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Contact details

ManagerGroupLogo
10-11 Charterhouse Square, London, EC1M 6EE
020 7490 8026 (Fax Number)
020 7553 6300 (Main Number)

info@heralduk.com

Fund managers

* Katie Potts»01-Jan-1994 to Present


Investment objectives

This fund's objective is to achieve capital appreciation through investments in smaller quoted companies, in the areas of 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 equipment and services to these companies.

Key Information

Fund vs sector

  1y 3y
Position 1 / 1 1 / 1
Quartile 1 1

Fund ratings

FE Crown Rating: 0 FE
Crown Rating
(Quantitative)
(Small Sector)

Ratios

  1y 3y
Volatility 15.52 15.52
Alpha 0.05 0.05
Beta 1.00 1.00
Sharpe 0.64 0.64
InfoRatio 1.00 1.00
R2 1.00 1.00
Quartiles:   1  2   3  4   help with ratios
vs. Small Media Comms & IT Cos»

Performance

performance chart
chart
    1y 3y 5y 12m-24m 24m-36m 36m-48m 48m-60m
+8.2 +56.2 +122.5 +23.0 +17.5 +7.5 +32.4
  NAV +9.4+53.2+116.3+17.5 +19.1+7.6+31.3
  Small Media Comms & IT Cos +8.1+55.9+122.7+23.0+17.2+7.5+32.9
Share Price
 ShareTypePriceDatePrem/DiscDiluted NAVGearingDiv yield
EstimLast pub.NetGross
pdf HERALD INVESTMENT TRUST PLC UNIT 673.25 (p) 12-Sep-2014 -16.98 813.07 815.40
11-Sep-2014
104 n/a n/a
Capital structure & income
Share Type Exchange Nominal value Issued Market value (m) Wind-up date Splits News
HERALD INVESTMENT TRUST PLC UNIT LONDON 25 77,390,000 522.38 n/a n/a company announcements
Share identifiers: TIDM: HRI; SEDOL: 0422864; ISIN: GB0004228648
Detailed fund information
Fund type flag United Kingdom-registered Investment Trusts
Launched1994
Gross assets£654.2m / $1,061.6m
Sector Small Media Comms & IT Cos
Asset ClassEquity
Own ISA wrapper Fund has ISA Wrapper help with ISA
Savings plan Fund has no Savings Plan 
Annual accountsannual (Click to order)
Last report / accounts23-Jul-2014
Last AGM23-Apr-2013
Next AGMApril 2013
EGMn/a
Stockbroker(s)UBS
Management contractHerald Investment Management Limiteds annual remuneration is 1.0% of the Company's net asset value based on middle market prices, calculated on a monthly basis payable in arrears. The management contract can be terminated at 12 months notice.
Borrowing limitNo loans were drawn down or repaid during the year to 31 December 2012.
Continuation / Wind-up provisionThe next continuation resolution will be proposed at the AGM in 2016 and every three years thereafter. If such resolution is not passed, the Directors will prepare and submit to Shareholders' (for approval by special resolution) proposals for the unitisation or other reconstruction of the Company. If these proposals are not approved the Company will be wound up. The authority to buy back up to 14.99% of its issued share capital has been renewed at the last AGM.
Dividend policyn/a
Investment restrictionsn/a
Reconstruction proposaln/a
Settlement detailsn/a
Tax policyn/a
Peer groups
Region Asset Class Investment Focus Sector
Global Equity *None Small Media Comms & IT Cos
Largest holdings, 29-Aug-2014
Holding (%) Rank Holding (%) Rank
DIPLOMA2.501SDL1.806
IMAGINATION TECHNOLOGIES GROUP2.402TELECOM PLUS1.707
TELIT COMMUNICATIONS PLC2.203EUROMONEY INSTITUTIONAL INVESTOR1.708
IDOX1.904GB GROUP1.709
TOUMAZ LD1.805M&C SAATCHI1.7010
 Total19.40 
Regional weightings, 29-Aug-2014
Region (%) Rank  
UK 67.10 1 67.10% UK
North America 19.90 2 19.90% North America
Japan & Asia Pacific 5.50 3 5.50% Japan & Asia Pacific
Cash & Fixed Interest 4.00 4 4.00% Cash & Fixed Interest
EMEA 3.50 5 3.50% EMEA
Total100.00 


All prices in Pence Sterling (GBX) unless otherwise specified. Price total return performance figures are calculated using closing mid prices and with net income (dividends) reinvested. NAV total return performance figures are calculated using fully diluted (where applicable) daily estimated NAV figures from Thomson Financial Datastream and with gross income (dividends) reinvested.

