Investment Trust

The Herald Investment Trust (HIT) seeks to achieve capital appreciation through investments in smaller quoted companies, in the areas of technology, communications and multi-media. Investments will be made throughout the world.

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Herald Investment Trust NAV Performance (excluding income)

The Herald Investment Trust (HIT) seeks to achieve capital appreciation through investments in smaller quoted companies, in the areas of technology, communications and multi-media. Investments will be made throughout the world. The business activities of investee companies will include information technology, broadcasting, printing and publishing and the supply of components, equipment and services to these companies.

There is no relevant benchmark, so a hybrid is used as a measure of performance, which is 2/3rd the Numis Smaller Companies Index including AIM in the UK and 1/3rd the Russell 2000 Technology Index in the US.

Live Herald Investment Trust price available from the London Stock Exchange.

Warning

The value of the investments may fall as well as rise.The shares of HIT will generally trade at a discount or premium to the market value per share of its investments. Most of the investments have limited liquidity and may not be realised in part or in full at the market value at any one time. The Directors consider it inappropriate to attempt to control the discount for a portfolio of this nature.

Directors

Ian Russell (Chairman)

Ian Russell was appointed to the board on 1 August 2018 and became Chairman in April 2019. He qualified as a chartered accountant, moving on to work in a number of finance roles in industry and banking. He joined Scottish Power plc in 1994, initially as Finance Director, becoming CEO in 2001, a role he held until 2006. Since then, he has concentrated on non-executive roles. Currently he is trustee of the National Museums of Scotland, Chair of the Infrastructure Commission for Scotland, Chairman of HICL Infrastructure Company Limited and Chair of the Scottish Futures Trust Limited. His career has given him experience in leadership in public companies both executive and non-executive, which he brings to the board.

Tom Black

Tom Black was appointed to the board on 1 May 2013. He is chairman of Thruvision Group plc (formerly Digital Barriers plc), and is a non-executive director of CloudCoCo Group plc. He also has advisory roles with a number of smaller unlisted businesses. He is chairman and trustee of the Black Family Charitable Trust, which is focused on supporting disadvantaged young people with their educational needs. He was previously chief executive of Detica Group Plc, a leading company in the field of large-scale information collection and analysis for intelligence and counter fraud applications. Tom is the senior independent director. As a successful entrepreneur he recognises the challenges of starting and growing an early stage technology company and listing it on the London Stock Exchange. He understands the smaller companies remit of the fund.

Stephanie Eastment

Stephanie Eastment was appointed to the board on 1 December 2018 and is chair of the audit committee. After leaving KPMG in 1990 she held various accounting and compliance roles at Wardley and UBS before joining Invesco Asset Management in 1996. There she held a variety of increasingly senior roles, specialising in investment trusts. She left Invesco in July 2018 to pursue a non-executive career. Stephanie is currently a non-executive director and audit chair of Murray Income Trust plc and a non-executive director of Impax Environmental Markets plc and RBS Common Investment Funds Limited. She has extensive accounting, corporate governance and investment trust sector experience. As a chartered accountant and company secretary she has honed her technical expertise, knowledge and contacts within the industry and provides constructive oversight and challenge not only as a director, but as the audit committee chair.

Henrietta Marsh

Henrietta Marsh was appointed to the board on 1 September 2019. She has a background in fund management, having worked in UK small cap and private equity investment over several decades, recently pursuing a plural career. From 2005 until 2011, she was AIM fund manager at Living Bridge Equity Partners. Prior to that, she spent 14 years at 3i in several roles, including as fund manager of 3i Smaller Quoted Companies Trust plc (1997–2002). Her early career was with Morgan Stanley and Shell. She is currently a non-executive director of Gamma Communications plc (AIM listed), a trustee of 3i Group plc’s pension fund and a member of London Stock Exchange’s AIM Advisory Group. She has direct experience and understanding of the investment process required in the Company.

