Hearts and Minds Investments Limited (ASX:HM1) has released its monthly investment update for October 2026, disclosing a pre-tax net tangible asset value of $3.34 per share, a post-tax NTA of $3.13 per share, and a portfolio return of negative 2.59% for the month.

Key Points

  • Pre-tax NTA of $3.34 and post-tax NTA of $3.13 as at 31 October 2026, with the HM1 share price at $2.77
  • Portfolio returned negative 2.59% for October and an annualised pre-tax return of 13.98% over three years
  • Final FY26 fully franked dividend of 10.0 cents per share was paid on 15 October 2026
  • Cumulative medical research funding reached $96.1 million as at 31 October 2026
  • Annual General Meeting scheduled for 4pm on 19 November, with proxy voting deadline of 4pm on 17 November

October 2026 NTA and Performance Figures

According to the filing, Hearts and Minds Investments recorded a pre-tax NTA of $3.34 per share and a post-tax NTA of $3.13 per share as at 31 October 2026. The HM1 share price stood at $2.77 on that date. Cash weighting was disclosed at 5%. The expected 12-month grossed-up dividend yield was stated at 11.1%, based on dividends of 21.5 cents per share in line with the Board's stated intention and the HM1 share price as at 31 October 2026, grossed up for franking credits. Dividend payments remain subject to Board discretion, available profits, franking account balances, and future market conditions. All figures are unaudited and indicative only.

Investment Performance Across Reporting Periods

The filing disclosed that the HM1 portfolio returned negative 2.59% for October 2026. Over six months, the portfolio returned 4.58%, while the one-year return was negative 8.64%. The three-year annualised pre-tax investment return was 13.98%, and since inception on 14 November 2018, the annualised return was 9.43%. Investment performance is calculated after expenses and before Australian taxes. The company also noted that among 2025 Sohn Hearts & Minds Conference stock picks, ACM Research returned positive 77%, Steel Dynamics positive 48%, SLB positive 38%, Live Nation positive 24%, and Puuilo positive 15%.

Dividend History, AGM Timing, and HM2 Fund Launch

The filing disclosed a dividend payment history showing Final FY24 at 7.5 cents per share, Interim FY25 at 8.0 cents per share, Final FY25 at 9.0 cents per share, Interim FY26 at 9.5 cents per share, and Final FY26 at 10.0 cents per share. All dividends were fully franked. The company also disclosed the official launch of the Hearts & Minds Global Income Fund (HM2) at the Sohn Hearts & Minds Conference in Queenstown, with applications open to eligible wholesale investors. The company's Annual General Meeting is scheduled for 4pm on 19 November, with proxy votes required by 4pm on 17 November.