advent.com | info@advent.com Why Tamale is critical to HMI’s research-driven investment process “Concentration” is the key word at HMI Capital. The San Francisco-based private investment fund, launched in 2008, is focused on five sectors and has a portfolio of 10 to 12 deeply researched, high conviction positions. “The concentrated approach entails a lot of data, a lot of note taking and a lot of calls and meetings,” says Justin Nyweide, Managing Director. “Data gathering is a big part of our drill.” HMI’s diligence process can take as much as three to six months before the firm decides to build a position. “And we have ongoing diligence after we make the investment. We may want to scale our positions up or down as our convictions change based on new data.” Harnessing

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