Herald Investment Trust’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.

Performance Since Inception	Recent Performance
Source: Herald Investment Management Limited & Bloomberg. NOTE: Past performance is not necessarily a guide to future performance.
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Herald Investment Trust has won numerous awards since inception in 1994:

• Investment Week Investment Trust of the Year Awards "Specialist" award, Highly Commended, 2002
• Investment Week Investment Trust of the Year Awards "Specialist Award for Outstanding Achievement (portfolio performance)" 2000
• Money Observer "Small Companies-Fund Manager of the Year" award 1998
• Investment Trusts Magazine "Best Smaller Companies Trust" award 1998
• Consistently topped the smaller companies performance tables based on the performance of Net Asset Value for both 1 and 3 years in 1997
• Investment Adviser "Smaller Companies Investment Trust Manager of the Year" award 1995
• Micropol "Smaller Companies Investment Trust-Manager of the Year" second place 1995