Hearts and Minds Investments (HM1) AGM 2024 summary

Opening remarks and agenda

• The meeting was opened with a quorum present, welcoming both in-person and online shareholders, and introducing the board, executives, and auditors.

• The hybrid format enabled broad participation, with clear instructions for questions and voting provided to all attendees.

Financial performance review

• Portfolio increased by 11.7% for the year ended 30 June 2024, with a 32% return for the year to 31 October 2024 and a 10.7% annualized return since inception.

• Share price rose from $2.26 to $2.58 over FY24, with total shareholder returns of 20% and the share price discount to NTA narrowing to 12%.

• Technology holdings and the 2023 conference portfolio were key drivers of performance; Munro Partners' addition as a core manager had a positive impact.

• Guzman y Gomez IPO delivered a 134% return since investment; Rokt pre-IPO position is held at cost.

Board and executive committee updates

• Directors and key executives were introduced, with the board focused on sustaining investment performance and shareholder engagement.

• Munro Partners joined as a new core fund manager, contributing to improved results.