Portfolio Commentary

Portfolio Commentary - March

The HM1 portfolio was down 4.92% for the month of March as the volatility associated with the elevated geopolitical turmoil continued. During the same period, the MSCI World Accumulation Index (AUD) declined 3.17%.

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The HM1 high conviction approach will sometimes lead to periods of underperformance, and the last 6 months have been disappointing in this regard. We have been in close dialogue with all of our fund managers throughout this volatile period. Their conviction levels remain high, and we have made few changes to the portfolio as a result. We will continue to monitor positioning closely and maintain open communication with our managers.

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March was a highly selective, risk-off month for the portfolio, with performance driven by factor rotation and stock-specific outcomes. The biggest drag came from execution risk and China-linked names (notably ACM Research) alongside cyclicals, all of which sold off as confidence in global growth softened. Consumer discretionary exposures also drifted lower, reinforcing a cautious demand backdrop. In contrast, mega-cap tech and structural growth held up while a handful of thematic/idiosyncratic winners (Cameco, Live Nation Entertainment) provided some support.

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We are pleased to confirm the increased interim fully franked dividend of 9.5 cents per share, scheduled for payment on 16 April 2026. As at 31 March, the current annualised net dividend yield is 6.81%.

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The HM1 portfolio was down 4.92% for the month of March as the volatility associated with the elevated geopolitical turmoil continued. During the same period, the MSCI World Accumulation Index (AUD) declined 3.17%.

‍

The HM1 high conviction approach will sometimes lead to periods of underperformance, and the last 6 months have been disappointing in this regard. We have been in close dialogue with all of our fund managers throughout this volatile period. Their conviction levels remain high, and we have made few changes to the portfolio as a result. We will continue to monitor positioning closely and maintain open communication with our managers.

‍

March was a highly selective, risk-off month for the portfolio, with performance driven by factor rotation and stock-specific outcomes. The biggest drag came from execution risk and China-linked names (notably ACM Research) alongside cyclicals, all of which sold off as confidence in global growth softened. Consumer discretionary exposures also drifted lower, reinforcing a cautious demand backdrop. In contrast, mega-cap tech and structural growth held up while a handful of thematic/idiosyncratic winners (Cameco, Live Nation Entertainment) provided some support.

‍

We are pleased to confirm the increased interim fully franked dividend of 9.5 cents per share, scheduled for payment on 16 April 2026. As at 31 March, the current annualised net dividend yield is 6.81%.

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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