Frequently asked Questions

Hearts and Minds Investments Limited (HM1) is a listed investment company (LIC) on the Australian Securities Exchange (ASX). HM1 provides investors with access to a high-conviction global equities portfolio while supporting Australian medical research.

Hearts and Minds Investments Limited is listed on the Australian Securities Exchange under the ticker code "HM1".

A high-conviction portfolio focuses on the strongest investment ideas of expert fund managers. These ideas are backed by deep research and represent the managers' most confident views on achieving strong returns.

HM1 donates 1.5% of its net tangible assets (NTA) annually to leading Australian medical research organisations. This is made possible by waiving traditional management and performance fees, with fund managers and service providers typically contributing their time and expertise on a pro bono basis.

The portfolio is overseen and actively managed by our Chief Investment Officer, with support and oversight from the HM1 Investment Committee.

‍

HM1 collaborates with two groups of fund managers to construct the portfolio: Core Fund Managers, who provide their three highest conviction ideas on a quarterly basis, and Conference Fund Managers, whose recommendations are presented at the annual Sohn Hearts & Minds Conference and held for up to 12 months.

HM1’s performance metrics, including portfolio returns, are updated regularly. You can find the latest performance reports in our InvestorHub here.

HM1 shares can be purchased through the ASX using the ticker code "HM1." You can invest via a stockbroker, financial advisor, or an online brokerage account.

HM1 provides investors with:

- Access to high-conviction ideas from leading fund managers, many of whom are typically unavailable to retail investors.

- A professionally managed portfolio delivering both growth and income.

- The opportunity to support Australian medical research while building your financial future.

Yes, HM1’s dividend policy is to pay consistent, fully franked dividends to its shareholders. Dividend payments are made semi-annually, subject to the performance of the portfolio. More information and key dates about upcoming dividends are available in our InvestorHub here.

HM1 offers a Dividend Reinvestment Plan (DRP), allowing shareholders to reinvest their dividends into additional shares rather than receiving cash payments. This enables investors to compound their investment over time. Information on how to participate in the DRP is available in the InvestorHub.

The portfolio consists of 25–35 securities:

- 65% allocated to up to 21 high-conviction ideas recommended by our Core Fund Managers.

- 35% allocated to ideas presented by Conference Fund Managers at the annual Sohn Hearts & Minds Conference. These stocks are held for a 12 month investment horizon.

Core Fund Managers are selected based on their proven track record, expertise in global equities, and ability to provide high conviction investment ideas. Each manager commits to a minimum three-year term and contributes on a pro bono basis.  

Conference Fund Managers are selected through a thorough process led by the Conference Fund Manager Selection Committee. This process evaluates their expertise, track record, and willingness to contribute high conviction ideas to HM1’s portfolio.  

‍

HM1 does not charge traditional management or performance fees. Instead, fund managers and service providers typically contribute their services on a pro bono basis, allowing 1.5% of Net Tangible Assets (NTA) to be donated to medical research annually.

The portfolio is actively monitored and overseen by HM1’s Chief Investment Officer, with oversight and support from the HM1 Investment Committee. The Investment Committee meets quarterly to formally review the portfolio to ensure alignment with HM1’s strategy.

Additionally, one-third of the portfolio is refreshed annually based on recommendations from Conference Fund Managers.

Beneficiaries are chosen in the following manner:

- 50% nominated by the Core Fund Managers.

- 40% directed to Victor Chang Cardiac Research Institute, HM1’s founding research partner.

- 10% nominated by the HM1 Board.

HM1 supports a range of leading Australian medical research organisations. For a complete list of beneficiaries, visit the Impact section on our website.  

‍

Since its inception, Hearts and Minds has collectively donated over $78 million to Australian medical research. HM1 makes donations bi-annually and Sohn Hearts & Minds raises additional funds at the annual conference.

Funds are raised through ticket sales and corporate supporters.

Sohn Hearts & Minds is integral to HM1’s investment process, contributing 35% of the portfolio’s high-conviction ideas.  

‍

Sohn Hearts & Minds brings the investment community together to share bold investment insights and raise funds for medical research.

The event attracts ultra-high-net-worth investors, family offices, wealth management professionals, and key decision makers from Australia's leading superannuation funds. As the fourth largest savings market in the world, over a trillion dollars is represented in the room.

Tickets are available to the public and can be purchased via the Sohn Hearts & Minds website. HM1 shareholders receive priority access to tickets.  

‍

Hearts and Minds Investments Limited (HM1) is a Listed Investment Company (LIC), meaning we’re a company listed on the ASX that invests in a portfolio of shares on behalf of our shareholders. LICs have a fixed number of shares, so rather than buying units in a fund, investors buy and sell HM1 shares on the stock exchange. This structure allows us to take a long-term view, without having to manage daily inflows or outflows of capital.

As an LIC, HM1 offers several advantages to investors. The closed-end structure provides us with a stable pool of capital, allowing us to invest with conviction and over longer time horizons. Our shares are tradeable on the ASX, offering flexibility and transparency, and we aim to deliver shareholders a combination of capital growth and fully franked dividends. Importantly, we also donate 1.5% of NTA annually to medical research, so investors can generate returns while supporting a meaningful cause.

Fully franked dividends are attractive to many Australian investors because they come with franking credits - a credit for the tax already paid by the company on its profits. For HM1 shareholders, this means the dividends we pay may reduce your personal tax liability or, in some cases, result in a tax refund. It’s a tax-effective way to receive income from your investment and one of the reasons LICs are popular with income-focused investors.

Yes. Like all LICs, HM1’s share price is determined by supply and demand on the ASX, which means it can trade at a premium or discount to its underlying portfolio value (NTA). We publish our NTA weekly, so investors have transparency around how the share price compares to the value of the assets we hold.

NTA stands for Net Tangible Assets — it’s the value of all the investments we hold, divided by the number of shares. Because HM1 is listed on the stock exchange, the share price is set by the market and can be higher (a premium) or lower (a discount) than the value of our portfolio. This can create opportunities for investors depending on when they buy or sell.