 
 
 
 
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JIFA Sep 06th, 2012 at 12:25 PM

Where can i gain SEDOL codes for the Retail version of this fund? Available on the Aviva Wrap.

Reply
Alias Name NIJ Apr 13th, 2012 at 02:58 PM

I would like to buy this fund as an ISA wrapper. Please can you advice. Thank you.

Reply
Conni Mar 07th, 2012 at 04:24 PM

How do I transfer into this fund from an M&G one?

Reply
Paul Kenneth Martin Jan 06th, 2012 at 07:44 PM

It appears that I can only add Invesco High Income Inc. to my portfolio When I wish to add the Acc. fund. How do I do this?

Reply
keithg16 Jan 11th, 2012 at 08:10 PM

Att'n Paul Martin, To select the Acc' you first need to add the 'default' Inc' fund to your basket, then go to your basket in the 'Tools' menu and 'click' the small '+' icon next to the fund. This will provide you with a drop down 'menu' for the various classes of units. Just tick the 'Acc' unit and 'untick' the 'Inc' unit and the 'Acc' unit will be shown in your portfolio.

Hope this helps
Kind regards
Keith Greaves - IFA (Tamar Valley Financial)

Reply
Victor John Styles Oct 08th, 2011 at 10:24 PM

I have noticed that when all the other funds go down IP HI is steady, it also gives a divi which I reinvest into the fund. Its an ideal fund whilst this hurricane goes by

Reply
NIcholas Cowie Mar 12th, 2011 at 12:53 PM

Quite right on return from '95. I was only concerned over the last three years. I have moved a modest 10% and agree with you that it is an excellent fund, even if now and again Mr Woodford gets a bit worrying!

Reply
Nick Feb 14th, 2011 at 03:22 PM

Explosif - I would recommend keeping the faith. Contrarian views are often controversial but it is generally this thematic approach which works out over the longer term. Nicholas - as an investor who has held the Fund since '95 I am confused as to why you think the Fund is a long term failure. Since 1st Jan 95 the Fund has returned 491% against the 259% of the All Share index and 247% of the FTSE 100. Quite how this is a failure I am unsure.

Trackers are in many ways inefficient investment vehicles as you own more and more of the elements as they grow in value, so own the most of the overpriced elements and the least of the underpriced. I would have thought the return you had achieved thus far would have been ample to see you through any doubts over 2 year performance statistics?

I am considering charging Invesco for my defence and marketing of this Fund, but I do genuinely believe in the future prospects of achieving competitive risk adjusted returns going forward and have staked my clients Portfolios accordingly. I have to answer to them as well as having my own money invested in this, so you can see why I am aware of the minutiae of the figures.

Reply
NIcholas Cowie Feb 03rd, 2011 at 09:01 AM

I am getting seriously worried about this fund which I have held since 1995. Looking at the long term is fine , but this IS a long term failure and it could well be that Woodford is simply wrong now. I am reducing my holding and going into a simple tracker pro tem.

Reply
Explosif Jan 26th, 2011 at 06:43 PM

Fair Point Nick, well made. I continue to hold this fund and certainly hope that it does well (better)? in the longer term. I suppose what I was trying to say was that what worked well in a previous recession had failed to have quite the same impact this time and, I stand by my comments about some of Mr. Woodfords' stock picks in the hope that he is better informed than myself. I admire your research Nick and hope you do well with your own investments.

