Yes, that could absolutely be the issue.
Managed just means that your host takes care of the configuration, etc. I would contact them if I was your and have them fix that.
You will need a dedicated IP though and your smtp IP must match.
If that is your only blacklist though I would not worry and if that is your only issue reported on mxtools you should be ok. Just fix the Hotmail issue by contacting them and filling out the forms, etc.
You will need a privacy page, an opt in, opt out, etc and be sure to have everything all set before you submit the form to them.
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