Portfolio Commentary

Portfolio Commentary - December

The HM1portfolio was down 1.8% for the month of December, underperformingthe MSCI World Accumulation Index (AUD), which was alsodown 1.0%.

Since inception,HM1 has delivered an annualised pre-tax investment return of 10.78% p.a. As at 31December, the current annualised dividend yield is 5.64%, fully franked.

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The 2025 Conference portfolio is off to a good start, with the highlight being ACM Research (ACMR.NAS), virtually pitched by Beeneet Kothari of Tekne Capital Management. You can watch his stock pitch here. ACM Research was up 18% in December and has continued to rally in early January 2026, currently up more than 50% since purchase.

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One of our Core Fund Managers, Magellan Investment Partners, recently recommended two new positions to the portfolio, both listed in Germany: SAP (SAP.ETR) and adidas (ADS.ETR).

SAP provides enterprise software used to run core business operations, while adidas is a global sportswear company spanning performance and lifestyle products. You can read more about SAP and adidas here.

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The HM1portfolio was down 1.8% for the month of December, underperformingthe MSCI World Accumulation Index (AUD), which was alsodown 1.0%.

Since inception,HM1 has delivered an annualised pre-tax investment return of 10.78% p.a. As at 31December, the current annualised dividend yield is 5.64%, fully franked.

‍

The 2025 Conference portfolio is off to a good start, with the highlight being ACM Research (ACMR.NAS), virtually pitched by Beeneet Kothari of Tekne Capital Management. You can watch his stock pitch here. ACM Research was up 18% in December and has continued to rally in early January 2026, currently up more than 50% since purchase.

‍

One of our Core Fund Managers, Magellan Investment Partners, recently recommended two new positions to the portfolio, both listed in Germany: SAP (SAP.ETR) and adidas (ADS.ETR).

SAP provides enterprise software used to run core business operations, while adidas is a global sportswear company spanning performance and lifestyle products. You can read more about SAP and adidas 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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