1Y Performance
YTD as at
30 September 2026
3y Investment Returns
Expected 12-Month Grossed-Up Dividend Yield*
Donation Amount
Includes donations made by Sohn Hearts & Minds Conference
Portfolio commentary
September 2026
All figures as at
30 September 2026
The HM1 portfolio was down 2% for the month of September, and since inception, it has delivered an annualised pre-tax investment return of 9.9% p.a. As at 30 September, its annualised dividend yield was 6.8%, fully franked.
September’s strongest contributors were ACM Research (+11%), and Taiwan Semiconductor Manufacturing Company (+10%). The weakest performers were Monday.com (-22%) and Zillow (-22%). Corporate Travel Management returned to the ASX in September, and we took the opportunity to exit the position. This resulted in a modest uplift to NTA as we had previously written down the position to zero.
HM2: A New Global Income Strategy
The HM1 Board recently announced the establishment of a broader Hearts & Minds Group (“Group”) structure designed to support additional fund offerings and further reduce costs for HM1 shareholders. The Group is in advanced stages of developing a second investment fund, currently referred to as HM2, which will be a diversified global income strategy, investing in leading international credit managers. You can read the full announcement here.
2026 Conference Fund Managers
Following a global search, the Conference Fund Manager Selection Working Group is pleased to announce the 2026 Conference Fund Managers. Each manager will present their highest-conviction investment idea at the Sohn Hearts & Minds Conference on Friday, 6 November, with the selected ideas forming the HM1 Conference Portfolio for the year ahead. Learn more about the 2026 Conference Fund Managers here.
Performance
1m
6M
1Y
3Y p.a.
SINCE INCEPTION
p.a.
Recent fully franked dividends
Final FY24
Interim FY25
FINAL FY25
Interim FY26
FINAL 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
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.
Past Monthly Updates
ASX Announcements
Investor Login
Dividends
Shareholder Comms
Reports & Policies
* All figures as at 30 September 2026 unless otherwise stated. Performance since inception: Fund inception 14 Nov 2018. Expected 12-month dividend yield: Expected 12-month dividend yield based dividends of 21.5 cents per share in line with stated Board intention, and the HM1 share price as at 30 September 2026, grossed up for franking credits. Dividend payments are subject to Board discretion, available profits, franking account balances, and future market conditions. HM1 Investment Performance is calculated after expenses and before Australian taxes. Inception 14 Nov 2018. Past performance is not a reliable indicator of future returns.
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).
