I've never heard of that before, the portraits always show in the mod. So there must be something interfering with the correct loading of the shaders.
Firstly, just need to check you downloaded the mod from the github, and not a beta version someone might have given you:
Elite Dangerous HUD Mod. Contribute to psychicEgg/EDHM development by creating an account on GitHub.
github.com
Second, did you read the installation section of the manual and follow all the advice there?
Third, turn off all overlays (Steam, Discord, Geforce experience, etc) as the modding software can be sensitive to overlays on rare occasions
Fourth, make sure you're not running EDFX or Reshade
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Assuming you've done all of that, I recommend running a 'Validate game files' from the Elite Launcher, Options menu
That will reset your elite-dangerous-64 folder back to default and ensure nothing in there is interfering with the mod. You'll need to unzip the mod files again as the validation process will delete them (don't copy them out then back into the folder, in case there was something wrong the first time)
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Next, check your graphics override file is empty:
C:\Users\$username$\AppData\Local\Frontier Developments\Elite Dangerous\Options\Graphics\GraphicsConfigurationOverride.xml
Custom code in there can interfere with the mod.
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After doing that, don't run ED Profiler as a small number of CMDRs had it configured to change graphics settings that stopped the mod from loading correctly.
Basically, everything needs to be at Elite default.
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Finally, I recommend setting your anti-virus/malware to exclude the elite-dangerous-64 folder, as that's been the source of problems in a very small number of cases
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That's about all the troubleshooting advice I can suggest right now, let me know how you go