Introduction: Multiple likely pathogenic/pathogenic (LP/P) variants in hypertrophic cardiomyopathy (HCM) were described 10 years ago with a prevalence of 5%. We sought to re-examine the significance of multiple rare variants in the setting of comprehensive and targeted panels. Methods: Of 758 HCM probands, we included 382 seen in a specialised centre with ≥45 cardiomyopathy genes screened. There were 224 (59%) probands with ≥1 rare variant (allele frequency ≤0.02%). Variants were analysed using varying sized panels to represent comprehensive or targeted testing. Results: Based on a 45-gene panel, 127 (33%) had a LP/P variant, 139 (36%) had variants of uncertain significance (VUS) and 66 (17%) probands had multiple rare variants. A targeted 8-gene panel yielded 125 (32%) LP/P variants, 52 (14%) VUS and 14 (4%) probands had multiple rare variants. No proband had 2 LP/P variants. Including affected family members (total n = 412) cluster-adjusted analyses identified a phenotype effect, with younger age (OR 0.95, 95%CI 0.92-0.98, p = 0.004) and family history of sudden cardiac death (OR 3.5, 95%CI 1.3-9.9, p = 0.02) significantly more likely in multiple versus single variant patients when considering an 8-gene panel, but not larger panels. Further, those with multiple variants had worse event-free survival from all cause death, cardiac transplantation and cardiac arrest (log-rank p = 0.008). Conclusion: No proband had multiple LP/P variants, in contrast to previous reports quoting a 5% yield. However, multiple rare variants regardless of classification were seen in 4% and contributed to earlier disease onset and cardiac events. Our findings support a cumulative variant hypothesis in HCM.