HMC

HMC has invested heavily in the hope that after 30 years of disappointing shareholders, Lendlease can reinvent itself by shedding non-core assets and recycling capital into its large scale urban projects.

With some real asset trading at 20 to 30 per cent below their fundamental value, HMC’s David Di Pilla says there are “compelling” opportunities for managers that can spot value and raise capital.

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.