FY24 Appendix 4E and Annual Report
Released
Released
Announcement PDF
Appendix 4E
Hearts and Minds Investments Limited (HM1)
ABN 61 628 753 220
Financial Report
Results for Announcement to the Market for the Year Ended 30 June 2024
Change
30 Jun 2024
30 Jun 2023
Total Net Investment Income
45%
$’000
83,372
$’000
57,581
Profit/(Loss) from ordinary activities after tax
55%
50,929
32,726
Other Comprehensive Income net of tax
(92)%
2,526
30,227
Total Comprehensive Income net of tax
(15)%
53,455
62,954
30 Jun 2024
$3.09
30 Jun 2023
$2.90
Net tax benefit/(liability) per ordinary share
($0.04)
$0.05
Post-tax NTA per ordinary share
$3.05
$2.95
Net Tangible Assets (NTA) Per Ordinary Share
Pre-tax NTA per ordinary share
Dividends
During the year, HM1 paid fully franked dividends amounting to 14 cents per share. HM1 has declared an
increased half-yearly fully franked dividend of 7.5 cents per share payable in October 2024. The Board
aims to maintain a policy of paying fully franked dividends to shareholders subject to sufficient cash
reserves, available franking credits and prudent business practice.
_____________________________________________
Hearts and Minds Investments Limited ACN 628 753 220
A: 12.04A, Chifley Tower, 2 Chifley Square, Sydney NSW 2000 | W: HM1.com.au | E: ir@hm1.com.au | P: 1300 737 760 or +61 2 9290 9600
Appendix 4E
The Dividend Reinvestment Plan (DRP) will be in operation and participating shareholders can reinvest
their cash dividend in new HM1 shares at the DRP issue price. The DRP issue price will be based on the
market price of shares issued or acquired under the on market acquisition provisions of the DRP.
Dividend per ordinary share
Cents per
Ordinary share
Franking
%
7.5
100%
Dividend dates:
Ex-dividend date:
11 September 2024
Record date:
12 September 2024
DRP election date:
16 September 2024
Payment date:
17 October 2024
Brief Explanation of Results:
For the year ended 30 June 2024, the Company recorded a total comprehensive income after tax of
$53.5 million (2023: total comprehensive income after tax of $63.0 million). The result for the year is driven
by the performance of the investment portfolio. The investment portfolio increased on a pre-tax basis by
11.7% for the year ended 30 June 2024 building on a solid performance in the prior year. The result was
driven by a strong performance across both the Core Portfolio and the current Conference Portfolio. The
composition of the investment gains comprised $33.3 million in realised investment gains and $53.6 million
in unrealised gains.
The net asset value of the Company increased from $675.5 million on 30 June 2023 to $697.4 million as of
30 June 2024, comprising total comprehensive income after tax of $53.5 million less fully franked dividends
paid to shareholders of $32.0 million. Since the inception of the Company in November 2018, HM1 has
generated a compound annual pre-tax investment return of 9.3%. Further information on the financial
position of the Company and the movement in net asset values is contained in the Investment Committee
Report.
In line with its philanthropic objective, HM1 provides financial contributions equivalent to 1.5% of NTA per
annum to leading Australian medical research organisations to fund the development of new medicines and
treatments and to drive a new generation of medical research in Australia. This is effectively funded by
HM1’s participating fund managers, its Board of Directors and Committees all working on a pro bono basis.
During the year ended 30 June 2024, HM1 paid $9.4 million to its designated medical research
organisations and made provision for a further $6.4 million. These monies will be used by the medical
research organisations to fund important research into the prevention and treatment of chronic diseases
and mental health disorders. Further details on the results are included in the Annual Report.
This report is based on the Annual Report which has been audited by Pitcher Partners. The audit report is
included in the Annual Report which accompanies this Appendix 4E. All the documents comprise the
information required by Listing Rule 4.3A.
