Hearts & Minds Investments

What Hearts & Minds Investments does

Hearts & Minds Investments Limited (ASX:HM1) is an Australian Listed Investment Company that constructs a high-conviction global equities portfolio of 25-35 securities and lists on the ASX, serving retail and sophisticated investors who want exposure to institutional-quality ideas combined with philanthropic impact. The portfolio is bifurcated into a Core Portfolio targeting ~65% of net assets (approximately 15 stocks contributed by five Core Fund Managers — Caledonia, Cooper Investors, Magellan, Paradice, and Regal Funds Management, later expanded with Munro Partners and Prusik Investment Management) and a Conference Portfolio targeting ~35% (approximately 10 stocks sourced from presenters at the annual Sohn Hearts & Minds Investment Leaders Conference, founded in 2016). The Core Fund Managers contribute their top three ideas on a pro bono basis, and the company is actively managed by Chief Investment Officer Charlie Lanchester.

HM1 operates on a unique economic model: instead of charging investment management fees, the company donates 1.5% (plus GST) of average Net Tangible Assets every six months to designated Australian medical research charities (including the Victor Chang Cardiac Research Institute, WEHI, Murdoch Children's Research Institute, and Black Dog Institute), regardless of performance. There are no directors' or committee fees, and lead arrangers (CommSec, NAB, Crestone) and brokers have waived their fees. Cumulative donations since 2016 exceed A$90.5 million.

The company distributes exclusively through the ASX, allowing investors to buy and sell shares via any broker. Since its November 2018 IPO (which raised up to A$500 million at A$2.50 per share with cornerstone backing from families including Cannon-Brookes, Solomon Lew, and the Stokes, Ainsworth, Lowy, and Packer families), HM1 has delivered 10.25% per annum returns and grown to approximately A$830 million in value as of 2026. Chairman Chris Cuffe has publicly targeted growth to more than A$1.5 billion in NTA within five years. The company is Sydney-based, has 1-10 employees, and is led by an independent Board of Directors following the February 2025 retirement of CEO Paul Rayson and a subsequent leadership restructure.

Name

Hearts & Minds Investments

Legal name

Hearts and Minds Investments Limited

Website

https://heartsandmindsinvestments.com.au

Company type

Public

Founded year

2018

Operating status

Operating

Headcount range

1–10 employees

Short description

Hearts & Minds Investments (ASX:HM1) is an Australian Listed Investment Company that builds a high-conviction global equities portfolio from pro bono ideas of leading fund managers, serving retail and sophisticated investors who combine financial returns with donations to medical research.

Ownership category

akta.pro rank

Product category

Listed Investment Company (Investment Management)

NAICS

Portfolio Management and Investment Advice (523940), Other Investment Pools and Funds (5259)

SIC

Investment Advice (6282)

akta.pro primary industry

Managed Account / SMA Multi-Manager Platforms (FSANAGAL)

akta.pro secondary industries

Managed Accounts & Unified Managed Accounts (UMAs) — Multi-Asset (FSAAAJAE), Managed Accounts & Model Portfolios (SMA/UMA) (FSAAAAAG)

Keywords

• Listed investment company
• Global equities portfolio
• Philanthropic investment fund
• Investment management services
• Franked dividend income

Headquarters

HQ city

Sydney

HQ country

Australia

HQ region

Oceania

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Infrastructure, Others

Revenue model

1. Investment Returns: HM1 generates returns through its high-conviction global equities portfolio constructed from ideas from select fund managers. The company delivers long-term value to shareholders through capital growth and fully franked dividends.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

Hearts & Minds Investments (HM1) is a closed-ended listed investment company that builds a concentrated global equities portfolio of 25-35 securities derived from top stock ideas contributed pro bono by selected fund managers. The portfolio is split between a Core Portfolio (~65%) sourced from five core fund managers and a Conference Portfolio (~35%) sourced from presenters at the Sohn Hearts & Minds Conference. In lieu of traditional management fees, the company donates 1.5% of average Net Tangible Assets every six months to Australian medical research beneficiaries.

Product overview

Hearts & Minds Investments (HM1) is a single, unified listed investment company structured as a high-conviction global equities fund. The offering consists of the core HM1 investment vehicle divided into two portfolio segments: the Core Portfolio (65% target allocation, ~15 stocks from five core fund managers) and the Conference Portfolio (35% target allocation, ~10 stocks from conference presenters). The company also operates the Sohn Hearts & Minds Conference as a complementary platform for idea generation and fundraising, and produces the Hearts & Minds Podcast for investor engagement. All components are unified under the HM1 brand, with the core differentiation being the dual-purpose model of generating investment returns while donating to medical research in lieu of traditional management fees.

