August Investment Update
Released
Released
Announcement PDF
Monthly Investment Update
at 31 August 2026
Hearts and Minds Investments Limited ACN 628 753 220
A: 12.04A Chifley Tower, 2 Chifley Square, Sydney NSW 2000 | E: ir@hm1.com.au | P: 1300 737 760 or +61 2 9290 9600
11 September 2026
The Manager
ASX Market Announcements
ASX Limited
Exchange Centre
Level 27, 39 Martin Place
Sydney NSW 2000
Dear Shareholders,
Please find attached Hearts and Minds Investments Limited’s August 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,
Natalie Climo
Company Secretary
Monthly Investment Update
at 31 August 2026
Pre-Tax NTA1
$3.61
Post-Tax NTA1 $3.34
Share Price
(ASX: HM1)
$3.10
Investment Performance p.a.
(Since inception 14 Nov 2018)
10.29%
Latest Dividend
(Final fully franked payable 15 October 2026)
10.0cps
Annualised Dividend Yield2
(Fully franked)
6.45%
Cash Weighting 4%
Cumulative Medical
Research Funding3 $96.1m
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.
Portfolio Commentary
The HM1 portfolio was up 0.6% for the month
of August, and since inception it has delivered an
annualised pre-tax investment return of 10.3% p.a.
As at 31 August, its annualised dividend
yield was 6.5%, fully franked. August’s strongest
contributors were SLB (+21%), SAP
(+21%) and Monday.com (+16%). The weakest
performers were Brookdale Senior Living (-19%) and
Steel Dynamics (-7%).
FY26 Results &Dividend
We recently released our FY26 Results
announcement, declaring an increased final fully
franked dividend of 10.0 cents per share, payable on
15 October 2026. We suggest shareholders log into
InvestorServe, to ensure their bank account details
are up to date for payment. You can read the the full
results announcement here.
Sohn Hearts &Minds Conference
We’re also excited to announce Robert F. Smith,
Founder, Chairman and CEO of Vista Equity
Partners, as the headline speaker for Sohn Hearts &
Minds in Queenstown on 6 November. The program
will also feature Isaac Kim of Lightspeed Venture
Partners and Bobby Yazdani of Cota Capital.
Also joining the program are our first six fund
managers, who will pitch their highest-conviction
investment ideas, with the selected ideas forming the
HM1 Conference Portfolio for the following 12 months.
Limited tickets are available here.
1
All figures are unaudited and indicative only. Hearts and Minds Investments Limited notes the significant market volatility, including in software stocks, and
advises that it continues to carry Rokt Pte Ltd, its only unlisted stock, at the same value as at 30 June 2026. 2 Annualised fully franked dividend of 20.0cps divided
by share price on 31 August 2026. 3
Figure includes donations made by Sohn Hearts & Minds Conference. All figures as at 31 August 2026 unless otherwise stated.
Fund inception 14 Nov 2018. Disclaimer: This is general information only and does not consider your objectives, financial situation, or needs. You should read the
relevant offer documents and seek independent financial advice before making any investment decisions. All investments carry risk, including the potential loss
of capital. Past performance is not a reliable indicator of future returns. Hearts and Minds Investments Limited is a Corporate Authorised Representative (CAR No.
1317870) of Capital Matters RE Services Limited (AFSL No. 563036).
Past performance is not a reliable indicator of future returns.
Monthly Investment Update
at 31 August 2026
HM1 Investment Performance
HM1 Investment Performance is calculated after expenses and before Australian taxes. Inception 14 Nov 2018. Past performance is not a reliable indicator
of future returns.
1 month 6 months 1 year
3 years
per annum
Since Inception
per annum
Investment Performance 0.63% 8.65% -1.05% 12.61% 10.29%
Conference Portfolio Holdings
Our conference holdings represents 31% of total portfolio holdings (in alphabetical order)
All figures as at 31 August 2026 unless otherwise stated. Fund inception 14 Nov 2018. This is general information only and does not consider your objectives,
financial situation, or needs. You should read the relevant offer documents and seek independent financial advice before making any investment decisions. All
investments carry risk, including the potential loss of capital. Past performance is not a reliable indicator of future returns. Hearts and Minds Investments Limited
is a Corporate Authorised Representative (CAR No. 1317870) of Capital Matters RE Services Limited (AFSL No. 563036).
