Portfolio Commentary

Portfolio Commentary - June

The HM1 portfolio was down 2% for the month of July and since inception it has delivered an annualised pre-tax investment return of 10.3% p.a. As at 31 July, its annualised dividend yield was 6.6%, fully franked.

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July’s strongest contributors were Microsoft (+25%), Swire Pacific (+22%) and Monday.com (+20%). AI-related stocks were among the weaker areas of the portfolio during July, ACM Research (-38%) and Taiwan Semiconductor Manufacturing Company (-15%). This was partly offset by stronger performance from holdings such as Steel Dynamics (+10% in July and +50% since purchase), highlighting the benefit of a diversified portfolio. Steel Dynamics (STLD.NAS) was pitched by Peter Rutter of Life Cycle Investment Partners at the 2025 Sohn Hearts & Minds Conference. Read the latest update on Steel Dynamics.

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The HM1 portfolio was down 2% for the month of July and since inception it has delivered an annualised pre-tax investment return of 10.3% p.a. As at 31 July, its annualised dividend yield was 6.6%, fully franked.

‍

July’s strongest contributors were Microsoft (+25%), Swire Pacific (+22%) and Monday.com (+20%). AI-related stocks were among the weaker areas of the portfolio during July, ACM Research (-38%) and Taiwan Semiconductor Manufacturing Company (-15%). This was partly offset by stronger performance from holdings such as Steel Dynamics (+10% in July and +50% since purchase), highlighting the benefit of a diversified portfolio. Steel Dynamics (STLD.NAS) was pitched by Peter Rutter of Life Cycle Investment Partners at the 2025 Sohn Hearts & Minds Conference. Read the latest update on Steel Dynamics.

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October 3, 2023

Understanding the 4 pillar framework underpinning a high conviction strategy

Listen to episode one with Chief Investment Officer Charlie Lanchester and TDM Growth Partners Investment Team Members Ed Cowan and Fraser Christie. They share their unique investment philosophies and delve into two high conviction stocks recommended for the HM1 portfolio.

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