_____________________________________________
Hearts and Minds Investments Limited ACN 628 753 220
A: 12.04A, Chifley Tower, 2 Chifley Square, Sydney NSW 2000 | W: HM1.com.au | E: ir@hm1.com.au | P: 1300 737 760 or +61 2 9290 9600
Appendix 4E
Annual General Meeting
HM1 advises that its Annual General Meeting will be held on or around Wednesday, 27 November 2024.
The time and other details relating to the meeting will be advised in the Notice of Meeting to be sent to all
shareholders and released to ASX immediately after dispatch. In accordance with the ASX Listing Rules,
valid nominations for the position of director are required to be lodged at the registered office of the
Company by 5:00 pm (AEDT) on Tuesday, 8 October 2024.
_____________________________________________
Hearts and Minds Investments Limited ACN 628 753 220
A: 12.04A, Chifley Tower, 2 Chifley Square, Sydney NSW 2000 | W: HM1.com.au | E: ir@hm1.com.au | P: 1300 737 760 or +61 2 9290 9600
Hearts and Minds
Investments Limited
Annual
Report
For the year ended
30 June 2024
ACN 628 753 220
Hearts and Minds Investments Limited
For the year ended 30 June 2024
Contents
Corporate Directory
1
Chair and Chief Executive Officer’s Letter
3
Investment Committee Report
4
Medical Research Report
13
Directors’ Report to Shareholders
17
Auditor’s Independence Declaration
30
Financial Statements
Statement of Comprehensive Income
31
Statement of Financial Position
32
Statement of Changes in Equity
33
Consolidated Entity Disclosure Statement
33
Statement of Cash Flows
34
Notes to the Financial Statements
35
Directors’ Declaration
59
Independent Auditor’s Review Report to the Shareholders
60
ASX Additional Information
65
Hearts and Minds Investments Limited
ACN 628 753 220
Corporate Directory
Corporate Directory
Chair and Independent Director
Independent Director
Independent Director
Independent Director
Independent Director
Independent Director
Independent Director
Independent Director
Directors
(Pro bono)
Christopher Cuffe AO
Lorraine Berends AM
Guy Fowler OAM
Matthew Grounds AM
Michael Traill AM
Gary Weiss AM
Geoffrey Wilson AO
David Wright
Company Secretary
(Pro bono)
Eryl Baron
Investment Committee
(Pro bono)
Lorraine Berends AM
David Wright
Christopher Cuffe AO
Matthew Grounds AM
Brett Paton
Paul Rayson
Chair
Conference Fund Manager
Selection Committee
(Pro Bono)
David Wright
Gary Weiss AM
Michael Walsh
Charlie Lanchester
Chair
Core Fund Managers
(Pro bono)
Caledonia (Private) Investments
Cooper Investors
Magellan Asset Management
Munro Partners
Regal Funds Management
TDM Growth Partners
Tribeca Investment Partners
2023 Conference Fund Managers
(Pro bono)
Aikya Investment Management
Azora Capital
Bayberry Capital Partners
Ellerston Capital
Eminence Capital
IFM Investors
Registered Office
Boardroom Pty Limited
Level 8, 210 George Street
Sydney NSW 2000 Australia
Auditor
Pitcher Partners
Level 16, Tower 2 Darling Park
201 Sussex Street, NSW 2000
Telephone: (02) 9221 2099
Administrator
Citco Fund Services (Australia) Pty Limited
Level 22, 45 Clarence Street
Sydney NSW 2000
Telephone: (02) 9005 0400
1
Metronome Capital
Munro Partners
Prusik Investment Management
Terra Capital
Toscafund Asset Management
Tribeca Investment Partners
Hearts and Minds Investments Limited
ACN 628 753 220
Corporate Directory (continued)
Corporate Directory (continued)
Share Registrar
Boardroom Pty Limited
Level 8, 210 George Street
Sydney NSW 2000 Australia
Telephone: +61 2 9290 9600
Stock Exchange
Australian Securities Exchange
The home exchange is Sydney
ASX code: HM1 Ordinary Shares
2
Hearts and Minds Investments Limited
Chair and Chief Executive Officer’s Letter
For the year ended 30 June 2024
Chair and Chief Executive Officer’s Letter
Dear Shareholders,
On behalf of the Board and management we would like to thank you for your ongoing support of Hearts and Minds
Investments Limited (hereafter referred to as ‘HM1’ or the ‘Company’) and we are pleased to share the Annual Report
for the year ended 30 June 2024.
