1Y Performance
YTD as at 31 December 2025
Investment Returns
Since inception November 2018
Dividend Yield
Fully Franked*
Donation Amount
Includes donations made by Sohn Hearts & Minds Conference
Portfolio commentary
December 2025
All figures as at
31 December 2025
The HM1portfolio was down 1.8% for the month of December, underperformingthe MSCI World Accumulation Index (AUD), which was alsodown 1.0%.
Since inception,HM1 has delivered an annualised pre-tax investment return of 10.78% p.a. As at 31December, the current annualised dividend yield is 5.64%, fully franked.
The 2025 Conference portfolio is off to a good start, with the highlight being ACM Research (ACMR.NAS), virtually pitched by Beeneet Kothari of Tekne Capital Management. You can watch his stock pitch here. ACM Research was up 18% in December and has continued to rally in early January 2026, currently up more than 50% since purchase.
One of our Core Fund Managers, Magellan Investment Partners, recently recommended two new positions to the portfolio, both listed in Germany: SAP (SAP.ETR) and adidas (ADS.ETR).
SAP provides enterprise software used to run core business operations, while adidas is a global sportswear company spanning performance and lifestyle products. You can read more about SAP and adidas here.
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
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 December 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 December 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 is general information only and does not consider your objectives, financial situation, or needs. You should read the relevant offer documents and seek independent financial advice before making any investment decisions. All investments carry risk, including the potential loss of capital. Past performance is not a reliable indicator of future returns. Hearts and Minds Investments Limited is a Corporate Authorised Representative (CAR No. 1317870) of Quay Arktos RE Services Limited (AFSL No. 563036).
