1Y Performance
YTD as at 31 October 2025
Investment Returns
Since inception November 2018
Dividend Yield
Fully Franked*
Donation Amount
Includes donations made by Sohn Hearts & Minds Conference
Portfolio commentary
October 2025
All figures as at
31 October 2025
The HM1 portfolio was up by 2.77% for the month of October, marginally underperforming the MSCI World Accumulation Index (AUD), which gained 3.29%. Since inception, HM1 has delivered an annualised pre-tax investment return of 12.30% p.a. As at 31 October, the current annualised dividend yield is 5.44%, fully franked.
Looking ahead, we are excited to attend the 10th Sohn Hearts & Minds Conference. Reflecting on the 2024 stock picks, several ideas have delivered strong returns over the past year. The top performers include Coeur Mining (CDE.NYSE), Tencent Music (TME.NYSE), and Airbus (AIR.EPA), each demonstrating how a strong investment thesis and disciplined execution can generate meaningful outcomes. Learn more from the fund managers behind these ideas as we revisit their original theses and the catalysts that played out here. A recent article by the Australian Financial Review highlights how these selections delivered standout returns and exemplify why the event continues to be a stock picker’s delight. You can read more here.
We recently announced the ten managers selected to present their highest conviction investment idea at this year’s conference on Friday, 14 November. Their expertise spans a varietyof sectors and geographies, and you can learn more about them here. Their stock selections will be added to the HM1 portfolio and held for the year ahead. We look forward to sharing the insights and opportunities these new additions bring.
Performance
1m
6M
1Y
3Y p.a.
SINCE INCEPTION
p.a.
Fully franked dividends since inception
final fy23
interim FY24
final fy24
interim fy25
FINAL FY25
The Board of HM1 has resolved to increase dividends by 0.5 cps every 6 months for the foreseeable future subject to there being no sustained period of investment market underperformance. For full dividend history visit our dividends page. Please ensure your bank account details are up to date by logging into InvestorServe.
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 October 2025 unless otherwise stated. Performance since inception: Fund inception 14 Nov 2018. Fully Franked Dividend Yield: Annualised fully franked dividend of 18.0cps divided by share price on 31 October 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.
