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Hearts and Minds Investments Ltd
(Sydney:HM1)
Hearts and Minds Investments Ltd (HM1) vs. iShares MSCI Australia ETF (EWA)
Hearts and Minds Investments Ltd Business Overview & Revenue Model
Hearts and Minds Investments Ltd Financial Statement Overview
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 161.68M | 165.14M | 84.39M | -64.09M | -6.62M | -5.36M |
| Gross Profit | 161.68M | 165.14M | 84.39M | -64.09M | -6.67M | -5.37M |
| EBITDA | 0.00 | 152.08M | 71.68M | 45.66M | -136.31M | -19.10M |
| Net Income | 106.82M | 106.82M | 50.93M | 32.73M | -94.84M | -12.46M |
Balance Sheet | ||||||
| Total Assets | 857.95M | 857.95M | 730.51M | 681.35M | 647.09M | 987.05M |
| Cash, Cash Equivalents and Short-Term Investments | 36.01M | 36.01M | 619.48M | 539.20M | 309.58M | 123.59M |
| Total Debt | 0.00 | 0.00 | 6.99M | 0.00 | 0.00 | 0.00 |
| Total Liabilities | 71.25M | 71.25M | 33.10M | 5.83M | 5.96M | 101.05M |
| Stockholders Equity | 786.70M | 786.70M | 697.41M | 675.52M | 641.13M | 886.00M |
Cash Flow | ||||||
| Free Cash Flow | -2.55M | -2.55M | -3.30M | 7.60M | -94.84M | -56.91M |
| Operating Cash Flow | -2.55M | -2.55M | -3.30M | 7.60M | -94.84M | -56.91M |
| Investing Cash Flow | 4.32M | 4.32M | 42.57M | -43.86M | 73.57M | 161.32M |
| Financing Cash Flow | -35.49M | -35.49M | -31.57M | -28.56M | -25.28M | -22.46M |
Hearts and Minds Investments Ltd Technical Analysis
Hearts and Minds Investments Ltd Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | AU$78.39M | 10.99 | 32.22% | 6.39% | 22.67% | 19.47% | |
69 Neutral | ― | 6.86 | 14.39% | 5.33% | 175.90% | 109.57% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
61 Neutral | AU$62.64M | 20.78 | 3.57% | 6.89% | 30.36% | -31.47% | |
55 Neutral | AU$26.98M | 53.13 | 2.17% | 2.94% | 38.32% | ― | |
53 Neutral | AU$31.35M | 55.88 | 2.42% | 2.03% | 18.17% | ― |
Hearts and Minds Investments Ltd Corporate Events
Hearts and Minds Investments Limited reported its estimated net tangible asset (NTA) backing per share as at 26 December 2025, showing a slight decline in pre-tax NTA to $3.63 from $3.64 a week earlier, while post current tax NTA remained steady at $3.54 and post tax NTA was unchanged at $3.38. The largely stable NTA levels indicate that the company’s portfolio value has been broadly steady over the period, suggesting limited short-term volatility for shareholders and offering investors a current snapshot of underlying asset backing as the year ends.
Hearts and Minds Investments Limited reported a modest increase in its net tangible asset (NTA) backing per share as at 19 December 2025, with pre-tax NTA rising to $3.64 from $3.62 a week earlier, post current tax NTA edging up to $3.54 from $3.52, and post-tax NTA moving to $3.38 from $3.37. The incremental gains across all NTA measures indicate a slight improvement in portfolio performance over the period, providing investors with a positive, albeit small, uplift in the value of their holdings heading into year-end.
Hearts and Minds Investments Ltd reported a challenging month in November 2025, with its portfolio down 5.7%, underperforming the MSCI World Accumulation Index. The portfolio’s performance was negatively impacted by the write-down of Corporate Travel Management shares, which have been suspended from trading. Despite these setbacks, the company maintains a strong annualized pre-tax investment return of 11.21% since inception and continues to support medical research through its unique investment model.
Hearts and Minds Investments Limited reported its Net Tangible Asset (NTA) backing per share as of December 5, 2025. The pre-tax NTA decreased from $3.71 to $3.63, while the post-current tax NTA fell from $3.59 to $3.53, and the post-tax NTA dropped from $3.41 to $3.38. The company has taken a conservative approach by valuing its suspended shares in Corporate Travel Management at zero, which could positively impact the pre-tax NTA by 9 cents per share if trading resumes at the previous halt price.
Hearts and Minds Investments Limited has announced an amendment to its Securities Trading & Insider Trading Policy, effective immediately. This policy update impacts directors, executives, and other designated individuals, emphasizing compliance with legal prohibitions against insider trading and adherence to internal trading procedures, which could influence the company’s governance and stakeholder trust.
Hearts and Minds Investments Limited announced its Net Tangible Asset (NTA) backing per share as of November 28, 2025, with pre-tax NTA at $3.71, post-current tax NTA at $3.59, and post-tax NTA at $3.41. The company holds 1,251,663 shares in Corporate Travel Management, which has been suspended from trading since August 2025. In the absence of a market price, the company has conservatively valued this holding at zero but anticipates potential value realization if trading resumes, potentially impacting pre-tax NTA positively by 9 cents per share.