HM1 is a listed investment company that was established in 2018 with the combined objective of providing a
concentrated global equities portfolio of the highest conviction ideas from respected fund managers, whilst also
supporting Australian medical research institutes. It was born out of the investment and philanthropic vision of the Sohn
Hearts & Minds Investment Leaders Conference.
We are pleased to report that, following the changes we made to the management of our investment portfolio 18 months
ago, investment performance has improved. The HM1 investment portfolio increased by 11.7% for the year ended
30 June 2024, building on gains made in the prior year. The current year’s investment performance was primarily driven
by the technology holdings in our Core Portfolio and an improved performance in the current Conference Portfolio.
Since the inception of the Company in November 2018, HM1 has generated a compound pre-tax investment return of
9.3% per annum. Further details of the performance of the investment portfolio can be found in the Investment
Committee Report.
During the year, HM1 paid fully franked dividends amounting to 14 cents per share. HM1 has declared an increased
half-yearly fully franked dividend of 7.5 cents per share payable in October 2024. The Board aims to maintain a policy
of paying fully franked dividends to shareholders subject to sufficient cash reserves, available franking credits and
prudent business practice.
HM1’s share price increased from $2.26 on 30 June 2023 to $2.58 on 30 June 2024. The share price discount to NTA
per share narrowed to a 17% discount to HM1’s pre-tax NTA of $3.09 on 30 June 2024. The improvement in the share
price and the payment of 14 cents in fully franked dividends resulted in a total shareholder return of 20% for FY24. The
Board remains confident that the ongoing improvement in investment performance will continue to narrow the share
price discount to HM1’s pre-tax NTA per share.
In line with its philanthropic objective, HM1 provides financial contributions equivalent to 1.5% of NTA per annum to
leading Australian medical research organisations to fund the development of new medicines and treatments and to
drive a new generation of medical research in Australia. This is effectively funded by HM1’s participating fund
managers, its Board of Directors and Committees all working on a pro bono basis. We sincerely thank everyone for
their ongoing involvement and generosity.
During the year ended 30 June 2024, HM1 paid $9.4 million to its designated medical research organisations and made
provision for a further $6.4 million. These monies will be used by the medical research organisations to fund important
research into the prevention and treatment of chronic diseases and mental health disorders. Further details on the
wonderful work of our selected medical research organisations can be found in the Medical Research Report.
We believe that HM1 offers a compelling investment in a concentrated portfolio of global equities recommended by a
select panel of successful fund managers. The investment returns of the portfolio are underpinned by a fully franked
dividend that is paid half yearly to shareholders. All investment fees are waived and instead an equivalent amount is
contributed to fund medical research in Australia. This represents a professionally curated and managed equity
investment and meaningful social returns.
Finally, we would also like to thank you, our shareholders, for supporting the advancement of medical research in
Australia through your investment in HM1.
Christopher Cuffe AO
Chair
Paul Rayson
Chief Executive Officer
Sydney
28 August 2024
3
Hearts and Minds Investments Limited
Investment Committee Report
For the year ended 30 June 2024
Investment Committee Report
The Investment Committee of HM1, in conjunction with the Chief Investment Officer (CIO) Charlie Lanchester, is
responsible for implementing the Company’s investment strategy, including the selection of fund managers, managing
the investment portfolio and reviewing fund manager performance. The Company’s Investment Committee consists of
Lorraine Berends (Chair), David Wright, Christopher Cuffe, Matthew Grounds, Brett Paton and Paul Rayson. The
Investment Committee’s experience and qualifications are provided in the Directors’ Report.
HM1 Investment Strategy
HM1 invests in a concentrated portfolio of global securities based on the highest conviction ideas from two groups of
fund managers.
65% of the investment portfolio is held in up to 20 securities based on the highest conviction ideas of our Core
Fund Managers. The Core Fund Managers together with the CIO regularly monitor their recommendations.
