1Y Performance
YTD as at
31 March 2026
Investment Returns
Since inception November 2018
Dividend Yield
Fully Franked*
Donation Amount
Includes donations made by Sohn Hearts & Minds Conference
Portfolio commentary
March 2026
All figures as at
31 March 2026
The HM1 portfolio was down 4.92% for the month of March as the volatility associated with the elevated geopolitical turmoil continued. During the same period, the MSCI World Accumulation Index (AUD) declined 3.17%.
The HM1 high conviction approach will sometimes lead to periods of underperformance, and the last 6 months have been disappointing in this regard. We have been in close dialogue with all of our fund managers throughout this volatile period. Their conviction levels remain high, and we have made few changes to the portfolio as a result. We will continue to monitor positioning closely and maintain open communication with our managers.
March was a highly selective, risk-off month for the portfolio, with performance driven by factor rotation and stock-specific outcomes. The biggest drag came from execution risk and China-linked names (notably ACM Research) alongside cyclicals, all of which sold off as confidence in global growth softened. Consumer discretionary exposures also drifted lower, reinforcing a cautious demand backdrop. In contrast, mega-cap tech and structural growth held up while a handful of thematic/idiosyncratic winners (Cameco, Live Nation Entertainment) provided some support.
We are pleased to confirm the increased interim fully franked dividend of 9.5 cents per share, scheduled for payment on 16 April 2026. As at 31 March, the current annualised net dividend yield is 6.81%.
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
Swire Pacific (0019.HK)
Sector: Industrials
Swire Pacific is a Hong Kong-based conglomerate with diversified operations across property, aviation, beverages, and trading businesses. The group owns and operates commercial real estate, aircraft services, and beverage distribution, with a focus on Greater China and Southeast Asia.
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.
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Reports & Policies
* All figures as at 31 March 2026 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 March 2026. 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 Capital Matters RE Services Limited (AFSL No. 563036).
