HMC Capital (ASX:HMC) shares have surged as much as 9.4% to A$5.710, its highest level since May 25, 2022.

The stock is up 5.2%, on track for its best day since November 11, 2022, if the gains hold.

The alternative asset manager expressed confidence in its position to deliver robust underlying earnings growth in FY24, providing a FY24 distribution per share guidance of 12 Australian cents.

The company is on track to reach its objective of A$10 billion in funds under management by the end of 2023.

However, the company reported a FY profit from ordinary activities after tax of A$57.1 million, down by 26%.

Despite the slump, the stock is up 22.5% this year, as of the last close.

HMC Capital is an alternative asset management company that specializes in investments in various sectors.