June Investment Update
Released
Released
Announcement PDF
Monthly Investment Update
at 30 June 2025
11 July 2025
The Manager
ASX Market Announcements
ASX Limited
Exchange Centre
Level 4, 20 Bridge Street
Sydney NSW 2000
Dear Shareholders,
Please find attached Hearts and Minds Investments Limited’s June Investment Update.
We invite you to join our interactive investor hub to discover the latest company announcements and
engage with management. On this platform you can ask questions, share comments, and provide feedback.
Sign up and join the conversation here.
For and on behalf of the board,
Eryl Baron
Company Secretary
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
Monthly Investment Update
at 30 June 2025
Investment Objective
Provide a concentrated portfolio of long-only positions in
25-35 global securities based on the highest conviction
ideas from respected fund managers. The Company
forgoes any investment fees and instead donates to
leading Australian medical research organisations.
Pre-Tax NTA
$3.71
Post-Tax NTA
$3.44
Portfolio Commentary
Share Price
$3.04
The HM1 portfolio rose by 4.6% in June, outperforming
the MSCI World Accumulation Index (AUD), which gained
2%. Since inception, HM1 has delivered an annualised
pre-tax investment return of 11.6% p.a. As at 30 June, the
current annualised yield is 5.3%, fully franked.
Investment Performance p.a.
(ASX: HM1)
(Since inception 14 Nov 2018)
Latest Dividend
During the month, as part of our regular manager
engagement, we spoke with Core Fund Manager
Caledonia to review their recommendations. As a result,
we have added two new positions to the portfolio:
Cameco (CCJ.NYSE)
Cameco is a leading commercial nuclear fuel provider,
with operations across the full fuel cycle and a strong
presence in North America. The company is expected to
benefit from increasing global demand for clean, scalable
energy, particularly as nuclear power gains renewed
policy and public support.
Royalty Pharma (RPRX.NASDAQ)
Royalty Pharma is the largest acquirer of pharmaceutical
royalty streams, offering exposure to life sciences
innovation through a diversified portfolio of incomegenerating assets. With strong cash flow and capital
deployment flexibility, it is positioned for long-term value
creation.
(Half-yearly fully franked dividend paid 17 April 2025)
11.57%
8.0cps
Annualised Dividend Yield1
5.3%
(Fully franked)
Cash Weighting
2%
Profits Reserve2
62cps
(at 31 Dec 2024)
Available Franking Credits 3
(at 31 Dec 2024)
Cumulative Medical Research
Funding
35cps
$78m
These two new positions replaced Just Eat Takeaway and
Liberty Media Formula One.
We thank Caledonia for their ongoing support as a Core
Fund Manager and look forward to seeing how these new
portfolio holdings perform in the fund. You can learn
more about these stocks here.
1Annualised fully franked dividend of 16.0cps divided by share price on 30 June 2025. 2Represents retained earnings that can be used to support future dividend payments.
3Represents the level of future dividends (expressed as cents per share) that can be fully franked. All figures as at 30 June 2025 unless otherwise stated. Fund inception 14 Nov 2018.
This communication has been prepared by Hearts and Minds Investments Limited (ABN 61 628 753 220). In preparing this document the investment objectives, financial situation or
particular needs of an individual have not been considered. You should not rely on the opinions, advice, recommendations and other information contained in this publication alone.
This publication has been prepared to provide you with general information only. It is not intended to take the place of professional advice and you should not take action on specific
issues in reliance on this information. Past performance is not a reliable indicator of future performance.
Monthly Investment Update
at 30 June 2025
HM1 Investment Performance
Investment Performance
1 month
6 months
1 year
3 years
per annum
Since Inception
per annum
Investment Performance
4.56%
1.59%
25.52%
17.29%
11.57%
MSCI World Accumulation (AUD)
2.00%
3.27%
18.56%
20.88%
14.89%
HM1 Investment Performance is calculated after expenses and before Australian taxes. The comparator is the MSCI World Accumulation in AUD; gross of withholding tax.
Inception 14 Nov 2018.
Dividends
Dividend Payments
Dividends – fully franked
FY21
FY22
FY24
FY24
FY25
12.0cps
13.5cps
13.5cps
14.0cps
15.5cps
Dividends are paid on a half-yearly basis. Please ensure your bank account details are up to date by logging into InvestorS erv e.
