1Y Performance
YTD as at 31 July 2025
Investment Returns
Since inception November 2018
Dividend Yield
Fully Franked*
Donation Amount
Collectively with Sohn Hearts & Minds since 2016
Portfolio commentary
July 2025
All figures as at
31 July 2025
The HM1 portfolio rose by 4.9% in July, outperforming the MSCI World Accumulation Index (AUD), which gained 3.5%. 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.
Performance
1m
6M
1Y
3Y p.a.
SINCE INCEPTION
p.a.
Dividends
FY21
FY22
FY23
FY24
FY25 (Half Yearly)
All figures as at
31 July 2025
Portfolio holdings
Top 10 Core Portfolio
Conference Portfolio Holdings
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Top 10 Holdings and Conference Holdings percentages shown above do not represent the full portfolio. Only selected holdings have been displayed for latest performance purposes.
Past Monthly Updates
ASX Announcements
Investor Login
Dividends
Shareholder Comms
Reports & Policies
* All figures as at 31 July 2025 unless otherwise stated. Performance since inception: Fund inception 14 Nov 2018. Fully Franked Dividend Yield: Annualised fully franked dividend of 16.0cps divided by share price on 31 July 2025. HM1 Investment Performance is calculated after expenses and before Australian taxes. The comparator is the MSCI World Accumulation in AUD; gross of withholding tax. This has been prepared by Hearts and Minds Investments Limited (ABN 61 628 753 220). In preparing this document the investment objectives, financial situation or particular needs of an individual have not been considered. You should not rely on the opinions, advice, recommendations and other information contained in this publication alone. This publication has been prepared to provide you with general information only. It is not intended to take the place of professional advice and you should not take action on specific issues in reliance on this information. Past performance is not a reliable indicator of future performance.
