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