Top 10 Core Portfolio Holdings
Our top 10 holdings represents 42% of total portfolio holdings (in alphabetical order)
Conference Portfolio Holdings
Our conference holdings represents 33% of total portfolio holdings (in alphabetical order)
All figures as at 30 June 2025 unless otherwise stated. Fund inception 14 Nov 2018. This communication has been prepared by Hearts and Minds Investments Limited (ABN 61 628 753
220). In preparing this document the investment objectives, financial situation or particular needs of an individual have not been considered. You should not rely on the opinions,
advice, recommendations and other information contained in this publication alone. This publication has been prepared to provide you with general information only. It is not intended
to take the place of professional advice and you should not take action on specific issues in reliance on this information. Past performance is not a reliable indicator of future
performance.
Monthly Investment Update
at 30 June 2025
News from the HM1 Network
A golden year for Wall Street’s Australian stock picker
Matthew McLennan, Co-Head of the Global Value team of First Eagle
Investments, will be joining the 2025 Sohn Hearts & Minds Conference lineup. Matthew is one of Australia's most successful fund managers on Wall
Street, responsible for overseeing more than A$140 billion in assets at First
Eagle Investments.
Learn more in recent Australian Financial Review article here.
Discover the next chapter for Guzman y Gomez
Guzman y Gomez (ASX: GYG) has gone public, expanded rapidly and surpassed
$1B in network sales. It is also one of TDM Growth Partners’ stock picks for
the HM1 Core Portfolio. In a recent episode of Scaling Up hosted by TDM,
Steven Marks (Founder of GYG) shares what it takes to lead through
hypergrowth while staying true to the brand’s original vision.
Listen to the episode here.
Finding structural winners: Nick Griffin’s investment edge
In a recent episode of Success and More Interesting Stuff hosted by Livewire
Markets, Nick Griffin of Munro Partners (Core Fund Manager) shares how he
grew Funds Under Management from $20 million to more than $5 billion. He
also reveals the key signals he looks for in structural winners and what's next
for AI, healthcare, and defence investing.
Listen to the episode here.
Does brain cancer communicate with neurons?
Primary brain cancer affects nearly 2,000 Australians each year and tragically,
remains incurable. On The Florey’s Brain Matters podcast, they unpack how
neuroscience may help improve outcomes for those living with brain cancer.
Guests include Professor Lucy Palmer, Professor Kate Drummond and Janet
Micallef, who has been living with recurring brain tumours for over 40 years.
Listen to the episode here.
Bold ideas. Real impact. Live in Sydney this November.
Sohn Hearts & Minds returns to Sydney on 14 November, unlocking bold
ideas and exclusive insights in support of medical research. It’s a unique
opportunity for shareholders to hear directly from the fund managers whose
stock picks help shape 35% of the HM1 portfolio for the year ahead.
Shareholders can access discounted tickets, email us at ir@hm1.com.au for
details.
Join us on 14 November in Sydney.
Disclaimer: This communication has been prepared by Hearts and Minds Investments Limited (ABN 61 628 753 220) and may contain general information relating to HM1 securities. The
general information should not be considered financial advice. HM1 is not licensed to provide financial product advice. The information does not consider the investment objectives,
financial situation, or particular needs of any individual. The information is current as at the date of preparation and is subject to change. HM1 does not guarantee repayment of capital
or any rate of return on HM1 securities. An investment may achieve a lower-than-expected return and investors risk losing some, or all, of their principal investment. Past performance is
not a reliable indicator of future performance. This document may not be reproduced or copies circulated without prior authority from Hearts and Minds Investments Limited.
Monthly Investment Update
at 30 June 2025
Core Fund Managers
Conference Fund Managers
Designated Beneficiaries
Low-Bono Service Providers
Disclaimer: This communication has been prepared by Hearts and Minds Investments Limited (ABN 61 628 753 220) and may contain general information relating to HM1 securities.
The general information should not be considered financial advice. HM1 is not licensed to provide financial product advice. The information does not consider the investment
objectives, financial situation, or particular needs of any individual. The information is current as at the date of preparation and is subject to change. HM1 does not guarantee
repayment of capital or any rate of return on HM1 securities. An investment may achieve a lower-than-expected return and investors risk losing some, or all, of their principal
investment. Past performance is not a reliable indicator of future performance. This document may not be reproduced or copies circulated without prior authority from Hearts and
Minds Investments Limited.
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