1Y Performance
YTD as at 30 November 2025
Investment Returns
Since inception November 2018
Dividend Yield
Fully Franked*
Donation Amount
Includes donations made by Sohn Hearts & Minds Conference
Portfolio commentary
November 2025
All figures as at
30 November 2025
The HM1 portfolio was down 5.7% for the month of November, underperforming the MSCI World Accumulation Index (AUD), which gained 0.11%.
The portfolio return included the impact of writing down the value of Corporate Travel Management (CTD). HM1 has a holding of 1,251,663 shares in CTD which has been suspended from trade since 22 August 2025. In the absence of an observable market price, we have adopted a very conservative position of carrying the holding at zero. HM1 expects the holding to realise value over time but will adopt this valuation approach in the absence of a traded market. Should CTD ultimately recommence trading at the same price it had at the time of its trading halt, it would have a positive impact on pre-tax NTA of 9 cents per share.
November was a challenging month for the portfolio. In addition to the CTD write down, seven of the stocks were down between 11-17%. These were MercadoLibre, Guzman y Gomez, Block, Nvidia, Morimatsu International, Cameco and Didi Global.
Since inception, HM1 has delivered an annualised pre-tax investment return of 11.21% p.a. As at 30 November, the current annualised dividend yield is 5.59%, fully franked.
On Friday 14 November, we celebrated the 10th Annual Sohn Hearts & Minds Conference in Sydney. You can access a full recap of the conference here, including key takeaways and the stocks pitched on the day. The presentations delivered a fascinating mix of perspectives and opportunities, and we are pleased to share our new portal giving shareholders direct access to watch the stock pitches. You can sign up to view the videos via our Investor Hub here.
The high conviction ideas from the Conference have been added to the HM1 portfolio and we are excited to see how they perform over the coming year.
Performance
1m
6M
1Y
3Y p.a.
SINCE INCEPTION
p.a.
Fully franked dividends since inception
final fy23
interim FY24
final fy24
interim fy25
FINAL FY25
The Board of HM1 has resolved to increase dividends by 0.5 cps every 6 months for the foreseeable future subject to there being no sustained period of investment market underperformance. For full dividend history visit our dividends page. Please ensure your bank account details are up to date by logging into InvestorServe.
Portfolio holdings
Top 10 Core Portfolio
Conference Portfolio Holdings
Top 10 Holdings and Conference Holdings percentages shown above do not represent the full portfolio. Only selected holdings have been displayed for latest performance purposes.
Past Monthly Updates
ASX Announcements
Investor Login
Dividends
Shareholder Comms
Reports & Policies
* All figures as at 30 November 2025 unless otherwise stated. Performance since inception: Fund inception 14 Nov 2018. Fully Franked Dividend Yield: Annualised fully franked dividend of 18.0cps divided by share price on 30 November 2025. HM1 Investment Performance is calculated after expenses and before Australian taxes. The comparator is the MSCI World Accumulation in AUD; gross of withholding tax. This is general information only and does not consider your objectives, financial situation, or needs. You should read the relevant offer documents and seek independent financial advice before making any investment decisions. All investments carry risk, including the potential loss of capital. Past performance is not a reliable indicator of future returns. Hearts and Minds Investments Limited is a Corporate Authorised Representative (CAR No. 1317870) of Quay Arktos RE Services Limited (AFSL No. 563036).
