Hearts and Minds Investments Ltd · ASX:HM1
Hearts and Minds Investments — Shareholder Meeting (November 2019)
11 slides from Hearts and Minds Investments's shareholder meeting presentation, Nov 26, 2019
Slide 1: Hearts and Minds Investments Limited Investment Presentation
Hearts and Minds Investments Limited Investment Presentation AGM | 26 November 2019
Slide 2: Portfolio Construction
Portfolio Construction 40% Conference Portfolio Core Portfolio The highest conviction ideas Three highest conviction ideas from these leading fund from the Sohn Hearts & Minds Investment Leaders THE INVESTMENT managers: Conference PORTFOLIO Typically 10-15 stocks Strong historic performance 60% Gene
Slide 3: Portfolio Construction: Core Managers
Portfolio Construction: Core Managers • Each managers 12% is allocated between the three stocks at their discretion • Fund Managers provide regular advice • Formal quarterly review • 2 changes and 1 corporate action to Core Portfolio since inception
Slide 4: Portfolio Construction: Conference Managers
Portfolio Construction: Conference Managers • Maximum 12 month holding period • Equal weightings subject to liquidity • Early realisations => proceeds redeployed between remaining conference stocks • Late realisations => proceeds held in cash • 7 of 13 stocks closed out prior to 12 month limit
Slide 5: Share Price Performance
Share Price Performance As at October 31 30.00% +25.2% 25.00% HM1 Share Price +18.4% 20.00% 15.00% MSCI World Net TR Index (AUD) 10.00% 5.00% 0.00% -5.00% -10.00% 14-Nov-18 14-Dec-18 14-Jan-19 14-Feb-19 14-Mar-19 14-Apr-19 14-May-19 14-Jun-19 14-Jul-19 14-Aug-19 14-Sep-19 14-Oct-19
Slide 6: NTA Premium / Discount
NTA Premium / Discount As at October 31 $3.20 +25.2% HM1 Share Price $3.10 $3.00 +21.2% HM1 Pre-Tax NTA* $2.90 $2.80 $2.70 $2.60 $2.50 $2.40 $2.30 $2.20 14-Nov-18 14-Dec-18 14-Jan-19 14-Feb-19 14-Mar-19 14-Apr-19 14-May-19 14-Jun-19 14-Jul-19 14-Aug-19 14-Sep-19 14-Oct-19 * The pre-tax NTA is calcul
Slide 7: Investment Performance
Investment Performance As at October 31 • Conference portfolio has returned 32% • Core portfolio has returned 16% • 13 of 15 current core positions positive • 7 of 8 current conference positions positive • Released Positions (9) • 3 positive • 3 negative • 3 negligible
Slide 8: Portfolio holdings summary
Portfolio holdings summary As at 31 October • 90%+ of portfolio represents less than 1 days turnover in those stocks • Largest holding represented 5.6% of portfolio value • Smallest holding represented 2% of portfolio value
Slide 9: Portfolio holdings summary
Portfolio holdings summary As at 31 October
Slide 10: Portfolio Holdings
Portfolio Holdings As at 30 June Company Name Exchange Listing % of Portfolio PagSeguro Digital Limited United States 5.9% Zillow Group Inc - C United States 5.8% Appen Limited Australia 5.4% AIA Group Limited Hong Kong 4.5% Facebook Inc - A United States 4.5% Seven Group Holdings Limited Australia
Slide 11: Thank you
Thank you
Hearts and Minds Investments — Shareholder Meeting (November 2019) on 6ix