HM1 Portfolio Update: Cameco & Royalty Pharma

Learn more about two new positions in the HM1 Core Portfolio.

July 7, 2025

Learn more about two new positions in the HM1 Core Portfolio.

The HM1 portfolio rose by 4.9% in July, outperforming the MSCI World Accumulation Index (AUD), which gained 3.4%. Since inception, HM1 has delivered an annualised pre-tax investment return of 12.2% p.a. As at 31 July, the current annualised yield is 4.7%, fully franked.

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During the month, as part of our regular manager engagement, we spoke with HM1 Core Fund Manager TDM Growth Partners on one of their recommended stock picks: Rokt.

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Rokt is a rare find. A founder-led, global technology business with a unique (and difficult to penetrate) competitive moat. Rokt reported revenue growth of over 40% year over year in 2024, reaching US$600 million, with this growth expected to continue this financial year. Its customers include Uber, PayPal and Ticketmaster. The company is highly cash generative and boasts growth and profitability metrics rivalling the best listed tech stocks.

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HM1 first invested in Rokt in 2023 on the recommendation of Core Fund Manager TDM Growth Partners, viewing it as a high-conviction growth asset unavailable on public markets. A US$335 million secondary share sale was announced in early 2025 valuing the business at US$3.5 billion. Since that date, Rokt has significantly outperformed expectations and given this performance, we have made the decision to lift our holding value by approximately 30% to better reflect a true portfolio weighting. You can learn more about Rokt here.

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July 7, 2025

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Hearts & Minds Investments

The HM1 portfolio rose by 4.9% in July, outperforming the MSCI World Accumulation Index (AUD), which gained 3.4%. Since inception, HM1 has delivered an annualised pre-tax investment return of 12.2% p.a. As at 31 July, the current annualised yield is 4.7%, fully franked.

‍

During the month, as part of our regular manager engagement, we spoke with HM1 Core Fund Manager TDM Growth Partners on one of their recommended stock picks: Rokt.

‍

Rokt is a rare find. A founder-led, global technology business with a unique (and difficult to penetrate) competitive moat. Rokt reported revenue growth of over 40% year over year in 2024, reaching US$600 million, with this growth expected to continue this financial year. Its customers include Uber, PayPal and Ticketmaster. The company is highly cash generative and boasts growth and profitability metrics rivalling the best listed tech stocks.

‍

HM1 first invested in Rokt in 2023 on the recommendation of Core Fund Manager TDM Growth Partners, viewing it as a high-conviction growth asset unavailable on public markets. A US$335 million secondary share sale was announced in early 2025 valuing the business at US$3.5 billion. Since that date, Rokt has significantly outperformed expectations and given this performance, we have made the decision to lift our holding value by approximately 30% to better reflect a true portfolio weighting. You can learn more about Rokt here.

Disclaimer: This material has been prepared by Hearts & Minds Investments, published on Jul 07, 2025. HM1 is not responsible for the content of linked websites or content prepared by third party. The inclusion of these links and third-party content does not in any way imply any form of endorsement by HM1 of the products or services provided by persons or organisations who are responsible for the linked websites and third-party content. This information is for general information only and does not consider the objectives, financial situation or needs of any person. Before making an investment decision, you should read the relevant disclosure document (if appropriate) and seek professional advice to determine whether the investment and information is suitable for you.

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