1Y Performance
YTD as at 28 February 2026
Investment Returns
Since inception November 2018
Dividend Yield
Fully Franked*
Donation Amount
Includes donations made by Sohn Hearts & Minds Conference
Portfolio commentary
February 2026
All figures as at
28 February 2026
The HM1 portfolio was down 5% for the month of February, underperforming the MSCI World Accumulation Index (AUD), which was down 1.3%.
Performance during the month reflected weakness across the global software sector, while equity markets were mixed, with a notable rotation away from high-multiple growth stocks.
The most significant development during the period was a sharp correction across software companies as investors reassessed the potential implications of rapid advances in artificial intelligence. In particular, the emergence of increasingly capable AI agents has raised questions about the durability of traditional SaaS models that rely on per-seat pricing and workflow automation. This resulted in a broad compression in valuation multiples across the entire software universe.
Within the portfolio, monday.com (MNDY.NAS), BlackLine (BL.NAS) and Zillow (Z.NAS) were among the companies affected by this sector-wide re-rating, despite little change in the underlying progress of their businesses. We continue to view these businesses as well-positioned platforms with strong customer value propositions and attractive long-term growth opportunities. Indeed, over time the same advances in AI that unsettled investors during the month may ultimately enhance the capabilities and value of leading software platforms.
Since inception, HM1 has delivered an annualised pre-tax investment return of 9.77% p.a. As at 28 February, the current annualised dividend yield is 6.6%, fully franked.
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.
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Reports & Policies
* All figures as at 28 February 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 28 February 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 Quay Arktos RE Services Limited (AFSL No. 563036).
