Hearts and Minds Investments Ltd

Hearts and Minds Investments Limited is an Australia-based listed investment company. The Company's investment objective is to provide a concentrated securities portfolio of the highest conviction ideas from fund managers, whilst also supporting Australian medical research organizations. It seeks to provide shareholders with an investment proposition by creating a concentrated portfolio of long positions in approximately 25 to 30 Australian and international listed securities based on the highest conviction ideas. It allocates about 35% of its investment portfolio based on the annual recommendations of fund managers who present at their Sohn Hearts & Minds Investment Leaders Conference (known as Conference Fund Managers). It allocates about 65% of its investment portfolio based on the highest conviction ideas of six fund managers (known as Core Fund Managers). These fund managers are Caledonia (Private) Investments, Cooper Investors, and Magellan Asset Management, among others.