Frequently asked Questions

Hearts & Minds Group is a unique philanthropic investment organisation that brings together leading investment managers to generate investment returns that supports medical research. Through its suite of investment funds and the annual Sohn Hearts & Minds Conference, Hearts & Minds provides investors with access to high quality investment ideas while generating funding for medical research.

HM1 is an ASX-listed investment company providing access to a concentrated portfolio of global equities based on the highest conviction ideas of selected fund managers, while supporting medical research.

HM2 is an open-ended Australian wholesale unlisted unit trust providing access to a diversified portfolio of global private and public credit funds. Its investment strategy spans direct lending, asset-based finance, structured credit, special situations and opportunistic credit.

HM3 is an Australian equities fund that provides investors with exposure to a diversified portfolio of Australian listed equities, through investments managed by a carefully selected group of fund managers.

Hearts & Minds offers three distinct investment strategies which all support medical research in lieu of traditional fees:

‍

HM1, Global Equities: an ASX-listed investment company investing in a concentrated portfolio of high conviction global equities.

‍

HM2, Global Income: an open-ended wholesale unlisted unit trust providing diversified access to specialist global credit managers.

‍

HM3, Australian Equities: an open-ended unlisted unit trust providing access to leading Australian equity managers.

HM1 invests in approximately 25–30 securities, with around 65% of the portfolio allocated to Core Fund Managers and 35% to Conference Fund Managers. Core Managers provide their three highest-conviction investment ideas, while the Conference Portfolio comprises high-conviction ideas presented at the annual Sohn Hearts & Minds Investment Leaders Conference.

HM2 aims to generate total returns of 10%+ per annum, net of all fees and costs, over a rolling 3–5 year period, with a target running yield of 8%. These are targets only and are not guaranteed.

HM3 was formerly the Third Link Growth Fund, established by Chris Cuffe in 2008 with the aim of combining investment with philanthropy. Following its acquisition by Hearts & Minds in October 2026, the Fund continues as HM3: Hearts & Minds Australian Equities Fund. You can learn more here.

Thanks to the generosity of our Fund Managers, Directors and many service providers, who provide their expertise and services pro bono, each fund can generate meaningful donations to medical research, in lieu of traditional fees, alongside its investment objectives.

HM1's Chief Investment Officer is responsible for day-to-day investment activity, overseen by the HM1 Investment Committee. Core and Conference Fund Managers provide their highest-conviction investment recommendations, with the portfolio managed within HM1's investment guidelines.

The initial portfolio comprises seven funds managed by six global and Australian credit managers: Barings, Coolabah, Eldridge, KKR, Revolution and Third Point. The portfolio may evolve over time.

HM3 aims to outperform the S&P/ASX 300 Accumulation Index after fees over rolling five-year periods. It is designed as a long-term investment, with a recommended investment timeframe of five years or more.

Sohn Hearts & Minds brings together top investment, scientific and philanthropic minds - all in support of medical research. The event offers a unique forum for industry leaders and global thought leaders to network, access exclusive insights and support critical medical research. Learn more at: sohnheartsandminds.com.au

HM1 is listed on the Australian Securities Exchange under the ASX ticker code HM1. HM1 can be bought and sold through a broker or investment platform in the same way as other ASX-listed shares.

HM3 provides investors with exposure to a carefully selected group of leading Australian equity fund managers. You can learn more about the current manager lineup here.

Hearts & Minds has donated more than $130 million for medical research and charitable causes through its investment funds, the Sohn Hearts & Minds Investment Leaders Conference and other fundraising initiatives.

Yes. HM1's Board targets the payment of consistent, fully franked dividends twice a year. For full dividend history visit our dividends page.

The minimum initial investment is A$20,000, with a minimum additional investment of A$20,000. The Fund can also be accessed through certain investment platforms.

HM1 donates 1.5% of its net asset value each year, after costs, to medical research. This is made possible through the support of its Core and Conference Fund Managers, Directors and many service providers, who provide their expertise and services pro bono.

HM2 intends to offer semi-annual liquidity windows, aligned with the liquidity of the underlying funds.

HM3 aims to make distributions twice a year, following 30 June and 31 December. Distributions are reinvested unless an investor elects otherwise.

HM2 seeks to hedge its foreign currency exposure into Australian dollars, primarily through foreign exchange contracts. Applications, distributions and redemptions are made in Australian dollars.

Investors generally have monthly access to their investment. The minimum withdrawal is A$20,000 and the minimum account balance is also A$20,000. Withdrawals can be delayed in unusual circumstances.

HM2 is designed to deliver both efficient investment access and meaningful philanthropic impact. HM2 donates 1% (net of costs) in lieu of a management fee and performance fee. This is materially less than the estimated management and performance fees investors would typically pay to access the underlying managers directly.

HM3 combines professional investment management with philanthropy, donating 1% of its net asset value each year to selected charities. This is made possible through the support of its underlying investment managers and service providers, who waive, rebate or reduce fees that would otherwise apply. Since inception in 2008, the Fund has donated more than $25 million to charitable causes.

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.

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.  

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 nominated by Fund Managers and Directors.

Hearts & Minds is disease-agnostic and supports a range of leading medical research organisations. For a current list of beneficiaries, visit the Impact section on our website.  

‍

Since its inception, Hearts & Minds has collectively donated over $100 million to medical research. This is made possible by waiving traditional management and performance fees, enabling each investment fund to donate a percentage of NTA, alongside additional fundraising initiatives at the annual Sohn Hearts & Minds 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.

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.