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The Herald Worldwide Fund (HWF) was launched in April 1998. Initially £12.5m was raised. It is the first sub-fund to be issued from the umbrella company that is Herald Investment Fund plc. HWF is an open-ended investment company (OEIC) and its shares are listed on the Irish Stock Exchange, and it is recognised by the Financial Services Authority in the UK.
The assets of HWF are valued on every thursday of each month, and the dealing price is struck from that valuation - the valuation price is published daily in the Financial Times, under the FT Managed Funds Service, within the Ireland (FSA Recognised) section. Unlike a unit trust, a feature of an OEIC is that it operates on a single pricing basis so that there is no bid/offer spread, and the quoted price represents the actual value of the assets divided by the total number of shares in issue. In addition, unlike an investment trust, there are no discount or premium considerations for the shareholder.
The principal fund managed by Herald Investment Management Limited (HIML) is Herald Investment Trust plc (HIT), a smaller companies investment trust specialising in the same sectors as HWF. HWF was designed to differ from HIT in four key ways:
- The fund is open-ended (i.e. shares will be created or redeemed as required on the dealing days)
- There is no limit on market capitalisation of the companies in which the fund can invest
- There is no geographic restriction (HIT has a remit which requires at least 75% to be invested in the UK and Europe)
HWF seeks to achieve capital growth by investing in the technology, communications and media sectors. These sectors encompass companies whose principal activities relate to the preparation, production, processing, distribution or transmission of information, ideas or entertainment whether in the form of data, text, sound or image. They also include companies engaged in the supply of hardware, software or services to users and providers of information. The traditional businesses in the sectors include broadcasting, publishing, telecommunications, information technology, advertising and printing.
HWF offers investors the opportunity to obtain a diversified exposure to a range of companies in sectors which can have volatile company-specific returns, sectors which are stimulated by rapidly evolving technology and are geared to an increase in consumer and corporate capital expenditure. HWF does not invest in pharmaceutical or biotechnology companies.