Herald - Our Philosophy

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 (HIT), the Herald Worldwide Fund (HWF) and Herald Ventures LP (HVLP).

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 notice below before proceeding, as it explains certain legal and regulatory restrictions which apply to the information contained in this website.

The information provided in this website is solely for use by individuals who are resident in the United Kingdom and are subject to UK tax and is not intended for, and should not be regarded as an offer or solicitation to sell investments in any jurisdiction other than the UK.

Individuals who are not resident in the UK should not continue as it may be contrary to local laws or regulations to receive information in connection with, or to apply for, a UK investment. In particular, Herald Investment Trust (HIT) shares are not registered under United States securities law and, subject to limited exceptions, may not be offered, sold, transferred or delivered in the United States or to US persons. By proceeding, you are representing and warranting that you are not resident in, or a citizen of, a jurisdiction outside the UK.

Stock market and currency movements may cause the capital value of shares and the income derived from them to go down as well as up, and investors may get back less than they invested. Past performance is not necessarily a guide to future performance. The value of any tax relief you may be entitled to will depend on your individual circumstances. Tax rates, and reliefs, as well as the tax treatment of PEPs, may be changed by future legislation.

This web site is approved for purposes of UK regulation, by Herald Investment Management Ltd (HIML). It is not to be considered as investment advice. Herald Investment Management Ltd is authorised and regulated by the Financial Services Authority.

Although we have taken reasonable care to ensure that the facts contained in these pages are accurate, no representation or warranty, express or implied, is made to its accuracy or completeness.

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If you are in any doubt about any of the information contained herein please consult your stockbroker, solicitor, accountant or other professional adviser.

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Home > Our Philosophy

Herald invests, generally on a long term basis, using fundamental analysis. The technology, media and telecommunications sector comprises over 5,000 quoted companies, and many more unquoted.

Analysis entails a prolific number of meetings with companies, either at Herald's offices, site visits or at conferences globally, as well as broker hosted meetings. In addition, Herald relies on independent industry research and published company filings, statements, presentations, web sites and broker research. Focus on the sector enables a significant degree of cross referencing across competitors, customers and suppliers globally. Using this mosaic of information combined with strong financial analysis we endeavour to add value. The evolving nature of technology means there is a wide divergence of performance between winners and losers, but the winners can be spectacular.

We are evangelists for the sector, and firmly believe investors are missing an opportunity if they are not represented in it. Since Herald Investment Trust plc was launched in February 1994, until December 2009, solid blue chip companies like Reed, Land Securities, Kingfisher, Sainsbury, Marks and Spencer’s, Aviva, British Airways, Lloyds Bank, RSA Insurance, BT, RBS, Cable & Wireless or Invensys have all declined in capital terms. Over the same period Herald Investment Trust's NAV has appreciated c5x (adjusting for warrants placed on issue). We endeavour to offer a relatively low risk way of investing in stocks with high risk on a sufficiently diversified basis that the risk is greatly diminshed, whilst still aspiring to premium returns.

Our stewardship policy can be found here. The document describes the extent to which we have applied the seven Principles of the UK Stewardship Code which was adopted by the Financial Reporting Council in July 2010. Stewardship refers to how we protect and manage our clients' investments.

Herald and the Bribery Act 2010

Herald is committed to carrying on its business fairly, honestly and openly and prides itself on maintaining a culture of integrity in which bribery would never be acceptable. It has implemented a bribery prevention policy compliant with the principles published in the Ministry of Justice's Bribery Act guidance and a copy of this policy can be obtained upon request from the Chief Financial Officer, Andrew Miller at Herald Investment Management Ltd, 10-11 Charterhouse Square, London EC1M 6EE - or telephone 020 7553 6308