Portfolio Commentary

Portfolio Commentary - August

The HM1 portfolio was down 2% for the month of September, and since inception, it has delivered an annualised pre-tax investment return of 9.9% p.a. As at 30 September, its annualised dividend yield was 6.8%, fully franked.

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September’s strongest contributors were ACM Research (+11%), and Taiwan Semiconductor Manufacturing Company (+10%). The weakest performers were Monday.com (-22%) and Zillow (-22%). Corporate Travel Management returned to the ASX in September, and we took the opportunity to exit the position. This resulted in a modest uplift to NTA as we had previously written down the position to zero.

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HM2: A New Global Income Strategy

The HM1 Board recently announced the establishment of a broader Hearts & Minds Group (“Group”) structure designed to support additional fund offerings and further reduce costs for HM1 shareholders. The Group is in advanced stages of developing a second investment fund, currently referred to as HM2, which will be a diversified global income strategy, investing in leading international credit managers. You can read the full announcement here.

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2026 Conference Fund Managers

Following a global search, the Conference Fund Manager Selection Working Group is pleased to announce the 2026 Conference Fund Managers. Each manager will present their highest-conviction investment idea at the Sohn Hearts & Minds Conference on Friday, 6 November, with the selected ideas forming the HM1 Conference Portfolio for the year ahead. Learn more about the 2026 Conference Fund Managers here.

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The HM1 portfolio was down 2% for the month of September, and since inception, it has delivered an annualised pre-tax investment return of 9.9% p.a. As at 30 September, its annualised dividend yield was 6.8%, fully franked.

‍

September’s strongest contributors were ACM Research (+11%), and Taiwan Semiconductor Manufacturing Company (+10%). The weakest performers were Monday.com (-22%) and Zillow (-22%). Corporate Travel Management returned to the ASX in September, and we took the opportunity to exit the position. This resulted in a modest uplift to NTA as we had previously written down the position to zero.

‍

HM2: A New Global Income Strategy

The HM1 Board recently announced the establishment of a broader Hearts & Minds Group (“Group”) structure designed to support additional fund offerings and further reduce costs for HM1 shareholders. The Group is in advanced stages of developing a second investment fund, currently referred to as HM2, which will be a diversified global income strategy, investing in leading international credit managers. You can read the full announcement here.

‍

2026 Conference Fund Managers

Following a global search, the Conference Fund Manager Selection Working Group is pleased to announce the 2026 Conference Fund Managers. Each manager will present their highest-conviction investment idea at the Sohn Hearts & Minds Conference on Friday, 6 November, with the selected ideas forming the HM1 Conference Portfolio for the year ahead. Learn more about the 2026 Conference Fund Managers 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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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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