1Y Performance
YTD as at
31 May 2026
Investment Returns
Since inception November 2018
Dividend Yield
Fully Franked*
Donation Amount
Includes donations made by Sohn Hearts & Minds Conference
Portfolio commentary
May 2026
All figures as at
31 May 2026
The HM1 portfolio was up 6.7% in May, outperforming the MSCI World Accumulation Index (AUD), which rose 4.5%. Since inception, HM1 has delivered an annualised pre-tax investment return of 10.2% p.a. As at 31 May, the current annualised dividend yield is 6.7%, fully franked.
Several holdings recorded strong gains in May, led by ACM Research (+67%), alongside Morimatsu International (+32%) and Monday.com (+27%). Steel Dynamics (+14%), adidas (+13%) and Royalty Pharma (+11%) also contributed positively. Brookdale Senior Living (-10%) and Zillow Group (-21%) were the weakest performers during the month.
We recently added a new stock to the portfolio, Contemporary Amperex Technology (3750.HK), recommended by Munro Partners, which is up 18% since purchase in May. Contemporary Amperex Technology (CATL) is the world's largest battery cell manufacturer, holding around 39% global market share in 2025. The company operates a vertically integrated model spanning mining, processing, R&D and production. It is a key supplier to the electric vehicle industry, serving nine of the world's top 10 manufacturers, and is a leader in lithium iron phosphate (LFP) batteries, which are gaining market share due to their lower cost and stronger safety profile. More insights from Munro Partners here.
Performance
1m
6M
1Y
3Y p.a.
SINCE INCEPTION
p.a.
Fully franked dividends since inception
Interim FY24
Final FY24
Interim FY25
FINAL FY25
Interim FY26
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 May 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 May 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).