Hearts and Minds Investments Ltd announced the results of its 2025 Annual General Meeting, where all resolutions were passed. Notably, the company faced a first strike against its Remuneration Report, primarily due to a negative vote from a US-based activist shareholder. Despite this, the board highlighted that their non-executive directors serve without remuneration, and executives work part-time at below-market rates, reflecting the company’s commitment to maintaining low operational costs.
Hearts and Minds Investments Ltd announced a change in its company secretary, with Ms. Eryl Baron resigning and Ms. Natalie Climo taking over the role. This change is significant as Ms. Climo will be responsible for communication with the ASX regarding Listing Rules Matters, potentially impacting the company’s regulatory interactions and compliance processes.
At the 2025 Annual General Meeting, Hearts and Minds Investments Limited reported a robust investment performance with a 25.5% return for the year ending June 30, 2025, driven by gains in companies like Tencent Music, Coeur Mining, and Airbus. The company’s investment performance continued to improve post-financial year, achieving a 22.6% increase by October 31, 2025, with an annualized performance of 12.3% since inception, highlighting its strong market positioning and commitment to supporting medical research.
Hearts and Minds Investments Limited has announced a refresh of its Conference Portfolio, which makes up 35% of its total investment portfolio. The portfolio includes stocks pitched at the recent Sohn Hearts & Minds Investment Leaders Conference and will be held for 12 months, indicating a strategic move to align with the company’s investment strategy.
Hearts and Minds Investments Ltd announced its Net Tangible Asset (NTA) backing per share as of November 14, 2025. The pre-tax NTA was reported at $3.76, a slight decrease from the previous week, indicating potential fluctuations in the investment portfolio’s value. This update provides stakeholders with insights into the company’s financial health and asset management efficiency.
Hearts and Minds Investments Ltd reported a 2.77% increase in its portfolio for October, slightly underperforming the MSCI World Accumulation Index (AUD). The company announced its participation in the 10th Sohn Hearts & Minds Conference, where top-performing stock picks from 2024 will be revisited, and new selections from ten managers will be added to the portfolio. This initiative reflects the company’s commitment to leveraging expert insights for strong investment returns while supporting medical research.
Hearts and Minds Investments Ltd announced a decrease in its Net Tangible Asset (NTA) backing per share as of November 7, 2025, compared to October 31, 2025. The decline in NTA values, both pre-tax and post-tax, may impact the company’s market positioning and investor confidence, as it reflects changes in the valuation of its investment portfolio.
Hearts and Minds Investments Ltd announced its Net Tangible Asset (NTA) backing per share as of October 31, 2025. The pre-tax NTA remained stable at $3.93, while the post-current tax NTA slightly decreased to $3.85 from $3.87, and the post-tax NTA remained unchanged at $3.56. This announcement reflects the company’s current financial positioning and its impact on stakeholders, indicating a stable asset backing despite minor fluctuations in tax-adjusted figures.
Hearts and Minds Investments Limited has announced the details for its upcoming Annual General Meeting (AGM), scheduled for November 26, 2025. The meeting will be held in a hybrid format, allowing shareholders to participate either in person or online, ensuring broader accessibility and engagement. This move reflects the company’s commitment to shareholder involvement and transparency in its operations.
Hearts and Minds Investments Limited announced a change in the director’s interest notice, specifically regarding Gary Weiss’s indirect interest in securities. The change involved an acquisition of 1,420 fully paid ordinary shares through participation in the company’s Dividend Reinvestment Plan, increasing his total holdings to 505,920 shares. This move reflects ongoing engagement with the company’s financial strategies, potentially impacting shareholder value and market perception.
Hearts and Minds Investments Ltd announced its Net Tangible Asset (NTA) backing per share as of October 17, 2025. The pre-tax NTA was reported at $3.86, while the post-current tax and post-tax NTAs remained stable at $3.80 and $3.51, respectively. This stability in NTA values suggests consistent performance in the company’s investment portfolio, which may reassure stakeholders about the company’s financial health and operational stability.
Hearts and Minds Investments Ltd announced its net tangible asset (NTA) backing per share as of October 10, 2025. The pre-tax NTA was $3.85, post-current tax NTA was $3.80, and post-tax NTA was $3.51, reflecting stability in its financial metrics. These figures are post-dividend declaration, indicating a robust financial position and commitment to shareholder returns.
Hearts and Minds Investments Ltd reported a slight underperformance in its portfolio for September 2025, with a 0.62% increase compared to the MSCI World Accumulation Index’s 2.11% gain. The company announced an increased fully franked dividend and introduced Prusik Investment Management as its first offshore-based Core Fund Manager, enhancing its portfolio’s global diversification.
Hearts and Minds Investments Ltd announced an update regarding its dividend distribution, specifying the Dividend Reinvestment Plan (DRP) price. This update pertains to the dividend for the six-month period ending on June 30, 2025, and follows a previous announcement made on August 29, 2025. The announcement may impact stakeholders by providing clarity on the DRP price, which could influence investor decisions and the company’s market positioning.
Hearts and Minds Investments Ltd announced its Net Tangible Asset (NTA) backing per share as of October 3, 2025, remained stable compared to the previous week. The pre-tax NTA was $3.84, post-current tax NTA was $3.80, and post-tax NTA was $3.50. These figures account for the recently announced fully franked yearly dividend of 9.0 cents per share. This announcement reflects the company’s stable financial position and commitment to providing returns to its shareholders.