35% of the investment portfolio is held in 10 to 15 securities based on the annual investment recommendations
of our Conference Fund Managers. HM1 generally allocates an equal weight investment to each of these
recommendations. These securities are expected to be held in the investment portfolio for a period of up to
12 months. After this period the securities are expected to be sold to invest in the recommendations of the
selected Conference Fund Managers who present at the next conference.
The Board’s view is that the investment strategy offers investors an opportunity to:
gain exposure to the highest conviction ideas, investment approach and expertise of each fund manager, a
number of whom are not otherwise readily accessible to retail investors;
benefit from having a portfolio that is not concentrated on the philosophy or investment style of just one fund
manager; and
access a concentrated portfolio of global securities which are expected to provide attractive shareholder
returns over the medium term (being five years or more).
HM1 aims to be fully invested subject to an appropriate cash buffer to meet tax liabilities, dividend payments, donation
payments and general expenses.
Company Performance
As a listed investment company, we use three key measures to evaluate the performance of HM1:
1.
Investment portfolio performance, which measures the growth of the investment portfolio on a pre-tax basis
and after the payment of all expenses, including the donation payments and provisions. An investment
benchmark, the MSCI World Index (AUD), is also measured before taxes. Our investment performance
compared to this benchmark is reported to shareholders on a monthly basis;
2.
Net tangible asset (NTA) growth, which is a post-tax measure and represents the change in the value of the
Company’s assets less liabilities. The post-tax NTA of the Company is essentially the realisable value of the
Company at a point in time. The pre- and post-tax NTA per share of the Company is reported to shareholders
on a weekly basis; and
3.
Total shareholder return, which measures the total return to shareholders from share price growth and
dividends paid.
4
Hearts and Minds Investments Limited
Investment Committee Report (continued)
For the year ended 30 June 2024
Each of these are set out below.
1.
Investment Portfolio Performance
Performance to 30 June 2024
1 year
% pa
2 years
% pa
3 years
% pa
Since
inception1
% pa
HM1 Investment Portfolio Performance
11.7%
13.4%
-5.1%
9.3%
MSCI World Index (AUD)
18.3%
19.5%
9.3%
11.8%
1. Inception 14 November 2018
The HM1 investment portfolio increased on a pre-tax basis by 11.7% for the year ended 30 June 2024 building on the
strong performance of the prior year. Since the inception of the Company in November 2018, HM1 has generated a
compound annual pre-tax investment return of 9.3%. The current year’s investment performance was primarily driven
by the technology holdings in our Core Portfolio and an improved performance in the current Conference Portfolio.
The Core Portfolio performed well in FY24 driven by large share price gains in several of our Core Portfolio holdings,
namely NVIDIA, TSMC, Microsoft, Amazon, NextDC, Brookfield Corp and ICE. The addition of Munro Partners as a
new Core Fund Manager has had a significant positive impact on our Core Portfolio. The material detractors to
performance in the Core Portfolio were Just Eat Takeaway, Opthea and Eurofins. The relevant Core Fund Managers
continue to see upside in these holdings. We also note that Guzman y Gomez listed on the ASX on 20 June 2024. At
30 June 2024, the share price of Guzman y Gomez was $27.42. HM1 invested in Guzman y Gomez in January 2023,
prior to its initial public offering at a price equivalent to $16.00 per share, providing a very attractive return of over 70%
during the 18 months holding period.
The current Conference Portfolio has also performed well, up 15% over the 7 month holding period to 30 June 2024.
We realised significant early profits in our holdings of Bath and Body Works (up 55%), Unicredit (up 38%) and Resmed
(up 26%). We also have significant unrealised gains on our current holdings of Telix Pharmaceuticals and Swire Pacific.
Poorer performers in the Conference Portfolio are those holdings exposed to the Chinese economy, namely Miniso and
AIA.
5
Hearts and Minds Investments Limited
Investment Committee Report (continued)
For the year ended 30 June 2024
2.
