Company summary
Herald Investment Trust specialises in smaller technology, media and telecommunications companies. It invests globally but has historically maintained significant exposure to the UK and North American smaller-company markets.
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HRI
Herald Investment Trust
Investment Trusts
- Index
- FTSE 250
- ISIN
- Not specified
- Book status
- 2026 edition — current
Key activities
Active investment in quoted and selected unquoted smaller companies across software, semiconductors, communications, media and other technology-related industries.
Key markets
Global technology and media equities, with important portfolios in the UK, United States and other developed markets.
Key drivers
Technology spending, smaller-company valuations, stock selection, corporate takeovers, AI and semiconductor investment, currency movements and changes in the trust's discount to NAV.
Key risks
High technology-sector volatility, smaller-company liquidity, valuation compression, stock-specific setbacks, currency exposure and a persistent discount to net asset value.
Recent Developments
22 July 2026: half-year results reported a 28.1% NAV return and 27.7% share-price return for the first six months of 2026. The trust also completed a tender offer in July as part of its approach to managing the discount.
Dividend notes
Herald is managed for capital growth and the Board recommended no dividend for the year ended 31 December 2025. There is therefore no ordinary 2026 ex-dividend date.
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