Exploiting the disorder in the industrial economy
Hilmar Capital is a hedge fund focused on capital cycles in industrial sectors. We anticipate shortages from chronic underinvestment and international disruptions of trade. We track over 25 subsectors of shipping, mining, oil & gas, chemicals, and semiconductors. Hilmar Capital deploys capital into companies that possess scarce capacity and have operating leverage to tightening supply.
Hilmar Capital Directional Fund SCSp is a hedge fund launched by Maciej Gorgol in April 2025 and is managed by Hilmar Capital GP S.a.r.L. in Luxembourg
Hilmar Capital is an capital-cycle industrial equities fund. We focus on asymmetric setups in raw-materials and asset-heavy sectors. We invest in situations emerging from underinvestment, supply-chain shocks, and disruptions of trade. Our investment universe encompasses 25+ industrial subsectors - from offshore drillers and crude tankers to uranium miners, fertilizer producers and semiconductor toolmakers. We express our theses through liquid, listed equities, mostly in US and Europe. Typical holding periods are 3-12 months.
Our mandate is absolute-returns oriented. We take both long and short positions, but do not aim for market neutrality or beating a benchmark. We provide investors with quarterly liquidity at no exit cost. We do not use leverage.
Maciej Gorgol is the Founder and Chief Investment Officer of Hilmar Capital. He has run the same cyclical equities strategy since 2018 and launched the fund in 2025.
Previously, he managed capital for two UHNW families in East Asia and the Middle East and was a Portfolio Manager at LIM Advisors, a multi-billion-dollar Hong Kong–based hedge fund. There he managed equity long/short strategies and oversaw physical-asset investments across the commodity value chain. He also served as a senior adviser to LIM’s founder and, as an SFC Responsible Officer (RO), held compliance oversight of trading.
Maciej began his career in London as a quantitative analyst at AHL (Man Group) - one of the world’s largest systematic managers - where he was the youngest investment hire. He later worked as a Consultant at Boston Consulting Group, focusing on energy and financial services. He holds an MBA (INSEAD), MSc in Financial Economics (University of Oxford), and BSc in Economics (University of Warwick).
Maciej Gorgol believes in compression of complexity and in agency constrained by skin in the game. He sees and strives for beauty in investing
Industrial sectors tend to move from overinvestment → oversupply → price collapse, then through neglect and underinvestment → shortages → price spikes. These turns can create asymmetric opportunities for investors who pay attention and recognize them early.
We combine fundamental work, supply–demand modeling, and on-the-ground expert advice to locate shifts from loose to tight markets. We then build baskets of liquid, developed-market equities with the highest operational leverage to the thesis.
Portfolio construction is concentrated in high-conviction setups. As price action and sentiment confirm the thesis, we scale in. When evidence weakens, we de-risk. We do not use leverage.
Cyclical equities investing is fundamentally different from growth and value. We don’t pay for long-duration growth or rely on cheapness or moats. We target industrial scarcity events where supply is constrained and cash flows inflect, expressing the view via liquid equity baskets with operating leverage to the cycle. Our goal is to deliver positively skewed outcomes over time-periods of steady progress punctuated by outsized payoffs when cycles tighten.