In early 2022, the NTA plummeted and the SP sank to a...

In early 2022, the NTA plummeted and the SP sank to a substantial discount. The NTA, the SP and the discount have all remained steady around the same level for the last two years. HM1 was slow to halt its infamous plummet, which was caused by being overweight too many overpriced tech stocks. Market then lost confidence in HM1. Confidence won't be fully restored until HM1's portfolio starts to demonstrate consistent gains.

With HM1's NTA being almost exactly the same now as two years ago, and staying in a tight band for two years, it seems that HM1 can make enough profits to keep paying an attractive dividend but it can't seem to break out to the upside. Hence, after two years of stalemate, there is little confidence that HM1's stock picks will ever deliver huge growth. Also, it is unlikely that there will ever be a buyback because that would reduce the capital base, which would not accord with the purpose of HM1.

On the plus side, the dividend is attractive and reliable, and there hasn't been another major plummet. So HM1 seems to have now established a two-year track record of having a good solid portfolio that earns enough to continue to pay the dividends. Also, it seems to be quite low risk.

Overall, HM1 seems to be a reliable dividend-paying stock. However, HM1's apparent inability to increase its NTA is probably a major factor in preventing the NTA-SP discount from closing. I've held it a few times, with unspectacular results.