NTA Growth
The following chart shows the components of the change in post-tax NTA per share over the year. The major increase
in post-tax NTA came from both unrealised and realised gains from the investment portfolio equating to 38 cents per
share. After the payment of donations, expenses and tax, the post-tax NTA per share increased 8.1% over the year
prior to the payment of dividends. HM1 paid fully franked dividends amounting to 14 cents per share during the year.
On 30 June 2024, HM1’s post-tax NTA per share was $3.05 and the pre-tax NTA per share was $3.09.
HM1 NTA Performance
3.
Total Shareholder Return
Total shareholder return measures the change in the HM1 share price plus dividends paid. HM1’s share price increased
from $2.26 at 30 June 2023 to $2.58 on 30 June 2024. In addition, HM1 paid fully franked dividends totalling 14 cents
per share during the year amounting to a total shareholder return for FY24 of 20%. Since inception HM1 has paid 52
cents in fully franked dividends to shareholders. The notional value of a $10,000 investment in HM1 shares from the
date of listing, assuming the reinvestment of dividends, would be $12,732 on 30 June 2024, an increase of 27%. The
HM1 share price of $2.58 on 30 June 2024 represented a 17% discount to the pre-tax NTA per share of HM1 of $3.09.
Set out on the next page is a table of the investment portfolio holdings of HM1 at market value on 30 June 2024.
6
Hearts and Minds Investments Limited
Investment Committee Report (continued)
For the year ended 30 June 2024
Investments at Fair Value on 30 June 2024
Company Name
Stock
Exchange
Fair Value
% of
Portfolio
Microsoft Corporation
Nasdaq
$47,583,521
6.7%
Zillow Group, Inc. - C
Nasdaq
$43,127,605
6.0%
Intercontinental Exchange Inc.
NYSE
$43,105,263
6.0%
Mastercard Inc.
NYSE
$40,352,017
5.7%
Guzman y Gomez Ltd
ASX
$34,275,000
4.8%
Telix Pharmaceuticals Ltd
ASX
$29,560,250
4.1%
Block, Inc.
NYSE
$27,559,829
3.9%
Liberty Media Formula One
Nasdaq
$27,469,186
3.8%
Taiwan Semiconductor Manufacturing Co. Ltd
NYSE
$25,397,788
3.6%
Amazon.com Inc.
Nasdaq
$21,935,860
3.1%
Rokt Ltd
Unlisted
$20,896,686
2.9%
Ashland Inc.
NYSE
$20,825,347
2.9%
Swire Pacific Ltd
HKSE
$19,750,106
2.8%
Brookfield Corporation
TSX
$18,710,557
2.6%
NEXTDC Ltd
ASX
$18,511,500
2.6%
NVIDIA Corp.
Nasdaq
$18,154,026
2.5%
Regal Australia Long/Short Equity Fund
Managed Fund
$18,076,908
2.5%
Webster Financial Corp.
NYSE
$17,395,868
2.4%
NexGen Energy Ltd
TSX
$17,014,827
2.4%
Games Workshop Group PLC
LSE
$15,015,223
2.1%
Wise PLC
LSE
$14,766,161
2.1%
International Workplace Group PLC
LSE
$14,359,379
2.0%
International Flavours & Fragrances Inc
NYSE
$13,795,242
1.9%
Eurofins Scientific SE
PAR
$13,461,179
1.9%
AIA Group Ltd
HKSE
$13,162,243
1.8%
Corpay Inc
NYSE
$12,703,311
1.8%
Miniso Group Holdings Ltd
HKSE
$10,620,187
1.5%
Opthea Ltd
ASX
$10,472,048
1.5%
CSL Ltd
ASX
$6,199,410
0.9%
Just Eat Takeaway.com N.V.
AMS
$5,414,835
0.8%
Brookfield Asset Management Ltd
TSX
$4,281,396
0.6%
CTG Duty Free
HKE
$3,682,969
0.6%
$65,924,833
9.2%
$713,560,560
100.0%
Cash and Cash Equivalents
Total Portfolio
7
Hearts and Minds Investments Limited
Investment Committee Report (continued)
For the year ended 30 June 2024
Portfolio Characteristics
The following charts summarise the characteristics of HM1’s investment portfolio at 30 June 2024.
