Katie Potts

The Managing Director and also the lead fund manager for Herald Investment Management Ltd. She established HIML in December 1993 to manage Herald Investment Trust plc which was launched in February 1994.

Katie read Engineering Science on a GKN Group scholarship at Lady Margaret Hall, Oxford. She worked for five years in investment management at Baring Investment Management Limited, before joining S.G. Warburg Securities’ UK electronics research team in 1988. The team was consistently voted top team in the Extel survey of analysts in the sector, and she was voted top analyst by finance directors of electronics companies canvassed by the Treasurer magazine. In addition Katie had responsibility within S.G. Warburg’s UK research department for commenting on accounting issues.

She is supported in managing the funds by a team of nine investment professionals.

Fraser Elms

Fraser joined HIML in May 2000. He has lead responsibility for the Herald portfolios’ Far East exposure. He also has analytical responsibility for the global communications and networking industries. He has over nineteen years of fund management experience and is Deputy Manager of the Herald Investment Trust.

Prior to joining Herald, Fraser was a technology analyst with Dresdner Kleinwort Benson, where he covered the European technology sector. Before this he worked at Prudential for three years as member of a team of three UK unit trust fund managers that managed £5bn in equities, with Fraser having lead responsibility for three funds collectively worth £400m. He graduated from Lancaster University with a degree in Economics and initially joined Prudential as a product manager for their Unit Trusts, before completing an MSc in Investment Analysis at the University of Stirling and re-joining Prudential in an investment role. Fraser covers the semiconductor sector.

Taymour Ezzat

Taymour joined HIML in November 2004. He has responsibility for the European portfolio and analytical responsibility for the media sector. Previously he spent a year appraising several venture capital opportunities for E.D. Capital Partners. Prior to that, Taymour had spent six years at Northcliffe Newspapers, the regional newspapers division of Daily Mail & General Trust (DMGT), latterly as Finance Director of its electronics publishing arm. Beforehand, Taymour worked for Reuters in London and Eastern Europe for four years. He qualified as an accountant with Price Waterhouse and studied Economic History at the London School of Economics and Political Science.

He was also a portfolio manager on the venture funds (which were wound up in H1 2023) sitting on the venture committee and taking lead responsibility for a number of the investments in the venture portfolios.

Fati Naraghi

Fati joined in 2019 to focus on the Herald Worldwide Technology Fund.  Prior to Herald, Fati had been responsible for Global Tech Sector at Newton Investment Management for 20 years.  Fati has a Ph.D. in Communications Systems and is qualified as an AWS Cloud Practitioner.

Peter Jenkin, CFA

Peter joined HIML as an analyst in 2015.  Peter covers the software sector and contributes to the overall investment selection. After working jointly on the European portfolio, he currently has responsibility for the North American portfolio within Herald Investment Trust. Peter has a CFA qualification and before joining Herald he studied Construction Engineering Management at Loughborough University.

Hao Luo, CFA

Hao joined HIML in 2004 and works with Fraser Elms managing the Far East portfolios. He also has analytical responsibility for the manufacturing sector globally. He obtained a BA in Economics from Hunan University in China and a Masters degree in Finance from Manchester University. He worked for J&A Securities in Shanghai from 2000-2002. Hao is a CFA charterholder.

Daniel Malach, CFA

Danny joined HIML in 2016. He was the lead dealer for the fund and in 2022 began working as an analyst on the UK team. He has analytical responsibility for computer gaming and IT services companies globally. Danny has a CFA qualification.

Matthew Lloyd

Matthew joined HIML in 2019 as a portfolio assistant and analyst. He has analytical responsibility for Alternative Energy and began working with the Asia team in 2020. Matthew has a MEng in Mechanical Engineering and is a CFA Level 3 candidate.

James de Jonge

James joined HIML in 2022 as an analyst on the UK portfolio, and was subsequently given analytical responsibility for the defence and medical technology sectors worldwide. Before joining the team at Herald, he managed the audits of FTSE-listed commodities trading and renewables infrastructure clients at Deloitte. James is a qualified accountant.


HeraldUK Inc – US Affiliate

Bob Johnston

Bob  joined in 2016 to establish a US office in New York. He has more than 20 years experience in the technology sector on the sell-side, and he has worked with the Herald team for roughly 15 years. Most recently, Bob was with the technology specialist Pacific Crest, and prior firms that he worked for include Hambrecht & Quist and SoundView Technology. Bob has taken responsibility for telecommunications, networking and security analysis. US companies do not come to the UK as they used to, and Herald feels it necessary to have a US presence to enable maintenance of frequent contact with companies.


Non-executive directors


John Booth

John is a non-executive director of Herald Investment Management Ltd. John is an entrepreneur who chairs several public and private companies including the London Theatre Company. He is also a non-executive director of a number of investment management businesses and has a range of venture capital interests in e-commerce, media and telecommunications. John is Chairman of The Prince’s Trust, The National Gallery, a trustee of the Arts Foundation and The Chatsworth Settlement; and is an Ambassador for homelessness charity, Depaul International. John is a graduate of Oxford University and a Fellow of Merton College and the Royal Society of Arts. He is a member of the American Academy of Arts and Sciences and serves as a Deputy Lieutenant of West Sussex.


Vanessa Donegan

Vanessa is a non-executive director of Herald Investment Management Limited. Vanessa has thirty-seven years of experience investing retail and institutional portfolios in Asian companies. She was Head of the Asia Pacific desk at Threadneedle Investments and then Head of Asia Pacific Equities, EMEA region at Columbia Threadneedle for a combined total of twenty-one years. She is senior independent non-executive director of Invesco Asia Trust plc and of Fidelity China Special Situations plc, and an independent non-executive director of JP Morgan Indian Investment Trust plc and of State Street Global Advisors Luxembourg SICAV. She is a governor and trustee of Woldingham School and a trustee of a Catholic charity. Vanessa has a degree in Classics from Lady Margaret Hall, Oxford.


Jean Matterson

Jean Matterson is a director of Herald Investment Management Ltd and HIML Holdings Limited.  She was a partner for over 20 years at Rossie House Investment Management in Edinburgh, which specialises in private client portfolio management with a particular emphasis on investment trusts. She was previously with Stewart Ivory & Co Ltd for 20 years, as an investment manager and director. She is Chairman of Capital Gearing Trust plc, was a former Chairman of Pacific Horizon Investment Trust plc and was a former director of BlackRock Throgmorton Trust Plc.





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.

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