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Hill City Capital LP
Herbert A. Frazier · Hedge Fund · Long/Short Equity
Hill City Capital LP is a Boston-based hedge fund manager established in 2019 by Herbert "Chip" Frazier, a former partner at PAR Capital Management. The firm specializes in a long-biased, long/short equity strategy, predominantly targeting the industrials, transportation, and aerospace sectors. Hill City Capital is recognized for its fundamental, research-driven approach and its practice of maintaining a highly concentrated portfolio with a long-duration horizon. The firm manages significant discretionary assets for a limited number of institutional clients and is known for its active engagement with the leadership of its portfolio companies to support long-term value creation.
Simulated Performance
| Metric | Value |
|---|---|
| Total return | -4.2% |
| YTD return | -12.0% |
| Sharpe ratio | 3.22 |
| Win rate | 25% |
| AUM | $3.0B |
| Inception | Oct 1, 2025 |
| Updated | Sep 18, 2026 |
Institution Status
| Field | Value |
|---|---|
| AUM | $3.0B |
| Turnover | Low (<15%) |
| Avg holding | 18 Months |
| Inception | Oct 1, 2025 |
| Website | https://hillcitycapital.com |
Current Holdings
Updated on Sep 18, 2026.
| Ticker | Name | Portfolio % | Return |
|---|---|---|---|
| FSLR | First Solar Inc | 18.0% | -11.7% |
| MTZ | MasTec Inc | 17.7% | -2.6% |
| DPC | DPC Holdings PLC | 11.6% | -8.5% |
| DY | Dycom Industries Inc | 10.1% | -1.3% |
| IP | International Paper | 6.8% | -13.4% |
| STM | STMicroelectronics NV ADR | 5.2% | -19.0% |
| GVA | Granite Construction Incorporated | 4.6% | +5.9% |
| BA | The Boeing Company | 4.4% | -13.4% |
| CRH | CRH PLC ADR | 3.5% | -27.7% |
| CTRI | Centuri Holdings, Inc. | 2.8% | -11.1% |
| ATKR | Atkore International Group Inc | 2.3% | +37.1% |
| WMS | Advanced Drainage Systems Inc | 2.2% | -8.8% |
| ARRY | Array Technologies Inc | 2.0% | -52.3% |
| BWA | BorgWarner Inc | 1.7% | -6.7% |
| LFUS | Littelfuse Inc | 1.6% | -1.6% |
| CNM | Core & Main Inc | 1.5% | -17.7% |
| CX | Cemex SAB de CV ADR | 1.3% | +10.6% |
| ENS | Enersys | 1.2% | +50.2% |
| TREX | Trex Company Inc | 0.8% | +2.7% |
| WBI | WaterBridge Infrastructure LLC | 0.7% | +14.1% |
Recent activity
| Date | Action | Ticker | Weight |
|---|---|---|---|
| Aug 31, 2026 | SELL | TREX | 0.9% → 0.8% |
| Aug 31, 2026 | SELL | CNM | 1.6% → 1.5% |
| Aug 31, 2026 | SELL | GTX | 0.5% → 0.0% |
| Aug 31, 2026 | SELL | GVA | 4.7% → 4.6% |
| Aug 31, 2026 | SELL | ARRY | 2.2% → 2.0% |
Investment Style Analysis
Hill City Capital LP is widely recognized for employing a Long/Short Equity strategy. As of Sep 18, 2026, the firm oversees approximately $3.0B in assets under management (AUM). The portfolio demonstrates a clear preference for the Engineering & Construction and Solar sectors, reflecting a high-conviction approach to capital allocation.
Recent Market Moves
During the latest rebalancing period ending Aug 31, Hill City Capital LP made a significant move by reducing the position in TREX. This adjustment aligns with the fund's dynamic approach to risk management and capital deployment in current market conditions.
Investment Philosophy
Hill City Capital employs a long-biased, long/short equity strategy with a focus on deep fundamental research within the industrials, transportation, and business services sectors. The firm's philosophy centers on generating attractive absolute net returns over multi-year periods while minimizing the risk of permanent capital loss. This is achieved through a disciplined investment process characterized by a concentrated portfolio and a long-term duration horizon, often involving active engagement with portfolio company management teams.
Disclaimer
The content provided on this page, including the simulated portfolio performance, holdings analysis, and AI-generated insights, is for informational and educational purposes only. It does not constitute financial advice, investment recommendations, or an offer to buy or sell any securities. All data is derived from historical SEC 13F filings and other public disclosures, which have a reporting lag. The "Simulated Performance" is a hypothetical reconstruction based on past disclosures and does not represent the actual returns of the institution. Past performance is not indicative of future results. Tritonix.ai is not affiliated with Hill City Capital LP.
Similar Investment Style
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Frequently asked questions
How is the simulated portfolio for Hill City Capital LP constructed?
This simulation is powered by Tritonix AI using official SEC filings. We focus on the "Best Ideas" by filtering for only the Top 20 largest holdings and rebalancing them to 100%. The simulation tracks performance starting from Oct 1, 2025. Our AI monitors for updates every Monday to capture major shifts. This concentrated approach highlights the manager's true stock-picking skill and mirrors their actual investment returns.
What is Hill City Capital LP's largest holding?
As of the latest filing, Hill City Capital LP's top position is First Solar Inc (FSLR), representing 18.0% of the portfolio. This reflects a high-conviction bet by the institution.
What is Hill City Capital LP's historical performance and risk profile?
Our simulation indicates a total return of -4.2% with a win rate of 25%. Notably, the portfolio maintains a Sharpe Ratio of 3.22, suggesting an exceptional level of risk-adjusted returns compared to the broader market.
What sectors does Hill City Capital LP primarily invest in?
Hill City Capital LP has a strong preference for the Engineering & Construction sector, which makes up 32.3% of their disclosed assets. The portfolio also has exposure to Solar, indicating a specific thematic focus.
Is Hill City Capital LP's portfolio concentrated or diversified?
Hill City Capital LP runs a moderately concentrated portfolio with 20 disclosed positions. The top 3 holdings alone account for 47.3% of the total portfolio weight, suggesting a strategy that favors broader market exposure.
How has Hill City Capital LP performed in 2026?
Our AI-simulated model portfolio for Hill City Capital LP tracks a Year-to-Date (YTD) return of -12.0%. This metric helps investors gauge the institution's effectiveness in the current market environment.
Does Herbert A. Frazier manage Hill City Capital LP directly?
Yes, Herbert A. Frazier serves as the key portfolio manager for Hill City Capital LP, overseeing the investment strategy and final capital allocation decisions.