Hearts and Minds Investments (HM1) AGM 2025 summary

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.