Differentiator

Problem solved

Functional benefit

Brands

• Sohn Hearts & Minds: Australia's premier investor conference that curates stock picks from leading fund managers globally, supporting medical research fundraising.
• Hearts & Minds Podcast

Products and services

• HM1 (Hearts & Minds Investments) Listed Investment Company A closed-ended listed investment company that constructs a high-conviction global equities portfolio of 25-35 carefully chosen securities from selected fund managers, aiming to deliver long-term capital growth and fully franked dividends while donating 1.5% of average Net Tangible Assets annually to Australian medical research in lieu of traditional management fees. The shares trade on the ASX under ticker HM1 and are available to retail and sophisticated investors via any ASX broker.
• Core Portfolio A sub-component of the HM1 portfolio targeting approximately 65% of net assets, consisting of approximately 15 stocks selected by five core fund managers (Caledonia, Cooper Investors, Magellan, Paradice Investment Management, and Regal Funds Management) who each contribute their top three investment ideas on a pro bono basis.
• Conference Portfolio A sub-component of the HM1 portfolio targeting approximately 35% of net assets, consisting of approximately 10 stocks based on recommendations from fund managers presenting at the annual Sohn Hearts & Minds Investment Conference.
• Hearts & Minds Podcast A podcast featuring conversations with investment minds and scientists about impact and investing, covering topics related to the fund's activities and medical research beneficiaries.

Quantifiable outcome

• 10.25% p.a. investment returns since inception November 2018
• +2 more outcomes

Named customers4 records

Segments2 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Seven partnerships are on record, tiered core and minor.

• Sohn Hearts & Minds ConferencecoreStrategic or Co-development PartnerAnnual investment conference that curates stock picks from leading fund managers. HM1 invests in conference stock recommendations (40% of portfolio). Co-founded by Gary Weiss AM, Guy Fowler OAM, and Matthew Grounds AM in 2016.
• Victor Chang Cardiac Research InstitutecoreOthersMedical research beneficiary nominated by core fund managers, receiving donations from HM1's charitable contributions.
• WEHI (Walter and Eliza Hall Institute)coreOthersMedical research beneficiary receiving donations from HM1's charitable contributions. Featured in Hearts & Minds Podcast.
• Murdoch Children's Research InstitutecoreOthersMedical research beneficiary receiving donations from HM1's charitable contributions.
• Black Dog InstitutecoreOthersMental health research beneficiary nominated by fund managers, receiving donations from HM1's charitable contributions.
• CommSecminorChannel Partner/ Reseller/ DistributorLead Arranger for the HM1 IPO, facilitating distribution of shares to investors.
• CrestoneminorChannel Partner/ Reseller/ DistributorLead Arranger for the HM1 IPO, facilitating distribution of shares to investors.

Scale indicators7 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Magellan Global Fund: Australian LIC managed by Magellan Asset Management (which also serves as a Core Fund Manager for HM1). Both run concentrated global equities mandates for retail investors on the ASX, making it a direct competitor for global equity exposure.
• WAM Capital: ASX-listed LIC run by Wilson Asset Management (Geoff Wilson also sits on HM1's board). Competes for Australian retail LIC capital with a fundamental, value-oriented equities mandate and offers a similar high-conviction, concentrated portfolio profile.
• Perpetual Equity Investment Company: Australian LIC investing in a concentrated portfolio of Australian and global equities, listed on ASX. Comparable size, structure, and target investor base (retail and sophisticated investors seeking actively managed equity exposure).
• Mirrabooka Investments: ASX-listed LIC investing in a concentrated portfolio of Australian and New Zealand equities. Similar closed-end LIC structure and target retail investor base.
• L1 Long Short Fund: ASX-listed LIC with a high-conviction, concentrated global equities mandate. Similar size range and structure to HM1, with comparable retail investor base.
• Plato Income Maximiser: ASX-listed LIC operated by Plato Investment Management. Comparable LIC structure, retail distribution, and Australian equities focus — for investors comparing active LIC products.
• WCM Global Growth: Australian LIC focused on global quality-growth equities, managed by WCM Investment Management. Comparable in its concentrated global equities mandate and ASX-listed retail distribution model.
• Future Generation Investment Company: Australian LIC explicitly modeled on the same charitable-for-purpose concept — mandates external fund managers (Bennelong, Paradice) to invest on a pro bono basis, with management fees going to youth mental health charities. Closest structural and philosophical peer to HM1.

Broad incumbents

• Australian Foundation Investment Company (AFIC): Australia's largest and oldest LIC, with a diversified Australian equities portfolio. ASX-listed and serves the same retail investor base as HM1, though with a much broader, lower-conviction Australian-focused mandate.

Others

• Sohn Investment Conference (US): Original New York-based Sohn Conference Foundation that inspired HM1's co-founders to launch the Sohn Hearts & Minds Conference in 2016. Comparable as the sister conference ecosystem that generates pro bono investment ideas for institutional capital.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks4 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/18878227

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Hearts & Minds Investments