Karl Sternberg

Karl Sternberg was appointed to the board on 21 April 2015. He was a founding partner of Oxford Investment Partners Limited from 2006 until 2013, when it was acquired by Towers Watson. Much of his earlier career was spent at Morgan Grenfell (which became Deutsche Asset Management), where he rose to become chief investment officer, Europe & Asia Pacific. Karl is a non-executive director of Clipstone Logistics REIT plc, Monks Investment Trust plc, Lowland Investment Company plc, Alliance Trust plc, JP Morgan Elect plc, Island House Investment LLP and Jupiter Fund Management plc. He has significant investment trust experience and has good insight in the investment industry and the macroeconomic risks and influences.

James Will

James Will was appointed to the board on 21 April 2015. He was until 2014 chairman and a senior corporate finance partner of law firm Shepherd and Wedderburn LLP. He also headed the law firm’s financial sector practice. As a lawyer, he was for over 20 years involved in advising smaller quoted technology companies on a range of corporate transactions, including flotations, secondary fundraisings and mergers and acquisitions. James is chairman of both The Scottish Investment Trust PLC and Asia Dragon Trust plc. In an environment of increasingly complex legal and regulatory framework his legal counsel has a valued contribution.

 

 

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Contacts


DIRECTORS

Ian Russell (Chairman)
Tom Black
Stephanie Eastment
Karl Sternberg
James Will


SOLICITORS

Macfarlanes
20 Cursitor Street
London
EC4A 1L




SECRETARY

Law Debenture
Corporate Services
Ltd Fifth Floor
100 Wood Street
London
EC2V 7EX


AUDITORS

Ernst & Young LLP
1 More Place
London
SE1 2AF



REGISTERED NAME

Herald Investment Trust plc

REGISTERED OFFICE

10-11 Charterhouse Square
London
EC1M 6EE
Tel: 020 7553 6300

BANKERS

The Bank of New York
Mellon
1 Canada Square
London
E14 5AL


COMPANY NUMBER

2879728 (England and Wales)


STATUS

The Company is an investment company within the meaning of section 833 of the Companies Act 2006




STOCKBROKERS

Peel Hunt LLP
Moor House
120 London Wall
London
EC2Y 5ET

Singer Capital Markets Ltd
One Hanover Street
London
W1D 1YZ

INVESTMENT MANAGER

Katie Potts
Herald Investment Management Limited
10-11 Charterhouse Square
London
EC1M 6EE
Tel: 020 7553 6300
Fax: 020 7490 8026
Email: info@heralduk.com

REGISTRARS

Link Market Services Limited
Northern House
Woodsome Park
Fenay Bridge
Huddersfield
HD8 0LA
Tel: 01484 600900
Fax:01484 600911

Shareholder Information – COVID-19

Current Market Background

Herald

 

Welcome to the website for Herald Investment Management Limited (HIML). These pages provide a brief introduction to HIML and details of the funds it manages, currently Herald Investment Trust Plc, the Herald Worldwide Technology Fund and two venture capital limited partnerships.

These pages are regularly updated to include up-to-date financial and performance data, but please feel free to contact us with comments, or to request further information. It is important that you read the notices below before proceeding, as they explain certain legal and regulatory restrictions which apply to the information contained in this website.

The information provided in this website is solely for use by individuals who are resident in the United Kingdom and who are subject to UK tax; it is not intended as, and should not be regarded as, an offer or solicitation to sell investments in any jurisdiction other than the UK. Individuals who are not resident in the UK should not continue as it may be contrary to local laws or regulations for them to receive information in connection with, or to apply for, a UK investment. In particular, Herald Investment Trust Plc shares are not registered under United States securities law and, subject to limited exceptions, may not be offered, sold, transferred or delivered in the United States or to US persons. By proceeding, you are representing and warranting that you are not resident in, or a citizen of, a jurisdiction outside the UK.

Stock market and currency movements may cause the capital value of shares and the income derived from them to go down as well as up, and investors may get back less than they invested. Past performance is not necessarily a guide to future performance. The value of any tax relief you may be entitled to will depend on your individual circumstances. Current tax rates and reliefs may be changed by future legislation.

This website has been approved for purposes of UK regulation by Herald Investment Management Ltd which is authorised and regulated by the Financial Conduct Authority.

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