Portfolio Commentary

Portfolio Commentary - April

The HM1 portfolio was up 4.3% for the month of April, marginally underperforming the MSCI World Accumulation Index (AUD), which was up 5.1%. Since inception, HM1 has delivered an annualised pre-tax investment return of 9.4% p.a. As at 30 April, the current annualised dividend yield is 6.5%, fully franked.

Several holdings recorded strong moves in April, led by ACM Research (+31%) alongside gains in Amazon (+27%) and Steel Dynamics (+27%). Semiconductor exposure also contributed positively, with TSMC (+17%) and NVIDIA (+14%) up for the month (both remaining significant long-term winners since purchase). BlackLine (-16%) and DiDi Global (-11%) were the weakest performers over the period.

With a lot happening in global energy markets, we spoke with Robert Mullin of Marathon Resource Advisors, who pitched SLB (SLB.NYSE) at the 2025 Sohn Hearts & Minds Conference. The stock is now up 55% since November. SLB is a global oilfield services and technology company supporting exploration, drilling and production across offshore and onshore energy markets. Read more insights here.

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The HM1 portfolio was up 4.3% for the month of April, marginally underperforming the MSCI World Accumulation Index (AUD), which was up 5.1%. Since inception, HM1 has delivered an annualised pre-tax investment return of 9.4% p.a. As at 30 April, the current annualised dividend yield is 6.5%, fully franked.

Several holdings recorded strong moves in April, led by ACM Research (+31%) alongside gains in Amazon (+27%) and Steel Dynamics (+27%). Semiconductor exposure also contributed positively, with TSMC (+17%) and NVIDIA (+14%) up for the month (both remaining significant long-term winners since purchase). BlackLine (-16%) and DiDi Global (-11%) were the weakest performers over the period.

With a lot happening in global energy markets, we spoke with Robert Mullin of Marathon Resource Advisors, who pitched SLB (SLB.NYSE) at the 2025 Sohn Hearts & Minds Conference. The stock is now up 55% since November. SLB is a global oilfield services and technology company supporting exploration, drilling and production across offshore and onshore energy markets. Read more insights here.

Disclaimer: This material has been prepared by , published on . HM1 is not responsible for the content of linked websites or content prepared by third party. The inclusion of these links and third-party content does not in any way imply any form of endorsement by HM1 of the products or services provided by persons or organisations who are responsible for the linked websites and third-party content. This information is for general information only and does not consider the objectives, financial situation or needs of any person. Before making an investment decision, you should read the relevant disclosure document (if appropriate) and seek professional advice to determine whether the investment and information is suitable for you.

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