Reply
Nick Jan 26th, 2011 at 12:05 PM

Explosiv - This type of collective investment Fund is effectively a basket of shares and so are not ever going to be immune to the wider market. However, if you look at the maximum drawdown across this period (if you bought at the highest point and sold at the lowest) of this Fund compared with others you will see why the term defensive is used - Inv Perp High Income -33.81%, UK Equity Income Sector Average -44.06%, FTSE All Share --45.03%. Your comparison with the JPM Natural Resources is interesting saying they carry the same risk as the maximum drawdown on this Fund was -66.78%. Taking two specific points in time is not a fair basis for comparison. Since 1st August 2007 the Fund has returned 2.92%, above the 0.01% average for its sector and only just behind the 7.66% of the FTSE All Share, whilst taking on approximately half the volatility and therefore providing a higher degree of capital preservation. Over the longer terms of 5/10 years, which is the recommended term of investment, the Fund has outperformed the sector and the index. Asset management is about more than just looking at pure total returns and the underlying risk needs to be properly understood when providing analysis of investment vehicles.

Reply
Explosif Jan 21st, 2011 at 09:14 PM

If you are feeling an urge to buy into this fund because of Mr. Woodfords track record during previous 'hard times' I would recommend caution. A moderate £1,750 lump sum investment in August 2007 has, to date, realised a 'profit' of £43.24. Most of Mr. Woodfords' stocks are seen as 'defensive'. This seems to be Brokerspeak for safe but, of course, the phrase 'defensive stock' is a misnomer. They appear to fall just as fast as speculative shares in a recession but take a lot longer to recover. To use an example this fund, on todays valuation, has retracted by 1.98%. JP Morgans Natural Resources has fallen by 1.67% and yet the latter is generally regarded as high risk. Why on earth Mr. Woodford keeps his faith is stocks such as BT is, frankly, beyond me. As a private investor with a day job I have easily outperformed a professional with my own stock picking, and yes, I've picked some bad ones too.

Reply
alan belk Dec 28th, 2010 at 06:50 PM

I have never seen so much c**p on a websitem when all I am looking for is your current price !!!!!!!!!!! Use the KISS principal please

Reply
paddy Dec 08th, 2010 at 07:23 PM

i hold this fund but it does not appear on the drop down list for inv./perp the income fund does ??

Reply
Nick Nov 26th, 2009 at 01:09 PM

Mickey: I understand your point regarding pontification, however it is another argument based on short termism. A previous poster comments on British investors being sheep. Although his point was wrong in terms of the comparison he drew, what you are promoting is Investment Managers adopting the same position and following the short term trends. Mr Woodford has consistently outperformed the market over the longer term. With the benchmark driven culture of modern investment vehicles, finding someone who has conviction enough in their thematics is rare, and finding someone who conistsently provides outperformance as a result even rarer. It is so easy to have a Fund that tracks 95% of the benchmark with a few small divergences. I seem to remember Mr Woodford being slated in the press for not including Tech stocks during the Tech boom. However his opinion that it was hard to find intrinsic value in the companies was eventually proved right when the bubble burst and he went stratight back to the top of the performance tables.

The simple point is, when I want UK Equity exposure for my clients at least the majority of the monies end up with Neil Woodford, and I also have belief in his current convictions that the defensive sectors in which he currently has overweight positions represent the best stock level value on fundamentals.

Bottom of an 18 Fund Sector over 1 year means nothing, and I have not even considered reducing any of my positions in this Fund and will continue to add to them in the near, medium and long term.

Reply
 

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Downloads

Herald Inv Trust PLC: Net Asset Value

01:40 PM | 12-Sep-2014

UBS ETF UT5GB ?: Net Asset Value(s)

02:20 PM | 11-Sep-2014

UBS ETF UT1GB ?: Net Asset Value(s)

02:19 PM | 11-Sep-2014

Latest Fundswire  

Asset allocation

UK Equities, 67.10%
67.1000% ofUK Equities
North American Equities, 19.90%
19.9000% ofNorth American Equities
Asia Pacific Equities, 5.50%
5.5000% ofAsia Pacific Equities
Money Market, 4.00%
4.0000% ofMoney Market
GCC Equities, 3.50%
3.5000% ofGCC Equities

Sector analysis

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