Hearts and Minds Investments Limited

Hearts and Minds Investments Limited (ASX: HM1) is an Australian listed investment company (LIC) that combines a high-conviction global equities strategy with a philanthropic mandate. Established in November 2018, HM1 partners with a hand-picked group of fund managers who contribute their best investment ideas on a pro bono basis. In place of traditional management fees, the company donates 1.5% of its net tangible assets each year to support Australian medical research, aligning investment focus with long-term social impact. The portfolio is built around 25–35 carefully selected high-conviction ideas from leading global fund managers, integrated into a professionally managed global equities strategy. It is structured in two parts: a Core Portfolio targeting roughly 65% of assets, and a Conference Portfolio targeting roughly 35%, drawing on recommendations presented at the annual Sohn Hearts & Minds Investment Leaders Conference. This structure gives retail investors access to diverse investment philosophies and high-conviction strategies that are typically inaccessible to them directly. HM1 is closely linked to the Sohn Hearts & Minds Conference, Australia's premier investment and philanthropy event, which was founded after the 2016 inaugural event at the Sydney Opera House. That first conference raised $4 million for medical research organisations including the Victor Chang Cardiac Research Institute, Black Dog Institute, MS Australia, and Breakthrough T1D. The conference has since hosted industry figures such as Howard Marks, Ray Dalio, Charlie Munger, Dan Loeb, and Cathie Wood. As a listed investment company, HM1 offers shareholders a professionally managed portfolio underpinned by a fully franked dividend, aiming to deliver both performance and yield. The company reports investment returns since inception of 10.29% per annum and a pre-tax NTA value of $3.37 as at close of business on 18 September 2026. Collectively with Sohn Hearts & Minds, more than $96.1 million has been donated since 2016. HM1 remains active on the ASX under the ticker HM1.

Hearts and Minds Investments Limited traces its origins to 2016, when Matthew Grounds AM had just taken over as Chairman of the Victor Chang Cardiac Research Institute and, alongside the Board, was seeking sustainable funding solutions for the Institute. Around the same time, Dr Gary Weiss AM, a fellow Director, had recently returned from the Sohn Conference in New York and, inspired by its success, proposed hosting a similar event in Australia. The idea quickly gained traction. Gary and Matthew first approached Ian Narev, then CEO of Commonwealth Bank of Australia, and separately Len Ainsworth, with a 'blank piece of paper' outlining what it could look like; both provided substantial early support. Matthew then enlisted his long-time business partner, Guy Fowler OAM, to help bring the concept to life, and the Sohn Hearts & Minds Conference was born. The team grew to include Creative Director Jonathan Pease (JP), Michael Walsh and Maggie O'Neill, who transformed the vision into reality. The inaugural Sohn Hearts & Minds event was held at the iconic Sydney Opera House and featured Howard Marks of Oaktree Capital as the keynote, addressing a sold-out audience shortly after the 2016 US election. This first conference was a resounding success, raising $4 million for medical research organisations: the Victor Chang Cardiac Research Institute, Black Dog Institute, MS Australia, and Breakthrough T1D. The event has since become Australia's premier investment and philanthropy event, gathering industry leaders for a dynamic day of exclusive idea-sharing in support of medical research. Over the years, Hearts and Minds has hosted industry legends such as Ray Dalio, Charlie Munger, Dan Loeb, and Cathie Wood. Building on the conference's success, Hearts and Minds Investments Limited (HM1) was established in November 2018 as a listed investment company with a dual purpose: to maximise long-term returns to shareholders through a high-conviction portfolio of the best ideas from selected fund managers, while supporting groundbreaking medical research. HM1 provides access to a hand-picked group of fund managers who contribute their time, expertise, and top investment ideas on a pro bono basis. By pooling insights from these global managers, the HM1 portfolio reflects diverse investment philosophies and high-conviction strategies typically inaccessible to retail investors. The portfolio consists of 25–35 carefully selected high-conviction ideas from leading fund managers, integrated into a professionally managed global equities strategy. It remains responsive to the latest thinking of its core fund managers as well as drawing from recommendations presented at the Sohn Hearts & Minds Conference. The portfolio is structured with a Core Portfolio targeting roughly 65% of assets and a Conference Portfolio targeting roughly 35%. Proudly philanthropic, the company donates 1.5% of its net tangible assets annually to Australian medical research, supporting vital discoveries that improve health outcomes nationwide. Collectively with Sohn Hearts & Minds, more than $96.1 million has been donated since 2016. As at close of business on 18 September 2026, HM1 reported a pre-tax NTA value of $3.37 and investment returns since inception of 10.29% per annum. The company remains listed on the ASX under the ticker HM1.

• 2026

  Hearts & Minds celebrates 10 years; Queenstown, New Zealand announced as host of the 2026 Investment Leaders Conference on 6 November.

• 2018

  Hearts and Minds Investments Limited (HM1) established in November as a listed investment company.

• 2016

  Inaugural Sohn Hearts & Minds event held at the Sydney Opera House, featuring Howard Marks as keynote; raised $4 million for medical research.

A dual-purpose listed investment company combining high-conviction global equities with a philanthropic mandate, donating 1.5% of net assets annually to Australian medical research.

• HM1 high-conviction global equities portfolio

  A portfolio of 25–35 high-conviction ideas from selected fund managers, structured as a Core Portfolio (~65%) and Conference Portfolio (~35%).

• Fully franked dividend

  Shareholders benefit from a professionally managed portfolio underpinned by a fully franked dividend.

1. 1Hearts & Minds Investments (ASX:HM1) | High-Conviction Portfolio with Purposeheartsandmindsinvestments.com.au
2. 2HM1 | Historyheartsandmindsinvestments.com.au
3. 3Why Invest in HM1 | High-Conviction Ideas, Real Impactheartsandmindsinvestments.com.au
4. 4HM1 Websiteheartsandmindsinvestments.com.au
5. 5HEARTS AND MINDS INVESTMENTS LIMITEDwikidata.org