The investment portfolio is concentrated in a relatively small number of securities and sector exposure is clearly weighted
to certain industry sectors. Compared to the broad MSCI World Index, the HM1 investment portfolio exhibits positive
biases to the Software - Infrastructure, Internet Retail, Biotechnology and Semiconductors sectors. The investment
portfolio has negative (underweight) biases to the Banking, Resources, Industrials and Transportation sectors.
8
Hearts and Minds Investments Limited
Investment Committee Report (continued)
For the year ended 30 June 2024
Active Style Biases
The chart below illustrates the style tilts exhibited in the HM1 investment portfolio based on the securities in the portfolio
on 30 June 2024.
Consistent with HM1’s capital growth objective, the investment portfolio exhibits a factor bias to securities categorised
as growth securities, with consequent higher volatility. Other significant style biases include a negative bias to size
(meaning a smaller companies bias than the benchmark), dividend yielding securities and value categorised securities.
Despite strong liquidity in the portfolio holdings, the negative size factor indicates a bias to mid capitalisation securities
compared to the MSCI World Index. Ten of the companies in the investment portfolio have a market capitalisation of
over US$50 billion. The smallest security is capitalised at A$600 million.
9
Hearts and Minds Investments Limited
Investment Committee Report (continued)
For the year ended 30 June 2024
Risk Metrics
The following table provides a number of risk measures associated with the blend of securities that form the HM1
investment portfolio on 30 June 2024 compared to the MSCI World Index (AUD). As these risk measures are taken at
a specific point in time, these factors are not predictive of the risk characteristics of the HM1 investment portfolio going
forward. The portfolio displays a very high active share measure which indicates it is a concentrated high conviction
portfolio, is actively managed and does not closely track either the composition or performance of the MSCI World
Index (AUD). The investment portfolio carries a commensurate level of risk which is indicated by the Sharpe ratio and
downside capture metrics.
HM1 Portfolio Risk Metrics (current portfolio since inception to 30 June 2024)
Portfolio Beta
0.98
Tracking Error
12.0%
Active Share
88.7%
Portfolio Volatility
16.8%
Correlation (with Benchmark)
0.70
Sharpe Ratio
0.45
Upside Capture
85.2%
Downside Capture
104.4%
Charlie Lanchester
Chief Investment Officer
Lorraine Berends AM
Chair
10
Hearts and Minds Investments Limited
Investment Committee Report (continued)
For the year ended 30 June 2024
Our Fund Managers
We sincerely thank our participating fund managers that provide their time, expertise and highest conviction investment
ideas on a pro bono basis. The notional value to HM1 of the investment management fees and performance fees
foregone during the financial year ended 30 June 2024 is equivalent to $10.1 million.
Core Fund Managers
Seven Core Fund Managers each provide their highest conviction investment ideas which are reviewed regularly.
These securities represent 65% of the total investment portfolio.
Caledonia is a global investment management firm that has been compounding capital for
over 30 years. Managed by Co-Chief Investment Officers, Will Vicars & Michael Messara,
Caledonia’s goal is to achieve high absolute returns over the long-term, through a
concentrated long/short equity strategy with a focus on deep fundamental research & high
conviction investing.
Cooper Investors Pty Limited is a specialist equities fund manager. Cooper Investors
commenced operations in 2001 and manages money for a range of clients, including large
pension and superannuation funds, religious institutions, Australian State Government
agencies, school endowments, charities, high net worth families and retail clients. Cooper
Investors is 100% owned by its employees. Cooper Investors seeks to invest in quality
companies with a strong value proposition.
Magellan Asset Management Limited is an Australian-based asset manager that is a
wholly-owned subsidiary of Magellan Financial Group Limited. Magellan manages
investments across its global equities, global listed infrastructure and Australian equities
strategies for retail, high net worth and institutional investors.
