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Hearts and Minds Investments (HM1) investor relations material
Hearts and Minds Investments AGM 2025 summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.AGM 2025 summary26 Nov, 2025
Opening remarks and agenda
The AGM was held in November 2025 with a quorum present, welcoming both in-person and online shareholders and outlining the hybrid format for questions and voting.
The agenda included financial results, investment performance, charitable donations, and executive updates, with auditors present to address audit-related questions.
Financial performance review
The investment portfolio returned 25.5% for the year ended 30 June 2025, and 21.21% over one year to October 2025, with an annualized return since inception of 12.3%.
Portfolio consists of 25-35 global equities, managed by over 15 fund managers with diverse strategies.
Top holdings include Amazon, Microsoft, Block, Nvidia, TSMC, Tencent Music, [Kongiwe] Mining, Airbus, and Zillow.
NTA and share price improved, with post-tax NTA at AUD 3.44 and share price at AUD 3.31 at October end, up 11.8% year-on-year.
Portfolio currently trades at a 16% discount to NTA, offering value to shareholders.
Dividend announcements
Fully franked dividends of AUD 0.17 per share were paid for the year, with an interim of AUD 0.08 and a final of AUD 0.09.
Latest dividend yield stands at 5.4%, with a final fully franked dividend of 9.0 cps paid.
The board resolved to increase dividends by AUD 0.50 per share every six months, subject to market performance, representing a 5.44% yield.
Board intends to continue increasing dividends semi-annually, barring sustained market underperformance.
Impact of 35% Conference Portfolio on returns?
Define 'sustained market underperformance' for dividends.
How do core managers drive long-term alpha?
What drives performance despite Magnificent 7 underweight?
How will HM1 reduce the 16% pre-tax NTA discount?
Discuss HM1's future use of leverage for returns
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Next Hearts and Minds Investments earnings date
H1 202617 Feb, 2026
Next Hearts and Minds Investments earnings date
H1 202617 Feb, 2026
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Frequently asked questions
Hearts and Minds Investments Limited is an Australian-listed investment company that aims to generate long-term capital growth by investing in high-conviction stock ideas presented by leading fund managers and industry experts. The company’s unique model combines a charitable mission with investment, as it donates a portion of its management fee savings to medical research and mental health initiatives. Hearts and Minds builds a concentrated portfolio across various sectors, relying on the expertise of invited managers to select stocks with strong growth potential.The company is headquartered in Sydney, Australia, and its shares are listed on the ASX.
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