

At Hilltop Capital Inc., we follow the principles of value investing: own businesses we understand, run by honest and capable people, bought at prices that leave a margin of safety, and held for the long term.

Our portfolio is a focused group of U.S. and Canadian REITs, infrastructure and utility operators, a leading bank, alternative asset managers, business development companies, and a handful of smaller Canadian companies. Each is chosen for the durability of its competitive advantage and its long-term earning power, not for where its share price will go next quarter.

We ignore market forecasts and treat price swings as noise, and sometimes as opportunity. Over time, earnings that are reinvested at attractive rates do most of the work of compounding.

Aligned interests

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

Quality first

We would rather pay a fair price for a great business than a bargain price for a mediocre one.

Patience

We make few decisions and hold for years, letting reinvested earnings quietly compound.

Strategy

Investment criteria

We follow a disciplined framework when evaluating businesses, focusing on durable competitive advantages and long-term earning power rather than short-term price moves.

  1. 01

    Circle of competence

    We invest only in businesses we can understand, and avoid anything we cannot explain simply.

  2. 02

    Durable competitive advantage

    Moats that are hard to replicate, such as long-lease properties, pipelines, networks and trusted franchises, with pricing power and high returns on capital.

  3. 03

    Honest, capable management

    Teams with a record of rational capital allocation, candid reporting, and meaningful ownership alongside shareholders.

  4. 04

    Margin of safety

    We pay sensible prices relative to long-term earning power and asset value, and favour conservative balance sheets that can survive bad years.

  5. 05

    Long-term earning power

    Consistent, growing earnings that can be reinvested at attractive rates, so value compounds over decades rather than quarters.

A focused portfolio of businesses we know well, spread across sectors and countries, limits the impact of any single position and is the foundation of our risk management.

Portfolio

Current holdings

A focused group of businesses we understand and intend to own for the long term, in micro caps and large caps across real estate, infrastructure and financials.

By sector

  • Real Estate7
  • Financials6
  • Infrastructure4
  • Holding Co.1
  • Healthcare1
  • Technology1
  • Industrials1
  • Energy1

By country

  • U.S.12
  • Canada10

22 positions, counted equally.

Category What the business doesU.S. U.S. companyCanada Canadian company Opens company website in a new tab
Micro Caps6Large Caps16

01

Micro Caps

Every great company starts small. These Canadian micro caps span holding, real estate, healthcare, software, recycling and energy data, and sit alongside the larger holdings.

6 positions

02

Large Caps

Established, market-leading businesses in real estate, infrastructure and financials, with durable competitive advantages and long records of earning power.

16 positions