Top 10 Core Portfolio Holdings
Our top 10 holdings represents 46% of total portfolio holdings (in alphabetical order)
Fully franked dividends since inception Fully franked dividend dates
*The Board of HM1 intends to continue to pay fully franked dividends to shareholders subject to sufficient profit reserves and franking balance. **Prior to FY24,
HM1 paid dividends annually. The dividend in April 2023 was 13.5cps. For the purposes of this chart, we have allocated 7.0cps to the FY23 financial year.
Dividends prior to FY23 were 12.0cps in April 2021 and 13.5cps in April 2022.
Monthly Investment Update
at 31 August 2026
This is general information only and does not consider your objectives, financial situation, or needs. You should read the relevant offer documents and seek
independent financial advice before making any investment decisions. All investments carry risk, including the potential loss of capital. Past performance is not
a reliable indicator of future returns. Hearts and Minds Investments Limited is a Corporate Authorised Representative (CAR No. 1317870) of Capital Matters RE
Services Limited (AFSL No. 563036).
News from the Network
Protecting the heart when every minute matters
Medical Research Partner • Article • 5 minutes
Professor Kazuaki Negishi and his team at the Victor Chang Cardiac
Research Institute are investigating whether sonoperfusion could help
protect the heart, potentially reducing lasting damage and improving
outcomes for patients following a heart attack.
You can read more about the approach here.
Equity Mates | Adviser Day: 23 October
Media Partner • Event • 2 minutes
Hearts & Minds is proud to support Equity Mates’ Adviser Day on
Friday, 23 October at Carriageworks, an afternoon dedicated to high-
conviction investment ideas. Hearts & Minds alumni Bill Ackman will
feature via a streamed session, alongside Joe Aston as a keynote
speaker.
You can learn more here.
Why Antipodes is finding value beyond the AI trade
Conference Fund Manager • Video • 59 minutes
Vihari Ross of Antipodes Partners recently joined The Rules of
Investing podcast to discuss where she’s finding value beyond AI and
her top pick to hold for five years: Brookdale Senior Living, the same
stock she pitched at the 2025 Sohn Hearts & Minds Conference (now
up 28% since purchase).
You can watch the interview here.
Sohn Hearts & Minds 2026:
Robert F. Smith to headline
We’re excited to announce Robert F. Smith, Founder,
Chairman and CEO of Vista Equity Partners, as the
headline speaker for Sohn Hearts & Minds in Queenstown
on 6 November. The lineup will also feature Isaac Kim of
Lightspeed Venture Partners and Bobby Yazdani of Cota
Capital, who will explore the next wave of AI opportunity.
Also joining the program are our first six fund managers,
who will pitch their highest-conviction investment ideas,
with the selected ideas forming the HM1 Conference
Portfolio for the following 12 months. If you would like to
hear their pitches directly, you can purchase tickets here.
Monthly Investment Update
at 31 August 2026
Conference Fund Managers
Contributing their highest-conviction investment ideas to the HM1 portfolio on a pro bono basis.
A Portfolio Powered by the Bright Minds of Global Investing
Supporting World Leading Australian Medical Research
Over $96.1m has been donated since 2016, together with the Sohn Hearts & Minds Conference.
Service Providers
Working with us on a pro bono or highly discounted basis to help us maximise our philanthropic impact.
This is general information only and does not consider your objectives, financial situation, or needs. You should read the relevant offer documents and seek
independent financial advice before making any investment decisions. All investments carry risk, including the potential loss of capital. Past performance is not
a reliable indicator of future returns. Hearts and Minds Investments Limited is a Corporate Authorised Representative (CAR No. 1317870) of Capital Matters RE
Services Limited (AFSL No. 563036).
Core Fund Managers
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