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That file is an old log file. You can help to reduce large log files by making sure you exit HM3 and close the HM3 server after you are done playing each session.
By default the HM3 Server will not close when you close the HM3 client. This is so you can still import hands and use the HUD even if the software is closed. When HM3 and the server are both closed you can get HM3 to this state using the 'HM3 HUD Only' desktop or start menu shortcut. If you want the import server to close when you close the main HM3 window you have to disable your Tools - Settings - General option to [ ] 'Keep HM3 running in HUD only mode upon exit'.
You can also keep logs as small as possible if you open the HM3 - Tools - Settings - 'Feature Logging' menu and make sure to 'Clear' any feature logging that might be enabled and reduce the 'Max. No of Log Files: = X' down to 1.