Munro Partners is a global investment management partnership specialising in growth
equities. Founded in 2016 by an award-winning team with a proven track record of
delivering strong returns, they are majority owned and controlled by employees. Their
proprietary investment process, combined with a global network and deep industry
expertise, positions their portfolios to capitalise on the key structural changes occurring in
our world today. Their partnership is Australian-domiciled, with offices in Melbourne and
Toronto, Canada.
Regal Partners Limited is an ASX-listed, specialist alternatives investment manager with
over $16.5 billion in funds under management. Formed following the merger of Regal
Funds Management Pty Limited and VGI Partners Limited, the group manages a broad
range of investment strategies covering long/short equities, private markets, real & natural
assets and credit & royalties on behalf of institutions, family offices, charitable groups and
private investors.
TDM Growth Partners Pty Limited is a global investment firm with offices in Sydney and
New York. TDM invests in fast growing companies run by passionate management teams.
Their unique and flexible mandate allows them to invest in public and private companies
globally. They operate on long-term time horizons, fully aligned incentives, and a
commitment to help scale businesses they are proud of. TDM has a highly focused
approach to investing, with a portfolio of no more than 15 investments globally.
Tribeca Investment Partners is an Asia Pacific based asset management and advisory firm
with over two decades of experience in partnering with sophisticated clients to provide
innovative solutions beyond the mainstream. Combining deep multi-asset class expertise
across investment management, private wealth management and corporate advisory with
key staff located across the Asia Pacific, Tribeca takes pride in its strong alignment with
clients, speed to market and proven track record.
11
Hearts and Minds Investments Limited
Investment Committee Report (continued)
For the year ended 30 June 2024
Conference Fund Managers
The remaining 35% of the investment portfolio is invested in 10 to 15 recommendations from the fund managers who
present at the annual Sohn Hearts & Minds Investment Leaders Conference. Each year this group of fund managers
will change based on the conference program of speakers and their eligible recommendations. The speakers are invited
onto the program following a rigorous six-month selection process by the HM1 Board, Investment Committee and
Conference Fund Manager Selection Committee. The 2023 Conference Fund Managers are set out below.
Angela Aldrich
Bayberry Capital Partners LP (USA)
Rikki Bannan
IFM Investors (AUS)
Jeremy Bond
Terra Capital (AUS)
Ravi Chopra
Azora Capital (USA)
Martin Hughes
Toscafund Asset Management (UK)
Sharif el Khazen
Metronome Capital LLP (UK)
Chris Kourtis
Ellerston Capital (AUS)
Jun Bei Liu
Tribeca Investment Partners (AUS)
Kieran Moore
Munro Partners (AUS)
Tom Naughton
Prusik Investment Management (UK)
Ricky Sandler
Eminence Capital (USA)
Ashish Swarup
Aikya Investment Management (UK)
12
Hearts and Minds Investments Limited
Medical Research Report
For the year ended 30 June 2024
Medical Research Organisations
We are proud to support leading Australian medical research organisations. Beneficiaries are nominated by our Core
Fund Managers and Board. This Medical Research Report provides an update on some of the ground-breaking
projects and discoveries underway. For more information visit heartsandmindsgroup.com.au.
Baker Heart and Diabetes Institute
Dedicated to diagnosing, preventing and treating diabetes, cardiovascular disease and
associated metabolic diseases.
Supporting a groundbreaking trial to improve health outcomes for patients with diabetes in remote
Indigenous communities. Diabetes is a significant issue in these areas where socioeconomic
disadvantages and limited healthcare access are prevalent. The trial aims to establish a sustainable
and effective care model that can be replicated in other Indigenous communities.
Learn more: heartsandmindsgroup.com.au/beneficiaries/baker
Bionics Institute
Solving the world’s most challenging conditions with innovative technology
Supporting new approaches to managing tinnitus. Tinnitus affects up to 1 in 5 Australians, severely
impacting their quality of life. This project aims to develop an objective measure for tinnitus using
functional near-infrared spectroscopy to measure changes in blood oxygen levels in the brain.
Learn more: heartsandmindsgroup.com.au/beneficiaries/bionics
Brain and Mind Centre
Transforming brain and mind health
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